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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, 2023
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.) |
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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:
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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.
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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 27, 2023, there were 130,079,173 shares outstanding of the Company’s Common Stock, $0.01 par value per share.
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TETRA Technologies, Inc. and Subsidiaries |
Table of Contents |
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PART I—FINANCIAL INFORMATION | |
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PART II—OTHER INFORMATION | |
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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, |
| 2023 | | 2022 | | 2023 | | 2022 |
Revenues: | | | | | | | |
Product sales | $ | 68,967 | | $ | 55,494 | | $ | 230,719 | | | $ | 195,850 | |
Services | 82,497 | | 79,518 | | 242,417 | | | 209,915 | |
Total revenues | 151,464 | | 135,012 | | 473,136 | | | 405,765 | |
Cost of revenues: | | | | | | | |
Cost of product sales | 41,410 | | 36,571 | | 139,678 | | | 130,916 | |
Cost of services | 63,552 | | 60,334 | | 186,424 | | | 162,276 | |
Depreciation, amortization, and accretion | 8,578 | | 8,634 | | 25,705 | | | 24,061 | |
Impairments and other charges | — | | — | | 777 | | | 2,262 | |
Insurance recoveries | — | | — | | (2,850) | | | (3,750) | |
Total cost of revenues | 113,540 | | 105,539 | | 349,734 | | | 315,765 | |
Gross profit | 37,924 | | 29,473 | | 123,402 | | | 90,000 | |
Exploration and pre-development costs | 3,775 | | 936 | | 6,836 | | | 3,500 | |
General and administrative expense | 23,838 | | 23,833 | | 73,254 | | | 68,096 | |
Interest expense, net | 5,636 | | 3,999 | | 16,672 | | | 10,933 | |
| | | | | | | |
| | | | | | | |
Other income, net | (2,041) | | (1,410) | | (8,690) | | | (4,858) | |
Income before taxes and discontinued operations | 6,716 | | 2,115 | | 35,330 | | | 12,329 | |
Provision for income taxes | 1,248 | | 2,178 | | 5,612 | | | 2,899 | |
Income (loss) before discontinued operations | 5,468 | | (63) | | 29,718 | | | 9,430 | |
| | | | | | | |
Income (loss) from discontinued operations, net of taxes | (48) | | 319 | | (68) | | | 270 | |
Net income | 5,420 | | 256 | | 29,650 | | | 9,700 | |
Loss attributable to noncontrolling interests | — | | 22 | | 25 | | | 43 | |
Net income attributable to TETRA stockholders | $ | 5,420 | | $ | 278 | | $ | 29,675 | | | $ | 9,743 | |
Basic net income per common share: | | | | | | | |
Income from continuing operations | $ | 0.04 | | $ | 0.00 | | $ | 0.23 | | | $ | 0.08 | |
| | | | | | | |
Net income attributable to TETRA stockholders | $ | 0.04 | | $ | 0.00 | | $ | 0.23 | | | $ | 0.08 | |
Weighted average basic shares outstanding | 129,777 | | 128,407 | | 129,395 | | | 127,890 | |
Diluted net income per common share: | | | | | | | |
Income from continuing operations | $ | 0.04 | | $ | 0.00 | | $ | 0.23 | | | $ | 0.08 | |
| | | | | | | |
Net income attributable to TETRA stockholders | $ | 0.04 | | $ | 0.00 | | $ | 0.23 | | | $ | 0.08 | |
Weighted average diluted shares outstanding | 132,089 | | 128,407 | | 130,835 | | | 129,704 | |
See Notes to Consolidated Financial Statements
TETRA Technologies, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
(In Thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Net income | $ | 5,420 | | | $ | 256 | | | $ | 29,650 | | | $ | 9,700 | |
Foreign currency translation adjustment from continuing operations, net of taxes of $0 in 2023 and 2022 | (2,750) | | | (3,873) | | | (284) | | | (7,095) | |
Unrealized gain (loss) on investment in CarbonFree | 146 | | | (306) | | | 474 | | | (306) | |
Comprehensive income (loss) | 2,816 | | | (3,923) | | | 29,840 | | | 2,299 | |
Less: Comprehensive loss attributable to noncontrolling interests | — | | | 22 | | | 25 | | | 43 | |
Comprehensive income (loss) attributable to TETRA stockholders | $ | 2,816 | | | $ | (3,901) | | | $ | 29,865 | | | $ | 2,342 | |
See Notes to Consolidated Financial Statements
TETRA Technologies, Inc. and Subsidiaries
Consolidated Balance Sheets
(In Thousands)
| | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
| (Unaudited) | | |
ASSETS | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 33,826 | | $ | 13,592 |
| | | |
Trade accounts receivable, net of allowances of $508 in 2023 and $538 in 2022 | 122,900 | | 129,631 |
Inventories | 92,128 | | 72,113 |
| | | |
| | | |
Prepaid expenses and other current assets | 21,575 | | 23,112 |
Total current assets | 270,429 | | 238,448 |
Property, plant, and equipment: | | | |
Land and building | 23,308 | | 25,723 |
Machinery and equipment | 309,082 | | 318,693 |
Automobiles and trucks | 10,379 | | 11,832 |
Chemical plants | 63,912 | | 63,528 |
Construction in progress | 4,461 | | 7,660 |
Total property, plant, and equipment | 411,142 | | 427,436 |
Less accumulated depreciation | (305,063) | | (325,856) |
Net property, plant, and equipment | 106,079 | | 101,580 |
Other assets: | | | |
Patents, trademarks and other intangible assets, net of accumulated amortization of $49,904 in 2023 and $46,996 in 2022 | 30,132 | | 32,955 |
| | | |
| | | |
Operating lease right-of-use assets | 34,227 | | 33,818 |
Investments | 16,405 | | 14,286 |
Other assets | 15,147 | | 13,279 |
Total other assets | 95,911 | | 94,338 |
Total assets | $ | 472,419 | | $ | 434,366 |
See Notes to Consolidated Financial Statements
TETRA Technologies, Inc. and Subsidiaries
Consolidated Balance Sheets
(In Thousands, Except Share Amounts)
| | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
| (Unaudited) | | |
LIABILITIES AND EQUITY | | | |
Current liabilities: | | | |
Trade accounts payable | $ | 50,322 | | $ | 49,121 |
Current portion of long-term debt | 1,911 | | 3 |
Compensation and employee benefits | 31,090 | | 30,958 |
Operating lease liabilities, current portion | 8,745 | | 7,795 |
Accrued taxes | 10,777 | | 9,913 |
Accrued liabilities and other | 23,281 | | 25,557 |
Current liabilities associated with discontinued operations | 414 | | 920 |
Total current liabilities | 126,540 | | 124,267 |
Long-term debt, net | 156,748 | | 156,455 |
Operating lease liabilities | 28,013 | | 28,108 |
Asset retirement obligations | 14,132 | | 13,671 |
Deferred income taxes | 1,890 | | 2,038 |
| | | |
Other liabilities | 3,959 | | 3,430 |
Total long-term liabilities | 204,742 | | 203,702 |
Commitments and contingencies (Note 7) | | | |
Equity: | | | |
TETRA stockholders’ equity: | | | |
Common stock, par value 0.01 per share; 250,000,000 shares authorized at September 30, 2023 and December 31, 2022; 133,217,848 shares issued at September 30, 2023 and 131,800,975 shares issued at December 31, 2022 | 1,332 | | 1,318 |
Additional paid-in capital | 482,709 | | 477,820 |
Treasury stock, at cost; 3,138,675 shares held at September 30, 2023 and December 31, 2022 | (19,957) | | (19,957) |
Accumulated other comprehensive loss | (48,873) | | (49,063) |
Retained deficit | (272,818) | | (302,493) |
Total TETRA stockholders’ equity | 142,393 | | 107,625 |
Noncontrolling interests | (1,256) | | (1,228) |
Total equity | 141,137 | | 106,397 |
Total liabilities and equity | $ | 472,419 | | $ | 434,366 |
See Notes to Consolidated Financial Statements
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, 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-based compensation | — | | | 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-based compensation | — | | | 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.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock Par Value | | Additional Paid-In Capital | | Treasury Stock | | Accumulated Other Comprehensive Loss | | Retained Deficit | | Noncontrolling Interest | | Total Equity |
| | | | Currency Translation | | Unrealized Gain (Loss) on Investment | | | |
| | | | | | | | | | | | | | | |
Balance at December 31, 2021 | $ | 1,301 | | | $ | 475,624 | | | $ | (19,957) | | | $ | (46,932) | | | $ | — | | | $ | (310,332) | | | $ | (1,141) | | | $ | 98,563 | |
Net income (loss) for first quarter 2022 | — | | | — | | | — | | | — | | | — | | | 7,720 | | | (1) | | | 7,719 | |
Translation adjustment, net of taxes of $0 | — | | | — | | | — | | | 192 | | | — | | | — | | | — | | | 192 | |
Comprehensive income | | | | | | | | | | | | | | | 7,911 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Equity compensation expense | — | | | 1,104 | | | — | | | — | | | — | | | — | | | — | | | 1,104 | |
Other | 7 | | | (673) | | | — | | | — | | | — | | | — | | | (10) | | | (676) | |
Balance at March 31, 2022 | $ | 1,308 | | | $ | 476,055 | | | $ | (19,957) | | | $ | (46,740) | | | $ | — | | | $ | (302,612) | | | $ | (1,152) | | | $ | 106,902 | |
Net income (loss) for second quarter 2022 | — | | | — | | | — | | | — | | | — | | | 1,745 | | | (20) | | | 1,725 | |
Translation adjustment, net of taxes of $0 | — | | | — | | | — | | | (3,414) | | | — | | | — | | | — | | | (3,414) | |
Comprehensive loss | | | | | | | | | | | | | | | (1,689) | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Equity compensation expense | — | | | 1,159 | | | — | | | — | | | — | | | — | | | — | | | 1,159 | |
Other | 6 | | | (833) | | | — | | | — | | | — | | | — | | | (9) | | | (836) | |
Balance at June 30, 2022 | $ | 1,314 | | | $ | 476,381 | | | $ | (19,957) | | | $ | (50,154) | | | $ | — | | | $ | (300,867) | | | $ | (1,181) | | | $ | 105,536 | |
Net income (loss) for third quarter 2022 | — | | | — | | | — | | | — | | | — | | | 278 | | | (22) | | | 256 | |
Translation adjustment, net of taxes of $0 | — | | | — | | | — | | | (3,873) | | | — | | | — | | | — | | | (3,873) | |
Other comprehensive loss | — | | | — | | | — | | | — | | | (306) | | | — | | | — | | | (306) | |
Comprehensive loss | | | | | | | | | | | | | | | (3,923) | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Equity compensation expense | — | | | 1,098 | | | — | | | — | | | — | | | — | | | — | | | 1,098 | |
Other | 4 | | | (949) | | | — | | | — | | | — | | | — | | | (10) | | | (955) | |
Balance at September 30, 2022 | $ | 1,318 | | | $ | 476,530 | | | $ | (19,957) | | | $ | (54,027) | | | $ | (306) | | | $ | (300,589) | | | $ | (1,213) | | | $ | 101,756 | |
See Notes to Consolidated Financial Statements
TETRA Technologies, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In Thousands, Unaudited)
| | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2023 | | 2022 |
Operating activities: | | | |
Net income | $ | 29,650 | | | $ | 9,700 | |
Reconciliation of net income to net cash provided by operating activities: | | | |
Depreciation, amortization, and accretion | 25,705 | | | 24,061 | |
| | | |
Impairment and other charges | 777 | | | 2,262 | |
Loss on investments | 157 | | | 159 | |
Equity-based compensation expense | 4,199 | | | 3,361 | |
Provision for credit losses | 190 | | | 31 | |
| | | |
Amortization and expense of financing costs | 2,707 | | | 2,378 | |
Insurance recoveries associated with damaged equipment | (2,850) | | | (3,750) | |
| | | |
| | | |
| | | |
| | | |
| | | |
Gain on sale of assets | (432) | | | (980) | |
Provision (benefit) for deferred taxes | (805) | | | (66) | |
Other non-cash credits | (916) | | | (359) |
Changes in operating assets and liabilities: | | | |
Accounts receivable | 7,600 | | | (16,661) | |
Inventories | (19,990) | | | (5,707) | |
Prepaid expenses and other current assets | 1,313 | | | (3,782) | |
Trade accounts payable and accrued expenses | 2,893 | | | 17,069 | |
Other | 1,133 | | | (1,768) | |
Net cash provided by operating activities | 51,331 | | | 25,948 | |
Investing activities: | | | |
Purchases of property, plant, and equipment, net | (30,240) | | | (32,678) | |
| | | |
Proceeds from sale of property, plant, and equipment | 658 | | | 1,489 | |
Proceeds from insurance recoveries associated with damaged equipment | 2,850 | | | 3,750 | |
Purchase of investments | (350) | | | — | |
Other investing activities | (1,836) | | | (841) | |
Net cash used in investing activities | (28,918) | | | (28,280) | |
Financing activities: | | | |
Proceeds from credit agreements and long-term debt | 97,384 | | | 1,695 | |
Principal payments on credit agreements and long-term debt | (98,441) | | | (3,292) | |
Payments on financing lease obligations | (837) | | | (1,174) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Net cash used in financing activities | (1,894) | | | (2,771) | |
Effect of exchange rate changes on cash | (285) | | | (1,201) | |
Increase (decrease) in cash and cash equivalents | 20,234 | | | (6,304) | |
| | | |
| | | |
Cash and cash equivalents at beginning of period | 13,592 | | | 31,551 | |
| | | |
| | | |
Cash and cash equivalents at end of period | $ | 33,826 | | | $ | 25,247 | |
See Notes to Consolidated Financial Statements
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 operating on six continents, focused on calcium chloride, completion fluids and associated products and services, comprehensive water management solutions, frac flowback, and production well testing. We were incorporated in Delaware in 1981 and are composed of two segments – Completion Fluids & Products Division and Water & Flowback Services Division. 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, 2023 are not necessarily indicative of results that may be expected for the twelve months ended December 31, 2023.
We have reflected the operations of our former Compression Division and Offshore Division as discontinued operations for all periods presented. See Note 2 - “Discontinued Operations” for further information. Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate solely to continuing operations and exclude all discontinued operations.
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, 2022 and notes thereto included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2023 (the “2022 Annual Report”).
Tax Benefits Preservation Plan
On February 28, 2023, the Board of Directors adopted a Tax Benefits Preservation Plan (the “Tax Plan”) designed to protect the availability of the Company’s net operating loss carryforwards (“NOLs”) and other tax attributes (collectively, the “Tax Attributes”), which may be utilized in certain circumstances to reduce the Company’s future income tax obligations. The Tax Plan is intended to reduce the likelihood that any changes in the Company’s investor base would limit the Company’s future use of its Tax Attributes as a result of the Company experiencing an “ownership change” under Section 382 (“Section 382”) of the Internal Revenue Code of 1986, as amended (the “Code”). If a corporation experiences an “ownership change,” any NOLs, losses or deductions attributable to a “net unrealized built-in loss” and other Tax Attributes could be substantially limited, and timing of the usage of such Tax Attributes could be substantially delayed. A corporation generally will experience an ownership change if one or more stockholders (or group of stockholders) who are each deemed to own at least 5% of the corporation’s stock increase their ownership by more than 50 percentage points over their lowest ownership percentage within a testing period (generally, a rolling three-year period).
In adopting the Tax Plan, the Board of Directors declared a dividend of one Series A Junior Participating Preferred Stock purchase right (the “Rights”) for each outstanding share of Common Stock pursuant to the terms of the Tax Plan. Initially, each Right entitles the registered holder to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock, par value $0.01 per share, of the Company (the “Preferred Stock”) at a price of $20.00 per one one-thousandth of a share of Preferred Stock (the “Purchase Price”), subject to adjustment. The Rights will cause substantial dilution to a person or group that acquires 4.99% or more of the Common Stock (or to a person or group that already owns 4.99% or more of the Company’s Common Stock if
such person or group acquires additional shares representing 2% of the Company’s then outstanding shares of Common Stock) without prior approval from the Board of Directors.
The Rights will expire at the earliest of: (i) the close of business on February 28, 2026 (the “Final Expiration Date”); (ii) the time at which the Rights are redeemed pursuant to the Tax Plan, (iii) the time at which the Rights are exchanged pursuant to the Tax Plan; (iv) the closing of any merger or other acquisition transaction involving the Company pursuant to an agreement as described in the penultimate paragraph of Section 1.3 of the Tax Plan; (v) the close of business on the effective date of the repeal of Section 382 of the Code if the Board determines that the Tax Plan is no longer necessary or desirable for the preservation of the Tax Attributes; or (vi) the close of business on the first day of a taxable year of the Company following a Board determination that no Tax Attributes may be carried forward or otherwise utilized.
The Tax Plan adopted by the Board of Directors is similar to plans adopted by other publicly held companies with significant NOLs or other substantial tax benefits and is not designed to prevent any action that the Board of Directors determines to be in the best interest of the Company and its stockholders. At the Company’s 2023 annual meeting of stockholders held on May 24, 2023, the Company’s stockholders ratified the adoption of the Tax Plan.
The Rights are in all respects subject to and governed by the provisions of the Tax Plan. The foregoing summary provides only a general description of the Tax Plan and does not purport to be complete. The Tax Plan, which specifies the terms of the Rights and includes as Exhibit A the Form of Certificate of Designation of Series A Junior Participating Preferred Stock of the Company and as Exhibit B the Form of Right Certificate, is attached to the Company’s Current Report on Form 8-K, which was filed with the SEC on March 1, 2023, as Exhibit 4.1 and is incorporated herein by reference. The foregoing summary should be read together with the entire Tax Plan and is qualified in its entirety by reference to the Tax Plan.
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. We recognized approximately $3.8 million and $6.8 million of expense during the three-month and nine-month periods ended September 30, 2023, respectively, and $0.9 million and $3.5 million of expense during the three-month and nine-month periods ended September 30, 2022, respectively, for exploration and pre-development costs representing expenditures incurred to evaluate potential future development of our lithium and bromine properties in Arkansas. We are also party to agreements whereby Standard Lithium Ltd. (NYSE: SLI) (“Standard Lithium”) has the right to explore for, and an option to acquire the rights to produce and extract, lithium in our Arkansas leases and other potential resources in the Mojave region of California. Standard Lithium delivered a notice to exercise this option to acquire those lithium rights in our Arkansas leases on October 6, 2023.
In June 2023, we entered into a memorandum of understanding (“MOU”) with Saltwerx LLC (“Saltwerx”), an indirect wholly owned subsidiary of a Fortune 500 company, relating to a newly-proposed brine unit in the Smackover Formation in Southwest Arkansas and potential bromine and lithium production from brine produced from the unit. We filed an amended brine unit application (“the Application”) covering approximately 6,138 acres, which expands the size of the unit area and also combines brine acreage that was previously leased by each of TETRA and Saltwerx (“the Brine Unit”), with the Arkansas Oil & Gas Commission (“AOGC”). On September 26, 2023, the AOGC held a public hearing and unanimously approved our application to establish the Brine Unit. On October 17, 2023, the AOGC issued formal orders establishing the Brine Unit and integrating all unleased parties within the Brine Unit, subject to a 60-day statutory election period for each unleased party, to elect whether or not to participate and share in costs of development of the Brine Unit. If no such election is made within the election period, such unleased parties will be deemed integrated within the Brine Unit as described in the formal orders. The MOU includes provisions relating to: (i) initial brine ownership percentages within the Brine Unit, including the bromine and lithium contained in the brine, (ii) the transfer of certain leased acres outside the proposed Brine Unit from the Company to Saltwerx after the expiration of the 60-day election period, (iii) Saltwerx reimbursing the Company for certain expenses incurred by the Company to date regarding the development of leased acreage to be included in the Brine Unit, and (iv) an allocation of certain future costs for the drilling of a brine production test well and other development operations, including front-end engineering and design studies for bromine and lithium production facilities.
Significant Accounting Policies
Our significant accounting policies are described in the notes to our consolidated financial statements for the year ended December 31, 2022 included in our 2022 Annual Report. There have been no significant changes in our accounting policies or the application thereof during the third quarter of 2023.
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.
Reclassifications
Certain previously reported financial information has been reclassified to conform to the current year's presentation. The impact of reclassifications was not significant to the prior year's overall presentation.
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 (gains) losses are included in other (income) expense, net and totaled less than $0.1 million and $0.3 million during the three and nine months ended September 30, 2023, respectively, and $(1.1) million and $(2.7) million during the three and nine months ended September 30, 2022, 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 8 - “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, |
| 2023 | | 2022 |
| (in thousands) |
Interest paid | $ | 14,282 | | | $ | 11,578 | |
Income taxes paid | $ | 3,918 | | | $ | 2,525 | |
| | | |
| September 30, 2023 | | December 31, 2022 |
| (in thousands) |
Accrued capital expenditures | $ | 1,271 | | | $ | 4,901 | |
New Accounting Pronouncements
Standards adopted during 2023
In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. ASU 2016-13 amends the impairment model to utilize an expected loss methodology in place of the previously-used incurred loss methodology, which will result in the more timely recognition of losses on financial instruments not accounted for at fair value through net income. The provisions require credit impairments to be measured over the contractual life of an asset and developed with consideration for past events, current conditions, and forecasts of future economic information. Credit impairment will be accounted for as an allowance for credit losses deducted from the amortized cost basis at each reporting date. Updates at each reporting date after initial adoption will be recorded through selling, general, and administrative expense. On January 1, 2023, we adopted ASU 2016-13. The adoption of this standard did not have a material impact on our consolidated financial statements.
In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. In December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848.” During the three months ended June 30, 2023, our asset-based credit agreement and term credit agreement were amended to replace LIBOR and Eurodollar rates with the secured overnight financing rate (“SOFR”). There were no significant costs associated with the amendments and the amendments did not have a significant impact on our consolidated financial statements.
NOTE 2 – DISCONTINUED OPERATIONS
On March 1, 2018, we closed a series of related transactions that resulted in the disposition of our Offshore Division, consisting of our Offshore Services and Maritech segments. Our former Offshore Division is reported as discontinued operations for all periods presented. Our consolidated balance sheets and consolidated statements of operations report discontinued operations separate from continuing operations. Our consolidated statements of comprehensive income, statements of equity and statements of cash flows combine continuing and discontinued operations. Our loss from discontinued operations for the three and nine months ended September 30, 2023 consists primarily of general and administrative expense associated with our former Offshore Division. A summary of additional financial information related to our discontinued operations is as follows:
Reconciliation of the Line Items Constituting Pretax Loss from Discontinued Operations to the After-Tax Loss from Discontinued Operations
(in thousands, unaudited)
| | | | | | | | | |
| Three Months Ended September 30, 2022 |
| Offshore Services | | | | |
Major classes of line items constituting income from discontinued operations | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
General and administrative expense | $ | 510 | | | | | |
| | | | | |
| | | | | |
Pretax loss from discontinued operations | (510) | | | | | |
Pretax gain on disposal of discontinued operations | 829 | | | | | |
Total pretax income from discontinued operations | 319 | | | | | |
| | | | | |
| | | | | |
| | | | | |
Income from discontinued operations attributable to TETRA stockholders | $ | 319 | | | | | |
| | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2022 |
| Offshore Services | | Maritech | | Total |
Major classes of line items constituting income from discontinued operations | | | | | |
| | | | | |
Cost of revenues | $ | 54 | | | $ | — | | | $ | 54 | |
| | | | | |
| | | | | |
General and administrative expense | 533 | | | — | | | 533 | |
| | | | | |
Other income, net | — | | | (28) | | | (28) | |
Pretax income (loss) from discontinued operations | (587) | | | 28 | | | (559) | |
Pretax gain on disposal of discontinued operations | | | | | 829 | |
Total pretax income from discontinued operations | | | | | 270 | |
| | | | | |
| | | | | |
| | | | | |
Income from discontinued operations attributable to TETRA stockholders | | | | | $ | 270 | |
Reconciliation of Major Classes of Assets and Liabilities of the Discontinued Operations to Amounts Presented Separately in the Statement of Financial Position
(in thousands)
| | | | | | | | | | | | | | | | | | | |
| | | September 30, 2023 |
| | | Offshore Services | | Maritech | | Total |
| | | (unaudited) |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Carrying amounts of major classes of liabilities included as part of discontinued operations | | | | | | | |
Trade payables | | | $ | 319 | | | $ | — | | | $ | 319 | |
| | | | | | | |
Accrued liabilities and other | | | — | | | 95 | | | 95 | |
| | | | | | | |
| | | | | | | |
Total liabilities associated with discontinued operations | | | $ | 319 | | | $ | 95 | | | $ | 414 | |
| | | | | | | | | | | | | | | | | | | |
| | | December 31, 2022 |
| | | Offshore Services | | Maritech | | Total |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Carrying amounts of major classes of liabilities included as part of discontinued operations | | | | | | | |
Trade payables | | | $ | 319 | | | $ | — | | | $ | 319 | |
| | | | | | | |
Accrued liabilities and other | | | 506 | | | 95 | | | 601 | |
| | | | | | | |
| | | | | | | |
Total liabilities associated with discontinued operations | | | $ | 825 | | | $ | 95 | | | $ | 920 | |
NOTE 3 – REVENUE FROM CONTRACTS WITH CUSTOMERS
Our contract asset balances, primarily associated with contractual invoicing milestones and/or customer documentation requirements, were $30.7 million and $33.1 million as of September 30, 2023 and December 31, 2022, 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. We are also party to agreements whereby Standard Lithium has the right to explore for, and an option to acquire the rights to produce and extract, lithium in our Arkansas leases and other potential resources in the Mojave region of California. The Company receives cash and stock of Standard Lithium under the terms of the arrangements. The cash and stock component of consideration received is 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. Unearned income balances were $4.0 million and $3.7 million as of September 30, 2023 and December 31, 2022, respectively, and vary based on the timing of (i) invoicing, (ii) performance obligations being met and (iii) the receipt of stock and cash from Standard Lithium. Unearned income is included in accrued liabilities and other in our consolidated balance sheets. During the three-month and nine-month periods ended September 30, 2023 and September 30, 2022, contract costs were not significant.
