Document_And_Entity_Informatio
Document And Entity Information (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Nov. 07, 2013 | Jun. 30, 2012 | |
Document Line Items [Abstract] | ' | ' | ' |
Entity Registrant Name | 'TETRA TECHNOLOGIES INC | ' | ' |
Entity Central Index Key | '0000844965 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $538,036,074 |
Entity Common Stock Shares Outstanding | ' | 78,844,626 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' | ' |
Product sales | $79,027 | $61,597 | $229,915 | $204,608 |
Services and rentals | 175,276 | 172,389 | 454,048 | 445,083 |
Total revenues | 254,303 | 233,986 | 683,963 | 649,691 |
Cost of revenues: | ' | ' | ' | ' |
Cost of product sales | 74,240 | 54,996 | 210,113 | 168,002 |
Cost of services and rentals | 111,870 | 108,311 | 296,501 | 289,749 |
Depreciation, amortization, and accretion | 20,751 | 20,232 | 60,498 | 56,786 |
Total cost of revenues | 206,861 | 183,539 | 567,112 | 514,537 |
Gross profit | 47,442 | 50,447 | 116,851 | 135,154 |
General and administrative expense | 31,776 | 33,774 | 99,032 | 95,335 |
Interest expense, net | 4,207 | 4,258 | 12,585 | 12,493 |
Other (income) expense, net | -7,243 | -661 | -12,284 | -5,942 |
Income before taxes and discontinued operations | 18,702 | 13,076 | 17,518 | 33,268 |
Provision for income taxes | 5,848 | 4,475 | 5,072 | 11,341 |
Income before discontinued operations | 12,854 | 8,601 | 12,446 | 21,927 |
Income (loss) from discontinued operations, net of taxes | 0 | 1 | 0 | 3 |
Net income | 12,854 | 8,602 | 12,446 | 21,930 |
Net (income) attributable to noncontrolling interest | -744 | -889 | -1,964 | -1,962 |
Net income attributable to TETRA stockholders | $12,110 | $7,713 | $10,482 | $19,968 |
Basic net income per common share: | ' | ' | ' | ' |
Income before discontinued operations attributable to TETRA stockholders | $0.16 | $0.10 | $0.13 | $0.26 |
Income (loss) from discontinued operations attributable to TETRA stockholders | $0 | $0 | $0 | $0 |
Net income attributable to TETRA stockholders | $0.16 | $0.10 | $0.13 | $0.26 |
Average shares outstanding | 78,030 | 77,329 | 77,867 | 77,226 |
Diluted net income per common share: | ' | ' | ' | ' |
Income before discontinued operations attributable to TETRA stockholders | $0.15 | $0.10 | $0.13 | $0.25 |
Income (loss) from discontinued operations attributable to TETRA stockholders | $0 | $0 | $0 | $0 |
Net income attributable to TETRA stockholders | $0.15 | $0.10 | $0.13 | $0.25 |
Average diluted shares outstanding | 78,963 | 78,938 | 78,719 | 78,740 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $12,854 | $8,602 | $12,446 | $21,930 |
Foreign currency translation adjustment, including taxes of $165 and $711 in 2013 and taxes of $41 and $892 in 2012 | 6,873 | 5,074 | -1,849 | 2,054 |
Comprehensive income | 19,727 | 13,676 | 10,597 | 23,984 |
Less: comprehensive income attributable to noncontrolling interest | -744 | -889 | -1,964 | -1,962 |
Comprehensive income attributable to TETRA stockholders | $18,983 | $12,787 | $8,633 | $22,022 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Foreign currency translation adjustment, taxes | $165 | $41 | $711 | $892 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $28,676 | $74,048 |
Restricted cash | 9,068 | 5,571 |
Trade accounts receivable, net of allowances for doubtful accounts of $856 in 2013 and $1,085 in 2012 | 196,143 | 176,352 |
Deferred tax asset | 11,461 | 29,789 |
Inventories | 92,325 | 103,041 |
Assets held for sale | 14,603 | 12,009 |
Prepaid expenses and other current assets | 19,770 | 34,299 |
Total current assets | 372,046 | 435,109 |
Property, plant, and equipment: | ' | ' |
Land and building | 42,661 | 41,153 |
Machinery and equipment | 653,053 | 589,725 |
Automobiles and trucks | 58,917 | 57,708 |
Chemical plants | 167,793 | 161,565 |
Construction in progress | 30,232 | 40,452 |
Total property, plant, and equipment | 952,656 | 890,603 |
Less accumulated depreciation | -385,678 | -337,889 |
Net property, plant, and equipment | 566,978 | 552,714 |
Other assets: | ' | ' |
Goodwill | 188,706 | 189,604 |
Patents, trademarks and other intangible assets, net of accumulated amortization of $30,223 in 2013 and $27,044 in 2012 | 32,846 | 36,735 |
Deferred tax assets | 3,842 | 594 |
Other assets | 37,134 | 47,062 |
Total other assets | 262,528 | 273,995 |
Total assets | 1,201,552 | 1,261,818 |
Current liabilities: | ' | ' |
Trade accounts payable | 75,369 | 67,453 |
Accrued liabilities | 78,577 | 73,254 |
Current portion of long-term debt | 0 | 35,441 |
Decommissioning and other asset retirement obligations, net | 33,964 | 80,667 |
Total current liabilities | 187,910 | 256,815 |
Long-term debt, net | 352,898 | 331,268 |
Deferred income taxes | 23,301 | 41,910 |
Decommissioning and other asset retirement obligations, net | 11,339 | 14,254 |
Other liabilities | 19,955 | 24,263 |
Total long-term liabilities | 407,493 | 411,695 |
Equity: | ' | ' |
Common stock, par value $0.01 per share; 100,000,000 shares authorized; 81,215,135 shares issued at September 30, 2013, and 80,446,169 shares issued at December 31, 2012 | 812 | 804 |
Additional paid-in capital | 232,023 | 226,954 |
Treasury stock, at cost; 2,434,482 shares held at September 30, 2013, and 2,334,137 shares held at December 31, 2012 | -15,318 | -15,027 |
Accumulated other comprehensive income (loss) | -3,343 | -1,494 |
Retained earnings | 350,366 | 339,883 |
Total TETRA stockholders' equity | 564,540 | 551,120 |
Noncontrolling interests | 41,609 | 42,188 |
Total equity | 606,149 | 593,308 |
Total liabilities and equity | $1,201,552 | $1,261,818 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Current assets: | ' | ' |
Trade accounts receivable, allowances for doubtful accounts | $856 | $1,085 |
Other assets: | ' | ' |
Patents, trademarks, and other intangible assets, accumulated amortization | $30,223 | $27,044 |
Equity: | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 81,215,135 | 80,446,169 |
Treasury stock, shares held | 2,434,482 | 2,334,137 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities: | ' | ' |
Net income | $12,446 | $21,930 |
Reconciliation of net income (loss) to cash provided by (used in) operating activities: | ' | ' |
Depreciation, amortization, and accretion | 60,498 | 56,786 |
Provision (benefit) for deferred income taxes | -1,923 | 1,083 |
Equity-based compensation expense | 5,113 | 7,393 |
Provision for doubtful accounts | 370 | -893 |
Gain on sale of assets | -5,499 | -3,135 |
Excess decommissioning/abandoning costs | 54,408 | 19,120 |
Other non-cash charges and credits | -7,990 | -4,901 |
Changes in operating assets and liabilities, net of assets acquired: | ' | ' |
Accounts receivable | -3,558 | -71,758 |
Inventories | 10,873 | -3,098 |
Prepaid expenses and other current assets | 17,358 | 4,790 |
Trade accounts payable and accrued expenses | 1,128 | 19,022 |
Decommissioning liabilities, net | -99,366 | -66,121 |
Other | 49 | 2,338 |
Net cash provided by (used in) operating activities | 43,907 | -17,444 |
Investing activities: | ' | ' |
Purchases of property, plant, and equipment | -73,555 | -80,608 |
Acquisition of businesses, net | 0 | -163,305 |
Proceeds on sale of property, plant, and equipment | 1,391 | 12,752 |
Other investing activities | 406 | 3,277 |
Net cash provided by (used in) investing activities | -71,758 | -227,884 |
Financing activities: | ' | ' |
Proceeds from long-term debt | 83,475 | 64,176 |
Payments of long-term debt | -97,841 | -2,073 |
Compressco Partners' distributions | -3,603 | -3,393 |
Proceeds from exercise of stock options | 1,631 | 675 |
Excess tax benefit from equity compensation | 0 | 205 |
Other financing activities | -754 | 0 |
Net cash provided by (used in) financing activities | -17,092 | 59,590 |
Effect of exchange rate changes on cash | -429 | 2,234 |
Increase (decrease) in cash and cash equivalents | -45,372 | -183,504 |
Cash and cash equivalents at beginning of period | 74,048 | 204,412 |
Cash and cash equivalents at end of period | 28,676 | 20,908 |
Supplemental cash flow information: | ' | ' |
Interest paid | 10,063 | 9,083 |
Income taxes paid | $6,171 | $7,066 |
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||
Basis of Presentation and Significant Accounting Policies | ' | |||||||||||
NOTE A – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
We are a geographically diversified oil and gas services company, focused on completion fluids and associated products and services, frac water management, after-frac flow back, production well testing, offshore rig cooling, compression-based production enhancement, and selected offshore services including well plugging and abandonment, decommissioning, and diving. We also have a limited domestic oil and gas production business. We were incorporated in Delaware in 1981 and are composed of five reporting segments organized into three divisions – Fluids, Production Enhancement, and Offshore. Unless the context requires otherwise, when we refer to “we,” “us,” and “our,” we are describing TETRA Technologies, Inc. and its consolidated subsidiaries on a consolidated basis. | ||||||||||||
The consolidated financial statements include the accounts of our wholly owned subsidiaries. Investments in unconsolidated joint ventures in which we participate are accounted for using the equity method. Our interests in oil and gas properties are proportionately consolidated. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||||||||||||
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 Securities and Exchange Commission (SEC) and do not include all information and footnotes required by generally accepted accounting principles for complete financial statements. However, 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. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2012. | ||||||||||||
Beginning with the three month period ended September 30, 2013, certain ad valorem tax expenses for operating equipment of our Compressco segment have been classified as cost of revenues instead of being included in general and administrative expense as reported in prior periods. Prior period amounts have been reclassified to conform to the current year period's presentation. The amount of such reclassification is $0.7 million for the six month period ended June 30, 2013, and $0.4 million and $1.2 million for the three and nine month periods ended September 30, 2012, respectively. This reclassification had no effect on net income for any of the periods presented. | ||||||||||||
Certain other previously reported financial information has been reclassified to conform to the current year period’s presentation. The impact of such reclassifications was not significant to the prior year period’s overall presentation. | ||||||||||||
Cash Equivalents | ||||||||||||
We consider all highly liquid cash investments, with a maturity of three months or less when purchased, to be cash equivalents. | ||||||||||||
Restricted Cash | ||||||||||||
Restricted cash is classified as a current asset when it is expected to be repaid or settled in the next twelve month period. Restricted cash reported on our balance sheet as of September 30, 2013, consists primarily of escrowed cash associated with our July 2011 purchase of a heavy lift derrick barge. The escrowed cash will be released to the sellers or us in accordance with the terms of the escrow agreement. | ||||||||||||
Inventories | ||||||||||||
Inventories are stated at the lower of cost or market value and consist primarily of finished goods. Cost is determined using the weighted average method. Significant components of inventories as of September 30, 2013, and December 31, 2012, are as follows: | ||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||
(In Thousands) | ||||||||||||
Finished goods | $ | 64,756 | $ | 72,312 | ||||||||
Raw materials | 4,269 | 5,396 | ||||||||||
Parts and supplies | 22,576 | 24,497 | ||||||||||
Work in progress | 724 | 836 | ||||||||||
Total inventories | $ | 92,325 | $ | 103,041 | ||||||||
Finished goods inventories include newly manufactured clear brine fluids as well as recycled brines that are repurchased from certain customers. Recycled brines are recorded at cost using the weighted average method. | ||||||||||||
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 | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
(In Thousands) | ||||||||||||
Number of weighted average common shares outstanding | 78,030 | 77,329 | 77,867 | 77,226 | ||||||||
Assumed exercise of stock awards | 933 | 1,609 | 852 | 1,514 | ||||||||
Average diluted shares outstanding | 78,963 | 78,938 | 78,719 | 78,740 | ||||||||
