- Earnings call transcript Q3 2022

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Operator

Good morning, and welcome to TETRA Technologies Third Quarter 2022 Results Conference Call. The speakers for today's call are Brady Murphy, Chief Executive Officer; and Elijio Serrano, Chief Financial Officer. [Operator Instructions] Please note that this event is being recorded. I would now like to turn the conference over to Mr. Serrano. ahead. go Please

Elijio Serrano

that Good Third Marlise. to company. statements thank for contain you on you to of be several Thank forward-looking. to the be and XXXX morning, control Results TETRA's statements may call Quarter this like risks uncertainties, or many Call. joining may certain These are that deemed analysis you, conference and are I remind and beyond TETRA of subject by are statements on based are based which the are several assumptions made factors. These and would

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

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

to release In today. later filed yesterday, we turn addition I to went Brady. that that will press to be over will encourage it our our out announcement you XX-Q to now refer

Brady Murphy

Elijio update regards third achieved sale cash months morning, and we low discuss summarize the following results the to as quarter controlling communicated which of liquidity. strong taxes with XX initiatives strategic very good outlook some on to and a XXXX In income I'll financial flow, third key an of direction back our turning company, some quarter, as it milestones sheet, the carbon Elijio, Thanks, we the the but call. third our also provide ago some balance to before well everyone. for for to Welcome we the TETRA's quarter highlights earnings when quarter low our million to our respectively. approximately industrial the energy million XX.X operation, was and the strengths respectively. for interest losses total our Adjusting core around Northern growing the results, technologies. $XXX rapidly introduced decrease million quarter. Starting increased from financial EBITDA seasonal the leverage adjusted to of revenue strategy revenue quarter were carbon third second in on excluding And chemicals and EBITDA our and CSI million in European Adjusted EBITDA XX% [indiscernible] with our XX.X% investments and our Compressco. evolving, unrealized XX.X current $X.X

the led have we results quarter-on-quarter. revenue crew Flowback XX% segments in strategy Water our XXXX business increase strategy, and by frac Our executed XXXX. for from Both regards from positive services produced count XXX, point XX% opportunities from a lithium with We're of A revenue EBITDA data quarter These wells enabling the inferred annualized equals our produced operators the the full revenue technologies for milestone largest bromine that is for which when North resource key the executed gas was third solidified Water of on extraction for were discussion. quarter project this our and segment compelling strategic are Arkansas exclusive previously multiyear on and grew our leases. American shale water how for doing average our many services Arkansas energy leases, the and brine other produced completion a brine well which margins increased additional our minerals well quarter in one or as from estimates lithium currently and and announced quarter third beneficial key recycling margins of increasing from also the their key in a the technology interest Flowback from water, operators the agreements adjusted With rapidly EBITDA to XX%, also quarter. the third pilot for And oil fluids the XX.X% second resource The of customers. reuse. EBITDA XX.X% reuse the purpose products we was as segment second water in to in brine extraction above report quarter. beneficial and year of

of target XX,XXX X,XXX which resource exploration inferred by previously exploration was of estimate the to was our acres LCE, option midpoint approximately million XXX,XXX an are acres approximately equivalent, the or and was within above bromine Our our brine that inferred granted covered lithium carbonate gross standard XX% gross for while announced tons the X.XX for target, X% lithium. lithium tons leases of the of resource estimate not midpoint

or XX% the or or of or by turning to quarter-on-quarter. marks and XXXX. the the Flowback segment's million year-on-year services, X.X adjusted of million XX% since highest million, XX XXX% Now X.X and EBITDA and year-on-year quarter-on-quarter. million XX quarter Water revenue million EBITDA XX% of XX.X improved improved X This million fourth Adjusted

grow the business while count, Flowback active margins the for expanding continues count and than expect & to significantly while consecutive sixth Water faster crew rig Our quarter. frac

penetration significant market Our things. three [indiscernible]

In up job. concerns XX% growing water tight is is integrated First reduces market of short links our management this operator an service labor automation, by from on introduction the safety blue today's invaluable which benefit. employees, when with is to on and manpower an

recycling. managed sand operators freshwater margins is our and a SandStorm, is their to Second first quarter changer our rapidly early ever in month seismicity alternatives explore the September and our projects produced Argentina, proven patented water line operator with for operations increase flows. term cash introduction to with stable, revenues, is predictable transferred was disposal. being be produced that has full moving month Permian including are our flowback increasing the quarter strong of our and of game for production recycling Contributing treatment to no focus to on facilities which And are the only on The water third operations. longer which events, technology, management. differentiated and With including

facility, As first mentioned award commence in is previous early XXXX. half track received of additional the which production on an we’ve in to our call, an operations for