We recognized approximately $1.2 million and $1.6 million of revenue during the three-month and nine-month periods ended September 30, 2023, respectively, and $2.6 million and $1.7 million of revenue during the three-month and nine-month periods ended September 30, 2022, respectively, deferred in unearned income as of the beginning of the period. We also recognized approximately $0.7 million and $2.4 million of income during the three-month and nine-month periods ended September 30, 2023, respectively, and $0.9 million and $2.4 million of income during the three-month and nine-month periods ended September 30, 2022, respectively, related to the Standard Lithium arrangements deferred in unearned income as of the beginning of the period and included in other income, net in our consolidated statements of operations.
We disaggregate revenue from contracts with customers into Product Sales and Services within each segment, as noted in our two reportable segments in Note 10 - “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, |
| 2023 | | 2022 | | 2023 | | 2022 |
| (in thousands) |
Completion Fluids & Products | | | | | | | |
United States | $ | 36,484 | | | $ | 30,261 | | | $ | 115,167 | | | $ | 103,449 | |
International | 36,726 | | | 28,902 | | | 125,307 | | | 103,706 | |
| 73,210 | | | 59,163 | | | 240,474 | | | 207,155 | |
Water & Flowback Services | | | | | | | |
United States | 67,877 | | | 67,641 | | | 204,446 | | | 182,059 | |
International | 10,377 | | | 8,208 | | | 28,216 | | | 16,551 | |
| 78,254 | | | 75,849 | | | 232,662 | | | 198,610 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Total Revenue | | | | | | | |
United States | 104,361 | | | 97,902 | | | 319,613 | | | 285,508 | |
International | 47,103 | | | 37,110 | | | 153,523 | | | 120,257 | |
| $ | 151,464 | | | $ | 135,012 | | | $ | 473,136 | | | $ | 405,765 | |
NOTE 4 – INVENTORIES
Components of inventories as of September 30, 2023 and December 31, 2022 are as follows:
| | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
| (in thousands) |
Finished goods | $ | 79,689 | | | $ | 60,481 | |
Raw materials | 4,313 | | | 3,734 | |
Parts and supplies | 6,622 | | | 6,432 | |
Work in progress | 1,504 | | | 1,466 | |
Total inventories | $ | 92,128 | | | $ | 72,113 | |
Finished goods inventories include newly manufactured clear brine fluids as well as used brines that are repurchased from certain customers for recycling.
NOTE 5 – INVESTMENTS
Our investments as of September 30, 2023 and December 31, 2022 consist of the following:
| | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
| (in thousands) |
Investment in CSI Compressco | $ | 7,228 | | | $ | 6,967 | |
Investment in CarbonFree | 6,563 | | | 6,139 | |
Investment in Standard Lithium | 2,264 | | | 1,180 | |
Other investments | 350 | | | — | |
Total Investments | $ | 16,405 | | | $ | 14,286 | |
Following the January 2021 sale of the general partner of CSI Compressco LP (“CSI Compressco”), we continue to own approximately 3.7% of the outstanding CSI Compressco common units (NASDAQ: CCLP) as of September 30, 2023.
We have an intellectual property joint development agreement in place with CarbonFree to evaluate potential new technologies. 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. Our exposure to potential losses by CarbonFree is limited to our investments and capitalized and accrued interest associated with the CarbonFree convertible note.
In addition, we are party to agreements whereby Standard Lithium has the right to explore for, and an option to acquire the rights to produce and extract, lithium in our Arkansas leases and other additional potential resources in the Mojave region of California. The Company receives cash and stock of Standard Lithium under the terms of the arrangements. The cash and stock component of consideration received is 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.
See Note 8 - “Fair Value Measurements” for further information.
NOTE 6 – LONG-TERM DEBT AND OTHER BORROWINGS
Consolidated long-term debt as of September 30, 2023 and December 31, 2022 consists of the following:
| | | | | | | | | | | | | | | | | | | | |
| | Scheduled Maturity | | September 30, 2023 | | December 31, 2022 |
| | | | | | |
| | | | (in thousands) |
Term Credit Agreement(1) | | September 10, 2025 | | $ | 156,748 | | | $ | 154,570 | |
Asset-Based Credit Agreement(2) | | May 31, 2025 | | — | | | 1,885 | |
Argentina Credit Agreement | | October 19, 2023 | | 1,900 | | | — | |
Swedish Credit Facility | | December 31, 2023 | | 11 | | | 3 | |
Total debt | | | | 158,659 | | | 156,458 | |
Less current portion | | | | (1,911) | | | (3) | |
Total long-term debt | | | | $ | 156,748 | | | $ | 156,455 | |
(1) Net of unamortized discount of $2.5 million and $3.4 million as of September 30, 2023 and December 31, 2022, respectively, and net of unamortized deferred financing costs of $3.8 million and $5.1 million as of September 30, 2023 and December 31, 2022, respectively.
(2) Net of unamortized deferred financing costs of $1.1 million as of December 31, 2022. Deferred financing costs of $0.7 million as of September 30, 2023 were classified as other long-term assets on the accompanying consolidated balance sheet as there was no outstanding balance on our asset-based credit agreement.
Term Credit Agreement
As of September 30, 2023, we had $156.7 million outstanding, net of unamortized discounts and unamortized deferred financing costs under our term credit agreement (“Term Credit Agreement”). The Term Credit Agreement requires us to offer to prepay up to 50% of Excess Cash Flow (as defined in the Term Credit Agreement) from the most recent full fiscal year within five business days of filing our Annual Report. If our Leverage Ratio (as
defined in the Term Credit Agreement) at year-end is less than 2.00 to 1.00, the prepayment requirement is decreased to 25%. If our Leverage Ratio at year-end is less than 1.50 to 1.00, then no prepayment is required.
The Term Credit Agreement was amended in June 2023 to remove references to LIBOR and Eurodollar rates. Borrowings under the Term Credit Agreement bear interest at a rate per annum equal to, at the option of TETRA, either (i) SOFR (subject to a 1% floor) plus a margin of 6.25% per annum or (ii) a base rate plus a margin of 5.25% per annum. As of September 30, 2023, the interest rate per annum on borrowings under the Term Credit Agreement is 11.68%. In addition to paying interest on the outstanding principal under the Term Credit Agreement, TETRA is required to pay a commitment fee in respect of the unutilized commitments at the rate of 1.0% per annum, paid quarterly in arrears based on utilization of the commitments under the Term Credit Agreement.
All obligations under the Term Credit Agreement and the guarantees of those obligations are secured, subject to certain exceptions, by a security interest for the benefit of the Term Lenders on substantially all of the personal property of TETRA and certain of its subsidiaries, the equity interests in certain domestic subsidiaries, and a maximum of 65% of the equity interests in certain foreign subsidiaries.
ABL Credit Agreement
As of September 30, 2023, our asset-based credit agreement (“ABL Credit Agreement”) provides for a senior secured revolving credit facility of up to $80.0 million, with a $20.0 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, a swingline loan sublimit of $11.5 million, and a $15.0 million sub-facility subject to a borrowing base consisting of certain trade receivables and inventory in the United Kingdom.
As of September 30, 2023, we had no balance outstanding and $11.5 million in letters of credit and guarantees under 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 $68.5 million under this agreement.
The ABL Credit Agreement was amended in May 2023 to remove references to LIBOR. Borrowings under the ABL Credit Agreement bear interest at a rate per annum equal to, at the option of TETRA, either (i) SOFR plus 0.10%, (ii) a base rate plus a margin based on a fixed charge coverage ratio, (iii) the Daily Simple Risk Free Rate plus 0.10%, or (iv) with respect to borrowings denominated in Sterling, the Daily Simple Risk Free Rate for Sterling plus 0.0326%. The base rate is determined by reference to the highest of (a) the prime rate of interest as announced from time to time by JPMorgan Chase Bank, N.A. (b) the Federal Funds Effective Rate (as defined in the ABL Credit Agreement) plus 0.5% per annum and (c) SOFR (adjusted to reflect any required bank reserves) for a one-month period on such day plus 1.0% per annum. 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 ranging from 0.375% to 0.5% per annum, paid monthly in arrears based on utilization of the commitments under the ABL Credit Agreement. TETRA is also required to pay a customary letter of credit fee equal to the applicable margin on LIBOR-based 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.
Argentina Credit Agreement
In January 2023, the Company entered into a revolving credit facility for certain working capital and capital expenditure needs for its subsidiary in Argentina (“Argentina Credit Facility”). As of September 30, 2023, we had $1.9 million outstanding and availability of $0.1 million under the Argentina Credit Agreement. Borrowings bear interest at a rate of 2.50% per annum. The Argentina Credit Facility was backed by a letter of credit under our ABL Credit Agreement, and expired and was repaid in October 2023.
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, 2023, we had a nominal amount outstanding and availability of approximately $4.6 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, 2023 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, 2023, there were $1.4 million of letters of credit outstanding against the Finland Credit Agreement. The Finland Credit Agreement expires on January 31, 2024 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, 2023, we are in compliance with all covenants under the credit agreements.
NOTE 7 – 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 other material developments in our legal proceedings during the quarter ended September 30, 2023. For additional discussion of our legal proceedings, please see our 2022 Annual Report and Quarterly Report on Form 10-Q for the quarter ended June 30, 2023.
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, 2023, 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 $74.9 million, including $4.0 million for the remainder of 2023, $24.0 million in 2024, $21.9 million in 2025, $15.6 million in 2026, $7.1 million in 2027, and $2.3 million thereafter, extending through 2028.
NOTE 8 – FAIR VALUE MEASUREMENTS
Financial Instruments
Investments
We retained an interest in CSI Compressco representing approximately 3.7% of CSI Compressco’s outstanding common units as of September 30, 2023. In December 2021, we invested in a $5.0 million convertible note issued by CarbonFree. In addition, we receive cash and stock of Standard Lithium under the terms of our arrangements as noted in Note 5 - “Investments.”
Our investments in CSI Compressco and Standard Lithium 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 is 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 convertible notes issued by CarbonFree is recorded in our consolidated financial statements based on an internal valuation with assistance from a third-party valuation specialist (Level 3 fair value measurement). The valuation is impacted by key assumptions, including the assumed probability and timing of potential debt or equity offerings. The convertible note includes an option to convert the note into equity interests issued by CarbonFree. The change in the fair value of the embedded option is included in other (income) expense, net in our consolidated statements of operations. The change in the fair value of the convertible note, excluding the embedded option, is included in other comprehensive income (loss) in our consolidated statements of comprehensive income. The change in our investment in CarbonFree for the nine-month period ended September 30, 2023 is as follows:
| | | | | | | |
| Nine Months Ended September 30, 2023 | | |
| (in thousands) |
Balance at beginning of period | $ | 6,139 | | | |
Change in fair value of embedded option | (50) | | | |
Change in fair value of convertible note, excluding embedded option | 474 | | | |
Balance at end of period | $ | 6,563 | | | |
Recurring fair value measurements by valuation hierarchy as of September 30, 2023 and December 31, 2022 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, 2023 | | (Level 1) | | (Level 2) | | (Level 3) |
| | (in thousands) |
Investment in CSI Compressco | | $ | 7,228 | | | $ | 7,228 | | | $ | — | | | $ | — | |
Investment in CarbonFree | | 6,563 | | | — | | | — | | | 6,563 | |
Investment in Standard Lithium | | 2,264 | | | 2,264 | | | — | | | — | |
Other investments | | 350 | | | — | | | — | | | 350 | |
| | | | | | | | |
Total investments | | $ | 16,405 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 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, 2022 | | (Level 1) | | (Level 2) | | (Level 3) |
| | (in thousands) |
Investment in CSI Compressco | | $ | 6,967 | | | $ | 6,967 | | | $ | — | | | $ | — | |
Investment in CarbonFree | | 6,139 | | | — | | | — | | | 6,139 | |
Investment in Standard Lithium | | 1,180 | | | 1,180 | | | — | | | — | |
| | | | | | | | |
Investments | | $ | 14,286 | | | | | | | |
Impairments
During the second quarter of 2023, we recorded a $0.8 million impairment of our corporate office lease. The fair values were estimated based on the discounted cash flows from our lease and sublease agreements, including the rent rate per square foot (a Level 3 fair value measurement) in accordance with the fair value hierarchy.
Other
The fair values of cash, restricted cash, accounts receivable, accounts payable, accrued liabilities, short-term borrowings and long-term debt pursuant to our Term Credit Agreement, ABL Credit Agreement, Argentina Credit Agreement, and Swedish Credit Agreement approximate their carrying amounts. See Note 6 - “Long-Term Debt and Other Borrowings” for further discussion.
NOTE 9 – 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, |
| 2023 | | 2022 | | 2023 | | 2022 |
| (in thousands) |
Number of weighted average common shares outstanding | 129,777 | | | 128,407 | | | 129,395 | | | 127,890 | |
Assumed vesting of equity awards | 2,312 | | | — | | | 1,440 | | | 1,814 | |
Average diluted shares outstanding | 132,089 | | | 128,407 | | | 130,835 | | | 129,704 | |
The average diluted shares outstanding excludes the impact of certain outstanding equity awards of 1.5 million shares for the three-month period ended September 30, 2022 as the inclusion of these shares would have been anti-dilutive due to the net loss from continuing operations recorded during this period.
NOTE 10 – 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, |
| 2023 | | 2022 | | 2023 | | 2022 |
| | | | | | | |
| (in thousands) |
Revenues from external customers | | | | | | | |
Product sales | | | | | | | |
Completion Fluids & Products Division | $ | 68,532 | | | $ | 55,354 | | | $ | 228,415 | | | $ | 195,469 | |
Water & Flowback Services Division | 435 | | | 140 | | | 2,304 | | | 381 | |
Consolidated | $ | 68,967 | | | $ | 55,494 | | | $ | 230,719 | | | $ | 195,850 | |
| | | | | | | |
Services | | | | | | | |
Completion Fluids & Products Division | $ | 4,678 | | | $ | 3,809 | | | $ | 12,059 | | | $ | 11,686 | |
Water & Flowback Services Division | 77,819 | | | 75,709 | | | 230,358 | | | 198,229 | |
Consolidated | $ | 82,497 | | | $ | 79,518 | | | $ | 242,417 | | | $ | 209,915 | |
| | | | | | | |
Total revenues | | | | | | | |
Completion Fluids & Products Division | $ | 73,210 | | | $ | 59,163 | | | $ | 240,474 | | | $ | 207,155 | |
Water & Flowback Services Division | 78,254 | | | 75,849 | | | 232,662 | | | 198,610 | |
Consolidated | $ | 151,464 | | | $ | 135,012 | | | $ | 473,136 | | | $ | 405,765 | |
| | | | | | | |
Income (loss) before taxes and discontinued operations | | | | | | | |
Completion Fluids & Products Division | $ | 16,932 | | | $ | 12,357 | | | $ | 67,330 | | | $ | 46,910 | |
Water & Flowback Services Division | 8,475 | | | 6,482 | | | 22,869 | | | 10,808 | |
Interdivision Eliminations | — | | | 3 | | | — | | | 9 | |
Corporate Overhead(1) | (18,691) | | | (16,727) | | | (54,869) | | | (45,398) | |
Consolidated | $ | 6,716 | | | $ | 2,115 | | | $ | 35,330 | | | $ | 12,329 | |
(1) Amounts reflected include the following general corporate expenses:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
| | | | | | | |
| (in thousands) |
General and administrative expense | $ | 13,552 | | | $ | 11,968 | | | $ | 37,206 | | | $ | 33,856 | |
Depreciation and amortization | 101 | | | 165 | | | 303 | | | 528 | |
Impairments and other charges | — | | | — | | | 777 | | | — | |
Interest expense | 5,755 | | | 4,437 | | | 17,029 | | | 11,978 | |
| | | | | | | |
Other general corporate (income) expense, net | (717) | | | 157 | | | (446) | | | (964) | |
Total | $ | 18,691 | | | $ | 16,727 | | | $ | 54,869 | | | $ | 45,398 | |
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, 2022 filed with the Securities and Exchange Commission (“SEC”) on February 27, 2023 (“2022 Annual Report”). This discussion includes forward-looking statements that involve certain risks and uncertainties. Business Overview
We are an energy services and solutions company operating on six continents, focused on calcium chloride, completion fluids and associated products and services, comprehensive water management solutions, frac flowback, and production well testing. 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. We are composed of two segments – Completion Fluids & Products Division and Water & Flowback Services Division.
Consolidated revenue for the first nine months of 2023 of $473.1 million reflects a 16.6% increase over the prior year, reflecting growth in international markets and the Gulf of Mexico, as well as a strong second quarter for our Northern Europe industrial chemicals business. Our strong results for the first nine months of 2023 reflect our employees delivering operational and financial excellence in our core businesses while simultaneously advancing our key strategic initiatives. Third-quarter consolidated revenue of $151.5 million reflects a 13.7% decrease following the strong Northern European industrial chemical business seasonal peak in the second quarter.
Completion Fluids & Products Division revenues for the first nine months of 2023 increased 16.1% compared to 2022 as pricing and market share have continued to improve. Completion Fluids & Products Division revenues decreased 25% sequentially, following a new segment record high during the second quarter, including the seasonal peak for our Northern Europe industrial chemicals business. Our offshore results declined compared to the second quarter as projects were completed or shifted into the fourth quarter.
Our Water & Flowback Services revenues remained stable compared to the second quarter of 2023 and improved slightly compared to the prior year, driven primarily by the first two early production facilities in Latin America that became operational in the third quarter of 2022 and the third early production facility which became operational in May 2023. Our growing fleet of TETRA SandStormTM advanced cyclone technology separators also remains at high utilization with continued market penetration and positive pricing progression. Water & Flowback Services margins have continued to improve, reflecting ongoing automation and cost-reduction initiatives.
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 a memorandum of understanding (“MOU”) with Saltwerx LLC (“Saltwerx”), an indirect wholly owned subsidiary of a Fortune 500 company, relating to a newly-proposed brine unit in the Smackover Formation in Southwest Arkansas and potential bromine and lithium production from brine produced from the unit. We filed an amended brine unit application (the “Application”) covering approximately 6,138 acres, which expands the size of the unit area and also combines brine acreage that was previously leased by each of TETRA and Saltwerx (the “Brine Unit”), with the Arkansas Oil & Gas Commission (“AOGC”). On September 26, 2023, the AOGC held a public hearing and unanimously approved our application to establish the Brine Unit. We completed the evaluation of results from the second exploratory well on our acreage in Arkansas in the third quarter with exceptional results. These results are being used to update the lithium and bromine resource report which we plan to complete and release in the fourth quarter. Additional steps are required before making a decision to develop the bromine assets and include further studies to analyze the resource as well as completion of a pre-feasibility and/or feasibility study.
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, 2023 compared with three months ended June 30, 2023.
Consolidated Comparisons
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Period to Period Change |
| September 30, | | June 30, | | $ Change | | % Change |
| 2023 | | 2023 | | |
| (in thousands, except percentages) |
Revenues | $ | 151,464 | | | $ | 175,463 | | | $ | (23,999) | | | (13.7) | % |
Gross profit | 37,924 | | | 49,155 | | | (11,231) | | | (22.8) | % |
Gross profit as a percentage of revenue | 25.0 | % | | 28.0 | % | | | | |
Exploration and pre-development costs | 3,775 | | | 2,341 | | | 1,434 | | | 61.3 | % |
General and administrative expense | 23,838 | | | 26,225 | | | (2,387) | | | (9.1) | % |
General and administrative expense as a percentage of revenue | 15.7 | % | | 14.9 | % | | | | |
Interest expense, net | 5,636 | | | 5,944 | | | (308) | | | (5.2) | % |
| | | | | | | |
Other income, net | (2,041) | | | (6,435) | | | (4,394) | | | (68.3) | % |
Income before taxes and discontinued operations | 6,716 | | | 21,080 | | | (14,364) | | | (68.1) | % |
Income before taxes and discontinued operations as a percentage of revenue | 4.4 | % | | 12.0 | % | | | | |
Provision for income taxes | 1,248 | | | 2,875 | | | (1,627) | | | (56.6) | % |
Income before discontinued operations | 5,468 | | | 18,205 | | | (12,737) | | | (70.0) | % |
Discontinued operations: | | | | | | | |
Loss from discontinued operations, net of taxes | (48) | | | (8) | | | 40 | | | 500.0 | % |
Net income | 5,420 | | | 18,197 | | | (12,777) | | | (70.2) | % |
Loss attributable to noncontrolling interests | — | | | 18 | | | (18) | | | 100.0 | % |
Net income attributable to TETRA stockholders | $ | 5,420 | | | $ | 18,215 | | | $ | (12,795) | | | (70.2) | % |
Consolidated revenues decreased between the current and previous quarters primarily due to a decrease in overall activity for the Completion Fluids & Products division sales volume from the strong Northern European industrial chemical seasonality impact each year on our results in the second quarter. See Divisional Comparisons section below for a more detailed discussion of the change in our revenues.
Consolidated gross profit as a percentage of revenue decreased primarily due to our Completion Fluids & Products division lower overall activity levels and margins. See Divisional Comparisons section below for additional discussion.
Consolidated exploration and pre-development costs increased primarily due to costs associated with the lithium front-end engineering and design study and appraisal costs for the second exploratory brine well in Arkansas.
Consolidated general and administrative expenses decreased compared to the prior quarter, primarily due to a $1.3 million decrease in provision for credit losses as a provision established in the second quarter was reversed in the third quarter following improved collections, a $0.4 million decrease in general expenses and a $0.3 million decrease in legal expenses.
Consolidated other income, net, decreased in the current quarter, compared to the prior quarter primarily due to the $2.8 million decrease in credits for exploration and pre-development costs reimbursable from Saltwerx following the cumulative credit in the second quarter, and a $2.0 million increase in unrealized losses from our
Standard Lithium shares received in April 2022 and 2023, partially offset by a $0.5 million increase in unrealized gain due to the change in the unit price of the CSI Compressco common units we own.
Consolidated provision for income tax was $1.2 million during the current quarter, compared to a $2.9 million provision during the prior quarter. Our consolidated effective tax rate for the three months ended September 30, 2023 was 18.6% due to income generated during the quarter, partially offset by the utilization of net operating loss carryforwards in the United States and certain other non-U.S. jurisdictions for which a valuation allowance had been established. 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.
Divisional Comparisons
Completion Fluids & Products Division
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Period to Period Change |
| September 30, | | June 30, | | $ Change | | % Change |
| 2023 | | 2023 | | |
| (in thousands, except percentages) |
Revenues | $ | 73,210 | | | $ | 98,222 | | | $ | (25,012) | | | (25.5) | % |
Gross profit | 25,327 | | | 37,133 | | | (11,806) | | | (31.8) | % |
Gross profit as a percentage of revenue | 34.6 | % | | 37.8 | % | | | | |
Exploration and pre-development costs | 3,775 | | | 2,341 | | | 1,434 | | | 61.3 | % |
General and administrative expense | 5,829 | | | 8,551 | | | (2,722) | | | (31.8) | % |
General and administrative expense as a percentage of revenue | 8.0 | % | | 8.7 | % | | | | |
Interest (income) expense, net | (309) | | | 104 | | | (413) | | | 397.1 | % |
Other income, net | (900) | | | (5,819) | | | (4,919) | | | (84.5) | % |
Income before taxes and discontinued operations | $ | 16,932 | | | $ | 31,956 | | | $ | (15,024) | | | (47.0) | % |
Income before taxes and discontinued operations as a percentage of revenue | 23.1 | % | | 32.5 | % | | | | |
Revenues for our Completion Fluids & Products Division decreased primarily due to decreased volumes for industrial chemical sales following the seasonal uplift in Northern Europe in the prior quarter, as well as timing of customer completion schedules, which resulted in some planned offshore activity pushing from the third to the fourth quarter.
Gross profit for our Completion Fluids & Products Division decreased compared to the prior quarter primarily due to the decline in revenues mentioned above. 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 exploration and pre-development costs associated with our potential Southwest Arkansas bromine development project increased $1.4 million due to costs associated with the lithium front-end engineering and design study and well appraisal costs. General and administrative expense for the division decreased $2.7 million, primarily due to a $1.3 million decrease in provision for credit losses as a provision established in the second quarter was reversed in the third quarter following improved collections, and a $1.3 million decrease in short-term incentive compensation expense. Other income, net decreased primarily due to the $2.8 million decrease in credits for exploration and pre-development costs from Saltwerx following the cumulative credit in the second quarter, and a $2.0 million increase in unrealized losses from our investment in Standard Lithium shares due to a decline in the share price.
Water & Flowback Services Division
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Period to Period Change |
| September 30, | | June 30, | | $ Change | | % Change |
| 2023 | | 2023 | | |
| (in thousands, except percentages) |
Revenues | $ | 78,254 | | | $ | 77,241 | | | $ | 1,013 | | | 1.3 | % |
Gross profit | 12,697 | | | 12,893 | | | (196) | | | (1.5) | % |
Gross profit as a percentage of revenue | 16.2 | % | | 16.7 | % | | | | |
General and administrative expense | 4,457 | | | 5,080 | | | (623) | | | (12.3) | % |
General and administrative expense as a percentage of revenue | 5.7 | % | | 6.6 | % | | | | |
| | | | | | | |
Interest expense, net | 190 | | | 27 | | | 163 | | | 603.7 | % |
Other (income) expense, net | (425) | | | (228) | | | 197 | | | (86.4) | % |
Income before taxes and discontinued operations | $ | 8,475 | | | $ | 8,014 | | | $ | 461 | | | 5.8 | % |
Income before taxes and discontinued operations as a percentage of revenue | 10.8 | % | | 10.4 | % | | | | |
Revenues for our Water & Flowback Services Division in the current quarter increased due to continued higher revenues from our early production facilities in Latin America following completion of the third facility in May 2023. The North America onshore business revenue was relatively flat compared to the prior quarter.
Gross profit for our Water & Flowback Services Division remained comparable to the previous quarter. Gross profit as a percentage of revenue also remained comparable reflecting the ongoing margin expansion efforts driven by investments in technology, integration, digitalization and the benefit of our early production facilities in Argentina. While we have seen some signs of softness in certain land segments in the United States, pricing has remained relatively stable for our differentiated products and service offerings.
