TETRA TECHNOLOGIES INC Files Q3 2024 10-Q

TL;DR

TETRA TECHNOLOGIES INC dropped its Q3 2024 10-Q. Financials for product & service segments are in.

AI Summary

TETRA TECHNOLOGIES INC filed its 10-Q for the period ending September 30, 2024. The filing details financial performance across its product and service segments for the third quarter and the first nine months of the year, comparing them to the same periods in 2023. Key financial data and segment information are presented.

Why It Matters

This filing provides investors with the latest financial performance data for TETRA TECHNOLOGIES INC, crucial for understanding the company's operational health and strategic direction in the crude petroleum and natural gas sector.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the energy sector can be volatile, impacting TETRA TECHNOLOGIES INC's performance.

Key Numbers

• 2024 Q3 — Reporting Period (Third quarter financial performance)
• 2023 Q3 — Comparative Period (Third quarter financial performance comparison)
• 2024-01-01 to 2024-09-30 — Year-to-Date Period (Nine-month financial performance)
• 2023-01-01 to 2023-09-30 — Comparative YTD Period (Nine-month financial performance comparison)

Key Players & Entities

• TETRA TECHNOLOGIES INC (company) — Filer of the 10-Q report
• 2024-09-30 (date) — End of the reporting period
• 2023-09-30 (date) — Comparative reporting period
• 2024-10-29 (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-20240930.htm (10-Q) — 1396KB
• a20240930ex101.htm (EX-10.1) — 24KB
• a20240930ex311.htm (EX-31.1) — 12KB
• a20240930ex312.htm (EX-31.2) — 11KB
• a20240930ex321.htm (EX-32.1) — 7KB
• a20240930ex322.htm (EX-32.2) — 7KB
• 0000844965-24-000083.txt ( ) — 6334KB
• tti-20240930.xsd (EX-101.SCH) — 31KB
• tti-20240930_cal.xml (EX-101.CAL) — 71KB
• tti-20240930_def.xml (EX-101.DEF) — 186KB
• tti-20240930_lab.xml (EX-101.LAB) — 498KB
• tti-20240930_pre.xml (EX-101.PRE) — 344KB
• tti-20240930_htm.xml (XML) — 918KB

—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 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8

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 21

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 34

Controls and Procedures

Item 4. Controls and Procedures 34

—OTHER INFORMATION

PART II—OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 35

Risk Factors

Item 1A. Risk Factors 35

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 35

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 35

Other Information

Item 5. Other Information 35

Exhibits

Item 6. Exhibits 36

SIGNATURES

SIGNATURES 37 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenues: Product sales $ 71,775 $ 68,967 $ 241,734 $ 230,719 Services 69,925 82,497 222,873 242,417 Total revenues 141,700 151,464 464,607 473,136 Cost of revenues: Cost of product sales 38,506 41,410 144,990 139,678 Cost of services 59,885 63,552 184,423 186,424 Depreciation, amortization, and accretion 8,837 8,578 26,367 25,705 Impairments and other charges 109 — 109 777 Insurance recoveries — — — ( 2,850 ) Total cost of revenues 107,337 113,540 355,889 349,734 Gross profit 34,363 37,924 108,718 123,402 Exploration and pre-development costs — 3,775 — 6,836 General and administrative expense 22,406 23,838 66,841 73,254 Interest expense, net 5,096 5,636 17,233 16,672 Loss on debt extinguishment — — 5,535 — Other income, net ( 715 ) ( 2,041 ) ( 2,241 ) ( 8,690 ) Income before taxes and discontinued operations 7,576 6,716 21,350 35,330 Provision for income taxes 4,744 1,248 9,963 5,612 Income before discontinued operations 2,832 5,468 11,387 29,718 Discontinued operations: Loss from discontinued operations, net of taxes ( 5,830 ) ( 48 ) ( 5,830 ) ( 68 ) Net income (loss) ( 2,998 ) 5,420 5,557 29,650 Loss attributable to noncontrolling interests — — 3 25 Net income (loss) attributable to TETRA stockholders $ ( 2,998 ) $ 5,420 $ 5,560 $ 29,675 Basic net income (loss) per common share: Income from continuing operations $ 0.02 $ 0.04 $ 0.09 $ 0.23 Loss from discontinued operations ( 0.04 ) — ( 0.04 ) — Net income (loss) attributable to TETRA stockholders $ ( 0.02 ) $ 0.04 $ 0.05 $ 0.23 Weighted average basic shares outstanding 131,579 129,777 131,100 129,395 Diluted net income (loss) per common share: Income from continuing operations $ 0.02 $ 0.04 $ 0.09 $ 0.23

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