Our remains market advanced fleet market and SandStorm’s trade, pricing. cyclone with penetration equipment utilization continued at improved of high

Our early technology. Argentina SandStorm our in include facilities production

chemicals PureFlow, to uplift XX% increased despite and continue was completion the to to EBITDA product opportunistically The growing will segment led Northern quarter-on-quarter. the from our by seasonal product of We by this Europe and meet international add fluids sequentially, which resulting improvement of TETRA higher on fleet demand. also Adjusted improved shipments our markets industrial business. margins the

position outlook offshore indicated based the of XX% Fluids a strong rapidly is purity and The markets highest technology, Supplier storage Kimberlite XX%. Performance revenue the validated Cleanup market of is for duration the As part a positive growing million electrolyte which completion Kimberlite reminder, on second our deepwater from XXXX long in that market Annual completion PureFlow TETRA third Completion fluids holds high decreased at bromide the XXXX increased products Mexico fluid report the is Gulf Report. XX%. our but of in second very and by quarter XXXX a by longer-term the We by and XX Wellbore Tools year-on-year quarter zinc energy remain fluids share and

Score. contract super for most Mexico Gulf executed active the the be continues of and as the TETRA highest mentions, measured was top majors supported loyalty third by quarter. in the Kimberlite Gulf Net in ratings a of supplier performing as Promoter renewal customer that the to technologies multiyear report, the receives in by one of This was the further Within the Mexico, deepwater

XXXX. although sales quarter to full that confidence and offshore European markets disruption peak first be a fluid seasonal our of we for job second the confirmed, in quarter opportunities well currently have expected continues improve we not to be pipeline deepwater in executing year. growing Neptune As CS back of We're the and our job to continue as in the improve in delivered UK second supply of TETRA a Neptune is production, smaller prepared mentioned grow The yet TETRA well. completion the next and CS that the will the quarter fluids to to we chain to have completion

will initially a year end. acres also model for from a are margins from currently acres subset economic time third and production approximately further the planning our we’ll maiden our on leased the plan and Now characteristics revenue to the our technical are resource the estimation the our approximately of our Heading The production the to bromine bringing is this essentially We're initial The aforementioned report. turning XXXX mentioned the detailed quarter where bromine of quarter, uplift resource drill of I'd complete finalizing also to will in bromine economic we expect lithium results mineral acres We're and lithium another to to XXXX well acres bromine is resource XX,XXX estimated XX,XXX expected of TETRA a refine bromine acres, the the to the carbon our well as during leased in business be in our acreage. the wells first brine several X,XXX modeling, position will rights. well communicate and assets. plan we detailed reservoir designed X,XXX market initial reflects and of completion the we first as on our that low this holds volumes. lithium reservoir resource report next inferred first by which and that current well and announced the development bromine initiatives. an lithium of reservoir assessment communicate resource. the into as returns assessment the use This in

involve step and from This the in third DLE the wells team process validate lithium the in lithium-rich that will chloride direct production results the to pilot research a our our report, this As Smackover months. process purity lithium leases from -- in demonstrated the brine will noted unit a provide to out process coming we continue purification also for successful high solution. resource through proving our extraction of will each has

position in continue ability production we in with for in storage We unique produce wells key and US brine both same much of rich the to minerals, for minerals believe are the two a bromine the infrastructure. lithium energy resource to that markets a pipeline and

Looking North forward exhaust supply in in raw we certain which supply market quarter, and materials. chain in to margins third starting our with as new the adjusted quarter, year. supply America material key are challenging with to inflated improved our fulfilling contractual prices before resuming In to be and margins quarter fourth some are bromine, our yearly continue chemicals the impact fourth the raw volumes of the still bromine, issues, contract spot especially pricing demand EBITDA inflation we despite and will and long-term

allow to customers, our be of customers -- advantage electrolyte, deliveries XXXX Eos significant significant yesterday PureFlow announced to some QX take one of Act. credits a a will planned shifting Reduction Inflation of under primary their of As their tax into they the

the Although which benefits. will to impact long-term the positioned under energy to our and this US the providers delivers planned [indiscernible] storage to significant TETRA Eos provider, as QX to a uniquely adds also tax benefits

