Brady M. Murphy
to Jacek, Call. the Thank everyone. Results Technologies, morning and XXXX you, First Quarter good TETRA Welcome Conference
turn followed quarter I prices turn will oil are market the summarize over COVID-XX will questions. which and by in some the Elijio subsequent highlights Then your liquidity to balance impact on sheet impacting will and current pandemic I how discuss it for be for conditions details, businesses. and amid some the our
Centers and Every seriously practices Disease Occupational implementing has Control Health Prevention the the Safety the pleased to taken this to and the been this safe and for COVID-XX crisis. very relates employee with As Administration. responded way the have by team our management have I'm and provided employees that very in it pandemic,
while safe, and delivering requirements at our have service this the many During on keep of family highest extraordinary actions customers’ implemented their to levels all employees time we our quality.
adjust guidelines meantime, I unprecedented the want We an In continue changes working will to action a monitor these employees accordingly. for plans quarter to the excellent in and delivering and during all environment our times. to of thank their contribution safe the the
the our results U.S. nearly strong a XXXX the that five quarter for of to lower choosing Turning adjusted last land for the the quarter quarter in rig quarter, $XX highest XX% to adjusted of a was quarter TETRA our activity first start below very first and year-over-year quarter year, was years. basis a million by on first year to EBITDA Despite XX% improved in first X% the roughly EBITDA revenue. and
at was head a $XX well speaks improvement different accomplished. as employee successful flow for The environment. and nearly very have what we results million of proud strategies and that very also of This and the employees have into important TETRA. as that our have us our to I'm cash as market we implementing, the management we extremely unprecedented great base free year-on-year team been
was of cash all With year-on-year our of Pac, including a very major had West and greater the key the announced business achieved accounts the quarter was have Asia two quarter. quarters fourth margins deepwater than Fluids EBITDA In past EBITDA to quarter. which XX% Completion base in many for the consecutive adjusted EBITDA completion In and of Gulf by Brazil, for flow exceeded Mexico. markets, Africa goal of our of business we Products which improvements, of performance, addition fluids adjusted awards the we strong – the or have margin our highlight & XX.X%,
value continue to deepwater first revenue completion from projects, in high came quarter, products customers’ the as market of deepwater and completion around fluids the XX% markets world. we In share completion our build
We given the and year today, both we of Eastern also Hemisphere Mexico several and know grow Neptune to Gulf in before the should CS occur end. what projects of of pipeline continue these projects
CS the for that Engineering for prestigious Category. pleased the was very Meritorious Neptune and the Awards XXXX, Special year TETRA, E&P awarded Innovation Fluids Drilling are We Stimulation in
well is Another our manufacturing products agricultural, of revenue is for the current completion is This amongst and products and XX% in fluids market flame the others. which comprised products to environment. of up retardant weather industrial be from holding seasonal year food, expected market, very the of
States. first our renewed quarter one industrial four a in contract we the of United year with In customers the largest products
between in normal on quarterly the Our track contribute industrial and $XX activities up run business million European cash $XX incremental revenue operation its to second million rate. and quarter chemicals $XX above Northern is from of million
the we As materials available mentioned long Virginia term, expanded first raw to second future, negotiated to the plants and decision before cost low the higher El This supply capacity cost into quarter operations quarter. down have chemical evaporation our operations our difficult processing The of wind our are with us also led has there close additional in end previously, it and increased expected agreements. but supply the Arkansas. we mechanical, for of well West in that Louisiana in chemicals to Dorado, the
relatively XX.X% but points up & improving quarter by and revenue, to fourth Services adjusted the $X.X improving Water flat adjusted from The in Flowback margins with with business EBITDA XX% million. the well sequential quarter, EBITDA to basis XXX held first
completion U.S. will today's completions in the this be business declines. levered activity the impacted onshore heavily market activity as to to most drop the activity, in dramatically we the expect quarter which environment, As is second
levels. to activity all taking expected steps that align are the with business We necessary