The Water & Flowback Services Division income before taxes and discontinued operations increased primarily due to a $0.6 million decrease in general and administrative expense primarily due to cost reduction initiatives, partially offset by a $0.2 million increase in interest expense due to borrowings under the Argentina Credit Agreement.
Corporate Overhead
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Period to Period Change |
| September 30, | | June 30, | | $ Change | | % Change |
| 2023 | | 2023 | | |
| (in thousands, except percentages) |
Depreciation and amortization | $ | 101 | | | $ | 93 | | | $ | 8 | | | 8.6 | % |
Impairments and other charges | — | | | 777 | | | (777) | | | (100.0) | % |
General and administrative expense | 13,552 | | | 12,595 | | | 957 | | | 7.6 | % |
Interest expense, net | 5,755 | | | 5,813 | | | (58) | | | (1.0) | % |
| | | | | | | |
Other income, net | (717) | | | (388) | | | 329 | | | 84.8 | % |
Loss before taxes and discontinued operations | $ | (18,691) | | | $ | (18,890) | | | $ | 199 | | | (1.1) | % |
Corporate overhead loss before taxes and discontinued operations remained comparable to the prior quarter as the $1.0 million increase in general and administrative expense primarily due to higher long-term incentive expenses was substantially offset by the $0.8 million impairment associated with our corporate office lease during the prior quarter.
Nine months ended September 30, 2023 compared with nine months ended September 30, 2022.
Consolidated Comparisons
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended | | | | |
| September 30, | | Period to Period Change |
| 2023 | | 2022 | | $ Change | | % Change |
| (in thousands, except percentages) |
Revenues | $ | 473,136 | | | $ | 405,765 | | | $ | 67,371 | | | 16.6 | % |
Gross profit | 123,402 | | | 90,000 | | | 33,402 | | | 37.1 | % |
Gross profit as a percentage of revenue | 26.1 | % | | 22.2 | % | | | | |
Exploration and pre-development costs | 6,836 | | | 3,500 | | | 3,336 | | | 95.3 | % |
General and administrative expense | 73,254 | | | 68,096 | | | 5,158 | | | 7.6 | % |
General and administrative expense as a percentage of revenue | 15.5 | % | | 16.8 | % | | | | |
Interest expense, net | 16,672 | | | 10,933 | | | 5,739 | | | 52.5 | % |
| | | | | | | |
Other income, net | (8,690) | | | (4,858) | | | 3,832 | | | 78.9 | % |
Income before taxes and discontinued operations | 35,330 | | | 12,329 | | | 23,001 | | | 186.6 | % |
Income before taxes and discontinued operations as a percentage of revenue | 7.5 | % | | 3.0 | % | | | | |
Provision for income taxes | 5,612 | | | 2,899 | | | 2,713 | | | 93.6 | % |
Income before discontinued operations | 29,718 | | | 9,430 | | | 20,288 | | | 215.1 | % |
Discontinued operations: | | | | | | | |
(Income) loss from discontinued operations, net of taxes | (68) | | | 270 | | | 338 | | | NM(1) |
Net income | 29,650 | | | 9,700 | | | 19,950 | | | 205.7 | % |
Loss attributable to noncontrolling interests | 25 | | | 43 | | | (18) | | | (41.9) | % |
Net income attributable to TETRA stockholders | $ | 29,675 | | | $ | 9,743 | | | $ | 19,932 | | | 204.6 | % |
(1) Percent change is not meaningful
Consolidated revenues increased in the current year primarily due to improving industry conditions compared to the prior year for both our Completion Fluids & Products and Water & Flowback Services divisions, as well as the first two early production facilities in Argentina that commenced operations in the third quarter of 2022 and a third early production facility that became operational in the second quarter of 2023. See Divisional Comparisons section below for a more detailed discussion of the change in our revenues.
Consolidated gross profit increased in the current year primarily due to the increase in revenue, partially offset by an increase in costs associated with the higher Water & Flowback Services division activity levels described above. Profit margins for both divisions also improved due to stronger market conditions, a shift to higher-margin projects as well as price improvements and cost reduction initiatives.
Consolidated exploration and pre-development costs increased $3.3 million compared to the prior year primarily due to costs associated with the lithium front-end engineering and design study and drilling and appraisal costs associated with our second exploratory brine well in Arkansas.
Consolidated general and administrative expenses increased compared to the prior year, primarily due to $5.4 million of increased wage and benefit-related expenses driven by divisional headcount additions and higher operational activity levels, as well as higher short and long-term incentive expense, including the impact of the increase in our stock price on long-term incentive awards.
Consolidated interest expense, net, increased in the current year primarily due to an increase in the interest rate on our Term Credit Agreement and increased interest on borrowings under our ABL Credit Agreement and Argentina Credit Agreement.
Consolidated other income, net, increased in the current year, compared to the prior year primarily due to $6.7 million credits for exploration and pre-development costs reimbursable from Saltwerx under the MOU entered in in June 2023, offset by a $3.0 million decrease in foreign exchange gains.
Consolidated provision for income taxes was $5.6 million during the current year, compared to $2.9 million during the prior year. Our consolidated effective tax rate for the current year was 15.9%, compared to 23.5% during the prior year. The increase in our tax provision compared to the prior year was primarily due to the increase in income, while our effective tax rate decreased because a significant portion of the increase in income was in jurisdictions for which we were able to utilize net operating losses for which we had established valuation allowances. 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.
Divisional Comparisons
Completion Fluids & Products Division
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended | | | | |
| September 30, | | Period to Period Change |
| 2023 | | 2022 | | $ Change | | % Change |
| (in thousands, except percentages) |
Revenues | $ | 240,474 | | | $ | 207,155 | | | $ | 33,319 | | | 16.1 | % |
Gross profit | 87,469 | | | 66,726 | | | 20,743 | | | 31.1 | % |
Gross profit as a percentage of revenue | 36.4 | % | | 32.2 | % | | | | |
Exploration and pre-development costs | 6,836 | | | 3,500 | | | 3,336 | | | 95.3 | % |
General and administrative expense | 21,553 | | | 18,517 | | | 3,036 | | | 16.4 | % |
General and administrative expense as a percentage of revenue | 9.0 | % | | 8.9 | % | | | | |
Interest income, net | (600) | | | (1,042) | | | (442) | | | (42.4) | % |
Other income, net | (7,650) | | | (1,159) | | | 6,491 | | | NM(1) |
Income before taxes and discontinued operations | $ | 67,330 | | | $ | 46,910 | | | $ | 20,420 | | | 43.5 | % |
Income before taxes and discontinued operations as a percentage of revenue | 28.0 | % | | 22.6 | % | | | | |
(1) Percent change is not meaningful
Revenues for our Completion Fluids & Products Division increased compared to the prior year primarily due to higher European industrial chemical sales volumes, as well as favorable pricing and customer mix. The division also benefited from recent capacity expansions following investments in Brazil, the Gulf of Mexico and the United Kingdom.
Gross profit for our Completion Fluids & Products Division increased compared to the prior year due to an increase in revenues. Gross profit as a percentage of revenue for our Completion Fluids & Products division increased primarily due to favorable pricing improvements. 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.
Income before taxes and discontinued operations for our Completion Fluids & Products Division increased compared to the prior year driven by higher gross profit, $6.7 million of credits for exploration and pre-development costs reimbursable from Saltwerx as well as a $0.4 million decrease in unrealized losses from our investment in Standard Lithium shares, both included in other income, net. These increases were partially offset by a $3.3 million increase in costs associated with the exploratory brine project compared to the prior year; a $3.0 million increase in general and administrative costs due to higher compensation and short-term incentive expense due to increased activity levels and strong results; and a $0.8 million decrease in unrealized gains from the change in fair value of the CarbonFree convertible note embedded option.
Water & Flowback Services Division
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended | | | | |
| September 30, | | Period to Period Change |
| 2023 | | 2022 | | $ Change | | % Change |
| (in thousands, except percentages) |
Revenues | $ | 232,662 | | | $ | 198,610 | | | $ | 34,052 | | | 17.1 | % |
Gross profit | 37,012 | | | 23,793 | | | 13,219 | | | 55.6 | % |
Gross profit as a percentage of revenue | 15.9 | % | | 12.0 | % | | | | |
General and administrative expense | 14,496 | | | 15,724 | | | (1,228) | | | (7.8) | % |
General and administrative expense as a percentage of revenue | 6.2 | % | | 7.9 | % | | | | |
Interest (income) expense, net | 243 | | | (3) | | | 246 | | | NM(1) |
Other income, net | (596) | | | (2,736) | | | (2,140) | | | (78.2) | % |
Income before taxes and discontinued operations | $ | 22,869 | | | $ | 10,808 | | | $ | 12,061 | | | 111.6 | % |
Income before taxes and discontinued operations as a percentage of revenue | 9.8 | % | | 5.4 | % | | | | |
(1) Percent change is not meaningful
Revenues for our Water & Flowback Services Division increased significantly for both water management and production testing due to overall higher customer drilling and completion activity. Customer activity levels have continued to improve, primarily in our North America land business. Revenues have also increased in Latin America due to two early production facilities that began operations in the third quarter of 2022 and a third early production facility that became operational in the second quarter of 2023.
Gross profit for our Water & Flowback Services Division improved substantially from the prior year primarily due to higher revenues resulting from the increased activity levels described above and pricing improvements, and a shift to higher margin projects as well as continuous efforts to increase margins through streamlining operations and automation.
Income before taxes and discontinued operations for our Water & Flowback Services Division increased in the current year primarily due to an improvement in the gross profit described above and a $1.2 million decrease in general and administrative expense from cost reduction initiatives, partially offset by a $1.6 million decrease in foreign exchange gains and a $0.7 million decrease in gains on asset sales.
Corporate Overhead
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended | | | | |
| September 30, | | Period to Period Change |
| 2023 | | 2022 | | $ Change | | % Change |
| (in thousands, except percentages) |
Depreciation and amortization | $ | 303 | | | $ | 528 | | | $ | (225) | | | (42.6) | % |
Impairments and other charges | 777 | | | — | | | 777 | | | 100.0 | % |
General and administrative expense | 37,206 | | | 33,856 | | | 3,350 | | | 9.9 | % |
Interest expense, net | 17,029 | | | 11,978 | | | 5,051 | | | 42.2 | % |
Other income, net | (446) | | | (964) | | | 518 | | | 53.7 | % |
Loss before taxes and discontinued operations | $ | (54,869) | | | $ | (45,398) | | | $ | (9,471) | | | 20.9 | % |
Corporate overhead loss before taxes and discontinued operations increased due to a $5.1 million increase in interest expense, net due to an increase in the interest rate on our Term Credit Agreement and higher borrowings under our ABL Credit Agreement, and a $3.4 million increase in general and administrative expense as well as a $0.5 million decrease in other (income) expense, net and a $0.8 million impairment of our corporate office lease. Corporate general and administrative expenses increased compared to the prior year, primarily due to increased wage and benefit-related expenses to support higher activity levels and higher equity-based compensation expense, including the impact of the increase in our stock price. Other (income) expense, net decreased primarily
due to a $1.4 million decrease in foreign exchange gains, partially offset by a $0.4 million increase in unrealized gains related to unit price changes of our investment in CSI Compressco.
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), 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 strategic partner. Exploration and pre-development costs and the associated income from collaborative arrangement are excluded from Adjusted EBITDA because they do 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 do not relate to the current year 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.
The following tables reconcile net income (loss) before taxes and discontinued operations to Adjusted EBITDA for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended |
| September 30, 2023 |
| Completion Fluids & Products | | Water & Flowback Services | | Corporate SG&A | | Other and Eliminations | | | Total |
| (in thousands, except percentages) |
Revenue | $ | 73,210 | | | $ | 78,254 | | | $ | — | | | $ | — | | | | $ | 151,464 | |
Net income (loss) before taxes and discontinued operations | 16,932 | | | 8,475 | | | (13,552) | | | (5,139) | | | | 6,716 | |
Insurance recoveries | 174 | | | — | | | — | | | — | | | | 174 | |
| | | | | | | | | | |
Exploration and pre-development costs | 3,775 | | | — | | | — | | | — | | | | 3,775 | |
Adjustment to long-term incentives | — | | | — | | | 500 | | | — | | | | 500 | |
| | | | | | | | | | |
Former CEO stock appreciation right expense | — | | | — | | | 1,074 | | | — | | | | 1,074 | |
Transactions and other expenses | — | | | — | | | 108 | | | — | | | | 108 | |
Income from collaborative arrangement | (1,933) | | | — | | | — | | | — | | | | (1,933) | |
| | | | | | | | | | |
| | | | | | | | | | |
Interest (income) expense, net | (309) | | | 190 | | | — | | | 5,755 | | | | 5,636 | |
Depreciation, amortization and accretion | 2,301 | | | 6,176 | | | — | | | 101 | | | | 8,578 | |
Equity-based compensation expense | — | | | — | | | 1,431 | | | — | | | | 1,431 | |
Adjusted EBITDA | $ | 20,940 | | | $ | 14,841 | | | $ | (10,439) | | | $ | 717 | | | | $ | 26,059 | |
| | | | | | | | | | |
Adjusted EBITDA as % of revenue | 28.6 | % | | 19.0 | % | | | | | | | 17.2 | % |
| | | | | | | | | | |
| Three Months Ended |
| June 30, 2023 |
| Completion Fluids & Products | | Water & Flowback Services | | Corporate SG&A | | Other and Eliminations | | | Total |
| (in thousands, except percentages) |
Revenue | $ | 98,222 | | | $ | 77,241 | | | $ | — | | | $ | — | | | | $ | 175,463 | |
Net income (loss) before taxes and discontinued operations | 31,956 | | | 8,014 | | | (12,595) | | | (6,295) | | | | 21,080 | |
Insurance recoveries | (5) | | | — | | | — | | | — | | | | (5) | |
Impairments and other charges | — | | | — | | | 777 | | | — | | | | 777 | |
Exploration and pre-development costs | 2,341 | | | — | | | — | | | — | | | | 2,341 | |
Adjustment to long-term incentives | — | | | — | | | 322 | | | — | | | | 322 | |
Former CEO stock appreciation right expense | — | | | — | | | 329 | | | — | | | | 329 | |
Transaction and other expenses | — | | | — | | | 57 | | | — | | | | 57 | |
Income from collaborative arrangement | (4,749) | | | — | | | — | | | — | | | | (4,749) | |
Interest expense, net | 104 | | | 27 | | | — | | | 5,813 | | | | 5,944 | |
Depreciation, amortization and accretion | 2,193 | | | 6,172 | | | — | | | 93 | | | | 8,458 | |
Equity-based compensation expense | — | | | — | | | 1,492 | | | — | | | | 1,492 | |
Adjusted EBITDA | $ | 31,840 | | | $ | 14,213 | | | $ | (9,618) | | | $ | (389) | | | | $ | 36,046 | |
| | | | | | | | | | |
Adjusted EBITDA as % of revenue | 32.4 | % | | 18.4 | % | | | | | | | 20.5 | % |
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. Our liquidity at the end of the third quarter was $107.0 million. Liquidity is defined as unrestricted cash plus availability under the ABL Credit Agreement, Argentina Credit Facility, and Swedish Credit Facility. Information about the terms and covenants of our debt agreements can be found in Note 6 - Long Term Debt and Other Borrowings.
Our consolidated sources and uses of cash are as follows:
| | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2023 | | 2022 |
| (in thousands) |
Operating activities | $ | 51,331 | | | $ | 25,948 | |
Investing activities | (28,918) | | | (28,280) | |
Financing activities | (1,894) | | | (2,771) | |
Operating Activities
Consolidated cash flows provided by operating activities increased compared to the first nine months of 2022 primarily due to an increase in cash profit and working capital changes.
Investing Activities
Total cash capital expenditures during the first nine months of 2023 were $30.2 million, which reflects increased expenditures to accommodate industry-wide activity recoveries. Our Water & Flowback Services Division spent $22.0 million on capital expenditures, primarily to deploy additional SandStorm units to meet increased demands and to maintain, automate and upgrade its water management and flowback equipment fleet. Water and Flowback Services Division capital expenditures also included expenditures related to construction of the third early production facility in Argentina. Our Completion Fluids & Products Division spent $7.8 million on capital expenditures, primarily investing in additional capacity to support higher projected activity levels in the United States, Latin America and Europe.
Investing activities during the first nine months of 2023 and 2022 included $2.9 million and $3.8 million, respectively, 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 deep 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. We currently have no 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 Inferred 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. With respect to approximately 35,000 acres of that total acreage, we granted Standard Lithium an option to acquire the lithium rights. Standard Lithium delivered a notice to exercise this option to acquire those lithium rights on October 6, 2023. The agreements governing this option contemplate a 2.5% royalty that Standard Lithium would pay us based on gross lithium revenues. A copy of the Option Agreement with certain confidential information redacted is filed as Exhibit 10.1 to this Quarterly Report. Additional information on these inferred resources is described in Part I, “Item 2. Properties” in our 2022 Annual Report.
During early 2023, we completed an initial economic assessment for a bromine extraction plant. We expect an initial economic assessment to follow in early 2024 for a lithium extraction plant, subject to the progress of early engineering. In June 2023, we entered into the MOU with Saltwerx, an indirect wholly owned subsidiary of a Fortune 500 company, relating to a newly-proposed brine unit in the Smackover Formation in Southwest Arkansas and potential bromine and lithium production from brine produced from the unit. We filed an amended Application covering approximately 6,138 acres, which expands the size of the unit area and also combines brine acreage that was previously leased by each of TETRA and Saltwerx, with the AOGC. On September 26, 2023, the AOGC held a public hearing and unanimously approved our application to establish the Brine Unit. On October 17, 2023, the AOGC issued formal orders establishing the Brine Unit and integrating all unleased parties within the Brine Unit, subject to a 60-day statutory election period for each unleased party to elect whether or not to participate and share in costs of development of the Brine Unit. If no such election is made within the election period, such unleased parties will be deemed integrated within the Brine Unit as described in the formal orders. The Brine Unit will cover approximately 6,138 acres combining brine acreage leased by each of us and Saltwerx for development. Under Arkansas law, while bromine can be commercially extracted, the AOGC will need to establish the applicable lithium royalty before we can commercially produce lithium from the Brine Unit.
The MOU includes provisions relating to: (i) initial brine ownership percentages within the Brine Unit, including the bromine and lithium contained in the brine, (ii) the transfer of certain leased acres outside the proposed Brine Unit from us to Saltwerx after the expiration of the 60-day statutory election period, (iii) Saltwerx reimbursing us for certain expenses incurred by us to date regarding the development of leased acreage to be included in the Brine Unit, and (vi) an allocation of certain future costs for the drilling of a brine production test well and other development operations, including front-end engineering and design studies for bromine and lithium production facilities. During the second quarter of 2023, we also contracted a third-party firm to execute a front-end engineering and design study for a lithium production facility. Only upon completion of an indicated resources study, pre-feasibility and/or feasibility study and attainment of capital commitment from either a joint venture partner, governments grants or loans, or other cost-effective sources of capital that will not over-lever the Company, in addition to confirmation of a successful recapitalization of the long-duration zinc-bromide battery storage manufacturers, would we proceed to a final investment decision.
Financing Activities
Our financing activities for the first nine months of 2023 include $97.4 million of borrowings and $98.4 million of repayments under the ABL Credit Agreement, Argentina Credit Facility and Swedish Credit Facility, as well as $0.8 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.
Long-Term Debt
Term Credit Agreement. The Term Credit Agreement is scheduled to mature on September 10, 2025. As of September 30, 2023, $163.1 million in aggregate principal amount of our Term Credit Agreement is outstanding. 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. If our Leverage Ratio at year-end is less than 1.50 to 1.00, then no prepayment is required.
Asset-Based Credit Agreement. As of September 30, 2023, our ABL Credit Agreement provides for a senior secured revolving credit facility of up to $80.0 million, with a $20.0 million accordion. The credit facility is subject to a borrowing base to be determined by reference to the value of inventory and accounts receivable, and includes a sublimit of $20.0 million for letters of credit, a swingline loan sublimit of $11.5 million, and a $15.0 million sub-facility subject to a borrowing base consisting of certain trade receivables and inventory in the United Kingdom. The amounts we may borrow under the ABL Credit Agreement are derived from our accounts receivable, certain accrued receivables and certain inventory. Changes in demand for our products and services have an impact on our eligible accounts receivable, accrued receivables and the value of our inventory, which could result in significant changes to our borrowing base and therefore our availability under our ABL Credit Agreement. As of September 30, 2023, we had no balance outstanding and $11.5 million in letters of credit and guarantees against our ABL Credit Agreement and availability of $68.5 million, subject to compliance with the covenants, borrowing base, and other provisions of the ABL Credit Agreement.
Argentina Credit Facility. In January 2023, the Company entered into a revolving credit facility for certain working capital and capital expenditure needs for its subsidiary in Argentina (“Argentina Credit Facility”). As of September 30, 2023, we had $1.9 million outstanding and availability of $0.1 million under the Argentina Credit Agreement. Borrowings bear interest at a rate of 2.50% per annum. The Argentina Credit Facility was backed by a letter of credit under our ABL Credit Agreement, and expired and was repaid in October 2023.
Swedish Credit Facility. In January 2022, the Company entered into a revolving credit facility for seasonal working capital needs of subsidiaries in Sweden. As of September 30, 2023, we had a nominal amount outstanding and availability of approximately $4.6 million under this agreement. 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, 2023 and the Company intends to renew it annually.
Finland Credit Agreement. In January 2022, the Company also entered into a credit agreement guaranteed by certain accounts receivable and inventory in Finland (“Finland Credit Agreement”). As of September 30, 2023, there were $1.4 million of letters of credit outstanding against the Finland Credit Agreement. The Finland Credit Agreement expires on January 31, 2024 and the Company intends to renew it annually.
Other Sources and Uses of Cash
In addition to the aforementioned 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, 2023, the market value of our investments in CSI Compressco and Standard Lithium were $7.2 million and $2.3 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 issued by CarbonFree valued at $6.6 million as of September 30, 2023.
On May 5, 2022, we filed a universal shelf Registration Statement on Form S-3 with the SEC. On May 17, 2022, the Registration Statement on Form S-3 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, 2023, 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 2022 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. Commitments and Contingencies
Litigation
For information regarding litigation, see Note 7 - “Commitments and Contingencies” in the Notes to Consolidated Financial Statements and Part II, “Item 1. Legal Proceedings” in this report.
Long-Term Debt
For information on our credit agreements, see Note 6 - “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 2022 Annual Report.
Product and Asset Purchase Obligations
For information on product and asset purchase obligations, see Note 7 - “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”.
These forward-looking statements include statements concerning the inferred mineral resources of lithium and bromine, the potential extraction of lithium and bromine from the leased acreage, the development of the assets including construction of bromine extraction plants, the economic viability thereof, the demand for such resources, and the timing and cost of such activities; the ability to obtain an indicated or measured resources report and an initial economic assessment, indicated or measured resources report, and/or pre-feasibility or feasibility studies regarding our lithium and bromine acreage; statements regarding the Company's beliefs, expectations, plans, goals, future events and performance; and other statements that are not purely historical. With respect to the Company's disclosures of inferred mineral resources, including bromine and lithium carbonate equivalent concentrations, it is uncertain if further exploration will ever result in the estimation of a higher category of mineral resource or a mineral reserve. Inferred mineral resources are considered to have the lowest level of geological confidence of all mineral resources. Investors are cautioned that inferred mineral resources do not have demonstrated economic value. Inferred mineral resources have a high degree of uncertainty as to their existence and as to whether they can be economically or legally commercialized. A significant amount of exploration must be completed in order to determine whether an inferred mineral resource may be upgraded to a higher category. Therefore, 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 Brine 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 2022 Annual Report, and those described from time to time in our future reports filed with the SEC. 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 equal to, at the option of TETRA, either (i) SOFR (subject to a 1% floor) plus a margin of 6.25% per annum or (ii) a base rate plus a margin of 5.25% per annum. Borrowings under our ABL Credit Agreement bear interest at an agreed-upon percentage rate spread above SOFR. Borrowings under our Argentina Credit Facility and Swedish Credit Facility bear interest at fixed rates of 2.50% and 2.95%, respectively. The following table sets forth as of September 30, 2023, the principal amount due under our long-term debt obligations and their respective weighted average interest rates. As of September 30, 2023, we had no balance outstanding under our ABL Credit Agreement. 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.
| | | | | | | | | | | | | | | | | | | | |
| | | | Interest | | September 30, 2023 |
| | Scheduled Maturity | | Rate | |
| | | | | | (in thousands) |
Term Credit Agreement | | September 10, 2025 | | 11.68% | | $ | 163,071 | |
Asset-Based Credit Agreement | | May 31, 2025 | | 8.75% | | — | |
Argentina Credit Facility | | October 19, 2023 | | 2.50% | | 1,900 | |
Swedish Credit Facility | | December 31, 2023 | | 2.95% | | 11 | |
TETRA total debt, including current portion | | | | | | $ | 164,982 | |
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, 2023, 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, 2023, 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, 2023, that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.
PART II
OTHER INFORMATION
Item 1. Legal Proceedings.
For information regarding litigation, see “Item 1. Legal Proceedings” in our 2022 Annual Report, our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, and Note 7 - “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 2022 Annual Report. In addition, we are subject to the following supplemental risk factor.
We may not be able to utilize all or a portion of our net operating loss carryforwards or other tax benefits to offset future taxable income for U.S. federal, state or foreign tax purposes, which could adversely affect our financial position, results of operations and cash flows. We have adopted a Tax Benefits Preservation Plan (the “Tax Plan”) that is designed to protect our Tax Attributes.
As of December 31, 2022, we had United States federal, state, and foreign deferred tax assets associated with net operating loss carryforwards (“NOLs”) equal to approximately $86.2 million, $11.1 million, and $7.8 million, respectively. In those countries and states in which NOLs are subject to an expiration period, our NOLs, if not utilized, will expire at various dates from 2023 through 2042.
We may be limited in the portion of our NOLs that we can use in the future to offset taxable income for United States, federal, state, and foreign income tax purposes. Utilization of these NOLs depends on many factors, including our future taxable income, which cannot be assured.