In applying the treasury stock method to determine the dilutive effect of the stock options outstanding during the first nine months of 2013, we used the average market price of our common stock of $10.07. For the three and nine months ended September 30, 2013, the average diluted shares outstanding excludes the impact of 1,571,777 and 2,241,490 outstanding stock options, respectively, that have exercise prices in excess of the average market price, as the inclusion of these shares would have been antidilutive. For the three and nine months ended September 30, 2012, the average diluted shares outstanding excludes the impact of 2,144,779 and 2,054,303 outstanding stock options, respectively, that have exercise prices in excess of the average market price, as the inclusion of these shares would have been antidilutive. | ||||||||||||
Environmental Liabilities | ||||||||||||
Environmental expenditures that result in additions to property and equipment are capitalized, while other environmental expenditures are expensed. Environmental remediation liabilities are recorded on an undiscounted basis when environmental assessments or cleanups are probable and the costs can be reasonably estimated. Estimates of future environmental remediation expenditures often consist of a range of possible expenditure amounts, a portion of which may be in excess of amounts of liabilities recorded. In such an instance, we disclose the full range of amounts reasonably possible of being incurred. Any changes or developments in environmental remediation efforts are accounted for and disclosed each quarter as they occur. Any recoveries of environmental remediation costs from other parties are recorded as assets when their receipt is deemed probable. | ||||||||||||
Complexities involving environmental remediation efforts can cause estimates of the associated liability to be imprecise. Factors that cause uncertainties regarding the estimation of future expenditures include, but are not limited to, the effectiveness of the anticipated work plans in achieving targeted results and changes in the desired remediation methods and outcomes as prescribed by regulatory agencies. Uncertainties associated with environmental remediation contingencies are pervasive and often result in wide ranges of reasonably possible outcomes. Estimates developed in the early stages of remediation can vary significantly. Normally, a finite estimate of cost does not become fixed and determinable at a specific point in time. Rather, the costs associated with environmental remediation become estimable as the work is performed and the range of ultimate cost becomes more defined. It is possible that cash flows and results of operations could be materially affected by the impact of the ultimate resolution of these contingencies. | ||||||||||||
Repair Costs and Insurance Recoveries | ||||||||||||
During December 2010, we initiated legal proceedings against one of Maritech’s insurance underwriters that had disputed that certain hurricane damage related costs incurred or to be incurred qualified as covered costs pursuant to Maritech’s windstorm insurance policies. In February 2013, we entered into a settlement agreement with the underwriter whereby we received $7.6 million, a portion of which was credited to operating expenses during the nine months ended September 30, 2013. | ||||||||||||
Fair Value Measurements | ||||||||||||
Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date” within an entity’s principal market, if any. The principal market is the market in which the reporting entity would sell the asset or transfer the liability with the greatest volume and level of activity, regardless of whether it is the market in which the entity will ultimately transact for a particular asset or liability or if a different market is potentially more advantageous. Accordingly, this exit price concept may result in a fair value that may differ from the transaction price or market price of the asset or liability. | ||||||||||||
Under generally accepted accounting principles, the fair value hierarchy prioritizes inputs to valuation techniques used to measure fair value. Fair value measurements should maximize the use of observable inputs and minimize the use of unobservable inputs, where possible. Observable inputs are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs may be needed to measure fair value in situations where there is little or no market activity for the asset or liability at the measurement date and are developed based on the best information available in the circumstances, which could include the reporting entity’s own judgments about the assumptions market participants would utilize in pricing the asset or liability. | ||||||||||||
We utilize fair value measurements to account for certain items and account balances within our consolidated financial statements. Fair value measurements are utilized in the allocation of purchase consideration for acquisition transactions to the assets and liabilities acquired, including intangible assets and goodwill. In addition, we utilize fair value measurements in the initial recording of our decommissioning and other asset retirement obligations. Fair value measurements may also be utilized on a nonrecurring basis, such as for the impairment of long-lived assets, including goodwill. The fair value of our financial instruments, which may include cash, temporary investments, accounts receivable, short-term borrowings, and long-term debt pursuant to our bank credit agreement, approximate their carrying amounts. The fair values of our long-term Senior Notes at September 30, 2013, and December 31, 2012, were approximately $323.2 million and $327.4 million, respectively, compared to a carrying amount of $305.0 million, as current rates on those dates were more favorable than the stated interest rates on the Senior Notes. We calculate the fair value of our Senior Notes internally, using current market conditions and average cost of debt (a level 2 fair value measurement). The fair values of the liability for the OPTIMA contingent purchase price consideration at September 30, 2013, and December 31, 2012, were approximately $0.6 million and $2.7 million, respectively. We calculate the fair value of the liability for our contingent purchase price consideration obligation in accordance with the OPTIMA share purchase agreement based upon the actual and anticipated earnings of our OPTIMA operations (a level 3 fair value measurement). | ||||||||||||
New Accounting Pronouncements | ||||||||||||
In June 2011, the Financial Accounting Standards Board (FASB) published Accounting Standards Update (ASU) 2011-05, “Comprehensive Income (Topic 220), Presentation of Comprehensive Income” (ASU 2011-05), with the stated objective of improving the comparability, consistency, and transparency of financial reporting and increasing the prominence of items reported in other comprehensive income. As part of ASU 2011-05, the FASB eliminated the option to present components of other comprehensive income as part of the statement of changes in stockholders’ equity. The ASU 2011-05 amendments require that all non-owner changes in stockholders’ equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The ASU 2011-05 amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, and the amendments are applied retrospectively. In December 2011, with the issuance of ASU 2011-12, “Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05,” the FASB announced that it has deferred certain aspects of ASU 2011-05. In February 2013, the FASB issued ASU 2013-2, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” with the stated objective of improving the reporting of reclassifications out of accumulated other comprehensive income. The amendments in ASU 2013-2 are effective during interim and annual periods beginning after December 31, 2012. The adoption of ASU 2011-05, 2011-12 and 2013-2 regarding comprehensive income have not had a significant impact on the accounting or disclosures in our financial statements. | ||||||||||||
In December 2011, the FASB published ASU 2011-11, “Balance Sheet (Topic 210), Disclosures about Offsetting Assets and Liabilities” (ASU 2011-11), which requires an entity to disclose the nature of its rights of setoff and related arrangements associated with its financial instruments and derivative instruments. The objective of ASU 2011-11 is to make financial statements that are prepared under U.S. generally accepted accounting principles more comparable to those prepared under International Financial Reporting Standards. The new disclosures will give financial statement users information about both gross and net exposures. In January 2013, the FASB published ASU 2013-01, “Balance Sheet (Topic 210), Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” (ASU 2013-01), with the stated objective of clarifying the scope of offsetting disclosures and address any unintended consequences of ASU 2011-11. ASU 2011-11 and ASU 2013-01 are effective for interim and annual reporting periods beginning after January 1, 2013, and will be applied on a retrospective basis. The adoption of ASU 2011-11 and ASU 2013-01 did not have a material impact on our financial condition, results of operations, or liquidity. | ||||||||||||
In July 2013, the FASB published ASU No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists" (ASU 2013-11). The amendments in this ASU provide guidance on presentation of unrecognized tax benefits and are expected to reduce diversity in practice and better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. The amendments in this ASU are effective prospectively for interim and annual periods beginning after December 15, 2013, with early adoption and retrospective application permitted. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements. |
Acquisitions_and_Dispositions
Acquisitions and Dispositions | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Notes to Financial Statements [Abstract] | ' | |||||||
Acquisitions and Dispositions | ' | |||||||
NOTE B – ACQUISITIONS AND DISPOSITIONS | ||||||||
Acquisition of Joint Venture Interest | ||||||||
In October 2013, we entered into an agreement to acquire the remaining 50% ownership interest of Ahmad Albinali & TETRA Arabia Company Ltd., a Saudi Arabian limited liability company. The closing of the transaction, which is subject to customary approvals by Saudi Arabian governmental agencies as well as other conditions, is expected to occur during the fourth quarter of 2013 or early 2014. Following the closing of this transaction, the Saudi Arabian limited liability company will become a wholly owned consolidated subsidiary. | ||||||||
Acquisition of Optima | ||||||||
On March 9, 2012, we acquired 100% of the outstanding common stock of Optima Solutions Holdings Limited (OPTIMA), a provider of rig cooling services and associated products that suppress heat generated by high- rate flaring of hydrocarbons during offshore well test operations. The acquisition of OPTIMA, which is based in Aberdeen, Scotland, enables our Production Testing segment to provide its customers with a broader range of production testing and associated services and expands the segment’s presence in many significant global markets. Including the impact of additional working capital received and other adjustments to the purchase price, we paid 41.2 million pounds sterling (approximately $65.0 million equivalent) in cash as the purchase price for the OPTIMA stock at closing and may pay up to an additional 4 million pounds sterling in contingent consideration, depending on a defined measure of earnings for OPTIMA over each of the two years subsequent to the closing. | ||||||||
We allocated the purchase price to the fair value of the assets and liabilities acquired, which consisted of approximately $3.0 million of net working capital; $16.8 million of property, plant, and equipment; $20.4 million of certain intangible assets; $7.2 million of deferred and other tax liabilities; $3.5 million of other liabilities associated with the contingent consideration; and $35.6 million of nondeductible goodwill. The fair value of the obligation to pay the contingent consideration was calculated based on the anticipated earnings for OPTIMA over each of the next two twelve month periods subsequent to the closing and could increase (up to 4 million pounds sterling) or decrease (to zero) depending on OPTIMA’s actual and expected earnings going forward. Increases or decreases in the value of the anticipated contingent consideration liability due to changes in the amounts paid or expected to be paid will be charged or credited to earnings in the period in which such changes occur. Subsequent to the acquisition, the liability associated with the contingent consideration was adjusted downward by approximately $1.8 million (approximately $0.7 million of which was adjusted during the nine months ended September 30, 2013), and this amount was credited to earnings. The $35.6 million of goodwill recorded to our Production Testing segment as a result of the OPTIMA acquisition is supported by the expected strategic benefits discussed above to be generated from the acquisition. For the nine month period ended September 30, 2012, our revenues, depreciation and amortization, and pretax earnings included $15.1 million, $3.1 million, and $3.6 million, respectively, associated with the acquired operations of OPTIMA after the closing in March 2012. Transaction costs associated with the acquisition of approximately $1.3 million were also charged to general and administrative expense during the nine month period ended September 30, 2012. | ||||||||
