TPC Group to Be Acquired by ENEOS Holdings

TPC Group has announced that it has entered into a definitive agreement to be acquired by ENEOS Holdings, Inc.

“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.”