TTI - Earnings call transcript Q1 2022 | TETRA Technologies, Inc.

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Operator

Good morning and welcome to TETRA Technologies' First Quarter 2022 Results Conference Call. The speakers for today's call are Brady Murphy, Chief Executive Officer; and Elijio Serrano, Chief Financial Officer. All participants will be in listen-only mode. [Operator Instructions] Please note today's event is being recorded. I will now turn the conference over to Mr. Serrano. ahead. go Please

Elijio Serrano

beyond that Good first Andrea. to thank for statements contain you you to be Thank forward-looking. be XXXX morning, results TETRA's These statements may call quarter are this of of factors. like or control TETRA are These the call. joining are based subject may that deemed you, and which risks on based to by certain made conference assumptions number and and statements many uncertainties, a are I remind are on a company. the analyses and would number of of

You and statements that such from are performance may results of differ materially future the are cautioned actual in those not that projected guarantees statements. forward-looking

of course reconciliation EBITDA, on with the GAAP refer to measures. non-GAAP margins, a within information results accordance in of may Please for for net net gross reconciliations EBITDA other complete to the adjusted the prepared our substitute release should adjusted free ratio, yesterday's we for the website to our be not cash adjusted flow, financial refer leverage debt, of These call, measure. non-GAAP the addition, In and or EBITDA, considered liquidity, are in public financial GAAP financial nearest measures context period. financial press

over to to In Brady. refer was release XX-Q our yesterday, turn to to announcement our you that it press yesterday. we addition that went encourage out filed I'll

Brady Murphy

back Good sub-segments. and positive to call. completion I'm current the the pleased cash and balance Elijio. XXXX quarter to you, & including and first for to business for for the I'll it earnings results segments, fluids discuss before Flowback Thank across various highs first both everyone highlights multi-year and to report of XXXX liquidity. Elijio turning flow, very outlook our Water welcome some first TETRA's morning summarize quarter quarter sheet,

invest generated $XX.X severe first in our First our sequentially. million produced improved management proven or treatment rather unprecedented value vertical than XX% liquidity clearly the quarter sand and during to million focus cash Fluid, Completion results from to be such COVID-XX and operating disruptions as of activities challenges These high EBITDA strategies our continue and in and differentiation, sequentially technology have We downturn. integration automation that increased To Sandstorm, and industry the $X.X increased revenue quarter. with million events, water million, and XX% inflation very challenged our water leverage to and on successful. adjusted $XX highlight supply chain recycling throughout continued seismicity of to infrastructure of by $XXX

Our and first income EBITDA levels rig XXXX double-digit pre-pandemic active well with far activity. each pre-pandemic of results are we've frac in in Water quarter on our international terms quarter lower revenue percentages lower customer and as significantly improved performance Not cashflow crews, segment, but only first nearly being U.S. gained par our counts. exceeds & have we margins levels, despite and as adjusted on share activity Flowback net our market

ago. Water electrolyte North cash of traction and EBITDA XX% from while & and benefited is and which adding increased to backlog zinc quarter gain days record to very in towards to Eos' bromide prices lithium the sequentially continue services adjusted brine more ideally highs, spite energy manufacturing more type are maintain developed throughout projected Flowback carbon activity our it low extraordinary to from Our PureFlow a at to XX% market by And Eos this accelerate generating Arkansas deliveries is as technology others growing based Eos, ramp flow. step energy a positive on continue PureFlow in strategies year the continued on stronger early storage year change is creating Each is and American value leases, beyond where push potential positioned. revenue up.

improved X% pre-pandemic count revenue margins compares being from period. and only and the XX% as same from were down better quarter EBITDA the XX% XX.X%, of of XXX rig than fleet was first and month lower, quarter adjusted year automation. investments to count margins of down XXXX, U.S. respectively frac First which Adjusted pricing XX.X% result March, in the basis active were the aforementioned EBITDA what sequentially points to of the we getting faster total in the anticipating for target a

automation same XXXX benefiting are of from our bottom-line XX% headcount the essentially Water down an As fourth our example the revenue. of on is quarter technology, U.S. & Flowback

Our is water adjusted pre-COVID on management in the levels was quarter EBITDA for to of the XXXX, compared of America activity less offering North since the services integrated pulling XXXX. QX more highest third through as

first that led below with Permian Our count increase the quarter since of quarter was quarter XXXX Basin third first XXXX. Even business EBITDA highest though in the the in the quarter, the the adjusted XX% Permian of rig XXXX. being third in of

