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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 (TTI) and Eos Energy Enterprises (EOSE) have forged a strategic agreement to enhance the manufacturing of Eos' Znyth® aqueous zinc batteries. The partnership focuses on high purity zinc-bromide supply, essential for battery performance. Eos reported a backlog of over $150 million and a potential pipeline of $3.7 billion, planning to increase manufacturing capacity to 800 MWh in 2022. This collaboration aims to strengthen domestic supply chains and align resources to optimize growth in the stationary storage market.
TETRA Technologies, Inc. (NYSE:TTI) will conduct one-on-one investor meetings during the 20th Annual Wells Fargo Virtual Midstream Utility & Renewables Symposium on December 8 and December 9, 2021. Key executives, including President and CEO Brady Murphy and CFO Elijio Serrano, will be available for discussions. Interested investors can schedule meetings via a Wells Fargo representative by emailing WFSCorporateAccess.MidstreamandUtilitySymposium@wellsfargo.com.
TETRA focuses on oil and gas products and services, and is expanding into low carbon energy solutions.
TETRA Technologies, Inc. (TTI) reported a 30% revenue increase year-over-year for Q3 2021, totaling $95 million. However, revenue declined 7% from Q2 due to seasonal factors and Hurricane Ida's impact, which cost approximately $11 million. The company posted a net income of $2.5 million, an improvement from a loss in Q2. Adjusted EBITDA rose to $15 million, facilitated by gains in Water & Flowback Services. Despite challenges, TETRA reduced debt by $8 million and is expected to see higher Q4 revenues from delayed projects.
TETRA Technologies, Inc. (NYSE:TTI) will release its third quarter 2021 earnings on November 1, 2021, post-market. A conference call to discuss the results will occur on November 2, 2021, at 10:30 a.m. Eastern Time, led by CEO Brady M. Murphy and CFO Elijio V. Serrano. Interested parties can join by calling 1-888-347-5303 or via live audio webcast on TETRA's website. The company focuses on oil and gas services, including innovative low carbon energy solutions and mineral development.
TETRA Technologies, Inc. (NYSE: TTI) will present at the H.C. Wainwright 23rd Annual Global Investment Virtual Conference from September 13-15, 2021. CEO Brady Murphy and CFO Elijio Serrano will provide an on-demand presentation starting on September 13 at 7:00 A.M. ET and will conduct one-on-one meetings on September 13 and 14. Interested parties can register for the presentation and meetings through the provided link. Presentation materials will be available on TETRA's website starting September 13.
TETRA Technologies reported second quarter 2021 revenue of $102 million, a 32% sequential increase from Q1 2021, benefitting from peak seasonal sales in Northern Europe. The net loss before discontinued operations narrowed to $6.7 million from $11.9 million in Q1. Adjusted EBITDA rose 44% to $13 million, driven by improved operational performance. Despite a cash flow decline, demand for completion fluids is expected to rise. The company is also expanding its facility in Finland and investing in low carbon energy initiatives, including a $5 million investment in CarbonFree.
TETRA Technologies reported a preliminary assessment of lithium and bromine exploration targets across approximately 31,100 net acres in the Smackover Formation, Arkansas. The assessment estimates bromine reserves between 2.54 and 8.58 million tons and lithium reserves between 16,000 and 53,000 tons. This translates to 85,000 to 286,000 tons of Lithium Carbonate Equivalent (LCE) at current market prices of $12,500 per ton for LCE and $3,174 per ton for bromine. TETRA aims to leverage these resources to enhance shareholder value amid growing demand for low carbon energy solutions.
TETRA Technologies, Inc. (NYSE: TTI) announced it will release its second quarter 2021 results on August 2, 2021, after market close. A conference call to discuss these results will take place on August 3, 2021, at 10:30 a.m. Eastern Time, hosted by CEO Brady M. Murphy and CFO Elijio V. Serrano. Interested parties can listen via a toll-free phone call or through a live audio webcast available on the company's website. A replay will be accessible for one week after the call, and the webcast will be archived for 30 days.
TETRA Technologies, Inc. (NYSE:TTI) will be added to the Russell 3000 Index effective June 28, 2021, following the annual reconstitution. This inclusion comes after a significant rise in its market capitalization during 2021, reflecting the company's robust efforts to enhance shareholder value. The Russell 3000 Index encompasses the 4,000 largest U.S. stocks and is utilized by investment managers for index funds, with approximately $10.6 trillion in assets benchmarked against it. TETRA is positioned to benefit from this inclusion, particularly in the recovering oil & gas and emerging low carbon energy markets.
TETRA Technologies, Inc. (NYSE:TTI) will present at the 2021 RBC Capital Markets Global Energy, Power & Infrastructure Conference on June 9, 2021, at 4:00 P.M. Eastern Time. Senior management, including Brady Murphy (CEO) and Elijio Serrano (CFO), will participate and host one-on-one meetings. Interested parties can register through the provided link. Presentation materials will be available on the company's website on the same day under the Investor Relations section.
TETRA specializes in oil and gas services, focusing on completion fluids, water management, and production testing.
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