the employees upon versus the this our second it second of we March of utilizations decline cost touch the actions with we our the of the the with highest in last quarter XX% technology, In Despite land will we been at wide company have in year. expect March deploying which introduced addition, separation SandStorm operations year. market, finished fewer later, to half successful where I this as for in XX sand U.S. since which were end reduction exit of in we the segment
of market to rapid until invest returns. at adoption expenditures improve, gains the good While will customer the one willing share is conditions this reduced and given in market we're our be areas capital
also and projects services with the all We is less Appalachian ended the our to integrated for with in those make crude prices. affected strategy oil U.S. integrated quarter including different basins, continue of much providing by great projects current XX Basin, which progress XX customers, decline major
and know extremely technologies our this help the products new on automation for through we will increased adoption should quarters maneuver next believe aggressive cutting, delivering us services business, cost our we our challenging While downturn. of this the of combination of be and
first aftermarket margins Moving first EBITDA XX.X% our XX.X% well million. that business, sequential points basis quarter were $XX adjusted first quarter last the lower our profitability EBITDA in was versus in to EBITDA adjusted increased despite by adjusted which compression on XXX higher our fourth it lower sales seen sequential quarter can year. performed and much be as improvement at of Despite relatively quarter activity, the
and industry. and However equipment in some month, This March, customers the to in May the in accelerated the especially market their near downturn cutting weakness response the end returned the plans April. also has in into production drilling seeing we while of as started
of XXX XXXX. was the from XX.X%, at end March utilization end points down basis Our the of
production. with challenged second production business production to demand and lower align available we operators from of by customers traded from prior impact have storage. who a The at are compression publicly to production a to on expect development the As we plans having Today we've quarter, new are shut-ins least downturns in for shut-in shutting to XX on be U.S. heard product much and Shale rapid our lack their move our business. announced
we impacted in only to form of standby fashion. some of end our rates we domestic shut-ins Furthermore, X% the by XX% fleet May of be of fleet by up our our By rates end been at now expect on of the to historically XX% point, will expect any over standby has May. or on fleet but be
several orders the in down compression of the of mid-term third for operations facility XXXX to our lack Texas. remaining the and/or we’ve fabrication as near is new decided shut happen we quarter over new current of the of to Midland that closure to in past outlook fabrication equipment, anticipated demand finalize months backlog. The of Given early equipment
our exit will we look business, As fabrication Midland also acre sell XX facility the prime to we real-estate. and
fracking capital XX% and or as Moving in from rapidly. budgets in the Most have project all six declining XX% now we U.S. of markets the land not spending forward, land just accounts and continue completion to very E&P revised things is beginning and XXXX change levels. for the all to activity operators rapidly. down last XX% year, the XXXX weeks their operator be down rig energy XXX The all, U.S. to the below of changed have dramatically is by now since count
accordingly of the organization, with the across with of across well responded reductions reductions, as which a suppliers. with in Directors and reduction border cost matching Board of suspension our negotiated expenditures reductions all XX% include of have reduction cash reductions, retainers, discretionary XXX-K employer program, company as headcount We salary expenditures many
In TETRA committed with the majority for million the the continue market structure to and vast match million capital current a our addition, year, $XX to only we in conditions. adjust first already have the reduced cost expenditures We'll half. $XX to between
diversity in markets even quarters, a very first challenging will market that of over land very in adjusted us us quarter will the rebounds, deepwater in component advantage, with industrial crisis. offshore we the what So past a difficult a very be quarter, business positioned positioned industry very with in the two have cost million move year-on-year and When this for a U.S. a EBITDA million navigate integration TETRA-Only in will The this and TETRA service of period large our we well be be a to improvement and $XX cash stronger. summary, in the had to strong our first eventually markets. environment, help vertical $XXX but provides flow well of the through company
will to With it questions. cash provide up that, and who financial on balance we'll over flow some sheet, open then it comments I’ll turn for Elijio and
