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TTI TETRA Technologies

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Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File Number 1-13455

TETRA Technologies, Inc.

(Exact name of registrant as specified in its charter)


Delaware			74-2148293
(State or Other Jurisdiction of Incorporation or Organization)			(I.R.S. Employer Identification No.)

24955 Interstate 45 North
The Woodlands,
Texas			77380
(Address of Principal Executive Offices)			(Zip Code)

(281) 367-1983

(Registrant’s Telephone Number, Including Area Code)

_______________________________________________________________________

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report

Securities registered pursuant to Section 12(b) of the Act:


Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock			TTI			New York Stock Exchange
Preferred Share Purchase Right			N/A			New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer			☐			Accelerated filer			☒
Non-accelerated filer			☐			Smaller reporting company			☐
						Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 28, 2024, there were 131,810,197 shares outstanding of the Company’s Common Stock, $0.01 par value per share.


TETRA Technologies, Inc. and Subsidiaries
Table of Contents
			Page
PART I—FINANCIAL INFORMATION
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			8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			21
Item 3. Quantitative and Qualitative Disclosures about Market Risk			34
Item 4. Controls and Procedures			34

PART II—OTHER INFORMATION
Item 1. Legal Proceedings			35
Item 1A. Risk Factors			35
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			35
Item 3. Defaults Upon Senior Securities			35
Item 4. Mine Safety Disclosures			35
Item 5. Other Information			35
Item 6. Exhibits			36
SIGNATURES			37

Table of Contents

PART I

FINANCIAL INFORMATION

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
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 diluted shares outstanding			132,029						132,089						132,093						130,835

See Notes to Consolidated Financial Statements

1

Table of Contents

TETRA Technologies, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income

(In Thousands)

(Unaudited)


			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Net income (loss)			$	(2,998)					$	5,420					$	5,557					$	29,650
Foreign currency translation adjustment from continuing operations, net of taxes of $0 in 2024 and 2023			3,358						(2,750)						(235)						(284)
Unrealized gain on investment in CarbonFree			556						146						788						474
Comprehensive income			916						2,816						6,110						29,840
Less: Comprehensive loss attributable to noncontrolling interests			—						—						3						25
Comprehensive income attributable to TETRA stockholders			$	916					$	2,816					$	6,113					$	29,865

See Notes to Consolidated Financial Statements

2

Table of Contents

TETRA Technologies, Inc. and Subsidiaries

Consolidated Balance Sheets

(In Thousands)


			September 30, 2024						December 31, 2023
			(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents			$	48,355					$	52,485
Restricted cash			658						—
Trade accounts receivable, net of allowances of $422 in 2024 and $614 in 2023			110,050						111,798
Inventories			97,704						96,536


Prepaid expenses and other current assets			21,763						21,196
Total current assets			278,530						282,015
Property, plant, and equipment:
Land and building			23,692						23,173
Machinery and equipment			317,107						304,884
Automobiles and trucks			10,265						10,148
Chemical plants			69,740						67,114
Construction in progress			28,477						10,323
Total property, plant, and equipment			449,281						415,642
Less accumulated depreciation			(320,024)						(307,926)
Net property, plant, and equipment			129,257						107,716
Other assets:
Patents, trademarks and other intangible assets, net of accumulated amortization of $55,302 in 2024 and $51,509 in 2023			26,027						29,132


Operating lease right-of-use assets			30,181						31,915
Investments			22,754						17,354
Other assets			14,408						10,829
Total other assets			93,370						89,230
Total assets			$	501,157					$	478,961

See Notes to Consolidated Financial Statements

3

Table of Contents

TETRA Technologies, Inc. and Subsidiaries

Consolidated Balance Sheets

(In Thousands, Except Share Amounts)


			September 30, 2024						December 31, 2023
			(Unaudited)
LIABILITIES AND EQUITY
Current liabilities:
Trade accounts payable			$	48,434					$	52,290

Compensation and employee benefits			21,613						26,918
Operating lease liabilities, current portion			8,741						9,101
Accrued taxes			14,149						10,350
Accrued liabilities and other			20,645						27,303
Current liabilities associated with discontinued operations			5,830						—
Total current liabilities			119,412						125,962
Long-term debt, net			179,709						157,505
Operating lease liabilities			25,862						27,538
Asset retirement obligations			14,600						14,199
Deferred income taxes			3,461						2,279

Other liabilities			2,701						4,144
Total long-term liabilities			226,333						205,665
Commitments and contingencies (Note 6)
Equity:
TETRA stockholders’ equity:
Common stock, par value 0.01 per share; 250,000,000 shares authorized at September 30, 2024 and December 31, 2023; 134,924,707 shares issued at September 30, 2024 and 133,217,848 shares issued at December 31, 2023			1,349						1,332
Additional paid-in capital			491,107						489,156
Treasury stock, at cost; 3,138,675 shares held at September 30, 2024 and December 31, 2023			(19,957)						(19,957)
Accumulated other comprehensive loss			(44,678)						(45,231)
Retained deficit			(271,149)						(276,709)
Total TETRA stockholders’ equity			156,672						148,591
Noncontrolling interests			(1,260)						(1,257)
Total equity			155,412						147,334
Total liabilities and equity			$	501,157					$	478,961

See Notes to Consolidated Financial Statements

4

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TETRA Technologies, Inc. and Subsidiaries

Consolidated Statements of Equity

(In Thousands)

(Unaudited)


			Common Stock Par Value						Additional Paid-In Capital						Treasury Stock						Accumulated Other Comprehensive Income (Loss)												Retained Deficit						Noncontrolling Interest						Total Equity
																					Currency Translation						Unrealized Gain (Loss) on Investment

Balance at December 31, 2023			$	1,332					$	489,156					$	(19,957)					$	(45,886)					$	655					$	(276,709)					$	(1,257)					$	147,334
Net income for first quarter 2024			—						—						—						—						—						915						—						915
Translation adjustment, net of taxes of $0			—						—						—						(1,634)						—						—						—						(1,634)
Other comprehensive income			—						—						—						—						237						—						—						237
Comprehensive loss																																													(482)




Equity-based compensation			—						1,623						—						—						—						—						—						1,623

Other			11						(2,339)						—						—						—						—						—						(2,328)
Balance at March 31, 2024			$	1,343					$	488,440					$	(19,957)					$	(47,520)					$	892					$	(275,794)					$	(1,257)					$	146,147
Net income (loss) for second quarter 2024			—						—						—						—						—						7,643						(3)						7,640
Translation adjustment, net of taxes of $0			—						—						—						(1,959)						—						—						—						(1,959)
Other comprehensive loss			—						—						—						—						(5)						—						—						(5)
Comprehensive income																																													5,676



Equity-based compensation			—						1,800						—						—						—						—						—						1,800
Other			3						(48)						—						—						—						—						—						(45)
Balance at June 30, 2024			$	1,346					$	490,192					$	(19,957)					$	(49,479)					$	887					$	(268,151)					$	(1,260)					$	153,578
Net loss for third quarter 2024			—						—						—						—						—						(2,998)						—						(2,998)
Translation adjustment, net of taxes of $0			—						—						—						3,358						—						—						—						3,358
Other comprehensive income			—						—						—						—						556						—						—						556
Comprehensive income																																													916



Equity-based compensation			—						1,481						—						—						—						—						—						1,481
Other			3						(566)						—						—						—						—						—						(563)
Balance at September 30, 2024			$	1,349					$	491,107					$	(19,957)					$	(46,121)					$	1,443					$	(271,149)					$	(1,260)					$	155,412

5

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			Common Stock Par Value						Additional Paid-In Capital						Treasury Stock						Accumulated Other Comprehensive Income (Loss)												Retained Deficit						Noncontrolling Interest						Total Equity
																					Currency Translation						Unrealized Gain (Loss) on Investment

Balance at December 31, 2022			$	1,318					$	477,820					$	(19,957)					$	(48,991)					$	(72)					$	(302,493)					$	(1,228)					$	106,397
Net income (loss) for first quarter 2023			—						—						—						—						—						6,040						(7)						6,033
Translation adjustment, net of taxes of $0			—						—						—						1,421						—						—						—						1,421
Other comprehensive income			—						—						—						—						121						—						—						121
Comprehensive income																																													7,575



Equity-based compensation(1)			—						3,514						—						—						—						—						—						3,514
Other			7						(1,341)						—						—						—						—						1						(1,333)
Balance at March 31, 2023			$	1,325					$	479,993					$	(19,957)					$	(47,570)					$	49					$	(296,453)					$	(1,234)					$	116,153
Net income (loss) for second quarter 2023			—						—						—						—						—						18,215						(18)						18,197
Translation adjustment, net of taxes of $0			—						—						—						1,045						—						—						—						1,045
Other comprehensive income			—						—						—						—						207						—						—						207
Comprehensive income																																													19,449



Equity compensation expense			—						1,507						—						—						—						—						—						1,507
Other			2						(52)						—						—						—						—						(2)						(52)
Balance at June 30, 2023			$	1,327					$	481,448					$	(19,957)					$	(46,525)					$	256					$	(278,238)					$	(1,254)					$	137,057
Net income for third quarter 2023			—						—						—						—						—						5,420						—						5,420
Translation adjustment, net of taxes of $0			—						—						—						(2,750)						—						—						—						(2,750)
Other comprehensive income			—						—						—						—						146						—						—						146
Comprehensive income																																													2,816



Equity compensation expense			—						1,396						—						—						—						—						—						1,396
Other			5						(135)						—						—						—						—						(2)						(132)
Balance at September 30, 2023			$	1,332					$	482,709					$	(19,957)					$	(49,275)					$	402					$	(272,818)					$	(1,256)					$	141,137

(1) Equity-based compensation for the three months ended March 31, 2023 includes $2.3 million for a portion of short-term incentive compensation that was settled through grants of restricted stock units rather than cash.

See Notes to Consolidated Financial Statements

6

Table of Contents

TETRA Technologies, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(In Thousands, Unaudited)


			Nine Months Ended September 30,
			2024						2023
Operating activities:
Net income			$	5,557					$	29,650
Reconciliation of net income to net cash provided by operating activities:
Depreciation, amortization, and accretion			26,367						25,705

Impairments and other charges			109						777
(Gain) loss on investments			(3,591)						157
Equity-based compensation expense			4,904						4,199
(Recovery of) provision for credit losses			(37)						190

Amortization and expense of financing costs			1,123						2,707
Loss on debt extinguishment			5,535						—
Insurance recoveries associated with damaged equipment			—						(2,850)





Gain on sale of assets			(142)						(432)

Other non-cash charges (credits)			307						(1,721)
Changes in operating assets and liabilities:
Accounts receivable			3,009						7,600
Inventories			(1,958)						(19,990)
Prepaid expenses and other current assets			(1,230)						1,313
Trade accounts payable and accrued expenses			(5,884)						2,893
Other			(3,184)						1,133
Net cash provided by operating activities			30,885						51,331
Investing activities:
Purchases of property, plant, and equipment, net			(45,792)						(30,240)

Proceeds from sale of property, plant, and equipment			2,656						658
Proceeds from insurance recoveries associated with damaged equipment			—						2,850
Purchase of investments			(1,021)						(350)
Other investing activities			(287)						(1,836)
Net cash used in investing activities			(44,444)						(28,918)
Financing activities:
Proceeds from credit agreements and long-term debt			184,722						97,384
Principal payments on credit agreements and long-term debt			(163,481)						(98,441)
Payments on financing lease obligations			(1,054)						(837)

Debt issuance costs			(5,956)						—
Shares withheld for taxes on equity-based compensation			(2,953)						—


Other financing activities			(1,280)						—
Net cash provided by (used in) financing activities			9,998						(1,894)
Effect of exchange rate changes on cash			89						(285)
Increase (decrease) in cash and cash equivalents			(3,472)						20,234
Cash and cash equivalents at beginning of period			52,485						13,592




Cash, cash equivalents, and restricted cash at end of period			$	49,013					$	33,826

Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Cash and cash equivalents at end of period			$	48,355					$	33,826
Restricted cash at end of period			658						—
Total cash, cash equivalents, and restricted cash at end of period shown in the consolidated statements of cash flows			$	49,013					$	33,826

See Notes to Consolidated Financial Statements

7

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TETRA Technologies, Inc. and Subsidiaries

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 other associated services in many of the major oil and gas producing regions in the United States, as well as in oil and gas basins in certain countries in Latin America, Europe, and the Middle East. We are also developing and pilot testing technologies to treat and desalinate produced water from oil wells for beneficial reuse, including surface discharge.

Unless the context requires otherwise, when we refer to “we,” “us,” and “our,” we are describing TETRA Technologies, Inc. and its subsidiaries on a consolidated basis.

Presentation

Our unaudited consolidated financial statements include the accounts of our wholly owned or controlled subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The information furnished reflects all normal recurring adjustments, which are, in the opinion of management, necessary to provide a fair statement of the results for the interim periods. Operating results for the period ended September 30, 2024 are not necessarily indicative of results that may be expected for the twelve months ended December 31, 2024.

The accompanying unaudited consolidated financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X for interim financial statements required to be filed with the U.S. Securities and Exchange Commission (“SEC”) and do not include all information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2023 and notes thereto included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2024 (the “2023 Annual Report”).

Discontinued Operations

In early 2018, we closed a series of related transactions that resulted in the disposition of our former Offshore segment. Our former Offshore segment is reported as discontinued operations for all periods presented. We may be required to satisfy certain decommissioning liabilities under third-party indemnity agreements and corporate guarantees for which costs may be significant. During the three months ended September 30, 2024, we accrued $5.8 million of decommissioning expense and liability associated with our former Offshore segment for which costs might be above the value of surety bonds on properties previously disposed. See Note 6 - “Commitments and Contingencies” for additional discussion of contingencies related to discontinued operations.

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Significant Accounting Policies

Our significant accounting policies are described in the notes to our consolidated financial statements for the year ended December 31, 2023 included in our 2023 Annual Report. Other than reporting restricted cash as described below, there have been no significant changes in our accounting policies or the application thereof during the third quarter of 2024.

Out-of-Period Correction

During the three months ended June 30, 2024, we discovered that we had not previously remeasured a prepaid tax balance denominated in a foreign currency at current rates, resulting in an overstatement of prepaid expenses and understatement of foreign exchange losses from 2018 through the current period. We corrected this by making an out-of-period adjustment during the three months ended June 30, 2024, which reduced other income, net by $1.4 million and reduced net income per share attributable to TETRA stockholders by $0.01 in the consolidated statement of operations for the nine months ended September 30, 2024. The Company assessed the impact of this out-of-period adjustment and concluded that it was not material to the financial statements previously issued for any interim or annual period, and the cumulative adjustment during the quarter ended June 30, 2024 is not expected to be material to the annual financial statements for 2024. The out-of-period adjustment is included in the Water & Flowback Services Division results.

Restricted Cash

Restricted cash is classified as a current asset when it is expected to be repaid or settled in the next twelve-month period. In connection with the May 2024 amendment to our ABL Credit Agreement, our former administrative agent required us to collateralize our outstanding letters of credit. See Note 5 - “Long-Term Debt and Other Borrowings” for additional discussion of the ABL Amendment. Restricted cash as of September 30, 2024 consists of $0.7 million to secure our outstanding letters of credit with our former administrative agent and is expected to terminate as the letters of credit expire by March 2025.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses, and impairments during the reporting period. Actual results could differ from those estimates, and such differences could be material.

Mineral Resources Arrangement

We have rights to the brine underlying our approximately 40,000 gross acres of brine leases in the Smackover Formation in Southwest Arkansas, including rights to the bromine and lithium contained in the brine. In June 2023, we entered into a memorandum of understanding (“MOU”) with Saltwerx LLC (“Saltwerx”), an indirect wholly owned subsidiary of ExxonMobil Corporation, relating to a newly formed Evergreen Unit known as the Evergreen Unit, and potential bromine and lithium production from brine produced from the unit. We completed an initial preliminary economic assessment in early 2023 for the extraction of the brine and for a bromine processing plant. On January 8, 2024, we announced the completion of a technical resources report for the Evergreen Unit in Arkansas. During the three and nine months ended September 30, 2024, we capitalized approximately $8.7 million and $22.6 million, respectively, of costs associated with the development of our properties in Arkansas. We recognized $3.8 million and $6.8 million of expenses during the three and nine months ended September 30, 2023, respectively, for exploration and pre-development costs representing expenditures incurred to evaluate potential future development of our lithium and bromine properties in Arkansas.

Foreign Currency Translation

We have designated the Euro, the British pound, the Canadian dollar, the Brazilian real, and the Mexican peso as the functional currencies for our operations in Finland and Sweden, the United Kingdom, Canada, Brazil, and certain of our operations in Mexico, respectively. The United States dollar is the designated functional currency for all of our other non-U.S. operations. The cumulative translation effects of translating the applicable accounts

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from the functional currencies into the United States dollar at current exchange rates are included as a separate component of equity. Foreign currency exchange losses are included in other (income) expense, net and totaled $0.5 million and $2.8 million during the three and nine months ended September 30, 2024, respectively, and less than $0.1 million and $0.3 million during the three and nine months ended September 30, 2023, respectively.

Fair Value Measurements

We utilize fair value measurements to account for certain items and account balances within our consolidated financial statements. Fair value measurements are utilized on a recurring basis in the determination of the carrying values of certain investments. See Note 7 - “Fair Value Measurements” for further discussion. Fair value measurements are also utilized on a nonrecurring basis in certain circumstances, including the impairment of long-lived assets (a Level 3 fair value measurement).

Supplemental Cash Flow Information

Supplemental cash flow information is as follows:


			Nine Months Ended September 30,
			2024						2023
			(in thousands)
Interest paid			$	16,437					$	14,282
Income taxes paid			$	4,867					$	3,918

			September 30, 2024						December 31, 2023
			(in thousands)
Accrued capital expenditures			$	5,252					$	5,171

New Accounting Pronouncements

Standards not yet adopted

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which is intended to improve reportable segments disclosures in annual and interim financial statements, primarily through expanded disclosures of significant segment expenses. ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023 and interim reporting periods beginning after December 15, 2024, with early adoption permitted.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The new standard requires companies to disclose specific categories in the income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted.

The Company is currently evaluating the expected impact of these standards but does not expect them to have a significant impact on its consolidated financial statements upon adoption as the standards expand disclosures only.

NOTE 2 – REVENUE

Revenue from Contracts with Customers

Our contract asset balances, primarily associated with contractual invoicing milestones and/or customer documentation requirements, were $26.3 million and $30.6 million as of September 30, 2024 and December 31, 2023, respectively. Contract assets, along with billed trade accounts receivable, are included in trade accounts receivable in our consolidated balance sheets.

Unearned income includes amounts in which the Company was contractually allowed to invoice prior to satisfying the associated performance obligations. Unearned income balances were $0.6 million and $3.1 million as of September 30, 2024 and December 31, 2023, respectively, and vary based on the timing of invoicing and

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performance obligations being met. Unearned income is included in accrued liabilities and other in our consolidated balance sheets. We recognized approximately $3.4 million and $2.5 million during the three and nine months ended September 30, 2024, respectively, and $1.2 million and $1.6 million of revenue during the three and nine months ended September 30, 2023, respectively, deferred in unearned income as of the beginning of the period. During the nine months ended September 30, 2024 and September 30, 2023, contract costs were not significant.

We disaggregate revenue from contracts with customers into Product Sales and Services within each segment, as noted in our two reportable segments in Note 9 - “Industry Segments.” In addition, we disaggregate revenue from contracts with customers by geography based on the following table below.


			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(in thousands)
Completion Fluids & Products
United States			$	33,363					$	36,484					$	116,361					$	115,167
International			31,768						36,726						126,071						125,307
			65,131						73,210						242,432						240,474
Water & Flowback Services
United States			59,808						67,877						185,283						204,446
International(1)			16,761						10,377						36,892						28,216
			76,569						78,254						222,175						232,662




Total Revenue
United States			93,171						104,361						301,644						319,613
International(1)			48,529						47,103						162,963						153,523
			$	141,700					$	151,464					$	464,607					$	473,136

(1) Includes $4.1 million of lease revenue described below for the three and nine months ended September 30, 2024.

Lease Revenue

During the three months ended September 30, 2024, in connection with the settlement of a revenue contract by our Water & Flowback Services division, we entered into an arrangement with a customer including an embedded sales-type lease. Pursuant to this contract settlement, we recognized $7.4 million of revenues included in product sales revenues and including $4.1 million of revenues from the embedded lease. We also recognized $3.0 million of cost, included cost of product sales in our consolidated statements of operations during the three and nine months ended September 30, 2024. As of September 30, 2024, current lease receivables of $1.3 million and long-term lease receivables of $2.5 million are included in trade accounts receivable and other assets, respectively, in our consolidated balance sheets. The long-term lease receivable is expected to be collected by the end of 2026.

NOTE 3 – INVENTORIES

Components of inventories as of September 30, 2024 and December 31, 2023 are as follows:


			September 30, 2024						December 31, 2023
			(in thousands)
Finished goods			$	83,170					$	79,769
Raw materials			5,309						8,329
Parts and supplies			7,585						6,868
Work in progress			1,640						1,570
Total inventories			$	97,704					$	96,536

Finished goods inventories include newly manufactured clear brine fluids as well as used brines that are repurchased from certain customers for recycling.

