TTI - Earnings call 1 2023 | TETRA Technologies, Inc.

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Operator

Good morning, and welcome to TETRA Technologies First Quarter 2023 Results Conference Call. [Operator Instructions]

I will now turn the conference over to Rigo Gonzalez, Manager of Corporate Finance and Investor Relations. Please go ahead.

Rigo Gonzalez

Thank you, Vaishnavi. you TETRA's thank Results Quarter and Call. morning, for First joining XXXX Good today's Murphy, are and speaker call The for Brady Chief Officer. Elijio Financial Chief Serrano, Officer; Executive

uncertainties, may you I based to be on of and statements of and forward-looking. many based These may that analysis contain are to statements are statements several several certain company. this be would the factors. beyond deemed that remind risks are subject are conference the on like These made or are TETRA and call which to assumptions by control

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

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

that to yesterday. to announcement addition our In our encourage we press also filed went you XX-Q we yesterday, release also that refer to

it turn now over to Brady. will I

Brady Murphy

Quarter XXXX Thank you, Call. First Rigo, and Earnings TETRA's everyone. good to morning, Welcome

quarter discuss highlights financials outlook. provide call initiatives provide the some first summarize first before discuss strategic an to our update and on and to I'll the our outlook quarter Elijio second an over quarter, on financial near-term our for update market turning

EBITDA of in was internal and by some results our X% and of on segments. costs, the excluding with year-over-year of or adjusted by EBITDA, both EBITDA the losses onetime quarter-over-quarter investments XXXX. expectations, first our exception since quarter line benefits gains X% margins quarter employee highest in increased and stronger the Adjusted With legal first including were

including levels, strong business, have pricing. coupled by Revenue international conflict grew our chemicals our from nearly by locations the operations performance the quarter returned pre-Russia-Ukraine to with stronger European fourth industrial X% from where

Revenue driven from as in activity from quarter stronger America as XX% first last to announced as compared of by the the XXXX, by international at of markets contribution investments Latin year. the end strategic grew well

this Brazil We investment, deepwater one will growth in well-communicated deepwater that the than capacity recently double more completed completion ahead market. of another Brazil operational our the fluids in

offshore includes expansion, North Brazil the have key the our that expansions completed our of we With Mexico Gulf also plans market now and for investment Sea.

As second the these mentioned our quarter adjusted very release, significant are quarter. feel EBITDA If projections press support in well first timed our realized, our to we revenue and investments for segment of second our rigs globally. Fluids quarter the for since be XXXX, Completion XX% quarter revenue were the there will third quarter active more deepwater operating than when highest projections more

we deepwater the outlook in offshore cycle. a market markets previously, and early the up The of days strong. as we're feel communicated still And longer-term remain in international

share gains for well market our as such this second leadership, as positioned the from well these investments, The of Neptune. innovation most us up quarter CS recent service reflects Our recognized cycle. strong very combination capacity has forecast performance as

overall natural commodity in expect to gas, resiliency encouraged segment growth Services XXXX. continue & volatility despite Domestically, double-digit near-term in particularly Water of the and prices, our activity we in Flowback remain for

SandStorms. management the to continued not and by oil We growth and softness exposure the does recycling share gains including water in be our have with believe those significant TETRA While in the will basins markets in markets. market sand production-based balanced TETRA gas services,

maximize continue driving cash meaningful flow. generate for is returns strategic XXXX on and to priority margin Our expansion, capital

despite revenue EBITDA had the significant increased XXXX 'XX. Now 'XX Adjusted basis the unrealized & Adjusted EBITDA X% sequentially previously sequentially adjusted quarter fourth of from Products improved of fourth up with Fluids moved of million into the $X gains margins Completion projects to the quarter by of that first XX.X% of segments. first XXXX. increased turning $XX from excluding $XX million points EBITDA million sequentially, and when periods. margins XX.X% XXX of to losses both quarter compared in quarter

the For our East manufacturing quarter, the all in from positive across of strong we benefited Middle sales plants. and variances

As completion of completed Gulf XX% the wells in we deepwater bromine-based of Mexico estimate fluids. a that the reminder, use

that So we is high-value high for the Neptune. which demand TETRA are completion CS seeing increase resulting our in includes globally deepwater bromine-based activity very fluids,