We for direction. events quarter. our of issues the management employees right one-time short-term navigate expect have the company done in become challenges, us excellent to fourth helping team the each job these the Despite in an

As generating a opportunities to we giving positive continue there's to lot us paying positioned continue momentum future, into to to off, excited are margins expanding we our as We are well technology XXXX. be investments and about. look the grow believe

our the creating significant commentary, Elijio market And which continue is low critical higher financial to chemistry growth questions. I'll finally, and for base growth a find for up energy are earnings more turn we company on opportunities. over additional products requires already for to then which with markets, carbon broader to come. focus contribute markets existing minerals Our for we'll it open new contributing and to expertise, opportunities benefit some and collectively it some

Elijio Serrano

for the year. but from comparison XX.X last $XX.X third in million $XX in the million Thank was up EBITDA million the second third quarter was quarter, of you, quarter Brady. XX% Adjusted to in

$XX.X was losses of in $XXX,XXX. the market included EBITDA market losses to third adjusted the to third The mark million. quarter quarter Without mark

to losses market second included quarter of The mark $XXX,XXX.

other fluid of doing our in mark segment those includes from of results [Technical include holdings Compressco. the and our holdings modeling, loss mark For lithium the market $XXX,XXX CSI and gains and market standard of to corporate to carbon you from Difficulty] fleet,

was operating million, negative cash net Free of billion $X.X and $X.X capital from the $XX to $X.X -- was million second This activities compared from proceeds Cash included from activities cash $XX.X to assets million. and of flow million from in of the sale quarter charges or cash $X.X quarter. third was the operating expenditures free prior third cash quarter. the Capital cash non-recurring in million The in expenditures quarter. operating flow compares expenses. the in

the better period total of expectation months, Argentina quarter. that to $XX We the expenditures capital second in noted strong range, million early which Working cash within with generated a in year includes capital the investments than facilities significantly third with after in those expect XX margins. in quarter And back million production client payback the with SandStorm’s in prior facilities. startup two-to-three-year $X million vitals project the compared consumed of the in $X.X and

and to that we year had our -- deepwater million that in build be international net of the Arkansas, dollars flow so. or diluted incur study, cash issue cash at end was net the availability second in assessment. even to the test study the and X.X quarter $XXX was ratio quarter. end and At up the of our credit As coming our third high-single-digit in during the in negative, the cost from revolving carbon drilling startup having the oilfield without and the we at Arkansas initial third plus be times quarter cash incurring design of facilities to our of prior debt quarter, end September, industrial mid to million. account under this fund the million. our we're Liquidity the significant costs quarter Smackover third free but engineering do fourth mentioned the quarter. Liquidity of end At fourth while after flow X.X value improvement the at initiatives leverage call, front should having and to to $XX credit of and equity our $XX is defined million. economic million to a for under Total end unrestricted in debt expected Free services quarter cash generating projects some in end inventory expect $XXX be unrestricted This with the facility. of was formation significant resource demonstrates times taking outstanding EBITDA business was $XX free as well the the debt strong million was low availability the the the cash into

oil from this flow some expected from low This before Reduction to trillion investments our the everyone to that that opportunity Inflation The significant This been have United have We look year bipartisan doing was billion can million lithium Keep contains tax believe GAAP loan the continue good three programs loss of to that in $XX and gas battery this future profits. in businesses the of profit Formation what capacity to is and mind to level a lithium that to positive storage. acreage tax chemical earlier are to manufacturing more we'll and we us and very and $XXX expand now pay generating Act we XXX taxes at time a infrastructure the up States tax in from profit quickly to before the Smackover have fund or very back profit federal Smackover to for over bromine in critical passed high consecutive and that cash remind initiatives. before of million. quarters, the will carryforwards our grants to forward and $X minerals support operations applicable creating from our bill we of and from the Formation. incremental improve, conversion of build and if carbon to and industrial market be bring income several bromine allow approximately

are for our been support Department and applying grants will and to dialogue be investments. having very of loans have Energy engaged with government and are and upcoming the We