Under Section 382 (“Section 382”) of the Internal Revenue Code of 1986, as amended (the “Code”), if a corporation experiences an “ownership change,” any NOLs, losses or deductions attributable to a “net unrealized built-in loss” and other tax attributes (“Tax Attributes”) could be substantially limited, and timing of the usage of such Tax Attributes could be substantially delayed. A corporation generally will experience an ownership change if one or more stockholders (or group of stockholders) who are each deemed to own at least 5% of the corporation’s stock increase their ownership by more than 50 percentage points over their lowest ownership percentage within a testing period (generally, a rolling three-year period). Utilization of our Tax Attributes may be subject to a significant annual limitation as a result of prior or future “ownership changes.” Determining the limitations under Section 382 is technical and highly complex, and no assurance can be given that upon further analysis our ability to take advantage of our NOLs or other Tax Attributes may be limited to a greater extent than we currently anticipate.
The Board of Directors has adopted the Tax Plan to protect the availability of the Company’s Tax Attributes. The Tax Plan is designed to reduce the likelihood that we experience an ownership change by deterring certain acquisitions of our common stock. There can be no assurances, however, that the deterrent mechanism will be effective, and, therefore, such acquisitions may still occur. In addition, the Tax Plan could adversely affect the marketability of our common stock by discouraging existing or potential investors from acquiring our common stock or additional shares of our common stock. If the Company is unable to use the Tax Attributes in years in which it has taxable income, the Company will pay significantly more in cash tax than if it were able to utilize the Tax Attributes, and those tax costs would negatively impact the Company’s financial position, results of operations and cash flows.
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, 2023, 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.
Item 6. Exhibits.
Exhibits:
| | | | | |
3.1 | |
3.2 | |
3.3 | |
4.1 | |
10.1*+# | |
31.1* | |
31.2* | |
32.1** | |
32.2** | |
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.
++ 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, 2023 and 2022; (ii) Consolidated Statements of Comprehensive Income for the three and nine-month periods ended September 30, 2023 and 2022; (iii) Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022; (iv) Consolidated Statements of Equity for the nine-month periods ended September 30, 2023 and 2022; (v) Consolidated Statements of Cash Flows for the nine-month periods ended September 30, 2023 and 2022; and (vi) Notes to Consolidated Financial Statements for the nine months ended September 30, 2023.
# 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.
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 30, 2023 | By: | /s/Brady M. Murphy |
| | | Brady M. Murphy |
| | | President and Chief Executive Officer |
| | | Principal Executive Officer |
| | | |
Date: | October 30, 2023 | By: | /s/Elijio V. Serrano |
| | | Elijio V. Serrano |
| | | Senior Vice President and Chief Financial Officer |
| | | Principal Financial Officer |
| | | |
Date: | October 30, 2023 | By: | /s/Richard D. O’Brien |
| | | Richard D. O’Brien |
| | | Vice President – Finance and Global Controller |
| | | Principal Accounting Officer |
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 [***].
OPTION AGREEMENT
THIS OPTION AGREEMENT is made as of the 29th day of December, 2017 .
BETWEEN:
TETRA TECHNOLOGIES, INC., a corporation existing under the laws of the State of Delaware and having an office located at 24955 Interstate 45 North, The Woodlands, Texas, 77380
(the “Underlying Owner”)
AND:
ARKANSAS LITHIUM CORP., a corporation existing under the laws of the State of Nevada and having an office located at Suite 888, 1100 Melville Street, Vancouver, British Columbia, V6E 4A6
(the “Optionee”)
AND:
STANDARD LITHIUM LTD., a corporation existing under the federal laws of Canada and having an office located at Suite 888, 1100 Melville Street, Vancouver, British Columbia, V6E 4A6
(the “Optionee Parent”)
RECITALS:
A. The Underlying Owner is the lessee under various brine leases and term brine deeds located in Columbia and Lafayette Counties in the State of Arkansas, as more particularly described in Exhibit A hereto (collectively referred to herein as the “Leases”);
B. The Underlying Owner desires to grant to the Optionee, and Optionee desires to receive, the Option (as defined herein), on the terms and subject to the conditions set out in this Agreement; and
C. The Optionee is an indirect wholly-owned subsidiary of the Optionee Parent.
NOW THEREFORE, in consideration of one ($1.00) dollar paid by each Party to the other, and the mutual promises, covenants, conditions, representations and warranties herein set out, the Parties agree as follows:
ARTICLE 1 - DEFINITIONS
1.1For the purposes of this Agreement, the following words and phrases shall have the following meanings, namely:
(a)“Affiliate” shall mean a direct or indirect subsidiary, parent company, or entity which shares the same control person;
(b)“Agreement” means this Option Agreement, as amended from time to time;
(c)“Agreement Date” means the date of this Agreement, as first set out above;
(d)“AOGC” means the Arkansas Oil and Gas Commission.
(e)“Authorized Recipients” has the meaning ascribed to such term in Section 8.2.
(f)“Business Day” means a day other than a Saturday, Sunday or any day on which banks in the City of Houston, Texas are not open for business during normal banking hours;
(g)“Claim” or “Claims” means all claims, damages, liabilities, losses, demands, liens, encumbrances, fines, penalties, causes of action of any kind, obligations, costs, judgments, penalties, interest and awards (including payment of reasonable attorneys’ fees and costs of litigation and investigation costs) or amounts, of any kind or character, whether under judicial proceedings, administrative proceedings or otherwise, and whether in law or in equity, and whether in tort or otherwise.
(h)“Commercial Production” means the production of Extracted Materials from the Exercised Leases in commercial quantities. Commercial Production will be deemed to have commenced on the first day of the month following the first occasion that Extracted Materials are shipped from the property comprising the Exercised Leases for commercial purposes; provided, however, that the processing or shipping of bulk samples for testing purposes shall not be considered for the purpose of establishing the commencement of Commercial Production.
(i)“Confidential Information” means all confidential and/or proprietary information disclosed by one Party (“Disclosing Party”) to the other Party (“Receiving Party”), and may include, but is not limited to, information concerning a potential business relationship between the Parties, trade secrets, physical samples, financial, business, sales or technical information, terms of agreements, negotiations or proposals, business operations, plans, products, processes, technology, strategies, facilities, research, finances, customers, legal affairs, pricing, information systems, development plans, marketing information, commercial information, properties, environmental considerations, suppliers, technical information, raw material usage or sourcing, business methods, personnel and similar confidential or proprietary information or data of, concerning or belonging to the Disclosing Party and/or its parent, subsidiaries or affiliate that is disclosed (a) in written or other tangible form and marked “Confidential” or with words of similar import, (b) orally or visually and identified as confidential or proprietary information at the time of disclosure, or (c) under circumstances by which Receiving Party should reasonably understand such information is to be treated as confidential, whether or not marked “Confidential” or otherwise. Confidential Information shall not include information that: (a) is already known to Receiving Party or its Affiliates at the time of disclosure without obligation of confidentiality to Disclosing Party, (b) is or becomes publicly known through no wrongful act or omission of Receiving Party or its Affiliates, (c) is rightfully received
by Receiving Party or its Affiliates from a third party without a known obligation of confidentiality, or (d) was developed by Receiving Party or its Affiliates independently and without the use or benefit of any of the Confidential Information.
(j)“Development Operations” means (i) all Exploratory Operations, and (ii) all activities carried out by Optionee in connection with the development and production of, including without limitation, drilling for brine; laying pipelines; installing power lines and power stations; building roads, bridges, tanks and other structures and facilities for the production of: (a) Extracted Materials; (b) the processing and distribution of Extracted Materials; (c) the construction of any improvements, fixtures or equipment reasonably necessary therefor; (d) disposal of post-extraction brine following extraction of the Extracted Materials; and (e) any other activities or operations related to or necessary for the drilling, development and production and disposal of brine and extraction and Commercial Production of Extracted Materials on, in or under the Leases, each of the foregoing in accordance with the rights granted herein and under the Limited Mineral Assignment;
(k)“Disclosing Party” has the meaning attributed to such term in the definition of Confidential Information.
(l)“Environmental Claims” means any and all Claims relating in any way to any Environmental Law or any permit issued under any Environmental Law, including:
(i)any and all Claims by any government or regulatory authorities for enforcement, clean-up, removal, response, remedial, or other actions or damages under any applicable Environmental Law; and
(ii)any and all Claims by any third party seeking damages, contribution, indemnification, cost recovery, compensation, or injunctive or other relief resulting from hazardous materials, including any release of those Claims, or arising from alleged injury or threat of injury to human health or safety (arising from environmental matters) or the environment;
(m)“Environmental Laws” means all laws, rules or regulations of any agency, board, or governmental authority having authority over the property comprising the Leases, relating to: (i) pollution or environmental protection of the air, surface water, ground water, or land; (ii) solid, gaseous, or liquid waste generation, handling, treatment, storage, disposal, or transportation; (iii) exposure to hazardous or toxic substances; or (iv) the closure, decommissioning, dismantling, or abandonment of any facilities, mines, or workings and the reclamation or restoration of the property comprising the Leases;
(n)“Environmental Liability” means any Claim suffered or incurred in respect of environmental cleanup and remediation obligations and liabilities arising directly or indirectly from operations or activities conducted in or on the Leases;
(o)“Exercised Leases” means those Leases with respect to which Optionee has exercised the Option;
(p)“Exploratory Operations” means all activities carried out by Optionee in connection with the rights and licenses under the Leases granted by
Underlying Owner to Optionee under this Agreement to investigate, prospect and explore for, and evaluate the production of, Extracted Materials, including without limitation conducting exploration, geologic and geophysical tests. Exploratory Operations do not include right to produce Extracted Materials in commercial quantities under the Leases;
(q)“Exploratory Period” means the period commencing on Agreement Date and continuing until the earliest of (i) the date that is the 10year anniversary of the Agreement Date; (ii) the execution and delivery of the Limited Mineral Assignment; or (iii) any termination of this Agreement;
(r)“Extracted Materials” means lithium and [***], derived or extracted from brine produced from the Leases;
(s)“Indemnitee” has the meaning attributed to such term in Section 10.5.
(t)“Indemnitor” has the meaning attributed to such term in Section 10.5.
(u)“Knowledge of Underlying Owner” shall mean the actual knowledge of any of [***] (President & CEO), [***] (VP - Chemicals) and [***] (General Counsel), except to the extent that such knowledge is subject to attorney-client privilege.
(v)“Lease Period” means the period commencing on the date that the Limited Mineral Assignment with respect to the Extracted Materials is executed by the Parties, and continuing for a period equal to the life of the underlying Exercised Lease(s);
(w)“Leases” has the meaning attributed to such term in Recital A hereto;
(x)“Limited Mineral Assignment” means an instrument in the form attached hereto as Exhibit B.
(y)“Minimum Royalty” means $[***];
(z)“NDA” means the mutual nondisclosure agreement entered into between the Underlying Owner and the Optionee Parent, dated June 8, 2017, and as subsequently amended;
(aa)“Option” means the exclusive option, during the Exploratory Period, to obtain the Limited Mineral Assignment and, if exercised, to conduct Development Operations in accordance with this Agreement and the Exercised Lease(s);
(bb)“Optionee” has the meaning attributed to such term in the preamble;
(cc)“Optionee Group” shall mean, whether individually or collectively, (i) Optionee, its parent, subsidiary and affiliated or related companies, (ii) its and their joint owners, co-lessees, partners, joint venturers, if any, and their respective parents, subsidiary and affiliated or related companies, (iii) its and their contractors and subcontractors of every tier (other than any member of Underlying Owner Group) and (iv) the officers, directors, employees, agents, consultants, insurers and invitees of all of the foregoing.
(dd)“Optionee Parent” has the meaning attributed to such term in the preamble;
(ee)“Parties” means Underlying Owner, Optionee and Optionee Parent, collectively, and “Party” means each of the foregoing individually.
(ff)“Receiving Party” has the meaning attributed to such term in the definition of Confidential Information.
(gg)“REGARDLESS OF FAULT” shall mean without regard to the cause or causes thereof including, without limitation, pre-existing conditions, whether such conditions be patent or latent, imperfection of material, defect or failure of equipment, breach of representation or warranty (express or implied), ultrahazardous activity, strict liability, tort, breach of contract, breach of statutory duty, breach of any safety requirement or regulation, or the negligence of any person or party, including the indemnified Party or Parties, whether such negligence be sole, joint and/or concurrent, active or passive, or any other theory of legal liability.
(hh)“Royalty” means a two and one-half percent (2.5%) royalty on gross revenue derived by Optionee or any of its Affiliates from the sale of Extracted Materials to a Third Party in an arms-length transaction, without any deduction of any kind or nature;
(ii)“Third Party” shall mean any person or entity not a member of Underlying Owner Group or Optionee Group.
(jj)“Underlying Owner” is defined in the preamble; and
(kk)“Underlying Owner Group” shall mean, whether individually or collectively, (i) Underlying Owner, its parent, subsidiary and affiliated or related companies, (ii) its and their joint owners, co-lessees, partners, joint venturers, if any, and their respective parents, subsidiary and affiliated or related companies, (iii) its and their contractors and subcontractors of every tier (other than any member of Optionee Group) and (iv) the officers, directors, employees, agents, consultants, insurers and invitees of all of the foregoing.
1.2Entire Agreement; Amendment
Except as described in the immediately following sentence, this Agreement constitutes the entire agreement between the Parties pertaining to the subject matter of this Agreement, and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, of and between the Parties relating to the subject matter herein (including but not limited to the NDA and the memorandum of understanding entered into between the Underlying Owner and the Optionee Parent dated effective July 26, 2017 (the “MOU”), which shall terminate as of the date hereof), and there are no representations, warranties, covenants or other agreements among the Parties to this Agreement in connection with the subject matter of this Agreement except as specifically set forth in this Agreement.
1.3Headings
The Articles, Sections, subsections and other headings contained herein are included solely for convenience, are not intended to be full or accurate descriptions of the content of this Agreement and shall not be considered part of this Agreement.
1.4Currency
Unless otherwise indicated, all dollar amounts contained in this Agreement are and shall be construed to be in dollars in the lawful currency of the United States of America.
1.5Exhibits
The following Exhibit attached to this Agreement is an integral part of this Agreement:
| | | | | | | | |
Exhibit A | - | Description of Leases |
Exhibit B | - | Form of Limited Mineral Assignment |
| | |
Exhibit C | - | Form of Ratification, Extension and Renewal of Brine Lease |
Exhibit D |
- |
Insurance Requirements |
ARTICLE 2 – REPRESENTATIONS AND WARRANTIES
2.1Each of (i) the Underlying Owner, on one hand, and (ii) Optionee and Optionee Parent, on the other, represent and warrant to the other, as of the Agreement Date that:
(a)it has duly obtained all necessary authorizations for the execution, delivery, and performance of this Agreement, and such execution, delivery and performance and the consummation of the transactions contemplated by this Agreement will not conflict with, or accelerate the performance required by or result in any breach of any covenants or agreements contained in or constitute a default under, or result in the creation of any encumbrance, lien or charge under the provisions of its governing documents or any indenture, agreement or other instrument whatsoever to which it is a party or by which it is bound or to which it may be subject, and will not contravene any applicable laws; and
(b)this Agreement, when delivered in accordance with the terms hereof, will constitute a valid and binding obligation enforceable against it in accordance with its terms, except (i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws of general application affecting enforcement of creditors’ rights generally and (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies.
2.2The Underlying Owner represents and warrants to each of the Optionee and the Optionee Parent that, as of the Agreement Date:
(a)except as set forth on Schedule 2.2(a), to the Knowledge of Underlying Owner, the Leases are legally and beneficially owned or held by it, are valid and enforceable, and are free and clear of any liens, charges or encumbrances;
(b)except as set forth on Schedule 2.2(b), to the Knowledge of Underlying Owner, all fees, taxes, assessments, rentals, levies or other payments required to be made relating to the Leases have been made, except
where the failure of such payment would not reasonably be expected to have a material adverse effect on the ability of the Underlying Owner to consummate the transactions contemplated by this Agreement;
(c)other than this Agreement, it is not a party to any outstanding agreements or options to acquire, purchase or sell the Leases or any portion thereof or any interest therein;
(d)except as set forth in Schedule 2.2(d), to the Knowledge of Underlying Owner, there is no adverse Claim or challenge against or to the ownership of or title to any part of the Leases or the property comprising the Leases that would reasonably be expected to have a material adverse effect on the ability of Underlying Owner to perform its obligations hereunder;
(e)to the Knowledge of Underlying Owner, there are no Claims pending or threatened against or relating to the Leases before or by any governmental or regulatory agency or board that would reasonably be expected to have a material adverse effect on its ability to perform its obligations hereunder;
(f)to the Knowledge of Underlying Owner, there has been no material spill, discharge, leak, emission, ejection, escape, dumping, or any release of any kind, of any toxic or hazardous substance or waste (as defined by any applicable law) on the property comprising the Leases in violation of Environmental Law, except as would not reasonably be expected to have a material adverse effect on its ability to perform its obligations hereunder;
(g)no toxic or hazardous substance or waste has been treated or disposed of by Underlying Owner on the property comprising the Leases, or is located or stored on the Leases as a result of activities of the Underlying Owner, except as would not reasonably be expected to have a material adverse effect on its ability to perform its obligations hereunder;
(h)it has not received from any governmental or regulatory agency or board, any notice of or communication relating to any actual or alleged Environmental Claims and, to the Knowledge of Underlying Owner, there are no outstanding work orders or actions required to be taken relating to environmental matters respecting the Leases or any operations carried out on the Leases that would reasonably be expected to have a material adverse effect on its ability to perform its obligations hereunder; and
(i)to the Knowledge of Underlying Owner, Underlying Owner has not conveyed any interest in the Leases to any third party, except where such conveyance would not be reasonably expected to have a material adverse effect on Optionee’s ability to achieve Commercial Production of Extracted Minerals.
2.3The Optionee represents and warrants to the Underlying Owner that, as of the Agreement Date:
(a)it is a company duly incorporated, validly subsisting and in good standing with respect to filing of annual reports under the laws of the State of Nevada;
(b)it has full power and authority to carry on its business and to enter into this Agreement and any agreement or instrument referred to in or contemplated by this Agreement and to carry out and perform all of its obligations and duties hereunder; and
(c)it has financial capability to make all payments due to Underlying Owner or otherwise hereunder.
2.4Each of the Optionee and the Optionee Parent acknowledges and agrees that the Underlying Owner makes no representations or warranties except as set forth above, and that it expressly disclaims any representation or warranty (a) as to the possibility or merits of Commercial Production on the Leases; (b) otherwise with respect to the Extracted Minerals or Leases.
2.5The representations and warranties set forth in Sections 2.1 through 2.3 shall survive for a period of (i) twelve (12) months following the Agreement Date.
ARTICLE 3 - DUE DILIGENCE; GRANT OF OPTION; CONSIDERATION
3.1Optionee shall have until [***] to conduct due diligence concerning Underlying Owner’s title to the Leases. If the Parties jointly agree that Underlying Owner’s title is defective with respect to any Lease, Underlying Owner shall have 120 days after [***], to acquire sufficient acreage to cure the defects. If Underlying Owner is unable to cure such defects, Optionee shall have the right to either (i) terminate this Agreement with respect to the Leases that are defective, or (ii) accept Underlying Owner’s title with respect to such Leases “AS IS, WHERE IS”. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, THE REMEDIES SET FORTH IN THIS SECTION 3.1 SHALL BE THE SOLE RECOURSE AND EXCLUSIVE REMEDY OF OPTIONEE AND/OR OPTIONEE PARENT IN THE EVENT OF UNDERLYING OWNER’S BREACH OF ANY REPRESENTATIONS OR WARRANTIES WITH RESPECT TO TITLE CONCERNING ANY OF THE LEASES, WHETHER SUCH REPRESENTATION OR WARRANTY IS CONTAINED IN THIS AGREEMENT, ANY OTHER AGREEMENT OR INSTRUMENT CONTEMPLATED HEREBY, OR OTHERWISE ARISES FROM THE TRANSACTIONS CONTEMPLATED HEREBY.
3.2Subject to the terms and conditions of this Agreement, the Underlying Owner hereby grants the Option to the Optionee. The Option may only be exercised a single time after Optionee’s completion of its due diligence pursuant to Section 3.1, and may be exercised with respect to any portion, or all, of the Leases, at Optionee’s sole election. For the avoidance of doubt, the Parties agree that the Optionee may not exercise the Option with respect to a portion of any single Lease, and that if the Optionee exercises the Option under a particular Lease, it must exercise the Option with respect to the entirety of any such Lease. Upon exercise of the Option, all rights granted hereunder with respect to Leases that are not Exercised Leases at such time shall automatically terminate, and shall immediately cease and revert to Underlying Owner.
3.3Upon Optionee’s exercise of the Option, the Parties shall promptly commence the following proceedings with respect to the Exercised Leases:
(a)Underlying owner shall deliver to Optionee an executed Limited Mineral Assignment.
(b)Underlying Owner shall, at Optionee’s sole expense, reasonably cooperate with Optionee to the extent necessary for Optionee to obtain
drilling permits and any other required regulatory approval for brine production wells and brine disposal wells to be utilized by Optionee in its Development Operations.
(c)Underlying Owner shall, at Optionee’s sole expense, reasonably cooperate with Optionee to the extent necessary for Optionee to secure administrative orders of the AOGC forming one or more brine production units to facilitate Development Operations and pooling all owners therein, including previously unleased brine owners and/or uncommitted brine leasehold owners.
(d)Underlying Owner shall, at Optionee’s sole expense, reasonably cooperate with Optionee to the extent necessary for Optionee to secure an order of the AOGC establishing an appropriate royalty payable to brine owners occasioned by Optionee’s extraction of the Extracted Materials.
3.4Underlying Owner expressly reserves, excepts, and retains all rights under the Leases, including, without limitation, exploration and production activities with regard to all minerals and chemical substances which may be produced from brine from the Leases, other than Extracted Minerals.
3.5In consideration for the grant of the Option hereunder, the Optionee shall make the following payments to the Underlying Owner in immediately available funds:
(a)$[***] on or before the date that is [***] following the Agreement Date;
(b)an additional $[***] on or before the date that is [***] months following the Agreement Date;
(c)an additional $[***] on or before the date that is [***] months following the Agreement Date;
(d)an additional $[***] on or before the date that is [***] months following the Agreement Date; and
(e)additional annual payments of $[***] on or before [***] beginning with the date that is [***] months following the Agreement Date, until the earlier of the expiration of the Exploratory Period or, if Optionee exercises the Option, the Optionee beginning payment of the Royalty.
3.6The Underlying Owner acknowledges receipt of a payment of $[***] from the Optionee Parent, which amount constitutes a non-refundable payment made in consideration of the Underlying Owner’s execution of the MOU.
ARTICLE 4 - ROYALTY
4.1During the Lease Period, at any time following the commencement of Commercial Production, the Optionee shall pay the Royalty to the Underlying Owner in accordance with Section 4.2. The Parties may agree to enter into a further agreement setting out the terms relating to the calculation and payment of the Royalty provided such agreement contains at a minimum the terms and conditions set out in this Article 4. If no such agreement is entered into by the Parties then this Agreement will continue to be binding in respect of the rights relating to the Royalty.
4.2Installments of the Royalty payable shall be paid by the Optionee to the Underlying Owner within thirty (30) days after the end of each calendar quarter.
4.3In the event the aggregate Royalty paid to the Underlying Owner in any calendar year does not exceed the Minimum Royalty, the Optionee shall make an additional payment to the Underlying Owner within thirty (30) days after the end of such calendar year such that the total Royalty received by the Underlying Owner in that year equals the Minimum Royalty; provided that the amount of the Minimum Royalty shall be prorated for the calendar year during which the Royalty first becomes payable. For greater certainty, except with respect to the first year that the Royalty is paid, in no circumstances shall the total Royalty received by the Underlying Owner in any calendar year be less than the Minimum Royalty.
4.4Not later than one-hundred-twenty (120) days after the end of each calendar year with respect to which the Royalty is due, the books and records of the Optionee relating to operations on the Exercised Leases and the statement of operations, which shall include the calculation of the Royalty for such year, shall be available for review by the Underlying Owner or its representatives. The Underlying Owner shall have sixty (60) days after review of such information to question the accuracy thereof in writing and, failing such objection, the statements shall be deemed to be correct thereafter.
4.5If the Parties determine that any overpayment by the Optionee of the Royalty has occurred, the amount of the overpayment shall be deducted from future installments of the Royalty payable (including amounts payable pursuant to Section 4.3 hereof).
4.6If Underlying Owner determines that any underpayment by the Optionee of the Royalty has occurred, the amount thereof shall be paid by the Optionee to the Underlying Owner promptly after notice thereof by Underlying Owner (but in any event within 30 calendar days following the date of such notice).
ARTICLE 5 - COVENANTS
5.1Optionee agrees that, until [***] it shall not directly or indirectly contact or negotiate with the lessors under any of the Leases, or otherwise attempt to enter into brine leases or obtain similar rights from such lessors or the owners of the interests covered by the Leases, or to interfere with Underlying Owner’s relationships with such lessors or owners without the prior written consent of Underlying Owner.
5.2Underlying Owner agrees that:
(a)provided Optionee is not in breach of Section 5.5, and subject to Section 5.8, to the extent within its control, it will use commercially reasonable efforts to (i) during the Exploratory Period, keep all Leases in good standing; and (ii) after exercise of the Option, keep the Exercised Leases in good standing during the Lease Period; and
(b)it will not actively engage in the production of Extracted Materials from brine produced from the Leases(during the Exploratory Period) or the Exercised Leases (after exercise of the Option), except as a by-product of operations conducted by the Underlying Owner on lands comprising the Leases (during the Exploratory Period) or the Exercised Leases (after
exercise of the Option). If produced, Underlying Owner agrees not to sell any such by-product in competition with Optionee.
5.3Underlying Owner hereby grants to Optionee, its employees and third-party contractors acting on behalf of Optionee, a limited license to conduct Exploratory Operations during the Exploratory Period.