Acquisition of ERS | ||||||||
On April 23, 2012, we acquired the assets and operations of Eastern Reservoir Services (ERS), a division of Patterson-UTI Energy, Inc., for a cash purchase price of $42.5 million. ERS is a provider of production testing and after-frac flow back services to oil and gas operators in the Appalachian and U.S. Rocky Mountain regions, and the acquisition represented a strategic geographic expansion of our Production Testing segment operations, allowing it to serve customers in additional basins in the U.S. | ||||||||
We allocated the purchase price to the fair value of the assets acquired, which consisted of approximately $18.5 million of property, plant, and equipment, approximately $3.4 million of certain intangible assets, and approximately $20.6 million of nondeductible goodwill. The $20.6 million of goodwill recorded to our Production Testing segment as a result of the ERS acquisition is supported by the strategic benefits discussed above to be generated from the acquisition. For the nine month period ended September 30, 2012, our revenues, depreciation and amortization, and pretax earnings included $16.0 million, $1.8 million, and $4.7 million, respectively, associated with the acquired operations of ERS after the closing in April 2012. In addition to the above impact on our results of operations, transaction costs associated with the ERS acquisition of approximately $0.5 million were also charged to general and administrative expense during the nine month period ended September 30, 2012. | ||||||||
Acquisition of Greywolf | ||||||||
On July 31, 2012, we acquired the assets and operations of Greywolf Production Systems Inc. and GPS Ltd. (together, Greywolf) for a cash purchase price of approximately $55.5 million. Greywolf is a provider of production testing and after-frac flow back services to oil and gas operators in western Canada and the U.S. Williston Basin (including the Bakken formation) and the Niobrara Shale formation of the U.S. Rocky Mountain region. This acquisition represented an additional strategic geographic expansion of our Production Testing segment operations. | ||||||||
We allocated the purchase price to the fair value of the assets acquired, which consisted of approximately $17.7 million of property, plant, and equipment, approximately $3.5 million of certain intangible assets, and approximately $34.3 million of nondeductible goodwill. The $34.3 million of goodwill recorded to our Production Testing segment as a result of the Greywolf acquisition is supported by the strategic benefits discussed above to be generated from the acquisition. For the nine month period ended September 30, 2012, our revenues, depreciation and amortization, and pretax earnings included $5.9 million, $0.4 million, and $1.2 million, respectively, associated with the acquired operations of Greywolf after the closing in July 2012. In addition to the above impact on our results of operations, transaction costs associated with the Greywolf acquisition of approximately $0.7 million were also charged to general and administrative expense during the nine month period ended September 30, 2012. | ||||||||
Pro Forma Financial Information | ||||||||
The pro forma information presented below has been prepared to give effect to the acquisitions of OPTIMA, ERS, and Greywolf as if they had occurred at the beginning of the periods presented and include the impact from the allocation of the purchase price on depreciation and amortization. The pro forma information is presented for illustrative purposes only and is based on estimates and assumptions we deemed appropriate. The following pro forma information is not necessarily indicative of the historical results that would have been achieved if the acquisition transactions had occurred in the past, and our operating results may have been different from those reflected in the pro forma information below. Therefore, the pro forma information should not be relied upon as an indication of the operating results that we would have achieved if the transactions had occurred at the beginning of the periods presented or the future results that we will achieve after the acquisitions. | ||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | |||||||
(In Thousands, Except Per Share Amounts) | ||||||||
Revenues | $ | 237,781 | $ | 693,655 | ||||
Depreciation, depletion, amortization, and accretion | $ | 20,424 | $ | 59,809 | ||||
Gross profit | $ | 51,096 | $ | 148,218 | ||||
Income before discontinued operations | $ | 8,897 | $ | 28,851 | ||||
Net income | $ | 8,898 | $ | 28,854 | ||||
Net income attributable to TETRA stockholders | $ | 8,009 | $ | 26,892 | ||||
Per share information: | ||||||||
Income before discontinued operations attributable to TETRA stockholders | ||||||||
Basic | $ | 0.1 | $ | 0.35 | ||||
Diluted | $ | 0.1 | $ | 0.34 | ||||
Net income attributable to TETRA stockholders | ||||||||
Basic | $ | 0.1 | $ | 0.35 | ||||
Diluted | $ | 0.1 | $ | 0.34 | ||||
LongTerm_Debt_and_Other_Borrow
Long-Term Debt and Other Borrowings | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||
Long-Term Debt and Other Borrowings | ' | ||||||||
NOTE C – LONG-TERM DEBT AND OTHER BORROWINGS | |||||||||
Long-term debt consists of the following: | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
(In Thousands) | |||||||||
Scheduled Maturity | |||||||||
Bank revolving line of credit facility | October 29, 2015 | $ | 23,525 | $ | 51,218 | ||||
Compressco Partners' bank credit facility | June 24, 2015 | 24,373 | 10,050 | ||||||
5.90% Senior Notes, Series 2006-A | April 30, 2016 | 90,000 | 90,000 | ||||||
6.30% Senior Notes, Series 2008-A | April 30, 2013 | — | 35,000 | ||||||
6.56% Senior Notes, Series 2008-B | April 30, 2015 | 90,000 | 90,000 | ||||||
5.09% Senior Notes, Series 2010-A | December 15, 2017 | 65,000 | 65,000 | ||||||
5.67% Senior Notes, Series 2010-B | December 15, 2020 | 25,000 | 25,000 | ||||||
4.00% Senior Notes, Series 2013 | 29-Apr-20 | 35,000 | — | ||||||
European bank credit facility | — | — | |||||||
Other | — | 441 | |||||||
Total debt | 352,898 | 366,709 | |||||||
Less current portion | — | (35,441 | ) | ||||||
Total long-term debt | $ | 352,898 | $ | 331,268 | |||||
Senior Notes | |||||||||
On April 29, 2013, we issued $35.0 million in aggregate principal amount of Series 2013 Senior Notes pursuant to a Note Purchase Agreement. The Series 2013 Senior Notes bear interest at the fixed rate of 4.0% and mature on April 29, 2020. On April 30, 2013, we utilized the proceeds from the issuance to repay the 2008-A Senior Notes. The Series 2013 Senior Notes were sold in the United States to accredited investors pursuant to an exemption from the Securities Act of 1933. Interest on the Series 2013 Senior Notes is due semiannually on April 29 and October 29 of each year. Similar to each other series of our outstanding senior notes, the Series 2013 Senior Notes contain customary covenants and restrictions and require us to maintain certain financial ratios, including a minimum level of net worth and a ratio between our long-term debt balance and a defined measure of operating cash flow over a twelve month period. | |||||||||
Compressco Partners' Bank Credit Facility | |||||||||
On May 14, 2013, Compressco Partners, L.P. (Compressco Partners) entered into an amendment of its bank credit facility whereby, among other modifications, the maximum credit commitment under the credit facility was increased from $20.0 million to $40.0 million. | |||||||||
On October 15, 2013, Compressco Partners entered into a new asset-based revolving credit facility with a syndicate of lenders including JPMorgan Chase Bank, N.A. as administrative agent (the Partnership Credit Agreement), which replaced Compressco Partners' previous credit agreement. Under the Partnership Credit Agreement, Compressco Partners, along with certain of its subsidiaries, are named as borrowers, and all obligations under the credit agreement are guaranteed by all of its existing and future, direct and indirect, domestic subsidiaries. We are not a borrower or a guarantor under the Partnership Credit Agreement. The Partnership Credit Agreement includes a maximum credit commitment of $100.0 million that is available for letters of credit (with a sublimit of $20.0 million), and includes an uncommitted $30.0 million expansion feature. The actual maximum credit availability under the Partnership Credit Agreement varies from time to time and is determined by calculating the applicable borrowing base, which is based upon applicable percentages of the values of eligible accounts receivable, inventory, and equipment, minus reserves as determined necessary by the Administrative Agent. | |||||||||
The Partnership Credit Agreement may be used to fund Compressco Partners' working capital needs, letters of credit, and for general partnership purposes, including the refinancing of Compressco Partners' previous credit facility, capital expenditures, and potential future expansions or acquisitions. So long as Compressco Partners is not in default, the Partnership Credit Agreement may also be used to fund Compressco Partners’ quarterly distributions at the option of the board of directors of the Partnership's general partner (provided, that after giving effect to such distributions, the borrowers will be in compliance with the financial covenants). The initial borrowings under the Partnership Credit Agreement of $24.5 million were used to repay in full all amounts outstanding under the previous credit facility dated June 24, 2011. Borrowings under the Partnership Credit Facility are subject to the satisfaction of customary conditions, including the absence of a default. The maturity date of the Partnership Credit Agreement is October 15, 2017. | |||||||||
Borrowings under the Partnership Credit Agreement bear interest at a rate per annum equal to, at Compressco Partners' option, either (a) LIBOR (adjusted to reflect any required bank reserves) for an interest period equal to one, two, three or six months (as selected by Compressco Partners), plus a margin of 2.25% per annum or (b) a base rate determined by reference to the highest of (1) the prime rate of interest per annum announced from time to time by JPMorgan Chase Bank, N.A. or (2) LIBOR (adjusted to reflect any required bank reserves) for a one-month interest period on such day plus 2.50% per annum. In addition to paying interest on outstanding principal under the Partnership Credit Agreement, Compressco Partners is required to pay a commitment fee, in respect of the unutilized commitments thereunder, of 0.375% per annum, paid quarterly in arrears. Compressco Partners is also required to pay a customary letter of credit fee equal to the applicable margin on revolving credit LIBOR loans and fronting fees. | |||||||||
The Partnership Credit Agreement requires Compressco Partners to maintain a minimum interest coverage ratio (ratio of earnings before interest and taxes to interest) of 4.0 to 1.0 as of the last day of any fiscal quarter, calculated on a trailing four quarters basis. In addition, the Partnership Credit Agreement includes customary negative covenants, which, among other things, limit Compressco Partners' ability to incur additional debt, incur, or permit certain liens to exist, or make certain loans, investments, acquisitions, or other restricted payments. The Partnership Credit Agreement provides that Compressco Partners can make distributions to holders of its common and subordinated units, but only if there is no default or event of default under the facility. | |||||||||
All obligations under the Partnership Credit Agreement and the guarantees of those obligations are secured, subject to certain exceptions, by a first lien security interest in substantially all of the assets (excluding real property) of Compressco Partners and its existing and future, direct and indirect domestic subsidiaries, and all of the capital stock of its existing and future, direct and indirect subsidiaries (limited, in the case of foreign subsidiaries, to 65% of the capital stock of first tier foreign subsidiaries). |
Decommissioning_and_Other_Asse
Decommissioning and Other Asset Retirement Obligations | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Notes to Financial Statements [Abstract] | ' | |||||||
Decommissioning and Other Asset Retirement Obligations | ' | |||||||
NOTE D – DECOMMISSIONING AND OTHER ASSET RETIREMENT OBLIGATIONS | ||||||||
