TETRA TECHNOLOGIES, INC. BOARD OF DIRECTORS APPROVES FINAL INVESTMENT DECISION FOR ARKANSAS BROMINE PRODUCTION FACILITY

Rhea-AI Summary

TETRA Technologies (NYSE:TTI) received conditional Board approval for the final investment decision on its Evergreen Project, a bromine production facility near Stamps, Arkansas. Approval is subject to securing financing and supports the ONE TETRA 2030 strategy and vertical integration into bromine.

The bromine business is expected to have an NPV of $607 million at a 10% discount rate, including about $220 million in remaining capex over two years. First production is targeted for early 2028, with initial output 25% above TETRA’s long-term third-party supply agreement and potential to double to nameplate capacity. The project aims to secure long-term, low-cost U.S. bromine supply, reduce reliance on third-party purchases, and create future optionality for lithium and magnesium from the same brine.

Positive

• Bromine business NPV estimated at $607 million at 10% discount rate
• Remaining capital expenditures of about $220 million spread over the next two years
• Initial bromine output planned at 25% above long-term third-party supply agreement
• Forecast internal bromine demand to rise by over 50% by 2030, supporting integration
• Large resource base with 744 ktons proven and probable reserves in Evergreen Unit
• Phase 1 completed and Phase 2 underway, with full operation targeted by end of 2027

Negative

• Board’s final investment decision remains conditional on securing project financing
• Project requires about $220 million in additional capex funded from operations and financing sources
• First bromine production not expected until early 2028, implying a long lead time
• Economic estimates rely on management assumptions and are explicitly noted as subject to change over time

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Strong Project Economics and Growth Outlook With a Secure U.S. Bromine Supply

SPRING, Texas, May 28, 2026 /PRNewswire/ -- TETRA Technologies, Inc. ("TETRA" or the "Company") (NYSE: TTI) today announced that its Board of Directors has conditionally approved the final investment decision ("FID") for the development of the Company's bromine production facility near Stamps, Arkansas (the "Evergreen Project"). The Board's authorization is subject to the Company finalizing financing for the Evergreen Project. The decision marks a key milestone in TETRA's transformation into a vertically integrated bromine producer and advances the Company's ONE TETRA 2030 strategic plan.

"The Board's approval of the final investment decision for our Arkansas bromine facility marks a major milestone in TETRA's forty-five-year history," said Brady Murphy, President and Chief Executive Officer. "This investment will secure a long-term, low-cost domestic supply of elemental bromine – the critical feedstock for our deepwater completion fluids and TETRA energy storage electrolyte products. By becoming vertically integrated, we would achieve bromine costs consistent with a fully integrated solution and provide long-term U.S.-based supply security in a highly concentrated market. The Evergreen Project positions us to meet accelerating demand for these products through 2030 and beyond." 

Strategic Rationale

The global bromine market is estimated at approximately $2.3 billion in 2026 and is projected to grow at a compound annual growth rate of 5.5% through 2033 ⁽¹⁾, driven primarily by electrification trends, rising demand for deepwater, high-density completion fluids, and growing energy storage solutions. Currently, over 50% of global bromine supply originates in the Middle East ⁽²⁾, where ongoing geopolitical concerns have heightened focus on supply security.

TETRA owns mineral rights to approximately 40,000 acres of brine leases in Southwest Arkansas, which contain significant bromine resources, including 744 ktons of proven and probable bromine reserves in the Evergreen Unit and measured and indicated bromine resources of 3.57 million tons across all TETRA acreage.  TETRA has decided to use brine supplied by its Evergreen Unit as feed brine for the bromine production facility start-up, placing the project timeline entirely within TETRA's control and maximizing the significant capital and operating expenditure synergies planned for future lithium and magnesium facilities and production.

Initial bromine production volumes for the Evergreen Project's bromine facility are expected to be 25% above the Company's long-term third-party supply agreement. Over time, the Company plans to double initial production rates to reach the bromine facility's nameplate capacity. This investment would allow TETRA to minimize third-party purchases of elemental bromine, reducing the Company's reliance on external suppliers and providing greater supply chain certainty.

Project Details

Key highlights of the Evergreen Project include the following:

• Net Present Value ("NPV") The vertically integrated production case is expected to generate a bromine business NPV of $607 million, using a 10% discount rate, inclusive of approximately $220 million in remaining capital expenditures. Required capital expenditures will be funded over the next two years from a combination of cash from operations, credit facility borrowings and other financing sources.  The estimated NPV of our bromine business has been calculated using management's estimates, which update the economics contained in the Company's Definitive Feasibility Study dated September 22, 2025, and include updated inputs for anticipated costs and timeline of construction as well as future expectations regarding bromine demand and sales prices.  These estimates reflect management's good faith estimate of potential return based on currently available information but are subject to change over time.  See "Forward Looking Statements" further in this press release.
  
  
• Timeline: The facility is expected to commence first production in early 2028, consistent with the Company's ONE TETRA 2030 strategic targets.
  