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NOTE 4 – INVESTMENTS

Our investments as of September 30, 2024 and December 31, 2023 consist of the following:


			September 30, 2024						December 31, 2023
			(in thousands)
Investment in Kodiak(1)			$	13,063					$	8,538
Investment in CarbonFree			6,805						6,850
Investment in Standard Lithium			1,288						1,616
Investment in KMX Technologies			1,598						350
Total Investments			$	22,754					$	17,354

(1) Kodiak Gas Services, Inc. (NYSE: KGS) (“Kodiak”) acquired CSI Compressco LP (“CSI Compressco”) on April 1, 2024.

CarbonFree Chemicals Holdings LLC (“CarbonFree”) is a carbon capture company with patented technologies that capture CO2 and mineralize emissions to make commercial, carbon-negative chemicals. In December 2021, we invested $5.0 million in a convertible note issued by CarbonFree. During the three month period ended March 31, 2024, the convertible note agreement was amended and, in connection with that amendment, note holders agreed to defer their right to electively convert the convertible notes to common units of CarbonFree (“CarbonFree Units”) for two years. In exchange for the amendment, we received CarbonFree Units representing less than 1% of the CarbonFree Units outstanding as of September 30, 2024. The CarbonFree Units are not publicly traded and may not be offered, sold, transferred or pledged until such common units are registered pursuant to an effective registration statement or pursuant to an exemption from registration. Our exposure to potential losses by CarbonFree is limited to our investment, including capitalized and accrued interest associated with the CarbonFree convertible note and CarbonFree Units.

KMX Technologies (“KMX”) is advancing wastewater treatment and accelerating energy storage with its direct lithium recovery enhancement processes through its proprietary membrane distillation technology. During 2023, we invested $0.4 million in convertible notes issued by KMX. During the three months ended September 30, 2024, these convertible notes converted into preferred units and we invested $1.0 million in additional preferred units. We also received common units issued by KMX. The KMX preferred units and common units are not publicly traded and may not be offered, sold, transferred or pledged until such preferred units or common units are registered pursuant to an effective registration statement or pursuant to an exemption from registration.

We are party to agreements whereby Standard Lithium Ltd. (NYSE: SLI) (“Standard Lithium”) has the rights to produce and extract lithium in a portion of our Arkansas leases. The Company received and currently holds 800,000 shares of common stock of Standard Lithium under the terms of its arrangements.

See Note 7 - “Fair Value Measurements” for further information.

NOTE 5 – LONG-TERM DEBT AND OTHER BORROWINGS

Consolidated long-term debt as of September 30, 2024 and December 31, 2023 consists of the following:


						Scheduled Maturity						September 30, 2024						December 31, 2023

												(in thousands)
Term Credit Agreement(1)						January 1, 2030						$	179,709					$	157,505




Total long-term debt												$	179,709					$	157,505

(1) Net of unamortized discount of $5.2 million and $2.2 million as of September 30, 2024 and December 31, 2023, respectively, and net of unamortized deferred financing costs of $5.1 million and $3.3 million as of September 30, 2024 and December 31, 2023, respectively.

Term Credit Agreement

On January 12, 2024, the Company entered into a definitive agreement for a $265.0 million credit facility, consisting of a $190.0 million funded term loan and a $75.0 million delayed-draw term loan (collectively the “Term Credit Agreement”) that refinanced the Company’s prior credit facility outstanding as of December 31, 2023 and provided capital to advance the Company’s proposed Arkansas bromine processing project. Pricing on the Term Credit Agreement is the secured overnight financing rate (“SOFR”) plus 5.75%. The Company is required to pay a

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commitment fee on the unutilized commitments with respect to the delayed-draw term loan at the rate of 1.5% per annum. The interest rate per annum on borrowings under the Term Credit Agreement is 11.19% as of September 30, 2024 and the maturity date of the Term Credit Agreement is January 1, 2030. The Company used the net proceeds to repay in full the balance of its prior credit facility, with approximately $15.2 million of additional cash, net of discounts and transaction expenses. In connection with the Term Credit Agreement, we incurred approximately $5.3 million of fees which were deferred and will be amortized over the term of the Term Credit Agreement. As a result of termination of the prior credit facility, a loss of $5.5 million was recognized during the three-month period ended March 31, 2024 primarily for unamortized deferred financing costs.

The Term Credit Agreement contains certain affirmative and negative covenants, including covenants that restrict the ability of the Company and certain of its subsidiaries to take certain actions including, among other things and subject to certain significant exceptions, the incurrence of debt, the granting of liens, engaging in mergers and other fundamental changes, the making of investments, entering into transactions with affiliates, the payment of dividends and other restricted payments, the prepayment of other indebtedness and the sale of assets. The Term Credit Agreement also requires the Company to maintain a Leverage Ratio (as defined in the new term loan credit agreement) of not more than 4.0 to 1.0 as of the end of each fiscal quarter and Liquidity (as defined in the Term Credit Agreement) of not less than $50.0 million at all times.

All obligations under the Term Credit Agreement and the guarantees of those obligations are secured, subject to certain exceptions, by a security interest on substantially all of the property of the Company and its domestic subsidiaries, subject to the lien priorities set forth in the intercreditor agreement with the agent under our ABL Credit Agreement.

Our Term Credit Agreement requires us to offer to prepay a percentage of Excess Cash Flow (as defined in the Term Credit Agreement) within five business days of filing our Annual Report beginning with the financial statements for the year ending December 31, 2024.

The Term Credit Agreement includes customary events of default including non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations or warranties, cross-default to other material indebtedness, bankruptcy and insolvency events, invalidity or impairment of security interests or invalidity of loan documents, certain ERISA events, unsatisfied or unstayed judgments and change of control.

ABL Credit Agreement

On May 13, 2024, we entered into an amendment (the “ABL Amendment”) to the Asset-Based Lending agreement dated as of September 10, 2018 (as amended, the “ABL Credit Agreement”). In connection with the ABL Amendment, Bank of America, N.A. became successor administrative agent to JPMorgan Chase Bank, N.A. Furthermore, approximately $0.6 million of fees were incurred in connection with the ABL Amendment, which were deferred and will be amortized over the term of the ABL Credit Agreement.

As of September 30, 2024, our ABL Credit Agreement provides, with certain restrictions, for a senior secured revolving credit facility of up to $100.0 million with a $25.0 million accordion. The credit facility is subject to a borrowing base determined monthly by reference to the value of inventory and accounts receivable, and includes a sublimit of $20.0 million for letters of credit, and a swingline loan sublimit of $11.5 million. The ABL Credit Agreement matures on May 13, 2029.

As of September 30, 2024, we had no borrowings outstanding and $0.2 million letters of credit or guarantees under our ABL Credit Agreement. Deferred financing costs of $0.8 million and $0.6 million as of September 30, 2024 and December 31, 2023, respectively, were classified as other long-term assets on the accompanying consolidated balance sheet as there was no outstanding balance on our ABL Credit Agreement. Subject to compliance with the covenants, borrowing base, and other provisions of the ABL Credit Agreement that may limit borrowings, we had availability of $68.2 million under this agreement.

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Borrowings under the ABL Credit Agreement bear interest at a rate per annum equal to, at the option of TETRA, either (i) the standard overnight financing rate plus 0.10%, (ii) a base rate plus a margin based on a fixed charge coverage ratio, or (iii) the Daily Simple Risk Free Rate plus 0.10%. The base rate is determined by reference to the highest of (a) the prime rate of interest as announced from time to time by Bank of America, N.A. (b) the Federal Funds Effective Rate (as defined in the ABL Credit Agreement) plus 0.5% per annum and (c) the standard overnight financing rate (adjusted to reflect any required bank reserves) for a one-month period on such day plus 1.0% per annum, provided that the base rate shall not be less than 1.0%. Borrowings outstanding have an applicable margin ranging from 2.00% to 2.50% per annum for SOFR-based loans and 1.00% to 1.50% per annum for base-rate loans, based upon the applicable fixed charge coverage ratio. In addition to paying interest on the outstanding principal under the ABL Credit Agreement, TETRA is required to pay a commitment fee in respect of the unutilized commitments at an applicable rate of 0.375% per annum. TETRA is also required to pay a customary letter of credit fee equal to the applicable margin on loans and fronting fees.

All obligations under the ABL Credit Agreement and the guarantees of those obligations are secured, subject to certain exceptions, by a security interest for the benefit of the ABL Lenders on substantially all of the personal property of TETRA and certain subsidiaries of TETRA, the equity interests in certain domestic subsidiaries, and a maximum of 65% of the equity interests in certain foreign subsidiaries.

Swedish Credit Facility

In January 2022, the Company entered into a revolving credit facility for seasonal working capital needs of subsidiaries in Sweden (“Swedish Credit Facility”). As of September 30, 2024, we had no balance outstanding and availability of approximately $4.9 million under the Swedish Credit Facility. During each year, all outstanding loans under the Swedish Credit Facility must be repaid for at least 30 consecutive days. Borrowings bear interest at a rate of 2.95% per annum. The Swedish Credit Facility expires on December 31, 2024 and the Company intends to renew it annually.

Finland Credit Agreement

In January 2022, the Company also entered into an agreement guaranteed by certain accounts receivable and inventory in Finland (“Finland Credit Agreement”). As of September 30, 2024, there were $1.5 million of letters of credit outstanding against the Finland Credit Agreement. The Finland Credit Agreement expires on January 31, 2025 and the Company intends to renew it annually.

Covenants

Our credit agreements contain certain affirmative and negative covenants, including covenants that restrict the ability to pay dividends or other restricted payments. As of September 30, 2024, we are in compliance with all covenants under the credit agreements.

NOTE 6 – COMMITMENTS AND CONTINGENCIES

Litigation

We are named defendants in several lawsuits and respondents in certain governmental proceedings arising in the ordinary course of business. While the outcome of lawsuits or other proceedings against us cannot be predicted with certainty, management does not consider it reasonably possible that a loss resulting from such lawsuits or other proceedings in excess of any amounts accrued has been incurred that is expected to have a material adverse impact on our financial condition, results of operations, or liquidity.

There have been no material developments in our legal proceedings during the quarter ended September 30, 2024. For additional discussion of our legal proceedings, please see our 2023 Annual Report and Quarterly Report on Form 10-Q for the quarter ended June 30, 2024.

Product Purchase Obligations

In the normal course of our Completion Fluids & Products Division operations, we enter into supply agreements with certain manufacturers of various raw materials and finished products. Some of these agreements have terms and conditions that specify a minimum or maximum level of purchases over the term of the agreement.

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Other agreements require us to purchase the entire output of the raw material or finished product produced by the manufacturer. Our purchase obligations under these agreements apply only with regard to raw materials and finished products that meet specifications set forth in the agreements. We recognize a liability for the purchase of such products at the time we receive them. As of September 30, 2024, the aggregate amount of the fixed and determinable portion of the purchase obligation pursuant to our Completion Fluids & Products Division’s supply agreements was approximately $69.5 million, including $3.3 million for the remainder of 2024, $26.1 million in 2025, $22.3 million in 2026, $15.5 million in 2027, and $2.3 million in 2028. As of September 30, 2024, we also have commitments of $5.6 million related to long-lead infrastructure for our Completion Fluids & Products Division’s proposed bromine plant in Arkansas.

Contingencies Related to Discontinued Operations

In early 2018, we closed the Maritech Asset Purchase and Sale Agreement (“Maritech APA") and Maritech Membership Interest Purchase Agreement (“Maritech MIPA”) with Orinoco Natural Resources, LLC (“Orinoco”) that together provided for the purchase by Orinoco of all of Maritech’s remaining oil and gas properties and related assets and all outstanding membership interests of Maritech. Under the Maritech APA, Orinoco assumed responsibility for all of Maritech’s decommissioning liabilities related to the leases sold to Orinoco (the “Orinoco Lease Liabilities”) and, under the Maritech MIPA, Orinoco assumed all other liabilities of Maritech, including the decommissioning liabilities associated with Maritech’s interests in oil and gas properties previously sold by Maritech and select infrastructure still operated by Maritech (the “Legacy Liabilities”), subject to certain limited exceptions unrelated to the decommissioning liabilities. To the extent that Maritech or Orinoco fails to satisfy decommissioning liabilities associated with any of the Orinoco Lease Liabilities or the Legacy Liabilities, we may be required to satisfy such liabilities under third party indemnity agreements and corporate guarantees that we previously provided to the U.S. Department of the Interior (“BSEE”) and other parties, respectively, for which costs may be significant. Pursuant to a Bonding Agreement entered into as part of these Orinoco transactions (the “Bonding Agreement”), Orinoco provided non-revocable performance bonds from a surety company in an aggregate amount of $46.8 million to cover the performance by Orinoco and Maritech of certain specific asset retirement obligations of Maritech (the “Initial Bonds”) and agreed to replace the Initial Bonds with other non-revocable performance bonds in the aggregate sum of $47.0 million (collectively, the “Replacement Bonds”). In the event Orinoco does not provide the Replacement Bonds, Orinoco is required to make certain cash escrow payments to us. To date, no cash escrow payments have been made. On August 16, 2024, we issued a letter to Orinoco and the bond company demanding realignment of the existing bonds and/or issuance of Replacement Bonds pursuant to the terms of the Bonding Agreement to better align bond coverage with the more likely liability risks. To date, no written response has been received.

In addition, Maritech and certain other interest owners have received decommissioning orders from BSEE and could receive additional decommissioning orders in the future. Such decommissioning orders received by Maritech and other interest owners relate to asset retirement obligations for certain properties in the Gulf of Mexico. From time to time, we also receive demand notices from third parties related to certain corporate guarantees or other arrangements covering such decommissioning liabilities. While the ultimate outcome of such matters cannot be predicted at this time, if Maritech or other interest owners default, BSEE or third parties may seek to enforce certain corporate guarantees or third party indemnity agreements against us for a portion of such decommissioning obligations, which may be significant.

With respect to certain properties in the Gulf of Mexico, we have been advised that the cost of the decommissioning work to plug and abandon certain wells is projected to be significantly higher than the approximately $10.7 million bond supporting the liability, which was put in place by Maritech and other interest owners based on earlier cost estimates. We have also been advised more recently that Maritech’s prior working interest with respect those plugging and abandonment (“P&A”) costs are expected to exceed its share of the bond. In September 2024, P&A operations commenced pursuant to a cost sharing agreement among certain parties for decommissioning certain properties in the Gulf of Mexico. While Maritech is not a party to this cost sharing agreement, a predecessor of Maritech has advised us that it expects to seek reimbursement from us for the portion of decommissioning costs it has contractually agreed to pay pursuant to the terms of the cost sharing agreement. While the ultimate outcome of this matter cannot be predicted, we could potentially be liable for an estimated amount in the range of $5.8 million to $19.4 million, depending on the outcome of negotiations and whether other partners or property owners in the chain of title fulfill their respective obligations under their agreements. Additionally, we understand that in connection with the P&A operations being performed, Maritech and the other named obligees have made a demand on the related bond. We have made efforts to protect Maritech’s proportionate share of the bond proceeds (approximately $3.9 million), including demanding that the surety

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segregate or ensure that Maritech’s share is applied solely to satisfy its proportionate share of the decommissioning costs. We accrued a liability of $5.8 million related to this obligation during the three months ended September 30, 2024.

NOTE 7 – FAIR VALUE MEASUREMENTS

Financial Instruments

Investments

We retained an interest in CSI Compressco, which was acquired by Kodiak on April 1, 2024, and we received shares of Kodiak in exchange for our common units in CSI Compressco in connection with such acquisition. In December 2021, we invested in a $5.0 million convertible note issued by CarbonFree. During 2023, we invested $0.4 million in convertible notes issued by KMX. During the three months ended September 30, 2024, these convertible notes converted into preferred units and we invested $1.0 million in additional preferred units. We also received common units issued by KMX. In addition, we receive stock of Standard Lithium under the terms of our arrangements as noted in Note 4 - “Investments.”

Our investments in Kodiak, Standard Lithium, and, formerly, CSI Compressco, are recorded in investments on our consolidated balance sheets based on the quoted market stock price (Level 1 fair value measurements). The stock component of consideration received from Standard Lithium was initially recorded as unearned income based on the quoted market price at the time the stock is received, then recognized in income over the contract term. Changes in the value of stock are recorded in other (income) expense, net in our consolidated statements of operations.

Our investment in preferred units issued by KMX as of September 30, 2024 were recorded based on observable market-based inputs for preferred units issued to several investors during August and September 2024 (Level 2 fair value measurement). Our investment in convertible notes and common units issued by CarbonFree and our investment in common units issued by KMX are recorded in our consolidated financial statements based on an internal valuations with assistance from a third-party valuation specialist (Level 3 fair value measurement). The valuations are impacted by key assumptions, including the assumed probability and timing of potential debt or equity offerings. The convertible note issued by CarbonFree includes an option to convert the note into equity interests issued by CarbonFree. The change in the fair value of the embedded option, as well as the KMX preferred units and common units, are included in other (income) expense, net in our consolidated statements of operations. The change in the fair value of the convertible note issued by CarbonFree, excluding the embedded option, is included in other comprehensive income (loss) in our consolidated statements of comprehensive income.

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The change in our investments for the three-month and nine-month periods ended September 30, 2024 and 2023 are as follows:


			Three Months Ended September 30, 2024
			Fair Value Measurements Using
			Quoted Prices in Active Markets for Identical Assets or Liabilities						Significant Other Observable Inputs						Significant Unobservable Inputs
			(Level 1)						(Level 2)						(Level 3)						Total
			(in thousands)
Investment balance at beginning of period			$	13,279					$	—					$	7,148					$	20,427
Purchase of investments			—						1,000						21						1,021
Reclassification between Level 2 and Level 3 fair value			—						350						(350)						—
Unrealized gain on equity securities			1,072						38						193						1,303
Unrealized loss on embedded option			—						—						(553)						(553)
Unrealized gain on convertible note, excluding embedded option			—						—						556						556
Investment balance at end of period			$	14,351					$	1,388					$	7,015					$	22,754













			Three Months Ended September 30, 2023
			Fair Value Measurements Using
			Quoted Prices in Active Markets for Identical Assets or Liabilities						Significant Unobservable Inputs
			(Level 1)						(Level 3)						Total
			(in thousands)
Investment balance at beginning of period			$	10,199					$	6,519					$	16,718
Purchase of investments			—						100						100
Unrealized loss on equity securities			(707)						—						(707)
Unrealized gain on embedded option			—						148						148
Unrealized gain on convertible note, excluding embedded option			—						146						146
Investment balance at end of period			$	9,492					$	6,913					$	16,405


			Nine Months Ended September 30, 2024
			Fair Value Measurements Using
			Quoted Prices in Active Markets for Identical Assets or Liabilities						Significant Other Observable Inputs						Significant Unobservable Inputs
			(Level 1)						(Level 2)						(Level 3)						Total
			(in thousands)
Investment balance at beginning of period			$	10,154					$	—					$	7,200					$	17,354
Purchase of investments			—						1,000						21						1,021
Reclassification between Level 2 and Level 3 fair value			—						350						(350)						—
Unrealized gain on equity securities			4,197						38						1,070						5,305
Unrealized loss on embedded option			—						—						(1,714)						(1,714)
Unrealized gain on convertible note, excluding embedded option			—						—						788						788
Investment balance at end of period			$	14,351					$	1,388					$	7,015					$	22,754

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			Nine Months Ended September 30, 2023
			Fair Value Measurements Using
			Quoted Prices in Active Markets for Identical Assets or Liabilities						Significant Unobservable Inputs
			(Level 1)						(Level 3)						Total
			(in thousands)
Investment balance at beginning of period			$	8,147					$	6,139					$	14,286
Purchase of investments			—						350						350
Unrealized gain on equity securities			1,345						—						1,345
Unrealized loss on embedded option			—						(50)						(50)
Unrealized gain on convertible note, excluding embedded option			—						474						474
Investment balance at end of period			$	9,492					$	6,913					$	16,405

Recurring fair value measurements by valuation hierarchy as of September 30, 2024 and December 31, 2023 are as follows:


												Fair Value Measurements Using
						Total as of						Quoted Prices in Active Markets for Identical Assets or Liabilities						Significant Other Observable Inputs						Significant Unobservable Inputs
Description						September 30, 2024						(Level 1)						(Level 2)						(Level 3)
						(in thousands)
Investment in Kodiak						$	13,063					$	13,063					$	—					$	—
Investment in CarbonFree						6,805						—						—						6,805
Investment in Standard Lithium						1,288						1,288						—						—
Investment in KMX Technologies						1,598						—						1,388						210

Total investments						$	22,754


												Fair Value Measurements Using
						Total as of						Quoted Prices in Active Markets for Identical Assets or Liabilities						Significant Other Observable Inputs						Significant Unobservable Inputs
Description						December 31, 2023						(Level 1)						(Level 2)						(Level 3)
						(in thousands)
Investment in CSI Compressco						$	8,538					$	8,538					$	—					$	—
Investment in CarbonFree						6,850						—						—						6,850
Investment in Standard Lithium						1,616						1,616						—						—
Investment in KMX Technologies						350						—						—						350

Investments						$	17,354

Other

The fair values of cash, restricted cash, accounts receivable, accounts payable, accrued liabilities, short-term borrowings and long-term debt approximate their carrying amounts. See Note 5 - “Long-Term Debt and Other Borrowings” for further discussion.