The large majority of our asset retirement obligations consists of the future well abandonment and decommissioning costs for offshore oil and gas properties and platforms owned by our Maritech subsidiary, including the decommissioning and debris removal costs associated with one remaining offshore platform previously destroyed by a hurricane. The amount of decommissioning liabilities recorded by Maritech is reduced by amounts allocable to joint interest owners. We also operate facilities in various U.S. and foreign locations that are used in the manufacture, storage, and sale of our products, inventories, and equipment. These facilities are a combination of owned and leased assets. We are required to take certain actions in connection with the retirement of these assets. The value of our asset retirement obligations for non-Maritech properties was approximately $8.0 million and $7.5 million as of September 30, 2013, and December 31, 2012, respectively. The changes in consolidated asset retirement obligations during the three and nine month periods ended September 30, 2013, are as follows: | ||||||||
Three Months Ended | Nine Months Ended | |||||||
September 30, 2013 | September 30, 2013 | |||||||
(In Thousands) | ||||||||
Beginning balance for the period, as reported | $ | 57,330 | $ | 94,921 | ||||
Activity in the period: | ||||||||
Accretion of liability | 173 | 504 | ||||||
Revisions in estimated cash flows | 21,538 | 54,404 | ||||||
Settlement of retirement obligations | (33,738 | ) | (104,526 | ) | ||||
Ending balance as of September 30 | $ | 45,303 | $ | 45,303 | ||||
Revisions in estimated cash flows during the first nine months of 2013 resulted primarily from additional work incurred and anticipated to be required on Maritech’s offshore oil and gas properties. Settlements of asset retirement obligations during the three and nine month periods ended September 30, 2013, include approximately $5.3 million of obligations associated with oil and gas properties that were sold by Maritech during the period. |
Hedge_Contracts
Hedge Contracts | 9 Months Ended |
Sep. 30, 2013 | |
Notes to Financial Statements [Abstract] | ' |
Hedge Contracts | ' |
NOTE E – MARKET RISKS AND DERIVATIVE AND HEDGE CONTRACTS | |
We are exposed to financial and market risks that affect our businesses. We have currency exchange rate risk exposure related to transactions denominated in a foreign currency as well as to investments in certain of our international operations. As a result of our variable rate bank credit facilities, we face market risk exposure related to changes in applicable interest rates. We have concentrations of credit risk as a result of trade receivables owed to us by companies in the energy industry. Our financial risk management activities may at times involve, among other measures, the use of derivative financial instruments, such as swap and collar agreements, to hedge the impact of market price risk exposures. For hedge contracts qualifying for hedge accounting treatment, we formally document the relationships between hedging instruments and hedged items, as well as our risk management objectives, our strategies for undertaking various hedge transactions, and our methods for assessing and testing correlation and hedge ineffectiveness. All hedging instruments are linked to the hedged asset, liability, firm commitment, or forecasted transaction. We also assess, both at the inception of the hedge and on an ongoing basis, whether the derivatives that are used in these hedging transactions are highly effective in offsetting changes in cash flows of the hedged items. | |
In July 2012, we borrowed 10.0 million euros (approximately $13.5 million equivalent as of September 30, 2013) and designated the borrowing as a hedge of our net investment in our European operations. Changes in the foreign currency exchange rate have resulted in a cumulative change to the cumulative translation adjustment account of $0.9 million, net of taxes, at September 30, 2013, including a change of $0.3 million, net of taxes, during the nine months ended September 30, 2013, with no ineffectiveness recorded. | |
In October 2013, we and Compressco Partners each entered into foreign currency forward sale derivative contracts as part of a program designed to mitigate the currency exchange rate risk exposure on selected transactions for our Mexico subsidiaries. We entered into an approximately $10.5 million equivalent nominal value sale of U.S. dollars in November 2013, and Compressco Partners entered into an approximately $6.1 million equivalent nominal value sale of Mexican pesos in November 2013, at fixed exchange rates. Under this program, we and Compressco Partners may enter into similar derivative contracts from time to time. Although contracts pursuant to this program will serve as an economic hedge of the cash flow of our currency exchange risk exposure, they will not 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. |
Equity
Equity | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||||||||||||||
Equity | ' | |||||||||||||||||||||||
NOTE F – EQUITY | ||||||||||||||||||||||||
Changes in equity for the three and nine month periods ended September 30, 2013 and 2012, are as follows: | ||||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
TETRA | Non- | Total | TETRA | Non- | Total | |||||||||||||||||||
controlling | controlling | |||||||||||||||||||||||
Interest | Interest | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Beginning balance for the period | $ | 544,070 | $ | 41,673 | $ | 585,743 | $ | 540,794 | $ | 41,329 | $ | 582,123 | ||||||||||||
Net income | 12,110 | 744 | 12,854 | 7,713 | 889 | 8,602 | ||||||||||||||||||
Foreign currency translation adjustment, including taxes of $165 in 2013 and taxes of $41 in 2012 | 6,873 | — | 6,873 | 5,074 | — | 5,074 | ||||||||||||||||||
Comprehensive income (loss) | 18,983 | 744 | 19,727 | 12,787 | 889 | 13,676 | ||||||||||||||||||
Exercise of common stock options | 597 | — | 597 | 61 | — | 61 | ||||||||||||||||||
Distributions to public unitholders | — | (1,210 | ) | (1,210 | ) | — | (1,094 | ) | (1,094 | ) | ||||||||||||||
Equity-based compensation | 1,152 | 338 | 1,490 | 2,476 | 664 | 3,140 | ||||||||||||||||||
Treasury stock and other | (13 | ) | 64 | 51 | 1 | 74 | 75 | |||||||||||||||||
Tax benefit upon exercise of stock options | (249 | ) | — | (249 | ) | (1,493 | ) | — | (1,493 | ) | ||||||||||||||
Ending balance as of Sept. 30 | $ | 564,540 | $ | 41,609 | $ | 606,149 | $ | 554,626 | $ | 41,862 | $ | 596,488 | ||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
TETRA | Non- | Total | TETRA | Non- | Total | |||||||||||||||||||
controlling | controlling | |||||||||||||||||||||||
Interest | Interest | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Beginning balance for the period | $ | 551,120 | $ | 42,188 | $ | 593,308 | $ | 527,146 | $ | 41,942 | $ | 569,088 | ||||||||||||
Net income | 10,482 | 1,964 | 12,446 | 19,968 | 1,962 | 21,930 | ||||||||||||||||||
Foreign currency translation adjustment, including taxes of $711 in 2013 and taxes of $892 in 2012 | (1,849 | ) | — | (1,849 | ) | 2,054 | — | 2,054 | ||||||||||||||||
Comprehensive income (loss) | 8,633 | 1,964 | 10,597 | 22,022 | 1,962 | 23,984 | ||||||||||||||||||
Exercise of common stock options | 1,586 | — | 1,586 | 819 | — | 819 | ||||||||||||||||||
Distributions to public unitholders | — | (3,603 | ) | (3,603 | ) | — | (3,369 | ) | (3,369 | ) | ||||||||||||||
Equity-based compensation | 4,082 | 1,031 | 5,113 | 6,080 | 1,313 | 7,393 | ||||||||||||||||||
Treasury stock and other | (243 | ) | 29 | (214 | ) | (145 | ) | 14 | (131 | ) | ||||||||||||||
Tax benefit upon exercise of stock options | (638 | ) | — | (638 | ) | (1,296 | ) | — | (1,296 | ) | ||||||||||||||
Ending balance as of Sept. 30 | $ | 564,540 | $ | 41,609 | $ | 606,149 | $ | 554,626 | $ | 41,862 | $ | 596,488 | ||||||||||||
Activity within the foreign currency translation adjustment account during the periods includes no reclassifications to net income. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Notes to Financial Statements [Abstract] | ' |
Commitments and Contingencies | ' |
NOTE G – 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. | |
Environmental | |
One of our subsidiaries, TETRA Micronutrients, Inc. (TMI), previously owned and operated a production facility located in Fairbury, Nebraska. TMI is subject to an Administrative Order on Consent issued to American Microtrace, Inc. (n/k/a/ TETRA Micronutrients, Inc.) in the proceeding styled In the Matter of American Microtrace Corporation, EPA I.D. No. NED00610550, Respondent, Docket No. VII-98-H-0016, dated September 25, 1998 (the Consent Order), with regard to the Fairbury facility. TMI is liable for future remediation costs and ongoing environmental monitoring at the Fairbury facility under the Consent Order; however, the current owner of the Fairbury facility is responsible for costs associated with the closure of that facility. While the outcome cannot be predicted with certainty, management does not consider it reasonably possible that a loss in excess of any amounts accrued has been incurred or is expected to have a material adverse impact on our financial condition, results of operations, or liquidity. |
Industry_Segments
Industry Segments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||||||||||
Industry Segments | ' | ||||||||||||||||
NOTE H – INDUSTRY SEGMENTS | |||||||||||||||||
We manage our operations through five operating segments: Fluids, Production Testing, Compressco, Offshore Services, and Maritech. | |||||||||||||||||
Our Fluids Division manufactures and markets clear brine fluids, additives, and associated products and services to the oil and gas industry for use in well drilling, completion, and workover operations in the United States and in certain countries in Latin America, Europe, Asia, the Middle East, and Africa. The Division also markets liquid and dry calcium chloride products manufactured at its production facilities or purchased from third-party suppliers to a variety of markets outside the energy industry. The Fluids Division also provides domestic onshore oil and gas operators with comprehensive frac water management services. | |||||||||||||||||
Our Production Enhancement Division consists of two operating segments: Production Testing and Compressco. The Production Testing segment provides after-frac flow back, production well testing, offshore rig cooling, and other associated services in many of the major oil and gas basins in the United States, Mexico, and Canada, as well as in certain basins in certain regions in South America, Africa, Europe, the Middle East, and Australia. | |||||||||||||||||
The Compressco segment provides compression-based production enhancement services, which are used in both conventional wellhead compression applications and unconventional compression applications, and in certain circumstances, well monitoring and sand separation services. Compressco provides these services throughout many of the onshore oil and gas producing regions of the United States, as well as certain basins in Mexico, Canada, and certain countries in South America, Eastern Europe, and the Asia-Pacific region. Beginning June 20, 2011, following the initial public offering of Compressco Partners, we allocate and charge certain corporate and divisional direct and indirect administrative costs to Compressco Partners. | |||||||||||||||||
Our Offshore Division consists of two operating segments: Offshore Services and Maritech. The Offshore Services segment provides (1) downhole and subsea oil and gas well plugging and abandonment services, (2) decommissioning and certain construction services utilizing heavy lift barges and various cutting technologies with regard to offshore oil and gas production platforms and pipelines, and (3) conventional and saturated air diving services. | |||||||||||||||||
The Maritech segment is an oil and gas production operation. During 2011 and the first quarter of 2012, Maritech sold substantially all of its oil and gas producing property interests. Maritech’s operations consist primarily of the ongoing abandonment and decommissioning associated with its remaining offshore wells, facilities, and production platforms. Maritech intends to acquire a significant portion of the services necessary to abandon and decommission these properties from the Offshore Division’s Offshore Services segment. | |||||||||||||||||
We generally evaluate the performance of and allocate resources to our segments based on profit or loss from their operations before income taxes and nonrecurring charges, return on investment, and other criteria. Transfers between segments and geographic areas are priced at the estimated fair value of the products or services as negotiated between the operating units. “Corporate overhead” includes corporate general and administrative expenses, corporate depreciation and amortization, interest income and expense, and other income and expense. | |||||||||||||||||
Summarized financial information concerning the business segments from continuing operations is as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In Thousands) | |||||||||||||||||
Revenues from external customers | |||||||||||||||||
Product sales | |||||||||||||||||
