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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.
CSI Compressco LP (NASDAQ: CCLP) has declared a cash distribution of $0.01 per common unit for the quarter ending on December 31, 2020, equating to an annualized amount of $0.04. The distribution will be paid on February 12, 2021, to unitholders of record by January 29, 2021. Additionally, the company plans to announce its fourth quarter and full-year 2020 results before market opening on February 24, 2021, followed by a conference call at 10:30 a.m. ET.
TETRA Technologies, Inc. (NYSE:TTI) will announce its fourth quarter and full year 2020 financial results on February 25, 2021, before market opening. A conference call hosted by President and CEO Brady M. Murphy and CFO Elijio V. Serrano will follow at 10:30 a.m. Eastern Time to discuss the results. Investors can join the call at 1-888-347-5303 or via live webcast on TETRA's website. A replay will be available afterward. TETRA specializes in oil and gas services, including completion fluids, water management, and has a significant interest in CSI Compressco LP (NASDAQ:CCLP).
TETRA Technologies, Inc. has appointed Tim Moeller as Senior Vice-President to spearhead initiatives focused on its industrial products and mineral resources, particularly in Arkansas. The company aims to leverage its extensive lithium carbonate and bromine resources to support advancements in carbon capture and energy storage. TETRA holds 27,000 acres of brine leases with inferred lithium resources of 884,000 tons and bromine resources of 3.9 million tons. This focus aligns with the growing energy storage market, but financial benefits from these initiatives are projected to be long-term.
TETRA Technologies, Inc. (NYSE: TTI) announced the retirement of Paul D. Coombs from its Board of Directors, effective after the 2021 Annual Meeting. Coombs, who has been with TETRA since 1982 and has served on the board since 1994, was recognized for his significant contributions to the company. The board plans to reduce its size from eight to seven members as part of cost-cutting measures. TETRA is an oil and gas services company focusing on completion fluids, water management, and related services, and owns an equity interest in CSI Compressco LP (NASDAQ: CCLP).
TETRA Technologies is pursuing the deconsolidation of CSI Compressco LP from its financial statements, aiming to streamline its structure and enhance shareholder value. This could involve exchanging TETRA's general partner interest for additional CSI Compressco common units. While no definitive agreement is in place, TETRA's board believes deconsolidation will alleviate the overhang from CSI Compressco's consolidated debt, which is non-recourse to TETRA. As of September 2020, TETRA reported $58.5 million in cash and $158 million in net debt.
CSI Compressco LP (NASDAQ: CCLP) has regained compliance with Nasdaq Listing Rule 5450(a)(1), which mandates a minimum closing bid price of $1.00 per unit. On December 17, 2020, Nasdaq confirmed that CSI Compressco's common units maintained the required closing bid price for over ten consecutive trading days. Consequently, the prior bid price deficiency issue is now resolved. The company provides compression services and equipment for the oil and gas industry, covering various regions including the U.S., Mexico, Canada, and Argentina.
CSI Compressco LP announced the launch of its Helix™ digitally enhanced compression system, a telemetry solution that enhances compressor reliability through real-time data access. This system improves performance and predictive maintenance by streaming data 1440 times faster than previous technologies. The company has completed 25% of hardware upgrades for high horsepower compressor units and expects full deployment by the end of 2021. A partnership with Rice University aims to leverage big data analytics to further enhance maintenance programs.
TETRA Technologies reported third quarter 2020 revenue of $153 million, down 21% from Q2 2020, amid a 36% decline in US onshore rig activity. The net loss before discontinued operations narrowed to $21 million, from $37 million in Q2. Adjusted EBITDA was $30.3 million, reflecting a decline from $35.3 million in the prior quarter. Despite market challenges due to COVID-19 and hurricanes, the company achieved positive free cash flow for the sixth consecutive quarter, totaling $7.7 million. Key segments showed varied performance, with Completion Fluids generating a 26.8% EBITDA margin.
CSI Compressco LP (NASDAQ: CCLP) reported a net loss of $12.6 million for Q3 2020, which is an improvement from a loss of $24.6 million in the previous quarter. Revenues fell 18% to $79 million, attributed to decreased equipment sales. Adjusted EBITDA rose to $27.8 million, marking a 3% increase. The company exited the New Equipment Sales market, selling its Midland fabrication facility for $17 million. The introduction of the HelixTM telemetry system aims to enhance performance. Despite a decline in utilization, equipment on standby significantly decreased from earlier in the year.
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