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NOTE 8 – NET INCOME PER SHARE

The following is a reconciliation of the weighted average number of common shares outstanding with the number of shares used in the computations of net income per common and common equivalent share:


			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(in thousands)
Number of weighted average common shares outstanding			131,579						129,777						131,100						129,395
Assumed vesting of equity awards			450						2,312						993						1,440
Average diluted shares outstanding			132,029						132,089						132,093						130,835

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NOTE 9 – INDUSTRY SEGMENTS

We manage our operations through two segments: Completion Fluids & Products Division and Water & Flowback Services Division.

Summarized financial information concerning the business segments is as follows:


			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023

			(in thousands)
Revenues from external customers
Product sales
Completion Fluids & Products Division			$	61,451					$	68,532					$	229,223					$	228,415
Water & Flowback Services Division			10,324						435						12,511						2,304
Consolidated			$	71,775					$	68,967					$	241,734					$	230,719

Services
Completion Fluids & Products Division			$	3,680					$	4,678					$	13,209					$	12,059
Water & Flowback Services Division			66,245						77,819						209,664						230,358
Consolidated			$	69,925					$	82,497					$	222,873					$	242,417

Total revenues
Completion Fluids & Products Division			$	65,131					$	73,210					$	242,432					$	240,474
Water & Flowback Services Division			76,569						78,254						222,175						232,662
Consolidated			$	141,700					$	151,464					$	464,607					$	473,136

Income (loss) before taxes and discontinued operations
Completion Fluids & Products Division			$	19,119					$	16,932					$	65,564					$	67,330
Water & Flowback Services Division			4,674						8,475						8,551						22,869

Corporate Overhead(1)			(16,217)						(18,691)						(52,765)						(54,869)
Consolidated			$	7,576					$	6,716					$	21,350					$	35,330

(1) Amounts reflected include the following general corporate expenses:


			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023

			(in thousands)
General and administrative expense			$	10,780					$	13,552					$	32,570					$	37,206
Depreciation and amortization			93						101						258						303
Impairments and other charges			109						—						109						777
Interest expense, net			6,043						5,755						18,440						17,029
Loss on debt extinguishment			—						—						5,535						—
Other general corporate income, net			(808)						(717)						(4,147)						(446)
Total			$	16,217					$	18,691					$	52,765					$	54,869

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

The following discussion and analysis of financial condition and results of operations should be read in conjunction with our unaudited consolidated financial statements and accompanying notes included in this Quarterly Report. In addition, the following discussion and analysis should also be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”) on February 27, 2024 (“2023 Annual Report”). This discussion includes forward-looking statements that involve certain risks and uncertainties.

Business Overview

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 are also developing and pilot testing technologies to treat and desalinate produced water from oil wells for beneficial reuse, including surface discharge. We are composed of two segments – Completion Fluids & Products Division and Water & Flowback Services Division.

Consolidated revenue for the first nine months of 2024 of $464.6 million decreased slightly compared to the prior year due to weaker activity in our Water & Flowback Services Division, partially offset by an increase in fluids shipments from our Completion Fluids & Products Division.

Completion Fluids & Products Division revenues for the first nine months of 2024 increased slightly compared to the first nine months of 2023, despite a 34.9% sequential decrease in revenues for the third quarter following traditionally strong seasonal European industrial chemicals volumes in the second quarter as well as three third-quarter hurricanes which shifted some of our planned Gulf of Mexico deepwater work into early 2025. We were awarded a three-well TETRA CS Neptune fluids project in the Gulf of Mexico that is expected to begin in the first quarter of 2025. TETRA CS Neptune fluids projects are historically higher revenue and margin projects. We also recently secured a significant multi-well, multi-year deep water completion fluids contract in Brazil.

Our Water & Flowback Services revenues decreased 4.5% compared to the first nine months of 2023 reflecting weaker onshore activity in the Unites States and lower offshore completions fluids activity, primarily in the Gulf of Mexico and Middle East. Water & Flowback Services revenues increased 6.5% sequentially, driven by the sale of an early production facility expansion in Argentina, which partially offset weaker onshore activity. Adjusted EBITDA margins remained stable at 14.6% for the third quarter of 2024 mainly as a result of the early production facility expansion sale. Investments in technologies including BlueLinx automation, TETRA SandStorm sand filtration and TETRA Automated Drillout Systems Technology have allowed us to gain market share as the North America onshore market weakens.

We are committed to pursuing low-carbon energy initiatives that leverage our fluids and aqueous chemistry core competencies, our significant bromine and lithium assets and technologies, and our leading calcium chloride production capabilities. In June 2023, we entered into the MOU with Saltwerx, an indirect wholly owned subsidiary of ExxonMobil Corporation, relating to a newly formed Evergreen Brine Unit (the “Evergreen Unit”) and potential bromine and lithium production from brine produced from the unit. We and Saltwerx continue to evaluate the development of the Evergreen Unit, including the negotiation of the joint venture for the Evergreen Unit. The extraction of lithium and bromine from these brine leases would likely require a significant amount of time and capital, which we are not able to estimate at this time. We completed an initial preliminary economic assessment in early 2023 for a bromine extraction plant. On January 8, 2024, we announced the completion of a technical resources report (the “Resources Report”) for our Evergreen Unit in Arkansas. In August 2024, we published a definitive feasibility study with compelling economics for the production of bromine from our Evergreen Unit to meet the growing demands for oil and gas offshore completion fluids and the new market for the TETRA PureFlow+ electrolyte in the long duration energy storage market. We believe that lithium prices will improve to levels that support increased supply investment. We and Saltwerx continue to evaluate the development of the Evergreen Unit and are continuing to advance the engineering studies required to define the lithium project economics.

We are prioritizing our strategic initiatives on projects that can immediately impact our near-term results, focused on TETRA CS Neptune fluids in the Gulf of Mexico, TETRA PureFlow+ electrolyte shipments and further

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advancing our water desalination pilot units that are expected to transition into long-duration contracts for commercial desalination plants.

Results of Operations

The following information should be read in conjunction with the Consolidated Financial Statements and the associated Notes contained elsewhere in this report. The analysis herein reflects the optional approach to discuss results of operations on a sequential-quarter basis, which we believe provides information that is most useful in assessing our quarterly results of operations.

Three months ended September 30, 2024 compared with three months ended June 30, 2024.

Consolidated Comparisons


			Three Months Ended												Period to Period Change
			September 30,						June 30,						$ Change						% Change
			2024						2024
			(in thousands, except percentages)
Revenues			$	141,700					$	171,935					$	(30,235)					(17.6)		%
Gross profit			34,363						43,253						(8,890)						(20.6)		%
Gross profit as a percentage of revenue			24.3		%				25.2		%

General and administrative expense			22,406						22,137						269						1.2		%
General and administrative expense as a percentage of revenue			15.8		%				12.9		%
Interest expense, net			5,096						6,185						(1,089)						(17.6)		%

Other (income) expense, net			(715)						2,452						3,167						NM(1)
Income before taxes and discontinued operations			7,576						12,479						(4,903)						(39.3)		%
Income before taxes and discontinued operations as a percentage of revenue			5.3		%				7.3		%
Provision for income taxes			4,744						4,839						(95)						(2.0)		%
Income (loss) before discontinued operations			2,832						7,640						(4,808)						(62.9)		%
Discontinued operations:
Loss from discontinued operations, net of taxes			(5,830)						—						5,830						100.0		%
Net income			(2,998)						7,640						(10,638)						(139.2)		%
Loss attributable to noncontrolling interests			—						3						(3)						100.0		%
Net income (loss) attributable to TETRA stockholders			$	(2,998)					$	7,643					$	(10,641)					(139.2)		%

(1) Percent change is not meaningful

Consolidated revenues decreased between the current and previous quarters primarily due to lower activity for the Completion Fluids & Products division, primarily due to lower sales volumes following the traditionally strong Northern European industrial chemicals seasonal impact in the second quarter. Overall completion fluids activity was lower in the third quarter as three hurricanes impacted the timing of deepwater projects, resulting in sequentially lower volumes in the Gulf of Mexico. These decreases were slightly offset by higher revenues for our Water & Flowback Services division from the early production facility expansion sale. See Divisional Comparisons section below for a more detailed discussion of the change in our revenues.

Consolidated gross profit decreased primarily due to weaker activity levels from the Completion Fluids & Products Division. See Divisional Comparisons section below for additional discussion.

Consolidated other (income) expense, net, decreased compared to the prior quarter primarily due to a $2.1 million decrease in foreign exchange losses partially due to a $1.4 million out-of-period correction in the prior quarter for the remeasurement of a prepaid tax balance, and a $0.7 million net increase in unrealized gains on investments.

Consolidated provision for income tax was $4.7 million during the current quarter, compared to $4.8 million during the prior quarter. Our consolidated effective tax rate for the three months ended September 30, 2024 was 62.6% due to a significant portion of income being generated in jurisdictions for which we were not able to utilize our net operating losses for which we had established valuation allowances. Argentina being one of these jurisdictions,

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the increase in the Argentinian taxes were significantly impacted by the sale of the early production facility expansion as well an inflation adjustment to Argentinian taxable income required to be made under local law. We establish a valuation allowance to reduce the deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Included in our deferred tax assets are net operating loss carryforwards and tax credits that are available to offset future income tax liabilities in the United States and certain other non-U.S. jurisdictions.

Loss from discontinued operations increased $5.8 million due to the accrual for decommissioning obligations associated with our former Offshore division recorded during the current quarter. See Note 6 - “Commitments and Contingencies” in the Notes to Consolidated Financial Statements for additional information.

Divisional Comparisons

Completion Fluids & Products Division


			Three Months Ended												Period to Period Change
			September 30,						June 30,						$ Change						% Change
			2024						2024
			(in thousands, except percentages)
Revenues			$	65,131					$	100,019					$	(34,888)					(34.9)		%
Gross profit			24,391						33,631						(9,240)						(27.5)		%
Gross profit as a percentage of revenue			37.4		%				33.6		%

General and administrative expense			6,055						6,991						(936)						(13.4)		%
General and administrative expense as a percentage of revenue			9.3		%				7.0		%
Interest income, net			(942)						(135)						807						597.8		%
Other expense, net			159						122						37						30.3		%
Income before taxes and discontinued operations			$	19,119					$	26,653					$	(7,534)					(28.3)		%
Income before taxes and discontinued operations as a percentage of revenue			29.4		%				26.6		%

Revenues for our Completion Fluids & Products Division decreased primarily due to weaker volumes for industrial chemical sales following the traditional seasonal uplift in Northern Europe in the prior quarter and lower completion fluids volumes as hurricanes in the Gulf of Mexico impacted the timing of deepwater projects, as well as lower sales in the Middle East as we transition from a term ending contract to a new two-year fluids award that will start in 2025.

Gross profit for our Completion Fluids & Products Division decreased compared to the prior quarter consistent with lower revenues. Our profitability in future periods will continue to be affected by the mix of our products and services, market demand for our products and services, and drilling and completions activity.

Completion Fluids & Products Division general and administrative expense decreased $0.9 million, primarily due to a $0.6 million reduction in compensation expense including short-term incentive compensation.

Other expense, net increased primarily due to a $0.5 million increase in unrealized losses from our investment in CarbonFree convertible note embedded option, partially offset by a $0.3 million decrease in foreign exchange losses and a $0.2 million increase in unrealized gains from our investment in Standard Lithium shares due to an increase in the share price.

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Water & Flowback Services Division


			Three Months Ended												Period to Period Change
			September 30,						June 30,						$ Change						% Change
			2024						2024
			(in thousands, except percentages)
Revenues			$	76,569					$	71,916					$	4,653					6.5		%
Gross profit			10,174						9,707						467						4.8		%
Gross profit as a percentage of revenue			13.3		%				13.5		%
General and administrative expense			5,572						4,459						1,113						25.0		%
General and administrative expense as a percentage of revenue			7.3		%				6.2		%

Interest (income) expense, net			(5)						68						(73)						(107.4)		%
Other (income) expense, net			(67)						2,024						(2,091)						NM(1)
Income before taxes and discontinued operations			$	4,674					$	3,156					$	1,518					48.1		%
Income before taxes and discontinued operations as a percentage of revenue			6.1		%				4.4		%

(1) Percent change is not meaningful

Revenues for our Water & Flowback Services Division increased in the current quarter compared to the prior quarter, primarily due to the sale of an early production facility expansion in Argentina, partially offset by weaker activity in North America as completions activity continues to slow down.

Gross profit for our Water & Flowback Services Division increased compared to the previous quarter primarily due to the sale of the early production facility expansion, offsetting weaker United States onshore activity.

The Water & Flowback Services Division income before taxes and discontinued operations improved due to the higher gross profits described above, a $1.8 million decrease in foreign exchange losses primarily due to a $1.4 million out-of-period correction in the prior quarter for remeasurement of a prepaid tax balance, and a $0.2 million increase in unrealized gains from our investment in KMX Technologies. These improvements were partially offset by a $1.1 million increase in general and administrative expense, primarily an increase in compensation expense, including of $0.2 million severance expense associated with headcount reductions, and a $0.3 million increase in allowance for credit losses.

Corporate Overhead


			Three Months Ended												Period to Period Change
			September 30,						June 30,						$ Change						% Change
			2024						2024
			(in thousands, except percentages)
Depreciation and amortization			$	93					$	84					$	9					10.7		%
Impairments and other charges			109						—						109						100.0		%
General and administrative expense			10,780						10,689						91						0.9		%
Interest expense, net			6,043						6,252						(209)						(3.3)		%


Other (income) expense, net			(808)						305						1,113						NM(1)
Loss before taxes and discontinued operations			$	(16,217)					$	(17,330)					$	(1,113)					(6.4)		%

(1) Percent change is not meaningful

Corporate overhead loss before taxes and discontinued operations decreased compared to the prior quarter including a $0.7 million increase in unrealized gains related to unit price changes of our investment in Kodiak. During the third quarter, we implemented headcount reductions reflecting the slowdown in onshore activity.

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Nine months ended September 30, 2024 compared with nine months ended September 30, 2023.

Consolidated Comparisons


			Nine Months Ended
			September 30,												Period to Period Change
			2024						2023						$ Change						% Change
			(in thousands, except percentages)
Revenues			$	464,607					$	473,136					$	(8,529)					(1.8)		%
Gross profit			108,718						123,402						(14,684)						(11.9)		%
Gross profit as a percentage of revenue			23.4		%				26.1		%
Exploration and pre-development costs			—						6,836						(6,836)						100.0		%
General and administrative expense			66,841						73,254						(6,413)						(8.8)		%
General and administrative expense as a percentage of revenue			14.4		%				15.5		%
Interest expense, net			17,233						16,672						561						3.4		%
Loss on debt extinguishment			5,535						—						5,535						100.0		%

Other income, net			(2,241)						(8,690)						(6,449)						(74.2)		%
Income before taxes and discontinued operations			21,350						35,330						(13,980)						(39.6)		%
Income before taxes and discontinued operations as a percentage of revenue			4.6		%				7.5		%
Provision for income taxes			9,963						5,612						4,351						77.5		%
Income before discontinued operations			11,387						29,718						(18,331)						(61.7)		%
Discontinued operations:
Loss from discontinued operations, net of taxes			(5,830)						(68)						5,762						NM(1)
Net income			5,557						29,650						(24,093)						(81.3)		%
Loss attributable to noncontrolling interests			3						25						(22)						(88.0)		%
Net income attributable to TETRA stockholders			$	5,560					$	29,675					$	(24,115)					(81.3)		%

(1) Percent change is not meaningful

Consolidated revenues decreased compared to the prior year due to weaker United States onshore activity from our Water & Flowback Services Division, partially offset by stronger activity from our Completion Fluids & Products Division. See Divisional Comparisons section below for a more detailed discussion of the change in our revenues.

Consolidated gross profit decreased in the current year primarily due to weaker activity and margin contraction from our Water & Flowback Services Division, slightly offset by stable European and North American fluids sales volumes and favorable pricing from our Completion Fluids & Products Division.

Consolidated exploration and pre-development costs decreased $6.8 million due to the capitalization of certain pre-development costs related to our leased acreage in Arkansas beginning in January 2024.

Consolidated general and administrative expenses decreased compared to the prior year due to a $6.4 million decrease in compensation expense primarily from lower incentive compensation and from headcount reductions.

Consolidated loss on debt extinguishment increased $5.5 million from non-cash unamortized finance costs expensed in connection with the repayment of our prior Term Credit Agreement in January 2024.

Consolidated other income, net, decreased in the current year compared to the prior year primarily due to a $6.7 million decrease in income from collaborative arrangements representing the portion of exploration and pre-development costs that were reimbursable by Saltwerx included in other income, net prior to capitalization of net pre-development costs beginning in January 2024. In addition, a $2.6 million increase in foreign exchange loss including the $1.4 million out-of-period correction in the second quarter of 2024 for remeasurement of a prepaid tax balance, was partially offset by $3.7 million increase in net unrealized gains on investments.

Consolidated provision for income taxes was $10.0 million during the current year, compared to $5.6 million during the prior year. Our consolidated effective tax rate for the current year is 46.7%, compared to 15.9% during

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the prior year. Our effective tax rate increase was primarily the result of a significant portion of income generated in jurisdictions, mainly Argentina, for which we were not able to utilize net operating losses for which we had established valuation allowances. The increase in the Argentinian taxes were significantly impacted by the sale of the early production facility expansion as well an inflation adjustment to Argentinian taxable income required under local law to be made. We establish a valuation allowance to reduce the deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Included in our deferred tax assets are net operating loss carryforwards and tax credits that are available to offset future income tax liabilities in the United States as well as in certain non-U.S. jurisdictions.

Loss from discontinued operations increased $5.8 million primarily due to the accrual for decommissioning obligations associated with our former Offshore division recorded during the current quarter. See Note 6 - “Commitments and Contingencies” in the Notes to Consolidated Financial Statements for additional information.

Divisional Comparisons

Completion Fluids & Products Division


			Nine Months Ended
			September 30,												Period to Period Change
			2024						2023						$ Change						% Change
			(in thousands, except percentages)
Revenues			$	242,432					$	240,474					$	1,958					0.8		%
Gross profit			84,453						87,469						(3,016)						(3.4)		%
Gross profit as a percentage of revenue			34.8		%				36.4		%
Exploration and pre-development costs			—						6,836						(6,836)						(100.0)		%
General and administrative expense			19,739						21,553						(1,814)						(8.4)		%
General and administrative expense as a percentage of revenue			8.1		%				9.0		%
Interest income, net			(1,346)						(600)						746						124.3		%
Other (income) expense, net			496						(7,650)						(8,146)						NM(1)
Income before taxes and discontinued operations			$	65,564					$	67,330					$	(1,766)					(2.6)		%
Income before taxes and discontinued operations as a percentage of revenue			27.0		%				28.0		%

(1) Percent change is not meaningful

Revenues for our Completion Fluids & Products Division increased slightly compared to the prior year primarily due to the strength of industrial chemical sales activity and favorable pricing.

Gross profit for our Completion Fluids & Products Division decreased compared to the prior year due to an unfavorable mix of fluid sales. Our profitability in future periods will continue to be affected by the timing of and the mix of our products and services, market demand for our products and services, and drilling and completions activity.

Consolidated exploration and pre-development costs decreased $6.8 million due to the capitalization of costs beginning in January 2024 following project developments, including the completion of a technical resources report, compared to expensing of costs associated with the front-end engineering and design study and appraisal costs associated with the activity in the prior year.

Income before taxes and discontinued operations for our Completion Fluids & Products Division decreased compared to the prior year driven by lower gross profit and a $6.7 million decrease in income from collaborative arrangements representing the portion of exploration and pre-development costs related to our Arkansas development that were reimbursable by Saltwerx and included in other income, net prior to capitalization of net pre-development costs beginning in January 2024. Other (income) expense, net also decreased $1.1 million from lower cash and shares received from our arrangement with Standard Lithium and $0.8 million from increased unrealized losses from our CarbonFree convertible note embedded option. These changes were partially offset by a $1.8 million decrease in general and administrative expense from lower compensation expense, professional services and provision for credit losses on trade accounts receivable, and a $0.4 million decrease in foreign exchange losses.

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Water & Flowback Services Division


			Nine Months Ended
			September 30,												Period to Period Change
			2024						2023						$ Change						% Change
			(in thousands, except percentages)
Revenues			$	222,175					$	232,662					$	(10,487)					(4.5)		%
Gross profit			24,632						37,012						(12,380)						(33.4)		%
Gross profit as a percentage of revenue			11.1		%				15.9		%
General and administrative expense			14,533						14,496						37						0.3		%
General and administrative expense as a percentage of revenue			6.5		%				6.2		%
Interest expense, net			139						243						(104)						(42.8)%
Other (income) expense, net			1,409						(596)						(2,005)						NM(1)
Income before taxes and discontinued operations			$	8,551					$	22,869					$	(14,318)					(62.6)		%
Income before taxes and discontinued operations as a percentage of revenue			3.8		%				9.8		%

(1) Percent change is not meaningful

Revenues for our Water & Flowback Services Division decreased primarily for water management due to lower United States drilling and completion activity, partially offset by revenue from the sale of the early production facility expansion in Argentina during the third quarter of 2024.

Gross profit for our Water & Flowback Services Division decreased from the prior year primarily due to lower revenues resulting from the decreased United States onshore activity levels described above and operating cost inflation.

Income before taxes and discontinued operations for our Water & Flowback Services Division decreased primarily due to a decline in the gross profit described above and a $2.6 million increase in foreign exchange losses including the $1.4 million out-of-period correction in the second quarter of 2024 for remeasurement of a prepaid tax balance, partially offset by a $0.2 million increase in unrealized gains from our investment in KMX Technologies.

