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Credit Suisse Energy Summit – Tetra Technologies Inc.

Tetra Technologies Inc. · Feb 25, 2015 · 33 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 1
    TETRA Technologies, Inc. and CSI Compressco LP February 2015
  2. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 2
    Corporate Profiles COMPANY OVERVIEW Stock Market NYSE: TTI NASDAQ: CCLP Recent Share Price(1) 5.12 16.66 Market Capitalization(1) 407.5M 552.1M Enterprise Value(1) 837.8M 1.1B Number of Shares/ 79.6M 33.1M Units…
  3. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 3
    Business Segments COMPANY OVERVIEW FLUIDS SERVICES PRODUCTION CSI COMPRESSCO OFFSHORE MARITECH TESTING SERVICES Targeting to Only vertically The largest North Full service compression: A leading provider of complete our operated…
  4. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 4
    Balance Sheet and Liquidity FINANCIAL OVERVIEW TETRA CSI Compressco Consolidated TETRA Millions (as of 9/30/2014) (as of 9/30/2014) (as of 9/30/2014) Cash as of 9/30 15 21 36 Revolver Availability 100 235 335 Liquidity 115 256…
  5. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 5
    TETRA is well positioned to leverage synergies and provide services through a global infrastructure 6
  6. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 6
    TETRAs Transformation Divestiture of Maritech Recent Investments ( millions) 350 CSI acquisition completed August 4, 2014 300 250 122 200 Targeting 80M-90M of CSI Compressco growth 150 capital in 2015 100 170 50 30M water…
  7. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 7
    TETRA is Evolving EVOLUTION AND STRATEGY TETRA is a pure play oilfield services company following the divestiture of Maritech 2009 Revenue (1) Oilfield Services vs E&P Revenue(1) ( millions) CSI Compressco Production 10% Testing…
  8. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 8
    Global Footprint, Growing International Presence 2013 Revenue Mix excl. Offshore Services Intl. 36% US 64% 9
  9. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 9
    Leveraging Synergies EVOLUTION AND STRATEGY TETRA has evolved into a harmonized infrastructure with multiple service offerings Successfully cross selling services Leveraging local nationals in management to enhance customer…
  10. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 10
    Strategic Evolution 2009: 0.93 Billion(1) Short Term Tactical Improve free cash flow generation Minimize Maritech cash outlays Fluids, PT and CSI Compressco Expanding Production Testing margins 43% Offshore Services Leverage…
  11. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 11
    Leveraging the value of the integrated business units and service offerings to the oilfield and other industries 12
  12. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 12
    Fluids Services FLUIDS SERVICES Completion Fluids Only vertically integrated cost effective solutions provider of high-end clear brine fluids - Manufacturer of calcium bromide, zinc bromide and calcium chloride - Long-term bromine…
  13. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 13
    Fluids Services Financial Overview FLUIDS SERVICES Revenue ( millions) EBITDA ( millions) and Margin(1) 450 24% 416 120 22% 25% 21% 400 383 100 17% 20% 16% 80 93 350 335 92 15% 305 60 70 300 276 10% 40 52 44 250 5%…
  14. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 14
    Production Testing PRODUCTION TESTING Flowback pressure and volume testing provides data to optimize production and minimize reservoir damage Production Testing used to access newly available production and extend productive life of…
  15. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 15
    Production Testing Financial Overview PRODUCTION TESTING Revenue ( millions) (2) EBITDA ( millions) and Margin (1) 300 110 36% 40% 31% 35% 90 28% 208 196 30% 200 183 70 21% 25% 140 64 104 50 17% 20% 50 100 15% 30 30 42…
  16. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 16
    Offshore Services OFFSHORE SERVICES A leading GoM provider of decommissioning and well abandonment services - Largest provider of heavy lift platform removals with two derrick barges, including the newly built 1,700-T TETRA…
  17. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 17
    Offshore Services Financial Overview OFFSHORE SERVICES Revenue ( millions) EBITDA ( millions) and Margin (1) 350 60 18% 20% 300 287 16% 274 266 18% 256 50 15% 13% 16% 250 220 47 14% 40 200 42 12% 30 41 8% 10% 150 38 8%…
  18. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 18
    CSI Compressco LP 19
  19. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 19
    CSI Compressco Profile CSI Compressco provides compression services across the entire Value Chain Ending Number of Units (1) 6,357 Ending HP (1) 1,072,000 HP Range 20 to 2,370 Employees 1,000 Conventional and unconventional…
  20. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 20
    Strategic Rationale CSI Compressco has a strong engineering and manufacturing team focusing on packaging natural gas compression equipment Packaging designed to meet specific customer requirements Extensive design and packaging…
  21. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 21
    Competitive Landscape CSI Compressco is well positioned to capitalize on significant market opportunities. Service Fleet & International Total Utilized Rental (1) Company Name Service Fleet Fabrication Fabrication Presence Fleet HP…
  22. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 22
    CSI Compresscos Distribution Trend FINANCIAL OVERVIEW Quarterly Distribution (Annualized) TETRA owns 44% of CSI Compressco 2.00 1.94 1.95 1.90 1.84 As the general partner, TETRA is entitled to 1.85 1.78 1.81 1.80 1.75 IDRs…
  23. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 23
    Potential Impact of Increased Distributions FINANCIAL OVERVIEW Opportunity to Create Significant Shareholder Value from CSI Acquisition CSI Compressco Valuation at Various Declared Distribution Levels Annualized Distribution 1.80 1.90…
  24. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 24
    25
  25. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 25
    Tactical Initiatives FINANCIAL OVERVIEW Strong focus on cost reductions: Adjusting the cost structure with change in oil prices 10% headcount reduction since October 1, 2014 Achieving Production Testing turnaround objectives…
  26. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 26
    Strong Balance Sheet FINANCIAL OVERVIEW Completing Asset Retirement Obligations with a strong balance sheet Long-term debt at attractive rates of 4.0%-6.5% for TETRA and 7.25% for CSI Compressco Ample liquidity to fund growth Debt…
  27. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 27
    TETRA as an Investment Opportunity 2009: 0.93 Billion (1) 2013: 0.96 Billion (1) Offshore Fluids, PT and Services CSI 27% Compressco 43% Offshore Services 38% Fluids, PT and CSI Compressco 73% E&P Revenue 19%…
  28. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 28
    29
  29. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 29
    Leadership Team LEADERSHIP AT TETRA Highly qualified management with a broad range of experience from large multi-national and small service companies Stu Brightman President & CEO Elijio Serrano SVP & CFO President & CEO since May…
  30. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 30
    Leadership Team LEADERSHIP AT TETRA Highly qualified management with a broad range of experience from large multi-national and small service companies Keith Schilling SVP Energy Services Tim Knox President of CSI Compressco Joined…
  31. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 31
    Appendix FINANCIAL OVERVIEW (thousands, except per share amounts) Market Capitalization: TTI Market price per share on 2/20/2015 5.12 Average number of diluted shares outstanding (in thousands) ended on 09/30/14 79,599 Compressco…
  32. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 32
    Appendix FINANCIAL OVERVIEW Reconciliation of EBITDA Reconciliation of EBITDA Production Testing Offshore Services in millions 2010 2011 2012 2013 2014* in millions 2010 2011 2012 2013 2014* Income(Loss) before Taxes Income(Loss)…
  33. Credit Suisse Energy Summit – Tetra Technologies Inc. – slide 33
    TETRA Technologies, Inc. and CSI Compressco LP February 2015

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