Fluids Division | $ | 73,957 | $ | 56,485 | $ | 217,859 | $ | 190,756 | |||||||||
Production Enhancement Division | |||||||||||||||||
Production Testing | — | — | — | — | |||||||||||||
Compressco | 1,484 | 1,518 | 3,913 | 3,737 | |||||||||||||
Total Production Enhancement Division | 1,484 | 1,518 | 3,913 | 3,737 | |||||||||||||
Offshore Division | |||||||||||||||||
Offshore Services | 2,237 | 2,289 | 3,950 | 5,166 | |||||||||||||
Maritech | 1,349 | 1,305 | 4,193 | 4,949 | |||||||||||||
Total Offshore Division | 3,586 | 3,594 | 8,143 | 10,115 | |||||||||||||
Consolidated | $ | 79,027 | $ | 61,597 | $ | 229,915 | $ | 204,608 | |||||||||
Services and rentals | |||||||||||||||||
Fluids Division | $ | 25,658 | $ | 18,735 | $ | 75,982 | $ | 53,517 | |||||||||
Production Enhancement Division | |||||||||||||||||
Production Testing | 47,380 | 56,033 | 149,420 | 144,645 | |||||||||||||
Compressco | 28,283 | 27,413 | 84,660 | 73,134 | |||||||||||||
Intersegment eliminations | (292 | ) | (624 | ) | (865 | ) | (624 | ) | |||||||||
Total Production Enhancement Division | 75,371 | 82,822 | 233,215 | 217,155 | |||||||||||||
Offshore Division | |||||||||||||||||
Offshore Services | 84,198 | 76,513 | 184,589 | 199,407 | |||||||||||||
Maritech | — | — | — | 150 | |||||||||||||
Intersegment eliminations | (9,951 | ) | (5,764 | ) | (39,738 | ) | (25,479 | ) | |||||||||
Total Offshore Division | 74,247 | 70,749 | 144,851 | 174,078 | |||||||||||||
Corporate overhead | — | 83 | — | 333 | |||||||||||||
Consolidated | $ | 175,276 | $ | 172,389 | $ | 454,048 | $ | 445,083 | |||||||||
Intersegment revenues | |||||||||||||||||
Fluids Division | $ | — | $ | 1 | $ | 40 | $ | 128 | |||||||||
Production Enhancement Division | |||||||||||||||||
Production Testing | — | — | — | — | |||||||||||||
Compressco | — | — | — | — | |||||||||||||
Total Production Enhancement Division | — | — | — | — | |||||||||||||
Offshore Division | |||||||||||||||||
Offshore Services | — | — | — | — | |||||||||||||
Maritech | — | — | — | — | |||||||||||||
Intersegment eliminations | — | — | — | — | |||||||||||||
Total Offshore Division | — | — | — | — | |||||||||||||
Intersegment eliminations | — | (1 | ) | (40 | ) | (128 | ) | ||||||||||
Consolidated | $ | — | $ | — | $ | — | $ | — | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In Thousands) | |||||||||||||||||
Total revenues | |||||||||||||||||
Fluids Division | $ | 99,615 | $ | 75,221 | $ | 293,881 | $ | 244,401 | |||||||||
Production Enhancement Division | |||||||||||||||||
Production Testing | 47,380 | 56,033 | 149,420 | 144,645 | |||||||||||||
Compressco | 29,767 | 28,931 | 88,573 | 76,871 | |||||||||||||
Intersegment eliminations | (292 | ) | (624 | ) | (865 | ) | (624 | ) | |||||||||
Total Production Enhancement Division | 76,855 | 84,340 | 237,128 | 220,892 | |||||||||||||
Offshore Division | |||||||||||||||||
Offshore Services | 86,435 | 78,802 | 188,539 | 204,573 | |||||||||||||
Maritech | 1,349 | 1,305 | 4,193 | 5,099 | |||||||||||||
Intersegment eliminations | (9,951 | ) | (5,764 | ) | (39,738 | ) | (25,479 | ) | |||||||||
Total Offshore Division | 77,833 | 74,343 | 152,994 | 184,193 | |||||||||||||
Corporate overhead | — | 83 | — | 333 | |||||||||||||
Intersegment eliminations | — | (1 | ) | (40 | ) | (128 | ) | ||||||||||
Consolidated | $ | 254,303 | $ | 233,986 | $ | 683,963 | $ | 649,691 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In Thousands) | |||||||||||||||||
Income (loss) before taxes and | |||||||||||||||||
discontinued operations | |||||||||||||||||
Fluids Division | $ | 20,851 | $ | 8,460 | $ | 55,703 | $ | 33,884 | |||||||||
Production Enhancement Division | |||||||||||||||||
Production Testing | 2,807 | 11,114 | 13,422 | 27,961 | |||||||||||||
Compressco | 5,447 | 6,356 | 13,833 | 14,511 | |||||||||||||
Total Production Enhancement Division | 8,254 | 17,470 | 27,255 | 42,472 | |||||||||||||
Offshore Division | |||||||||||||||||
Offshore Services | 20,579 | 12,108 | 25,064 | 22,839 | |||||||||||||
Maritech | (15,428 | ) | (9,231 | ) | (44,079 | ) | (19,938 | ) | |||||||||
Intersegment eliminations | — | — | — | — | |||||||||||||
Total Offshore Division | 5,151 | 2,877 | (19,015 | ) | 2,901 | ||||||||||||
Corporate overhead | (15,554 | ) | -1 | (15,731 | ) | -1 | (46,425 | ) | -1 | (45,989 | ) | -1 | |||||
Consolidated | $ | 18,702 | $ | 13,076 | $ | 17,518 | $ | 33,268 | |||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In Thousands) | |||||||||||||||||
Total assets | |||||||||||||||||
Fluids Division | $ | 383,999 | $ | 367,925 | |||||||||||||
Production Enhancement Division | |||||||||||||||||
Production Testing | 328,461 | 343,916 | |||||||||||||||
Compressco | 234,194 | 217,915 | |||||||||||||||
Total Production Enhancement Division | 562,655 | 561,831 | |||||||||||||||
Offshore Division | |||||||||||||||||
Offshore Services | 205,343 | 243,724 | |||||||||||||||
Maritech | 22,087 | 50,486 | |||||||||||||||
Intersegment eliminations | — | — | |||||||||||||||
Total Offshore Division | 227,430 | 294,210 | |||||||||||||||
Corporate overhead | 27,468 | 54,428 | |||||||||||||||
Consolidated | $ | 1,201,552 | $ | 1,278,394 | |||||||||||||
_____________________________________________________________ | |||||||||||||||||
-1 | Amounts reflected include the following general corporate expenses: | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In Thousands) | |||||||||||||||||
General and administrative expense | $ | 10,195 | $ | 10,442 | $ | 30,470 | $ | 29,600 | |||||||||
Depreciation and amortization | 582 | 855 | 1,742 | 2,588 | |||||||||||||
Interest expense | 4,112 | 4,155 | 12,354 | 12,391 | |||||||||||||
Other general corporate (income) expense, net | 665 | 279 | 1,859 | 1,410 | |||||||||||||
Total | $ | 15,554 | $ | 15,731 | $ | 46,425 | $ | 45,989 | |||||||||
Basis_of_Presentation_and_Sign1
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Policy Text Block [Abstract] | ' | |||||||||||
Principles of consolidation policy | ' | |||||||||||
The consolidated financial statements include the accounts of our wholly owned subsidiaries. Investments in unconsolidated joint ventures in which we participate are accounted for using the equity method. Our interests in oil and gas properties are proportionately consolidated. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||||||||||||
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 Securities and Exchange Commission (SEC) and do not include all information and footnotes required by generally accepted accounting principles for complete financial statements. However, 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. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2012. | ||||||||||||
Reclassifications policy | ' | |||||||||||
Beginning with the three month period ended September 30, 2013, certain ad valorem tax expenses for operating equipment of our Compressco segment have been classified as cost of revenues instead of being included in general and administrative expense as reported in prior periods. Prior period amounts have been reclassified to conform to the current year period's presentation. The amount of such reclassification is $0.7 million for the six month period ended June 30, 2013, and $0.4 million and $1.2 million for the three and nine month periods ended September 30, 2012, respectively. This reclassification had no effect on net income for any of the periods presented. | ||||||||||||
Certain other previously reported financial information has been reclassified to conform to the current year period’s presentation. The impact of such reclassifications was not significant to the prior year period’s overall presentation. | ||||||||||||
Cash and cash equivalents policy | ' | |||||||||||
Cash Equivalents | ||||||||||||
We consider all highly liquid cash investments, with a maturity of three months or less when purchased, to be cash equivalents. | ||||||||||||
Restricted cash policy | ' | |||||||||||
Restricted Cash | ||||||||||||
Restricted cash is classified as a current asset when it is expected to be repaid or settled in the next twelve month period. Restricted cash reported on our balance sheet as of September 30, 2013, consists primarily of escrowed cash associated with our July 2011 purchase of a heavy lift derrick barge. The escrowed cash will be released to the sellers or us in accordance with the terms of the escrow agreement. | ||||||||||||
Inventories policy | ' | |||||||||||
Inventories | ||||||||||||
Inventories are stated at the lower of cost or market value and consist primarily of finished goods. Cost is determined using the weighted average method. Significant components of inventories as of September 30, 2013, and December 31, 2012, are as follows: | ||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||
(In Thousands) | ||||||||||||
Finished goods | $ | 64,756 | $ | 72,312 | ||||||||
Raw materials | 4,269 | 5,396 | ||||||||||
Parts and supplies | 22,576 | 24,497 | ||||||||||
Work in progress | 724 | 836 | ||||||||||
Total inventories | $ | 92,325 | $ | 103,041 | ||||||||
Finished goods inventories include newly manufactured clear brine fluids as well as recycled brines that are repurchased from certain customers. Recycled brines are recorded at cost using the weighted average method. | ||||||||||||
Net income per share policy | ' | |||||||||||
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 | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
(In Thousands) | ||||||||||||
Number of weighted average common shares outstanding | 78,030 | 77,329 | 77,867 | 77,226 | ||||||||
Assumed exercise of stock awards | 933 | 1,609 | 852 | 1,514 | ||||||||
Average diluted shares outstanding | 78,963 | 78,938 | 78,719 | 78,740 | ||||||||
In applying the treasury stock method to determine the dilutive effect of the stock options outstanding during the first nine months of 2013, we used the average market price of our common stock of $10.07. For the three and nine months ended September 30, 2013, the average diluted shares outstanding excludes the impact of 1,571,777 and 2,241,490 outstanding stock options, respectively, that have exercise prices in excess of the average market price, as the inclusion of these shares would have been antidilutive. For the three and nine months ended September 30, 2012, the average diluted shares outstanding excludes the impact of 2,144,779 and 2,054,303 outstanding stock options, respectively, that have exercise prices in excess of the average market price, as the inclusion of these shares would have been antidilutive. | ||||||||||||
Environmental liabilities policy | ' | |||||||||||
Environmental Liabilities | ||||||||||||
Environmental expenditures that result in additions to property and equipment are capitalized, while other environmental expenditures are expensed. Environmental remediation liabilities are recorded on an undiscounted basis when environmental assessments or cleanups are probable and the costs can be reasonably estimated. Estimates of future environmental remediation expenditures often consist of a range of possible expenditure amounts, a portion of which may be in excess of amounts of liabilities recorded. In such an instance, we disclose the full range of amounts reasonably possible of being incurred. Any changes or developments in environmental remediation efforts are accounted for and disclosed each quarter as they occur. Any recoveries of environmental remediation costs from other parties are recorded as assets when their receipt is deemed probable. | ||||||||||||
Complexities involving environmental remediation efforts can cause estimates of the associated liability to be imprecise. Factors that cause uncertainties regarding the estimation of future expenditures include, but are not limited to, the effectiveness of the anticipated work plans in achieving targeted results and changes in the desired remediation methods and outcomes as prescribed by regulatory agencies. Uncertainties associated with environmental remediation contingencies are pervasive and often result in wide ranges of reasonably possible outcomes. Estimates developed in the early stages of remediation can vary significantly. Normally, a finite estimate of cost does not become fixed and determinable at a specific point in time. Rather, the costs associated with environmental remediation become estimable as the work is performed and the range of ultimate cost becomes more defined. It is possible that cash flows and results of operations could be materially affected by the impact of the ultimate resolution of these contingencies. | ||||||||||||
Repair costs and insurance recoveries policy | ' | |||||||||||
Repair Costs and Insurance Recoveries | ||||||||||||
During December 2010, we initiated legal proceedings against one of Maritech’s insurance underwriters that had disputed that certain hurricane damage related costs incurred or to be incurred qualified as covered costs pursuant to Maritech’s windstorm insurance policies. In February 2013, we entered into a settlement agreement with the underwriter whereby we received $7.6 million, a portion of which was credited to operating expenses during the nine months ended September 30, 2013. | ||||||||||||
