Tetra Technlgs Stock Price, News & Analysis

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.

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.