Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-13455 | |
Entity Registrant Name | TETRA Technologies, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 74-2148293 | |
Entity Address, Address Line One | 24955 Interstate 45 North | |
Entity Address, City or Town | The Woodlands, | |
Entity Address, Postal Zip Code | 77380 | |
Entity Address, State or Province | TX | |
City Area Code | 281 | |
Local Phone Number | 367-1983 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | TTI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Common Stock Shares Outstanding | 126,604,901 | |
Entity Central Index Key | 0000844965 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Revenues from external customers | $ 102,326 | $ 96,070 | $ 179,650 | $ 228,773 | |
Cost of Goods and Services Sold [Abstract] | |||||
Depreciation, amortization, and accretion | 8,236 | 9,726 | 17,187 | 19,277 | |
Impairment and other charges | 449 | 0 | 449 | 0 | |
Insurance recoveries associated with damaged equipment | 0 | 74 | 110 | 74 | |
Total cost of revenues | 85,893 | 80,259 | 155,348 | 183,925 | |
Gross profit | 16,433 | 15,811 | 24,302 | 44,848 | |
General and administrative expense | 17,351 | 23,862 | 37,363 | 44,210 | |
Interest expense, net | 3,886 | 4,604 | 8,290 | 9,896 | |
Warrants fair value adjustment expense (income) | 2,698 | 11 | 3,021 | (327) | |
Other general corporate income, net | (2,232) | (541) | (7,327) | (520) | |
Loss before taxes and discontinued operations | (5,270) | (12,125) | (17,045) | (8,411) | |
Provision for income taxes | 1,384 | 1,054 | 1,552 | 1,776 | |
Income (loss) before taxes | (6,654) | (13,179) | (18,597) | (10,187) | |
Total loss from discontinued operations | (126) | (23,788) | 120,864 | (37,156) | |
Net income (loss) | (6,780) | (36,967) | 102,267 | (47,343) | |
(Income) loss attributable to noncontrolling interest | [1] | 27 | 15,712 | (306) | 24,537 |
Net income (loss) attributable to TETRA stockholders | $ (6,753) | $ (21,255) | $ 101,961 | $ (22,806) | |
Basic and diluted net income (loss) per common share: | |||||
Income (Loss) from Continuing Operations, Per Basic Share | $ (0.05) | $ (0.11) | $ (0.15) | $ (0.08) | |
Income (Loss) from Continuing Operations, Per Diluted Share | (0.05) | (0.11) | (0.15) | (0.08) | |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0 | (0.06) | 0.96 | (0.10) | |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0 | (0.06) | 0.96 | (0.10) | |
Net income (loss) attributable to TETRA stockholders, per basic share | (0.05) | (0.17) | 0.81 | (0.18) | |
Net income (loss) attributable to TETRA stockholders, per diluted share | $ (0.05) | $ (0.17) | $ 0.81 | $ (0.18) | |
Weighted Average Number of Shares Outstanding, Basic | 126,583 | 125,886 | 126,365 | 125,736 | |
Weighted Average Number of Shares Outstanding, Diluted | 126,583 | 125,886 | 126,365 | 125,736 | |
Product sales | |||||
Revenues from external customers | $ 62,583 | $ 67,251 | $ 107,615 | $ 137,466 | |
Cost of Goods and Services Sold [Abstract] | |||||
Cost of product sales | 42,477 | 45,031 | 74,460 | 90,319 | |
Services | |||||
Revenues from external customers | 39,743 | 28,819 | 72,035 | 91,307 | |
Cost of Goods and Services Sold [Abstract] | |||||
Cost of product sales | $ 34,731 | $ 25,576 | $ 63,362 | $ 74,403 | |
[1] | (Income) loss attributable to noncontrolling interest includes zero and $15,781 loss for the three-month periods ended June 30, 2021 and 2020, respectively, and $333 income and $24,615 loss for the six-month periods ended June 30, 2021 and 2020, respectively, related to discontinued operations. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (6,780) | $ (36,967) | $ 102,267 | $ (47,343) |
Foreign currency translation adjustment from continuing operations, net of taxes of $0 in 2021 and 2020 | 2,157 | 1,095 | (622) | (5,372) |
Comprehensive income (loss) | (4,623) | (35,872) | 101,645 | (52,715) |
Comprehensive (income) loss attributable to noncontrolling interest | 27 | 15,597 | (306) | 24,651 |
