TETRA Technologies, Inc. reported a decrease in consolidated revenues for the fiscal year ended December 31, 2024, totaling $599.1 million, down 4.3% from $626.3 million in 2023. The decline was attributed to lower activity levels in both its Completion Fluids & Products Division and Water & Flowback Services Division, with revenues from the former decreasing by $1.7 million and the latter by $25.4 million. Despite the revenue drop, the company achieved a significant increase in net income, which rose to $108.3 million, compared to $25.8 million in the previous year, largely due to a reversal of a valuation allowance related to deferred tax assets.
In terms of operational changes, TETRA Technologies has been focusing on low-carbon energy initiatives, leveraging its expertise in fluids and chemistry, as well as its significant bromine and lithium resources. The company completed a definitive feasibility study for its Evergreen Brine Unit in Arkansas, which includes both bromine and lithium resources. This study is part of a broader strategy to develop these resources, although the company has not yet made final decisions regarding the development stages. Additionally, TETRA entered into a memorandum of understanding with Saltwerx, LLC, a subsidiary of ExxonMobil, to explore potential bromine and lithium production from the Evergreen Brine Unit.
The company’s employee headcount stood at approximately 1,400 as of December 31, 2024, with no significant changes reported in labor relations. TETRA Technologies continues to maintain a strong market presence across various regions, including the United States, Europe, and Latin America, with a focus on expanding its service offerings in the low-carbon energy sector. The company’s strategic investments are aimed at enhancing its capabilities in the growing deepwater market and long-duration battery requirements.
Looking ahead, TETRA Technologies expressed cautious optimism regarding its future performance, contingent on market conditions and the successful execution of its low-carbon initiatives. The company noted that while it has experienced a decline in revenues, it remains committed to pursuing growth opportunities through strategic investments and partnerships. The management emphasized the importance of adapting to market demands and technological advancements to maintain its competitive edge in the energy services sector.
About TETRA TECHNOLOGIES INC
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