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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, Inc. (NYSE:TTI) has announced updates on its strategic initiatives, including the completion of the Front-End Engineering Design (FEED) for a bromine production facility at its Arkansas brine leases. The study outlines the estimated capital investment over 24 months and identifies key project risks. TETRA holds inferred resources of 5.25 million tons of bromine and 234,000 tons of lithium carbonate equivalent. Additionally, the company successfully completed its first UK-based CS Neptune project and is advancing desalination technology for oil and gas produced water.
TETRA Technologies, Inc. (TTI) reported a 41% increase in third-quarter 2022 revenue of $135 million compared to the same quarter last year, though it was a 4% decline from the previous quarter. The company recorded break-even net income before discontinued operations, down from $1.8 million in Q2 2022. Adjusted EBITDA was $18.6 million, close to last quarter. Cash flow from operations dropped to $2.1 million from $17.9 million. Notably, TETRA achieved significant growth in its Water & Flowback Services segment, up 62% year-on-year, and it reported promising results from its bromine and lithium resource assessment.
TETRA Technologies, Inc. (NYSE:TTI) will release its third quarter 2022 financial results after market close on October 31, 2022. A conference call is scheduled for November 1, 2022, at 10:30 a.m. ET, hosted by President Brady M. Murphy and CFO Elijio V. Serrano. Investors can join the call via phone or live audio webcast on the Company's website. TETRA is known for its energy services focused on low carbon energy initiatives, including advancements in energy storage and carbon capture technologies.
TETRA Technologies, Inc. (NYSE: TTI) has released its first inferred resource estimation report for bromine and lithium from its brine minerals in the Smackover Formation, Southwest Arkansas. The report estimates 5.25 million tons of elemental bromine and 234,000 tons of lithium carbonate equivalent (LCE). TETRA aims to develop this resource to meet increasing energy demands, with bromine expected to support offshore fluid markets. The company is also exploring lithium extraction technologies and plans further engineering studies. Current market prices for bromine and lithium present significant revenue opportunities.
TETRA Technologies, Inc. (NYSE:TTI) will present at the H.C. Wainwright 24th Annual Global Investment Conference from September 12-14, 2022, in New York City and virtually. CEO Brady Murphy and CFO Elijio Serrano will host their presentation and one-on-one meetings on September 12 at 4:30 PM (ET). Interested parties can register at www.hcwevents.com/annualconference. Presentation materials will be available on TETRA's website on the same day.
TETRA Technologies, Inc. (NYSE: TTI) announced management changes effective September 6, 2022. Matt Sanderson has been promoted to Executive Vice President and Chief Commercial Officer, focusing on business development and partnerships in the oil and gas market, while Roy McNiven joins as Senior Vice President, Energy Services Operations. The leadership expansion aims to enhance the company’s growth strategies, particularly in lithium and bromine opportunities. CEO Brady Murphy highlighted the multi-year recovery in oil and gas and the need for strong leadership to pursue emerging markets.
TETRA Technologies, Inc. (NYSE:TTI) has secured exclusive licensing agreements with KMX Technologies LLC and Hyrec Holdings Company for advanced recycling technologies of produced water from oil and gas wells. This initiative aims to facilitate beneficial reuse in various sectors, including agriculture and industrial applications. CEO Brady Murphy highlighted the need for sustainable water solutions amid increasing water volumes and industry challenges. TETRA's partnerships intend to reduce reliance on disposal methods while addressing regulatory developments on water discharge limits.
TETRA Technologies, Inc. (TTI) reported second quarter 2022 revenue of $141 million, an 8% increase from Q1 2022 and a 38% rise from Q2 2021. Net income before discontinued operations was $1.8 million, down from $7.7 million in Q1 2022. Adjusted EBITDA was $18.7 million, compared to $20.5 million in Q1. Key drivers included challenges from a European supplier due to the Russia/Ukraine conflict. However, lithium and bromine concentrations from a recent well exceeded initial exploration targets. TETRA expects a resource report in Q3 to further define its mineral assets.
TETRA Technologies, Inc. (NYSE: TTI) plans to release its second quarter 2022 earnings on August 1, 2022, after market close. A conference call to discuss the results will take place on August 2, 2022, at 10:30 a.m. ET, featuring CEO Brady M. Murphy and CFO Elijio V. Serrano. TETRA, a provider of oil and gas products and services, is also advancing initiatives in low carbon energy markets, including TETRA PureFlow® for energy storage and innovative carbon capture technology with CarbonFree. For more details, visit www.tetratec.com.
TETRA Technologies, Inc. (NYSE:TTI) will participate in three investor conferences in June 2022. On June 7, TETRA will present at the Cowen and Company 2nd Annual Sustainability & Energy Transition Summit, from 9:50 to 10:20 A.M. (ET). The next day, June 8, TETRA will host a breakout session at the RBC Capital Markets Global Energy and Power Infrastructure Conference from 1:20 to 1:50 P.M. (ET). Finally, on June 9, TETRA will engage in a fireside chat at the Stifel 2022 Cross Sector Insight Conference from 8:35 to 9:05 A.M. (ET). Interested parties can register online for each event.
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