Norway North Sea job a high during execute currently a the job Neptune probability We're in Neptune we executing will CS and is there feel second CS a quarter.

pre-Russia-Ukraine industrial European seasonal conflict to for quarter peak and is levels contributing the the business strong market-leading prepared well chemicals quarter second back second to nearly forecast. activity is Our

by million our $XX of to Flowback $X.X $X.X Revenue decreased XX% Shifting or $XX.X & $XX X% due timing customer of adjusted EBITDA quarter-over-quarter segment, Water schedules. million improved of improved completion to XX% revenues year-on-year Services million or million or the year-on-year. while million certain

of basis last this offering adjusted grew margin quarter as by strategic Water points Market continues to same revenues compared and penetration our expansion. & we XX% differentiated product as execute XXX of Flowback margins the XX.X% associated priority adoption customer SandStorm to EBITDA technology improve improved cyclone our as year. advanced with Services of on

sold-out addition, valuable at XX% agreement for application XXXX. their higher discussions avenue utilization the an our new on signed fleet on new and and a to levels current a for customer SandStorms supply average a fleet which we versus throughout to Based customers, growth. facilities, market with count with key In is year remain we production near of expect

to third in facility come quarter. online second early in the is production The Argentina expected

and adjusted and drive our range growth to XX.X% the of efficiencies of all of the by to operational management year double-digit businesses, the support We of in margins our continue automation for from achieving EBITDA end goal year. XX.X% the water which

feeds technologies. continue also as our pretreatment progress we're to our making process to desalination initiatives improvements desalination water exclusive engineering Our that proprietary

to by targeting plant commercial design this of complete year. are a the end We

well Finally, a currently with We're study. drilling accuracy we the improve progress intent carbon good a lithium energy estimated economic preliminary first the Arkansas to continue quarter, of estimates initiatives. resource section and progress in to and towards on from Southwest feasibility delineation on our X,XXX-acre the our in low bromine bromine make our a assessment

We to long-duration also chemistry chemistry. bromide energy include pure broader our the electrolyte evolve cover flow electrolyte continue to zinc formulation to storage component beyond the

XXX,XXX the in which of lithium Design has equivalent. also a of carbonate lithium an engineering, project, construction procurement for contractor of are inferred estimated Engineering selecting we our Additionally, FEED an study Front-End for and process or tons resources

TETRA brine project development required bromine resources support milligrams of lithium, lithium X,XXX per inferred both, both so where reminder, the decided to an and liter of milligrams of production a and of bromine. per liter for or wells a approve report would lists minerals the with As the XXX pipelines for capital the average

that, it to it With open provide up then questions. Elijio turn over I'll commentary, to for some additional we'll

Elijio V. Serrano

Brady. you, Thank

activities funding year. a from Cash quarter operating use activities our $X was compared million of the last after first capital the cash continuing to million free quarter million flow cash of of million. operations flow in fourth in Adjusted was of from operating $XX.X $X $X.X expenditures used in

the quarter million employee not In quarter claim. free second our proceeds $X.XX We the settlement in the million of Inventory received the cash prior the of in used the adjusted prior include in bonus traditionally did quarter, on nor insurance and industrial has year quarter first seasonal this for on anticipation we cash for first tax property of first cash business. $X.XX year. quarter. an timing cash incentive payments in EBITDA in The proceeds flow in a European peak the expanded chemicals for

quarter end million, as last capital million at compared the of quarter million. $XX cash $X.X credit the was the capital the million first in of of unrestricted consumed Working to $XX.X was end in the availability fourth the of cash and under agreement first of quarter use year. quarter, $XX of a of At our million Working cash $XXX first

with over was September first net million, quarter. at a $XXX $XX a end the improvement maturity XXXX the was Liquidity debt slight fourth $XXX of Long-term the quarter million. debt was million, while

end Our of net the was first X.Xx at the leverage quarter.