Fair value measurements policy | ' | |||||||||||
Fair Value Measurements | ||||||||||||
Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date” within an entity’s principal market, if any. The principal market is the market in which the reporting entity would sell the asset or transfer the liability with the greatest volume and level of activity, regardless of whether it is the market in which the entity will ultimately transact for a particular asset or liability or if a different market is potentially more advantageous. Accordingly, this exit price concept may result in a fair value that may differ from the transaction price or market price of the asset or liability. | ||||||||||||
Under generally accepted accounting principles, the fair value hierarchy prioritizes inputs to valuation techniques used to measure fair value. Fair value measurements should maximize the use of observable inputs and minimize the use of unobservable inputs, where possible. Observable inputs are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs may be needed to measure fair value in situations where there is little or no market activity for the asset or liability at the measurement date and are developed based on the best information available in the circumstances, which could include the reporting entity’s own judgments about the assumptions market participants would utilize in pricing the asset or liability. | ||||||||||||
We utilize fair value measurements to account for certain items and account balances within our consolidated financial statements. Fair value measurements are utilized in the allocation of purchase consideration for acquisition transactions to the assets and liabilities acquired, including intangible assets and goodwill. In addition, we utilize fair value measurements in the initial recording of our decommissioning and other asset retirement obligations. Fair value measurements may also be utilized on a nonrecurring basis, such as for the impairment of long-lived assets, including goodwill. The fair value of our financial instruments, which may include cash, temporary investments, accounts receivable, short-term borrowings, and long-term debt pursuant to our bank credit agreement, approximate their carrying amounts. The fair values of our long-term Senior Notes at September 30, 2013, and December 31, 2012, were approximately $323.2 million and $327.4 million, respectively, compared to a carrying amount of $305.0 million, as current rates on those dates were more favorable than the stated interest rates on the Senior Notes. We calculate the fair value of our Senior Notes internally, using current market conditions and average cost of debt (a level 2 fair value measurement). The fair values of the liability for the OPTIMA contingent purchase price consideration at September 30, 2013, and December 31, 2012, were approximately $0.6 million and $2.7 million, respectively. We calculate the fair value of the liability for our contingent purchase price consideration obligation in accordance with the OPTIMA share purchase agreement based upon the actual and anticipated earnings of our OPTIMA operations (a level 3 fair value measurement). | ||||||||||||
New Accounting Pronouncements policy | ' | |||||||||||
New Accounting Pronouncements | ||||||||||||
In June 2011, the Financial Accounting Standards Board (FASB) published Accounting Standards Update (ASU) 2011-05, “Comprehensive Income (Topic 220), Presentation of Comprehensive Income” (ASU 2011-05), with the stated objective of improving the comparability, consistency, and transparency of financial reporting and increasing the prominence of items reported in other comprehensive income. As part of ASU 2011-05, the FASB eliminated the option to present components of other comprehensive income as part of the statement of changes in stockholders’ equity. The ASU 2011-05 amendments require that all non-owner changes in stockholders’ equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The ASU 2011-05 amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, and the amendments are applied retrospectively. In December 2011, with the issuance of ASU 2011-12, “Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05,” the FASB announced that it has deferred certain aspects of ASU 2011-05. In February 2013, the FASB issued ASU 2013-2, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” with the stated objective of improving the reporting of reclassifications out of accumulated other comprehensive income. The amendments in ASU 2013-2 are effective during interim and annual periods beginning after December 31, 2012. The adoption of ASU 2011-05, 2011-12 and 2013-2 regarding comprehensive income have not had a significant impact on the accounting or disclosures in our financial statements. | ||||||||||||
In December 2011, the FASB published ASU 2011-11, “Balance Sheet (Topic 210), Disclosures about Offsetting Assets and Liabilities” (ASU 2011-11), which requires an entity to disclose the nature of its rights of setoff and related arrangements associated with its financial instruments and derivative instruments. The objective of ASU 2011-11 is to make financial statements that are prepared under U.S. generally accepted accounting principles more comparable to those prepared under International Financial Reporting Standards. The new disclosures will give financial statement users information about both gross and net exposures. In January 2013, the FASB published ASU 2013-01, “Balance Sheet (Topic 210), Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” (ASU 2013-01), with the stated objective of clarifying the scope of offsetting disclosures and address any unintended consequences of ASU 2011-11. ASU 2011-11 and ASU 2013-01 are effective for interim and annual reporting periods beginning after January 1, 2013, and will be applied on a retrospective basis. The adoption of ASU 2011-11 and ASU 2013-01 did not have a material impact on our financial condition, results of operations, or liquidity. | ||||||||||||
In July 2013, the FASB published ASU No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists" (ASU 2013-11). The amendments in this ASU provide guidance on presentation of unrecognized tax benefits and are expected to reduce diversity in practice and better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. The amendments in this ASU are effective prospectively for interim and annual periods beginning after December 15, 2013, with early adoption and retrospective application permitted. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements. |
Basis_of_Presentation_and_Sign2
Basis of Presentation and Significant Accounting Policies (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Summary of Significant Accounting Policies (Tables) | ' | |||||||||||
Inventories Table | ' | |||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||
(In Thousands) | ||||||||||||
Finished goods | $ | 64,756 | $ | 72,312 | ||||||||
Raw materials | 4,269 | 5,396 | ||||||||||
Parts and supplies | 22,576 | 24,497 | ||||||||||
Work in progress | 724 | 836 | ||||||||||
Total inventories | $ | 92,325 | $ | 103,041 | ||||||||
Weighted Average Shares Outstanding Table | ' | |||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
(In Thousands) | ||||||||||||
Number of weighted average common shares outstanding | 78,030 | 77,329 | 77,867 | 77,226 | ||||||||
Assumed exercise of stock awards | 933 | 1,609 | 852 | 1,514 | ||||||||
Average diluted shares outstanding | 78,963 | 78,938 | 78,719 | 78,740 | ||||||||
Acquisitions_and_Dispositions_
Acquisitions and Dispositions (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Acquisitions and Dispositions (Tables) | ' | |||||||
Pro Forma Financial Information Table | ' | |||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | |||||||
(In Thousands, Except Per Share Amounts) | ||||||||
Revenues | $ | 237,781 | $ | 693,655 | ||||
Depreciation, depletion, amortization, and accretion | $ | 20,424 | $ | 59,809 | ||||
Gross profit | $ | 51,096 | $ | 148,218 | ||||
Income before discontinued operations | $ | 8,897 | $ | 28,851 | ||||
Net income | $ | 8,898 | $ | 28,854 | ||||
Net income attributable to TETRA stockholders | $ | 8,009 | $ | 26,892 | ||||
Per share information: | ||||||||
Income before discontinued operations attributable to TETRA stockholders | ||||||||
Basic | $ | 0.1 | $ | 0.35 | ||||
Diluted | $ | 0.1 | $ | 0.34 | ||||
Net income attributable to TETRA stockholders | ||||||||
Basic | $ | 0.1 | $ | 0.35 | ||||
Diluted | $ | 0.1 | $ | 0.34 | ||||
LongTerm_Debt_and_Other_Borrow1
Long-Term Debt and Other Borrowings (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Long-Term Debt (Tables) | ' | ||||||||
Long-Term Debt Table | ' | ||||||||
September 30, 2013 | December 31, 2012 | ||||||||
(In Thousands) | |||||||||
Scheduled Maturity | |||||||||
Bank revolving line of credit facility | October 29, 2015 | $ | 23,525 | $ | 51,218 | ||||
Compressco Partners' bank credit facility | June 24, 2015 | 24,373 | 10,050 | ||||||
5.90% Senior Notes, Series 2006-A | April 30, 2016 | 90,000 | 90,000 | ||||||
6.30% Senior Notes, Series 2008-A | April 30, 2013 | — | 35,000 | ||||||
6.56% Senior Notes, Series 2008-B | April 30, 2015 | 90,000 | 90,000 | ||||||
5.09% Senior Notes, Series 2010-A | December 15, 2017 | 65,000 | 65,000 | ||||||
5.67% Senior Notes, Series 2010-B | December 15, 2020 | 25,000 | 25,000 | ||||||
4.00% Senior Notes, Series 2013 | 29-Apr-20 | 35,000 | — | ||||||
European bank credit facility | — | — | |||||||
Other | — | 441 | |||||||
Total debt | 352,898 | 366,709 | |||||||
Less current portion | — | (35,441 | ) | ||||||
Total long-term debt | $ | 352,898 | $ | 331,268 | |||||
Decommissioning_and_Other_Asse1
Decommissioning and Other Asset Retirement Obligations (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Decommissioning and Other Asset Retirement Obligations (Tables) | ' | |||||||
Decommissioning and Other Asset Retirement Obligations Table | ' | |||||||
Three Months Ended | Nine Months Ended | |||||||
September 30, 2013 | September 30, 2013 | |||||||
(In Thousands) | ||||||||
Beginning balance for the period, as reported | $ | 57,330 | $ | 94,921 | ||||
Activity in the period: | ||||||||
Accretion of liability | 173 | 504 | ||||||
Revisions in estimated cash flows | 21,538 | 54,404 | ||||||
Settlement of retirement obligations | (33,738 | ) | (104,526 | ) | ||||
Ending balance as of September 30 | $ | 45,303 | $ | 45,303 | ||||
Equity_Tables
Equity (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||
Changes in Equity Table | ' | |||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
TETRA | Non- | Total | TETRA | Non- | Total | |||||||||||||||||||
controlling | controlling | |||||||||||||||||||||||
Interest | Interest | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Beginning balance for the period | $ | 544,070 | $ | 41,673 | $ | 585,743 | $ | 540,794 | $ | 41,329 | $ | 582,123 | ||||||||||||
Net income | 12,110 | 744 | 12,854 | 7,713 | 889 | 8,602 | ||||||||||||||||||
Foreign currency translation adjustment, including taxes of $165 in 2013 and taxes of $41 in 2012 | 6,873 | — | 6,873 | 5,074 | — | 5,074 | ||||||||||||||||||
Comprehensive income (loss) | 18,983 | 744 | 19,727 | 12,787 | 889 | 13,676 | ||||||||||||||||||
Exercise of common stock options | 597 | — | 597 | 61 | — | 61 | ||||||||||||||||||
Distributions to public unitholders | — | (1,210 | ) | (1,210 | ) | — | (1,094 | ) | (1,094 | ) | ||||||||||||||
Equity-based compensation | 1,152 | 338 | 1,490 | 2,476 | 664 | 3,140 | ||||||||||||||||||
Treasury stock and other | (13 | ) | 64 | 51 | 1 | 74 | 75 | |||||||||||||||||
Tax benefit upon exercise of stock options | (249 | ) | — | (249 | ) | (1,493 | ) | — | (1,493 | ) | ||||||||||||||
Ending balance as of Sept. 30 | $ | 564,540 | $ | 41,609 | $ | 606,149 | $ | 554,626 | $ | 41,862 | $ | 596,488 | ||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
TETRA | Non- | Total | TETRA | Non- | Total | |||||||||||||||||||
controlling | controlling | |||||||||||||||||||||||
Interest | Interest | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Beginning balance for the period | $ | 551,120 | $ | 42,188 | $ | 593,308 | $ | 527,146 | $ | 41,942 | $ | 569,088 | ||||||||||||
Net income | 10,482 | 1,964 | 12,446 | 19,968 | 1,962 | 21,930 | ||||||||||||||||||
Foreign currency translation adjustment, including taxes of $711 in 2013 and taxes of $892 in 2012 | (1,849 | ) | — | (1,849 | ) | 2,054 | — | 2,054 | ||||||||||||||||
Comprehensive income (loss) | 8,633 | 1,964 | 10,597 | 22,022 | 1,962 | 23,984 | ||||||||||||||||||
Exercise of common stock options | 1,586 | — | 1,586 | 819 | — | 819 | ||||||||||||||||||
Distributions to public unitholders | — | (3,603 | ) | (3,603 | ) | — | (3,369 | ) | (3,369 | ) | ||||||||||||||
Equity-based compensation | 4,082 | 1,031 | 5,113 | 6,080 | 1,313 | 7,393 | ||||||||||||||||||