5.4If the Option is exercised, after execution by the Parties of the Limited Mineral Assignment, during the Lease Period, Underlying Owner grants to Optionee the right, power and authority, at its sole cost and expense, to do everything reasonably necessary or desirable to conduct the Development Operations on the Exercised Leases as they relate to the extraction of Extracted Materials, including the right, power and authority to:
(a)access the property comprising the Exercised Leases;
(b)employ and engage such employees, agents and independent contractors as the Optionee may consider necessary or advisable to carry out Development Operations on the Exercised Leases and in this connection to delegate any of its powers and rights to perform its duties and obligations hereunder;
(c)develop and construct any facilities for extraction, transportation, processing and refining of Extracted Materials from brine produced from the Exercised Leases, provided that (i) the siting of any such facilities on the lands constituting the Exercised Leases has been approved in advance in writing by the Underlying Owner, which approval shall not be unreasonably withheld, and (ii) that such Development Operations do not interfere with Underlying Owner’s rights and activities under the Exercised Leases (or any other Leases); and
(d)remove produced brine and Extracted Materials from the Leases;
provided, however that Underlying Owner shall at all times have the right to conduct operations on the lands comprising the Leases, and its rights to conduct operations shall in no event be subordinated to Optionee’s Operations. Notwithstanding anything to the contrary in this Agreement, Optionee’s rights, powers and authority with respect to the Exercised Leases are at all times subject to, and limited by, the terms of the Exercised Leases and all applicable laws, rules and regulations in effect from time to time, including those of the AOGC.
5.5With respect to the Exercised Leases, the Optionee covenants to:
(a)use its best efforts to minimize the impact of its Development Operations on operations of the Underlying Owner on the Exercised Leases as in effect as of the date hereof or in the future;
(b)ensure that all Development Operations conducted on the lands subject to the Exercised Leases by the Optionee, and any of its employees, agents, consultants or contractors are conducted in a good and workmanlike manner in accordance with sound mining practices and industry standards and in accordance with all applicable laws and regulations governing the Exercised Leases, and consistent with appropriate health, safety and environmental considerations (for clarification, Underlying Owner has no responsibility or duty to supervise Optionee’s or Optionee Parent’s operations or safety and health programs);
(c)pay all expenses incurred or authorized by the Optionee in respect of all operations conducted by the Optionee on or with respect to the Exercised Leases in a timely fashion, and ensure the Exercised Leases are kept free of any liens, charges and encumbrances arising from such operations;
(d)not less than ten (10) business days before payment is due, provide Underlying Owner with a detailed calculation of royalties due to Third Parties due to Optionee’s Commercial Production;
(e)timely reimburse Underlying Owner for lease delay rentals, and, when payment of royalties is required, either by the terms of the Exercised Leases or by order of the AOGC, not less than ten (10) business days before due, pay Underlying Owner necessary amounts (in accordance with Section 5.5(d)) in immediately available funds for royalties and other costs allocable to Commercial Production and otherwise payable by the Underlying Owner to the lessors of the Exercised Leases;
(f)as soon as it is available, provide Underlying Owner with any and all reports containing production data reasonably required by Underlying Owner to confirm the amount in royalties paid by Underlying Owner on behalf of Optionee and, if Underlying Owner was required to pay more to Third Parties than the amount paid by Optionee to Underlying Owner pursuant to Section 5.5(e), promptly pay Underlying Owner the shortfall in immediately available funds;
(g)pay all taxes owed in connection with Commercial Production (including but not limited to sales, use and severance taxes);
(h)at the request of the Underlying Owner, provide Underlying Owner with samples of any brine produced under the Exercised Leases, for the purposes of testing and analysis; and
(i)conduct Development Operations in accordance with the terms of this Agreement, the Exercised Leases and all applicable laws and regulations.
5.6Contemporaneous Operations and Processing. The Parties contemplate that they shall each have a coequal right for Underlying Owner to conduct operations, and for Optionee to conduct Exploratory Operations on the Leases during the Exploratory Period. Furthermore, the Parties shall have a coequal right to conduct operations during the Lease Period on any Exercised Leases, and in no event shall Underlying Owner’s right to operate on the lands comprising the Exercised Leases be subordinate to Optionee’s Development Operations. In the event that Underlying Owner (or any third party acting by, through, or under the Underlying Owner) begins exploration or production activities of any kind on a portion of the Exercised Leases, Optionee shall have the same rights with respect to post-extraction brine so produced by the Underlying Owner (or any third party acting by, through, or under the Underlying Owner) solely with respect to the extraction of Extracted Materials as are granted to the Underlying Owner in Section 5.7(a).
5.7Post-Extraction Brine.
(a)The Underlying Owner may, at the Underlying Owner's sole option, require Optionee to deliver to Underlying Owner all or any part of the brine remaining after Optionee’s extraction of Extracted Minerals. In that event, any cost of Underlying Owner's taking of such post-
extraction brine, including, without limitation, transportation and further processing, shall be borne exclusively by the Underlying Owner.
(b)Optionee shall dispose of all post-extraction brine, whether resulting from its Development Operations or Underlying Owner’s operations with respect to the post-extraction brine identified in Section 5.7(a), into one or more brine disposal wells in compliance with the rules and regulations of those agencies having jurisdiction thereof including, without limitation, the AOGC and the Arkansas Department of Environmental Quality.
(c)In the event that Development Operations conducted by the Optionee result in the extraction of by-product materials of commercial value which do not constitute Extracted Materials and which can otherwise be separated from the Extracted Materials, the Underlying Owner shall have the option to acquire such by-product materials at a rate, and on additional terms, to be negotiated between the Parties. If the Underlying Owner declines to exercise its option to acquire such by-product materials, they shall become part of post-extraction brine disposed of by Optionee.
5.8Renewals.
(a)Subject to Section 5.8(b), the Underlying Owner will use commercially reasonable efforts to renew (i) any of the Leases which would otherwise expire during the Exploratory Period, and (ii) if Commercial Production has not yet begun, on any of the Exercised Leases, on a form of renewal document which is substantially the same as that of the Ratification, Extension and Renewal of Brine Lease set forth on Exhibit C, or other form which is reasonably acceptable to both the Underlying Owner and the Optionee.
(b)The Optionee will, promptly upon request from the Underlying Owner, reimburse the Underlying Owner for [***] percent ([***]%) of any portion of the renewal bonuses paid by the Underlying Owner to the lessors of the Leases (including any Exercised Leases) that exceeds, in the aggregate from the Agreement Date, $[***] but does not exceed, in the aggregate, $[***] and [***] ([***]%) of any amount in excess of $[***] in the aggregate. Notwithstanding the terms of Section 5.8(a), Underlying Owner will not be obligated to renew any Leases which cannot, after reasonable negotiation efforts, be renewed for a renewal bonus of $[***] or less per net brine acre covered by such Leases. In any event, any amounts in excess of $[***] per net brine acre shall be the sole responsibility of Optionee. Underlying Owner will notify Optionee concerning any Leases which cannot be successfully renewed within the parameters above, after which Optionee may attempt to negotiate renewal of such Leases on any terms acceptable to Optionee. However, that portion of any renewal bonus which exceeds $[***], per net brine acre shall become the sole expense of Optionee and shall not be considered in the computation of Optionee’s duty to reimburse Underlying Owner pursuant to this Section 5.8.
5.9If any regulation of the AOGC, or any applicable law or regulation, imposes any requirement on Underlying Owner to post any bond or security, or results in any additional obligation on Underlying Owner that is based on Optionee’s activities under this Agreement, or on the lands comprising any Exercised Lease, the Parties shall promptly negotiate a mechanism for Optionee to satisfy all such requirements or obligations to Underlying Owner’s reasonable
satisfaction, under the principle that Optionee should bear such requirements or obligations at its sole expense and liability.
ARTICLE 6 - TERMINATION
6.1Subject to the immediately following sentence, if at any time the Optionee fails to perform any obligation required to be performed by it hereunder, or the Optionee is otherwise in breach of a representation, warranty or a covenant given by it hereunder, then the Underlying Owner may terminate this Agreement, but only after it shall have first given written notice of default to the Optionee and the Optionee has not cured the default within sixty (60) calendar days following delivery of the notice of default. Furthermore, and notwithstanding anything to the contrary in the immediately preceding sentence, in the event that Optionee (i) does not pay any amounts to Underlying Owner under Section 3.5 when due, or (ii) fails to deliver to Underlying Owner the reports referenced in Section 5.5(f), then Underlying Owner shall have the right to terminate this Agreement, but only after it shall have first given written notice of default to the Optionee and the Optionee has not cured the default within fifteen (15) calendar days following delivery of the notice of default. In such event, Optionee hereby authorizes Underlying Owner to execute and record releases of all Limited Mineral Assignments made to Optionee, on Optionee’s behalf. Such right to terminate this Agreement, whether or not exercised by Underlying Owner shall not be an exclusive remedy but is in addition to all other remedies which Underlying Owner might exercise.
6.2Provided that the Option has not been exercised, Optionee may terminate this Agreement at any time after it makes the payment described in Section 3.5(b) by giving written notice of such termination to Underlying Owner not less than ninety (90) calendar days prior to the date that the next payment by Optionee is due under Section 3.5(c), Section 3.5(d) or Section 3.5(e), as the case may be. In such case, Optionee shall not be required to make any further payments under Section 3.5 after the date of such termination.
6.3Notwithstanding any other provisions of this Agreement, in the event of termination of this Agreement, Optionee will at all times comply with (i) Section 5.1 and Section 11.6, and (ii) all applicable laws, rules and obligations, including those of the AOGC, the Arkansas Department of Environmental Quality, the terms of the Leases, and the common law of the State of Arkansas as it pertains to the plugging and abandonment of wells, removal of pipelines and surface equipment, and restoration of the surface of the lands on which the Optionee has conducted Exploratory Operations or Development Operations.
ARTICLE 7 - TRANSFERS
7.1Except in the event of a transfer to an Affiliate or the Optionee Parent, the Optionee shall not be permitted to transfer all or any part of its rights or obligations under this Agreement without the prior written consent of the Underlying Owner, which consent shall not be unreasonably withheld.
7.2The Underlying Owner may assign, transfer and convey the Royalty, its interest in and to this Agreement, and the Leases to any Affiliate, provided that any such transferee agrees to be bound by the terms of this Agreement as though they were a Party to this Agreement, and the Underlying Owner provides prior written notice to the Optionee. Furthermore, the Underlying Owner may mortgage, pledge or charge the Royalty and its interest in and to
this Agreement to any financial institution or other provider of debt or equity financing, or to any other person or entity.
ARTICLE 8 - CONFIDENTIAL INFORMATION
8.1Except as required by law or the rules of an applicable stock exchange, during the term of this Agreement and for a period of [***] years after termination or expiry of this Agreement for any reason, the Parties shall keep confidential the terms of this Agreement and all Confidential Information.
8.2During the term of this Agreement and for a period of [***] years after termination or expiry of this Agreement for any reason, Receiving Party agrees not to: (a) use Disclosing Party’s Confidential Information for any reason, other than to carry out its activities and obligations under this Agreement; and (b) disclose Disclosing Party’s Confidential Information to any individual or third party except to its employees, consultants, directors, attorneys, advisors and its Affiliates that (i) have a “need to know” such Confidential Information for furtherance of the Purpose, and (ii) are bound to confidentiality under terms no less protective than the terms of this Agreement (collectively, “Authorized Recipients”). Receiving Party shall implement and maintain appropriate organizational, technical, and administrative security measures, exercising the same degree of care in protecting Disclosing Party’s Confidential Information that it uses for its own confidential information of a similar nature, but in no event less than reasonable care. Promptly after becoming aware of any unauthorized use or disclosure of, and/or unauthorized attempts to access or modify, any of Disclosing Party’s Confidential Information in the custody or control of Receiving Party or its Authorized Recipients, Receiving Party shall notify Disclosing Party in writing and cooperate with Disclosing Party to investigate and mitigate any adverse effects therefrom. Receiving Party shall be responsible for any unauthorized use or disclosure of Confidential Information by any of its Authorized Recipients.
8.3The Parties acknowledge and agree that any breach or threatened breach of this Article 8 by Receiving Party could cause harm to Disclosing Party for which money damages may not provide an adequate remedy. The Parties agree that in the event of such a breach or threatened breach of this Agreement, in addition to any other available remedies, Disclosing Party may seek temporary and permanent injunctive relief, without the necessity of posting a bond or other security, restraining Receiving Party from disclosing or using, in whole or in part, any Confidential Information.
ARTICLE 9 - NOTICES
9.1Any notice or other writing required or permitted to be given hereunder or for the purposes of this Agreement to either the Underlying Owner, the Optionee, or the Optionee Parent, shall be sufficiently given if delivered personally or transmitted by facsimile:
(a)In the case of a notice to the Underlying Owner, at its address shown on the first page of this Agreement, to the attention of [***], Vice-President – Chemicals. The facsimile number is (281) 364-4398.
(b)In the case of a notice to the Underlying Owner, a copy of such notice shall be sent to the attention of the General Counsel, at its address shown on the first page of this Agreement. The facsimile number is (281) 364-4398.
(c)In the case of a notice to the Optionee, or the Optionee Parent, at their address as shown on the first page of this Agreement, to the attention of [***], Chief Executive Officer. The facsimile number is [•].
or at such other address or addresses as the Parties to whom such writing is to be given shall have last notified the Party giving the same in the manner provided in this Section 9.1. Any notice delivered to the Party to whom it is addressed as provided in this Agreement shall be deemed to have been given and received on the day it is so delivered at such address, provided that if such day is not a Business Day, then the notice shall be deemed to have been given and received on the Business Day next following such day. Any notice transmitted by facsimile shall be deemed to be given and received on the first Business Day after its transmission (provided that such facsimile is promptly followed by a mailed notice).
ARTICLE 10 - INDEMNIFICATION
10.1The Underlying Owner agrees to release, defend, indemnify and hold each of the Optionee and the Optionee Parent harmless from and against any and all Claims arising from Environmental Liability suffered or incurred by either of the Optionee or the Optionee Parent to the extent arising from any operations or activities conducted by the Underlying Owner, or its employees or agents, in or on the property comprising the Leases.
10.2The Optionee agrees to release, defend, indemnify and hold the Underlying Owner harmless from and against any and all Claims arising from Environmental Liability suffered or incurred by the Underlying Owner to the extent arising from any operations or activities conducted by the Optionee, or its employees or agents, in or on the property comprising the Leases.
10.3The Underlying Owner shall release, defend, indemnify and hold the Optionee Group harmless from and against any and all Claims brought by any person, party or entity, arising out of (1) injury to, sickness, disease or death of any member of Underlying Owner Group, and/or (2) damage to or loss or destruction of property owned, leased, rented, hired or chartered by any member of Underlying Owner Group arising out of this Agreement, REGARDLESS OF FAULT.
10.4The Optionee shall release, defend, indemnify and hold Underlying Owner Group harmless from and against any and all Claims brought by any person, party or entity, arising out of (1) injury to, sickness, disease or death of any member of Optionee Group, and/or (2) damage to or loss or destruction of property owned, leased, rented, or hired by any member of Optionee Group, arising out of the performance of this Agreement, REGARDLESS OF FAULT.
10.5Each Party (the “Indemnitor”) shall release, defend, indemnify and hold harmless the other Party (the “Indemnitee”) and its respective Group from and against any and all Claims for personal injury to, illness or death of any Third Party, or for damage to or loss or destruction of the property of any Third Party, to the extent that any such Claim arises out of Indemnitor’s activities under this Agreement (including, without limitation, Optionee’s Exploratory Operations and Development Operations) and is attributable to the negligence, strict liability, or other fault of the Indemnitor or any member of its respective Group.
10.6The indemnities in this Agreement shall only be effective to the maximum extent permitted by applicable law. If any law is enacted in any state that limits in any way the extent of which indemnification may be provided to an indemnitee and such law is applicable to activities undertaken pursuant to this Agreement, then the Agreement shall automatically be amended to provide that the indemnification given hereunder shall extend only to the maximum extent permitted by such law.
10.7Each Party shall support its indemnity obligations hereunder with the minimum insurance requirements set forth on Exhibit D for the duration of this Agreement. Except to the extent mandated by law, the minimum insurance requirements hereunder are not intended to limit, in any way, the indemnity obligations set forth above.
10.8If indemnification pursuant to this Article 10 is sought, the Indemnitee shall give written notice to the Indemnitor of an event giving rise to the obligation to indemnify, describing in reasonable detail the factual basis for such claim, and shall allow the Indemnitor to assume and conduct the defense of the claim or action with counsel reasonably satisfactory to the Indemnitee, and shall cooperate with the Indemnitor in the defense thereof; provided, however, that the omission to give such notice to the Indemnitor shall not relieve the Indemnitor from any liability which it may have to the Indemnitee, except to the extent that the Indemnitor is prejudiced by the failure to give such notice. The Indemnitee shall have the right to employ separate counsel to represent the Indemnitee if the Indemnitee is advised by counsel that an actual conflict of interest makes it advisable for the Indemnitee to be represented by separate counsel, and the reasonable expenses and fees of such separate counsel shall be paid by the Indemnitor.
ARTICLE 11 - GENERAL
11.1No consent or waiver expressed or implied by any Party in respect of any breach or default by any other Party in the performance by such other of its obligations hereunder shall be deemed or construed to be a consent to or a waiver of any other breach of default.
11.2No investigation made by or on behalf of the Parties or any of their respective advisors or agents at any time shall have the effect of waiving, diminishing the scope of or otherwise affecting any representation or warranty made or incorporated by reference herein by the other Parties to this Agreement or made pursuant thereto. No waiver by the Parties of any condition, in whole or in part, shall operate as a waiver of any other condition.
11.3All statements contained in any certificate or other instrument delivered by or on behalf of any Party pursuant to this Agreement or in connection with the transactions contemplated by this Agreement shall be deemed to be made by such Party hereunder.
11.4The Parties shall promptly execute or cause to be executed all documents, deeds, conveyances and other instruments of further assurance and do such further and other acts which may be reasonably necessary or advisable to carry out fully and effectively the intent and purpose of this Agreement or to record wherever appropriate the respective interests from time to time of the Parties in the Leases.
11.5Each Party will bear its own expenses in connection with the transactions contemplated by this Agreement, including, without limitation, the costs and
expenses of all attorneys, engineers, brokers, investment bankers, agents and finders employed by such Party; provided that the Optionee Parent shall reimburse the Underlying Owner for [***] ([***]%) of the costs and expenses of legal counsel retained by the Underlying Owner in connection with this Agreement, to a maximum reimbursement amount of $[***].
11.6Unless earlier terminated pursuant to the terms hereof, this Agreement shall remain in full force and effect for the duration of the life of any Exercised Leases. Notwithstanding anything to the contrary herein, (i) all covenants of the Parties shall survive any termination of this Agreement for the duration of the obligation of any such covenant, and (ii) all indemnity and defense obligations of the Parties shall survive indefinitely.
11.7This Agreement shall inure to the benefit of and be binding upon the Parties and their respective successors and permitted assigns.
11.8This Agreement shall be governed by and construed in accordance with the laws of the State of Texas, and the Parties submit to the exclusive jurisdiction of the courts of the State of Texas in respect of all disputes arising hereunder, provided that any issues related to title of the Leases shall be construed in accordance with the laws of the State of Arkansas.
11.9Neither Party shall be entitled to recover from the other, or their respective Affiliates, any special, indirect, consequential, punitive, exemplary, remote or speculative damages, or damages for lost profits of any kind arising under or in connection with this Agreement or the transactions contemplated hereby, except to the extent any such Party suffers such damages to a Third Party, which damages (including costs of defense and reasonable attorneys’ fees incurred in connection with defending against such damages) shall not be excluded by this provision as to recovery hereunder. Subject to the preceding sentence, Underlying Owner, on behalf of each member of the Underlying Owner Group, and Optionee, on behalf of each member of the Optionee Group, waive any right to recover special, indirect, consequential, punitive, exemplary, remote or speculative damages, or damages for lost profits of any kind, arising in connection with or with respect to this Agreement or the transactions contemplated hereby.
11.10Time shall be of the essence in this Agreement.
11.11The preamble and Schedules attached to this Agreement shall be deemed to be incorporated in, and to form part of, this Agreement.
11.12Wherever the neuter and singular is used in this Agreement it shall be deemed to include the plural, masculine and feminine, as the case may be.
11.13The word “or” shall not be exclusive and the word “including” shall not be limiting (whether or not non-limiting language such as “without limitation” or “but not limited to” or other words of similar import is used with reference thereto).
11.14Nothing contained in this Agreement shall be deemed to constitute either Party to this Agreement the partner of the other nor to create any fiduciary relationship between them, nor, except as otherwise herein expressly provided, to constitute either the Optionee, the Optionee Parent or the Underlying Owner as the agent or legal representative of the other. It is not the intention of the Parties to this Agreement to create, nor shall this Agreement be construed to create, any partnership or agency relationship between any of the Parties. None of the Parties shall have any authority to act for or to assume any obligation or
responsibility on behalf of the other Parties, except as otherwise expressly provided herein.
11.15If any provisions of this Agreement shall be invalid, illegal or unenforceable in any respect under any applicable law, such provision may be severed from this Agreement, and the validity, legality and enforceability of the remaining provisions hereof shall not be affected or impaired by reason thereof.
11.16The Parties acknowledge that they have each had the opportunity to consult with independent counsel in connection with the transactions contemplated by this Agreement and this Agreement is the result of the informed negotiation between the Parties. Therefore this Agreement should not be construed against either Party by virtue of such Party having been its drafter.
11.17This Agreement may be signed by the Parties in counterparts and may be delivered by facsimile or other form of electronic transmission, each of which when delivered will be deemed to be an original and all of which together will constitute one instrument.
[Signature Page to Follow]
IN WITNESS WHEREOF the Parties to this Agreement have executed this Agreement as of the day and year first above written.
| | | | | | | | |
TETRA TECHNOLOGIES, INC. |
| | |
| | |
By: | | |
| | Jim Funke, Vice President – Chemicals |
| | | | | | | | |
ARKANSAS LITHIUM CORP. |
| | |
| | |
By: | | |
| | Robert Mintak, Director |
| | | | | | | | |
STANDARD LITHIUM LTD. |
| | |
| | |
By: | | |
| | Robert Mintak, Chief Executive Officer |
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, 2023, 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 30, 2023 | /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, 2023, 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 30, 2023 | /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, 2023 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 30, 2023 | /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, 2023 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 30, 2023 | /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.
v3.23.3
Cover Page - shares
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Oct. 27, 2023 |
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v3.23.3
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Revenues from external customers |
$ 151,464
|
$ 135,012
|
$ 473,136
|
$ 405,765
|
Cost of Goods and Services Sold [Abstract] |
|
|
|
|
Depreciation, amortization, and accretion |
8,578
|
8,634
|
25,705
|
24,061
|
Impairment and other charges |
0
|
0
|
777
|
2,262
|
Insurance recoveries associated with damaged equipment |
0
|
0
|
2,850
|
3,750
|
Total cost of revenues |
113,540
|
105,539
|
349,734
|
315,765
|
Gross profit |
37,924
|
29,473
|
123,402
|
90,000
|
Exploration and pre-development costs |
3,775
|
936
|
6,836
|
3,500
|
General and administrative expense |
23,838
|
23,833
|
73,254
|
68,096
|
Interest expense, net |
5,636
|
3,999
|
16,672
|
10,933
|
Other income, net |
(2,041)
|
(1,410)
|
(8,690)
|
(4,858)
|
Income before taxes and discontinued operations |
6,716
|
2,115
|
35,330
|
12,329
|
Provision for income taxes |
1,248
|
2,178
|
5,612
|
2,899
|
Income (loss) before discontinued operations |
5,468
|
(63)
|
29,718
|
9,430
|
Income (loss) from discontinued operations, net of taxes |
(48)
|
319
|
(68)
|
270
|
Net income |
5,420
|
256
|
29,650
|
9,700
|
Loss attributable to noncontrolling interests |
0
|
22
|
25
|
43
|
Net income attributable to TETRA stockholders |
$ 5,420
|
$ 278
|
$ 29,675
|
$ 9,743
|
Basic net income per common share: |
|
|
|
|
Income from continuing operations |
$ 0.04
|
$ (0.00)
|
$ 0.23
|
$ 0.08
|
Net income attributable to TETRA stockholders |
$ 0.04
|
$ 0.00
|
$ 0.23
|
$ 0.08
|
Weighted average basic shares outstanding (in shares) |
129,777
|
128,407
|
129,395
|
127,890
|
Diluted net income per common share: |
|
|
|
|
Income (loss) from continuing operations (in dollars per share) |
$ 0.04
|
$ (0.00)
|
$ 0.23
|
$ 0.08
|
Net income attributable to TETRA stockholders (in dollars per share) |
$ 0.04
|
$ 0.00
|
$ 0.23
|
$ 0.08
|
Weighted average diluted shares outstanding (in shares) |
132,089
|
128,407
|
130,835
|
129,704
|
Product sales |
|
|
|
|
Revenues from external customers |
$ 68,967
|
$ 55,494
|
$ 230,719
|
$ 195,850
|
Cost of Goods and Services Sold [Abstract] |
|
|
|
|
Cost of product sales |
41,410
|
36,571
|
139,678
|
130,916
|
Services |
|
|
|
|
Revenues from external customers |
82,497
|
79,518
|
242,417
|
209,915
|
Cost of Goods and Services Sold [Abstract] |
|
|
|
|
Cost of product sales |
$ 63,552
|
$ 60,334
|
$ 186,424
|
$ 162,276
|
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v3.23.3
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Statement of Comprehensive Income [Abstract] |
|
|
|
|
Net income |
$ 5,420
|
$ 256
|
$ 29,650
|
$ 9,700
|
Foreign currency translation adjustment from continuing operations, net of taxes of $0 in 2023 and 2022 |
(2,750)
|
(3,873)
|
(284)
|
(7,095)
|
Unrealized gain (loss) on investment in CarbonFree |
146
|
(306)
|
474
|
(306)
|
Comprehensive income (loss) |
2,816
|
(3,923)
|
29,840
|
2,299
|
Less: Comprehensive loss attributable to noncontrolling interests |
0
|
22
|
25
|
43
|
Comprehensive income (loss) attributable to TETRA stockholders |
$ 2,816
|
$ (3,901)
|
$ 29,865
|
$ 2,342
|
X |
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v3.23.3
Consolidated Balance Sheets - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash and cash equivalents |
$ 33,826
|
$ 13,592
|
Trade accounts receivable, net of allowances of $508 in 2023 and $538 in 2022 |
122,900
|
129,631
|
Inventories |
92,128
|
72,113
|
Prepaid expenses and other current assets |
21,575
|
23,112
|
Total current assets |
270,429
|
238,448
|
Property, plant, and equipment: |
|
|
Land and building |
23,308
|
25,723
|
Machinery and equipment |
309,082
|
318,693
|
Automobiles and trucks |
10,379
|
11,832
|
Chemical plants |
63,912
|
63,528
|
Construction in progress |
4,461
|
7,660
|
Total property, plant, and equipment |
411,142
|
427,436
|
Less accumulated depreciation |
(305,063)
|
(325,856)
|
Net property, plant, and equipment |
106,079
|
101,580
|
Other assets: |
|
|
Patents, trademarks and other intangible assets, net of accumulated amortization of $49,904 in 2023 and $46,996 in 2022 |
30,132
|
32,955
|
Operating lease right-of-use assets |
34,227
|
33,818
|
Investments |
16,405
|
14,286
|
Other assets |
15,147
|
13,279
|
Total other assets |
95,911
|
94,338
|
Total assets |
472,419
|
434,366
|
Current liabilities: |
|
|
Trade accounts payable |
50,322
|
49,121
|
Current portion of long-term debt |
1,911
|
3
|
Compensation and employee benefits |
31,090
|
30,958
|
Operating lease liabilities, current portion |
8,745
|
7,795
|
Accrued taxes |
10,777
|
9,913
|
Accrued liabilities and other |
23,281
|
25,557
|
Current liabilities associated with discontinued operations |
414
|
920
|
Total current liabilities |
126,540
|
124,267
|
Long-term debt, net |
156,748
|
156,455
|
Operating lease liabilities |
28,013
|
28,108
|
Asset retirement obligations |
14,132
|
13,671
|
Deferred income taxes |
1,890
|
2,038
|
Other liabilities |
3,959
|
3,430
|
Total long-term liabilities |
204,742
|
203,702
|
Commitments and contingencies (Note 7) |
|
|
Equity: |
|
|
Common stock, par value 0.01 per share; 250,000,000 shares authorized at September 30, 2023 and December 31, 2022; 133,217,848 shares issued at September 30, 2023 and 131,800,975 shares issued at December 31, 2022 |
1,332
|
1,318
|
Additional paid-in capital |
482,709
|
477,820
|
Treasury stock, at cost; 3,138,675 shares held at September 30, 2023 and December 31, 2022 |
(19,957)
|
(19,957)
|
Accumulated other comprehensive loss |
(48,873)
|
(49,063)
|
Retained deficit |
(272,818)
|
(302,493)
|
Total TETRA stockholders’ equity |
142,393
|
107,625
|
Noncontrolling interests |
(1,256)
|
(1,228)
|
Total equity |
141,137
|
106,397
|
Total liabilities and equity |
$ 472,419
|
$ 434,366
|
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v3.23.3
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Trade accounts receivable, allowances for doubtful accounts |
$ 508
|
$ 538
|
Patents, trademarks, and other intangible assets, accumulated amortization |
$ 49,904
|
$ 46,996
|
Common stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized |
250,000,000
|
250,000,000
|
Common stock, shares issued |
133,217,848
|
131,800,975
|
Treasury stock, shares held |
3,138,675
|
3,138,675
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable, classified as current.