the cash bringing XXX,XXX on another shares total $X.X XXX,XXX earlier, million Lithium, with of our to price. holding to of a market securities. based also liquidity Friday's Standard I We mentioned shares and count received addition share marketable approximately are we closing In value

million. have valued We Combined, is totaled any shares the last based is are April restrictions market nor million, X.X don't received holding selling the now investments we approximately a Compressco closing million approximately CarbonFree investment Standard also common ] of traded. with our units on $X.X than value at year. in slightly units, approximately less We $XX And price. XXX,XXX Friday's these currently million, [ Compressco CSI which $X Lithium publicly of on CSI of also

million. as strengthen. to between remarks, and of in on power million $XX $XX.X of be billion Total compared second and be earnings $XX EBITDA The gains projected XXXX losses impact And any in expansion adjusted investments. second Based revenue to million, year current further to the highlighted $XX to quarter. be to expenditures $XX $XXX million our between in capital quarter taxes from between be income is first between both the anticipate million Brady's the visibility, $XXX we revenue excludes $XX.X and This or segments are million in and to and margin growth million quarter. anticipate we $XX billion. on continuing before And

providing given the we are sequential that change quarter anticipating. Please we are note that guidance material second expected

provide annual material or see significant our do Going to not quarterly a we performance. expect forward, guidance change expect unless we to in or quarterly

the point of moved million would due first second includes They quarter revenue increase and forecast $XX the our sequential We million quarter calcium $XX the fluids the approximately offshore into quarter also second chloride in to Europe. Northern to seasonality business that from projects. out

expect equal we see industrial an quarter, change to third the business. European In our in downward

fluids The calcium for our second ramp-up and half inventory receivables strong receivable, to total the the flow approximate generate the expected to of margins. our Our significant adjusted are free accounts we EBITDA as cash business deepwater year. chloride our European in convert in year segment in monetize strong then business those European of second activity the the margins half

with with on to our our the Energy and last strategic With we to to we bromine potential Arkansas partners strategic Department assets, for process the our discussed project. work of seek call develop partners continue to identified respect

on We et until All progress are cetera counterparties, will not be intend the of we and agreement, to confidentiality definitive those. to something commenting under we announce. discussions those the engaged publicly have respect

I'll for it we call before up questions. back we open turn closing before open to comments it to the Brady

Brady Murphy

Elijio. Thank you,

the good So anticipate year quarter. to second we're and in strong a closing, very start off for a

cash and we the continue positive with economic on outlook of margins for of and remains will in steady execute priorities progress While on Arkansas markets engineering the strategic to resources. lithium feasibility bromine which flow the operate, our our increasing we and

expansion facilities very in well markets We've made of several recovery. as fluids to early timed the the quarters invested returns in quarters via are contributing as production of investments midst earnings of businesses base last completion are our capital. on a our deepwater international already while These the deployment and -- during market well driving

open that, the call questions. I'll for With up

Operator

Johnson [Operator with Malloy Instructions] Our first question comes Martin from Rice.

Martin Malloy

this ask the is. say question, the first terms heard expect differentiated I for commercial targeted competitive to overview wanted technology. it Is little plant? of customer bit of thought desalinization us about by to the you that ] have My plant give maybe a I how end water a you of there Could [ an a you environment, year. And I in

Brady Murphy

Martin. Yes,

technologies as with So desalination to for agreements gas we and update, -- for exclusive lower both KMX higher and service signed the have different unit technology Hyrec TDS water both mid applications, we've markets. -- oil previously, and for KMX industry for unit an solidity Hyrec, announced some the levels

was was That The we sponsoring one customers our key with that's of the earlier our efforts. pilot year did that in very successful.

front through before We technology are mentioned. it front-end the fluid to working -- engineering we end had of the on of I the that some treatment improvements the improving run proprietary the TETRA's

that's something so working we are on. And

scale And we because we project will will a time, these at first at some was operations confident engineering highly have pilot a scale we're looking obviously pilot that require We used on are the To completed. same additional unit. the had engineering. what

there we'll we commercial are that a design the customers with engaged are in the so And of other customers, and have very a not very interested completed and field technology. combined, this a hopeful we'll contract, the end by plant point very whole we're this executing much if of of year, that at be think plenty current

situation. agreements the a produced current that's yes, we so expertise that position got because around Martin, water we've this, brines. like feel the We in leadership have of and and treating But our

Martin Malloy

well My just higher outside could 'XX, to if Mexico Gulf of look potential maybe Gulf get where markets? like other opportunities follow-up you if out maybe trying the the of North you there Neptune. exists. revenue of And maybe sense and of on question a like, Is And per the, market maybe into talk a Mexico, -- some of then what Sea, potential about is look some Brazil?

