TETRA Technologies, Inc. reports news on an energy services and solutions business with operations across Energy Services, Industrial Chemicals and Critical Minerals. Company updates commonly cover quarterly results, Completion Fluids & Products performance, Water & Flowback Services activity, industrial chemicals demand, production testing, and balance-sheet measures such as cash flow, debt and capital expenditures.
News also follows TETRA's expansion beyond traditional oil and gas services into low-carbon energy and critical minerals, including chemistry-based initiatives, mineral acreage and the Arkansas Evergreen Project. Other recurring items include investor conference participation, earnings-call scheduling and strategic updates tied to calcium chloride, bromine, lithium and magnesium opportunities.
TETRA Technologies (NYSE: TTI) has released a Definitive Feasibility Study (DFS) for its Arkansas bromine project, upgrading previously announced resources to reserves. The study shows a Vertically Integrated Production Case Net Present Value of $710 million, compared to $337 million for the current Third-Party Bromine Purchase Only Case. Key highlights include:
- Internal Rate of Return of 62%
- 744 ktons of proven and probable bromine reserves
- 40-year projected operating life
- Phase I plant capacity of 75 million lbs of bromine per year
- Post-FID capital expenditures of $270 million
- Expected revenue increase of $200-250 million when in full production
- Adjusted EBITDA increase of $90-115 million
The project aims to vertically integrate TETRA's bromine production, enhancing margins and meeting growing demand in offshore oil and gas and long-duration energy storage markets.
TETRA Technologies announced securing a three-well deepwater TETRA CS Neptune fluids project in the Gulf of Mexico, starting late Q4 2024. For Q2 2024, TETRA reported revenue of $172 million, a 14% increase sequentially, but a 2% decrease YoY. Net income was $7.6 million, with EPS at $0.06 and adjusted EPS at $0.07.
Adjusted EBITDA stood at $30.2 million, up 32% sequentially despite $1.1 million in forex losses. The Completion Fluids & Products Division saw a 29% sequential revenue increase to $100 million. Water & Flowback Services had a 2% revenue decline, but margins rose by 560 basis points.
The company achieved net cash from operations of $24.8 million and total adjusted free cash flow of $9.4 million. Investments in Arkansas bromine and lithium projects totaled $9.8 million. Long-term debt was $180 million, with net debt at $142 million and a net leverage ratio of 1.6X.
TETRA Technologies, Inc. (NYSE:TTI) announced it will release its second quarter results on July 31, 2024, after market close. A conference call hosted by President and CEO Brady M. Murphy and CFO Elijio V. Serrano will be held on August 1, 2024, at 10:30 a.m. ET to discuss the results. Investors can join the call by dialing 1-800-836-8184, or access the live audio webcast via the company’s website. A replay of the call will be available for one week, and the webcast will remain accessible for thirty days.
TETRA Technologies is an energy services company with a focus on bromine-based completion fluids, calcium chloride, water management solutions, and production well testing services. The company is also expanding into low carbon energy markets through its TETRA PureFlow® zinc bromide fluid for energy storage and development of lithium and bromine mineral acreage.
TETRA Technologies (NYSE:TTI) will participate in the Virtual Northland Growth Conference on June 25, 2024. Senior executives Elijio Serrano, CFO, and Julian Higuera, Director of Investor Relations, will host virtual one-on-one meetings. Interested parties can register by contacting Northland representatives or Bobby Brooks at bbrooks@northlandcapitalmarkets.com.
TETRA Technologies is an energy services company with operations on six continents. Their portfolio includes Energy Services, Industrial Chemicals, and Lithium Ventures. The company focuses on environmentally conscious solutions and is expanding into the low-carbon energy market. For more information, visit www.onetetra.com.
TETRA Technologies announced its participation in the Stifel 2024 Cross Sector Insight Conference in Boston on June 4, 2024. Senior management, including CEO Brady Murphy and CFO Elijio Serrano, will present from 3:35 to 4:05 PM (ET). The presentation will be available via webcast, with a replay archived on the Events and Webcasts page.
TETRA Technologies is an energy services and solutions company operating on six continents. Its portfolio includes Energy Services, Industrial Chemicals, and Lithium Ventures. TETRA is focusing on environmentally conscious services and expanding into the low-carbon energy market with expertise in chemistry, key mineral acreage, and global infrastructure.
For more information, visit their website or connect on LinkedIn.
TETRA Technologies, Inc. (NYSE: TTI) will participate in the EF Hutton Annual Global Conference in New York on May 15, 2024. The company's senior management will host one-on-one meetings, showcasing their focus on energy services, industrial chemicals, and lithium ventures.
TETRA Technologies, Inc. announced first quarter 2024 financial results with a revenue increase of 3% year-over-year to $151 million. Net income was $915,000 with Adjusted EBITDA up 11% to $22.8 million. The company refinanced its term loan with a delayed draw feature and extended maturity to 2030. Completion Fluids & Products business showed strong growth while Water & Flowback Services faced challenges. TETRA remains optimistic about strategic initiatives and outlook for 2024.
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