TETRA Technologies, Inc. is a geographically diversified oil and gas services company, engages in the completion of fluids and associated products and services. It operates through the following segments: Completion Fluids and Products; Compression; and Water and Flowback Services. The Completion Fluids and Products division manufactures and markets clear brine fluids, additives, and associated products and services to the oil and gas industry. The Compression division offers compression services and equipment for natural gas and oil production, gathering, transportation, processing, and storage. The Water and Flowback Services division provides onshore oil and gas operators with comprehensive water management services. The company was founded in 1981 and is headquartered in The Woodlands, TX.
Three months ended June 30, 2019 compared with three months ended June 30, 2018.
Consolidated revenues during the current year quarter increased compared to the prior year quarter primarily due to a $36.0 million increase in Compression Division revenues. The increase in Compression Division revenues was primarily driven by increased new compressor equipment sales activity. See Divisional Comparisons section below for additional discussion.
Consolidated gross profit during the current year quarter increased slightly compared to the prior year quarter primarily due to increased gross profit from our Completion Fluids & Products and Compression Divisions. This increase was largely offset, however, by the lower gross profit of our Water & Flowback Services Division resulting primarily from increased customer pricing pressures. Despite the improvement in the activity levels of certain of our businesses, domestic onshore and offshore activity levels remain flat and the impact of pricing pressures also continues to impact profitability in certain markets. Operating expenses reflect the increase in consolidated revenues, although we remain aggressive in managing operating costs.