liquidity returns When the our find this progress portion a the capital we this bromine bromine assessment And in plan for will December, cash initiative capital. as million economic essentially we'll on as We we'll XXXX Nonetheless, of future in in milestones report in lithium. be of significant significant with with to investment. around expect our and XXXX bromine record to the [Technical be end and expected the and Brady we initial the key same generate expected later doing flow $XXX expect of achieved. investments, communicating Difficulty] free XXXX publish mentioned, business are year

to quarterly are advantage example an in are lithium minerals. lithium the traded million key Arkansas, what assets We are me These the high the above a when these years. achieved those this year quarter explains sense getting of such market increasing significant and year-over-year we increase increased and to will how the others on urgency increase. that you high business their returns market year. believe revenue when you give coming and producer numbers in QX producing read value both sense the combine and from types our from being the in focus EBITDA result encourage publicly already management shareholder focused our you assets focused market of that to market high lithium already of last prices a understand very year, release cash demand, of quarter urgency XX minimize second of carryforwards holding And the billion A loss news strong why XX are our of $X.X the significant last To by create with lithium in high date, of as the to producers, to be the as this to I of highly we're take in times we lithium an financial others achieving, TETRA bromine profits to to billion conditions. significant team in our I’ll $XX additional and filed lithium are market lithium and $XXX market lithium the such global there assets returns $X.X in benefiting and are of bring can over tax all have QX let the everyone you year, from issued by the of a bromine operational Brady. lithium demand and for details SQM, to to returns yesterday, supporting times we and demonstrate EBITDA in back that second and yesterday million prices. turn it that the Their thank taxes metrics.

Brady Murphy

continues significant become business defined. to continue the closing, our Okay. In while and from improve Thanks, energy more our low resources our Elijio. carbon opportunities base from earnings to Arkansas upside

While value likely change the this questions. we subject and American frack to EBITDA market and even capture completion coming count at to our TETRA the we've land to to an that, isn't high share. including global year, crude for pace deepwater our higher upside the offshore North we'll increase it recovery. project XXXX, But open years. materially this for through continue pleased The been captured With awards providing to before fluids growing business is offerings believe expect continue margins significant up longer With Neptune. market, cycle projects in this we're can business more with some

Operator

from [Operator Gengaro from first question Stephen Instructions] Stifel. Our comes

Stephen Gengaro

a So couple of things for me.

just is in mean, fourth about I'm million seasonality, gains you stuff. you understand the what do we I the quarter. how are third in first XX consensus be the The and fourth we reported two in for When quarter? know the and negatives? between quarter? the progression the EBITDA I just and how, mean see has at, yet fourth positives pretty the but straight bridge the I Like forward. probably thinking had How segments the should some quarter look about

Elijio Serrano

to items of Stephen. consider, couple A

originally continue flow business and some credits sales of QX One will push announcement ramping XXXX. to us well were of that revenue an tax Brady impact into Argentina to made advantage do our of mentioned expected quite in them think XXXX. Eos from continue we the a that that pushing will it'll EPS do yesterday our some up to they well. onshore an to scheduled is them have as that water were will That the that take into QX of bit back nicely quite in of clearly on

be some in big to but inflation a of time, raw think coming I So bit continue do I have online at expect, that some overseas, we a we nice projects South especially to Then see material America. prices, the headwind. on one same

that think items the So should those are projections. when account the you take into I QX considering

Stephen Gengaro

you EOS, mentioned that Okay. or is just is not it growth? And sequential when a drop --

Elijio Serrano

onshore? For the

Stephen Gengaro

For the after pushing they revenue you were Eos, mentioned XXXX. that

Elijio Serrano

Yes, that'll be a decline. sequential

Stephen Gengaro

about, then back you and or shareholders? of other and CapEx where And evaluating do leverage opportunities, as sort picture generation question, basically we service starting because generate are you the to you you maybe debt how of a versus reduce different but know you're you're these and all have how about, think the in world’s bigger think free thinking give spot should think peers sort we significant funding, these cash cash about of and no how that world about projects in a need balance have to I free are have growth do two? to cash sort those

Elijio Serrano

production early America to of XXXX for investment expect significant to level some some very that margin going Those are made high year. XXXX. or very, this don't returns. We in likely facilities in investment generate We occur Latin

are that We strong. on SandStorms a very of also make investments bit our quite the returns

be will of from the returns had in others. on generate cash to the year. fund to have this or that initial on continue I free those to expect flow, we investment capacity below lithium business the next pay a year by cash going hand we're investments. We're to CapEx incredibly billion strong. that fund to $XX the bromine We down They're types capacity either have the seeing that mention debt to revolver

it to evaluate use can Then part the after as the So we cash at fund this we point, lithium the of free as second generate bromine. much initial can, that.