We and our first continue midstream including in first company. build our to produced treatment quarter, success, recycling project four recycling with water awards the new on a recycling for

production quarter sales. chemical that year. activity the in year-over-year Gulf stronger come markets, XX% to also pricing Our will sequentially year, this come pre-COVID Fluids XX% to the awards Mexico online grow. facility in first Products' in received first two XXXX. This and approaches other is strengthening to of levels, Completion the in continues of an the with We and were international addition awarded Appalachia second in -- in also product our due another online Argentina is increase as demand region last revenue for quarter industrial early that of & increased the will plus half

sales fourth realized Gulf to international to the from improved quarter, XXXX to quarter-on-quarter XX% While the had points. the on second offshore XXX which wealth the in overall of due increased some growth moving and Products' first revenue and is of quarter momentum. quarter year-on-year some forecasted & the sales exceptional Mexico the acceleration excluding Fluids of sequentially of the trend customer XX.X%, changes basis gaining benefit activity higher in gains EBITDA offshore Completion adjusted mark-to-market of

was CS EBITDA sales and since Neptune excluding of adjusted first First quarter the our mark-to-market gains quarter XXXX. highest

Our favorable highest share industrial North projects. we testing adjusted the Mexico outstanding first mix. quarter, -- deepwater of by the the of market customer and with and CS quarter first their gains of major an EBITDA since had executed the business a Neptune future quarter, first-time a In MSA chemicals driven American XXXX, first Gulf achieving application super new operator and in deepwater for the for

our quarter. for of the the which call, execution in job looks now but this earnings the scheduled second Neptune one We generation full North like first also that was year, small recognized quarter the portion CS Sea of mentioned a happened in third we job will last

the we positioned of CS the Sea are the As smaller well Mexico. typical North a have be Neptune in very considerably Gulf will than Overall, what job for reminder, seen in historically we what we Gulf in multi-year offshore North of expect Middle to such Mexico, and market as increasingly growth in be Sea, deepwater the the growing Brazil, cycle key and East. a offshore markets

towards the based our we activity As the increases, quarter ongoing Water and see new second expansion wards growth to customer segment & and for on look we in expect Flowback of margin further quarter. XXXX, second

than the impacting increase and revenue will inflation conflict. supply benefit For in Northern Russia albeit years the that from is Europe, the Europe Completion in chain & and to Fluids see prior seasonal issues Products, less chloride at calcium from we due levels Ukraine slightly

some While the quarter. the benefited quarter on the into business from Fluids offshore quarter Completion in second first from movement projects first the

sales. revenue see customer of depending we on timing sales flattish European higher of to lower completions, key offshore quarter-on-quarter slightly expect a mix So, with and

quarter the beyond, offshore and from increases, the announced our including activity in deepwater. previously anticipate For third benefit continued we awards

at energy was carbon the rights. and within rapid samples middle and and these collected We throughout include fluid TETRA successful XX,XXX XXX% brine exploratory acres Smackover zones. exploration -- gross low Smackover our on samples where Arkansas to drilled The formation. the in well continue a and middle pace. our the knowledge, the drilling to the And upper completed retains Our business of analyzed the well, our lithium first very and bromine area initiatives leases progress drilling to collected are with

We're to interviewing lithium the currently X.XX exploration exploration XXX,XXX preliminary equivalent. firms bromine produce target million the of of them within completed a one third-party and PEA to the waiting results, to collected. to complete results further acreage. economic bromine of forward are XX,XXX tons X.XX the are lab with to-date on This be based but own validation obtained assessments, with the brine few we move Once will we carbonate from internal assessment project should should We million elemental we award samples carbonate or third-party both the lithium which and encouraged current inferred months. of our to the engineering our tons study, of target resources refine

on to battery is storage On with efficient, quarterly increasing volumes work and Eos provider long continue zinc ship the energy U.S. duration zinc-based basis. PureFlow and a energy a scalable, leading of safe, bromide systems. storage sustainable Eos we side, to

proprietary delivered team Our are expand working of bromide Eos the to as ensure technology. they with the battery production is hand-in-hand their

