TPC Group to Be Acquired by ENEOS Holdings

Transaction expected to strengthen TPC Group’s position in the petrochemical C4 value chain and support continued investment in its Gulf Coast operations

HOUSTON, Aug. 07, 2026 (GLOBE NEWSWIRE) — TPC Group today announced that it has entered into a definitive agreement to be acquired by ENEOS Holdings, Inc.

In connection with the acquisition, ENEOS will acquire TPC Group’s petrochemical operations in Houston, Texas, along with terminal operations in Port Neches, Texas, and Lake Charles, Louisiana. The transaction is expected to further strengthen ENEOS Group’s competitiveness in the petrochemical C4 value chain by leveraging its operational expertise in the crude C4 business and expanding its U.S. operations. This aligns with ENEOS’s strategy of positioning its base and materials business as a core focus area and continuously enhancing its business portfolio. ENEOS is confident that welcoming TPC Group into ENEOS will serve as an important catalyst for portfolio restructuring, a key strategic pillar of the ENEOS Group’s Fourth Medium-Term Management Plan.

“This announcement is a strong endorsement of TPC Group’s people, assets and capabilities, as well as the important role we play in the petrochemical value chain,” said Ed Dineen, President and Chief Executive Officer of TPC Group. “With ENEOS, we will build on our strong foundation, support continued investment in our operations and further strengthen TPC Group’s position for long-term success.”

TPC Group’s commitment to environmental, health, safety and security performance remains unchanged. The Company will continue to operate its assets safely, reliably and responsibly, with no planned changes to day-to-day business operations, customer commitments or supplier relationships prior to the closing of the transaction and going forward.

ENEOS strongly identifies with TPC Group’s commitment to safe, reliable and environmentally sound operations. Given ENEOS’s extensive experience operating one of the world’s largest production platforms and its long-standing emphasis on stable and safe operations, ENEOS recognizes the critical importance of operational expertise as a source of competitive advantages in the C4 business, including butadiene.

ENEOS is also committed to supporting long-term growth in North America through continued investment in TPC Group’s assets, downstream capabilities and other strategic opportunities. The transaction also supports ENEOS’s broader strategy to secure stable supply sources in North America amid tightening butadiene supply-demand dynamics in Asia. As domestic demand in Japan faces long-term structural challenges, ENEOS is investing in growth-oriented markets and businesses. The U.S. offers an attractive opportunity, supported by advantaged shale-based feedstocks, strong demand growth, and a highly competitive chemicals market.

The transaction is subject to customary closing conditions, including applicable regulatory approvals. The companies expect all regulatory approvals will be received in October 2026. Until the transaction closes, TPC Group and ENEOS will continue to operate as separate companies.

“We would like to thank all the employees for their efforts over the past four years in working with us to drive operational and financial improvements at TPC, achieving a phenomenal turnaround,” said Ruben Kliksberg and Sean Sauler, Co-Chief Investment Officers of Redwood Capital Management, the largest shareholder of TPC Group. “We are confident that ENEOS can build on this momentum and further develop TPC as a trusted pillar of the North American chemical industry.”

Moelis & Company LLC is acting as exclusive financial advisor and Paul Hastings LLP is acting as legal advisor to TPC Group in connection with the transaction.

About TPC Group

TPC Group is unwavering in its commitment to excellence across every facet of its business. As North America’s largest independent processor of C4 hydrocarbons, we create essential building blocks for performance-driven materials that power progress in critical industries around the world.

We deliver specialized chemical products used in manufacturing synthetic rubber, fuels, lubricant additives, plastics and surfactants – materials essential to transportation, infrastructure and industrial innovation. With strategically located operations along the U.S. Gulf Coast, we bring unmatched reliability, flexibility and technical expertise to the petrochemical supply chain.

Backed by a deep commitment to safety, environment, people and community, TPC Group delivers consistent performance and innovative solutions that strengthen the business of our suppliers and customers and our industry’s future. Learn more at www.tpcgrp.com.

About ENEOS Group

The ENEOS Group is Japan’s leading energy company with refining, manufacturing, and sales operations worldwide. Since its founding in 1888, ENEOS Group has expanded its Petroleum business from upstream exploration and production to downstream refining and marketing. The ENEOS Group will continue to diversify its energy businesses while fulfilling its social responsibilities.