Corporate Overhead


			Nine Months Ended
			September 30,												Period to Period Change
			2024						2023						$ Change						% Change
			(in thousands, except percentages)
Depreciation and amortization			$	258					$	303					$	(45)					(14.9)		%
Impairments and other charges			109						777						(668)						(86.0)		%
General and administrative expense			32,570						37,206						(4,636)						(12.5)		%
Interest expense, net			18,440						17,029						1,411						8.3		%
Loss on debt extinguishment			5,535						—						5,535						100.0		%
Other income, net			(4,147)						(446)						3,701						829.8		%
Loss before taxes and discontinued operations			$	(52,765)					$	(54,869)					$	(2,104)					(3.8)		%

Corporate overhead loss before taxes and discontinued operations decreased primarily due to a $4.3 million increase in unrealized gains related to unit price changes of our investment in Kodiak, which acquired CSI Compressco in April 2024, and a $4.6 million decrease in general and administrative expenses primarily from lower variable compensation costs, partially offset by a $5.5 million loss associated with the early extinguishment of our prior term credit agreement in January 2024 and a $1.4 million increase in interest expense, net due to an increase in borrowing on our Term Credit Agreement.

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Non-GAAP Financial Measures

We use U.S. GAAP financial measures such as revenues, gross profit, income (loss) before taxes and discontinued operations, and net cash provided by operating activities, as well as certain non-GAAP financial measures, including Adjusted EBITDA, as performance measures for our business.

Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) before taxes and discontinued operations, excluding impairments, exploration and pre-development costs, certain special, non-recurring or other charges (or credits), including loss on debt extinguishment, interest, depreciation and amortization, income from collaborative arrangement and certain non-cash items such as equity-based compensation expense. The most directly comparable GAAP financial measure is net income (loss) before taxes and discontinued operations. Exploration and pre-development costs represent expenditures incurred to evaluate potential future development of TETRA’s lithium and bromine properties in Arkansas. Such costs include exploratory drilling and associated engineering studies. Income from collaborative arrangement represents the portion of exploration and pre-development costs that are reimbursable by our Evergreen Unit partner. We began capitalizing certain exploration and pre-development costs in January 2024 and therefore these costs are only excluded to the extent they were expensed. Exploration and pre-development costs and the associated income from collaborative arrangement were excluded from Adjusted EBITDA in prior periods because they did not relate to the Company’s current business operations. Adjustments to long-term incentives represent adjustments to valuation of long-term cash incentive compensation awards that are related to prior years. These costs are excluded from Adjusted EBITDA because they did not relate to the periods presented and are considered to be outside of normal operations. Long-term incentives are earned over a three-year period and the costs are recorded over the three-year period they are earned. The amounts accrued or incurred are based on a cumulative of the three-year period. Equity-based compensation expense represents compensation that has been or will be paid in equity and is excluded from Adjusted EBITDA because it is a non-cash item.

Adjusted EBITDA is used by management as a supplemental financial measure to assess financial performance, without regard to charges or credits that are considered by management to be outside of its normal operations and without regard to financing methods, capital structure or historical cost basis, and to assess the Company’s ability to incur and service debt and fund capital expenditures.

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The following tables reconcile net income (loss) before taxes and discontinued operations to Adjusted EBITDA for the periods indicated:


			Three Months Ended
			September 30, 2024
			Completion Fluids & Products						Water & Flowback Services						Corporate SG&A						Corporate Other									Total
			(in thousands, except percentages)
Revenue			$	65,131					$	76,569					$	—					$	—								$	141,700
Net income (loss) before taxes and discontinued operations			19,119						4,674						(10,779)						(5,438)									7,576

Impairments and other charges			—						—						109						—									109


Former CEO stock appreciation right credit			—						—						(190)						—									(190)
Transactions, restructuring, and other expenses			39						203						350						—									592



Interest (income) expense, net			(942)						(5)						—						6,043									5,096
Depreciation, amortization, and accretion			2,416						6,328						—						93									8,837
Equity-based compensation expense			—						—						1,481						—									1,481
Adjusted EBITDA			$	20,632					$	11,200					$	(9,029)					$	698								$	23,501

Adjusted EBITDA as % of revenue			31.7		%				14.6		%																			16.6		%

			Three Months Ended
			June 30, 2024
			Completion Fluids & Products						Water & Flowback Services						Corporate SG&A						Corporate Other									Total
			(in thousands, except percentages)
Revenue			$	100,019					$	71,916					$	—					$	—								$	171,935
Net income (loss) before taxes and discontinued operations			26,653						3,156						(10,689)						(6,641)									12,479




Former CEO stock appreciation right expense			—						—						(428)						—									(428)
Transaction, restructuring, and other expenses			37						—						—						—									37


Unusual foreign exchange loss			—						1,387						—						—									1,387
Interest (income) expense, net			(135)						68						—						6,252									6,185
Depreciation, amortization, and accretion			2,361						6,329						—						84									8,774
Equity-based compensation expense			—						—						1,800						—									1,800
Adjusted EBITDA			$	28,916					$	10,940					$	(9,317)					$	(305)								$	30,234

Adjusted EBITDA as % of revenue			28.9		%				15.2		%																			17.6		%

Adjusted EBITDA is a financial measure that is not in accordance with U.S. GAAP and should not be considered an alternative to net income, operating income, cash provided by operating activities, or any other measure of financial performance presented in accordance with U.S. GAAP. This measure may not be comparable to similarly titled financial metrics of other companies, as other companies may not calculate Adjusted EBITDA in the same manner as we do. Management compensates for the limitations of Adjusted EBITDA as an analytical tool by reviewing the comparable U.S. GAAP measures, understanding the differences between the measures, and incorporating this knowledge into management’s decision-making processes.

Liquidity and Capital Resources

We believe that our capital structure allows us to meet our financial obligations on both a short-term and long-term basis. Our liquidity at the end of the third quarter was $196.5 million. Liquidity is defined as unrestricted cash plus availability of $75 million under the delayed draw from our Term Credit Agreement and availability under our credit agreements. Information about the terms and covenants of our debt agreements can be found in Note 5 - Long Term Debt and Other Borrowings.

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Our consolidated sources and uses of cash are as follows:


			Nine Months Ended September 30,
			2024						2023
			(in thousands)
Operating activities			$	30,885					$	51,331
Investing activities			$	(44,444)					$	(28,918)
Financing activities			$	9,998					$	(1,894)

Operating Activities

Consolidated cash flows provided by operating activities decreased compared to the first nine months of 2023 primarily due to a decrease in gross profit and working capital changes.

Investing Activities

Total cash capital expenditures during the first nine months of 2024 were $45.8 million, which reflects increased expenditures for advancement of our Arkansas brine resource development and additions to accommodate industry-wide activity. Our Completion Fluids & Products Division spent $29.3 million on capital expenditures, including $22.6 million for our Arkansas brine resource development, and additional investments to support projected activity levels in the United States and Europe. Our Water & Flowback Services Division spent $16.3 million on capital expenditures to maintain, automate and upgrade its water management and flowback equipment fleet. Water and Flowback Services Division capital expenditures also included expenditures related to expansion of early production facilities in Argentina.

Investing activities during the first nine months of 2023 also included $2.9 million of proceeds for insurance settlements from damage to our Lake Charles facility in 2020.

Historically, a significant majority of our planned capital expenditures have been related to identified opportunities to grow and expand our existing businesses. We are also focused on enhancing shareholder value by capitalizing on our key mineral assets, brine mineral extraction expertise, and aqueous chemistry competency to expand our offerings into the low carbon energy markets. However, we continue to review all capital expenditure plans carefully in an effort to conserve cash. As of September 30, 2024, we have commitments of $5.6 million related to long-lead infrastructure for our Completion Fluids & Products Division’s planned bromine plant in Arkansas. We currently have no other significant long-term capital expenditure commitments. If the forecasted demand for our products and services increases or decreases, the amount of planned expenditures on growth and expansion may be adjusted.

Lithium and Bromine Resources

We have rights to the brine underlying our approximately 40,000 gross acres of brine leases in the Smackover Formation in Southwest Arkansas, including rights to the bromine and lithium contained in the brine. Additional information on these inferred, indicated and measured resources is described in Part I, “Item 2. Properties” in our 2023 Annual Report.

The extraction of lithium and bromine from these brine leases and the work needed to undertake these operations would likely require a significant amount of time and capital. In August 2024, we published a definitive feasibility study with compelling economics for the production of bromine from our Evergreen Unit to meet the growing demands for oil and gas offshore completion fluids and the new market for the TETRA PureFlow+ electrolyte in the long duration energy storage market. We believe that lithium prices will improve to levels that support increased supply investment. We and Saltwerx continue to evaluate the development of the Evergreen Unit

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and are continuing to advance the engineering studies required to define the lithium project economics, including the negotiation of the joint venture for the Evergreen Unit.

Financing Activities

Our financing activities for the first nine months of 2024 include $184.7 million of borrowings primarily under our new Term Credit Agreement, net of discount, and $163.5 million of repayments primarily for our prior term credit agreement, and $6.0 million of debt issuance costs associated with our new term loan in January 2024 and the ABL Amendment in May 2024, as well as $1.1 million of capital lease payments associated with equipment leased primarily for the early production facilities in Argentina. We may supplement our existing cash balances and cash flow from operating activities with short-term borrowings, long-term borrowings, issuances of equity and debt securities, and other sources of capital. We are aggressively managing our working capital and capital expenditure needs in order to maximize our liquidity in the current environment.

For additional information on our credit agreements, see Note 5 - “Long-Term Debt and Other Borrowings” in the Notes to Consolidated Financial Statements.

Other Sources and Uses of Cash

In addition to our credit facilities, we fund our short-term liquidity requirements from cash generated by our operations and from short-term vendor financing. In addition, as of September 30, 2024, the market value of our investments in Kodiak and Standard Lithium were $13.1 million and $1.3 million, respectively, with no holding restrictions on our ability to monetize our interests. In addition, we are party to agreements in which Standard Lithium has the right to explore for, and an option to acquire the right to produce and extract lithium in our Arkansas leases as well as additional potential resources, in the Mojave region of California. Standard Lithium exercised its option with respect to our Arkansas leases on October 6, 2023. We also hold an investment in a convertible note and common units issued by CarbonFree valued at $6.8 million as of September 30, 2024.

In May 2022, we filed a universal shelf Registration Statement on Form S-3 with the SEC, which was declared effective by the SEC. Pursuant to this registration statement, we have the ability to sell debt or equity securities in one or more public offerings up to an aggregate public offering price of $400 million. This shelf registration statement currently provides us additional flexibility with regards to potential financing that we may undertake when market conditions permit or our financial condition may require.

Should additional capital be required, the ability to raise such capital through the issuance of additional debt or equity securities may currently be limited. Instability or volatility in the capital markets at the times we need to access capital may affect the cost of capital and the ability to raise capital for an indeterminable length of time. If it is necessary to issue additional equity to fund our capital needs, additional dilution of our common stockholders will occur. We periodically evaluate engaging in strategic transactions and may consider divesting non-core assets where our evaluation suggests such transactions are in the best interest of our business. In challenging economic environments, we may experience increased delays and failures by customers to pay our invoices. If our customers delay paying or fail to pay us a significant amount of our outstanding receivables, it could have an adverse effect on our liquidity. An increase in unpaid aged receivables would also negatively affect our borrowing availability under the ABL Credit Agreement.

As of September 30, 2024, we had no “off balance sheet arrangements” that may have a current or future material effect on our consolidated financial condition or results of operations.

Critical Accounting Policies and Estimates

There have been no material changes or developments in the evaluation of the accounting estimates and

the underlying assumptions or methodologies pertaining to our Critical Accounting Policies and Estimates disclosed

in our 2023 Annual Report. In preparing our consolidated financial statements, we make assumptions, estimates, and judgments that affect the amounts reported. These judgments and estimates may change as new events occur, as new information is acquired, and as changes in our operating environments are encountered. Actual results are likely to differ from our current estimates, and those differences may be material.

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Commitments and Contingencies

Litigation

For discussion of our legal proceedings, please see our 2023 Annual Report and Note 6 - “Commitments and Contingencies” in the Notes to Consolidated Financial Statements included in this Quarterly Report.

Long-Term Debt

For information on our credit agreements, see Note 5 - “Long-Term Debt and Other Borrowings” in the Notes to Consolidated Financial Statements.

Leases

We have operating leases for some of our transportation equipment, office space, warehouse space, operating locations, and machinery and equipment. We have finance leases for certain facility storage tanks and equipment rentals. Information about the terms of our lease agreements can be found in our 2023 Annual Report.

Product and Asset Purchase Obligations

For information on product and asset purchase obligations, see Note 6 - “Commitments and Contingencies” in the Notes to Consolidated Financial Statements.

Cautionary Statement for Purposes of Forward-Looking Statements

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this Quarterly Report are identifiable by the use of the following words, the negative of such words, and other similar words: “anticipates”, “assumes”, “believes”, “budgets”, “could”, “estimates”, “expects”, “forecasts”, “goal”, “intends”, “may”, “might”, “plans”, “predicts”, “projects”, “schedules”, “seeks”, “should”, “targets”, “will”, and “would”.

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These forward-looking statements reflect our current views with respect to future events and financial performance and are based on assumptions that we believe to be reasonable, but such forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to: economic and operating conditions that are outside of our control, including the trading price of our common stock, and the supply, demand, and prices of oil and natural gas; the availability of adequate sources of capital to us; the effect of inflation on the cost of goods and services; the activity levels of our customers; our operational performance; actions taken by our customers, suppliers, competitors and third-party operators; the availability of raw materials and labor at reasonable prices; risks related to acquisitions and our growth strategy; restrictions under our debt agreements and the consequences of any failure to comply with debt covenants; the effect and results of litigation, commercial disputes, regulatory matters, settlements, audits, assessments, and contingencies; potential regulatory initiatives to restrict hydraulic fracturing activities on federal lands as well as other actions to more stringently regulate certain aspects of oil and gas development such as air emissions and water discharges; risks related to our foreign operations; risks related to our non-controlling equity investments; information and operational technology risks, including the risk of cyberattack; our health, safety and environmental performance; the effects of consolidation on our customers and competitors; global or national health concerns, including the outbreak of pandemics or epidemics such as the coronavirus (COVID-19); acts of terrorism, war or political or civil unrest in the United States or elsewhere, including the current conflict between Russia and Ukraine, the conflict in the Israel-Gaza region and continued hostilities in the Middle East, maritime piracy attacks, changes in laws and regulations, or the imposition of economic or trade sanctions affecting international commercial transactions; and statements regarding our beliefs, expectations, plans, goals, future events and performance and other statements that are not purely historical. These statements include statements concerning the mineral resource estimates and reserve estimates of lithium and bromine, the potential extraction of lithium and bromine from the leased acreage, the development of the assets including construction of lithium and bromine extraction plants, the economic viability thereof, the demand for such resources, and the timing and cost of such activities; the accuracy of our resources report, feasibility study and economic assessment regarding our lithium and bromine acreage; and the ability to obtain a resources report that moves the remaining portion of our bromine and lithium inferred resources to a higher resource or reserve category. With respect to our disclosures of measured, indicated and inferred mineral resources, including bromine and lithium carbonate equivalent concentrations, it is unclear whether they 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, including, for example, the development of the technology to do so successfully and economically. Therefore, investors are cautioned not to assume that all or any part of our resources can be economically or legally commercialized. In particular, investors are cautioned not to assume that all or any part of an inferred mineral resource exists, that it can be economically or legally commercialized, or that it will ever be upgraded to a higher category. With respect to the Company’s disclosures of the MOU with Saltwerx, it is uncertain about the ability of the parties to successfully negotiate one or more definitive agreements, the future relationship between the parties, and the ability to successfully and economically produce lithium and bromine from the Evergreen Unit.

Management believes that these forward-looking statements are reasonable as and when made. However, investors are cautioned not to place undue reliance on any such forward-looking statements. Such statements speak only as of the date on which they are made, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations, forecasts or projections. These risks and uncertainties include, but are not limited to, those described in Part II, “Item 1A. Risk Factors” and elsewhere in this report and in our 2023 Annual Report, and those described from time to time in our future reports filed with the SEC.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk.

Interest Rate Risk

The interest on our borrowings is subject to market risk exposure related to changes in applicable interest rates. Borrowings under the Term Credit Agreement bear interest at a rate per annum of SOFR plus 5.75%. The Company is required to pay a commitment fee on the unutilized commitments with respect to the delayed-draw term loan at the rate of 1.5% per annum. Borrowings under our ABL Credit Agreement, if any, bear interest at an agreed-upon percentage rate spread above SOFR. Borrowings under our Swedish Credit Facility, if any, bear interest at fixed rates of 2.95%. We are not a party to an interest rate swap contract or other derivative instrument designed to hedge our exposure to interest rate fluctuation risk. As of September 30, 2024, we had no borrowings outstanding under our ABL Credit Agreement or Swedish Credit Facility. The following table sets forth as of September 30, 2024, the principal amount due under our long-term debt obligations and the respective interest rate.

Interest

September 30, 2024

Scheduled Maturity

Rate

(in thousands)

Term Credit Agreement

January 1, 2030

11.19%

$

190,000

TETRA total debt

$

190,000

Exchange Rate Risk

We have currency exchange rate risk exposure related to revenues, expenses, operating receivables, and payables denominated in foreign currencies. We may enter into short-term foreign-currency forward derivative contracts as part of a program designed to mitigate the currency exchange rate risk exposure on selected transactions of certain foreign subsidiaries. Although contracts pursuant to this program will serve as an economic hedge of the cash flow of our currency exchange risk exposure, they are not expected to be formally designated as hedge contracts or qualify for hedge accounting treatment. Accordingly, any change in the fair value of these derivative instruments during a period will be included in the determination of earnings for that period. As of September 30, 2024, we did not have any foreign currency exchange contracts outstanding.

Item 4. Controls and Procedures.

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended. Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2024, the end of the period covered by this quarterly report.

There were no changes in our internal controls over financial reporting that occurred during the quarter ended September 30, 2024, that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

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PART II

OTHER INFORMATION

Item 1. Legal Proceedings.

For information regarding litigation, see “Item 1. Legal Proceedings” in our 2023 Annual Report and

Note 6 - “Commitments and Contingencies” in the Notes to Consolidated Financial Statements included in this Quarterly Report.

Item 1A. Risk Factors.

As of the date of this filing, TETRA and its operations continue to be subject to the risk factors previously disclosed in the “Risk Factors” sections contained in our 2023 Annual Report.

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

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

None.

Item 5. Other Information.

Rule 10b5-1 Trading Arrangements

During the three months ended September 30, 2024, no director or officer of TETRA adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

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Item 6. Exhibits.

Exhibits:


3.1			Certificate of Designation of Series A Junior Participating Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company’s Form 8-K filed on March 1, 2023 (SEC File No. 001-13455).
3.2			Amended and Restated Certificate of Incorporation of TETRA Technologies, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Form 8-K filed on May 25, 2023 (SEC File No. 001-13455)).
3.3			Second Amended and Restated Bylaws of TETRA Technologies, Inc. (incorporated by reference to Exhibit 3.2 to the Company’s Form 8-K filed on May 25, 2023 (SEC File No. 001-13455)).
10.1*+#			Memorandum of Understanding Amendment No. 5 between TETRA Technologies, Inc. and Saltwerx LLC dated August 19, 2024
31.1*			Certification Pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*			Certification Pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**			Certification Furnished Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**			Certification Furnished Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.SCH++			XBRL Taxonomy Extension Schema Document.
101.CAL++			XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF++			XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB++			XBRL Taxonomy Extension Label Linkbase Document.
101.PRE++			XBRL Taxonomy Extension Presentation Linkbase Document.
104*			Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL documents

* Filed with this report.

** Furnished with this report.

+ Portions have been omitted pursuant to Regulation S-K Item 601(b)(10)(iv), because the omitted information is both not material and is the type that the Company treats as private or confidential.

# Certain schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The registrant agrees to furnish supplementally a copy of any such omitted schedule to the SEC upon request.

++ Attached as Exhibit 101 to this report are the following documents formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Statements of Operations for the three and nine-month periods ended September 30, 2024 and 2023; (ii) Consolidated Statements of Comprehensive Income for the three and nine-month periods ended September 30, 2024 and 2023; (iii) Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023; (iv) Consolidated Statements of Equity for the nine-month periods ended September 30, 2024 and 2023; (v) Consolidated Statements of Cash Flows for the nine-month periods ended September 30, 2024 and 2023; and (vi) Notes to Consolidated Financial Statements for the nine months ended September 30, 2024.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


						TETRA Technologies, Inc.


Date:			October 29, 2024			By:			/s/Brady M. Murphy
									Brady M. Murphy
									President and Chief Executive Officer
									Principal Executive Officer


Date:			October 29, 2024			By:			/s/Elijio V. Serrano
									Elijio V. Serrano
									Senior Vice President and Chief Financial Officer
									Principal Financial Officer and Principal Accounting Officer

37

SPECIFIC TERMS IN THIS AGREEMENT HAVE BEEN REDACTED BECAUSE SUCH TERMS ARE BOTH NOT MATERIAL AND ARE OF A TYPE THAT TETRA TECHNOLOGIES, INC. TREATS AS CONFIDENTIAL. THESE REDACTED TERMS HAVE BEEN MARKED IN THIS EXHIBIT AT THE APPROPRIATE PLACE WITH THREE ASTERISKS [***].