our potential with successful successful commercial and a one arrangement on segments, and operations them that zinc the as very low ready were on continues team validation what progress of the able and executive We expanding progress large questions. a with we strong our full first open SkyCycle deliver engaged launched provide employees successfully over turn we technology. recognize with it Eos able our of need businesses. level our remain every from and in COX developed COX to quarter pleased both collaborative manufacturing of to SkyCycle and and calcium value working needs Our being I'll bromide, front, had chloride their their pilot with CarbonFree calcium Elijio for end-of-life their alignment our move up recently Pennsylvania recycle quantities low emitters. closely for to visited first very for long-term are I'm carbon in including they the some reaction-free supplier to more and Overall, it to TETRA financial for quarter, those creating or great relationship of chloride the TETRA our of future is fulfill as electrolyte supply increasing towards we'll to technology the performance important several both COX are the color plant, sides. on Both needs. company. to strategies, additional and to ensure innovative we make first

Elijio Serrano

Thank you, Brady.

per quarter fourth to compared per XXXX. share quarter of the breakeven share First in $X.XX adjusted earnings was

$X.X the that Compressco. include CSI in results of quarter gains in first unrealized we The own mark-to-market million coming units

XXst, price when XXXX, $X.XX. the not have Standard XXX,XXX receive was Lithium, did of April share did we on As shares any we of Standard March but XXth shares Lithium

million from with $XXX,XXX mention some total from mark-to-market damages be each incentive long-term which associated booking from the to adjustments of fall-through improvement revenue To numbers. fall-through in to income without Sequentially, to of EBITDA XXXX XX% fall-through, XX%. a mark-to-market net XX%, cash or from improved the adjusted In sales every incremental QX increase December net -- there non-recurring exploratory Income the from improved items quarter $X.XX. day of $XX.X In the improved at sequentially from last our to EBITDA And the and on income and increased costs inclusive activities items. of to for for half the were outstanding receive cash $X.X continuing flow Lake All a excluded and increased other appreciation flow a of of to well were of in relative quality Charles million we'll net million of from a of on of level flow the We revenue operations DSO operating Cash first to non-recurring quarter non-recurring fall-through million was of of expenses. these $XX.X we quarter quarter operations million related QX cumulative excluded non-cash in incremental to dollar $XX.X QX forward, of demonstrate million the insurance QX, first the expenses. XXXX for incremental quarter market-to-market gains million, $X.XX. first words, representing brine our activities [ph]. $X.X incremental cash an Going revenue $XX.X revenue. the days adjustments for I'll QX Arkansas. fall-through the increased March. incurred million revenue. $X.X rights two operating revenue, hurricane XXXX the representing year, non-recurring $X.X We proceeds plant. million the $X.XX income from settlement over XX% results,

first on million up was quarter XX% quarter in increase and onshore million, the Mexico of on in the First February increase Gulf was cash with March. Middle from that moved revenue. of cash of sequential a back operations $XX second very The revenue offshore increase activity accounts a receivable adjusted in cash strong free projects strong $X.X in of into use and million East back flow of March sequential reflecting versus continued quarter the from $X.X

quarter The of make traditionally cash us, for we historically variable payments has such first been first use quarter of for prior year reflecting accruals a in series a as the compensation.

cash included insurance settlement earlier. of the benefit mentioned $X.X quarter million First the of I

not debt XXXX of our third net outstanding of However, a million $XXX that the debt Total in March, $XXX reflect $X.X we million from end of in did million million. was computation while quarter, was down $XXX adjusted-- high at

we stages ratio the upcycle, an a improved peak the since leverage leverage the to goal the cycle said ratio already At of Our leverage at have best XXXX. was of the of early quarter, we times. continued end be ratio of leverage to quarter and net two has oil X.X improve. second for gas net times, our ratio In almost

less our availability at $XX and million. was of first and credit cash Unrestricted the billion, was $XX our million. Our million end working under capital, the facilities current liabilities current excluding the assets cash was quarter. first $XX Liquidity of was the quarter $XX end at

ratio Our including a not futures driven our our continues and continues million. $XX of our improve, benefit by Neptune liquidity strong business, yet oil in a leverage gas potential to solid CS rebound working these All and capital are projects. any is increase, to