Brady Murphy

Yes.

is So we're what kind North the are volumes. previously for in jobs the stated the terms of right Sea seeing the we've smaller us. new Sea way that now North of leading is And as opportunities typically

Gulf smaller of volumes. are to they which compared the So large Mexico, very are

XXXX, before It's well Mexico, potential possible the likely projects that have of to we point can projects, Gulf nothing that of of will But we're that the fall Gulf very with series deepwater we execute specific but a relates year longer-term we into end a Mexico could are is several projects a hopeful of As at there that date customers. that and for. we for. give it then this tracking

market markets we those in are are Neptune. some North opportunities. as think what levels pressure big for Neptune most part, Mexico, Gulf the potential. now, X But would of see we right some the the Brazil and high a that has So in driving as Sea be other markets CS the not Brazil's

completion for not a Now for it's opportunities. fluids Neptune a but big our market market big business, normal necessarily

Operator

with from comes Stephen Gengaro Stifel. question next The

Stephen Gengaro

expect about European forward guess million things EBITDA view Is from like the pull-through for in relative it of from just businesses half. business the or there's me. into picture a I you're If calcium to -- growth start just that XQ. some on I pull based a big chloride as headwind second mean portion you and you now? kind with look a So X to XQ? into of offset XQ right I seeing XQ of your $X sounds And to the from least underlying what the do at comments,

Elijio V. Serrano

more that We coming that and second begin the early an believe QX production progress. towards obviously, believe making, online completion side. strong water Especially market side, QX. And we're to the into side give it Argentina, on us the on the side. progress we're Yes. just onshore will seeing moving the deepwater quarter, carries in facility in the and production fluids' for cleaning will overall continue that the We on

in So we think from there's an opportunity to mitigate some of QX. the seasonal QX drop

Stephen Gengaro

Okay. of more the X-parter. Arkansas? far And moving in U.S. then maybe vehicles thinking the Has question probably partners' a in as think critical around regulations my sourced potential other your some But minerals the on impacted projects when being and forward lithium you IRA the domestically. electric that rapidly thinking is with about side or as of the

Brady Murphy

lithium would the a I And Chile, market to question. and lithium the is booming be to in future. a market the business no news of there's in Steve, nationalization business add U.S. of important in going very the that, Yes. recent the

a have to I think our we project, certain follow. there's for cadence

drilling that as We resource up well. prove have second level. to doing our the now We're we're

to future to complete assets identifying our we're with, the that exercise. But there's prove we well lithium in business. in good optimistic ] we're for If in of it have we the shape a that fire-retardant for have. which asset no those things up, But mind work we're [ able side very also still very but is the as bromine for as outlook I electrical my question that vehicles think both as that to relates partner about the used to

Stephen Gengaro

-- mean, PureFlow, we're the are you side, what revenue -- we from on And thought? a start of late when 'XX based flow reasonable on the a event a just that quick that I hearing Is it's kind 'XX The then see Eos one. and of stream. to

Brady Murphy

tracked we're their Yes. to ahead pretty We -- of well get don't want Eos going because we're forecast. to

So track you developed I in broader But we our the that mean, that frankly, we'll market demand. communicate can to will Eos' increase assume PureFlow. let quite components have electrolyte like. And what looks them some

Operator

from comes question Hutton. EF Moore Next Tim with

Timothy Moore

Flowback cause factors Thanks by for that and providing end the quarter driven XX.X% the aspects early From & bottom in details. could what driven the end the facilities production the guidance could fleet? Water specifically, swing XX.X%. guidance Or SandStorm of difference the of it between and top in be EBITDA more second the or Is more it margin by is Argentina?

Elijio V. Serrano

to remote of few use initiatives of keep come production talked have SandStorms advance sand a say it. driving and one, site. about at filtration driving personnel than got enhancement. focused applications Number that series We utilizing wells further other a well that our would margin the down in new and cost down automation the early facilities. -- there's to I monitoring the team items on They've is on online,

X I those the the margin of pullback if around gas-related majority even the going our there's activity, that modest oil enhancement of business vast in this. are drivers drilling to would think a of be main side is

there's if might we of sector, oil that we from the we some the oil the the into can the introduce it that have. -- sector think initiatives counter gas internal a with So most pullback, sector but to slight competition from

Timothy Moore

for next the where be Mexico you if sight XX we could about know helpful your in of over maybe additional products talk starting anything months there be follow-up But line very executing an CS little question a color provide maybe a just interesting that earlier Can regarding Neptune. you jobs different customers. to more quarter X the same Neptune Gulf as year. could next you And It's on of the X in might with else.