  
• Supply Security: Secures TETRA's bromine demand, which is forecast to increase by over 50% by 2030, and reduces the need for higher-cost third-party bromine purchases.
  
  
• Future Optionality: The Evergreen Unit infrastructure provides significant synergies for potential future development of lithium and magnesium resources from the same brine, further supporting TETRA's critical minerals strategy.

Construction Progress

Phase 1 of the Evergreen Project, which included site preparation, power infrastructure, and installation of the bromine tower, was completed in December 2025. Phase 2, which encompasses the major infrastructure and equipment supporting the plant, is currently underway with mechanical completion targeted by the end of 2026. The entire facility is expected to be operational by the end of 2027, with first production anticipated in early 2028.

⁽¹⁾ Grandview Market Research

⁽²⁾ ICL Group LTD Company Overview Presentation March 2026 

Investor Contact

For further information, please contact Matt Sanderson, CFO, TETRA Technologies, Inc. at (281) 367-1983 or via email at msanderson@onetetra.com or Kurt Hallead, Treasurer and Vice President of Investor Relations at (281) 367-1983 or via email at khallead@onetetra.com.

Company Overview

TETRA Technologies, Inc. is an energy services and solutions company focused on developing environmentally conscious services and solutions that help make people's lives better. With operations on six continents, the Company's portfolio consists of Energy Services, Industrial Chemicals, and Critical Minerals. In addition to providing products and services to the oil and gas industry and calcium chloride for diverse applications, TETRA is expanding into the low-carbon energy market with chemistry expertise, key mineral acreage, and global infrastructure, helping to meet the demand for sustainable energy in the twenty-first century. Visit the Company's website at www.onetetra.com for more information or connect with us on LinkedIn.

Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are identifiable by the use of the following words, the negative of such words, and other similar words: 'anticipates', 'assumes', 'estimates', 'expects', 'intends', 'plans', 'projects', 'targets', 'will', and 'would." These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding the expected timeline for the Evergreen Project, design capacity, production volumes, costs, financing sources, NPV projections, and strategic benefits of the Evergreen Project; statements regarding the global bromine market; statements regarding the Company's ability to replace its current third-party supply agreements; and statements regarding the Company's ONE TETRA 2030 strategic plan.

With respect to the Company's disclosures of measured and indicated mineral resources, it is uncertain if all such resources will ever be economically developed. Investors are cautioned that mineral resources do not have demonstrated economic value and further exploration may not result in the estimation of a mineral reserve. Further, there are a number of uncertainties related to processing lithium, which is an inherently difficult process. Therefore, you are cautioned not to assume that all or any part of our resources can be economically or legally commercialized. 

These forward-looking statements are based on information available at the time of this release and are subject to a number of risks, uncertainties, and assumptions. For a discussion of these risks, uncertainties, and assumptions, the Company refers you to its filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company does not undertake any obligation to update or revise forward-looking statements.

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SOURCE TETRA Technologies, Inc.

FAQ

What final investment decision did TETRA Technologies (TTI) approve for the Evergreen bromine project?

TETRA’s Board conditionally approved the final investment decision for the Evergreen bromine production facility near Stamps, Arkansas. According to TETRA, this FID advances its ONE TETRA 2030 strategy and vertical integration, but remains subject to securing project financing.

What is the projected NPV and capital cost of TETRA Technologies (TTI) Evergreen bromine facility?

According to TETRA, the vertically integrated bromine business is expected to generate an NPV of about $607 million. This estimate includes roughly $220 million in remaining capital expenditures, to be funded over the next two years from operations, credit facilities, and other financing.

When will TETRA Technologies (TTI) Arkansas bromine facility start production?

TETRA expects first bromine production from the Evergreen facility in early 2028. According to TETRA, Phase 2 construction targets mechanical completion by the end of 2026, with the full plant operational by late 2027 ahead of initial production ramp-up.

How will the Evergreen bromine project affect TETRA Technologies (TTI) supply security and costs?

Evergreen is intended to secure a long-term, low-cost U.S. bromine supply for TETRA. According to TETRA, vertical integration should reduce reliance on higher-cost third-party purchases and support forecast bromine demand growth of over 50% by 2030.

What bromine production volumes are planned at TETRA Technologies (TTI) Evergreen facility?

Initial bromine output is expected to be 25% above TETRA’s long-term third-party supply agreement. According to TETRA, the plan is to later double these initial volumes to reach the facility’s nameplate capacity, minimizing external bromine purchases.

What future critical minerals opportunities does TETRA Technologies (TTI) see from the Evergreen Unit?

The Evergreen Unit infrastructure may also support future lithium and magnesium projects from the same brine. According to TETRA, these potential developments could create synergies and further its critical minerals strategy, though they remain prospective and not yet committed.

What bromine resource base underpins TETRA Technologies (TTI) Evergreen project?

TETRA reports mineral rights over about 40,000 acres of brine leases in Southwest Arkansas. According to TETRA, these include 744 ktons of proven and probable bromine reserves in the Evergreen Unit and 3.57 million tons of measured and indicated bromine resources across its acreage.