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November 2016 Investor Presentation – Tetra Technologies Inc.

Tetra Technologies Inc. · Nov 18, 2016 · 36 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. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 1
    TETRA Technologies, Inc. CSI Compressco LP November 2016 1
  2. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 2
    Corporate Profiles Stock Market NYSE: TTI NASDAQ: CCLP Recent Share Price(1) 5.28 9.63 Market Capitalization(1) 489.4M 320.3M Enterprise Value(1) 731.7M 817.0M Number of Shares/ 92.7M 33.2M Units Outstanding(2) Average…
  3. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 3
    Recent Highlights Strong third quarter adjusted EBITDA margins for CSI Compressco 33.9% Fluids 26.2% Offshore Services 16.0% On the 3rd CS Neptune deep water GoM project, moving to the 4th project Signs of a recovering US Onshore…
  4. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 4
    Transformation and Evolution 2015 OFFSHORE SERVICES 122M 11% PRODUCTION TESTING 134M COMPRESSION 12% 458M 40% FLUIDS 424M 37% Compression, Fluids and PT represent 89% of revenue 5
  5. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 5
    Fluids 6
  6. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 6
    Fluids Chemicals/Completion Fluids Only vertically integrated service provider globally Seamless supply channel from manufacturing plants to CBF blending facilities Significant infrastructure Strong global competitor Introducing…
  7. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 7
    Fluids Financial Overview Revenue (In Millions) 2015 Revenue Profile 150 117 123 105 105 110 111 99 100 91 59 61 63 International 50 28% 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 United States 2014 2015 2016 72% Adjusted…
  8. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 8
    CSI Compressco LP 9
  9. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 9
    Q3-2016 Highlights Cash Flow Positive Operations in Challenging Business Climate Q3 2016 distribution coverage ratio [1] of 0.99x Q3 2016 Revenue of 70.7M Q3 2016 adjusted EBITDA [1] of 24.0M Q3 2016 adjusted EBITDA margin [1] of…
  10. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 10
    CCLP Business Model Vertically Integrated Flexibility for a Wide Range of Customer Compression Needs Fee-based services contracts utilizing CCLP Portion of Common management, inventory and compression services fleet equipment…
  11. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 11
    Compression Services Stability Most Profitable Product Line is also Most Stable Product Line Fleet Utilization and Composition [1] Fleet Application [1] Natural gas consumption in the U.S. continues to increase 0-100 Hp Compression…
  12. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 12
    Compression Services Geographic Diversity Operating in the Most Prolific Producing Basins in the U.S.A. Bakken Niobrara Utica HP Distribution by CCLP Region [1] Marcellus International Monterey 4% East South Texas 10%…
  13. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 13
    Financial Overview Predictable Cash Flow not as Susceptible to Commodity Price Downturns Compared to many Other OFS Revenues and compression services margins have been relatively resilient despite 77% decline in drilling activity since…
  14. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 14
    Covenants, Debt & Liquidity Amended Leverage Covenants and 80M Equity Offering to Provide Additional Flexibility to CCLP Minimal CapEx required to maintain cash flows Positive and predictable free cash flow generation No debt maturing…
  15. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 15
    Production Testing 16
  16. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 16
    Production Testing Frac Flowback Production Testing Optima Early Production Facilities Remove residual sand Access and evaluate Offshore Rig Cooling Deliver engineered and debris to allow well performance suppresses heat customized…
  17. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 17
    Production Testing Revenue (In Millions) Balanced domestically and internationally 60 57 50 Saudi Arabia and Permian Basin represent 50 44 42 40 37 biggest areas of concentration 35 29 33 30 20 Customer base is the better…
  18. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 18
    Offshore Services 19
  19. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 19