Brady Murphy

Yes.

that market while us -- It's kind of a get that all an to mean, customers, Sea. required starting it's the we're pleased known So good been the we're with the we've I that see a now. to in seeing Tim, happen taken through North have momentum levels, I really think et with always we're testing introduction cetera, that for Neptune. been the but

there both of the North So line U.K., on jobs is Sea side Neptune us, of sight strong the for primarily Norway of market. a

to Gulf we been fairly haven't introduced days deepwater our always have some market market early you that the the decline. job collapse, was large move The those XXXX, as this possibility said, execute started necessarily projects likely will with we're Neptune start where the of but of there's the end by moved radar, be forward. a Mexico, year, I as more opportunities campaigns. We're seeing forward. multi-well And in I the we'll know, a then those Those projects hopeful and think on into is also with

this to as can but point, as -- we So that's much communicate.

Timothy Moore

That's And your helpful, maybe just bromine evaluation. Brady. project to switching development gears

begin if couple you after approve you theoretically, Is you that whatever Just be, the construction maybe out, months can Board feasibility the many or could lag project later be of long of study comes the that later? September. do months might it and How there a project? think a

Brady Murphy

Yes. components. the long already and Actually, lead identifying items been we've

actually get that have launching in and we a expect progressing the handle approval Board X time -- be will ready on plant terms if on project. to line project, of we we long to were items lead go very So day once we good for this

Elijio V. Serrano

that would risk a change we put thing TETRA that want the case going work in Tim, on not the company. in We're us not we're at debt going the overlever on market. key there's put to to to is

partner right finding part process. of the now also of capital to a source of it's this So some strategic matter our as

Timothy Moore

NPV great. IRR sounds I and that and leverage that attractive quite No, amazing. the in the impact. just But minimizing is mean like on color I

the quarter. I quarter? mentioned drilling we spent cash than those half the extra March project, something Are I you fall will free second million? $X bromine the about mostly them for like about timing. of less you the remaining should quarter? some in sounds in the million of fall comments they flow. Or June know exact in $X quarter? know the only Was It the can't that of think costs total. some June How remember I Elijio, September some like do earlier it's

Elijio V. Serrano

be probably quarter. into the [ we Yes, to half that of expect And number. of most ] somewhere test around flow will second it the fall

strong in with of in cash QX. second Now respect into inventory why That's free quarter AR ] those June European we second half our convert the to free cash in flow collections year. begin the then business. the we we And in in but [ primarily flow, expect

own flow list you And in of what that give deducts free a assumptions. let can we the free deducts total sense remains flow. we this investor your cash earlier list a that to to cash EBITDA published at year. good we presentation as We'll arrive our you to in published achieve of we year make think But

Timothy Moore

calcium question in decline sales Great. And for my with release, for last that. it third in on was and That's the some But quarter pulling confident you're to second helpful. press the being to in seems sourcing chloride is, prepared nice and quarter. your inventories it like the hear the according guidance pretty

backup you you fair up assume suppliers? is chain -- we pretty it be As the year-over-year some this the the of should look sales up year? supply calcium lining that chloride given issues half to to some should out year last And year, of second are

Elijio V. Serrano

That's correct.

sell Europe. the second Also is calcium chloride be year in expect chloride in to throughout do in recognize always calcium that But we up We the quarter. sequentially. peak the business industrial the obviously,

do peak the next continue European our some they start What each year in gradually demand July the decent as year. March the that inventory but ends to again of to they volumes season way building up soon of to is peak the do into normally as quarter all peak meet June, operations leading from sell

Operator

Hoh Next comes question Samantha ISI. Evercore from with

Kay Hoh

but here I a if capacity there. -- seems information what double for terms little the you been for guys, a I that you more don't frame Brazilian pretty that how means us historically sounds fluids. you if wondering meaningful. of was capacity could to quick out bit maybe maybe us huge -- could market down for you're think market it's the in A has acquisition completion contributor, that about Brazilian ever where question doubling about That actually give been