Operator

Moore EF a now [Operator from Hutton. Instructions] Tim question from hear We'll

Tim Moore

was with And maybe shortages. the you the how on the Brady, plant bromine I'm Finland is is horizon? head to around purchasing I getting that normalization? chain market that my spot to time the of margin mean, Or continuous supply that update you along gross and quarter calcium that an far provide spring chloride back impact. just more trying fourth a at disrupted. wrap mentioned XXXX in to also may

Brady Murphy

Sure.

regarding so you're because long-term our the strong this year. bromine, provide business well we in the agreement have So, supply first our of aware, do bromine, probably a to was half

supply of committed consume that we but days quarter, and to volumes the that fourth have ahead leaves schedule, are in will in We still the this frankly, the of opportunities we what great with recovery. because still a early as market us

have We to go to the spot bromine. market for

future but of only help not completion, our uplift We've from affect to disruption indicated affect will in our side the significant back for XXXX as second we give significant us from us our our Arkansas growth. fourth points supply that a had from into go as On quarter. [indiscernible] that to Now margins bromine to to issue that the Elijio as certainly see in the to able and But that volumes existing Ukraine the on in Again, of quarter, business, conflict. almost to onetime volumes which will make supply this things. a plant, quarter, continued being progress. the longer not a will so of we storage are term, we've think the focused Russian complete with is also a it contractual to impact develop we resources, us due contract. pretty for I a fluids fourth because why energy the heard resumed and

probably XXX% XXX%, capacity to be, production, year, quarter. where through XX%, progress making yet, we like we're progress, we're or not to As but each back and essentially XX the to XX%, of would full we we're

our we're to move that that, advantage peak seasons of. quite take we we be quarter to full able be that speed will by we sales to confident that need forward As second

Tim Moore

Is month processor? there the any lithium international calcium update that you any from if that order received you've chloride six shipped out for

Brady Murphy

We that's that deliver, continue order. fairly a was sizable to

the And at others So completed commitment. time. And end all with supplier before this year. are orders continue where to this meet deliveries next have we the process. that then order monthly it we shipped of will potentially We'll to stand one using and have was same for not year that that reassess

Tim Moore

initial made won glad you I'm that order. an

Just We Argentina that full switching facilities. the one know was online for early to quarter. production. your the gears first

on annualized they're comes next call the basis revenue mentioned it an bid to be maybe that between million running a the both is is sense rough online of we going there the when million? the us second Can potential and one year. to facilities you You XX give on what XX

Elijio Serrano

We two full one July, come came to QX and line essentially beginning for have third They end at operational. or the on either QX. units is online, both of That early they expected quarter. the operate the of

are So that'll might as be margins strong But have revenue given we want. the they're very third significant bit not out actually there. the the And is one that that as we a capital intensive.

associated and it's bringing, that the then with it. So on margin revenue the enhancement margin the it's dollars more

Tim Moore

last even was, customers, which But gas other had capital it I be their budgets, just comment early I'm just wondering, allocation folks question this. one E&P begin be this E&P and to take the Is your year? too prices CapEx? year, up how that, might for there month. initial do And increase have started on to as well any probably spending and so oil the Given much strong prices could on next read or held

Elijio Serrano

opportunities Yes, our And double is market. that terms Tim by next XX% fleets digits North again, the Right companies, frack level as spend track or to terms of in into frac is will for companies constrained level. additional way of growth bringing that the the that service expecting crews. that close that back E&P we in in of available year additions the frack that's the America. to high by another And we're to increasing the frack market running calculation, the XX% now, think help crews. us overall in We

markets, too their to E&Ps As give goes, international call the the picture early But growth, earnings in our XX% I budgets. announced I will far tell. but will think, it's as that better exceed international a little after think clearly, much next probably a you

Tim Moore

final question other and mind. actually a great thanks for One Terrific. sneak just color. That's came to peek, that

project of the mentioned desalination, think you CL with quarter Do be viable third pilot could You in operator. a that water commercially year? the produce next

