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TETRA Technologies, Inc. (NYSE: TTI) is a highly diversified global energy services company headquartered in The Woodlands, Texas. With operations spanning across six continents, TETRA specializes in delivering comprehensive solutions in the oil and gas industry. The company's core expertise lies in completion fluids and associated products, water management, frac flowback, production well testing, and offshore rig cooling. TETRA is also recognized as the world's largest vertically integrated producer, marketer, and distributor of calcium chloride, essential for both its completion fluids business and a variety of other industrial applications.
TETRA's operations are divided into two main segments: Completion Fluids & Products and Water & Flowback Services. The Completion Fluids & Products Division is responsible for manufacturing and marketing clear brine fluids, additives, and other related products. Conversely, the Water & Flowback Services Division provides onshore oil and gas operators with comprehensive water management services, ensuring optimal performance and environmental compliance.
In recent news, TETRA achieved significant milestones. The company reported strong financial performance in the third quarter of 2023, with year-on-year revenue growth of 12% and a 40% rise in adjusted EBITDA. A landmark achievement was the approval from the Arkansas Oil & Gas Commission for a joint brine unit application, enabling TETRA and its partner to develop and produce bromine and lithium from over 6,138 acres. This development aligns with TETRA's strategic expansion into low-carbon energy markets, leveraging its expertise in chemistry and infrastructure to meet the growing demand for sustainable energy solutions.
Financially, TETRA continues to demonstrate robust performance. The company's net income before discontinued operations saw substantial growth, with year-on-year increases and a significant rise in adjusted EBITDA. The latest financial results reflect the company's commitment to operational excellence and strategic growth initiatives.
TETRA's innovative approach includes the commercialization of TETRA PureFlow®, an ultra-pure zinc bromide clear brine fluid designed for stationary batteries and energy storage. The company is also advancing carbon capture utilization and storage technologies in partnership with CarbonFree, aiming to capture CO2 and create commercial, carbon-negative chemicals. Additionally, TETRA is focusing on the development of its lithium and bromine mineral assets, which are crucial for both the oil and gas industries and energy storage solutions.
The company's recent refinancing agreement with Silver Point Finance, securing a $265 million credit facility, underscores its strong financial position and ability to fund future growth projects. This facility will support TETRA's ongoing Arkansas bromine processing project, further solidifying its market leadership.
Overall, TETRA Technologies, Inc. stands out for its comprehensive service offerings, strategic initiatives in low-carbon energy, and strong financial health, positioning it as a key player in the global energy services market.
TETRA Technologies (NYSE:TTI) has launched TETRA Oasis TDS, a new water treatment and desalination technology for oil and gas produced water. The company recently completed a successful pilot project in the Delaware Basin, achieving a 92% recovery rate of desalinated water with total dissolved solids levels of 40-200 ppm, exceeding municipal drinking water standards. The treated water passed all Whole Effluent Toxicity (WET) testing parameters, important for regulatory compliance.
The technology addresses growing produced water volumes in the Permian Basin, estimated at 8.3 billion barrels in 2024, up 5% from 2023. With regulatory restrictions potentially reducing disposal well capacity by 20%, this creates a market opportunity of up to 4 million barrels per day for beneficial re-use, representing a $4 billion annual market in the Permian Basin.
TETRA Technologies (NYSE:TTI) has announced its participation in the 2024 Wells Fargo 23rd Annual Midstream, Energy and Utilities Symposium in New York on December 10, 2024. CEO Brady Murphy and CFO Elijio Serrano will conduct one-on-one meetings from 8:00 A.M. to 5:00 P.M. (ET) at The Intercontinental New York Barclay Hotel.
TETRA is an energy services and solutions company operating across six continents, focusing on Energy Services, Industrial Chemicals, and Critical Minerals. The company is expanding into the low-carbon energy market, leveraging its chemistry expertise, mineral acreage, and global infrastructure to meet sustainable energy demands.
TETRA Technologies (NYSE:TTI) reported third-quarter 2024 financial results with revenue of $142 million, down 6% year-over-year and 18% sequentially. The company achieved GAAP income before taxes of $7.6 million, with EPS from continuing operations of $0.02. Adjusted EBITDA was $23.5 million with net cash from operations of $19.9 million.
The company secured a significant multi-well, multi-year deepwater completion fluids contract in Brazil, establishing itself as the market leader in Brazil's high-density offshore completion fluids. Despite challenges from Gulf of Mexico hurricanes and weaker U.S. onshore activity, Completion Fluids & Products achieved 31.7% Adjusted EBITDA margins, while Water & Flowback Services reached 14.6%.
TETRA Technologies, Inc. (NYSE:TTI) has announced its participation in The MicroCap Rodeo Fall Conference in New York on October 16, 2024. CEO Brady Murphy and CFO Elijio Serrano will present at 2:30 P.M. and host one-on-one meetings from 8:00 A.M. to 4:00 P.M. (ET).