Brady Murphy

Sure.

for in the we've market some So time. been Brazil

significant have we so, year awards. think or fairly I announced some over last the

So share market know, is And definitely wise the our our quite against as up have activity to increased now improve where bumped to Brazilian we market has capacity. you meaningfully. forecasted

awards customer have, we in terms of our the capacity. So projects for that really start us growing of activity a combination looking led to additional

so And capacity some favorable our we plant. logistics that current fortunate we're that's found from very to deepwater

so And it a for make us acquisition. to fit nice that for made very

Kay Hoh

Great... Okay.

Brady Murphy

And it's sorry. said, to part you of business. as but meaningful been I'm it hasn't business a we the more expect past, -- in I we TETRA's much forward, be say as huge look part wouldn't our it of a

to didn't cut off. you I Sorry, mean

Kay Hoh

all. at Not

of about that a was the The was works to I there in fleet need -- signed? those for you -- terms that what's don't dedicated units units? that out other wondering question add to Do I terms how in I had customer. I SandStorm. contract a visibility you mean for providing like pretty And the the you of like is called contract good

Brady Murphy

Yes.

So mentioned, the a had we is unique Samantha, application. one

We their production before have a customer on facilities. contracted not actual with

know, normally We're on taking our our the the as gas site, flowback produced the you out of and is technology flow sand technology, the sand flowback As is location. oil and is. at where SandStorm stream well

into production their with way SandStorms project don't putting customers' facilities. just all which getting is want facilities, because further they actual downstream the any sand production is at This

application. this new so a contractual agreement. That's long-term is a And

to or some long-term take arrangements this agreements of cases, in these may new expect facilities. will even market a these on SandStorms of either us. buy lease is for types But customers as part production want their I

still potential so days, a little early some us. obviously significant for got bit it's And but it's

Kay Hoh

last were like And one. any you out in for that capacity of that sort that Okay. business. things your then any interruptions contribute sort expanding should all believe Is be of just to would for chemicals quarter? this cause of we or business? look the Europe track in Europe mindful one And I on

Elijio V. Serrano

Ukraine-Russia that of going in chloride year we before the were down calcium had think everything. was and slowed last to that So announced, sort capacity the I expand we before business, right our conflict

we're here, to in As ramping Northern production producing we're up, a we've produce up into volumes the beyond we that chloride in got capacity see opportunity business now Europe. ramping where calcium the

that acquisition mentioned we small to our business. also a done support we Then had fluids

is The performed the above first X, of our that we where perform benefit X first having got expectations. and it business of quarter months

industrial X and those chemical on. which now we're X we full fluids exploited; have the not expansions, fully on the X So side, benefit the on seeing that yet completion side

Operator

Stephen The Instructions] [Operator next with Stifel. a is follow-up question from Gengaro

Stephen Gengaro

quickly, about big it's in any [indiscernible]. And CCLP them your debt? thought bit just holdings to a selling and paying in little Just How think process you know is when equity there not and down I you numbers. do evaluate those? just

Elijio V. Serrano

in Standard or CSI is at to do that Standard investments we value sell Lithium objective companies. and then peak. Our investments in do that is reflect We attainable believe to what with did our not Compressco those Lithium the is try today hit the for peak

it. to this So we're we monetize a at expectation that going point, higher have

to capital We are not Arkansas source yet build having assets. to our

big of that will a that mentioned, not available something capital to as source at. we can imagine go But you big, You million us. And through sneeze numbers. not is be process, that to as $XX

Stephen Gengaro

Yes.

Okay. about And how your think do leverage you target ratio?

Elijio V. Serrano

Yes. worse to to investments significant where solid We that already us, prefer behind no difficult in in with And than X.Xx. maximized are being we're X.Xx. earnings times, times closer

to we bring band going We Arkansas above X.Xx in to or us So market. monetize like to see assets that that's stay our to don't the with. would

Operator

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

Brady Murphy

first call. With that, XXXX we Thank you. for quarter in Thank earnings participating the you will call. very our much conclude

Operator

Thank concluded. now has conference The presentation. attending you for today's

all may disconnect. now You

TETRA (TTI) 2 May 232023 Q1 Earnings call transcript