Here are two analogies to describe Tetra Technologies (TTI):

• Tetra Technologies is like an **Ecolab** that's specialized in industrial fluids and water management services, primarily for the oil and gas industry.

• Tetra Technologies is developing a unique way to produce lithium, akin to how **Albemarle** is a leading lithium producer, but Tetra extracts the valuable metal from oilfield produced water rather than traditional mining.

• Completion Fluids & Products: Provides specialized high-density, solids-free clear brine fluids essential for oil and gas well completion and workover operations.
• Water Management Services: Offers integrated solutions for water sourcing, transfer, treatment, and recycling, primarily supporting hydraulic fracturing operations.
• Calcium Chloride Products: Manufactures and distributes calcium chloride for various industrial applications including de-icing, dust control, and food processing.

Tetra Technologies (TTI) Major Customers

Tetra Technologies (TTI) operates on a Business-to-Business (B2B) model, providing completion fluids, water management, and related products and services primarily to the oil and gas industry.

According to its latest annual filings (Form 10-K), Tetra Technologies serves a diverse customer base and does not have any single customer that accounts for 10% or more of its consolidated revenues. Consequently, the company does not publicly disclose the names of specific major customers.

However, TTI's customer base generally falls into the following categories within the oil and gas sector:

• Integrated Oil and Gas Companies: These are large multinational corporations involved in all aspects of the petroleum industry, from exploration and production (upstream) to refining, processing, and marketing (downstream).
• National Oil Companies (NOCs): State-owned companies that control the petroleum resources of a particular country, often involved in exploration, production, and other related activities.
• Independent Oil and Gas Companies (Exploration & Production - E&P): Companies primarily focused on the upstream segment of the oil and gas industry, specializing in finding and extracting hydrocarbons.
• Other Oilfield Service Companies: Companies that provide various support services, equipment, or products to E&P companies, and may utilize TTI's offerings as part of their own service delivery.

Brady M. Murphy, President and Chief Executive Officer

Mr. Murphy has served as President and Chief Executive Officer of TETRA Technologies, Inc. since May 2019, and as a Director since December 2018. Prior to this, he held the position of President and Chief Operating Officer from February 2018 to May 2019. Before joining TETRA, Mr. Murphy served as Chief Executive Officer of Paradigm Group B.V., a private company focused on strategic technologies for the upstream energy industry, from January 2016 until February 2018. He also spent 26 years at Halliburton, where he held numerous international and North America positions, including Senior Vice President – Global Business Development and Marketing.

Matthew J. Sanderson, Executive Vice President and Chief Financial Officer (effective March 31, 2026)

Mr. Sanderson is currently the Executive Vice President and Chief Commercial Officer of TETRA Technologies, Inc. and is appointed to become the Executive Vice President and Chief Financial Officer, effective upon the retirement of Elijio V. Serrano on March 31, 2026. He has served as Executive Vice President and Chief Commercial Officer since September 2022. From December 2016 to September 2022, he was the Senior Vice President responsible for the company's Water and Flowback Services division and global Completion Fluids and Products division. Before joining TETRA, Mr. Sanderson spent over 19 years at Schlumberger, holding various operational and functional leadership roles in North America and internationally.

Alicia P. Boston Shoemake, Senior Vice President, General Counsel, and Chief Compliance Officer

Ms. Boston Shoemake has served as Senior Vice President, General Counsel, and Chief Compliance Officer of TETRA Technologies, Inc. since April 2021. Prior to this role, she served as Vice President, General Counsel, and Chief Compliance Officer starting in July 2017. She joined TETRA in 2005 and has held positions of increasing responsibility within the legal department. She has been a member of the State Bar of Texas since 1997.

Katherine Kokenes, Vice President and Chief Accounting Officer

Ms. Kokenes has served as Vice President and Chief Accounting Officer since September 2025. Prior to joining TETRA, she held several senior finance positions with Independence Contract Drilling, Inc., a provider of land-based contract drilling services, most recently serving as Vice President and Chief Accounting Officer starting in May 2020.