    Offshore Service Business Model Cutting Downhole Consulting Heavy Lift Diving Services Services Services Ability to reduce/flex costs 1 or 2 in all our key sectors Cash flow positive in the valley of the cycle Light asset…
  20. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 20
    Offshore Services Financial Performance A strong culture of cost discipline with Revenue (In Millions) a variable cost model 70 62 60 56 Superior HSE&Q culture and 50 42 36 38 37 40 35 29 operating performance 30 26 20 12…
  21. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 21
    Financial Overview 22
  22. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 22
    TETRA Earnings Trend TETRA Only Adjusted EBITDA(1) + CSI Compressco Distributions Trailing Twelve Months - Millions 200 180 160 140 120 100 80 60 40 20 - TETRA adj. EBITDA CCLP Distributions Cumulative Impact of…
  23. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 23
    Two Distinct & Separate Capital Structures In Millions As of 9/30/2016 TETRA CSI Compressco Unrestricted Cash 9 13 (1) Borrowing Capacity 25 100 Liquidity(2) 34 113 Revolver Outstanding 128 181 Current Portion of LT Debt 0 0…
  24. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 24
    TETRAs Credit Profile Debt and Liquidity(1) Leverage Ratio(2) 500.0 4.50x 430 450.0 395 394 4.00x 379 3.64x 400.0 358 355 3.38x 328 3.50x 350.0 2.94x 2.88x 287 275 3.00x 2.73x 300.0 242 In Millions 2.42x 2.36x 250.0…
  25. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 25
    No Debt Maturities Until 2019 TETRA excl. CSI Compressco CSI Compressco 400 400 350 350 300 300 In Millions In Millions 250 250 200 200 150 150 100 100 50 50 0 0 2015 2016 2017 2018 2019 2020 2021 2022 2015 2016…
  26. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 26
    TETRA Technologies, Inc. CSI Compressco LP November 2016 27
  27. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 27
    Non-GAAP Reconciliations TETRA Consolidated - Adjusted EBITDA Reconciliation '( in Millions) Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Net Income (3.2) 2.1 (2.5) 12.9 (9.1) (6.1)…
  28. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 28
    Non-GAAP Reconciliations TETRA excl. Maritech- Adjusted EBITDA Reconciliation '( in Millions) Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Income (Loss) Before Taxes 17.8 8.1 19.3 34.1…
  29. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 29
    Liquidity Liquidity in millions Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 TTI excluding CSI Compressco TTM EBITDA per 151.8 141.9 129.5 136.8 140.8 155.9 168.9 164.8 140.7 105.6 71.0 Bank Agreement Long Term…
  30. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 30
    Non-GAAP Reconciliations TTI Free Cash Flow Reconciliation Q1-14 Q2-14 Q3-14 Q4-14 2014 Q1-15 Q2-15 Q3-15 Q4-15 2015 Q1-16 Q2-16 Q3-16 TTI Consolidated Cash from operations 36.1 4.6 11.3 56.7 108.7 27.8 54.3 36.1 77.7 195.9 25.3 8.3…
  31. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 31
    Non-GAAP Reconciliations Fluids - Adjusted EBITDA Reconciliation '( in Millions) Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Income (Loss) Before Taxes 18.5 17.1 16.5 12.6 17.7 32.6 33.2 (2.7) (0.4) 0.5 8.8…
  32. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 32
    Market Capitalization & Enterprise Value (thousands, except per share amounts) Market Capitalization: TTI Market price per share on 11/11/2016 5.28 Shares outstanding as of 11/9/2016 92,685 Market Capitalization 489,377…
  33. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 33
    CSI Compressco Non-GAAP Reconciliations Distributable Cash Flow in millions Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Net Income 4.4 1.8 1.2 1.6 (151.2) (105.3) (4.7) (16.0) Income Taxes 1.0 (0.6)…
  34. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 34
    CSI Compressco Non-GAAP Reconciliations Adjusted EBITDA in millions Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Net Income 4.4 1.8 1.2 1.6 (151.2) (105.3) (4.7) (16.0) Income Taxes 1.0 (0.6) (0.3)…
  35. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 35
    CSI Compressco Non-GAAP Reconciliations Liquidity & Leverage in millions Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Market Capitalization Reconciliation Consolidated TTM EBITDA per Credit Agreement 136.7 138.5 135.9 129.0 122.4 117.2…
  36. November 2016 Investor Presentation – Tetra Technologies Inc. – slide 36
    TETRA Technologies, Inc. CSI Compressco LP November 2016 38

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