PROJECT TANGO

MEMORANDUM OF UNDERSTANDING

Amendment No. 5

This Amendment No. 5 (“MOU Amendment No. 5”) to the MEMORANDUM OF UNDERSTANDING (“MOU”), dated June 19, 2023, by and between TETRA Technologies Inc. (“TETRA”) and Saltwerx LLC (“Saltwerx”), is made effective as of August 19, 2024(“Amendment No. 5 Effective Date”).

Recitals

WHEREAS, the AOGC has issued Orders Nos. BU 022-1-2023-04 and No. BU 022-2-2023-04 and approved the Brine Unit Operating Agreement (“AOGC Orders”) governing development of the Amended Brine Unit;

WHEREAS, TETRA and Saltwerx have also documented certain cost sharing arrangements in the MOU and prior amendments to the MOU, including without limitation, MOU Amendment No. 1 dated November 8, 2023; MOU Amendment No. 2 dated February 16, 2024; MOU Amendment No. 3 dated March 20, 2024; and MOU Amendment No. 4 dated April 15, 2024 (collectively, the “Prior MOU Amendments”);

WHEREAS, TETRA and Saltwerx now wish to further amend the MOU on the terms and conditions described herein in order to document certain incremental cost sharing arrangements that are in addition to and beyond the costs previously documented in the MOU and Prior MOU Amendments;

NOW THEREFORE, for and in consideration of the mutual covenants and agreements contained herein, TETRA and Saltwerx hereby amend the MOU as follows:

1.Section 1.5 of the MOU is hereby deleted and replaced in its entirety with the following:

“1.5 (a) TETRA’s out-of-pocket costs incurred to-date and to be incurred until Final Investment Decision (“FID”) and out-of-pocket front-end engineering and design (FEED) costs to assess the Amended Brine Unit acreage (including out-of-pocket costs associated with test wells, geological modeling, reservoir analysis, engineering, related consulting costs) (collectively, the “pre-FID costs”). For clarity, the Parties have previously agreed to share certain costs totaling $[***] in the aggregate set forth in Exhibit D attached hereto in the column labeled “Prior MOU and Amendments”, with Saltwerx’s share of those costs totaling $[***]. In addition, Exhibit D attached hereto sets forth cost sharing for up to $[***] of additional, incremental costs in the column labelled “MOU Amend 5”. Saltwerx will pay to TETRA the applicable percentage of the incremental costs identified in Exhibit D up to $[***] for known incurred costs (with such

Page -1-

applicable percentages and corresponding amounts identified in the columns labelled “Saltwerx% Cost Share” and “Incremental Saltwerx Reimbursement” columns in Exhibit D), upon TETRA providing evidence of these costs. Each Party further agrees to pay its applicable share of costs in Exhibit D under the line item “[***] FEED Addendum – All Pillars” in percentages and amounts to be determined by the Parties’ mutual agreement, totaling up to $[***] in the aggregate for these costs. Likewise, if the Parties mutually agree that Saltwerx will incur any out-of-pocket cost for any specific line item identified in Exhibit D, then TETRA will pay Saltwerx the applicable cost share in accordance with the corresponding percentage and amounts set forth in the columns labelled “TTI% Cost Share” and “Incremental TETRA Costs” in Exhibit D, within [***] days from the date of invoice, provided that Saltwerx provides evidence of such costs. In addition, Exhibit D includes $[***] of additional shared costs in the line item for “FEED Studies/Contracting & Early Works” to be used for Feed Studies that will only be incurred upon approval of the Joint Sponsor Team and the allocation of those costs between Saltwerx and TETRA will be agreed upon by the Joint Sponsor Team. All costs incurred as part of this $[***] for “FEED Studies/Contracting & Early Works” and the allocation thereof will be documented by email amongst the Joint Sponsor Team. All costs must be incurred pursuant to contracts with vendors for equipment, goods, or services that have received prior review by both TETRA and Saltwerx as set forth in subsection (b) below. Except for any contract for FEED services, TETRA shall be the contracting party unless otherwise mutually agreed. For any cost shared by the Parties under this MOU resulting in acquisition or development of data, information, and/or analyses to assess the acreage within the Amended Brine Unit (“pre-FID data”), the Party first incurring such cost (e.g., the contracting Party) shall provide such resulting pre-FID Data to the other Party promptly after receiving payment for its agreed-upon share of the cost. Any pre-FID data generated by or for either Party after the other Party’s payment of its share of such costs shall be provided before or upon payment by the other Party of its additional share of such costs.

(b) Contract Feedback Procedure. At least [***] business days before execution, the contracting party shall provide each contract with vendors for equipment, goods, or services as described in this MOU to be cost-shared by the non-contracting party to the non-contracting party for review. The non-contracting party may provide feedback for contracting party’s consideration, including clear explanation and redline edits, within [***] business days after receipt. The contracting party will in good faith review and consider all feedback provided by the non-contracting party, provided however that the contracting party may in its reasonable discretion proceed without implementing the non-contracting party’s feedback. The non-contracting party may only use the contracts provided under this provision, and the information contained in such contracts, for purposes related to this MOU or JV and Project Agreements. Further, the non-contracting party may not share such contracts or information externally, or to persons within the non-contracting party who do not require it for purposes related to the joint activities contemplated by this MOU or JV and Project Agreements (other than as required by law or to attorneys, auditors and/or their staff personnel).

Except as otherwise set forth in this MOU, including Section 1.6 requiring [***]% funding of the first production test well up to $[***], the Brine Unit Operating Agreement or as required by the AOGC Orders, as applicable, Saltwerx will not be liable or responsible to reimburse TETRA

Page -2-

for any other cost or expense incurred by TETRA prior to FID. Neither Saltwerx nor TETRA will have any restrictions with regards to the confidentiality or use of data, information, and/or analyses generated by either Party in connection with development or operation of the Amended Brine Unit, except as set forth in subsection (a) above.”

2.All Other Terms and Conditions. Except as expressly set forth herein, all of the terms and conditions of the MOU and Brine Operating Agreement shall remain in full force and effect. All capitalized terms not defined herein shall have the meanings assigned thereto in the MOU. Capitalized terms used but not otherwise defined in the MOU shall have the meanings assigned to such terms in the Brine Unit Operating Agreement.

3.Execution. This MOU Amendment No. 5 may be executed in any number of counterparts, each of which counterparts, when executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same instrument.

IN WITNESS WHEREOF, TETRA and Saltwerx have caused this MOU Amendment No. 5 to be executed as of Amendment No. 5 Effective Date written above.

TETRA TECHNOLOGIES INC.

By: /s/Elijio V. Serrano
Name: Elijio V Serrano
Title:     Chief Financial Officer

SALTWERX LLC

By: /s/ Patrick Howarth
Name: Patrick Howarth
Title:     Vice President

Page -3-

Exhibit 31.1

Certification Pursuant to

Rule 13a-14(a) or 15d-14(a) of the Exchange Act

As Adopted Pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

I, Brady M. Murphy, certify that:

1.I have reviewed this report on Form 10-Q for the fiscal quarter ended September 30, 2024, of TETRA Technologies, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.


Date:			October 29, 2024			/s/Brady M. Murphy
						Brady M. Murphy
						President and
						Chief Executive Officer

Exhibit 31.2

Certification Pursuant to

Rule 13a-14(a) or 15d-14(a) of the Exchange Act

As Adopted Pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

I, Elijio V. Serrano, certify that:

1.I have reviewed this report on Form 10-Q for the fiscal quarter ended September 30, 2024, of TETRA Technologies, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.


Date:			October 29, 2024			/s/Elijio V. Serrano
						Elijio V. Serrano
						Senior Vice President and Chief Financial Officer

Exhibit 32.1

Certification Pursuant to

18 U.S.C. Section 1350

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of TETRA Technologies, Inc. (the “Company”) on Form 10-Q for the period ending September 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brady M. Murphy, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Dated:			October 29, 2024			/s/Brady M. Murphy
						Brady M. Murphy
						President and Chief Executive Officer
						TETRA Technologies, Inc.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

Exhibit 32.2

Certification Pursuant to

18 U.S.C. Section 1350

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of TETRA Technologies, Inc. (the “Company”) on Form 10-Q for the period ending September 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Elijio V. Serrano, Senior Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Dated:			October 29, 2024			/s/Elijio V. Serrano
						Elijio V. Serrano
						Senior Vice President and Chief Financial Officer
						TETRA Technologies, Inc.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 28, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	1-13455
Entity Registrant Name	TETRA Technologies, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	74-2148293
Entity Address, Address Line One	24955 Interstate 45 North
Entity Address, City or Town	The Woodlands,
Entity Address, Postal Zip Code	77380
Entity Address, State or Province	TX
City Area Code	281
Local Phone Number	367-1983
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Common Stock Shares Outstanding		131,810,197
Entity Central Index Key	0000844965
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	TTI
Security Exchange Name	NYSE
Series A Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Preferred Share Purchase Right
Security Exchange Name	NYSE
No Trading Symbol Flag	true

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Revenues from product sales and services	$ 141,700	$ 151,464	$ 464,607	$ 473,136
Cost of revenues:
Depreciation, amortization, and accretion	8,837	8,578	26,367	25,705
Impairments and other charges	109	0	109	777
Insurance recoveries	0	0	0	(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	0	3,775	0	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	0	0	5,535	0
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	0	0	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 (in dollars per share)	$ 0.02	$ 0.04	$ 0.09	$ 0.23
Loss from discontinued operations (in dollars per share)	(0.04)	0	(0.04)	0
Net income (loss) attributable to TETRA stockholders (in dollars per share)	$ (0.02)	$ 0.04	$ 0.05	$ 0.23
Weighted average basic shares outstanding (in shares)	131,579	129,777	131,100	129,395
Diluted net income (loss) per common share:
Income from continuing operations (in dollars per share)	$ 0.02	$ 0.04	$ 0.09	$ 0.23
Loss from discontinued operations (in dollars per share)	(0.04)	0	(0.04)	0
Net income (loss) attributable to TETRA stockholders (in dollars per share)	$ (0.02)	$ 0.04	$ 0.05	$ 0.23
Weighted average diluted shares outstanding (in shares)	132,029	132,089	132,093	130,835
Product sales
Revenues:
Revenues from product sales and services	$ 71,775	$ 68,967	$ 241,734	$ 230,719
Cost of revenues:
Cost of product sales and services	38,506	41,410	144,990	139,678
Services
Revenues:
Revenues from product sales and services	69,925	82,497	222,873	242,417
Cost of revenues:
Cost of product sales and services	$ 59,885	$ 63,552	$ 184,423	$ 186,424

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (2,998)	$ 5,420	$ 5,557	$ 29,650
Foreign currency translation adjustment from continuing operations, net of taxes of $0 in 2024 and 2023	3,358	(2,750)	(235)	(284)
Unrealized gain on investment in CarbonFree	556	146	788	474
Comprehensive income	916	2,816	6,110	29,840
Less: Comprehensive loss attributable to noncontrolling interests	0	0	3	25
Comprehensive income attributable to TETRA stockholders	$ 916	$ 2,816	$ 6,113	$ 29,865

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Taxes related to foreign currency translation adjustment from continuing operations	$ 0	$ 0	$ 0	$ 0

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 48,355	$ 52,485
Restricted cash	658	0
Trade accounts receivable, net of allowances of $422 in 2024 and $614 in 2023	110,050	111,798
Inventories	97,704	96,536
Prepaid expenses and other current assets	21,763	21,196
Total current assets	278,530	282,015
Property, plant, and equipment:
Land and building	23,692	23,173
Machinery and equipment	317,107	304,884
Automobiles and trucks	10,265	10,148
Chemical plants	69,740	67,114
Construction in progress	28,477	10,323
Total property, plant, and equipment	449,281	415,642
Less accumulated depreciation	(320,024)	(307,926)
Net property, plant, and equipment	129,257	107,716
Other assets:
Patents, trademarks and other intangible assets, net of accumulated amortization of $55,302 in 2024 and $51,509 in 2023	26,027	29,132
Operating lease right-of-use assets	30,181	31,915
Investments	22,754	17,354
Other assets	14,408	10,829
Total other assets	93,370	89,230
Total assets	501,157	478,961
Current liabilities:
Trade accounts payable	48,434	52,290
Compensation and employee benefits	21,613	26,918
Operating lease liabilities, current portion	8,741	9,101
Accrued taxes	14,149	10,350
Accrued liabilities and other	20,645	27,303
Current liabilities associated with discontinued operations	5,830	0
Total current liabilities	119,412	125,962
Long-term debt, net	179,709	157,505
Operating lease liabilities	25,862	27,538
Asset retirement obligations	14,600	14,199
Deferred income taxes	3,461	2,279
Other liabilities	2,701	4,144
Total long-term liabilities	226,333	205,665
Commitments and contingencies (Note 6)
Equity:
Common stock, par value 0.01 per share; 250,000,000 shares authorized at September 30, 2024 and December 31, 2023; 134,924,707 shares issued at September 30, 2024 and 133,217,848 shares issued at December 31, 2023	1,349	1,332
Additional paid-in capital	491,107	489,156
Treasury stock, at cost; 3,138,675 shares held at September 30, 2024 and December 31, 2023	(19,957)	(19,957)
Accumulated other comprehensive loss	(44,678)	(45,231)
Retained deficit	(271,149)	(276,709)
Total TETRA stockholders’ equity	156,672	148,591
Noncontrolling interests	(1,260)	(1,257)
Total equity	155,412	147,334
Total liabilities and equity	$ 501,157	$ 478,961

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Trade accounts receivable, allowances for doubtful accounts	$ 422	$ 614
Patents, trademarks, and other intangible assets, accumulated amortization	$ 55,302	$ 51,509
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	134,924,707	133,217,848
Treasury stock, shares held (in shares)	3,138,675	3,138,675

Consolidated Statement of Equity Statement - USD ($)
$ in Thousands

Total

Common Stock Par Value

Additional Paid-In Capital

Treasury Stock

Currency Translation

Unrealized Gain (Loss) on Investment

Retained Deficit

Noncontrolling Interest

Balance at beginning of period at Dec. 31, 2022

$ 106,397

$ 1,318

$ 477,820

$ (19,957)

$ (48,991)

$ (72)

$ (302,493)

$ (1,228)

Net income (loss)

6,033

6,040

(7)

Translation adjustment, net of taxes

1,421

1,421

Other comprehensive income

121

121

Comprehensive income (loss)

7,575

Equity-based compensation

^[1]

3,514

3,514

(1,333)

7

(1,341)

1

Balance at end of period at Mar. 31, 2023

116,153

1,325

479,993

(19,957)

(47,570)

49

(296,453)

(1,234)

Balance at beginning of period at Dec. 31, 2022

106,397

1,318

477,820

(19,957)

(48,991)

(72)

(302,493)

(1,228)

Net income (loss), retained deficit

29,675

Net income (loss)

29,650

Other comprehensive income

474

Comprehensive income (loss)

29,840

Balance at end of period at Sep. 30, 2023

141,137

1,332

482,709

(19,957)

(49,275)

402

(272,818)

(1,256)

Balance at beginning of period at Mar. 31, 2023

116,153

1,325

479,993

(19,957)

(47,570)

49

(296,453)

(1,234)

Net income (loss)

18,197

18,215

(18)

Translation adjustment, net of taxes

1,045

1,045

Other comprehensive income

207

207

Comprehensive income (loss)

19,449

Equity-based compensation

1,507

1,507

(52)

2

(52)

(2)

Balance at end of period at Jun. 30, 2023

137,057

1,327

481,448

(19,957)

(46,525)

256

(278,238)

(1,254)

Net income (loss), retained deficit

5,420

Net income (loss)

5,420

5,420

Translation adjustment, net of taxes

(2,750)

(2,750)

Other comprehensive income

146

146

Comprehensive income (loss)

2,816

Equity-based compensation

1,396

1,396

(132)

5

(135)

(2)

Balance at end of period at Sep. 30, 2023

141,137

1,332

482,709

(19,957)

(49,275)

402

(272,818)

(1,256)

Balance at beginning of period at Dec. 31, 2023

147,334

1,332

489,156

(19,957)

(45,886)

655

(276,709)

(1,257)

Net income (loss)

915

915

Translation adjustment, net of taxes

(1,634)

(1,634)

Other comprehensive income

237

237

Comprehensive income (loss)

(482)

Equity-based compensation

1,623

1,623

(2,328)

11

(2,339)

Balance at end of period at Mar. 31, 2024

146,147

1,343

488,440

(19,957)

(47,520)

892

(275,794)

(1,257)

Balance at beginning of period at Dec. 31, 2023

147,334

1,332

489,156

(19,957)

(45,886)

655

(276,709)

(1,257)

Net income (loss), retained deficit

5,560

Net income (loss)

5,557

Other comprehensive income

788

Comprehensive income (loss)

6,110

Balance at end of period at Sep. 30, 2024

155,412

1,349

491,107

(19,957)

(46,121)

1,443

(271,149)

(1,260)

Balance at beginning of period at Mar. 31, 2024

146,147

1,343

488,440

(19,957)

(47,520)

892

(275,794)

(1,257)

Net income (loss)

7,640

7,643

(3)

Translation adjustment, net of taxes

(1,959)

(1,959)

Other comprehensive income

(5)

(5)

Comprehensive income (loss)

5,676

Equity-based compensation

1,800

1,800

(45)

3

(48)

Balance at end of period at Jun. 30, 2024

153,578

1,346

490,192

(19,957)

(49,479)

887

(268,151)

(1,260)

Net income (loss), retained deficit

(2,998)

Net income (loss)

(2,998)

(2,998)

Translation adjustment, net of taxes

3,358

3,358

Other comprehensive income

556

556

Comprehensive income (loss)

916

Equity-based compensation

1,481

1,481

(563)

3

(566)

Balance at end of period at Sep. 30, 2024

$ 155,412

$ 1,349

$ 491,107

$ (19,957)

$ (46,121)

$ 1,443

$ (271,149)

$ (1,260)

[1]	Equity-based compensation for the three months ended March 31, 2023 includes $2.3 million for a portion of short-term incentive compensation that was settled through grants of restricted stock units rather than cash.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net income (loss)	$ 5,557	$ 29,650
Reconciliation of net income to net cash provided by operating activities:
Depreciation, amortization, and accretion	26,367	25,705
Impairments and other charges	109	777
(Gain) loss on investments	(3,591)	157
Equity-based compensation expense	4,904	4,199
(Recovery of) provision for credit losses	(37)	190
Amortization and expense of financing costs	1,123	2,707
Loss on debt extinguishment	5,535	0
Insurance recoveries associated with damaged equipment	0	(2,850)
Gain on sale of assets	(142)	(432)
Other non-cash charges (credits)	307	(1,721)
Changes in operating assets and liabilities:
Accounts receivable	3,009	7,600
Inventories	(1,958)	(19,990)
Prepaid expenses and other current assets	(1,230)	1,313
Trade accounts payable and accrued expenses	(5,884)	2,893
Other	(3,184)	1,133
Net cash provided by (used in) operating activities	30,885	51,331
Investing activities:
Purchases of property, plant, and equipment, net	(45,792)	(30,240)
Proceeds from sale of property, plant, and equipment	2,656	658
Proceeds from insurance recoveries associated with damaged equipment	0	2,850
Purchase of investments	(1,021)	(350)
Other investing activities	(287)	(1,836)
Net cash used in investing activities	(44,444)	(28,918)
Financing activities:
Proceeds from credit agreements and long-term debt	184,722	97,384
Principal payments on credit agreements and long-term debt	(163,481)	(98,441)
Payments on financing lease obligations	(1,054)	(837)
Debt issuance costs	(5,956)	0
Shares withheld for taxes on equity-based compensation	(2,953)	0
Other financing activities	(1,280)	0
Net cash provided by (used in) financing activities	9,998	(1,894)
Effect of exchange rate changes on cash	89	(285)
Increase (decrease) in cash and cash equivalents	(3,472)	20,234
Cash and cash equivalents at beginning of period	52,485	13,592
Cash and cash equivalents at beginning of period	49,013	33,826
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Cash and cash equivalents at end of period	48,355	33,826
Restricted cash at end of period	658	0
Total cash, cash equivalents, and restricted cash at end of period shown in the consolidated statements of cash flows	$ 49,013	$ 33,826

Consolidated Statement of Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Tax related to translation adjustment	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Equity-based compensation						$ 2,300

Organization, Basis of Presentation, and Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Organization, Basis of Presentation, and Significant Accounting Policies

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 other associated services in many of the major oil and gas producing regions in the United States, as well as in oil and gas basins in certain countries in Latin America, Europe, and the Middle East. We are also developing and pilot testing technologies to treat and desalinate produced water from oil wells for beneficial reuse, including surface discharge.

Unless the context requires otherwise, when we refer to “we,” “us,” and “our,” we are describing TETRA Technologies, Inc. and its subsidiaries on a consolidated basis.

Presentation

Our unaudited consolidated financial statements include the accounts of our wholly owned or controlled subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The information furnished reflects all normal recurring adjustments, which are, in the opinion of management, necessary to provide a fair statement of the results for the interim periods. Operating results for the period ended September 30, 2024 are not necessarily indicative of results that may be expected for the twelve months ended December 31, 2024.