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v3.23.3
Consolidated Statement of Equity Statement - USD ($) $ in Thousands |
Total |
Common Stock Par Value |
Additional Paid-In Capital |
Treasury Stock |
Accumulated Other Comprehensive Income (Loss) |
Unrealized Gain (Loss) on Investment |
Retained Deficit |
Noncontrolling Interest |
Balance at beginning of period at Dec. 31, 2021 |
|
$ 98,563
|
$ 1,301
|
$ 475,624
|
$ (19,957)
|
$ (46,932)
|
$ 0
|
$ (310,332)
|
$ (1,141)
|
Net income, retained deficit |
|
|
|
|
|
|
|
7,720
|
|
Net income |
|
7,719
|
|
|
|
|
|
|
(1)
|
Translation adjustment, net of taxes |
|
192
|
|
|
|
192
|
|
|
|
Comprehensive loss |
|
7,911
|
|
|
|
|
|
|
|
Equity compensation expense |
|
1,104
|
|
1,104
|
|
|
|
|
|
Other |
|
(676)
|
7
|
(673)
|
|
|
|
|
(10)
|
Balance at end of period at Mar. 31, 2022 |
|
106,902
|
1,308
|
476,055
|
(19,957)
|
(46,740)
|
0
|
(302,612)
|
(1,152)
|
Balance at beginning of period at Dec. 31, 2021 |
|
98,563
|
1,301
|
475,624
|
(19,957)
|
(46,932)
|
0
|
(310,332)
|
(1,141)
|
Net income, retained deficit |
|
9,743
|
|
|
|
|
|
|
|
Net income |
|
9,700
|
|
|
|
|
|
|
|
Other comprehensive income (loss) |
|
(306)
|
|
|
|
|
|
|
|
Comprehensive loss |
|
2,299
|
|
|
|
|
|
|
|
Balance at end of period at Sep. 30, 2022 |
|
101,756
|
1,318
|
476,530
|
(19,957)
|
(54,027)
|
(306)
|
(300,589)
|
(1,213)
|
Balance at beginning of period at Mar. 31, 2022 |
|
106,902
|
1,308
|
476,055
|
(19,957)
|
(46,740)
|
0
|
(302,612)
|
(1,152)
|
Net income, retained deficit |
|
|
|
|
|
|
|
1,745
|
|
Net income |
|
1,725
|
|
|
|
|
|
|
(20)
|
Translation adjustment, net of taxes |
|
(3,414)
|
|
|
|
(3,414)
|
|
|
0
|
Comprehensive loss |
|
(1,689)
|
|
|
|
|
|
|
|
Equity compensation expense |
|
1,159
|
|
1,159
|
|
|
|
|
0
|
Other |
|
(836)
|
|
(833)
|
|
|
|
|
(9)
|
Balance at end of period at Jun. 30, 2022 |
|
105,536
|
1,314
|
476,381
|
(19,957)
|
(50,154)
|
0
|
(300,867)
|
(1,181)
|
Net income, retained deficit |
|
278
|
|
|
|
|
|
278
|
|
Net income |
|
256
|
|
|
|
|
|
|
(22)
|
Translation adjustment, net of taxes |
|
(3,873)
|
|
|
|
(3,873)
|
|
|
0
|
Other comprehensive income (loss) |
|
(306)
|
|
|
|
|
(306)
|
|
|
Comprehensive loss |
|
(3,923)
|
|
|
|
|
|
|
|
Equity compensation expense |
|
1,098
|
|
1,098
|
|
|
|
|
0
|
Other |
|
(955)
|
|
(949)
|
|
|
|
|
(10)
|
Balance at end of period at Sep. 30, 2022 |
|
101,756
|
1,318
|
476,530
|
(19,957)
|
(54,027)
|
(306)
|
(300,589)
|
(1,213)
|
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, retained deficit |
|
|
|
|
|
|
|
6,040
|
|
Net income |
|
6,033
|
|
|
|
|
|
|
(7)
|
Translation adjustment, net of taxes |
|
1,421
|
|
|
|
|
|
|
|
Other comprehensive income (loss) |
|
121
|
|
|
|
|
|
|
|
Comprehensive loss |
|
7,575
|
|
|
|
|
|
|
|
Equity compensation expense |
[1] |
3,514
|
|
3,514
|
|
|
|
|
|
Other |
|
(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, retained deficit |
|
29,675
|
|
|
|
|
|
|
|
Net income |
|
29,650
|
|
|
|
|
|
|
|
Other comprehensive income (loss) |
|
474
|
|
|
|
|
|
|
|
Comprehensive 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, retained deficit |
|
|
|
|
|
|
|
18,215
|
|
Net income |
|
18,197
|
|
|
|
|
|
|
(18)
|
Translation adjustment, net of taxes |
|
1,045
|
|
|
|
1,045
|
|
|
0
|
Other comprehensive income (loss) |
|
207
|
|
|
|
|
|
|
|
Comprehensive loss |
|
19,449
|
|
|
|
|
|
|
|
Equity compensation expense |
|
1,507
|
|
1,507
|
|
|
|
|
0
|
Other |
|
(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, retained deficit |
|
5,420
|
|
|
|
|
|
5,420
|
|
Net income |
|
5,420
|
|
|
|
|
|
|
0
|
Translation adjustment, net of taxes |
|
(2,750)
|
|
|
|
(2,750)
|
|
|
0
|
Other comprehensive income (loss) |
|
146
|
|
|
|
|
146
|
|
|
Comprehensive loss |
|
2,816
|
|
|
|
|
|
|
|
Equity compensation expense |
|
1,396
|
|
1,396
|
|
|
|
|
0
|
Other |
|
(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)
|
|
|
X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement.
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v3.23.3
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Operating activities: |
|
|
Net income |
$ 29,650
|
$ 9,700
|
Reconciliation of net income to net cash provided by operating activities: |
|
|
Depreciation, amortization, and accretion |
25,705
|
24,061
|
Impairment and other charges |
777
|
2,262
|
Loss on investments |
157
|
159
|
Equity-based compensation expense |
4,199
|
3,361
|
Provision for credit losses |
190
|
31
|
Amortization and expense of financing costs |
2,707
|
2,378
|
Insurance recoveries associated with damaged equipment |
(2,850)
|
(3,750)
|
Gain on sale of assets |
(432)
|
(980)
|
Provision (benefit) for deferred taxes |
(805)
|
(66)
|
Other non-cash credits |
(916)
|
(359)
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
7,600
|
(16,661)
|
Inventories |
(19,990)
|
(5,707)
|
Prepaid expenses and other current assets |
1,313
|
(3,782)
|
Trade accounts payable and accrued expenses |
2,893
|
17,069
|
Other |
1,133
|
(1,768)
|
Net cash provided by (used in) operating activities |
51,331
|
25,948
|
Investing activities: |
|
|
Purchases of property, plant, and equipment, net |
(30,240)
|
(32,678)
|
Proceeds from sale of property, plant, and equipment |
658
|
1,489
|
Proceeds from insurance recoveries associated with damaged equipment |
2,850
|
3,750
|
Purchase of investments |
(350)
|
0
|
Other investing activities |
(1,836)
|
(841)
|
Net cash used in investing activities |
(28,918)
|
(28,280)
|
Financing activities: |
|
|
Proceeds from credit agreements and long-term debt |
97,384
|
1,695
|
Principal payments on credit agreements and long-term debt |
(98,441)
|
(3,292)
|
Payments on financing lease obligations |
(837)
|
(1,174)
|
Net cash used in financing activities |
(1,894)
|
(2,771)
|
Effect of exchange rate changes on cash |
(285)
|
(1,201)
|
Increase (decrease) in cash and cash equivalents |
20,234
|
(6,304)
|
Cash and cash equivalents at beginning of period |
13,592
|
31,551
|
Cash and cash equivalents at beginning of period |
$ 33,826
|
$ 25,247
|
X |
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v3.23.3
Organization, Basis of Presentation, and Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2023 |
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 operating on six continents, focused on calcium chloride, completion fluids and associated products and services, comprehensive water management solutions, frac flowback, and production well testing. We were incorporated in Delaware in 1981 and are composed of two segments – Completion Fluids & Products Division and Water & Flowback Services Division. 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, 2023 are not necessarily indicative of results that may be expected for the twelve months ended December 31, 2023.
We have reflected the operations of our former Compression Division and Offshore Division as discontinued operations for all periods presented. See Note 2 - “Discontinued Operations” for further information. Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate solely to continuing operations and exclude all discontinued operations.
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, 2022 and notes thereto included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2023 (the “2022 Annual Report”).
Tax Benefits Preservation Plan
On February 28, 2023, the Board of Directors adopted a Tax Benefits Preservation Plan (the “Tax Plan”) designed to protect the availability of the Company’s net operating loss carryforwards (“NOLs”) and other tax attributes (collectively, the “Tax Attributes”), which may be utilized in certain circumstances to reduce the Company’s future income tax obligations. The Tax Plan is intended to reduce the likelihood that any changes in the Company’s investor base would limit the Company’s future use of its Tax Attributes as a result of the Company experiencing an “ownership change” under Section 382 (“Section 382”) of the Internal Revenue Code of 1986, as amended (the “Code”). If a corporation experiences an “ownership change,” any NOLs, losses or deductions attributable to a “net unrealized built-in loss” and other Tax Attributes could be substantially limited, and timing of the usage of such Tax Attributes could be substantially delayed. A corporation generally will experience an ownership change if one or more stockholders (or group of stockholders) who are each deemed to own at least 5% of the corporation’s stock increase their ownership by more than 50 percentage points over their lowest ownership percentage within a testing period (generally, a rolling three-year period).
In adopting the Tax Plan, the Board of Directors declared a dividend of one Series A Junior Participating Preferred Stock purchase right (the “Rights”) for each outstanding share of Common Stock pursuant to the terms of the Tax Plan. Initially, each Right entitles the registered holder to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock, par value $0.01 per share, of the Company (the “Preferred Stock”) at a price of $20.00 per one one-thousandth of a share of Preferred Stock (the “Purchase Price”), subject to adjustment. The Rights will cause substantial dilution to a person or group that acquires 4.99% or more of the Common Stock (or to a person or group that already owns 4.99% or more of the Company’s Common Stock if such person or group acquires additional shares representing 2% of the Company’s then outstanding shares of Common Stock) without prior approval from the Board of Directors.
The Rights will expire at the earliest of: (i) the close of business on February 28, 2026 (the “Final Expiration Date”); (ii) the time at which the Rights are redeemed pursuant to the Tax Plan, (iii) the time at which the Rights are exchanged pursuant to the Tax Plan; (iv) the closing of any merger or other acquisition transaction involving the Company pursuant to an agreement as described in the penultimate paragraph of Section 1.3 of the Tax Plan; (v) the close of business on the effective date of the repeal of Section 382 of the Code if the Board determines that the Tax Plan is no longer necessary or desirable for the preservation of the Tax Attributes; or (vi) the close of business on the first day of a taxable year of the Company following a Board determination that no Tax Attributes may be carried forward or otherwise utilized.
The Tax Plan adopted by the Board of Directors is similar to plans adopted by other publicly held companies with significant NOLs or other substantial tax benefits and is not designed to prevent any action that the Board of Directors determines to be in the best interest of the Company and its stockholders. At the Company’s 2023 annual meeting of stockholders held on May 24, 2023, the Company’s stockholders ratified the adoption of the Tax Plan.
The Rights are in all respects subject to and governed by the provisions of the Tax Plan. The foregoing summary provides only a general description of the Tax Plan and does not purport to be complete. The Tax Plan, which specifies the terms of the Rights and includes as Exhibit A the Form of Certificate of Designation of Series A Junior Participating Preferred Stock of the Company and as Exhibit B the Form of Right Certificate, is attached to the Company’s Current Report on Form 8-K, which was filed with the SEC on March 1, 2023, as Exhibit 4.1 and is incorporated herein by reference. The foregoing summary should be read together with the entire Tax Plan and is qualified in its entirety by reference to the Tax Plan.
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. We recognized approximately $3.8 million and $6.8 million of expense during the three-month and nine-month periods ended September 30, 2023, respectively, and $0.9 million and $3.5 million of expense during the three-month and nine-month periods ended September 30, 2022, respectively, for exploration and pre-development costs representing expenditures incurred to evaluate potential future development of our lithium and bromine properties in Arkansas. We are also party to agreements whereby Standard Lithium Ltd. (NYSE: SLI) (“Standard Lithium”) has the right to explore for, and an option to acquire the rights to produce and extract, lithium in our Arkansas leases and other potential resources in the Mojave region of California. Standard Lithium delivered a notice to exercise this option to acquire those lithium rights in our Arkansas leases on October 6, 2023.
In June 2023, we entered into a memorandum of understanding (“MOU”) with Saltwerx LLC (“Saltwerx”), an indirect wholly owned subsidiary of a Fortune 500 company, relating to a newly-proposed brine unit in the Smackover Formation in Southwest Arkansas and potential bromine and lithium production from brine produced from the unit. We filed an amended brine unit application (“the Application”) covering approximately 6,138 acres, which expands the size of the unit area and also combines brine acreage that was previously leased by each of TETRA and Saltwerx (“the Brine Unit”), with the Arkansas Oil & Gas Commission (“AOGC”). On September 26, 2023, the AOGC held a public hearing and unanimously approved our application to establish the Brine Unit. On October 17, 2023, the AOGC issued formal orders establishing the Brine Unit and integrating all unleased parties within the Brine Unit, subject to a 60-day statutory election period for each unleased party, to elect whether or not to participate and share in costs of development of the Brine Unit. If no such election is made within the election period, such unleased parties will be deemed integrated within the Brine Unit as described in the formal orders. The MOU includes provisions relating to: (i) initial brine ownership percentages within the Brine Unit, including the bromine and lithium contained in the brine, (ii) the transfer of certain leased acres outside the proposed Brine Unit from the Company to Saltwerx after the expiration of the 60-day election period, (iii) Saltwerx reimbursing the Company for certain expenses incurred by the Company to date regarding the development of leased acreage to be included in the Brine Unit, and (iv) an allocation of certain future costs for the drilling of a brine production test well and other development operations, including front-end engineering and design studies for bromine and lithium production facilities. Significant Accounting Policies
Our significant accounting policies are described in the notes to our consolidated financial statements for the year ended December 31, 2022 included in our 2022 Annual Report. There have been no significant changes in our accounting policies or the application thereof during the third quarter of 2023.
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.
Reclassifications
Certain previously reported financial information has been reclassified to conform to the current year's presentation. The impact of reclassifications was not significant to the prior year's overall presentation.
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 (gains) losses are included in other (income) expense, net and totaled less than $0.1 million and $0.3 million during the three and nine months ended September 30, 2023, respectively, and $(1.1) million and $(2.7) million during the three and nine months ended September 30, 2022, 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 8 - “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, | | 2023 | | 2022 | | (in thousands) | Interest paid | $ | 14,282 | | | $ | 11,578 | | Income taxes paid | $ | 3,918 | | | $ | 2,525 | | | | | | | September 30, 2023 | | December 31, 2022 | | (in thousands) | Accrued capital expenditures | $ | 1,271 | | | $ | 4,901 | |
New Accounting Pronouncements
Standards adopted during 2023
In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. ASU 2016-13 amends the impairment model to utilize an expected loss methodology in place of the previously-used incurred loss methodology, which will result in the more timely recognition of losses on financial instruments not accounted for at fair value through net income. The provisions require credit impairments to be measured over the contractual life of an asset and developed with consideration for past events, current conditions, and forecasts of future economic information. Credit impairment will be accounted for as an allowance for credit losses deducted from the amortized cost basis at each reporting date. Updates at each reporting date after initial adoption will be recorded through selling, general, and administrative expense. On January 1, 2023, we adopted ASU 2016-13. The adoption of this standard did not have a material impact on our consolidated financial statements.
In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. In December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848.” During the three months ended June 30, 2023, our asset-based credit agreement and term credit agreement were amended to replace LIBOR and Eurodollar rates with the secured overnight financing rate (“SOFR”). There were no significant costs associated with the amendments and the amendments did not have a significant impact on our consolidated financial statements.
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v3.23.3
Discontinued Operations
|
9 Months Ended |
Sep. 30, 2023 |
Discontinued Operations and Disposal Groups [Abstract] |
|
Discontinued Operations |
DISCONTINUED OPERATIONSOn March 1, 2018, we closed a series of related transactions that resulted in the disposition of our Offshore Division, consisting of our Offshore Services and Maritech segments. Our former Offshore Division is reported as discontinued operations for all periods presented. Our consolidated balance sheets and consolidated statements of operations report discontinued operations separate from continuing operations. Our consolidated statements of comprehensive income, statements of equity and statements of cash flows combine continuing and discontinued operations. Our loss from discontinued operations for the three and nine months ended September 30, 2023 consists primarily of general and administrative expense associated with our former Offshore Division. A summary of additional financial information related to our discontinued operations is as follows: Reconciliation of the Line Items Constituting Pretax Loss from Discontinued Operations to the After-Tax Loss from Discontinued Operations (in thousands, unaudited) | | | | | | | | | | | Three Months Ended September 30, 2022 | | Offshore Services | | | | | Major classes of line items constituting income from discontinued operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | General and administrative expense | $ | 510 | | | | | | | | | | | | | | | | | | Pretax loss from discontinued operations | (510) | | | | | | Pretax gain on disposal of discontinued operations | 829 | | | | | | Total pretax income from discontinued operations | 319 | | | | | | | | | | | | | | | | | | | | | | | | Income from discontinued operations attributable to TETRA stockholders | $ | 319 | | | | | |
| | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2022 | | Offshore Services | | Maritech | | Total | Major classes of line items constituting income from discontinued operations | | | | | | | | | | | | Cost of revenues | $ | 54 | | | $ | — | | | $ | 54 | | | | | | | | | | | | | | General and administrative expense | 533 | | | — | | | 533 | | | | | | | | Other income, net | — | | | (28) | | | (28) | | Pretax income (loss) from discontinued operations | (587) | | | 28 | | | (559) | | Pretax gain on disposal of discontinued operations | | | | | 829 | | Total pretax income from discontinued operations | | | | | 270 | | | | | | | | | | | | | | | | | | | | Income from discontinued operations attributable to TETRA stockholders | | | | | $ | 270 | |
Reconciliation of Major Classes of Assets and Liabilities of the Discontinued Operations to Amounts Presented Separately in the Statement of Financial Position (in thousands) | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | | | Offshore Services | | Maritech | | Total | | | | (unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Carrying amounts of major classes of liabilities included as part of discontinued operations | | | | | | | | Trade payables | | | $ | 319 | | | $ | — | | | $ | 319 | | | | | | | | | | Accrued liabilities and other | | | — | | | 95 | | | 95 | | | | | | | | | | | | | | | | | | Total liabilities associated with discontinued operations | | | $ | 319 | | | $ | 95 | | | $ | 414 | |
| | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | | | Offshore Services | | Maritech | | Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Carrying amounts of major classes of liabilities included as part of discontinued operations | | | | | | | | Trade payables | | | $ | 319 | | | $ | — | | | $ | 319 | | | | | | | | | | Accrued liabilities and other | | | 506 | | | 95 | | | 601 | | | | | | | | | | | | | | | | | | Total liabilities associated with discontinued operations | | | $ | 825 | | | $ | 95 | | | $ | 920 | |
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v3.23.3
Revenue from Contracts with Customers
|
9 Months Ended |
Sep. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Revenue from Contract with Customer |
REVENUE FROM CONTRACTS WITH CUSTOMERSOur contract asset balances, primarily associated with contractual invoicing milestones and/or customer documentation requirements, were $30.7 million and $33.1 million as of September 30, 2023 and December 31, 2022, 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. We are also party to agreements whereby Standard Lithium has the right to explore for, and an option to acquire the rights to produce and extract, lithium in our Arkansas leases and other potential resources in the Mojave region of California. The Company receives cash and stock of Standard Lithium under the terms of the arrangements. The cash and stock component of consideration received is 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. Unearned income balances were $4.0 million and $3.7 million as of September 30, 2023 and December 31, 2022, respectively, and vary based on the timing of (i) invoicing, (ii) performance obligations being met and (iii) the receipt of stock and cash from Standard Lithium. Unearned income is included in accrued liabilities and other in our consolidated balance sheets. During the three-month and nine-month periods ended September 30, 2023 and September 30, 2022, contract costs were not significant.
We recognized approximately $1.2 million and $1.6 million of revenue during the three-month and nine-month periods ended September 30, 2023, respectively, and $2.6 million and $1.7 million of revenue during the three-month and nine-month periods ended September 30, 2022, respectively, deferred in unearned income as of the beginning of the period. We also recognized approximately $0.7 million and $2.4 million of income during the three-month and nine-month periods ended September 30, 2023, respectively, and $0.9 million and $2.4 million of income during the three-month and nine-month periods ended September 30, 2022, respectively, related to the Standard Lithium arrangements deferred in unearned income as of the beginning of the period and included in other income, net in our consolidated statements of operations.
We disaggregate revenue from contracts with customers into Product Sales and Services within each segment, as noted in our two reportable segments in Note 10 - “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, | | 2023 | | 2022 | | 2023 | | 2022 | | (in thousands) | Completion Fluids & Products | | | | | | | | United States | $ | 36,484 | | | $ | 30,261 | | | $ | 115,167 | | | $ | 103,449 | | International | 36,726 | | | 28,902 | | | 125,307 | | | 103,706 | | | 73,210 | | | 59,163 | | | 240,474 | | | 207,155 | | Water & Flowback Services | | | | | | | | United States | 67,877 | | | 67,641 | | | 204,446 | | | 182,059 | | International | 10,377 | | | 8,208 | | | 28,216 | | | 16,551 | | | 78,254 | | | 75,849 | | | 232,662 | | | 198,610 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Revenue | | | | | | | | United States | 104,361 | | | 97,902 | | | 319,613 | | | 285,508 | | International | 47,103 | | | 37,110 | | | 153,523 | | | 120,257 | | | $ | 151,464 | | | $ | 135,012 | | | $ | 473,136 | | | $ | 405,765 | |
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v3.23.3
Inventories
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9 Months Ended |
Sep. 30, 2023 |
Inventory Disclosure [Abstract] |
|
Inventories |
INVENTORIES Components of inventories as of September 30, 2023 and December 31, 2022 are as follows: | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | (in thousands) | Finished goods | $ | 79,689 | | | $ | 60,481 | | Raw materials | 4,313 | | | 3,734 | | Parts and supplies | 6,622 | | | 6,432 | | Work in progress | 1,504 | | | 1,466 | | Total inventories | $ | 92,128 | | | $ | 72,113 | |
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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v3.23.3
Investments
|
9 Months Ended |
Sep. 30, 2023 |
Investments in and Advances to Affiliates [Abstract] |
|
Investments |
INVESTMENTS Our investments as of September 30, 2023 and December 31, 2022 consist of the following: | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | (in thousands) | Investment in CSI Compressco | $ | 7,228 | | | $ | 6,967 | | Investment in CarbonFree | 6,563 | | | 6,139 | | Investment in Standard Lithium | 2,264 | | | 1,180 | | Other investments | 350 | | | — | | Total Investments | $ | 16,405 | | | $ | 14,286 | |
Following the January 2021 sale of the general partner of CSI Compressco LP (“CSI Compressco”), we continue to own approximately 3.7% of the outstanding CSI Compressco common units (NASDAQ: CCLP) as of September 30, 2023.