Treasury stock and other | (243 | ) | 29 | (214 | ) | (145 | ) | 14 | (131 | ) | ||||||||||||||
Tax benefit upon exercise of stock options | (638 | ) | — | (638 | ) | (1,296 | ) | — | (1,296 | ) | ||||||||||||||
Ending balance as of Sept. 30 | $ | 564,540 | $ | 41,609 | $ | 606,149 | $ | 554,626 | $ | 41,862 | $ | 596,488 | ||||||||||||
Industry_Segments_Tables
Industry Segments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Industry Segments (Tables) | ' | ||||||||||||||||
Segment Reporting Table | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In Thousands) | |||||||||||||||||
Revenues from external customers | |||||||||||||||||
Product sales | |||||||||||||||||
Fluids Division | $ | 73,957 | $ | 56,485 | $ | 217,859 | $ | 190,756 | |||||||||
Production Enhancement Division | |||||||||||||||||
Production Testing | — | — | — | — | |||||||||||||
Compressco | 1,484 | 1,518 | 3,913 | 3,737 | |||||||||||||
Total Production Enhancement Division | 1,484 | 1,518 | 3,913 | 3,737 | |||||||||||||
Offshore Division | |||||||||||||||||
Offshore Services | 2,237 | 2,289 | 3,950 | 5,166 | |||||||||||||
Maritech | 1,349 | 1,305 | 4,193 | 4,949 | |||||||||||||
Total Offshore Division | 3,586 | 3,594 | 8,143 | 10,115 | |||||||||||||
Consolidated | $ | 79,027 | $ | 61,597 | $ | 229,915 | $ | 204,608 | |||||||||
Services and rentals | |||||||||||||||||
Fluids Division | $ | 25,658 | $ | 18,735 | $ | 75,982 | $ | 53,517 | |||||||||
Production Enhancement Division | |||||||||||||||||
Production Testing | 47,380 | 56,033 | 149,420 | 144,645 | |||||||||||||
Compressco | 28,283 | 27,413 | 84,660 | 73,134 | |||||||||||||
Intersegment eliminations | (292 | ) | (624 | ) | (865 | ) | (624 | ) | |||||||||
Total Production Enhancement Division | 75,371 | 82,822 | 233,215 | 217,155 | |||||||||||||
Offshore Division | |||||||||||||||||
Offshore Services | 84,198 | 76,513 | 184,589 | 199,407 | |||||||||||||
Maritech | — | — | — | 150 | |||||||||||||
Intersegment eliminations | (9,951 | ) | (5,764 | ) | (39,738 | ) | (25,479 | ) | |||||||||
Total Offshore Division | 74,247 | 70,749 | 144,851 | 174,078 | |||||||||||||
Corporate overhead | — | 83 | — | 333 | |||||||||||||
Consolidated | $ | 175,276 | $ | 172,389 | $ | 454,048 | $ | 445,083 | |||||||||
Intersegment revenues | |||||||||||||||||
Fluids Division | $ | — | $ | 1 | $ | 40 | $ | 128 | |||||||||
Production Enhancement Division | |||||||||||||||||
Production Testing | — | — | — | — | |||||||||||||
Compressco | — | — | — | — | |||||||||||||
Total Production Enhancement Division | — | — | — | — | |||||||||||||
Offshore Division | |||||||||||||||||
Offshore Services | — | — | — | — | |||||||||||||
Maritech | — | — | — | — | |||||||||||||
Intersegment eliminations | — | — | — | — | |||||||||||||
Total Offshore Division | — | — | — | — | |||||||||||||
Intersegment eliminations | — | (1 | ) | (40 | ) | (128 | ) | ||||||||||
Consolidated | $ | — | $ | — | $ | — | $ | — | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In Thousands) | |||||||||||||||||
Total revenues | |||||||||||||||||
Fluids Division | $ | 99,615 | $ | 75,221 | $ | 293,881 | $ | 244,401 | |||||||||
Production Enhancement Division | |||||||||||||||||
Production Testing | 47,380 | 56,033 | 149,420 | 144,645 | |||||||||||||
Compressco | 29,767 | 28,931 | 88,573 | 76,871 | |||||||||||||
Intersegment eliminations | (292 | ) | (624 | ) | (865 | ) | (624 | ) | |||||||||
Total Production Enhancement Division | 76,855 | 84,340 | 237,128 | 220,892 | |||||||||||||
Offshore Division | |||||||||||||||||
Offshore Services | 86,435 | 78,802 | 188,539 | 204,573 | |||||||||||||
Maritech | 1,349 | 1,305 | 4,193 | 5,099 | |||||||||||||
Intersegment eliminations | (9,951 | ) | (5,764 | ) | (39,738 | ) | (25,479 | ) | |||||||||
Total Offshore Division | 77,833 | 74,343 | 152,994 | 184,193 | |||||||||||||
Corporate overhead | — | 83 | — | 333 | |||||||||||||
Intersegment eliminations | — | (1 | ) | (40 | ) | (128 | ) | ||||||||||
Consolidated | $ | 254,303 | $ | 233,986 | $ | 683,963 | $ | 649,691 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In Thousands) | |||||||||||||||||
Income (loss) before taxes and | |||||||||||||||||
discontinued operations | |||||||||||||||||
Fluids Division | $ | 20,851 | $ | 8,460 | $ | 55,703 | $ | 33,884 | |||||||||
Production Enhancement Division | |||||||||||||||||
Production Testing | 2,807 | 11,114 | 13,422 | 27,961 | |||||||||||||
Compressco | 5,447 | 6,356 | 13,833 | 14,511 | |||||||||||||
Total Production Enhancement Division | 8,254 | 17,470 | 27,255 | 42,472 | |||||||||||||
Offshore Division | |||||||||||||||||
Offshore Services | 20,579 | 12,108 | 25,064 | 22,839 | |||||||||||||
Maritech | (15,428 | ) | (9,231 | ) | (44,079 | ) | (19,938 | ) | |||||||||
Intersegment eliminations | — | — | — | — | |||||||||||||
Total Offshore Division | 5,151 | 2,877 | (19,015 | ) | 2,901 | ||||||||||||
Corporate overhead | (15,554 | ) | -1 | (15,731 | ) | -1 | (46,425 | ) | -1 | (45,989 | ) | -1 | |||||
Consolidated | $ | 18,702 | $ | 13,076 | $ | 17,518 | $ | 33,268 | |||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In Thousands) | |||||||||||||||||
Total assets | |||||||||||||||||
Fluids Division | $ | 383,999 | $ | 367,925 | |||||||||||||
Production Enhancement Division | |||||||||||||||||
Production Testing | 328,461 | 343,916 | |||||||||||||||
Compressco | 234,194 | 217,915 | |||||||||||||||
Total Production Enhancement Division | 562,655 | 561,831 | |||||||||||||||
Offshore Division | |||||||||||||||||
Offshore Services | 205,343 | 243,724 | |||||||||||||||
Maritech | 22,087 | 50,486 | |||||||||||||||
Intersegment eliminations | — | — | |||||||||||||||
Total Offshore Division | 227,430 | 294,210 | |||||||||||||||
Corporate overhead | 27,468 | 54,428 | |||||||||||||||
Consolidated | $ | 1,201,552 | $ | 1,278,394 | |||||||||||||
_____________________________________________________________ | |||||||||||||||||
-1 | Amounts reflected include the following general corporate expenses: | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In Thousands) | |||||||||||||||||
General and administrative expense | $ | 10,195 | $ | 10,442 | $ | 30,470 | $ | 29,600 | |||||||||
Depreciation and amortization | 582 | 855 | 1,742 | 2,588 | |||||||||||||
Interest expense | 4,112 | 4,155 | 12,354 | 12,391 | |||||||||||||
Other general corporate (income) expense, net | 665 | 279 | 1,859 | 1,410 | |||||||||||||
Total | $ | 15,554 | $ | 15,731 | $ | 46,425 | $ | 45,989 | |||||||||
Basis_of_Presentation_and_Sign3
Basis of Presentation and Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Inventories Detail [Table] | ' | ' | ' | ' | ' | ' |
Finished goods | $64,756,000 | ' | ' | $64,756,000 | ' | $72,312,000 |
Raw materials | 4,269,000 | ' | ' | 4,269,000 | ' | 5,396,000 |
Parts and supplies | 22,576,000 | ' | ' | 22,576,000 | ' | 24,497,000 |
Work in progress | 724,000 | ' | ' | 724,000 | ' | 836,000 |
Inventories | 92,325,000 | ' | ' | 92,325,000 | ' | 103,041,000 |
Weighted Average Shares Outstanding [Table] | ' | ' | ' | ' | ' | ' |
Number of weighted average common shares outstanding | 78,030,000 | 77,329,000 | ' | 77,867,000 | 77,226,000 | ' |
Assumed exercise of stock options | 933,000 | 1,609,000 | ' | 852,000 | 1,514,000 | ' |
Average diluted shares outstanding | 78,963,000 | 78,938,000 | ' | 78,719,000 | 78,740,000 | ' |
Average market price of common stock for the period | ' | ' | ' | $10.07 | ' | ' |
Outstanding stock options excluded from average diluted shares outstanding | 1,571,777 | 2,144,779 | ' | 2,241,490 | 2,054,303 | ' |
Proceeds from insurance settlements | ' | ' | ' | 7,600,000 | ' | ' |
Fair value of Senior Notes | 323,200,000 | ' | ' | 323,200,000 | ' | 327,400,000 |
Carrying value of Senior Notes | 305,000,000 | ' | ' | 305,000,000 | ' | 305,000,000 |
Fair value of contingent purchase price consideration | 600,000 | ' | ' | 600,000 | ' | 2,700,000 |
Prior period reclassification adjustment | ' | $400,000 | $700,000 | ' | $1,200,000 | ' |
Acquisitions_and_Dispositions_1
Acquisitions and Dispositions (Details 1) | Oct. 15, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 09, 2012 | Mar. 09, 2012 | Sep. 30, 2012 | Apr. 23, 2012 | Sep. 30, 2012 | Jul. 31, 2012 |
In Millions, unless otherwise specified | Joint Venture [Member] | Optima Solutions [Member] | Optima Solutions [Member] | Optima Solutions [Member] | Optima Solutions [Member] | Eastern Reservoir Services [Member] | Eastern Reservoir Services [Member] | Greywolf Production Systems [Member] | Greywolf Production Systems [Member] |
USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | USD ($) | ||
Business Acquisitions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership interest acquired | 50.00% | ' | ' | 100.00% | 100.00% | ' | ' | ' | ' |
Purchase price | ' | ' | ' | $65 | £ 41.2 | ' | $42.50 | ' | $55.50 |
Contingent consideration, maximum possible payment | ' | ' | ' | ' | 4 | ' | ' | ' | ' |
Purchase price allocation, net working capital | ' | ' | ' | 3 | ' | ' | ' | ' | ' |
Purchase price allocation, property, plant, and equipment | ' | ' | ' | 16.8 | ' | ' | 18.5 | ' | 17.7 |
Purchase price allocation, intangible assets | ' | ' | ' | 20.4 | ' | ' | 3.4 | ' | 3.5 |
Purchase price allocation, deferred and other tax liabilities | ' | ' | ' | 7.2 | ' | ' | ' | ' | ' |
Purchase price allocation, liabilities associated with contingent purchase price consideration | ' | ' | ' | 3.5 | ' | ' | ' | ' | ' |
Purchase price allocation, nondeductible goodwill | ' | ' | ' | 35.6 | ' | ' | 20.6 | ' | 34.3 |
Cumulative adjustment in liability associated with contingent purchase price consideration | ' | 1.8 | ' | ' | ' | ' | ' | ' | ' |
Adjustment of liability associated with contingent purchase price consideration during the period | ' | 0.7 | ' | ' | ' | ' | ' | ' | ' |
Revenues from acquired entitiy | ' | ' | 15.1 | ' | ' | 16 | ' | 5.9 | ' |
Depreciation and amortization from acquired entity | ' | ' | 3.1 | ' | ' | 1.8 | ' | 0.4 | ' |
Pretax earnings from acquired entity | ' | ' | 3.6 | ' | ' | 4.7 | ' | 1.2 | ' |
Transaction costs associated with acquisition | ' | ' | $1.30 | ' | ' | $0.50 | ' | $0.70 | ' |
Acquisitions_and_Dispositions_2
Acquisitions and Dispositions (Details 2) (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2012 | Sep. 30, 2012 | |
Pro Forma Financial Information [Table] | ' | ' |
Revenues | $237,781 | $693,655 |
Depreciation, depletion, amortization, and accretion | 20,424 | 59,809 |
Gross profit | 51,096 | 148,218 |
Income before discontinued operations | 8,897 | 28,851 |
Net income | 8,898 | 28,854 |
Net income attributable to TETRA stockholders | $8,009 | $26,892 |
Income before discontinued operations attributable to TETRA stockholders | ' | ' |
Basic | $0.10 | $0.35 |
Diluted | $0.10 | $0.34 |
Net income attributable to TETRA stockholders | ' | ' |
Basic | $0.10 | $0.35 |
Diluted | $0.10 | $0.34 |
LongTerm_Debt_and_Other_Borrow2
Long-Term Debt and Other Borrowings (Details 1) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Long-term debt [Line Items] | ' | ' |
Total debt | $352,898 | $366,709 |
Less current portion | 0 | -35,441 |
Long-term debt, net | 352,898 | 331,268 |
Bank revolving line of credit facility [Member] | ' | ' |
Long-term debt [Line Items] | ' | ' |
Maturity date | 29-Oct-15 | ' |
Total debt | 23,525 | 51,218 |
Senior Notes Series 2006-A [Member] | ' | ' |
Long-term debt [Line Items] | ' | ' |
Senior Note interest rate | 5.90% | 5.90% |
Maturity date | 30-Apr-16 | ' |
Total debt | 90,000 | 90,000 |
Senior Notes Series 2008-A [Member] | ' | ' |
Long-term debt [Line Items] | ' | ' |
Senior Note interest rate | ' | 6.30% |
Maturity date | 30-Apr-13 | ' |
Total debt | 0 | 35,000 |
Senior Notes Series 2008-B [Member] | ' | ' |
Long-term debt [Line Items] | ' | ' |
Senior Note interest rate | 6.56% | 6.56% |
Maturity date | 30-Apr-15 | ' |
Total debt | 90,000 | 90,000 |
Senior Notes Series 2010-A [Member] | ' | ' |
Long-term debt [Line Items] | ' | ' |
Senior Note interest rate | 5.09% | 5.09% |
Maturity date | 15-Dec-17 | ' |
Total debt | 65,000 | 65,000 |
Senior Notes Series 2010-B [Member] | ' | ' |
Long-term debt [Line Items] | ' | ' |
Senior Note interest rate | 5.67% | 5.67% |
Maturity date | 15-Dec-20 | ' |
Total debt | 25,000 | 25,000 |
Senior Notes Series 2013 [Member] | ' | ' |
Long-term debt [Line Items] | ' | ' |
Senior Note interest rate | 4.00% | ' |
Maturity date | 29-Apr-20 | ' |
Total debt | 35,000 | 0 |
European bank credit facility [Member] | ' | ' |
Long-term debt [Line Items] | ' | ' |
Total debt | 0 | 0 |
Compressco Partners' bank credit facility [Member] | ' | ' |
Long-term debt [Line Items] | ' | ' |
Maturity date | 24-Jun-15 | ' |
Total debt | 24,373 | 10,050 |
Other long-term debt [Member] | ' | ' |
Long-term debt [Line Items] | ' | ' |
Total debt | $0 | $441 |
LongTerm_Debt_and_Other_Borrow3
Long-Term Debt and Other Borrowings (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 15, 2013 | 14-May-13 |
Debt Disclosure [Abstract] | ' | ' | ' | ' |
Amendment date of Compressco line of credit | ' | 14-May-13 | ' | ' |