The accompanying unaudited consolidated financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X for interim financial statements required to be filed with the U.S. Securities and Exchange Commission (“SEC”) and do not include all information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2023 and notes thereto included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2024 (the “2023 Annual Report”).

Discontinued Operations

In early 2018, we closed a series of related transactions that resulted in the disposition of our former Offshore segment. Our former Offshore segment is reported as discontinued operations for all periods presented. We may be required to satisfy certain decommissioning liabilities under third-party indemnity agreements and corporate guarantees for which costs may be significant. During the three months ended September 30, 2024, we accrued $5.8 million of decommissioning expense and liability associated with our former Offshore segment for which costs might be above the value of surety bonds on properties previously disposed. See Note 6 - “Commitments and Contingencies” for additional discussion of contingencies related to discontinued operations.

Significant Accounting Policies

Our significant accounting policies are described in the notes to our consolidated financial statements for the year ended December 31, 2023 included in our 2023 Annual Report. Other than reporting restricted cash as described below, there have been no significant changes in our accounting policies or the application thereof during the third quarter of 2024.

Out-of-Period Correction

During the three months ended June 30, 2024, we discovered that we had not previously remeasured a prepaid tax balance denominated in a foreign currency at current rates, resulting in an overstatement of prepaid expenses and understatement of foreign exchange losses from 2018 through the current period. We corrected this by making an out-of-period adjustment during the three months ended June 30, 2024, which reduced other income, net by $1.4 million and reduced net income per share attributable to TETRA stockholders by $0.01 in the consolidated statement of operations for the nine months ended September 30, 2024. The Company assessed the impact of this out-of-period adjustment and concluded that it was not material to the financial statements previously issued for any interim or annual period, and the cumulative adjustment during the quarter ended June 30, 2024 is not expected to be material to the annual financial statements for 2024. The out-of-period adjustment is included in the Water & Flowback Services Division results.

Restricted Cash

Restricted cash is classified as a current asset when it is expected to be repaid or settled in the next twelve-month period. In connection with the May 2024 amendment to our ABL Credit Agreement, our former administrative agent required us to collateralize our outstanding letters of credit. See Note 5 - “Long-Term Debt and Other Borrowings” for additional discussion of the ABL Amendment. Restricted cash as of September 30, 2024 consists of $0.7 million to secure our outstanding letters of credit with our former administrative agent and is expected to terminate as the letters of credit expire by March 2025.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses, and impairments during the reporting period. Actual results could differ from those estimates, and such differences could be material.

Mineral Resources Arrangement

We have rights to the brine underlying our approximately 40,000 gross acres of brine leases in the Smackover Formation in Southwest Arkansas, including rights to the bromine and lithium contained in the brine. In June 2023, we entered into a memorandum of understanding (“MOU”) with Saltwerx LLC (“Saltwerx”), an indirect wholly owned subsidiary of ExxonMobil Corporation, relating to a newly formed Evergreen Unit known as the Evergreen Unit, and potential bromine and lithium production from brine produced from the unit. We completed an initial preliminary economic assessment in early 2023 for the extraction of the brine and for a bromine processing plant. On January 8, 2024, we announced the completion of a technical resources report for the Evergreen Unit in Arkansas. During the three and nine months ended September 30, 2024, we capitalized approximately $8.7 million and $22.6 million, respectively, of costs associated with the development of our properties in Arkansas. We recognized $3.8 million and $6.8 million of expenses during the three and nine months ended September 30, 2023, respectively, for exploration and pre-development costs representing expenditures incurred to evaluate potential future development of our lithium and bromine properties in Arkansas.

Foreign Currency Translation

We have designated the Euro, the British pound, the Canadian dollar, the Brazilian real, and the Mexican peso as the functional currencies for our operations in Finland and Sweden, the United Kingdom, Canada, Brazil, and certain of our operations in Mexico, respectively. The United States dollar is the designated functional currency for all of our other non-U.S. operations. The cumulative translation effects of translating the applicable accounts

from the functional currencies into the United States dollar at current exchange rates are included as a separate component of equity. Foreign currency exchange losses are included in other (income) expense, net and totaled $0.5 million and $2.8 million during the three and nine months ended September 30, 2024, respectively, and less than $0.1 million and $0.3 million during the three and nine months ended September 30, 2023, respectively.

Fair Value Measurements

We utilize fair value measurements to account for certain items and account balances within our consolidated financial statements. Fair value measurements are utilized on a recurring basis in the determination of the carrying values of certain investments. See Note 7 - “Fair Value Measurements” for further discussion. Fair value measurements are also utilized on a nonrecurring basis in certain circumstances, including the impairment of long-lived assets (a Level 3 fair value measurement).

Supplemental Cash Flow Information

Supplemental cash flow information is as follows:


			Nine Months Ended September 30,
			2024						2023
			(in thousands)
Interest paid			$	16,437					$	14,282
Income taxes paid			$	4,867					$	3,918

			September 30, 2024						December 31, 2023
			(in thousands)
Accrued capital expenditures			$	5,252					$	5,171

New Accounting Pronouncements

Standards not yet adopted

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which is intended to improve reportable segments disclosures in annual and interim financial statements, primarily through expanded disclosures of significant segment expenses. ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023 and interim reporting periods beginning after December 15, 2024, with early adoption permitted.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The new standard requires companies to disclose specific categories in the income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted.

The Company is currently evaluating the expected impact of these standards but does not expect them to have a significant impact on its consolidated financial statements upon adoption as the standards expand disclosures only.

Revenue

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

REVENUE

Revenue from Contracts with Customers

Our contract asset balances, primarily associated with contractual invoicing milestones and/or customer documentation requirements, were $26.3 million and $30.6 million as of September 30, 2024 and December 31, 2023, respectively. Contract assets, along with billed trade accounts receivable, are included in trade accounts receivable in our consolidated balance sheets.

Unearned income includes amounts in which the Company was contractually allowed to invoice prior to satisfying the associated performance obligations. Unearned income balances were $0.6 million and $3.1 million as of September 30, 2024 and December 31, 2023, respectively, and vary based on the timing of invoicing and

performance obligations being met. Unearned income is included in accrued liabilities and other in our consolidated balance sheets. We recognized approximately $3.4 million and $2.5 million during the three and nine months ended September 30, 2024, respectively, and $1.2 million and $1.6 million of revenue during the three and nine months ended September 30, 2023, respectively, deferred in unearned income as of the beginning of the period. During the nine months ended September 30, 2024 and September 30, 2023, contract costs were not significant.

We disaggregate revenue from contracts with customers into Product Sales and Services within each segment, as noted in our two reportable segments in Note 9 - “Industry Segments.” In addition, we disaggregate revenue from contracts with customers by geography based on the following table below.


			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(in thousands)
Completion Fluids & Products
United States			$	33,363					$	36,484					$	116,361					$	115,167
International			31,768						36,726						126,071						125,307
			65,131						73,210						242,432						240,474
Water & Flowback Services
United States			59,808						67,877						185,283						204,446
International(1)			16,761						10,377						36,892						28,216
			76,569						78,254						222,175						232,662




Total Revenue
United States			93,171						104,361						301,644						319,613
International(1)			48,529						47,103						162,963						153,523
			$	141,700					$	151,464					$	464,607					$	473,136

(1) Includes $4.1 million of lease revenue described below for the three and nine months ended September 30, 2024.

Lease Revenue

During the three months ended September 30, 2024, in connection with the settlement of a revenue contract by our Water & Flowback Services division, we entered into an arrangement with a customer including an embedded sales-type lease. Pursuant to this contract settlement, we recognized $7.4 million of revenues included in product sales revenues and including $4.1 million of revenues from the embedded lease. We also recognized $3.0 million of cost, included cost of product sales in our consolidated statements of operations during the three and nine months ended September 30, 2024. As of September 30, 2024, current lease receivables of $1.3 million and long-term lease receivables of $2.5 million are included in trade accounts receivable and other assets, respectively, in our consolidated balance sheets. The long-term lease receivable is expected to be collected by the end of 2026.

Inventories

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

INVENTORIES

Components of inventories as of September 30, 2024 and December 31, 2023 are as follows:


			September 30, 2024						December 31, 2023
			(in thousands)
Finished goods			$	83,170					$	79,769
Raw materials			5,309						8,329
Parts and supplies			7,585						6,868
Work in progress			1,640						1,570
Total inventories			$	97,704					$	96,536

Finished goods inventories include newly manufactured clear brine fluids as well as used brines that are repurchased from certain customers for recycling

Investments

9 Months Ended

Sep. 30, 2024

Investments in and Advances to Affiliates [Abstract]

INVESTMENTS

Our investments as of September 30, 2024 and December 31, 2023 consist of the following:


			September 30, 2024						December 31, 2023
			(in thousands)
Investment in Kodiak(1)			$	13,063					$	8,538
Investment in CarbonFree			6,805						6,850
Investment in Standard Lithium			1,288						1,616
Investment in KMX Technologies			1,598						350
Total Investments			$	22,754					$	17,354

(1) Kodiak Gas Services, Inc. (NYSE: KGS) (“Kodiak”) acquired CSI Compressco LP (“CSI Compressco”) on April 1, 2024.

CarbonFree Chemicals Holdings LLC (“CarbonFree”) is a carbon capture company with patented technologies that capture CO2 and mineralize emissions to make commercial, carbon-negative chemicals. In December 2021, we invested $5.0 million in a convertible note issued by CarbonFree. During the three month period ended March 31, 2024, the convertible note agreement was amended and, in connection with that amendment, note holders agreed to defer their right to electively convert the convertible notes to common units of CarbonFree (“CarbonFree Units”) for two years. In exchange for the amendment, we received CarbonFree Units representing less than 1% of the CarbonFree Units outstanding as of September 30, 2024. The CarbonFree Units are not publicly traded and may not be offered, sold, transferred or pledged until such common units are registered pursuant to an effective registration statement or pursuant to an exemption from registration. Our exposure to potential losses by CarbonFree is limited to our investment, including capitalized and accrued interest associated with the CarbonFree convertible note and CarbonFree Units.

KMX Technologies (“KMX”) is advancing wastewater treatment and accelerating energy storage with its direct lithium recovery enhancement processes through its proprietary membrane distillation technology. During 2023, we invested $0.4 million in convertible notes issued by KMX. During the three months ended September 30, 2024, these convertible notes converted into preferred units and we invested $1.0 million in additional preferred units. We also received common units issued by KMX. The KMX preferred units and common units are not publicly traded and may not be offered, sold, transferred or pledged until such preferred units or common units are registered pursuant to an effective registration statement or pursuant to an exemption from registration.

We are party to agreements whereby Standard Lithium Ltd. (NYSE: SLI) (“Standard Lithium”) has the rights to produce and extract lithium in a portion of our Arkansas leases. The Company received and currently holds 800,000 shares of common stock of Standard Lithium under the terms of its arrangements.

See Note 7 - “Fair Value Measurements” for further information.

Long-Term Debt and Other Borrowings

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt and Other Borrowings

LONG-TERM DEBT AND OTHER BORROWINGS

Consolidated long-term debt as of September 30, 2024 and December 31, 2023 consists of the following:


						Scheduled Maturity						September 30, 2024						December 31, 2023

												(in thousands)
Term Credit Agreement(1)						January 1, 2030						$	179,709					$	157,505




Total long-term debt												$	179,709					$	157,505

(1) Net of unamortized discount of $5.2 million and $2.2 million as of September 30, 2024 and December 31, 2023, respectively, and net of unamortized deferred financing costs of $5.1 million and $3.3 million as of September 30, 2024 and December 31, 2023, respectively.

Term Credit Agreement

On January 12, 2024, the Company entered into a definitive agreement for a $265.0 million credit facility, consisting of a $190.0 million funded term loan and a $75.0 million delayed-draw term loan (collectively the “Term Credit Agreement”) that refinanced the Company’s prior credit facility outstanding as of December 31, 2023 and provided capital to advance the Company’s proposed Arkansas bromine processing project. Pricing on the Term Credit Agreement is the secured overnight financing rate (“SOFR”) plus 5.75%. The Company is required to pay a

commitment fee on the unutilized commitments with respect to the delayed-draw term loan at the rate of 1.5% per annum. The interest rate per annum on borrowings under the Term Credit Agreement is 11.19% as of September 30, 2024 and the maturity date of the Term Credit Agreement is January 1, 2030. The Company used the net proceeds to repay in full the balance of its prior credit facility, with approximately $15.2 million of additional cash, net of discounts and transaction expenses. In connection with the Term Credit Agreement, we incurred approximately $5.3 million of fees which were deferred and will be amortized over the term of the Term Credit Agreement. As a result of termination of the prior credit facility, a loss of $5.5 million was recognized during the three-month period ended March 31, 2024 primarily for unamortized deferred financing costs.

The Term Credit Agreement contains certain affirmative and negative covenants, including covenants that restrict the ability of the Company and certain of its subsidiaries to take certain actions including, among other things and subject to certain significant exceptions, the incurrence of debt, the granting of liens, engaging in mergers and other fundamental changes, the making of investments, entering into transactions with affiliates, the payment of dividends and other restricted payments, the prepayment of other indebtedness and the sale of assets. The Term Credit Agreement also requires the Company to maintain a Leverage Ratio (as defined in the new term loan credit agreement) of not more than 4.0 to 1.0 as of the end of each fiscal quarter and Liquidity (as defined in the Term Credit Agreement) of not less than $50.0 million at all times.

All obligations under the Term Credit Agreement and the guarantees of those obligations are secured, subject to certain exceptions, by a security interest on substantially all of the property of the Company and its domestic subsidiaries, subject to the lien priorities set forth in the intercreditor agreement with the agent under our ABL Credit Agreement.

Our Term Credit Agreement requires us to offer to prepay a percentage of Excess Cash Flow (as defined in the Term Credit Agreement) within five business days of filing our Annual Report beginning with the financial statements for the year ending December 31, 2024.

The Term Credit Agreement includes customary events of default including non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations or warranties, cross-default to other material indebtedness, bankruptcy and insolvency events, invalidity or impairment of security interests or invalidity of loan documents, certain ERISA events, unsatisfied or unstayed judgments and change of control.

ABL Credit Agreement

On May 13, 2024, we entered into an amendment (the “ABL Amendment”) to the Asset-Based Lending agreement dated as of September 10, 2018 (as amended, the “ABL Credit Agreement”). In connection with the ABL Amendment, Bank of America, N.A. became successor administrative agent to JPMorgan Chase Bank, N.A. Furthermore, approximately $0.6 million of fees were incurred in connection with the ABL Amendment, which were deferred and will be amortized over the term of the ABL Credit Agreement.

As of September 30, 2024, our ABL Credit Agreement provides, with certain restrictions, for a senior secured revolving credit facility of up to $100.0 million with a $25.0 million accordion. The credit facility is subject to a borrowing base determined monthly by reference to the value of inventory and accounts receivable, and includes a sublimit of $20.0 million for letters of credit, and a swingline loan sublimit of $11.5 million. The ABL Credit Agreement matures on May 13, 2029.

As of September 30, 2024, we had no borrowings outstanding and $0.2 million letters of credit or guarantees under our ABL Credit Agreement. Deferred financing costs of $0.8 million and $0.6 million as of September 30, 2024 and December 31, 2023, respectively, were classified as other long-term assets on the accompanying consolidated balance sheet as there was no outstanding balance on our ABL Credit Agreement. Subject to compliance with the covenants, borrowing base, and other provisions of the ABL Credit Agreement that may limit borrowings, we had availability of $68.2 million under this agreement.

Borrowings under the ABL Credit Agreement bear interest at a rate per annum equal to, at the option of TETRA, either (i) the standard overnight financing rate plus 0.10%, (ii) a base rate plus a margin based on a fixed charge coverage ratio, or (iii) the Daily Simple Risk Free Rate plus 0.10%. The base rate is determined by reference to the highest of (a) the prime rate of interest as announced from time to time by Bank of America, N.A. (b) the Federal Funds Effective Rate (as defined in the ABL Credit Agreement) plus 0.5% per annum and (c) the standard overnight financing rate (adjusted to reflect any required bank reserves) for a one-month period on such day plus 1.0% per annum, provided that the base rate shall not be less than 1.0%. Borrowings outstanding have an applicable margin ranging from 2.00% to 2.50% per annum for SOFR-based loans and 1.00% to 1.50% per annum for base-rate loans, based upon the applicable fixed charge coverage ratio. In addition to paying interest on the outstanding principal under the ABL Credit Agreement, TETRA is required to pay a commitment fee in respect of the unutilized commitments at an applicable rate of 0.375% per annum. TETRA is also required to pay a customary letter of credit fee equal to the applicable margin on loans and fronting fees.

All obligations under the ABL Credit Agreement and the guarantees of those obligations are secured, subject to certain exceptions, by a security interest for the benefit of the ABL Lenders on substantially all of the personal property of TETRA and certain subsidiaries of TETRA, the equity interests in certain domestic subsidiaries, and a maximum of 65% of the equity interests in certain foreign subsidiaries.

Swedish Credit Facility

In January 2022, the Company entered into a revolving credit facility for seasonal working capital needs of subsidiaries in Sweden (“Swedish Credit Facility”). As of September 30, 2024, we had no balance outstanding and availability of approximately $4.9 million under the Swedish Credit Facility. During each year, all outstanding loans under the Swedish Credit Facility must be repaid for at least 30 consecutive days. Borrowings bear interest at a rate of 2.95% per annum. The Swedish Credit Facility expires on December 31, 2024 and the Company intends to renew it annually.

Finland Credit Agreement

In January 2022, the Company also entered into an agreement guaranteed by certain accounts receivable and inventory in Finland (“Finland Credit Agreement”). As of September 30, 2024, there were $1.5 million of letters of credit outstanding against the Finland Credit Agreement. The Finland Credit Agreement expires on January 31, 2025 and the Company intends to renew it annually.

Covenants

Our credit agreements contain certain affirmative and negative covenants, including covenants that restrict the ability to pay dividends or other restricted payments. As of September 30, 2024, we are in compliance with all covenants under the credit agreements.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Litigation We are named defendants in several lawsuits and respondents in certain governmental proceedings arising in the ordinary course of business. While the outcome of lawsuits or other proceedings against us cannot be predicted with certainty, management does not consider it reasonably possible that a loss resulting from such lawsuits or other proceedings in excess of any amounts accrued has been incurred that is expected to have a material adverse impact on our financial condition, results of operations, or liquidity. There have been no material developments in our legal proceedings during the quarter ended September 30, 2024. For additional discussion of our legal proceedings, please see our 2023 Annual Report and Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. Product Purchase Obligations In the normal course of our Completion Fluids & Products Division operations, we enter into supply agreements with certain manufacturers of various raw materials and finished products. Some of these agreements have terms and conditions that specify a minimum or maximum level of purchases over the term of the agreement. Other agreements require us to purchase the entire output of the raw material or finished product produced by the manufacturer. Our purchase obligations under these agreements apply only with regard to raw materials and finished products that meet specifications set forth in the agreements. We recognize a liability for the purchase of such products at the time we receive them. As of September 30, 2024, the aggregate amount of the fixed and determinable portion of the purchase obligation pursuant to our Completion Fluids & Products Division’s supply agreements was approximately $69.5 million, including $3.3 million for the remainder of 2024, $26.1 million in 2025, $22.3 million in 2026, $15.5 million in 2027, and $2.3 million in 2028. As of September 30, 2024, we also have commitments of $5.6 million related to long-lead infrastructure for our Completion Fluids & Products Division’s proposed bromine plant in Arkansas. Contingencies Related to Discontinued Operations In early 2018, we closed the Maritech Asset Purchase and Sale Agreement (“Maritech APA") and Maritech Membership Interest Purchase Agreement (“Maritech MIPA”) with Orinoco Natural Resources, LLC (“Orinoco”) that together provided for the purchase by Orinoco of all of Maritech’s remaining oil and gas properties and related assets and all outstanding membership interests of Maritech. Under the Maritech APA, Orinoco assumed responsibility for all of Maritech’s decommissioning liabilities related to the leases sold to Orinoco (the “Orinoco Lease Liabilities”) and, under the Maritech MIPA, Orinoco assumed all other liabilities of Maritech, including the decommissioning liabilities associated with Maritech’s interests in oil and gas properties previously sold by Maritech and select infrastructure still operated by Maritech (the “Legacy Liabilities”), subject to certain limited exceptions unrelated to the decommissioning liabilities. To the extent that Maritech or Orinoco fails to satisfy decommissioning liabilities associated with any of the Orinoco Lease Liabilities or the Legacy Liabilities, we may be required to satisfy such liabilities under third party indemnity agreements and corporate guarantees that we previously provided to the U.S. Department of the Interior (“BSEE”) and other parties, respectively, for which costs may be significant. Pursuant to a Bonding Agreement entered into as part of these Orinoco transactions (the “Bonding Agreement”), Orinoco provided non-revocable performance bonds from a surety company in an aggregate amount of $46.8 million to cover the performance by Orinoco and Maritech of certain specific asset retirement obligations of Maritech (the “Initial Bonds”) and agreed to replace the Initial Bonds with other non-revocable performance bonds in the aggregate sum of $47.0 million (collectively, the “Replacement Bonds”). In the event Orinoco does not provide the Replacement Bonds, Orinoco is required to make certain cash escrow payments to us. To date, no cash escrow payments have been made. On August 16, 2024, we issued a letter to Orinoco and the bond company demanding realignment of the existing bonds and/or issuance of Replacement Bonds pursuant to the terms of the Bonding Agreement to better align bond coverage with the more likely liability risks. To date, no written response has been received. In addition, Maritech and certain other interest owners have received decommissioning orders from BSEE and could receive additional decommissioning orders in the future. Such decommissioning orders received by Maritech and other interest owners relate to asset retirement obligations for certain properties in the Gulf of Mexico. From time to time, we also receive demand notices from third parties related to certain corporate guarantees or other arrangements covering such decommissioning liabilities. While the ultimate outcome of such matters cannot be predicted at this time, if Maritech or other interest owners default, BSEE or third parties may seek to enforce certain corporate guarantees or third party indemnity agreements against us for a portion of such decommissioning obligations, which may be significant. With respect to certain properties in the Gulf of Mexico, we have been advised that the cost of the decommissioning work to plug and abandon certain wells is projected to be significantly higher than the approximately $10.7 million bond supporting the liability, which was put in place by Maritech and other interest owners based on earlier cost estimates. We have also been advised more recently that Maritech’s prior working interest with respect those plugging and abandonment (“P&A”) costs are expected to exceed its share of the bond. In September 2024, P&A operations commenced pursuant to a cost sharing agreement among certain parties for decommissioning certain properties in the Gulf of Mexico. While Maritech is not a party to this cost sharing agreement, a predecessor of Maritech has advised us that it expects to seek reimbursement from us for the portion of decommissioning costs it has contractually agreed to pay pursuant to the terms of the cost sharing agreement. While the ultimate outcome of this matter cannot be predicted, we could potentially be liable for an estimated amount in the range of $5.8 million to $19.4 million, depending on the outcome of negotiations and whether other partners or property owners in the chain of title fulfill their respective obligations under their agreements. Additionally, we understand that in connection with the P&A operations being performed, Maritech and the other named obligees have made a demand on the related bond. We have made efforts to protect Maritech’s proportionate share of the bond proceeds (approximately $3.9 million), including demanding that the surety segregate or ensure that Maritech’s share is applied solely to satisfy its proportionate share of the decommissioning costs. We accrued a liability of $5.8 million related to this obligation during the three months ended September 30, 2024.

