TETRA TECHNOLOGIES, INC. ANNOUNCES EXCLUSIVE TECHNOLOGY AGREEMENTS WITH KMX TECHNOLOGIES AND HYREC HOLDINGS COMPANY FOR OIL AND GAS WELLS PRODUCED WATER BENEFICIAL REUSE
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.
- Secured exclusive technology licensing agreements with KMX and Hyrec for water recycling.
- Aims to create sustainable markets for produced water, enhancing environmental conservation.
- Potential for significant cost-effective treatment solutions with KMX and Hyrec technologies.
- Dependence on regulatory developments on allowable discharge limits for produced water.
- Market risks related to the economic viability of lithium and bromine extraction processes.
THE WOODLANDS, Texas, Aug. 8, 2022 /PRNewswire/ -- TETRA Technologies, Inc. ("TETRA" or the "Company") (NYSE:TTI) announced that it has entered into exclusive technology licensing agreements with KMX Technologies LLC ("KMX") and Hyrec Holdings Company W.L.L. ("Hyrec") for the recycling of produced water for the purpose of beneficial reuse, including such applications as agricultural and crop irrigation, industrial, power generation, construction, groundwater recharge, cooling towers and dust control. TETRA is a leader in the treatment and recycling of produced water from oil and gas wells for reuse in hydraulic fracturing.
TETRA CEO Brady Murphy said, "With increasing water volumes required for unconventional completions and increased seismicity events in key sub-surface disposal locations, advanced water recycling solutions for beneficial reuse are a critical industry need. According to Rystad Energy Research, the U.S. will produce close to 23 billion barrels of water from producing oil and gas wells in 2022 with nearly 13 billion barrels being disposed of in saltwater disposal wells (SWDs). Our strategic relationships with KMX and Hyrec will allow us to create new, sustainable markets for produced water, reduce the industry's reliance on disposal and preserve precious fresh water resources.
"Produced water in the U.S. has a very wide range of Total Dissolved Solids (TDS) and mineral compositions and we are pleased to see the regulatory agencies continuing to make progress on defining allowable discharge limits. Delineating the market and providing a cost-effective solution between the very high TDS levels such as those found in the Permian Basin from those with mid-to-low TDS levels, is the best way to effectively address the total market.
"For very high produced water TDS levels, we have found the KMX vacuum membrane distillation technology to be best in class for cost effective treatment to beneficial reuse water. At the mid-to-lower TDS levels, we have found the Hyrec reverse osmosis technology to be similarly best in class for cost effectiveness, desirable water quality and volumes. These solutions along with our extensive water and flowback services will allow us to meet the growing challenges that oil and gas operators are facing with consuming fresh water and injecting produced water into saltwater disposal wells. Although these exclusive license agreements are specific to oil and gas produced water beneficial reuse, we believe both KMX and HYREC technologies could also be effective for our planned lithium extraction and production process in Arkansas.
"Last year we recycled over a billion gallons of produced water for frac reuse while in parallel investing heavily in R&D efforts, including third party technologies, to develop economically viable alternatives to disposal. We are very excited to introduce these innovative technologies, which we believe can make a material impact for the oil and gas industry by preserving fresh water as well as expanding beneficial reuse applications to other markets."
TETRA Technologies, Inc. is an industrial and oil & gas products and services company operating on six continents focused on bromine-based completion fluids, calcium chloride, water management solutions, frac flowback and production well testing services. Calcium chloride is used in the oil and gas, and also has broad industrial applications in addition to the agricultural, road, food, beverage markets and lithium production markets. TETRA is evolving its business model by expanding into the low carbon energy markets with its chemistry expertise, key mineral acreage and global infrastructure. Recently announced initiatives include commercialization of TETRA PureFlow® an ultra-pure zinc bromide for stationary batteries and energy storage; advancing an innovative carbon capture utilization and storage technology with CarbonFree to capture CO2 and mineralize emissions to make commercial, carbon-negative chemicals; and development of TETRA's lithium and bromine mineral acreage to meet the growing demand for oil and gas products and energy storage. Visit the Company's website at www.tetratec.com.
This news release includes certain statements that are deemed to be forward-looking statements. Generally, the use of words such as "may," "see," "expectation," "expect," "intend," "estimate," "projects," "anticipate," "believe," "assume," "could," "should," "plans," "targets" or similar expressions that convey the uncertainty of future events, activities, expectations or outcomes identify forward-looking statements that the Company intends to be included within the safe harbor protections provided by the federal securities laws. These forward-looking statements include statements concerning economic and operating conditions that are outside of our control, including statements concerning recovery of the oil and gas industry; customer delays for international completion fluids related to global shipping and logistics issues; potential revenue associated with prospective energy storage projects or our pending carbon capture partnership; exploration targets of lithium and bromine, the potential extraction of lithium and bromine from the leased acreage, the economic viability thereof, and the timing and costs of such activities; the ability to obtain an inferred resource report and preliminary economic assessment regarding our lithium and bromine acreage; statements regarding debt reduction, projections concerning the Company's business activities, financial guidance, estimated earnings, earnings per share, and statements regarding the Company's beliefs, expectations, plans, goals, future events and performance, and other statements that are not purely historical. These forward-looking statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of risks and uncertainties, many of which are beyond the control of the Company. Investors are cautioned that any such statements are not guarantees of future performances or results and that actual results or developments may differ materially from those projected in the forward-looking statements. Some of the factors that could affect actual results are described in the section titled "Risk Factors" contained in the Company's Annual Reports on Form 10-K, as well as other risks identified from time to time in its reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission.
View original content to download multimedia:https://www.prnewswire.com/news-releases/tetra-technologies-inc-announces-exclusive-technology-agreements-with-kmx-technologies-and-hyrec-holdings-company-for-oil-and-gas-wells-produced-water-beneficial-reuse-301601305.html
SOURCE TETRA Technologies, Inc.
FAQ
What is TETRA Technologies' recent announcement regarding produced water?
How will TETRA's new technology agreements impact the oil and gas industry?
What technologies are TETRA partnering with KMX and Hyrec for?
What challenges does TETRA Technologies face in its water recycling initiative?
What are the potential applications for the recycled produced water?