Timothy C. Moeller, Senior Vice President, Global Supply Chain and Chemicals

Mr. Moeller has served as Senior Vice President of Global Supply Chain and Chemicals since April 2020. Before that, he was Vice President and Chief Procurement Officer since April 2018. Prior to joining TETRA, Mr. Moeller held various leadership positions in supply chain and procurement at other companies.

Key Risks to Tetra Technologies (TTI)

1. Regulatory and Legal Risks: Tetra Technologies operates within highly regulated industries, particularly in its core oilfield services and emerging low-carbon energy sectors. The company is exposed to significant regulatory scrutiny, which includes compliance with environmental regulations for brine extraction and desalination projects, potential delays in permitting for critical mineral extraction (such as lithium and bromine), and litigation risks related to hydraulic fracturing and water management services. Increased compliance costs and operational constraints could result from evolving environmental standards and complex regulatory landscapes.
2. Market and Execution Risks: The company's performance is closely tied to the volatile oil and natural gas market, exposing it to cyclical energy demand and price fluctuations that can impact revenue streams and profitability. Furthermore, Tetra Technologies operates in a highly competitive market, necessitating continuous innovation and investment to maintain market share. Its expansion into new areas, such as desalination and battery material projects, also carries execution risks due to technical and regulatory hurdles, while low-carbon energy initiatives face uncertainties related to technological development, permitting, and partnerships. Macroeconomic factors, including interest rate fluctuations, currency exchange risks from international operations, and global economic downturns, further contribute to market uncertainty.
3. Financial Risks: Tetra Technologies has moderate debt levels, which could become a concern if earnings do not meet targets, and its long-term debt agreements contain covenants that may restrict operational flexibility. The company also faces potential liabilities associated with decommissioning costs from its discontinued Offshore segment, which represents a financial weakness. Additionally, fluctuations in the value of its minority investments in publicly traded and privately held companies can adversely affect its financial results.

Tetra Technologies, Inc. (TTI) operates in several key markets, primarily focusing on completion fluids and products, and water management solutions. The addressable markets for their main products and services are as follows:

Completion Fluids & Products

• Clear Brine Fluids (CBFs): The global clear brine fluids market was valued at USD 1.5 billion in 2023 and is projected to grow to USD 2.49 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.8% from 2025 to 2032. North America is expected to see considerable growth in this market, exceeding 6.7%. The Middle East and Africa (MEA) region currently represents the most dominant market for clear brine fluids.
• Zinc Bromide: The global zinc bromide market was valued at approximately USD 1.3 billion in 2024 and is projected to reach USD 2.1 billion by 2032, growing at a robust CAGR of 6.4%. The global market for Ultra-Pure Zinc Bromide, a specialized segment, was valued at US$106 million in 2024 and is projected to reach US$260 million by 2031, with a CAGR of 13.9%.
• Calcium Chloride: The global calcium chloride market was valued at USD 2.01 billion in 2024 and is projected to reach USD 3.66 billion by 2035, growing at a CAGR of 5.60% from 2025 to 2035. North America held the largest share of the calcium chloride market in 2024. Specifically, the U.S. calcium chloride market size was evaluated at USD 640 million in 2024 and is projected to reach approximately USD 1.13 billion by 2034, growing at a CAGR of 5.85% from 2025 to 2034.

Water Management Solutions

• Oil & Gas Water Management Services / Produced Water Treatment: The global oil and gas water management services market was valued at USD 20.79 billion in 2024 and is expected to reach USD 34.43 billion by 2030, at a CAGR of 8.61% from 2025 to 2030. North America holds the largest market share in the global oil and gas water management service market, valued at USD 7.5 billion in 2023 and expected to reach USD 10.8 billion by 2032. Another estimate for the global produced water treatment market size was USD 8.82 billion in 2024, projected to increase to approximately USD 18.58 billion by 2034, expanding at a CAGR of 7.73% from 2025 to 2034. The U.S. produced water treatment market size surpassed USD 2.46 billion in 2024 and is projected to reach around USD 5.33 billion by 2034, growing at a CAGR of 8.03% from 2025 to 2034.

