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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 reported a first quarter 2021 revenue of $77 million, up 2% sequentially. The company faced a net loss before discontinued operations of $11.9 million, compared to $7.1 million in the previous quarter. A significant highlight was a $121 million gain from the deconsolidation of CSI Compressco. Adjusted EBITDA was $9 million, impacted by adverse weather costs. Cash flow from operations dropped to $5.8 million. TETRA reduced its total debt by $29 million, ending the quarter with $171 million in total debt.
TETRA Technologies has signed a memorandum of understanding (MOU) with CarbonFree to advance the commercialization of the SkyCycle technology, a carbon capture solution that mineralizes CO2. This partnership leverages TETRA's expertise in calcium chloride production. The collaboration, which began in November 2020, aims for a definitive agreement within a year, potentially involving investments from TETRA. The initiative aligns with TETRA's strategy to grow in the low carbon energy market, emphasizing cost-effective solutions for carbon capture and mineralization.
TETRA Technologies, Inc. (TTI) will release its first quarter 2021 financial results on May 4, 2021, before the market opens. A conference call with President and CEO Brady M. Murphy and CFO Elijio V. Serrano will follow at 10:30 a.m. Eastern Time to discuss these results. Interested parties can listen by calling 1-888-347-5303 or via a live audio webcast on the company’s website. A replay will be accessible for one week after the call.
TETRA is focused on oil and gas services, offering completion fluids, water management, and more.
TETRA Technologies, Inc. announced the appointment of Shawn D. Williams to its Board of Directors, effective March 31, 2021. Williams brings extensive experience in the specialty chemicals industry, having previously served as CEO of Nexeo Plastics and in leadership roles at Momentive and General Electric. His expertise is expected to enhance TETRA's strategic initiatives in fluids and aqueous chemistry. The company also holds an 11% equity interest in CSI Compressco LP (CCLP), indicating its active engagement in related sectors.
TETRA Technologies (NYSE: TTI) announced that its senior management will conduct a virtual presentation at the 49th Annual Scotia Howard Weil Energy Conference on March 24, 2021, at 3:00 PM CST. Interested investors can register to listen to the presentation via the link provided. The presentation materials will be available on TETRA's website in the Investor Relations section prior to the event. TETRA specializes in oil and gas services, focusing on completion fluids, water management, and production well testing.
TETRA Technologies reported its full year and Q4 2020 results, reflecting a significant operational shift. The company generated over $30 million from selling assets including 10.95 million common units of CSI Compressco. Although total revenue dropped 33% year-over-year to $377.7 million, adjusted EBITDA improved to $49.1 million, with margins rising to 13%. TETRA achieved $26 million in free cash flow from continuing operations despite the challenging market, reducing net debt to $133 million. The firm also noted a strong demand for its calcium chloride business in early 2021.
TETRA Technologies, Inc. (NYSE:TTI) has announced its 2021 Annual Meeting of Stockholders scheduled for May 26, 2021, at 11:00 a.m. Central Time. The meeting will take place at the company's headquarters in The Woodlands, Texas. TETRA is a diversified oil and gas services company offering completion fluids, water management, and production well testing services, among other products.
TETRA Technologies has announced its compliance with the NYSE's minimum average closing share price requirement. On February 1, 2021, the NYSE confirmed that TETRA's average closing price for the 30 days ending January 31, 2021, was above $1.00 per share. As a result, TETRA is no longer considered below the minimum listing criterion. This compliance allows the company to maintain its listing on the NYSE, ensuring continued access to capital markets.
TETRA Technologies, Inc. (NYSE: TTI) announced the sale of its interests in CSI Compressco LP for $30.7 million, which could rise to $33.8 million with contingent payments. The transaction includes selling 10.95 million common units and 15 large compressors. Following this, TETRA will reflect CSI Compressco as an asset held for sale and discontinue consolidation in its financials starting Q1 2021. The divestment aims to improve financial transparency and leverage, potentially yielding an accounting gain of $110 million to $135 million. TETRA's fourth quarter 2020 results indicate a 45% revenue growth in Water Management and positive free cash flow for all quarters of 2020.
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