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Jun 30, 2022
TETRA Q2 2022 Earnings Report
Announced second quarter 2022 financial results and lithium and bromine brine sampling results from exploratory well
Key Takeaways
TETRA Technologies reported a strong second quarter in 2022 with revenue of $141 million, an 8% increase from the previous quarter and a 38% increase year-over-year. Net income before discontinued operations was $1.8 million, and adjusted EBITDA was $18.7 million. The company also made significant progress on its low carbon energy opportunities, including positive results from lithium and bromine brine sampling.
Second quarter revenue increased 38% year-over-year, reaching $141 million.
Net income before discontinued operations was $1.8 million, inclusive of $4.9 million of non-recurring charges and expenses.
Adjusted EBITDA was $18.7 million for the quarter.
The company saw positive results from lithium and bromine brine sampling, with higher concentration levels compared to previously reported exploration targets.
Forward Guidance
Company did not provide specific forward guidance, but expressed optimism about the oil and gas sector, low carbon energy opportunities and broader earnings base.
Positive Outlook
- Strong results in the early stages of a longer term up cycle for the oil and gas sector.
- Significant progress on low carbon energy opportunities.
- Gaining market share with broad customer acceptance of our integrated water management business model.
- Strong utilization and higher pricing for the TETRA Sandstorm technology.
- New automated drill out technology is expected to reduce well site personnel by more than 30%, reduce rig up/down time by approximately 40%, and reduce HSE exposure.
Challenges Ahead
- Unprecedented inflation challenges for fuel, labor and equipment in the U.S.
- The Russia/Ukraine war impacting European supply chain.
- U.S. market growth is limited by availability of additional frac fleets.
Historical Earnings Impact
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