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Texas Petrochemicals LP Earnings Update

September 26, 2001
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Houston-based petrochemical company Texas Petrochemicals LP (TPC) confirmed that its first quarter earnings for the period ended Sept. 30.

HOUSTON, Texas -- Houston-based petrochemical company Texas Petrochemicals LP (TPC) confirmed that its first quarter earnings for the period ended Sept. 30 will be negatively impacted after its plant sustained significant damage from a plant fire on May 13 and flooding from Tropical Storm Allison the week of June 5.

Repairs that continued in June, July and August will result in a reduction of MTBE production of approximately 30 percent for the first quarter for TPC (www.txpetrochem.com), a producer of C4 chemical products widely used as chemical building blocks for synthetic rubber, nylon carpets, adhesives, catalysts and additives used in high-performance polymers.

These repairs included a turnaround to change damaged catalyst in one of the TPC's dehydro units that is used to produce MTBE. Financial results are also impacted by a negative inventory carry over from fiscal 2001. Due to reduced operations in the fourth quarter of fiscal 2001, TPC was unable to work off high cost inventory prior to the end of the year. The combination of these events is expected to negatively impact earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter by $10 to $15.

At this time TPC, has recovered from these incidents and is back to normal operating rates in all areas of the plant.

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