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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) will participate in the Louisiana Energy Conference (LEC 2022) from June 1-3, 2022, in New Orleans. Senior management, including Tim Moeller and Jacek Mucha, will be featured on a panel discussing U.S. Onshore Oil Field Services on June 3 and will conduct one-on-one meetings on June 2-3. LEC 2022 aims to connect investment professionals and energy industry participants through various presentations and panel discussions on key energy topics. Interested parties can register for participation via the conference link.
TETRA Technologies, Inc. (NYSE:TTI) announced the completion of a board leadership transition, with John "Jay" F. Glick succeeding William D. Sullivan as chairman effective May 24, 2022. Sullivan retired after overseeing significant restructuring of the company, positioning it for growth in traditional and low carbon energy sectors. CEO Brady Murphy praised Sullivan's leadership during challenging times, while highlighting Glick's extensive experience in energy services and his familiarity with TETRA's strategies as key to guiding the board forward.
TETRA Technologies, Inc. (NYSE: TTI) will present at the H.C. Wainwright Annual Global Investment Conference in Miami, Florida, from May 23-26, 2022. Brady Murphy, President and CEO, and Elijio Serrano, CFO, will present on May 25 at 12:30 P.M. ET and will host one-on-one meetings that day. Interested parties can register for the event at www.hcwevents.com/annualconference. Presentation materials will be available on TETRA's website on the same date.
TETRA Technologies, Inc. (NYSE:TTI) reported first quarter 2022 revenue of $130 million, a 68% increase year-on-year and a 15% rise sequentially. The company achieved a net income of $7.7 million, recovering from a net loss of $703,000 in the previous quarter. Adjusted EBITDA rose to $20.5 million, reflecting improved onshore and offshore activities. Cash flow from operations was $5.9 million, while adjusted free cash flow was a use of $2.9 million. TETRA's net leverage ratio improved to 2.1X at quarter-end, marking its best position since Q2 2018.
TETRA Technologies, Inc. (NYSE:TTI) will release its first quarter 2022 earnings on May 2, 2022, post-market. A conference call, led by President and CEO Brady M. Murphy and CFO Elijio V. Serrano, will occur on May 3, 2022, at 10:30 a.m. ET to discuss the results. Investors can access the call via a toll-free number or a live audio webcast on the company's website. TETRA focuses on oil and gas services and is expanding into low carbon energy markets, including the commercialization of TETRA PureFlow® and carbon capture technologies.
TETRA Technologies, Inc. (NYSE:TTI) reported a fourth quarter 2021 revenue of $113 million, marking a 19% increase from Q3 2021 and a 50% rise compared to Q4 2020. Despite a net loss of $703,000, adjusted EBITDA reached $13.1 million. The company's revenue was bolstered by product demand in the Gulf of Mexico and international markets. Cash flow from operations was $(5.8) million, but adjusted free cash flow stood at $7.4 million. The company reduced long-term debt by $13 million, improving its net leverage ratio to 2.7x. TETRA also made significant strides in low carbon energy initiatives.
TETRA Technologies, Inc. (NYSE: TTI) has announced that its 2022 Annual Meeting of Stockholders is scheduled for May 24, 2022, at 11:00 a.m. Central Time. The meeting will take place at the company's headquarters in The Woodlands, Texas. TETRA is known for its industrial and oil & gas products and services, including innovative solutions in low carbon energy markets. The company is advancing projects like TETRA PureFlowTM for energy storage and carbon capture technologies.
TETRA Technologies, Inc. (NYSE:TTI) has appointed Sharon Booth McGee to its Board of Directors as of February 7, 2022. McGee, a veteran in the global chemicals sector with significant expertise in lithium and bromides, will also join the Nominating, Governance and Sustainability Committee and the Human Capital Management and Compensation Committee. This appointment follows the addition of Shawn Williams to the board, reinforcing TETRA's strategy in aqueous chemistry solutions and low carbon energy initiatives. McGee's previous role was at Albemarle Corporation, contributing to key strategic discussions.
TETRA Technologies, Inc. (NYSE: TTI) will participate in The Microcap Rodeo's 2nd Annual Winter Wonderland Best Ideas Investor Conference from February 8-11, 2022. Management, including CEO Brady Murphy and CFO Elijio Serrano, will present on February 8 at 1:00 PM ET and will hold one-on-one meetings on February 10 and 11. Interested investors can register for the conference and access TETRA's presentation materials via the company's website, with the presentation posted on February 8. TETRA focuses on oil & gas products and services, expanding into low carbon energy markets.
TETRA Technologies, Inc. (NYSE:TTI) announced it will release its fourth quarter and full year 2021 results after market close on February 28, 2022. A conference call to discuss the results will be held on March 1, 2022, at 10:30 a.m. ET, hosted by President and CEO Brady M. Murphy and Senior Vice President and CFO Elijio V. Serrano. Investors can access the call through a toll-free number or by live audio webcast on the Company’s website.
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