Interested parties can access the webcast by registering at The MicroCap Rodeo Fall Conference website. A replay will be available on TETRA's Events and Webcasts page the following day. One-on-one meetings with management can be scheduled at Sparks Steakhouse in New York City by registering at www.microcaprodeo.com.
TETRA Technologies is an energy services and solutions company focused on developing environmentally conscious services. The company operates on six continents, offering Energy Services, Industrial Chemicals, and Lithium Ventures. TETRA is expanding into the low-carbon energy market, leveraging its chemistry expertise, key mineral acreage, and global infrastructure.
TETRA Technologies, Inc. (NYSE:TTI) has announced its schedule for the release of third quarter results and subsequent conference call. The company will release its Q3 results after market close on Tuesday, October 29, 2024. A conference call to discuss these results is scheduled for October 30, 2024, at 10:30 a.m. Eastern Time, hosted by Brady M. Murphy, President and CEO, and Elijio V. Serrano, Senior Vice President and CFO.
Investors can join the call via a toll-free phone number or live audio webcast. A replay will be available for one week following the call, and the webcast will be archived on the company's website for thirty days. TETRA Technologies is an energy services and solutions company operating globally, focusing on bromine-based completion fluids, calcium chloride, water management solutions, and other services for the oil and gas industry.
TETRA Technologies (NYSE: TTI) has released a Definitive Feasibility Study (DFS) for its Arkansas bromine project, upgrading previously announced resources to reserves. The study shows a Vertically Integrated Production Case Net Present Value of $710 million, compared to $337 million for the current Third-Party Bromine Purchase Only Case. Key highlights include:
- Internal Rate of Return of 62%
- 744 ktons of proven and probable bromine reserves
- 40-year projected operating life
- Phase I plant capacity of 75 million lbs of bromine per year
- Post-FID capital expenditures of $270 million
- Expected revenue increase of $200-250 million when in full production
- Adjusted EBITDA increase of $90-115 million
The project aims to vertically integrate TETRA's bromine production, enhancing margins and meeting growing demand in offshore oil and gas and long-duration energy storage markets.
TETRA Technologies announced securing a three-well deepwater TETRA CS Neptune fluids project in the Gulf of Mexico, starting late Q4 2024. For Q2 2024, TETRA reported revenue of $172 million, a 14% increase sequentially, but a 2% decrease YoY. Net income was $7.6 million, with EPS at $0.06 and adjusted EPS at $0.07.
Adjusted EBITDA stood at $30.2 million, up 32% sequentially despite $1.1 million in forex losses. The Completion Fluids & Products Division saw a 29% sequential revenue increase to $100 million. Water & Flowback Services had a 2% revenue decline, but margins rose by 560 basis points.
The company achieved net cash from operations of $24.8 million and total adjusted free cash flow of $9.4 million. Investments in Arkansas bromine and lithium projects totaled $9.8 million. Long-term debt was $180 million, with net debt at $142 million and a net leverage ratio of 1.6X.
TETRA Technologies, Inc. (NYSE:TTI) announced it will release its second quarter results on July 31, 2024, after market close. A conference call hosted by President and CEO Brady M. Murphy and CFO Elijio V. Serrano will be held on August 1, 2024, at 10:30 a.m. ET to discuss the results. Investors can join the call by dialing 1-800-836-8184, or access the live audio webcast via the company’s website. A replay of the call will be available for one week, and the webcast will remain accessible for thirty days.
TETRA Technologies is an energy services company with a focus on bromine-based completion fluids, calcium chloride, water management solutions, and production well testing services. The company is also expanding into low carbon energy markets through its TETRA PureFlow® zinc bromide fluid for energy storage and development of lithium and bromine mineral acreage.
TETRA Technologies (NYSE:TTI) will participate in the Virtual Northland Growth Conference on June 25, 2024. Senior executives Elijio Serrano, CFO, and Julian Higuera, Director of Investor Relations, will host virtual one-on-one meetings. Interested parties can register by contacting Northland representatives or Bobby Brooks at bbrooks@northlandcapitalmarkets.com.
TETRA Technologies is an energy services company with operations on six continents. Their portfolio includes Energy Services, Industrial Chemicals, and Lithium Ventures. The company focuses on environmentally conscious solutions and is expanding into the low-carbon energy market. For more information, visit www.onetetra.com.
TETRA Technologies announced its participation in the Stifel 2024 Cross Sector Insight Conference in Boston on June 4, 2024. Senior management, including CEO Brady Murphy and CFO Elijio Serrano, will present from 3:35 to 4:05 PM (ET). The presentation will be available via webcast, with a replay archived on the Events and Webcasts page.
TETRA Technologies is an energy services and solutions company operating on six continents. Its portfolio includes Energy Services, Industrial Chemicals, and Lithium Ventures. TETRA is focusing on environmentally conscious services and expanding into the low-carbon energy market with expertise in chemistry, key mineral acreage, and global infrastructure.
For more information, visit their website or connect on LinkedIn.
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