Prior maximum credit commitment under Compressco credit facility | ' | ' | ' | $20 |
Amended maximum credit commitment under Compressco credit facility | ' | ' | ' | 40 |
Proceeds from issuance of Senior Notes | ' | 35 | ' | ' |
Senior Note issuance date | ' | 29-Apr-13 | ' | ' |
Interest rate of Senior Notes issued in April 2013 | ' | 4.00% | ' | ' |
Scheduled maturity date of Senior Notes issued in April 2013 | ' | 29-Apr-20 | ' | ' |
Line of credit facility, initiation date | 15-Oct-13 | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | 100 | 100 | ' | ' |
Line of credit facility, sublimit applicable to letters of credit | 20 | 20 | ' | ' |
Line of credit facility, amount of uncommitted expansion feature | 30 | 30 | ' | ' |
Line of credit facility, expiration date | 15-Oct-17 | ' | ' | ' |
Line of credit facility, amount outstanding | ' | ' | $24.50 | ' |
Line of credit facility, stated percentage rate range, minimum | 2.00% | ' | ' | ' |
Line of credit facility, stated percentage rate range, maximum | 3.00% | ' | ' | ' |
Line of credit facility, interest rate description | 'Borrowings under the Partnership Credit Agreement bear interest at a rate per annum equal to, at Compressco Partners' option, either (a)B LIBOR (adjusted to reflect any required bank reserves) for an interest period equal to one, two, three or six months (as selected by Compressco Partners), plus a margin of 2.25% per annum or (b)B a base rate determined by reference to the highest of (1)B the prime rate of interest per annum announced from time to time by JPMorgan Chase Bank, N.A. or (2)B LIBOR (adjusted to reflect any required bank reserves) for a one-month interest period on such day plus 2.50% per annum. In addition to paying interest on outstanding principal under the Partnership Credit Agreement, Compressco Partners is required to pay a commitment fee, in respect of the unutilized commitments thereunder, of 0.375% per annum, paid quarterly in arrears. Compressco Partners is also required to pay a customary letter of credit fee equal to the applicable margin on revolving credit LIBOR loans and fronting fees. | ' | ' | ' |
Line of credit facility, covenant terms | 'The Partnership Credit Agreement requires Compressco Partners to maintain a minimum interest coverage ratio (ratio of earnings before interest and taxes to interest) of 4.0 to 1.0 as of the last day of any fiscal quarter, calculated on a trailing four quarters basis. In addition, the Partnership Credit Agreement includes customary negative covenants, which, among other things, limit Compressco Partners' ability to incur additional debt, incur, or permit certain liens to exist, or make certain loans, investments, acquisitions, or other restricted payments. The Partnership Credit Agreement provides that Compressco Partners can make distributions to holders of its common and subordinated units, but only if there is no default or event of default under the facility. | ' | ' | ' |
Line of credit facility, collateral | 'All obligations under the Partnership Credit Agreement and the guarantees of those obligations are secured, subject to certain exceptions, by a first lien security interest in substantially all of the assets (excluding real property) of Compressco Partners and its existing and future, direct and indirect domestic subsidiaries, and all of the capital stock of its existing and future, direct and indirect subsidiaries (limited, in the case of foreign subsidiaries, to 65% of the capital stock of first tier foreign subsidiaries). | ' | ' | ' |
Line of credit facility, minimum interest coverage ratio | '4.0 to 1.0 | ' | ' | ' |
Line of credit facility, limitation on percentage of first tier foreign subsidiaries | 100.00% | ' | ' | ' |
Decommissioning_and_Other_Asse2
Decommissioning and Other Asset Retirement Obligations (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
Decommissioning and Other Asset Retirement Obligations Detail [Table] | ' | ' | ' |
Beginning balance for the period, as reported | $57,330,000 | $94,921,000 | ' |
Activity in the period: | ' | ' | ' |
Accretion of liability | 173,000 | 504,000 | ' |
Revisions in estimated cash flows | 21,538,000 | 54,404,000 | ' |
Settlement of retirement obligations | -33,738,000 | -104,526,000 | ' |
Ending balance as of June 30 | 45,303,000 | 45,303,000 | ' |
Fair value of asset retirement obligations associated with non-operated properties | 8,000,000 | 8,000,000 | 7,500,000 |
Asset retirement obligations associated with properties sold during the period | ' | $5,300,000 | ' |
Hedge_Contracts_Details
Hedge Contracts (Details) | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Nov. 07, 2013 | Oct. 15, 2013 | Sep. 30, 2013 |
USD ($) | USD ($) | USD ($) | EUR (€) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ' | ' |
Borrowings designated as a hedge of a net investment in a foreign subsidiary | $13.50 | ' | ' | € 10 |
Cumulative change to cumulative translation adjustment, net of tax | 0.9 | ' | ' | ' |
Current period change to cumulative translation adjustment, net of taxes | 0.3 | ' | ' | ' |
Foreign currency forward purchase derivative contract at nominal value | ' | $6.10 | $10.50 | ' |
Equity_Details_1
Equity (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Stockholders' equity rollforward | ' | ' | ' | ' |
Beginning balance for the period | $585,743 | $582,123 | $593,308 | $569,088 |
Net income | 12,854 | 8,602 | 12,446 | 21,930 |
Foreign currency translation adjustment, including taxes | 6,873 | 5,074 | -1,849 | 2,054 |
Comprehensive income | 19,727 | 13,676 | 10,597 | 23,984 |
Exercise of common stock options | 597 | 61 | 1,586 | 819 |
Distributions to public unitholders | -1,210 | -1,094 | -3,603 | -3,369 |
Equity-based compensation | 1,490 | 3,140 | 5,113 | 7,393 |
Treasury stock and other | 51 | 75 | -214 | -131 |
Tax benefit upon exercise of stock options | -249 | -1,493 | -638 | -1,296 |
Ending balance | 606,149 | 596,488 | 606,149 | 596,488 |
TETRA [Member] | ' | ' | ' | ' |
Stockholders' equity rollforward | ' | ' | ' | ' |
Beginning balance for the period | 544,070 | 540,794 | 551,120 | 527,146 |
Net income | 12,110 | 7,713 | 10,482 | 19,968 |
Foreign currency translation adjustment, including taxes | 6,873 | 5,074 | -1,849 | 2,054 |
Comprehensive income | 18,983 | 12,787 | 8,633 | 22,022 |
Exercise of common stock options | 597 | 61 | 1,586 | 819 |
Distributions to public unitholders | 0 | 0 | 0 | 0 |
Equity-based compensation | 1,152 | 2,476 | 4,082 | 6,080 |
Treasury stock and other | -13 | 1 | -243 | -145 |
Tax benefit upon exercise of stock options | -249 | -1,493 | -638 | -1,296 |
Ending balance | 564,540 | 554,626 | 564,540 | 554,626 |
Noncontrolling Interest [Member] | ' | ' | ' | ' |
Stockholders' equity rollforward | ' | ' | ' | ' |
Beginning balance for the period | 41,673 | 41,329 | 42,188 | 41,942 |
Net income | 744 | 889 | 1,964 | 1,962 |
Foreign currency translation adjustment, including taxes | 0 | 0 | 0 | 0 |
Comprehensive income | 744 | 889 | 1,964 | 1,962 |
Exercise of common stock options | 0 | 0 | 0 | 0 |
Distributions to public unitholders | -1,210 | -1,094 | -3,603 | -3,369 |
Equity-based compensation | 338 | 664 | 1,031 | 1,313 |
Treasury stock and other | 64 | 74 | 29 | 14 |
Tax benefit upon exercise of stock options | 0 | 0 | 0 | 0 |
Ending balance | $41,609 | $41,862 | $41,609 | $41,862 |
Equity_Details_2
Equity (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' |
Foreign currency translation adjustment, taxes | $165 | $41 | $711 | $892 |
Industry_Segments_Details_1
Industry Segments (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Industry Segments Details [Line Items] | ' | ' | ' | ' | ' |
Product sales | $79,027 | $61,597 | $229,915 | $204,608 | ' |
Services and rentals | 175,276 | 172,389 | 454,048 | 445,083 | ' |
Intersegment revenues | 0 | 0 | 0 | 0 | ' |
Total revenues | 254,303 | 233,986 | 683,963 | 649,691 | ' |
Income (loss) before taxes and discontinued operations | 18,702 | 13,076 | 17,518 | 33,268 | ' |
Assets | 1,201,552 | 1,278,394 | 1,201,552 | 1,278,394 | 1,261,818 |
Fluids Division [Member] | ' | ' | ' | ' | ' |
Industry Segments Details [Line Items] | ' | ' | ' | ' | ' |
Product sales | 73,957 | 56,485 | 217,859 | 190,756 | ' |
Services and rentals | 25,658 | 18,735 | 75,982 | 53,517 | ' |
Intersegment revenues | 0 | 1 | 40 | 128 | ' |
Total revenues | 99,615 | 75,221 | 293,881 | 244,401 | ' |
Income (loss) before taxes and discontinued operations | 20,851 | 8,460 | 55,703 | 33,884 | ' |
Assets | 383,999 | 367,925 | 383,999 | 367,925 | ' |
Production Testing [Member] | ' | ' | ' | ' | ' |
Industry Segments Details [Line Items] | ' | ' | ' | ' | ' |
Product sales | 0 | 0 | 0 | 0 | ' |
Services and rentals | 47,380 | 56,033 | 149,420 | 144,645 | ' |
Intersegment revenues | 0 | 0 | 0 | 0 | ' |
Total revenues | 47,380 | 56,033 | 149,420 | 144,645 | ' |
Income (loss) before taxes and discontinued operations | 2,807 | 11,114 | 13,422 | 27,961 | ' |
Assets | 328,461 | 343,916 | 328,461 | 343,916 | ' |
Compressco [Member] | ' | ' | ' | ' | ' |
Industry Segments Details [Line Items] | ' | ' | ' | ' | ' |
Product sales | 1,484 | 1,518 | 3,913 | 3,737 | ' |
Services and rentals | 28,283 | 27,413 | 84,660 | 73,134 | ' |
Intersegment revenues | 0 | 0 | 0 | 0 | ' |
Total revenues | 29,767 | 28,931 | 88,573 | 76,871 | ' |
Income (loss) before taxes and discontinued operations | 5,447 | 6,356 | 13,833 | 14,511 | ' |
Assets | 234,194 | 217,915 | 234,194 | 217,915 | ' |
Production Enhancement Division Eliminations [Member] | ' | ' | ' | ' | ' |
Industry Segments Details [Line Items] | ' | ' | ' | ' | ' |
Services and rentals | -292 | -624 | -865 | -624 | ' |
Total revenues | -292 | -624 | -865 | -624 | ' |
Total Production Enhancement Division [Member] | ' | ' | ' | ' | ' |
Industry Segments Details [Line Items] | ' | ' | ' | ' | ' |
Product sales | 1,484 | 1,518 | 3,913 | 3,737 | ' |
Services and rentals | 75,371 | 82,822 | 233,215 | 217,155 | ' |
Intersegment revenues | 0 | 0 | 0 | 0 | ' |
Total revenues | 76,855 | 84,340 | 237,128 | 220,892 | ' |
Income (loss) before taxes and discontinued operations | 8,254 | 17,470 | ' | ' | ' |
Assets | 562,655 | 561,831 | 562,655 | 561,831 | ' |
Offshore Services [Member] | ' | ' | ' | ' | ' |
Industry Segments Details [Line Items] | ' | ' | ' | ' | ' |
Product sales | 2,237 | 2,289 | 3,950 | 5,166 | ' |
Services and rentals | 84,198 | 76,513 | 184,589 | 199,407 | ' |
Intersegment revenues | 0 | 0 | 0 | 0 | ' |
Total revenues | 86,435 | 78,802 | 188,539 | 204,573 | ' |
Income (loss) before taxes and discontinued operations | 20,579 | 12,108 | 25,064 | 22,839 | ' |
Assets | 205,343 | 243,724 | 205,343 | 243,724 | ' |
Maritech [Member] | ' | ' | ' | ' | ' |
Industry Segments Details [Line Items] | ' | ' | ' | ' | ' |
Product sales | 1,349 | 1,305 | 4,193 | 4,949 | ' |
Services and rentals | 0 | 0 | 0 | 150 | ' |
Intersegment revenues | 0 | 0 | 0 | 0 | ' |
Total revenues | 1,349 | 1,305 | 4,193 | 5,099 | ' |
Income (loss) before taxes and discontinued operations | -15,428 | -9,231 | -44,079 | -19,938 | ' |
Assets | 22,087 | 50,486 | 22,087 | 50,486 | ' |
Offshore Division Eliminations [Member] | ' | ' | ' | ' | ' |
Industry Segments Details [Line Items] | ' | ' | ' | ' | ' |
Services and rentals | -9,951 | -5,764 | -39,738 | -25,479 | ' |
Intersegment revenues | 0 | 0 | 0 | 0 | ' |
Total revenues | -9,951 | -5,764 | -39,738 | -25,479 | ' |
Income (loss) before taxes and discontinued operations | 0 | 0 | 0 | 0 | ' |
Assets | 0 | 0 | 0 | 0 | ' |
Total Offshore Division [Member] | ' | ' | ' | ' | ' |
Industry Segments Details [Line Items] | ' | ' | ' | ' | ' |
Product sales | 3,586 | 3,594 | 8,143 | 10,115 | ' |
Services and rentals | 74,247 | 70,749 | 144,851 | 174,078 | ' |
Intersegment revenues | 0 | 0 | 0 | 0 | ' |
Total revenues | 77,833 | 74,343 | 152,994 | 184,193 | ' |
Income (loss) before taxes and discontinued operations | 5,151 | 2,877 | ' | ' | ' |
Assets | 227,430 | 294,210 | 227,430 | 294,210 | ' |
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' |
Industry Segments Details [Line Items] | ' | ' | ' | ' | ' |
Intersegment revenues | 0 | -1 | -40 | -128 | ' |
Total revenues | 0 | -1 | -40 | -128 | ' |
Corporate Overhead [Member] | ' | ' | ' | ' | ' |
Industry Segments Details [Line Items] | ' | ' | ' | ' | ' |
Services and rentals | 0 | 83 | 0 | 333 | ' |
Total revenues | 0 | 83 | 0 | 333 | ' |
Income (loss) before taxes and discontinued operations | -15,554 | -15,731 | -46,425 | -45,989 | ' |
Assets | $27,468 | $54,428 | $27,468 | $54,428 | ' |
Industry_Segments_Details_2
Industry Segments (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Corporate Overhead Footnote | ' | ' | ' | ' |
General and administrative expense | $10,195 | $10,442 | $30,470 | $29,600 |
Depreciation and amortization | 582 | 855 | 1,742 | 2,588 |
Interest expense | 4,112 | 4,155 | 12,354 | 12,391 |
Other general corporate (income) expense, net | 665 | 279 | 1,859 | 1,410 |
Total | $15,554 | $15,731 | $46,425 | $45,989 |