Texas Petrochemicals Provides Hurricane Ike Operational Update
Posted on: Monday, 15 September 2008, 15:00 CDT
HOUSTON, Sept. 15 /PRNewswire-FirstCall/ -- Texas Petrochemicals, Inc., announced today the results of its initial assessment of the impact of hurricane Ike to its Houston area facilities.
Due to the size of the storm all four production facilities and terminals experienced sustained winds of over 90 mph for multiple hours and gusts over 110 mph were recorded. The Houston area is still experiencing large power outages and the Baytown and Port Neches facilities currently have no power.
Charlie Shaver, President and CEO, commented, "Our current information indicates we sustained only minor damage at our four plants and terminal facilities. We are currently assessing all transportation (marine, rail, truck) and utility (power and process gas) service providers. At this time these services are restricted or unavailable.
"The restoration of power and basic services in the Houston and Port Neches areas will dictate how fast the start-up crews and the recovery process will proceed. We are still in the process of accounting for all our personnel, allocating skilled services to conduct detailed damage assessments and initiate equipment repair effort. I expect this activity to take several days.
"Almost all of our raw material suppliers and customers are shut down at this point. However, we are in contact with most of them and we expect them to be back and operational within a short period of time.
"We are thankful that we did not experience any safety or environmental incidents and would like to take this opportunity to thank all our facilities employees who did a wonderful job despite the challenging environment. As we receive additional information we will provide further updates."
Headquartered in Houston, Texas, Texas Petrochemicals, Inc. is a premier chemical company with more than $2.0 billion in annual sales. Its products are sold to a wide range of performance, specialty and intermediate markets, including synthetic rubber, fuel additives, plastics and detergents. The Company has manufacturing facilities in the industrial corridor adjacent to the Houston Ship Channel, Port Neches and Baytown, Texas and operates a product terminal in Lake Charles, Louisiana. For more information, visit the Company's web site at http://www.txpetrochem.com/.
Cautionary Information Regarding Forward-Looking Statements
Certain oral and written information that the Company may make publicly available from time to time may constitute forward-looking statements. Such statements may relate to future operating results, existing and expected competition, financing and refinancing sources and availability, and plans related to strategic alternatives or future expansion activities and capital expenditures. Forward-looking statements involve a number of risks and uncertainties that may significantly affect the Company's liquidity and results in the future and, accordingly, actual results may differ materially from those expressed in any forward-looking statements. Such risks and uncertainties include, but are not limited to, those related to effects of competition, leverage and debt service, financing and refinancing efforts, litigation and governmental investigations, environmental laws and regulations, general economic conditions and changes in laws or regulations.
Investor Relations Contact: Robert Whitlow Email: robert.whitlow@txpetrochem.com Phone: 713-627-7474 Contact: Ruth Dreessen Email: ruth.dreessen@txpetrochem.com Phone: 713-627-7474 Media Relations Contact: Sara Cronin Email: sara.cronin@txpetrochem.com Phone: 713-627-7474
Texas Petrochemicals, Inc.
CONTACT: Investor Relations, Robert Whitlow,robert.whitlow@txpetrochem.com, or Ruth Dreessen,ruth.dreessen@txpetrochem.com, or Media Relations, Sara Cronin,sara.cronin@txpetrochem.com, all of Texas Petrochemicals, Inc.,+1-713-627-7474
Web site: http://www.txpetrochem.com/
Source: PRNewswire-FirstCall
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