option and development inferred lithium second Smackover is resource in Arkansas, by capital of the be will capacity exploratory already PEA building completing an the are paid the half required, $X.X in followed expected detail the investing the bromine study assets of the to We our our quarter, well The will we soon provide should this plus assets project publicly injection According the -- or timing that economics consider and yesterday this is borrowing Lithium, treatment integrated We've of completed to for as they Also our will Standard a targets Standard a preliminary be exploration lithium supply including on developing and direct and pipelines year. formation in for million the and brine for It Standard Arkansas. Lithium and to a those and the a the to a as begin in Also, we lithium of inferred studies lithium. should bromine earlier. a reminder, bromine and hydroxide to Brady -- any begins bromine outflows, all economic study available to lithium The approximately using PFS to will mentioned acreage. as And will to begin chloride rights of on maintain Standard plant. extraction technology, as had get the entitled secure Lithium XX,XXX conversion brine our plant reminder, wells. mineral having study on feasibility an assessment. all and acres. has are announced gross proprietary XX,XXX wells, an as lithium Lithium to acres gross to drill lithium to They and lithium, previously a PFS This a wells year PEA consultants any do. will This published be outlay as bromine returns. and our brine do more potential be to similar the including might both infrastructure, Standard it we encompass the made other Lithium engineering completed. pulling want preliminary we lithium we without the liquidity those the resources as only refined

the own the lithium XXX% and rights. mineral acres, of bromine we approximately On gross the both X,XXX

apply bring before to United this for metrics. we this tenure strategy. reaching turning government might we Last and some we night communicating read encourage to for recover discussions to that our with carbon also I and minerals leverage cases, States-based operational current Eos all oil last the our low Department and In loans, long-term and the market. to item financial low-cost in release to gas to area. and we our been and of have We issued details grants filed Energy is out and XX-Q critical press potentially Brady, additional what and investors and back the shareholders started have all yesterday meetings it you potential doing supporting for the

Roadshow San We Angeles through Non-Deal Los a have May a XX. and scheduled XX to following Francisco

in hosting the on Virtual Xth, Boston City I'll back June Conference We Conference will on Xth. Conference at over and days. also Xnd with us H.C. Miami Orleans be XX, Cowen's presenting Brady. turn York Conference contact Please me conferences if an Stifel Wainwright to May at on June on Energy RBC at Louisiana those to at like one-on-one X, New and you'd a meet Conference in June Xrd; June it in New a on the in on

Brady Murphy

Thank you, Elijio.

on at All downturn path So, recovery lagging in good signs we'll mineral of market to opportunity. balanced position will With we of coming activity energy still company profits the a speed this us storage traditional the of capitalize and top -- recovery from capture clear on prepared last has recovery up took stronger a production despite key the that transition the towards being cycle. have and is moving that closing, open be and chemistry that, and our earnings energy to technology, all it between rate and levels. more the support TETRA COX revenue to multi-year higher of questions. during for a energy, a pre-pandemic actions This

Operator

our question Please now Stephen question-and-answer begin come first ahead. will from session. will Instructions] Stifel. the [Operator go And We of Gengaro

Stephen Gengaro

gentlemen. morning, Good Thanks.

Brady Murphy

Good morning.

Stephen Gengaro

suggesting Completion versus the to the XX%, sort very takes, year. -- you about quarter? of a the sequentially, commented of a first you mean think we little obviously, and that puts flattish impact business chemicals margin XX% level revenue European and start with in this Fluids good what's some relative front, The on did when maybe So, the I bit on the

Elijio Serrano

we European the margins, comparable traditional made the calcium as our for with offshore. Stephen in do chloride We mid-XX%s

Stephen Gengaro

Completion Okay, control Fluid the the you. the that what maybe pricing year versus the on you're great. I side, the half some in margin seeing your the Thank levels? off dynamics are expansion have mid-XX%s know material front, for how business, And Fluids some the off raw the on mean Completion of current in then back -- that could peers, I'm curious, on of what and and you the

Brady Murphy

some dynamics imagine. are there so you Yes, that can as in space,

operations that. Bromine Our quite chain tightening. certainly helps on is supply a own vertically internal bit us integrated

So, still on that. we as think we bromine-based fluids opportunity go pricing, forward some

However, there as are are zinc gone produce have up; some up where Europe, our in inflationary are well; happening we activities calcium chloride. that obviously, energy prices prices

So, Stephen. against some we forward, work and in our both there dynamics that going are favor to have

a a it’s So, exactly sustain feel on a pretty how to go-forward with on it we being play little margins will able basis. out, but predict our to confident difficult mid-XX%s that