Tetra Technologies (TTI) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and strong performance in key segments.

Here are 3-5 expected drivers of future revenue growth:

1. Expansion into Battery Electrolytes for Long-Duration Energy Storage: A significant driver of future revenue growth for Tetra Technologies is its strategic focus on leveraging its core fluids chemistry expertise to deliver battery electrolytes for long-duration energy storage. The "One TETRA 2030" strategy explicitly targets new high-growth end markets, including battery electrolytes. The company's Arkansas bromine plant project, expected to be fully operational by the end of 2027, is a crucial part of this expansion, with the capacity to process 75 million pounds of bromine per year. This capacity is projected to generate an additional $200 million to $250 million in revenue, underpinned by lower input costs and increased volumes for the battery electrolyte business.
2. Growth in Offshore Completion Fluids: Tetra Technologies has demonstrated consistent strength in its offshore completion fluids business, which has been a key contributor to recent revenue increases. For instance, in Q3 2025, Completion Fluids & Products revenues increased 39% compared to the previous year, driven by successful completion of TETRA Neptune wells in the Gulf of America and strong contributions from Brazil deepwater projects. The company projects a significant year-over-year increase in revenue and EBITDA in the first half of 2025 due to a strong Gulf of Mexico market, multi-well Neptune projects, and the start of Brazil deepwater work. Furthermore, a new multi-well, multi-year ultra-deepwater 20K completions award in the Gulf of America signifies an upward annual trend for this segment, with 2025 projected to reach a 10-year revenue high.
3. Development of Oil and Gas Produced Water Desalination Solutions: As part of its "One TETRA 2030" strategy, Tetra Technologies is expanding into oil and gas produced water desalination solutions. This initiative aims to address the growing demand for sustainable water solutions and leverage the company's expertise in fluid chemistry to create new revenue streams in the water treatment market.
4. Robust Performance in Industrial Calcium Chloride Business: The industrial calcium chloride business has consistently contributed to Tetra Technologies' revenue growth. In Q3 2025, continued strength in this segment, alongside offshore completion fluids, contributed to an 8% year-over-year increase in overall revenue. The industrial chemicals business achieved its highest revenue and adjusted EBITDA in the company's history in 2024, with a 9% growth over 2023, and this percentage is expected to continue to increase.

Share Repurchases

• Tetra Technologies has not reported significant share repurchases over the last 3-5 years.
• The company anticipates shifting its capital allocation strategy by 2028, upon completion of its bromine project, to include shareholder returns such as debt reduction, dividends, and/or share repurchases.

Share Issuance

• The number of common shares outstanding for Tetra Technologies has gradually increased over the past 3-5 years, from approximately 125.8 million shares as of August 6, 2020, to about 133.7 million shares as of October 24, 2025.
• This increase likely reflects ongoing issuances, possibly related to employee equity incentive plans.

Outbound Investments

• In December 2021, Tetra Technologies invested $5.0 million in a convertible note issued by CarbonFree to support the construction of its first SkyCycle™ facility.
• As of December 31, 2024, the company held investments in Kodiak Gas Services, Inc. with a fair value of $18.4 million and Standard Lithium with a fair value of $1.2 million.
• In January 2025, Tetra Technologies monetized its entire equity investment in Kodiak Gas Services Inc., realizing approximately $19 million in cash proceeds.

Capital Expenditures

• **2025 (Year-to-Date / Expected):** Total cash capital expenditures during the first nine months were $53.2 million, primarily for the Arkansas brine resource development ($28.0 million) and Water & Flowback Services equipment ($15.9 million). An additional $22 million is planned by year-end for the Arkansas project.
• **2024:** Total cash capital expenditures amounted to $60.7 million, with $37.0 million allocated to the Completion Fluids & Products Division (including $22.4 million for Arkansas strategic initiatives) and $23.4 million for the Water & Flowback Services Division.
• **2023:** Total cash capital expenditures were $38.2 million, primarily focused on the Water & Flowback Services Division for equipment maintenance and upgrades, and a third early production facility in Argentina.