We have an intellectual property joint development agreement in place with CarbonFree to evaluate potential new technologies. 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. Our exposure to potential losses by CarbonFree is limited to our investments and capitalized and accrued interest associated with the CarbonFree convertible note.
In addition, we are party to agreements whereby Standard Lithium has the right to explore for, and an option to acquire the rights to produce and extract, lithium in our Arkansas leases and other additional potential resources in the Mojave region of California. The Company receives cash and stock of Standard Lithium under the terms of the arrangements. The cash and stock component of consideration received is 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.
See Note 8 - “Fair Value Measurements” for further information.
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- DefinitionThe entire disclosure for investment.
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v3.23.3
Long-Term Debt and Other Borrowings
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
Debt Disclosure |
LONG-TERM DEBT AND OTHER BORROWINGS Consolidated long-term debt as of September 30, 2023 and December 31, 2022 consists of the following: | | | | | | | | | | | | | | | | | | | | | | | Scheduled Maturity | | September 30, 2023 | | December 31, 2022 | | | | | | | | | | | | (in thousands) | Term Credit Agreement(1) | | September 10, 2025 | | $ | 156,748 | | | $ | 154,570 | | Asset-Based Credit Agreement(2) | | May 31, 2025 | | — | | | 1,885 | | Argentina Credit Agreement | | October 19, 2023 | | 1,900 | | | — | | Swedish Credit Facility | | December 31, 2023 | | 11 | | | 3 | | Total debt | | | | 158,659 | | | 156,458 | | Less current portion | | | | (1,911) | | | (3) | | Total long-term debt | | | | $ | 156,748 | | | $ | 156,455 | |
(1) Net of unamortized discount of $2.5 million and $3.4 million as of September 30, 2023 and December 31, 2022, respectively, and net of unamortized deferred financing costs of $3.8 million and $5.1 million as of September 30, 2023 and December 31, 2022, respectively. (2) Net of unamortized deferred financing costs of $1.1 million as of December 31, 2022. Deferred financing costs of $0.7 million as of September 30, 2023 were classified as other long-term assets on the accompanying consolidated balance sheet as there was no outstanding balance on our asset-based credit agreement.
Term Credit Agreement
As of September 30, 2023, we had $156.7 million outstanding, net of unamortized discounts and unamortized deferred financing costs under our term credit agreement (“Term Credit Agreement”). The Term Credit Agreement requires us to offer to prepay up to 50% of Excess Cash Flow (as defined in the Term Credit Agreement) from the most recent full fiscal year within five business days of filing our Annual Report. If our Leverage Ratio (as defined in the Term Credit Agreement) at year-end is less than 2.00 to 1.00, the prepayment requirement is decreased to 25%. If our Leverage Ratio at year-end is less than 1.50 to 1.00, then no prepayment is required.
The Term Credit Agreement was amended in June 2023 to remove references to LIBOR and Eurodollar rates. Borrowings under the Term Credit Agreement bear interest at a rate per annum equal to, at the option of TETRA, either (i) SOFR (subject to a 1% floor) plus a margin of 6.25% per annum or (ii) a base rate plus a margin of 5.25% per annum. As of September 30, 2023, the interest rate per annum on borrowings under the Term Credit Agreement is 11.68%. In addition to paying interest on the outstanding principal under the Term Credit Agreement, TETRA is required to pay a commitment fee in respect of the unutilized commitments at the rate of 1.0% per annum, paid quarterly in arrears based on utilization of the commitments under the Term Credit Agreement.
All obligations under the Term Credit Agreement and the guarantees of those obligations are secured, subject to certain exceptions, by a security interest for the benefit of the Term Lenders on substantially all of the personal property of TETRA and certain of its subsidiaries, the equity interests in certain domestic subsidiaries, and a maximum of 65% of the equity interests in certain foreign subsidiaries.
ABL Credit Agreement
As of September 30, 2023, our asset-based credit agreement (“ABL Credit Agreement”) provides for a senior secured revolving credit facility of up to $80.0 million, with a $20.0 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, a swingline loan sublimit of $11.5 million, and a $15.0 million sub-facility subject to a borrowing base consisting of certain trade receivables and inventory in the United Kingdom.
As of September 30, 2023, we had no balance outstanding and $11.5 million in letters of credit and guarantees under 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 $68.5 million under this agreement.
The ABL Credit Agreement was amended in May 2023 to remove references to LIBOR. Borrowings under the ABL Credit Agreement bear interest at a rate per annum equal to, at the option of TETRA, either (i) SOFR plus 0.10%, (ii) a base rate plus a margin based on a fixed charge coverage ratio, (iii) the Daily Simple Risk Free Rate plus 0.10%, or (iv) with respect to borrowings denominated in Sterling, the Daily Simple Risk Free Rate for Sterling plus 0.0326%. The base rate is determined by reference to the highest of (a) the prime rate of interest as announced from time to time by JPMorgan Chase Bank, N.A. (b) the Federal Funds Effective Rate (as defined in the ABL Credit Agreement) plus 0.5% per annum and (c) SOFR (adjusted to reflect any required bank reserves) for a one-month period on such day plus 1.0% per annum. 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 ranging from 0.375% to 0.5% per annum, paid monthly in arrears based on utilization of the commitments under the ABL Credit Agreement. TETRA is also required to pay a customary letter of credit fee equal to the applicable margin on LIBOR-based 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. Argentina Credit Agreement
In January 2023, the Company entered into a revolving credit facility for certain working capital and capital expenditure needs for its subsidiary in Argentina (“Argentina Credit Facility”). As of September 30, 2023, we had $1.9 million outstanding and availability of $0.1 million under the Argentina Credit Agreement. Borrowings bear interest at a rate of 2.50% per annum. The Argentina Credit Facility was backed by a letter of credit under our ABL Credit Agreement, and expired and was repaid in October 2023.
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, 2023, we had a nominal amount outstanding and availability of approximately $4.6 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, 2023 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, 2023, there were $1.4 million of letters of credit outstanding against the Finland Credit Agreement. The Finland Credit Agreement expires on January 31, 2024 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, 2023, we are in compliance with all covenants under the credit agreements.
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v3.23.3
Commitments and Contingencies
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9 Months Ended |
Sep. 30, 2023 |
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 other material developments in our legal proceedings during the quarter ended September 30, 2023. For additional discussion of our legal proceedings, please see our 2022 Annual Report and Quarterly Report on Form 10-Q for the quarter ended June 30, 2023.
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, 2023, 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 $74.9 million, including $4.0 million for the remainder of 2023, $24.0 million in 2024, $21.9 million in 2025, $15.6 million in 2026, $7.1 million in 2027, and $2.3 million thereafter, extending through 2028
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v3.23.3
Fair Value Measurements
|
9 Months Ended |
Sep. 30, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
Fair Value Measurements |
FAIR VALUE MEASUREMENTS Financial Instruments
Investments
We retained an interest in CSI Compressco representing approximately 3.7% of CSI Compressco’s outstanding common units as of September 30, 2023. In December 2021, we invested in a $5.0 million convertible note issued by CarbonFree. In addition, we receive cash and stock of Standard Lithium under the terms of our arrangements as noted in Note 5 - “Investments.”
Our investments in CSI Compressco and Standard Lithium 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 is 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 convertible notes issued by CarbonFree is recorded in our consolidated financial statements based on an internal valuation with assistance from a third-party valuation specialist (Level 3 fair value measurement). The valuation is impacted by key assumptions, including the assumed probability and timing of potential debt or equity offerings. The convertible note includes an option to convert the note into equity interests issued by CarbonFree. The change in the fair value of the embedded option is included in other (income) expense, net in our consolidated statements of operations. The change in the fair value of the convertible note, excluding the embedded option, is included in other comprehensive income (loss) in our consolidated statements of comprehensive income. The change in our investment in CarbonFree for the nine-month period ended September 30, 2023 is as follows:
| | | | | | | | | Nine Months Ended September 30, 2023 | | | | (in thousands) | Balance at beginning of period | $ | 6,139 | | | | Change in fair value of embedded option | (50) | | | | Change in fair value of convertible note, excluding embedded option | 474 | | | | Balance at end of period | $ | 6,563 | | | |
Recurring fair value measurements by valuation hierarchy as of September 30, 2023 and December 31, 2022 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, 2023 | | (Level 1) | | (Level 2) | | (Level 3) | | | (in thousands) | Investment in CSI Compressco | | $ | 7,228 | | | $ | 7,228 | | | $ | — | | | $ | — | | Investment in CarbonFree | | 6,563 | | | — | | | — | | | 6,563 | | Investment in Standard Lithium | | 2,264 | | | 2,264 | | | — | | | — | | Other investments | | 350 | | | — | | | — | | | 350 | | | | | | | | | | | Total investments | | $ | 16,405 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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, 2022 | | (Level 1) | | (Level 2) | | (Level 3) | | | (in thousands) | Investment in CSI Compressco | | $ | 6,967 | | | $ | 6,967 | | | $ | — | | | $ | — | | Investment in CarbonFree | | 6,139 | | | — | | | — | | | 6,139 | | Investment in Standard Lithium | | 1,180 | | | 1,180 | | | — | | | — | | | | | | | | | | | Investments | | $ | 14,286 | | | | | | | |
Impairments
During the second quarter of 2023, we recorded a $0.8 million impairment of our corporate office lease. The fair values were estimated based on the discounted cash flows from our lease and sublease agreements, including the rent rate per square foot (a Level 3 fair value measurement) in accordance with the fair value hierarchy.
Other
The fair values of cash, restricted cash, accounts receivable, accounts payable, accrued liabilities, short-term borrowings and long-term debt pursuant to our Term Credit Agreement, ABL Credit Agreement, Argentina Credit Agreement, and Swedish Credit Agreement approximate their carrying amounts. See Note 6 - “Long-Term Debt and Other Borrowings” for further discussion.
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v3.23.3
Net Income per Share
|
9 Months Ended |
Sep. 30, 2023 |
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, | | 2023 | | 2022 | | 2023 | | 2022 | | (in thousands) | Number of weighted average common shares outstanding | 129,777 | | | 128,407 | | | 129,395 | | | 127,890 | | Assumed vesting of equity awards | 2,312 | | | — | | | 1,440 | | | 1,814 | | Average diluted shares outstanding | 132,089 | | | 128,407 | | | 130,835 | | | 129,704 | |
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v3.23.3
Industry Segments
|
9 Months Ended |
Sep. 30, 2023 |
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, | | 2023 | | 2022 | | 2023 | | 2022 | | | | | | | | | | (in thousands) | Revenues from external customers | | | | | | | | Product sales | | | | | | | | Completion Fluids & Products Division | $ | 68,532 | | | $ | 55,354 | | | $ | 228,415 | | | $ | 195,469 | | Water & Flowback Services Division | 435 | | | 140 | | | 2,304 | | | 381 | | Consolidated | $ | 68,967 | | | $ | 55,494 | | | $ | 230,719 | | | $ | 195,850 | | | | | | | | | | Services | | | | | | | | Completion Fluids & Products Division | $ | 4,678 | | | $ | 3,809 | | | $ | 12,059 | | | $ | 11,686 | | Water & Flowback Services Division | 77,819 | | | 75,709 | | | 230,358 | | | 198,229 | | Consolidated | $ | 82,497 | | | $ | 79,518 | | | $ | 242,417 | | | $ | 209,915 | | | | | | | | | | Total revenues | | | | | | | | Completion Fluids & Products Division | $ | 73,210 | | | $ | 59,163 | | | $ | 240,474 | | | $ | 207,155 | | Water & Flowback Services Division | 78,254 | | | 75,849 | | | 232,662 | | | 198,610 | | Consolidated | $ | 151,464 | | | $ | 135,012 | | | $ | 473,136 | | | $ | 405,765 | | | | | | | | | | Income (loss) before taxes and discontinued operations | | | | | | | | Completion Fluids & Products Division | $ | 16,932 | | | $ | 12,357 | | | $ | 67,330 | | | $ | 46,910 | | Water & Flowback Services Division | 8,475 | | | 6,482 | | | 22,869 | | | 10,808 | | Interdivision Eliminations | — | | | 3 | | | — | | | 9 | | Corporate Overhead(1) | (18,691) | | | (16,727) | | | (54,869) | | | (45,398) | | Consolidated | $ | 6,716 | | | $ | 2,115 | | | $ | 35,330 | | | $ | 12,329 | |
(1) Amounts reflected include the following general corporate expenses: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | | | | | | | | | | (in thousands) | General and administrative expense | $ | 13,552 | | | $ | 11,968 | | | $ | 37,206 | | | $ | 33,856 | | Depreciation and amortization | 101 | | | 165 | | | 303 | | | 528 | | Impairments and other charges | — | | | — | | | 777 | | | — | | Interest expense | 5,755 | | | 4,437 | | | 17,029 | | | 11,978 | | | | | | | | | | Other general corporate (income) expense, net | (717) | | | 157 | | | (446) | | | (964) | | Total | $ | 18,691 | | | $ | 16,727 | | | $ | 54,869 | | | $ | 45,398 | |
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X |
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v3.23.3
Organization, Basis of Presentation, and Significant Accounting Policies (Policies)
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9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
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Principles of consolidation policy |
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, 2023 are not necessarily indicative of results that may be expected for the twelve months ended December 31, 2023.
We have reflected the operations of our former Compression Division and Offshore Division as discontinued operations for all periods presented. See Note 2 - “Discontinued Operations” for further information. Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate solely to continuing operations and exclude all discontinued operations.
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, 2022 and notes thereto included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2023 (the “2022 Annual Report”).
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Tax Benefits Preservation Plan |
Tax Benefits Preservation Plan
On February 28, 2023, the Board of Directors adopted a Tax Benefits Preservation Plan (the “Tax Plan”) designed to protect the availability of the Company’s net operating loss carryforwards (“NOLs”) and other tax attributes (collectively, the “Tax Attributes”), which may be utilized in certain circumstances to reduce the Company’s future income tax obligations. The Tax Plan is intended to reduce the likelihood that any changes in the Company’s investor base would limit the Company’s future use of its Tax Attributes as a result of the Company experiencing an “ownership change” under Section 382 (“Section 382”) of the Internal Revenue Code of 1986, as amended (the “Code”). If a corporation experiences an “ownership change,” any NOLs, losses or deductions attributable to a “net unrealized built-in loss” and other Tax Attributes could be substantially limited, and timing of the usage of such Tax Attributes could be substantially delayed. A corporation generally will experience an ownership change if one or more stockholders (or group of stockholders) who are each deemed to own at least 5% of the corporation’s stock increase their ownership by more than 50 percentage points over their lowest ownership percentage within a testing period (generally, a rolling three-year period).
In adopting the Tax Plan, the Board of Directors declared a dividend of one Series A Junior Participating Preferred Stock purchase right (the “Rights”) for each outstanding share of Common Stock pursuant to the terms of the Tax Plan. Initially, each Right entitles the registered holder to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock, par value $0.01 per share, of the Company (the “Preferred Stock”) at a price of $20.00 per one one-thousandth of a share of Preferred Stock (the “Purchase Price”), subject to adjustment. The Rights will cause substantial dilution to a person or group that acquires 4.99% or more of the Common Stock (or to a person or group that already owns 4.99% or more of the Company’s Common Stock if such person or group acquires additional shares representing 2% of the Company’s then outstanding shares of Common Stock) without prior approval from the Board of Directors.
The Rights will expire at the earliest of: (i) the close of business on February 28, 2026 (the “Final Expiration Date”); (ii) the time at which the Rights are redeemed pursuant to the Tax Plan, (iii) the time at which the Rights are exchanged pursuant to the Tax Plan; (iv) the closing of any merger or other acquisition transaction involving the Company pursuant to an agreement as described in the penultimate paragraph of Section 1.3 of the Tax Plan; (v) the close of business on the effective date of the repeal of Section 382 of the Code if the Board determines that the Tax Plan is no longer necessary or desirable for the preservation of the Tax Attributes; or (vi) the close of business on the first day of a taxable year of the Company following a Board determination that no Tax Attributes may be carried forward or otherwise utilized.
The Tax Plan adopted by the Board of Directors is similar to plans adopted by other publicly held companies with significant NOLs or other substantial tax benefits and is not designed to prevent any action that the Board of Directors determines to be in the best interest of the Company and its stockholders. At the Company’s 2023 annual meeting of stockholders held on May 24, 2023, the Company’s stockholders ratified the adoption of the Tax Plan.
The Rights are in all respects subject to and governed by the provisions of the Tax Plan. The foregoing summary provides only a general description of the Tax Plan and does not purport to be complete. The Tax Plan, which specifies the terms of the Rights and includes as Exhibit A the Form of Certificate of Designation of Series A Junior Participating Preferred Stock of the Company and as Exhibit B the Form of Right Certificate, is attached to the Company’s Current Report on Form 8-K, which was filed with the SEC on March 1, 2023, as Exhibit 4.1 and is incorporated herein by reference. The foregoing summary should be read together with the entire Tax Plan and is qualified in its entirety by reference to the Tax Plan.
|
Use of estimates policy |
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.
|
Reclassifications |
Reclassifications
Certain previously reported financial information has been reclassified to conform to the current year's presentation. The impact of reclassifications was not significant to the prior year's overall presentation.
|
Foreign currency translation policy |
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 (gains) losses are included in other (income) expense, net and totaled less than $0.1 million and $0.3 million during the three and nine months ended September 30, 2023, respectively, and $(1.1) million and $(2.7) million during the three and nine months ended September 30, 2022, 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 8 - “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).
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New accounting pronouncements |
New Accounting Pronouncements
Standards adopted during 2023
In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. ASU 2016-13 amends the impairment model to utilize an expected loss methodology in place of the previously-used incurred loss methodology, which will result in the more timely recognition of losses on financial instruments not accounted for at fair value through net income. The provisions require credit impairments to be measured over the contractual life of an asset and developed with consideration for past events, current conditions, and forecasts of future economic information. Credit impairment will be accounted for as an allowance for credit losses deducted from the amortized cost basis at each reporting date. Updates at each reporting date after initial adoption will be recorded through selling, general, and administrative expense. On January 1, 2023, we adopted ASU 2016-13. The adoption of this standard did not have a material impact on our consolidated financial statements.
In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. In December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848.” During the three months ended June 30, 2023, our asset-based credit agreement and term credit agreement were amended to replace LIBOR and Eurodollar rates with the secured overnight financing rate (“SOFR”). There were no significant costs associated with the amendments and the amendments did not have a significant impact on our consolidated financial statements.
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v3.23.3
Organization, Basis of Presentation, and Significant Accounting Policies (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Schedule of Cash Flow, Supplemental Disclosures |
Supplemental cash flow information is as follows: | | | | | | | | | | | | | Nine Months Ended September 30, | | 2023 | | 2022 | | (in thousands) | Interest paid | $ | 14,282 | | | $ | 11,578 | | Income taxes paid | $ | 3,918 | | | $ | 2,525 | | | | | | | September 30, 2023 | | December 31, 2022 | | (in thousands) | Accrued capital expenditures | $ | 1,271 | | | $ | 4,901 | |
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v3.23.3
Discontinued Operations (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Discontinued Operations and Disposal Groups [Abstract] |
|
Disposal Groups, Including Discontinued Operations |
A summary of additional financial information related to our discontinued operations is as follows: Reconciliation of the Line Items Constituting Pretax Loss from Discontinued Operations to the After-Tax Loss from Discontinued Operations (in thousands, unaudited) | | | | | | | | | | | Three Months Ended September 30, 2022 | | Offshore Services | | | | | Major classes of line items constituting income from discontinued operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | General and administrative expense | $ | 510 | | | | | | | | | | | | | | | | | | Pretax loss from discontinued operations | (510) | | | | | | Pretax gain on disposal of discontinued operations | 829 | | | | | | Total pretax income from discontinued operations | 319 | | | | | | | | | | | | | | | | | | | | | | | | Income from discontinued operations attributable to TETRA stockholders | $ | 319 | | | | | |
| | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2022 | | Offshore Services | | Maritech | | Total | Major classes of line items constituting income from discontinued operations | | | | | | | | | | | | Cost of revenues | $ | 54 | | | $ | — | | | $ | 54 | | | | | | | | | | | | | | General and administrative expense | 533 | | | — | | | 533 | | | | | | | | Other income, net | — | | | (28) | | | (28) | | Pretax income (loss) from discontinued operations | (587) | | | 28 | | | (559) | | Pretax gain on disposal of discontinued operations | | | | | 829 | | Total pretax income from discontinued operations | | | | | 270 | | | | | | | | | | | | | | | | | | | | Income from discontinued operations attributable to TETRA stockholders | | | | | $ | 270 | |
Reconciliation of Major Classes of Assets and Liabilities of the Discontinued Operations to Amounts Presented Separately in the Statement of Financial Position (in thousands) | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | | | Offshore Services | | Maritech | | Total | | | | (unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Carrying amounts of major classes of liabilities included as part of discontinued operations | | | | | | | | Trade payables | | | $ | 319 | | | $ | — | | | $ | 319 | | | | | | | | | | Accrued liabilities and other | | | — | | | 95 | | | 95 | | | | | | | | | | | | | | | | | | Total liabilities associated with discontinued operations | | | $ | 319 | | | $ | 95 | | | $ | 414 | |
| | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | | | Offshore Services | | Maritech | | Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Carrying amounts of major classes of liabilities included as part of discontinued operations | | | | | | | | Trade payables | | | $ | 319 | | | $ | — | | | $ | 319 | | | | | | | | | | Accrued liabilities and other | | | 506 | | | 95 | | | 601 | | | | | | | | | | | | | | | | | | Total liabilities associated with discontinued operations | | | $ | 825 | | | $ | 95 | | | $ | 920 | |
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v3.23.3
Revenue from Contracts with Customers (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
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, | | 2023 | | 2022 | | 2023 | | 2022 | | (in thousands) | Completion Fluids & Products | | | | | | | | United States | $ | 36,484 | | | $ | 30,261 | | | $ | 115,167 | | | $ | 103,449 | | International | 36,726 | | | 28,902 | | | 125,307 | | | 103,706 | | | 73,210 | | | 59,163 | | | 240,474 | | | 207,155 | | Water & Flowback Services | | | | | | | | United States | 67,877 | | | 67,641 | | | 204,446 | | | 182,059 | | International | 10,377 | | | 8,208 | | | 28,216 | | | 16,551 | | | 78,254 | | | 75,849 | | | 232,662 | | | 198,610 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Revenue | | | | | | | | United States | 104,361 | | | 97,902 | | | 319,613 | | | 285,508 | | International | 47,103 | | | 37,110 | | | 153,523 | | | 120,257 | | | $ | 151,464 | | | $ | 135,012 | | | $ | 473,136 | | | $ | 405,765 | |
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v3.23.3
Inventories (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Inventory Disclosure [Abstract] |
|
Schedule of Inventory |
Components of inventories as of September 30, 2023 and December 31, 2022 are as follows: | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | (in thousands) | Finished goods | $ | 79,689 | | | $ | 60,481 | | Raw materials | 4,313 | | | 3,734 | | Parts and supplies | 6,622 | | | 6,432 | | Work in progress | 1,504 | | | 1,466 | | Total inventories | $ | 92,128 | | | $ | 72,113 | |
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v3.23.3
Investments (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Investments in and Advances to Affiliates [Abstract] |
|
Summary of Investments |
Our investments as of September 30, 2023 and December 31, 2022 consist of the following: | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | (in thousands) | Investment in CSI Compressco | $ | 7,228 | | | $ | 6,967 | | Investment in CarbonFree | 6,563 | | | 6,139 | | Investment in Standard Lithium | 2,264 | | | 1,180 | | Other investments | 350 | | | — | | Total Investments | $ | 16,405 | | | $ | 14,286 | |
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v3.23.3
Long-Term Debt and Other Borrowings (Table)
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
Long-Term Debt Table |
Consolidated long-term debt as of September 30, 2023 and December 31, 2022 consists of the following: | | | | | | | | | | | | | | | | | | | | | | | Scheduled Maturity | | September 30, 2023 | | December 31, 2022 | | | | | | | | | | | | (in thousands) | Term Credit Agreement(1) | | September 10, 2025 | | $ | 156,748 | | | $ | 154,570 | | Asset-Based Credit Agreement(2) | | May 31, 2025 | | — | | | 1,885 | | Argentina Credit Agreement | | October 19, 2023 | | 1,900 | | | — | | Swedish Credit Facility | | December 31, 2023 | | 11 | | | 3 | | Total debt | | | | 158,659 | | | 156,458 | | Less current portion | | | | (1,911) | | | (3) | | Total long-term debt | | | | $ | 156,748 | | | $ | 156,455 | |
(1) Net of unamortized discount of $2.5 million and $3.4 million as of September 30, 2023 and December 31, 2022, respectively, and net of unamortized deferred financing costs of $3.8 million and $5.1 million as of September 30, 2023 and December 31, 2022, respectively. (2) Net of unamortized deferred financing costs of $1.1 million as of December 31, 2022. Deferred financing costs of $0.7 million as of September 30, 2023 were classified as other long-term assets on the accompanying consolidated balance sheet as there was no outstanding balance on our asset-based credit agreement.
