TETRA TECHNOLOGIES INC Files Q2 2024 10-Q

TL;DR

TETRA TECHNOLOGIES INC dropped its Q2 10-Q. Financials look steady, check the segment breakdown.

AI Summary

TETRA TECHNOLOGIES INC filed its 10-Q for the period ending June 30, 2024. The filing details financial performance across its product and service segments for the second quarter and the first half of the year. Specific financial figures and segment revenues are presented, reflecting the company's operational results.

Why It Matters

This filing provides investors with a detailed look at TETRA TECHNOLOGIES INC's financial health and operational performance for the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks disclosed.

Key Players & Entities

• TETRA TECHNOLOGIES INC (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240731 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — standing of the Company's Common Stock, $0.01 par value per share. TETRA Technologi

Filing Documents

• tti-20240630.htm (10-Q) — 1292KB
• a20240630ex311.htm (EX-31.1) — 12KB
• a20240630ex312.htm (EX-31.2) — 11KB
• a20240630ex321.htm (EX-32.1) — 7KB
• a20240630ex322.htm (EX-32.2) — 7KB
• 0000844965-24-000072.txt ( ) — 5915KB
• tti-20240630.xsd (EX-101.SCH) — 30KB
• tti-20240630_cal.xml (EX-101.CAL) — 70KB
• tti-20240630_def.xml (EX-101.DEF) — 173KB
• tti-20240630_lab.xml (EX-101.LAB) — 472KB
• tti-20240630_pre.xml (EX-101.PRE) — 328KB
• tti-20240630_htm.xml (XML) — 815KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Statements of Operations 1 Consolidated Statements of Comprehensive Income 2 Consolidated Balance Sheets 3 Consolidated Statements of Equity 5 Consolidated Statements of Cash Flows 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 32

Controls and Procedures

Item 4. Controls and Procedures 32

—OTHER INFORMATION

PART II—OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 33

Risk Factors

Item 1A. Risk Factors 33

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 33

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 33

Other Information

Item 5. Other Information 33

Exhibits

Item 6. Exhibits 34

SIGNATURES

SIGNATURES 35 Table of Contents PART I FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. TETRA Technologies, Inc. and Subsidiaries Consolidated Statements of Operations (In Thousands, Except Per Share Amounts) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues: Product sales $ 96,622 $ 96,217 $ 169,959 $ 161,752 Services 75,313 79,246 152,948 159,920 Total revenues 171,935 175,463 322,907 321,672 Cost of revenues: Cost of product sales 61,078 55,873 106,484 98,268 Cost of services 58,830 61,201 124,538 122,872 Depreciation, amortization, and accretion 8,774 8,457 17,530 17,127 Impairments and other charges — 777 — 777 Insurance recoveries — — — ( 2,850 ) Total cost of revenues 128,682 126,308 248,552 236,194 Gross profit 43,253 49,155 74,355 85,478 Exploration and pre-development costs — 2,341 — 3,061 General and administrative expense 22,137 26,225 44,435 49,416 Interest expense, net 6,185 5,944 12,137 11,036 Loss on debt extinguishment — — 5,535 — Other (income) expense, net 2,452 ( 6,435 ) ( 1,526 ) ( 6,649 ) Income before taxes and discontinued operations 12,479 21,080 13,774 28,614 Provision for income taxes 4,839 2,875 5,219 4,364 Income before discontinued operations 7,640 18,205 8,555 24,250 Discontinued operations: Loss from discontinued operations, net of taxes — ( 8 ) — ( 20 ) Net income 7,640 18,197 8,555 24,230 Loss attributable to noncontrolling interests 3 18 3 25 Net income attributable to TETRA stockholders $ 7,643 $ 18,215 $ 8,558 $ 24,255 Basic net income per common share: Income from continuing operations $ 0.06 $ 0.14 $ 0.07 $ 0.19 Income from discontinued operations — — — — Net income attributable to TETRA stockholders $ 0.06 $ 0.14 $ 0.07 $ 0.19 Weighted average basic shares outstanding 131,263 129,460 130,858 129,201 Diluted net income per common share: Income from continuing operations $ 0.06 $ 0.14 $ 0.06 $ 0.19 Income from discontinued operations — — — — Net income attributable to TETRA st

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) NOTE 1 – ORGANIZATION, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES Organization We are an energy services and solutions company with operations on six continents focused on developing environmentally conscious services and solutions that help make people's lives better. 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. We were incorporated in Delaware in 1981. Our products and services are delivered through two reporting segments – Completion Fluids & Products Division and Water & Flowback Services Division. Our Completion Fluids & Products Division manufactures and markets clear brine fluids ("CBFs"), additives, and associated products and services to the oil and gas industry for use in well drilling, completion, and workover operations in the United States and in certain countries in Latin America, Europe, Asia, the Middle East, and Africa. The Division also markets liquid and dry calcium chloride products manufactured at its production facilities or purchased from third-party suppliers to a variety of markets outside the energy industry. Calcium chloride is used in the oil and gas industry, and also has broad industrial applications to the agricultural, road, food and beverage, and lithium production markets. Our Completion Fluids & Products Division also markets TETRA PureFlow, an ultra-pure zinc bromide, as well as TETRA PureFlow Plus, an ultra-pure zinc bromide/zinc chloride blend, to battery technology companies. Our Water & Flowback Services Division provides onshore oil and gas operators with comprehensive water management services. The Division also provides frac flowback, production well testing, and ot

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View this 10-Q filing on SEC EDGAR