THE WOODLANDS, Texas,
Jan. 19, 2021 /PRNewswire/
-- TETRA Technologies, Inc. ("TETRA" or the "Company") (NYSE:
TTI) today announced that Tim
Moeller, Senior Vice-President Chemicals and Supply Chain,
has been assigned to lead the Company's initiatives involving its
industrial products and key mineral resources in the Company's
Arkansas brine leases to support
carbon capture and advances in energy storage and battery
production.
Tim will lead efforts to capitalize on the Company's significant
lithium carbonate equivalent (LCE) and bromine resources, its
bromine technologies, and calcium chloride production capabilities
that support recent advancements in carbon capture
infrastructure. This appointment reflects the Company's
continued focus on sustainability and the environment. The
application of bromine technology for emerging energy storage
solutions when combined with a growing lithium battery market are
expected to present growth opportunities for TETRA beyond the
Company's current oil, gas and industrial applications.
TETRA has over 27,000 acres of brine leases in Arkansas with inferred lithium carbonate
equivalent resources of 884,000 tons and an estimated 3.9 million
tons of bromine resources, positioning the Company to participate
in recent energy storage advances using bromine technologies and
zinc bromide. Large scale energy storage will be required to
achieve the full potential of renewable energy, and technological
advances using zinc bromide are promising. Using TETRA's
patented elemental bromine production process at its facilities in
West Memphis, Arkansas, TETRA is
capable of producing one of the highest purity zinc bromides
available to the industry today, a primary attribute for energy
storage applications. The Company will be capitalizing on its
research group with its proven expertise and track record in
developing innovative chemistries to assist in these efforts.
In 2017 and 2018, the Company entered into agreements with
Standard Lithium Ltd. (TSXV: SLL) where Standard Lithium has
the right to explore, produce and extract lithium in our
Arkansas leases and the additional
potential resources in the Mojave
region (San Bernardino county) of
California. In a separate
project, Standard Lithium recently announced the shipment of its
first large volume of lithium chloride product from their Direct
Lithium Extraction Demonstration Plant near El Dorado, Arkansas, for final conversion to
lithium carbonate.
In addition, a recent development for carbon capture technology
requires large volumes of calcium chloride and with TETRA's market
leading position in the production and sale of calcium chloride in
the United States and in
Northern Europe, TETRA is well
positioned for this emerging opportunity. With over 30 years
of experience with efficient and existing low carbon and carbon
capture production capabilities, TETRA's advanced and
well-developed supply chain give the Company the opportunity for
significant growth leveraging an existing infrastructure with
available capacity.
TETRA's Chief Executive Officer Brady
Murphy commented, "With our recently announced plans to
deconsolidate our investment in CSI Compressco, we have positioned
TETRA to focus on our core businesses and core competencies around
fluids and aqueous chemistry innovation, supported by our well
established vertically integrated manufacturing, supply chain
infrastructure and mineral resources. Our capabilities are well
suited to address these battery, energy storage and low carbon
opportunities. Where appropriate, TETRA will look to partner
with leading industry players through joint ventures or commercial
agreements to advance these technologies or to fund significant
required capital investments."
TETRA is currently receiving some financial benefit from these
initiatives, but these are longer term opportunities focused on
emerging technologies and markets. TETRA's longer term
financial benefit from these initiatives will largely depend on the
renewable energy and carbon capture market growth and the success
of these technologies to address market requirements.
CAUTIONARY NOTE TO US INVESTORS REGARDING RESOURCE
ESTIMATION
TETRA Technologies, Inc. is required to prepare reports under
the Securities Exchange Act of 1934. Our strategic partner,
Standard Lithium, is required to prepare reports under the Canadian
Securities Administrators' National Instrument 43-101
"Standards of Disclosure for Mineral Projects" ("NI 43-101"),
under the Canadian securities laws because they are listed on the
Toronto Stock Exchange and subject to Canadian securities laws.
Standards under NI 43-101 are materially different than the
standards generally permitted in reports filed with the United States ("U.S.") Securities and
Exchange Commission ("SEC").
The lithium resource estimates in this press release are derived
from Standard Lithium's NI 43-101, which are measurements that
are generally not permitted in filings made with the SEC. This
press release uses the term "inferred resource." We advise U.S.
investors that while this term is defined in accordance with NI
43-101 such term is not recognized under the SEC's Industry Guide 7
and is not permitted to be used in reports and registration
statements filed with the SEC. Mineral resources in this category
have a great amount of uncertainty as to their economic and legal
feasibility. "Inferred resources" have a great amount of
uncertainty as to their existence and, under Canadian regulations,
cannot form the basis of a pre-feasibility or feasibility study,
except in limited circumstances. Under SEC Industry Guide 7
standards, a "final" or "bankable" feasibility study is required to
report reserves, the three-year historical average price is used in
any reserve or cash flow analysis to designate reserves and all
necessary permits and government approvals must be filed with the
appropriate governmental authority. The bromine resource figures in
this press release are an internal estimate. Our bromine estimation
involves greater uncertainty as to the existence and economic
feasibility of our bromine assets than the estimation of proven and
probable reserves under Industry Guide 7. U.S. investors are
cautioned not to assume that any part of our bromine assets or our
inferred lithium carbonate reserves will ever be converted into
economically mineable reserves.
We provide such disclosure about our properties to allow a means
of comparing our projects to those of other companies in the mining
industry, many of which are Canadian and report pursuant to
NI 43-101, and to comply with applicable disclosure
requirements.
Company Overview
TETRA Technologies, Inc. is a geographically diversified oil and
gas services company, focused on completion fluids and associated
products and services, water management, frac flowback, production
well testing, and compression services and
equipment. TETRA owns an equity interest, including all
of the general partner interest, in CSI Compressco LP
(NASDAQ:CCLP), a master limited partnership.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes certain statements that are or may be
deemed to be forward-looking statements. Generally, the use of
words such as "may," "will," "expect," "intend," "estimate,"
"projects," "anticipate," "believe," "assume," "could," "should,"
"plans," "targets" or similar expressions that convey the
uncertainty of future events, activities, expectations or outcomes
identify forward-looking statements that the Company intends to be
included within the safe harbor protections provided by the federal
securities laws. These forward-looking statements include
statements concerning expected contributions from calcium chloride,
lithium carbonate and bromine, as well as emerging technologies, to
our revenue and cash flows. These forward-looking statements are
based on certain assumptions and analyses made in light of our
experience and our perception of historical trends, current
conditions, expected future developments and other factors we
believe are appropriate in the circumstances. Such statements are
subject to a number of risks and uncertainties, many of which are
beyond our control. Investors are cautioned that any such
statements are not guarantees of future performance or results and
that actual results or developments may differ materially from
those projected in the forward-looking statements. Some of the
factors that could affect actual results are described in the
section titled "Risk Factors" contained in the Annual Reports on
Form 10-K for the year ended December 31,
2019, for TETRA Technologies, Inc. ("TTI") as well as other
risks identified from time to time in the reports on Form 10-Q and
Form 8-K filed by TETRA with the Securities and Exchange
Commission. Statements in this presentation are made as of the date
on the cover unless stated otherwise herein. TETRA is under no
obligation to update or keep current the information contained in
this document.
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SOURCE TETRA Technologies, Inc.