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v3.23.3
Fair Value Measurements (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
Fair Value Measurements, Recurring and Nonrecurring |
Recurring fair value measurements by valuation hierarchy as of September 30, 2023 and December 31, 2022 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, 2023 | | (Level 1) | | (Level 2) | | (Level 3) | | | (in thousands) | Investment in CSI Compressco | | $ | 7,228 | | | $ | 7,228 | | | $ | — | | | $ | — | | Investment in CarbonFree | | 6,563 | | | — | | | — | | | 6,563 | | Investment in Standard Lithium | | 2,264 | | | 2,264 | | | — | | | — | | Other investments | | 350 | | | — | | | — | | | 350 | | | | | | | | | | | Total investments | | $ | 16,405 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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, 2022 | | (Level 1) | | (Level 2) | | (Level 3) | | | (in thousands) | Investment in CSI Compressco | | $ | 6,967 | | | $ | 6,967 | | | $ | — | | | $ | — | | Investment in CarbonFree | | 6,139 | | | — | | | — | | | 6,139 | | Investment in Standard Lithium | | 1,180 | | | 1,180 | | | — | | | — | | | | | | | | | | | Investments | | $ | 14,286 | | | | | | | |
|
Investment |
The change in our investment in CarbonFree for the nine-month period ended September 30, 2023 is as follows: | | | | | | | | | Nine Months Ended September 30, 2023 | | | | (in thousands) | Balance at beginning of period | $ | 6,139 | | | | Change in fair value of embedded option | (50) | | | | Change in fair value of convertible note, excluding embedded option | 474 | | | | Balance at end of period | $ | 6,563 | | | |
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v3.23.3
Net Income per Share (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
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, | | 2023 | | 2022 | | 2023 | | 2022 | | (in thousands) | Number of weighted average common shares outstanding | 129,777 | | | 128,407 | | | 129,395 | | | 127,890 | | Assumed vesting of equity awards | 2,312 | | | — | | | 1,440 | | | 1,814 | | Average diluted shares outstanding | 132,089 | | | 128,407 | | | 130,835 | | | 129,704 | |
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v3.23.3
Industry Segments (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Segment Reporting [Abstract] |
|
Segment Reporting Table |
Summarized financial information concerning the business segments is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | | | | | | | | | | (in thousands) | Revenues from external customers | | | | | | | | Product sales | | | | | | | | Completion Fluids & Products Division | $ | 68,532 | | | $ | 55,354 | | | $ | 228,415 | | | $ | 195,469 | | Water & Flowback Services Division | 435 | | | 140 | | | 2,304 | | | 381 | | Consolidated | $ | 68,967 | | | $ | 55,494 | | | $ | 230,719 | | | $ | 195,850 | | | | | | | | | | Services | | | | | | | | Completion Fluids & Products Division | $ | 4,678 | | | $ | 3,809 | | | $ | 12,059 | | | $ | 11,686 | | Water & Flowback Services Division | 77,819 | | | 75,709 | | | 230,358 | | | 198,229 | | Consolidated | $ | 82,497 | | | $ | 79,518 | | | $ | 242,417 | | | $ | 209,915 | | | | | | | | | | Total revenues | | | | | | | | Completion Fluids & Products Division | $ | 73,210 | | | $ | 59,163 | | | $ | 240,474 | | | $ | 207,155 | | Water & Flowback Services Division | 78,254 | | | 75,849 | | | 232,662 | | | 198,610 | | Consolidated | $ | 151,464 | | | $ | 135,012 | | | $ | 473,136 | | | $ | 405,765 | | | | | | | | | | Income (loss) before taxes and discontinued operations | | | | | | | | Completion Fluids & Products Division | $ | 16,932 | | | $ | 12,357 | | | $ | 67,330 | | | $ | 46,910 | | Water & Flowback Services Division | 8,475 | | | 6,482 | | | 22,869 | | | 10,808 | | Interdivision Eliminations | — | | | 3 | | | — | | | 9 | | Corporate Overhead(1) | (18,691) | | | (16,727) | | | (54,869) | | | (45,398) | | Consolidated | $ | 6,716 | | | $ | 2,115 | | | $ | 35,330 | | | $ | 12,329 | |
(1) Amounts reflected include the following general corporate expenses: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | | | | | | | | | | (in thousands) | General and administrative expense | $ | 13,552 | | | $ | 11,968 | | | $ | 37,206 | | | $ | 33,856 | | Depreciation and amortization | 101 | | | 165 | | | 303 | | | 528 | | Impairments and other charges | — | | | — | | | 777 | | | — | | Interest expense | 5,755 | | | 4,437 | | | 17,029 | | | 11,978 | | | | | | | | | | Other general corporate (income) expense, net | (717) | | | 157 | | | (446) | | | (964) | | Total | $ | 18,691 | | | $ | 16,727 | | | $ | 54,869 | | | $ | 45,398 | |
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v3.23.3
Organization, Basis of Presentation, and Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Thousands |
3 Months Ended |
9 Months Ended |
|
|
|
Sep. 30, 2023
USD ($)
a
$ / shares
|
Sep. 30, 2022
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|
Sep. 30, 2023
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a
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|
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$ / shares
|
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$ / shares
|
Dividends Payable [Line Items] |
|
|
|
|
|
|
|
Number of Operating Segments | segment |
|
|
2
|
|
|
|
|
Foreign currency exchange (gains) and losses | $ |
$ 100
|
$ (1,100)
|
$ 300
|
$ (2,700)
|
|
|
|
Preferred stock, dividend declared |
|
|
|
|
|
1
|
|
Common stock, par value (in dollars per share) |
$ 0.01
|
|
$ 0.01
|
|
|
|
$ 0.01
|
Number of shares owned |
|
|
|
|
|
0.0499
|
|
Exploration and pre-development costs | $ |
$ 3,775
|
$ 936
|
$ 6,836
|
$ 3,500
|
|
|
|
Gross brine lease acres | a |
40,000
|
|
40,000
|
|
|
|
|
Southwest Arkansas | Saltwerx |
|
|
|
|
|
|
|
Dividends Payable [Line Items] |
|
|
|
|
|
|
|
Gross brine lease acres | a |
|
|
|
|
6,138
|
|
|
Common Stock |
|
|
|
|
|
|
|
Dividends Payable [Line Items] |
|
|
|
|
|
|
|
Shares outstanding |
|
|
|
|
|
0.02
|
|
Preferred Stock |
|
|
|
|
|
|
|
Dividends Payable [Line Items] |
|
|
|
|
|
|
|
Preferred stock, par value(in dollars per share) |
|
|
|
|
|
$ 0.01
|
|
Conversion price |
|
|
|
|
|
$ 20.00
|
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v3.23.3
Organization, Basis of Presentation, and Significant Accounting Policies - Supplemental Cash Flows (Details) - USD ($) $ in Thousands |
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Accounting Policies [Abstract] |
|
|
|
Interest paid |
$ 14,282
|
$ 11,578
|
|
Income taxes paid |
3,918
|
$ 2,525
|
|
Capital Expenditures Incurred but Not yet Paid |
$ 1,271
|
|
$ 4,901
|
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v3.23.3
Discontinued Operations - Loss from Discontinued Operations (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
General and administrative expense |
|
|
|
$ 533
|
Pretax loss from discontinued operations |
|
|
|
(559)
|
Pretax gain on disposal of discontinued operations |
|
|
|
829
|
Total pretax income from discontinued operations |
|
|
|
270
|
Income (loss) from discontinued operations, net of taxes |
$ (48)
|
$ 319
|
$ (68)
|
270
|
Income from discontinued operations attributable to TETRA stockholders |
|
|
|
270
|
Cost of revenues |
|
|
|
54
|
Other income, net |
|
|
|
(28)
|
Offshore Services |
|
|
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
General and administrative expense |
|
510
|
|
533
|
Pretax loss from discontinued operations |
|
(510)
|
|
(587)
|
Pretax gain on disposal of discontinued operations |
|
829
|
|
|
Total pretax income from discontinued operations |
|
319
|
|
|
Income (loss) from discontinued operations, net of taxes |
|
$ 319
|
|
|
Cost of revenues |
|
|
|
54
|
Other income, net |
|
|
|
0
|
Maritech |
|
|
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
General and administrative expense |
|
|
|
0
|
Pretax loss from discontinued operations |
|
|
|
28
|
Cost of revenues |
|
|
|
0
|
Other income, net |
|
|
|
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v3.23.3
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3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
segment
|
Sep. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
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|
|
|
|
|
Contract with customer, asset balances |
$ 30,700
|
|
$ 30,700
|
|
$ 33,100
|
Purchase order |
4,000
|
|
4,000
|
|
$ 3,700
|
Deferred revenue, revenue recognized |
1,200
|
$ 2,600
|
1,600
|
$ 1,700
|
|
Income recognized |
2,041
|
1,410
|
$ 8,690
|
4,858
|
|
Number of Reportable Segments | segment |
|
|
2
|
|
|
Standard Lithium Ltd. |
|
|
|
|
|
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|
|
|
|
|
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$ 700
|
$ 900
|
$ 2,400
|
$ 2,400
|
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3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
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|
$ 135,012
|
$ 473,136
|
$ 405,765
|
United States |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
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104,361
|
97,902
|
319,613
|
285,508
|
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|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues from external customers |
47,103
|
37,110
|
153,523
|
120,257
|
Completion Fluids & Products Division |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues from external customers |
73,210
|
59,163
|
240,474
|
207,155
|
Completion Fluids & Products Division | United States |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues from external customers |
36,484
|
30,261
|
115,167
|
103,449
|
Completion Fluids & Products Division | International |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues from external customers |
36,726
|
28,902
|
125,307
|
103,706
|
Water & Flowback Services Division |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues from external customers |
78,254
|
75,849
|
232,662
|
198,610
|
Water & Flowback Services Division | United States |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues from external customers |
67,877
|
67,641
|
204,446
|
182,059
|
Water & Flowback Services Division | International |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues from external customers |
$ 10,377
|
$ 8,208
|
$ 28,216
|
$ 16,551
|
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v3.23.3
Inventories (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Inventory Disclosure [Abstract] |
|
|
Finished goods |
$ 79,689
|
$ 60,481
|
Raw materials |
4,313
|
3,734
|
Parts and supplies |
6,622
|
6,432
|
Work in progress |
1,504
|
1,466
|
Total inventories |
$ 92,128
|
$ 72,113
|
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v3.23.3
Investments in and Advances to Affiliates (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Investments in and Advances to Affiliates [Line Items] |
|
|
|
Investments |
$ 16,405
|
$ 14,286
|
|
Total investments |
$ 16,405
|
14,286
|
|
CSI Compressco |
|
|
|
Investments in and Advances to Affiliates [Line Items] |
|
|
|
Ownership percentage |
3.70%
|
|
|
Total investments |
$ 7,228
|
6,967
|
|
CarbonFree |
|
|
|
Investments in and Advances to Affiliates [Line Items] |
|
|
|
Investments |
|
|
$ 5,000
|
Total investments |
6,563
|
6,139
|
|
Standard Lithium |
|
|
|
Investments in and Advances to Affiliates [Line Items] |
|
|
|
Total investments |
2,264
|
1,180
|
|
Other Investments |
|
|
|
Investments in and Advances to Affiliates [Line Items] |
|
|
|
Investments |
350
|
$ 0
|
|
Total investments |
$ 350
|
|
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v3.23.3
Long-Term Debt and Other Borrowings - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Debt Instrument [Line Items] |
|
|
Total long-term debt |
$ 156,748
|
$ 156,455
|
Parent Company |
|
|
Debt Instrument [Line Items] |
|
|
Long-term debt |
158,659
|
156,458
|
Less current portion |
(1,911)
|
(3)
|
Total long-term debt |
156,748
|
156,455
|
Revolving Credit Facility | Secured Debt |
|
|
Debt Instrument [Line Items] |
|
|
Long-term debt |
11
|
3
|
Revolving Credit Facility | Line of Credit | Argentina Credit Agreement |
|
|
Debt Instrument [Line Items] |
|
|
Long-term debt |
1,900
|
0
|
Asset-Based Credit Agreement | Secured Debt |
|
|
Debt Instrument [Line Items] |
|
|
Long-term debt |
0
|
1,885
|
Unamortized deferred finance costs |
|
1,100
|
Deferred financing costs |
700
|
|
Term Loan | Secured Debt |
|
|
Debt Instrument [Line Items] |
|
|
Long-term debt |
156,748
|
154,570
|
Unamortized deferred finance costs |
3,800
|
5,100
|
Unamortized discount (premium), net |
$ 2,500
|
$ 3,400
|
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v3.23.3
Long-Term Debt and Other Borrowings - Additional Information (Details)
|
9 Months Ended |
|
|
Sep. 30, 2023
USD ($)
|
Feb. 28, 2023 |
Dec. 31, 2022
USD ($)
|
Debt Instrument [Line Items] |
|
|
|
Preferred Stock, Convertible, Conversion Ratio |
|
0.001
|
|
Parent Company |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Long-term debt |
$ 158,659,000
|
|
$ 156,458,000
|
Parent Company | Letter of Credit | Asset-Based Lending Credit Agreement |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Maximum borrowing capacity |
20,000,000
|
|
|
Line of Credit | Revolving Credit Facility | ABL Credit Agreement |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Maximum borrowing capacity |
80,000,000
|
|
|
Accordion feature |
20,000,000
|
|
|
Line of Credit | Revolving Credit Facility | Argentina Credit Agreement |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Bank line of credit, net availability |
$ 100,000
|
|
|
Interest rate |
2.50%
|
|
|
Long-term debt |
$ 1,900,000
|
|
0
|
Line of Credit | Letter of Credit | Sub-Facility |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Maximum borrowing capacity |
15,000,000
|
|
|
Line of Credit | Parent Company | ABL Credit Agreement |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Bank line of credit, letters of credit and guarantees |
11,500,000
|
|
|
Debt instrument, face amount |
$ 68,500,000
|
|
|
Secured Debt | Variable Rate Component One |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Prepay excess cash flow, threshold |
0.50
|
|
|
Secured Debt | Swedish Credit Facility |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Bank line of credit, net availability |
$ 4,600,000
|
|
|
Interest rate |
2.95%
|
|
|
Secured Debt | Letter of Credit |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Credit outstanding |
$ 1,400,000
|
|
|
Secured Debt | Term Credit Agreement |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Credit outstanding |
$ 156,700,000
|
|
|
Interest rate |
11.68%
|
|
|
Minimum business days from filing |
5 days
|
|
|
Secured Debt | Term Credit Agreement | Variable Rate Component One |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Leverage ratio |
2.00
|
|
|
Secured Debt | Term Credit Agreement | Variable Rate Component Two |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Prepay excess cash flow, threshold |
0.25
|
|
|
Leverage ratio |
1.50
|
|
|
Secured Debt | Revolving Credit Facility |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Long-term debt |
$ 11,000
|
|
3,000
|
Secured Debt | Revolving Credit Facility | Asset-Based Lending Credit Agreement |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Instrument, Collateral, Percentage Of Equity Interest Issued By Certain Foreign Subsidiaries |
65.00%
|
|
|
Secured Debt | Revolving Credit Facility | Asset-Based Lending Credit Agreement | Minimum |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage |
0.375%
|
|
|
Secured Debt | Revolving Credit Facility | Asset-Based Lending Credit Agreement | Maximum |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage |
0.50%
|
|
|
Secured Debt | Revolving Credit Facility | Asset-Based Lending Credit Agreement | Fed Funds Effective Rate Overnight Index Swap Rate |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Basis spread on variable rate (percentage) |
0.50%
|
|
|
Secured Debt | Revolving Credit Facility | Asset-Based Lending Credit Agreement | Secured Overnight Financing Rate (SOFR) |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Basis spread on variable rate (percentage) |
0.10%
|
|
|
Secured Debt | Revolving Credit Facility | Asset-Based Lending Credit Agreement | Risk Free Interest Rate |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Basis spread on variable rate (percentage) |
0.10%
|
|
|
Secured Debt | Revolving Credit Facility | Asset-Based Lending Credit Agreement | Daily Simple Risk Free Rate For Sterling |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Basis spread on variable rate (percentage) |
0.0326%
|
|
|
Secured Debt | Revolving Credit Facility | Asset-Based Lending Credit Agreement | Secured Overnight Financing Rate (SOFR) Adjusted For Required Bank Reserves |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Basis spread on variable rate (percentage) |
1.00%
|
|
|
Secured Debt | Asset-Based Credit Agreement |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Credit outstanding |
$ 0
|
|
|
Long-term debt |
0
|
|
1,885,000
|
Secured Debt | Term Loan |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Long-term debt |
$ 156,748,000
|
|
$ 154,570,000
|
Secured Debt | Term Loan | Term Credit Agreement |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage |
100.00%
|
|
|
Debt Instrument, Collateral, Percentage Of Equity Interest Issued By Certain Foreign Subsidiaries |
65.00%
|
|
|
Secured Debt | Term Loan | Term Credit Agreement | London Interbank Offered Rate (LIBOR) 1 |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Basis spread on variable rate (percentage) |
6.25%
|
|
|
Secured Debt | Term Loan | Term Credit Agreement | Base Rate |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Basis spread on variable rate (percentage) |
5.25%
|
|
|
Swingline Loan Sublimit | Parent Company | Asset-Based Lending Credit Agreement |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Maximum borrowing capacity |
$ 11,500,000
|
|
|
X |
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v3.23.3
Fair Value Measurements - CarbonFree (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] |
|
|
|
|
|
|
Balance at beginning of period |
|
|
$ 14,286
|
|
$ 14,286
|
|
Change in fair value of embedded option |
$ 2,041
|
|
|
$ 1,410
|
8,690
|
$ 4,858
|
Other comprehensive income (loss) |
146
|
$ 207
|
121
|
(306)
|
474
|
(306)
|
Balance at end of period |
16,405
|
|
|
|
16,405
|
|
(Level 3) | CarbonFree |
|
|
|
|
|
|
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] |
|
|
|
|
|
|
Balance at beginning of period |
|
|
6,139
|
|
6,139
|
|
Balance at end of period |
6,563
|
|
|
|
6,563
|
|
Unrealized Gain (Loss) on Investment |
|
|
|
|
|
|
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] |
|
|
|
|
|
|
Other comprehensive income (loss) |
$ 146
|
|
|
$ (306)
|
|
|
CarbonFree |
|
|
|
|
|
|
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] |
|
|
|
|
|
|
Balance at beginning of period |
|
|
|
|
|
$ 5,000
|
Change in fair value of embedded option |
|
|
|
|
(50)
|
|
CarbonFree | Unrealized Gain (Loss) on Investment |
|
|
|
|
|
|
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] |
|
|
|
|
|
|
Other comprehensive income (loss) |
|
|
$ 121
|
|
$ 474
|
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v3.23.3
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
|
|
Sep. 30, 2023 |
Jun. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] |
|
|
|
|
|
|
|
Investments |
$ 16,405
|
|
|
$ 16,405
|
|
$ 14,286
|
|
Impairment and other charges |
$ 0
|
$ 800
|
$ 0
|
$ 777
|
$ 2,262
|
|
|
CSI Compressco |
|
|
|
|
|
|
|
Derivatives, Fair Value [Line Items] |
|
|
|
|
|
|
|
Ownership percentage |
3.70%
|
|
|
3.70%
|
|
|
|
CarbonFree |
|
|
|
|
|
|
|
Derivatives, Fair Value [Line Items] |
|
|
|
|
|
|
|
Investments |
|
|
|
|
|
|
$ 5,000
|
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v3.23.3
Fair Value Measurements - Market Risks and Derivative Hedge Contracts (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] |
|
|
Total investments |
$ 16,405
|
$ 14,286
|
CSI Compressco |
|
|
Derivatives, Fair Value [Line Items] |
|
|
Total investments |
7,228
|
6,967
|
CarbonFree |
|
|
Derivatives, Fair Value [Line Items] |
|
|
Total investments |
6,563
|
6,139
|
Standard Lithium |
|
|
Derivatives, Fair Value [Line Items] |
|
|
Total investments |
2,264
|
1,180
|
Other Investments |
|
|
Derivatives, Fair Value [Line Items] |
|
|
Total investments |
350
|
|
(Level 1) | CSI Compressco |
|
|
Derivatives, Fair Value [Line Items] |
|
|
Total investments |
7,228
|
6,967
|
(Level 1) | CarbonFree |
|
|
Derivatives, Fair Value [Line Items] |
|
|
Total investments |
0
|
0
|
(Level 1) | Standard Lithium |
|
|
Derivatives, Fair Value [Line Items] |
|
|
Total investments |
2,264
|
1,180
|
(Level 1) | Other Investments |
|
|
Derivatives, Fair Value [Line Items] |
|
|
Total investments |
0
|
|
(Level 2) | CSI Compressco |
|
|
Derivatives, Fair Value [Line Items] |
|
|
Total investments |
0
|
0
|
(Level 2) | CarbonFree |
|
|
Derivatives, Fair Value [Line Items] |
|
|
Total investments |
0
|
0
|
(Level 2) | Standard Lithium |
|
|
Derivatives, Fair Value [Line Items] |
|
|
Total investments |
0
|
0
|
(Level 2) | Other Investments |
|
|
Derivatives, Fair Value [Line Items] |
|
|
Total investments |
0
|
|
(Level 3) | CSI Compressco |
|
|
Derivatives, Fair Value [Line Items] |
|
|
Total investments |
0
|
0
|
(Level 3) | CarbonFree |
|
|
Derivatives, Fair Value [Line Items] |
|
|
Total investments |
6,563
|
6,139
|
(Level 3) | Standard Lithium |
|
|
Derivatives, Fair Value [Line Items] |
|
|
Total investments |
0
|
$ 0
|
(Level 3) | Other Investments |
|
|
Derivatives, Fair Value [Line Items] |
|
|
Total investments |
$ 350
|
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v3.23.3
Net Income per Share - Reconciliation of the Weighted Average Number of Common Shares Outstanding (Details) - shares shares in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] |
|
|
|
|
Number of weighted average common shares outstanding ( in shares) |
129,777
|
128,407
|
129,395
|
127,890
|
Assumed exercise of equity awards and warrants (in shares) |
2,312
|
0
|
1,440
|
1,814
|
Average diluted shares outstanding (in shares) |
132,089
|
128,407
|
130,835
|
129,704
|
X |
- DefinitionThe sum of dilutive potential common shares or units used in the calculation of the diluted per-share or per-unit computation.
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v3.23.3
Industry Segments - Revenue, Income from Operations, and Assets by Reporting Segment (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Industry Segments Details [Line Items] |
|
|
|
|
Revenues from external customers |
$ 151,464
|
$ 135,012
|
$ 473,136
|
$ 405,765
|
Income before taxes and discontinued operations |
6,716
|
2,115
|
35,330
|
12,329
|
Intersegment Eliminations |
|
|
|
|
Industry Segments Details [Line Items] |
|
|
|
|
Income before taxes and discontinued operations |
0
|
3
|
0
|
9
|
Corporate, Non-Segment |
|
|
|
|
Industry Segments Details [Line Items] |
|
|
|
|
Income before taxes and discontinued operations |
(18,691)
|
(16,727)
|
(54,869)
|
(45,398)
|
Completion Fluids & Products Division |
|
|
|
|
Industry Segments Details [Line Items] |
|
|
|
|
Revenues from external customers |
73,210
|
59,163
|
240,474
|
207,155
|
Completion Fluids & Products Division | Operating Segments |
|
|
|
|
Industry Segments Details [Line Items] |
|
|
|
|
Revenues from external customers |
73,210
|
59,163
|
240,474
|
207,155
|
Income before taxes and discontinued operations |
16,932
|
12,357
|
67,330
|
46,910
|
Water & Flowback Services Division |
|
|
|
|
Industry Segments Details [Line Items] |
|
|
|
|
Revenues from external customers |
78,254
|
75,849
|
232,662
|
198,610
|
Water & Flowback Services Division | Operating Segments |
|
|
|
|
Industry Segments Details [Line Items] |
|
|
|
|
Revenues from external customers |
78,254
|
75,849
|
232,662
|
198,610
|
Income before taxes and discontinued operations |
8,475
|
6,482
|
22,869
|
10,808
|
Product sales |
|
|
|
|
Industry Segments Details [Line Items] |
|
|
|
|
Revenues from external customers |
68,967
|
55,494
|
230,719
|
195,850
|
Product sales | Completion Fluids & Products Division | Operating Segments |
|
|
|
|
Industry Segments Details [Line Items] |
|
|
|
|
Revenues from external customers |
68,532
|
55,354
|
228,415
|
195,469
|
Product sales | Water & Flowback Services Division | Operating Segments |
|
|
|
|
Industry Segments Details [Line Items] |
|
|
|
|
Revenues from external customers |
435
|
140
|
2,304
|
381
|
Services |
|
|
|
|
Industry Segments Details [Line Items] |
|
|
|
|
Revenues from external customers |
82,497
|
79,518
|
242,417
|
209,915
|
Services | Completion Fluids & Products Division | Operating Segments |
|
|
|
|
Industry Segments Details [Line Items] |
|
|
|
|
Revenues from external customers |
4,678
|
3,809
|
12,059
|
11,686
|
Services | Water & Flowback Services Division | Operating Segments |
|
|
|
|
Industry Segments Details [Line Items] |
|
|
|
|
Revenues from external customers |
$ 77,819
|
$ 75,709
|
$ 230,358
|
$ 198,229
|
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v3.23.3
Industry Segments - Corporate Expenses (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Jun. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Segment Reporting Information [Line Items] |
|
|
|
|
|
General and administrative expense |
$ 23,838
|
|
$ 23,833
|
$ 73,254
|
$ 68,096
|
Depreciation, amortization, and accretion |
8,578
|
|
8,634
|
25,705
|
24,061
|
Impairment and other charges |
0
|
$ 800
|
0
|
777
|
2,262
|
Interest expense, net |
5,636
|
|
3,999
|
16,672
|
10,933
|
Other general corporate (income) expense, net |
(2,041)
|
|
(1,410)
|
(8,690)
|
(4,858)
|
Total |
(5,468)
|
|
63
|
(29,718)
|
(9,430)
|
Corporate, Non-Segment |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
General and administrative expense |
13,552
|
|
11,968
|
37,206
|
33,856
|
Depreciation, amortization, and accretion |
101
|
|
165
|
303
|
528
|
Impairment and other charges |
0
|
|
0
|
777
|
0
|
Interest expense, net |
5,755
|
|
4,437
|
17,029
|
11,978
|
Other general corporate (income) expense, net |
(717)
|
|
157
|
(446)
|
(964)
|
Total |
$ 18,691
|
|
$ 16,727
|
$ 54,869
|
$ 45,398
|
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- DefinitionThe aggregate net amount of depreciation, depletion, amortization, and accretion recognized during an accounting period. As a noncash item, the net amount is added back to net income when calculating cash provided by (used in) operations using the indirect method.
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