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

Financial Instruments

Investments

We retained an interest in CSI Compressco, which was acquired by Kodiak on April 1, 2024, and we received shares of Kodiak in exchange for our common units in CSI Compressco in connection with such acquisition. In December 2021, we invested in a $5.0 million convertible note issued by CarbonFree. During 2023, we invested $0.4 million in convertible notes issued by KMX. During the three months ended September 30, 2024, these convertible notes converted into preferred units and we invested $1.0 million in additional preferred units. We also received common units issued by KMX. In addition, we receive stock of Standard Lithium under the terms of our arrangements as noted in Note 4 - “Investments.”

Our investments in Kodiak, Standard Lithium, and, formerly, CSI Compressco, are recorded in investments on our consolidated balance sheets based on the quoted market stock price (Level 1 fair value measurements). The stock component of consideration received from Standard Lithium was initially recorded as unearned income based on the quoted market price at the time the stock is received, then recognized in income over the contract term. Changes in the value of stock are recorded in other (income) expense, net in our consolidated statements of operations.

Our investment in preferred units issued by KMX as of September 30, 2024 were recorded based on observable market-based inputs for preferred units issued to several investors during August and September 2024 (Level 2 fair value measurement). Our investment in convertible notes and common units issued by CarbonFree and our investment in common units issued by KMX are recorded in our consolidated financial statements based on an internal valuations with assistance from a third-party valuation specialist (Level 3 fair value measurement). The valuations are impacted by key assumptions, including the assumed probability and timing of potential debt or equity offerings. The convertible note issued by CarbonFree includes an option to convert the note into equity interests issued by CarbonFree. The change in the fair value of the embedded option, as well as the KMX preferred units and common units, are included in other (income) expense, net in our consolidated statements of operations. The change in the fair value of the convertible note issued by CarbonFree, excluding the embedded option, is included in other comprehensive income (loss) in our consolidated statements of comprehensive income.

The change in our investments for the three-month and nine-month periods ended September 30, 2024 and 2023 are as follows:


			Three Months Ended September 30, 2024
			Fair Value Measurements Using
			Quoted Prices in Active Markets for Identical Assets or Liabilities						Significant Other Observable Inputs						Significant Unobservable Inputs
			(Level 1)						(Level 2)						(Level 3)						Total
			(in thousands)
Investment balance at beginning of period			$	13,279					$	—					$	7,148					$	20,427
Purchase of investments			—						1,000						21						1,021
Reclassification between Level 2 and Level 3 fair value			—						350						(350)						—
Unrealized gain on equity securities			1,072						38						193						1,303
Unrealized loss on embedded option			—						—						(553)						(553)
Unrealized gain on convertible note, excluding embedded option			—						—						556						556
Investment balance at end of period			$	14,351					$	1,388					$	7,015					$	22,754













			Three Months Ended September 30, 2023
			Fair Value Measurements Using
			Quoted Prices in Active Markets for Identical Assets or Liabilities						Significant Unobservable Inputs
			(Level 1)						(Level 3)						Total
			(in thousands)
Investment balance at beginning of period			$	10,199					$	6,519					$	16,718
Purchase of investments			—						100						100
Unrealized loss on equity securities			(707)						—						(707)
Unrealized gain on embedded option			—						148						148
Unrealized gain on convertible note, excluding embedded option			—						146						146
Investment balance at end of period			$	9,492					$	6,913					$	16,405


			Nine Months Ended September 30, 2024
			Fair Value Measurements Using
			Quoted Prices in Active Markets for Identical Assets or Liabilities						Significant Other Observable Inputs						Significant Unobservable Inputs
			(Level 1)						(Level 2)						(Level 3)						Total
			(in thousands)
Investment balance at beginning of period			$	10,154					$	—					$	7,200					$	17,354
Purchase of investments			—						1,000						21						1,021
Reclassification between Level 2 and Level 3 fair value			—						350						(350)						—
Unrealized gain on equity securities			4,197						38						1,070						5,305
Unrealized loss on embedded option			—						—						(1,714)						(1,714)
Unrealized gain on convertible note, excluding embedded option			—						—						788						788
Investment balance at end of period			$	14,351					$	1,388					$	7,015					$	22,754


			Nine Months Ended September 30, 2023
			Fair Value Measurements Using
			Quoted Prices in Active Markets for Identical Assets or Liabilities						Significant Unobservable Inputs
			(Level 1)						(Level 3)						Total
			(in thousands)
Investment balance at beginning of period			$	8,147					$	6,139					$	14,286
Purchase of investments			—						350						350
Unrealized gain on equity securities			1,345						—						1,345
Unrealized loss on embedded option			—						(50)						(50)
Unrealized gain on convertible note, excluding embedded option			—						474						474
Investment balance at end of period			$	9,492					$	6,913					$	16,405

Recurring fair value measurements by valuation hierarchy as of September 30, 2024 and December 31, 2023 are as follows:


												Fair Value Measurements Using
						Total as of						Quoted Prices in Active Markets for Identical Assets or Liabilities						Significant Other Observable Inputs						Significant Unobservable Inputs
Description						September 30, 2024						(Level 1)						(Level 2)						(Level 3)
						(in thousands)
Investment in Kodiak						$	13,063					$	13,063					$	—					$	—
Investment in CarbonFree						6,805						—						—						6,805
Investment in Standard Lithium						1,288						1,288						—						—
Investment in KMX Technologies						1,598						—						1,388						210

Total investments						$	22,754


												Fair Value Measurements Using
						Total as of						Quoted Prices in Active Markets for Identical Assets or Liabilities						Significant Other Observable Inputs						Significant Unobservable Inputs
Description						December 31, 2023						(Level 1)						(Level 2)						(Level 3)
						(in thousands)
Investment in CSI Compressco						$	8,538					$	8,538					$	—					$	—
Investment in CarbonFree						6,850						—						—						6,850
Investment in Standard Lithium						1,616						1,616						—						—
Investment in KMX Technologies						350						—						—						350

Investments						$	17,354

Other

The fair values of cash, restricted cash, accounts receivable, accounts payable, accrued liabilities, short-term borrowings and long-term debt approximate their carrying amounts. See Note 5 - “Long-Term Debt and Other Borrowings” for further discussion.

Net Income per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Income Per Share

NET INCOME PER SHARE

The following is a reconciliation of the weighted average number of common shares outstanding with the number of shares used in the computations of net income per common and common equivalent share:


			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(in thousands)
Number of weighted average common shares outstanding			131,579						129,777						131,100						129,395
Assumed vesting of equity awards			450						2,312						993						1,440
Average diluted shares outstanding			132,029						132,089						132,093						130,835

Industry Segments

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Industry Segments

INDUSTRY SEGMENTS

We manage our operations through two segments: Completion Fluids & Products Division and Water & Flowback Services Division.

Summarized financial information concerning the business segments is as follows:


			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023

			(in thousands)
Revenues from external customers
Product sales
Completion Fluids & Products Division			$	61,451					$	68,532					$	229,223					$	228,415
Water & Flowback Services Division			10,324						435						12,511						2,304
Consolidated			$	71,775					$	68,967					$	241,734					$	230,719

Services
Completion Fluids & Products Division			$	3,680					$	4,678					$	13,209					$	12,059
Water & Flowback Services Division			66,245						77,819						209,664						230,358
Consolidated			$	69,925					$	82,497					$	222,873					$	242,417

Total revenues
Completion Fluids & Products Division			$	65,131					$	73,210					$	242,432					$	240,474
Water & Flowback Services Division			76,569						78,254						222,175						232,662
Consolidated			$	141,700					$	151,464					$	464,607					$	473,136

Income (loss) before taxes and discontinued operations
Completion Fluids & Products Division			$	19,119					$	16,932					$	65,564					$	67,330
Water & Flowback Services Division			4,674						8,475						8,551						22,869

Corporate Overhead(1)			(16,217)						(18,691)						(52,765)						(54,869)
Consolidated			$	7,576					$	6,716					$	21,350					$	35,330

(1) Amounts reflected include the following general corporate expenses:


			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023

			(in thousands)
General and administrative expense			$	10,780					$	13,552					$	32,570					$	37,206
Depreciation and amortization			93						101						258						303
Impairments and other charges			109						—						109						777
Interest expense, net			6,043						5,755						18,440						17,029
Loss on debt extinguishment			—						—						5,535						—
Other general corporate income, net			(808)						(717)						(4,147)						(446)
Total			$	16,217					$	18,691					$	52,765					$	54,869

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss), retained deficit	$ (2,998)	$ 5,420	$ 5,560	$ 29,675

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization, Basis of Presentation, and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Presentation	Presentation Our unaudited consolidated financial statements include the accounts of our wholly owned or controlled subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The information furnished reflects all normal recurring adjustments, which are, in the opinion of management, necessary to provide a fair statement of the results for the interim periods. Operating results for the period ended September 30, 2024 are not necessarily indicative of results that may be expected for the twelve months ended December 31, 2024. The accompanying unaudited consolidated financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X for interim financial statements required to be filed with the U.S. Securities and Exchange Commission (“SEC”) and do not include all information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2023 and notes thereto included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2024 (the “2023 Annual Report”).
Discontinued Operations	Discontinued Operations In early 2018, we closed a series of related transactions that resulted in the disposition of our former Offshore segment. Our former Offshore segment is reported as discontinued operations for all periods presented. We may be required to satisfy certain decommissioning liabilities under third-party indemnity agreements and corporate guarantees for which costs may be significant. During the three months ended September 30, 2024, we accrued $5.8 million of decommissioning expense and liability associated with our former Offshore segment for which costs might be above the value of surety bonds on properties previously disposed. See Note 6 - “Commitments and Contingencies” for additional discussion of contingencies related to discontinued operations.
Restricted Cash	Restricted Cash Restricted cash is classified as a current asset when it is expected to be repaid or settled in the next twelve-month period. In connection with the May 2024 amendment to our ABL Credit Agreement, our former administrative agent required us to collateralize our outstanding letters of credit. See Note 5 - “Long-Term Debt and Other Borrowings” for additional discussion of the ABL Amendment. Restricted cash as of September 30, 2024 consists of $0.7 million to secure our outstanding letters of credit with our former administrative agent and is expected to terminate as the letters of credit expire by March 2025.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses, and impairments during the reporting period. Actual results could differ from those estimates, and such differences could be material.
Mineral Resources Arrangement	Mineral Resources Arrangement We have rights to the brine underlying our approximately 40,000 gross acres of brine leases in the Smackover Formation in Southwest Arkansas, including rights to the bromine and lithium contained in the brine. In June 2023, we entered into a memorandum of understanding (“MOU”) with Saltwerx LLC (“Saltwerx”), an indirect wholly owned subsidiary of ExxonMobil Corporation, relating to a newly formed Evergreen Unit known as the Evergreen Unit, and potential bromine and lithium production from brine produced from the unit. We completed an initial preliminary economic assessment in early 2023 for the extraction of the brine and for a bromine processing plant. On January 8, 2024, we announced the completion of a technical resources report for the Evergreen Unit in Arkansas. During the three and nine months ended September 30, 2024, we capitalized approximately $8.7 million and $22.6 million, respectively, of costs associated with the development of our properties in Arkansas. We recognized $3.8 million and $6.8 million of expenses during the three and nine months ended September 30, 2023, respectively, for exploration and pre-development costs representing expenditures incurred to evaluate potential future development of our lithium and bromine properties in Arkansas.
Foreign Currency Translation	Foreign Currency Translation We have designated the Euro, the British pound, the Canadian dollar, the Brazilian real, and the Mexican peso as the functional currencies for our operations in Finland and Sweden, the United Kingdom, Canada, Brazil, and certain of our operations in Mexico, respectively. The United States dollar is the designated functional currency for all of our other non-U.S. operations. The cumulative translation effects of translating the applicable accounts from the functional currencies into the United States dollar at current exchange rates are included as a separate component of equity. Foreign currency exchange losses are included in other (income) expense, net and totaled $0.5 million and $2.8 million during the three and nine months ended September 30, 2024, respectively, and less than $0.1 million and $0.3 million during the three and nine months ended September 30, 2023, respectively.
Fair Value Measurements	Fair Value Measurements We utilize fair value measurements to account for certain items and account balances within our consolidated financial statements. Fair value measurements are utilized on a recurring basis in the determination of the carrying values of certain investments. See Note 7 - “Fair Value Measurements” for further discussion. Fair value measurements are also utilized on a nonrecurring basis in certain circumstances, including the impairment of long-lived assets (a Level 3 fair value measurement).
New Accounting Pronouncements	New Accounting Pronouncements Standards not yet adopted In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which is intended to improve reportable segments disclosures in annual and interim financial statements, primarily through expanded disclosures of significant segment expenses. ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023 and interim reporting periods beginning after December 15, 2024, with early adoption permitted. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The new standard requires companies to disclose specific categories in the income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the expected impact of these standards but does not expect them to have a significant impact on its consolidated financial statements upon adoption as the standards expand disclosures only.

Organization, Basis of Presentation, and Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of Supplemental Cash Flow Information

Supplemental cash flow information is as follows:


			Nine Months Ended September 30,
			2024						2023
			(in thousands)
Interest paid			$	16,437					$	14,282
Income taxes paid			$	4,867					$	3,918

			September 30, 2024						December 31, 2023
			(in thousands)
Accrued capital expenditures			$	5,252					$	5,171

Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

In addition, we disaggregate revenue from contracts with customers by geography based on the following table below.


			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(in thousands)
Completion Fluids & Products
United States			$	33,363					$	36,484					$	116,361					$	115,167
International			31,768						36,726						126,071						125,307
			65,131						73,210						242,432						240,474
Water & Flowback Services
United States			59,808						67,877						185,283						204,446
International(1)			16,761						10,377						36,892						28,216
			76,569						78,254						222,175						232,662




Total Revenue
United States			93,171						104,361						301,644						319,613
International(1)			48,529						47,103						162,963						153,523
			$	141,700					$	151,464					$	464,607					$	473,136

(1) Includes $4.1 million of lease revenue described below for the three and nine months ended September 30, 2024.

Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

Components of inventories as of September 30, 2024 and December 31, 2023 are as follows:


			September 30, 2024						December 31, 2023
			(in thousands)
Finished goods			$	83,170					$	79,769
Raw materials			5,309						8,329
Parts and supplies			7,585						6,868
Work in progress			1,640						1,570
Total inventories			$	97,704					$	96,536

Investments (Tables)

9 Months Ended

Sep. 30, 2024

Investments in and Advances to Affiliates [Abstract]

Schedule of Investments

Our investments as of September 30, 2024 and December 31, 2023 consist of the following:


			September 30, 2024						December 31, 2023
			(in thousands)
Investment in Kodiak(1)			$	13,063					$	8,538
Investment in CarbonFree			6,805						6,850
Investment in Standard Lithium			1,288						1,616
Investment in KMX Technologies			1,598						350
Total Investments			$	22,754					$	17,354

(1) Kodiak Gas Services, Inc. (NYSE: KGS) (“Kodiak”) acquired CSI Compressco LP (“CSI Compressco”) on April 1, 2024.

Long-Term Debt and Other Borrowings (Table)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Consolidated long-term debt as of September 30, 2024 and December 31, 2023 consists of the following:


						Scheduled Maturity						September 30, 2024						December 31, 2023

												(in thousands)
Term Credit Agreement(1)						January 1, 2030						$	179,709					$	157,505




Total long-term debt												$	179,709					$	157,505

(1) Net of unamortized discount of $5.2 million and $2.2 million as of September 30, 2024 and December 31, 2023, respectively, and net of unamortized deferred financing costs of $5.1 million and $3.3 million as of September 30, 2024 and December 31, 2023, respectively.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of changes in Investments

The change in our investments for the three-month and nine-month periods ended September 30, 2024 and 2023 are as follows:


			Three Months Ended September 30, 2024
			Fair Value Measurements Using
			Quoted Prices in Active Markets for Identical Assets or Liabilities						Significant Other Observable Inputs						Significant Unobservable Inputs
			(Level 1)						(Level 2)						(Level 3)						Total
			(in thousands)
Investment balance at beginning of period			$	13,279					$	—					$	7,148					$	20,427
Purchase of investments			—						1,000						21						1,021
Reclassification between Level 2 and Level 3 fair value			—						350						(350)						—
Unrealized gain on equity securities			1,072						38						193						1,303
Unrealized loss on embedded option			—						—						(553)						(553)
Unrealized gain on convertible note, excluding embedded option			—						—						556						556
Investment balance at end of period			$	14,351					$	1,388					$	7,015					$	22,754













			Three Months Ended September 30, 2023
			Fair Value Measurements Using
			Quoted Prices in Active Markets for Identical Assets or Liabilities						Significant Unobservable Inputs
			(Level 1)						(Level 3)						Total
			(in thousands)
Investment balance at beginning of period			$	10,199					$	6,519					$	16,718
Purchase of investments			—						100						100
Unrealized loss on equity securities			(707)						—						(707)
Unrealized gain on embedded option			—						148						148
Unrealized gain on convertible note, excluding embedded option			—						146						146
Investment balance at end of period			$	9,492					$	6,913					$	16,405


			Nine Months Ended September 30, 2024
			Fair Value Measurements Using
			Quoted Prices in Active Markets for Identical Assets or Liabilities						Significant Other Observable Inputs						Significant Unobservable Inputs
			(Level 1)						(Level 2)						(Level 3)						Total
			(in thousands)
Investment balance at beginning of period			$	10,154					$	—					$	7,200					$	17,354
Purchase of investments			—						1,000						21						1,021
Reclassification between Level 2 and Level 3 fair value			—						350						(350)						—
Unrealized gain on equity securities			4,197						38						1,070						5,305
Unrealized loss on embedded option			—						—						(1,714)						(1,714)
Unrealized gain on convertible note, excluding embedded option			—						—						788						788
Investment balance at end of period			$	14,351					$	1,388					$	7,015					$	22,754


			Nine Months Ended September 30, 2023
			Fair Value Measurements Using
			Quoted Prices in Active Markets for Identical Assets or Liabilities						Significant Unobservable Inputs
			(Level 1)						(Level 3)						Total
			(in thousands)
Investment balance at beginning of period			$	8,147					$	6,139					$	14,286
Purchase of investments			—						350						350
Unrealized gain on equity securities			1,345						—						1,345
Unrealized loss on embedded option			—						(50)						(50)
Unrealized gain on convertible note, excluding embedded option			—						474						474
Investment balance at end of period			$	9,492					$	6,913					$	16,405

Schedule of Recurring Fair Value Measurements

Recurring fair value measurements by valuation hierarchy as of September 30, 2024 and December 31, 2023 are as follows:


												Fair Value Measurements Using
						Total as of						Quoted Prices in Active Markets for Identical Assets or Liabilities						Significant Other Observable Inputs						Significant Unobservable Inputs
Description						September 30, 2024						(Level 1)						(Level 2)						(Level 3)
						(in thousands)
Investment in Kodiak						$	13,063					$	13,063					$	—					$	—
Investment in CarbonFree						6,805						—						—						6,805
Investment in Standard Lithium						1,288						1,288						—						—
Investment in KMX Technologies						1,598						—						1,388						210