Neptune will really that Now, get they whether we're in good year to we levels attaining. a be which come start current that projects line fairly some pretty additional to confident we're year, our potential or margin with, that this upside next

Stephen Gengaro

you at pull then the but into and maybe some the you. patterns will EBITDA I'll full expect you one obviously, think I should ask when out about second second and of drop had pretty look mentioned the quarter, of quarter quarter. on Great, year bit How you know sort so been third little past the first far? from you quarter, normal quarter it's the -- the little And follow-up the you've would a think mean, some of speaking, strong in what -- just has first off year in maybe generally when fourth business, But thank a asking a quarter I after a and how you you based seasonal look for second. this versus for what about quarter you we you seasonality me and refrain strong has the consensus

Brady Murphy

what can on our to continue so we I certainly Flowback -- business. believe we Yes. margin that Based expansion, will see Water we on far, see think and growth & we

in to here win in We second the continue awards. half growth of we coming year, seeing winning. the to have have that the online in we're North We'll addition new Argentina been new projects, America,

bit through see we traditional progression we that second So, the we of to see end a holiday that's see expect as the going year, continue really we the half. little always slowdown what unpredictable, but not, the or if that's we'll go into

Elijio Serrano

onshore the been budget a And quarter Stephen, year, the be QX mentioned last that's from that see, pricing been the bit by to business will over We will that didn't same fourth year a that see we because third strong environment, relative given previously, But driven pattern you saw business. we that anticipate we up into quarter. softer will see the has Historically, exhaustion and QX. remains QX. not nice in budget the activity ramp exhaustion QX we this going on

Stephen Gengaro

you gentlemen. great. Thank Okay,

Brady Murphy

Thank you, Stephen.

Operator

next go comes Hoh question from Evercore Samantha of ahead. Please Our ISI.

Samantha Hoh

wondering wells, on a quarter. I of Is in permitted? Hey, all dialed in for that tightness the increase these the you're I the rakes prepared could seeing late, missed for Like permitting have et some activity I fit on rigs Sea for particularly remarks. just CS Neptune? might speak when delays or side, have you -- the on good Congrats contracted in where of planning a guys we're little guys terms rig using was I fit are great in we're Where morning, North of the are or to guys these it anticipating? really wells for good you you the do afternoon. in chunk in wells after so the of contracted to apologize, offshore cetera. do stage of if and But the long

Brady Murphy

say would time the the have ahead flow if offshore we involved, know facilities. you they their the operators because on of So, elastomers, into of wells, plan to metallurgy Neptune really Samantha, potential their a back are project, years I side, it's

CS -- involved very a we're days early Fluid it's job. So, or complex a if Completion very Neptune, highly

six not three operators, job it's wells where necessarily of completion or a lead-time, we'll where active Gulf moving the of between between rigs to months, there's visibility that to that of Mexico, need probably in moving obviously, schedule. we have have Now, type you

a bit with, ready bit a that we're from activity of say Mexico. of in the So, We're smaller customers those would Gulf some clearly quite from I that of the we into from. demand by this be XXXX. benefit projects rest short-term -- realize some short-term think and year And are that I the the working the drive beyond horizon that's increased will to think non-traditional then online of there's that more coming operators seeing of there XXXX will are the going major

Elijio Serrano

had And of also the and the to the benefit -- call fluids Samantha Mexico call that fluids one get Gulf for in those customers out that Then We some of they some mentioned and of then the those the traditionally The would we will majors last service out for super be all I the to come secured on primary contracts wells. they of of the service Gulf and primary offshore solicit Mexico the we their each a of award market provider that primary from out will side, supply contract as wells. us to year traditionally complete. the for provider and to be providers. to pricing wells

Samantha Hoh

it structure great. and fully then cost dynamic, Okay, said -- you costs? in changes with pricing Is is your that's material

Brady Murphy

our Samantha, levels processes. manufacturing of of price types we based passing well on Yes, of increases, on other zinc include have successful, been and cost we in materials to the some have that

inflation had significantly grow. how more have So, some continue than unpredictable little success a grown It's to-date, much as to yes, anticipated. will to we we've bit would

fortunately, has pretty these materials. certainly with said, we've price a hope going increases would the lot and I tightened successful of for As those be because forward to whole been just market we