Comprehensive income (loss) attributable to TETRA stockholders | $ (4,596) | $ (20,275) | $ 101,339 | $ (28,064) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustment, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 50,314 | $ 67,252 |
Restricted cash | 65 | 65 |
Trade accounts receivable, net of allowances | 79,467 | 64,078 |
Inventories | 70,071 | 76,658 |
Assets of discontinued operations | 0 | 710,006 |
Prepaid expenses and other current assets | 15,881 | 13,487 |
Total current assets | 215,798 | 931,546 |
Property, plant, and equipment: | ||
Land and building | 26,477 | 26,506 |
Machinery and equipment | 361,254 | 365,296 |
Automobiles and trucks | 16,820 | 18,446 |
Chemical plants | 62,015 | 62,714 |
Construction in progress | 4,092 | 1,526 |
Total property, plant, and equipment | 470,658 | 474,488 |
Less accumulated depreciation | (379,235) | (377,632) |
Net property, plant, and equipment | 91,423 | 96,856 |
Other assets: | ||
Patents, trademarks and other intangible assets, net of accumulated amortization | 39,237 | 41,487 |
Deferred tax assets, net | 44 | 52 |
Operating lease right-of-use assets | 39,517 | 43,448 |
Investments | 16,221 | 2,675 |
Other assets | 14,569 | 16,775 |
Total other assets | 109,588 | 104,437 |
Total assets | 416,809 | 1,132,839 |
Current liabilities: | ||
Trade accounts payable | 38,868 | 22,573 |
Unearned income | 3,019 | 2,675 |
Accrued liabilities | 44,069 | 38,791 |
Liabilities of discontinued operations | 1,601 | 734,039 |
Current portion of long-term debt | 8,157 | 0 |
Total current liabilities | 95,714 | 798,078 |
Long-term debt, net | 163,603 | 199,894 |
Deferred income taxes | 1,939 | 1,942 |
Decommissioning and other asset retirement obligations, net | 12,699 | 12,484 |
Warranty Liability | 3,219 | 198 |
Operating lease liabilities | 33,786 | 37,569 |
Other liabilities | 6,792 | 11,612 |
Total long-term liabilities | 222,038 | 263,699 |
Commitments and contingencies | ||
Equity: | ||
Common stock, par value $0.01 per share | 1,297 | 1,289 |
Additional paid-in capital | 473,872 | 472,134 |
Treasury stock, at cost | (19,939) | (19,484) |
Accumulated other comprehensive income (loss) | (43,368) | (49,914) |
Retained earnings | (311,704) | (413,665) |
Total TETRA stockholders' equity | 100,158 | (9,640) |
Noncontrolling interests | (1,101) | 80,702 |
Total equity | 99,057 | 71,062 |
Total liabilities and equity | $ 416,809 | $ 1,132,839 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Trade accounts receivable, allowances for doubtful accounts | $ 6,640 | $ 6,824 |
Patents, trademarks, and other intangible assets, accumulated amortization | $ 68,520 | $ 66,078 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 129,729,406 | 128,930,047 |
Treasury stock, shares held | 3,133,674 | 2,953,976 |
Consolidated Statement of Equit
Consolidated Statement of Equity Statement - USD ($) $ in Thousands | Total | Common Stock Par Value | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Deficit | Noncontrolling Interest |
Balance at beginning of period at Dec. 31, 2019 | $ 162,826 | $ 1,283 | $ 466,959 | $ (19,164) | $ (52,183) | $ (362,522) | $ 128,453 |
Net Income (Loss) Attributable to Parent | (1,551) | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (10,376) | (8,825) | |||||
Translation adjustment, net of taxes | (6,467) | (6,238) | (229) | ||||
Comprehensive income (loss) | (16,843) | ||||||
Dividend | (309) | 309 | |||||
Equity award activity | 4 | 4 | |||||
Treasury stock activity, net | (89) | (89) | |||||
Equity compensation expense | 1,373 | 1,145 | 228 | ||||
Other | (31) | (16) | (15) | ||||
Balance at end of period at Mar. 31, 2020 | 146,931 | 1,287 | 468,088 | (19,253) | (58,421) | (364,073) | 119,303 |
Balance at beginning of period at Dec. 31, 2019 | 162,826 | 1,283 | 466,959 | (19,164) | (52,183) | (362,522) | 128,453 |
Net Income (Loss) Attributable to Parent | (22,806) | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (47,343) | ||||||
Comprehensive income (loss) | (52,715) | ||||||
Balance at end of period at Jun. 30, 2020 | 112,686 | 1,288 | 469,777 | (19,434) | (57,441) | (385,328) | 103,824 |
Balance at beginning of period at Mar. 31, 2020 | 146,931 | 1,287 | 468,088 | (19,253) | (58,421) | (364,073) | 119,303 |