Total investments						$	22,754


												Fair Value Measurements Using
						Total as of						Quoted Prices in Active Markets for Identical Assets or Liabilities						Significant Other Observable Inputs						Significant Unobservable Inputs
Description						December 31, 2023						(Level 1)						(Level 2)						(Level 3)
						(in thousands)
Investment in CSI Compressco						$	8,538					$	8,538					$	—					$	—
Investment in CarbonFree						6,850						—						—						6,850
Investment in Standard Lithium						1,616						1,616						—						—
Investment in KMX Technologies						350						—						—						350

Investments						$	17,354

Net Income per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Share

The following is a reconciliation of the weighted average number of common shares outstanding with the number of shares used in the computations of net income per common and common equivalent share:


			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(in thousands)
Number of weighted average common shares outstanding			131,579						129,777						131,100						129,395
Assumed vesting of equity awards			450						2,312						993						1,440
Average diluted shares outstanding			132,029						132,089						132,093						130,835

Industry Segments (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Financial Information of Segments

Summarized financial information concerning the business segments is as follows:


			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023

			(in thousands)
Revenues from external customers
Product sales
Completion Fluids & Products Division			$	61,451					$	68,532					$	229,223					$	228,415
Water & Flowback Services Division			10,324						435						12,511						2,304
Consolidated			$	71,775					$	68,967					$	241,734					$	230,719

Services
Completion Fluids & Products Division			$	3,680					$	4,678					$	13,209					$	12,059
Water & Flowback Services Division			66,245						77,819						209,664						230,358
Consolidated			$	69,925					$	82,497					$	222,873					$	242,417

Total revenues
Completion Fluids & Products Division			$	65,131					$	73,210					$	242,432					$	240,474
Water & Flowback Services Division			76,569						78,254						222,175						232,662
Consolidated			$	141,700					$	151,464					$	464,607					$	473,136

Income (loss) before taxes and discontinued operations
Completion Fluids & Products Division			$	19,119					$	16,932					$	65,564					$	67,330
Water & Flowback Services Division			4,674						8,475						8,551						22,869

Corporate Overhead(1)			(16,217)						(18,691)						(52,765)						(54,869)
Consolidated			$	7,576					$	6,716					$	21,350					$	35,330

(1) Amounts reflected include the following general corporate expenses:


			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023

			(in thousands)
General and administrative expense			$	10,780					$	13,552					$	32,570					$	37,206
Depreciation and amortization			93						101						258						303
Impairments and other charges			109						—						109						777
Interest expense, net			6,043						5,755						18,440						17,029
Loss on debt extinguishment			—						—						5,535						—
Other general corporate income, net			(808)						(717)						(4,147)						(446)
Total			$	16,217					$	18,691					$	52,765					$	54,869

Organization, Basis of Presentation, and Significant Accounting Policies - Additional Information (Details) $ / shares in Units, a in Thousands, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024 USD ($) a $ / shares	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($) $ / shares	Sep. 30, 2024 USD ($) a segment $ / shares	Sep. 30, 2023 USD ($) $ / shares	Dec. 31, 2023 USD ($)
Dividends Payable [Line Items]
Number of reporting segments \| segment				2
Decommissioning expense accrued	$ 5,800
Other income, net	$ (715)		$ (2,041)	$ (2,241)	$ (8,690)
Net income attributable to TETRA stockholders, basic (in dollars per share) \| $ / shares	$ 0.02		$ (0.04)	$ (0.05)	$ (0.23)
Net income attributable to TETRA stockholders, diluted (in dollars per share) \| $ / shares	$ 0.02		$ (0.04)	$ (0.05)	$ (0.23)
Restricted cash	$ 658		$ 0	$ 658	$ 0	$ 0
Gross brine lease acres \| a	40			40
Capitalized development costs	$ 8,700			$ 22,600
Exploration and pre-development costs	0		3,775	0	6,836
Foreign currency exchange gains (losses)	(500)		$ (100)	(2,800)	$ (300)
Letter of Credit
Dividends Payable [Line Items]
Restricted cash	$ 700			$ 700
Revision of Prior Period, Error Correction, Adjustment
Dividends Payable [Line Items]
Other income, net		$ 1,400
Net income attributable to TETRA stockholders, basic (in dollars per share) \| $ / shares				$ 0.01
Net income attributable to TETRA stockholders, diluted (in dollars per share) \| $ / shares				$ 0.01

Organization, Basis of Presentation, and Significant Accounting Policies - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Accounting Policies [Abstract]
Interest paid	$ 16,437	$ 14,282
Income taxes paid	4,867	$ 3,918
Accrued capital expenditures	$ 5,252		$ 5,171

Revenue - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
Revenue - Additional Information (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Contract assets	$ 26,300		$ 26,300		$ 30,600
Unearned income balances	600		600		$ 3,100
Deferred revenue recognized	3,400	$ 1,200	$ 2,500	$ 1,600
Number of reportable segments \| segment			2
Total Revenue	141,700	151,464	$ 464,607	473,136
Sales-type lease revenues	4,100		4,100
Sales-type lease cost	3,000		3,000
Sales-type lease, current lease receivable	1,300		1,300
Sales-type lease, long-term lease receivable		2,500		2,500
Product sales
Disaggregation of Revenue [Line Items]
Total Revenue	71,775	68,967	241,734	230,719
Water & Flowback Services Division
Disaggregation of Revenue [Line Items]
Total Revenue	76,569	$ 78,254	$ 222,175	$ 232,662
Water & Flowback Services Division \| Product sales
Disaggregation of Revenue [Line Items]
Total Revenue	$ 7,400

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total Revenue	$ 141,700	$ 151,464	$ 464,607	$ 473,136
United States
Disaggregation of Revenue [Line Items]
Total Revenue	93,171	104,361	301,644	319,613
International
Disaggregation of Revenue [Line Items]
Total Revenue	48,529	47,103	162,963	153,523
Completion Fluids & Products
Disaggregation of Revenue [Line Items]
Total Revenue	65,131	73,210	242,432	240,474
Completion Fluids & Products \| United States
Disaggregation of Revenue [Line Items]
Total Revenue	33,363	36,484	116,361	115,167
Completion Fluids & Products \| International
Disaggregation of Revenue [Line Items]
Total Revenue	31,768	36,726	126,071	125,307
Water & Flowback Services
Disaggregation of Revenue [Line Items]
Total Revenue	76,569	78,254	222,175	232,662
Water & Flowback Services \| United States
Disaggregation of Revenue [Line Items]
Total Revenue	59,808	67,877	185,283	204,446
Water & Flowback Services \| International
Disaggregation of Revenue [Line Items]
Total Revenue	$ 16,761	$ 10,377	$ 36,892	$ 28,216

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 83,170	$ 79,769
Raw materials	5,309	8,329
Parts and supplies	7,585	6,868
Work in progress	1,640	1,570
Total inventories	$ 97,704	$ 96,536

Investments (Details) - USD ($) shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2021
Investments in and Advances to Affiliates [Line Items]
Investments	$ 22,754	$ 17,354
Kodiak
Investments in and Advances to Affiliates [Line Items]
Investments	13,063	8,538
CarbonFree
Investments in and Advances to Affiliates [Line Items]
Investments	$ 6,805	6,850
Convertible Notes
Investments in and Advances to Affiliates [Line Items]
Investments			$ 5,000
Deferred conversion period	2 years
Ownership percentage	1.00%
Standard Lithium
Investments in and Advances to Affiliates [Line Items]
Investments	$ 1,288	1,616
Common stock, shares held (in shares)	800
KMX Technologies
Investments in and Advances to Affiliates [Line Items]
Investments	$ 1,598	350
Convertible Notes
Investments in and Advances to Affiliates [Line Items]
Investments		$ 400
Preferred Units
Investments in and Advances to Affiliates [Line Items]
Investments	$ 1,000

Long-Term Debt and Other Borrowings - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total long-term debt	$ 179,709	$ 157,505
Secured Debt \| Term Loan Agreement
Debt Instrument [Line Items]
Total long-term debt	179,709	157,505
Unamortized discount	5,200	2,200
Unamortized deferred finance costs	$ 5,100	$ 3,300

Long-Term Debt and Other Borrowings - Additional Information (Details)		3 Months Ended			9 Months Ended
	Jan. 12, 2024 USD ($)	Sep. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	May 13, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Repayments of long-term debt					$ 163,481,000	$ 98,441,000
Loss on debt extinguishment		$ 0		$ 0	$ 5,535,000	$ 0
Secured Debt \| Term Loan Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 265,000,000
Basis spread on variable rate	5.75%
Commitment fee rate	1.50%
Interest rate		11.19%			11.19%
Repayments of long-term debt	$ 15,200,000
Fees incurred	$ 5,300,000
Loss on debt extinguishment			$ 5,500,000
Maximum leverage ratio	4.0
Maximum liquidity amount	$ 50,000,000
Secured Debt \| Term Loan Agreement \| Funded Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity	190,000,000
Secured Debt \| Term Loan Agreement \| Delayed-Draw Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 75,000,000
Secured Debt \| Asset-Based Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 100,000,000			$ 100,000,000
Commitment fee rate					0.375%
Accordion feature		25,000,000			$ 25,000,000
Outstanding debt		0			0			$ 0
Letters of credit outstanding		200,000			200,000
Deferred financing costs		800,000			800,000			$ 600,000
Availability under agreement		$ 68,200,000			$ 68,200,000
Equity interest in certain foreign subsidiaries		65.00%			65.00%
Secured Debt \| Asset-Based Credit Agreement \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate					0.10%
Secured Debt \| Asset-Based Credit Agreement \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate					2.00%
Secured Debt \| Asset-Based Credit Agreement \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate					2.50%
Secured Debt \| Asset-Based Credit Agreement \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate					0.10%
Secured Debt \| Asset-Based Credit Agreement \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate					1.00%
Secured Debt \| Asset-Based Credit Agreement \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate					1.50%
Secured Debt \| Asset-Based Credit Agreement \| Fed Funds Effective Rate
Debt Instrument [Line Items]
Basis spread on variable rate					0.50%
Secured Debt \| Asset-Based Credit Agreement \| Secured Overnight Financing Rate (SOFR) Adjusted For Required Bank Reserves
Debt Instrument [Line Items]
Basis spread on variable rate					1.00%
Secured Debt \| Asset-Based Credit Agreement \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 20,000,000			$ 20,000,000
Secured Debt \| Asset-Based Credit Agreement \| Singline Loan
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 11,500,000			$ 11,500,000
Secured Debt \| ABL Amendment
Debt Instrument [Line Items]
Fees incurred							$ 600,000
Secured Debt \| Swedish Credit Facility
Debt Instrument [Line Items]
Interest rate		2.95%			2.95%
Outstanding debt		$ 0			$ 0
Availability under agreement		4,900,000			$ 4,900,000
Term					30 days
Secured Debt \| Finland Credit Agreement
Debt Instrument [Line Items]
Outstanding debt		$ 1,500,000			$ 1,500,000

Commitments and Contingencies (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Aug. 16, 2024	Mar. 31, 2018
Loss Contingencies [Line Items]
Accrued liability related to obligation		$ 5.8
Discontinued Operations \| Minimum
Loss Contingencies [Line Items]
Estimated amount of potential loss liability	$ 5.8	5.8
Discontinued Operations \| Maximum
Loss Contingencies [Line Items]
Estimated amount of potential loss liability	19.4	19.4
Surety Bond \| Maritech
Loss Contingencies [Line Items]
Estimated amount of potential loss liability			$ 10.7
Bond proceeds	3.9
Discontinued Operations, Disposed of by Sale \| Offshore Division \| Initial Bonds
Loss Contingencies [Line Items]
Aggregate amount of performance bonds				$ 46.8
Discontinued Operations, Disposed of by Sale \| Offshore Division \| Interim Replacement Bonds
Loss Contingencies [Line Items]
Aggregate amount of performance bonds				$ 47.0
Supply Agreements
Loss Contingencies [Line Items]
Purchase obligation	69.5	69.5
Purchase obligation, remainder of 2024	3.3	3.3
Purchase obligation, 2025	26.1	26.1
Purchase obligation, 2026	22.3	22.3
Purchase obligation, 2027	15.5	15.5
Purchase obligation, 2028	2.3	2.3
Long-lead Infrastructure
Loss Contingencies [Line Items]
Purchase obligation	$ 5.6	$ 5.6

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Investments	$ 22,754	$ 17,354
CarbonFree Convertible Notes
Derivatives, Fair Value [Line Items]
Investments			$ 5,000
KMX Convertible Notes
Derivatives, Fair Value [Line Items]
Investments		$ 400
KMX Preferred Units
Derivatives, Fair Value [Line Items]
Investments	$ 1,000

Fair Value Measurements - Change in Our Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Investment balance at beginning of period	$ 20,427	$ 16,718	$ 17,354	$ 14,286
Purchase of investments	1,021	100	1,021	350
Reclassification between Level 2 and Level 3 fair value	0		0
Investment balance at end of period	22,754	16,405	22,754	16,405
Equity Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Unrealized gain (loss)	1,303	(707)	5,305	1,345
Embedded Option
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Unrealized gain (loss)	(553)	148	(1,714)	(50)
Convertible Note
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Unrealized gain (loss)	556	146	788	474
(Level 1) \| Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Investment balance at beginning of period	13,279	10,199	10,154	8,147
Purchase of investments	0	0	0	0
Reclassification between Level 2 and Level 3 fair value	0		0
Investment balance at end of period	14,351	9,492	14,351	9,492
(Level 1) \| Equity Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Unrealized gain (loss)	1,072	(707)	4,197	1,345
(Level 1) \| Embedded Option
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Unrealized gain (loss)	0	0	0	0
(Level 1) \| Convertible Note
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Unrealized gain (loss)	0	0	0	0
(Level 2) \| Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Investment balance at beginning of period	0		0
Purchase of investments	1,000		1,000
Reclassification between Level 2 and Level 3 fair value	350		350
Investment balance at end of period	1,388		1,388
(Level 2) \| Equity Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Unrealized gain (loss)	38		38
(Level 2) \| Embedded Option
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Unrealized gain (loss)	0		0
(Level 2) \| Convertible Note
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Unrealized gain (loss)	0		0
(Level 3) \| Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Investment balance at beginning of period	7,148	6,519	7,200	6,139
Purchase of investments	21	100	21	350
Reclassification between Level 2 and Level 3 fair value	(350)		(350)
Investment balance at end of period	7,015	6,913	7,015	6,913
(Level 3) \| Equity Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Unrealized gain (loss)	193	0	1,070	0
(Level 3) \| Embedded Option
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Unrealized gain (loss)	(553)	148	(1,714)	(50)
(Level 3) \| Convertible Note
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Unrealized gain (loss)	$ 556	$ 146	$ 788	$ 474

Fair Value Measurements - Market Risks and Derivative Hedge Contracts (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	$ 22,754	$ 17,354
Investments	22,754	17,354
Kodiak
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	13,063
Investments	13,063	8,538
CarbonFree
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	6,805
Investments	6,805	6,850
Standard Lithium
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	1,288
Investments	1,288	1,616
KMX Technologies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	1,598
Investments	1,598	350
(Level 1) \| Kodiak
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	13,063
(Level 1) \| CSI Compressco
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		8,538
(Level 1) \| CarbonFree
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	0	0
(Level 1) \| Standard Lithium
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	1,288	1,616
(Level 1) \| KMX Technologies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	0	0
(Level 2) \| Kodiak
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	0
(Level 2) \| CSI Compressco
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		0
(Level 2) \| CarbonFree
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	0	0
(Level 2) \| Standard Lithium
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	0	0
(Level 2) \| KMX Technologies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	1,388	0
(Level 3) \| Kodiak
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	0
(Level 3) \| CSI Compressco
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		0
(Level 3) \| CarbonFree
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	6,805	6,850
(Level 3) \| Standard Lithium
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	0	0
(Level 3) \| KMX Technologies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	$ 210	$ 350

Net Income per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
Net Income per Share (Details) - shares shares in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Number of weighted average common shares outstanding ( in shares)	131,579	129,777	131,100	129,395
Assumed exercise of equity awards (in shares)	450	2,312	993	1,440
Average diluted shares outstanding (in shares)	132,029	132,089	132,093	130,835

Industry Segments - Additional Details (Details)	9 Months Ended
Industry Segments - Additional Details (Details)	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of segment operations	2

Industry Segments - Revenue, Income from Operations, and Assets by Reporting Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Industry Segments Details [Line Items]
Total Revenue	$ 141,700	$ 151,464	$ 464,607	$ 473,136
Income before taxes and discontinued operations	7,576	6,716	21,350	35,330
Product sales
Industry Segments Details [Line Items]
Total Revenue	71,775	68,967	241,734	230,719
Services
Industry Segments Details [Line Items]
Total Revenue	69,925	82,497	222,873	242,417
Completion Fluids & Products Division
Industry Segments Details [Line Items]
Total Revenue	65,131	73,210	242,432	240,474
Water & Flowback Services Division
Industry Segments Details [Line Items]
Total Revenue	76,569	78,254	222,175	232,662
Water & Flowback Services Division \| Product sales
Industry Segments Details [Line Items]
Total Revenue	7,400
Operating Segments \| Completion Fluids & Products Division
Industry Segments Details [Line Items]
Total Revenue	65,131	73,210	242,432	240,474
Income before taxes and discontinued operations	19,119	16,932	65,564	67,330
Operating Segments \| Completion Fluids & Products Division \| Product sales
Industry Segments Details [Line Items]
Total Revenue	61,451	68,532	229,223	228,415
Operating Segments \| Completion Fluids & Products Division \| Services
Industry Segments Details [Line Items]
Total Revenue	3,680	4,678	13,209	12,059
Operating Segments \| Water & Flowback Services Division
Industry Segments Details [Line Items]
Total Revenue	76,569	78,254	222,175	232,662
Income before taxes and discontinued operations	4,674	8,475	8,551	22,869
Operating Segments \| Water & Flowback Services Division \| Product sales
Industry Segments Details [Line Items]
Total Revenue	10,324	435	12,511	2,304
Operating Segments \| Water & Flowback Services Division \| Services
Industry Segments Details [Line Items]
Total Revenue	66,245	77,819	209,664	230,358
Corporate, Non-Segment
Industry Segments Details [Line Items]
Income before taxes and discontinued operations	$ (16,217)	$ (18,691)	$ (52,765)	$ (54,869)

Industry Segments - Corporate Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
General and administrative expense	$ (22,406)	$ (23,838)	$ (66,841)	$ (73,254)
Depreciation, amortization, and accretion	(8,837)	(8,578)	(26,367)	(25,705)
Impairments and other charges	(109)	0	(109)	(777)
Interest expense, net	(5,096)	(5,636)	(17,233)	(16,672)
Loss on debt extinguishment	0	0	5,535	0
Other general corporate income, net	(715)	(2,041)	(2,241)	(8,690)
Income (loss) before taxes and discontinued operations	(7,576)	(6,716)	(21,350)	(35,330)
Corporate, Non-Segment
Segment Reporting Information [Line Items]
General and administrative expense	10,780	13,552	32,570	37,206
Depreciation, amortization, and accretion	93	101	258	303
Impairments and other charges	109	0	109	777
Interest expense, net	6,043	5,755	18,440	17,029
Loss on debt extinguishment	0	0	5,535	0
Other general corporate income, net	(808)	(717)	(4,147)	(446)
Income (loss) before taxes and discontinued operations	$ 16,217	$ 18,691	$ 52,765	$ 54,869

TETRA Technologies (NYSE:TTI)
過去株価チャート
から 10 2024 まで 11 2024

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TETRA Technologies (NYSE:TTI)
過去株価チャート
から 11 2023 まで 11 2024

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ニュース - TETRA Technologies

Form SC 13G/A - Statement of Beneficial Ownership by Certain Investors: [Amend]
水曜日 13年11月2024日 (2週前) • Edgar (US Regulatory)

Form 10-Q - Quarterly report [Sections 13 or 15(d)]
水曜日 30年10月2024日 (1月前) • Edgar (US Regulatory)

Form 8-K - Current report
水曜日 30年10月2024日 (1月前) • Edgar (US Regulatory)

TETRA TECHNOLOGIES, INC. ANNOUNCES BRAZIL DEEPWATER COMPLETION FLUIDS AWARD AND THIRD QUARTER 2024 FINANCIAL RESULTS
水曜日 30年10月2024日 (1月前) • PR Newswire (US)

TETRA TECHNOLOGIES, INC. TO PARTICIPATE IN THE MICROCAP RODEO FALL CONFERENCE
木曜日 10年10月2024日 (2月前) • PR Newswire (US)

TETRA TECHNOLOGIES, INC. ANNOUNCES THIRD QUARTER EARNINGS RELEASE CONFERENCE CALL AND WEBCAST
木曜日 10年10月2024日 (2月前) • PR Newswire (US)

Form SC 13G - Statement of Beneficial Ownership by Certain Investors
土曜日 5年10月2024日 (2月前) • Edgar (US Regulatory)

Form 8-K - Current report
火曜日 10年9月2024日 (3月前) • Edgar (US Regulatory)

Form 4 - Statement of changes in beneficial ownership of securities
水曜日 28年8月2024日 (3月前) • Edgar (US Regulatory)

Form 4 - Statement of changes in beneficial ownership of securities
水曜日 28年8月2024日 (3月前) • Edgar (US Regulatory)

Form 4 - Statement of changes in beneficial ownership of securities
水曜日 28年8月2024日 (3月前) • Edgar (US Regulatory)

Form 4 - Statement of changes in beneficial ownership of securities
水曜日 28年8月2024日 (3月前) • Edgar (US Regulatory)

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