Samantha Hoh

All right.

contribution energy or ramp for to any contribution to and storage, is use that result was material the For still XQ come? there

Elijio Serrano

them, I keep still with is and significant we're they that and have would ramp based ramp with come. on for a production to we ups levels. shipping that important thing preparing our volumes. And visits to up monthly suggest on information is to basis that our seen us now have on The those we're provided that most

Samantha Hoh

Okay, great. shifting We'll the Water segment. be to

I'm be and level. up couple You've to Do have And over highlighted quarters? pre-pandemic moving going out pricing Sandstorm, that sold coming you're capacity of incremental you pricing is the next here. from near assuming

So--

Brady Murphy

those. have lead-time Yes, added on for additional Sandstorms we of additional have some Sandstorms, within with some reallocated capital planned Unfortunately, days, Samantha. I our we XX for key our reasonable have a capital we pretty supplier

So, as into eye currently the supply, additional continue to we still and to keep market, put opportunity have picture. the very we'll we pipeline, have we on a in if to add Sandstorms more demand, continues. that the the as pricing what close We

Samantha Hoh

can prove water just And your you means your expanding there? you company from growing Is of you contract maybe base side recycling, guys you -- terms one maybe word then of company? that last in what Okay. customer talk just there? first a one, midstream and for have then had type keep entry Can first a the or with sort opportunity that is just the this like about a that

Brady Murphy

frac transfer, back water all recycling, we Yes, the the recycling, operators and the provide so been our Samantha, operations. their with then to of where water traditionally, directly has transfer chemistry, the the

know as pipeline, is, we well. have you infrastructure very have and companies. but executed that most know, of service a a fixed The quite is model It's So, midstream environment company they these model don't capability that within different.

of strong on midstream with a to with the opportunity that midstream so from operations, volumes water. we've where us And makes company a their partnership, can partnering the and chemistry service large component, very and component and chemistry opportunities bring we had TETRA the service their the multiple side it side, like companies and infrastructure bring with fixed

optimistic. So, we're

minerals of understand what previously, to key the companies, streams. are many flow mentioned I've are As the trying even in operators their

something more have We operators what are analyze front to our flow we coming customers streams we'll in might commercial requests on that more be continually and to and quarters. to that and announce of see the can getting midstream the

Samantha Hoh

cool. Okay,

forward to Looking it. Thanks, guys.

Brady Murphy

Samantha. you, Thank

Operator

That Mr. our Murphy the concludes remarks. for back to question-and-answer session. would closing over turn like any conference I and

Elijio Serrano

up, his think, so take Andrea, I lined question. Steven let's

Operator

Stifel. from Please next question Hey, Stephen ahead. is go our a from Gengaro follow-up

Stephen Gengaro

Thanks.

Sorry.

question Sorry thanks with that there updates for around had you PureFlow here. The for share you the there some product. potential traction polling about the could customers or -- taking and for talked any been that late us additional over Has that?

Brady Murphy

or We a anything But We're that really continue other in to not the coming point. this optimistic prepared work with in to so we we're at announce Stephen. space, in will quarter be companies doing few so.

Stephen Gengaro

And product on with are the then thanks. updates -- calcium there is Okay, there CarbonFree--? any chloride

Brady Murphy

plant footprint talking chloride a with process little new working really in the we chloride. has as Yes, We've to make highest pretty for it has SkyCycle. that pilot a COX calcium defeats Traditional to and points, supply essentially a on COX completed our for have chemical production so bit footprint on so over of CarbonFree I mentioned a this the working my what heavy is been calcium chloride year. purpose their calcium

As IP some -- plant to a Lake ourselves CarbonFree. that's And we pilot quantities COX-free. with able I've our of agreements were to essentially produce that mentioned previously, be we chloride between in with successful calcium have operating Charles

that they'll months pleased the where with in we're And process that. parties in plant So, be. their SkyCycle ready first or to quarter. negotiating be coming announce multiple of They're the hopefully with will

Stephen Gengaro

the for again, you, Thank answers. Great.

Brady Murphy

Thanks Stephen.

Brady Murphy

forward We our With look concludes much interest call. you. next and that, to for thank in your call. TETRA Andrea, you our very that Thank

Operator

now concluded. is you today's now may for attending presentation and disconnect. conference The Thank you

TETRA (TTI) 3 May 222022 Q1 Earnings call transcript