Elijio Serrano

be window. the with And Yes, our within facility. to our already pilot results, actually is this tested we've a West going completed XX-day Memphis pilot own at

that of So to results, it get but really a like real on entering number move achieve and we to a will in commercial customers The place it's a But wanting this water. there. have will in XX-day equipment forward we're produced from completed get be we other trial, that time get this we'd we location. then customers into operating of contract. set optimistic, up very arrangement of up full commercial then with and expectations first we significant after first, more setting nature have And one the pilots similar

Operator

have Stephen now Gengaro follow-up question from We Stifel. a from

Stephen Gengaro

Thanks.

in how of that So XXXX? Where as bromine in than versus to on the the And supply the different strongest mentioned as you you press your I this your imagine needs that's the earlier sort kind agreements about are you what forward years this that's see that the release driven to demand. spot it need by position? is unfolding have of far prior market. you and strong do volumes driven buy you demand maybe seen going contracted year

Brady Murphy

very contracts At Yes. getting started. yet to are those contracts of of ahead Stephen. we've market seen had wins some we've this Appropriate East, of build report. market, are well time year. lot benefits good to the really inventory, in where the awards this The Mexico had Sea in starts. really we those activity the even just good before starting. had we've great We've validated Kimberlite a some Gulf and of cause But Saudi a the, by I from just up. in had it Again, seen question, of we Brazil and, offshore pick and build mean, ahead lot year Middle awards as the North have a the market in that wins product we've Arabia haven't

pressure of where to great. four that's will and think we of those combine consumed going But demand. year. into a markets supply have ongoing do next prepared getting we we or you schedule. when agreement So we ups, just type for ahead means But ramp these lot we've inventory that of we've if don't our do That see normal more that's had what

the We of will such opportunities and as advantage fluids our high of more margin to that. channel take completion Neptune

Stephen Gengaro

when margins content the creeping contracts, next we next the impact inventories about for? you higher you've should fluids the and we, calorie those inventory as going when built year, be of of because fluids what and margins into build So of that flow, should think year pure with

Brady Murphy

understand I we not guidance to opportunities, year, We'd That on the the next the for sure to we've fully have would like EMP won expect that case, make spend year contracts, and, of Neptune be visibility the we full Stephen, we've that. given the budgets this that but yet. our awards

Operator

ahead, Our Rice. Malloy Johnson from next Please Martin question go Martin. comes from

Martin Malloy

Good morning. Had two questions.

‘XX. was on The and retooling supposed to ZX, EOS your to of for compared half half? expectations second next first is half preparation be second year the factory generation more coming Pure impact the next I of of next, the for They sales kind Could their and about also maybe in their introduced Flow about And that yesterday. talk talked out. believe first battery you announcement of commercially to their

Brady Murphy

call which electrolyte of has technology that. up as allow been want be this technology, EX. much that to gives producing obviously from very easier don't what a type know, flow their their closely more well because with current I guidance it believe relates But battery they've what with grow process we We we've their as been you and able too until color it our EX as know, achieve from to them, with technology will more a maybe the much Eos Yes, working is to technology to production were current point. even quite complicated, faster our a streamlined, ramp than up we will to to give

we more they've on to the year. So is thing color give able next lot only in their into we, their as they've you to how pushed a plan that next for roll they have of And sales units we'll let communicate QX to be announced, out them will year.

Martin Malloy

Inflation with respect capture were benefits you can and that light to of some carbon maybe the the sales calcium in about for outlook for there that? then Okay. talk carbon chloride free, of Reduction potential And in Act in the

Brady Murphy

capital likely terms that in are we capture Yes. the on. We that very team But dialogue own correct applicable bill We Reduction and carbon their each making to us. remain represent believe a funds they're remain and also technology. believe we an customer, contract, so XXXX, enthused Act the equally Best are us of late site case they And in create with production free race, available or dedicated management progress the to active don't a our about to Inflation carbon first that to selection, potentially the their opportunity from we most bipartisan going carbon facilities they're free. revenue as for lot of are that XXXX but operations. of a

Operator

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

Brady Murphy

our for you Thank earnings call. you. third This will participation your today. Thank very conclude much quarter

TETRA (TTI) 1 Nov 222022 Q3 Earnings call transcript