Net Income (Loss) Attributable to Parent | (21,255) | (21,255) | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (36,967) | (15,712) | |||||
Translation adjustment, net of taxes | 1,095 | 980 | 115 | ||||
Comprehensive income (loss) | (35,872) | ||||||
Dividend | (311) | 311 | |||||
Equity award activity | 1 | 1 | |||||
Treasury stock activity, net | (181) | (181) | |||||
Equity compensation expense | 2,134 | 1,685 | 449 | ||||
Other | (16) | 4 | (20) | ||||
Balance at end of period at Jun. 30, 2020 | 112,686 | 1,288 | 469,777 | (19,434) | (57,441) | (385,328) | 103,824 |
Balance at beginning of period at Dec. 31, 2020 | 71,062 | 1,289 | 472,134 | (19,484) | (49,914) | (413,665) | 80,702 |
Net Income (Loss) Attributable to Parent | 108,714 | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 109,047 | 333 | |||||
Translation adjustment, net of taxes | (2,779) | 0 | |||||
Comprehensive income (loss) | 106,268 | ||||||
Deconsolidation of CSI Compressco | (75,607) | 7,168 | (82,775) | ||||
Equity award activity | 6 | 6 | 0 | ||||
Treasury stock activity, net | (449) | (449) | |||||
Equity compensation expense | 1,542 | 962 | 580 | ||||
Other | (355) | (574) | 219 | ||||
Balance at end of period at Mar. 31, 2021 | 102,467 | 1,295 | 472,522 | (19,933) | (45,525) | (304,951) | (941) |
Balance at beginning of period at Dec. 31, 2020 | 71,062 | 1,289 | 472,134 | (19,484) | (49,914) | (413,665) | 80,702 |
Net Income (Loss) Attributable to Parent | 101,961 | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 102,267 | ||||||
Comprehensive income (loss) | 101,645 | ||||||
Balance at end of period at Jun. 30, 2021 | 99,057 | 1,297 | 473,872 | (19,939) | (43,368) | (311,704) | (1,101) |
Balance at beginning of period at Mar. 31, 2021 | 102,467 | 1,295 | 472,522 | (19,933) | (45,525) | (304,951) | (941) |
Net Income (Loss) Attributable to Parent | (6,753) | (6,753) | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (6,780) | (27) | |||||
Translation adjustment, net of taxes | 2,157 | 2,157 | 0 | ||||
Comprehensive income (loss) | (4,623) | ||||||
Dividend | (119) | (119) | |||||
Equity award activity | 2 | 2 | 0 | ||||
Treasury stock activity, net | (6) | (6) | |||||
Equity compensation expense | 1,592 | 1,592 | 0 | ||||
Other | (256) | (242) | (14) | ||||
Balance at end of period at Jun. 30, 2021 | $ 99,057 | $ 1,297 | $ 473,872 | $ (19,939) | $ (43,368) | $ (311,704) | $ (1,101) |
Consolidated Statement of Equ_2
Consolidated Statement of Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Translation adjustment, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Equity award activity | $ 2 | $ 6 | $ 1 | $ 4 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities: | ||
Net income (loss) | $ 102,267 | $ (47,343) |
Reconciliation of net income (loss) to net cash provided by operating activities: | ||
Depreciation, amortization, and accretion | 17,215 | 59,302 |
Gain on GP Sale | (120,574) | 0 |
Impairment and other charges | 449 | 14,348 |
Gain on retained CSI Compressco units and Standard Lithium shares | (5,613) | (183) |
Equity-based compensation expense | 2,554 | 2,896 |
Amortization and expense of financing costs and deferred financing gains | 1,429 | 2,755 |
Debt-related expenses | 0 | 4,754 |
Warrants fair value adjustment | 3,021 | (326) |
Gain on sale of assets | (275) | (2,019) |
Other non-cash charges | (70) | 5,380 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (15,694) | 55,552 |
Inventories | 5,456 | 10,733 |
Prepaid expenses and other current assets | (2,442) | (3,038) |
Trade accounts payable and accrued expenses | 21,295 | (42,853) |
Other | (1,411) | 429 |
Net cash provided by (used in) operating activities | 7,607 | 60,387 |
Investing activities: | ||
Purchases of property, plant, and equipment, net | 12,489 | 19,608 |
Proceeds from sale of CCLP, net of cash divested | 18 | 0 |
Proceeds on sale of property, plant, and equipment | 754 | 5,311 |
Proceeds from Insurance Settlement, Investing Activities | 110 | 591 |
Other investing activities | 1,156 | (357) |
Net cash provided by (used in) investing activities | (10,451) | (14,063) |
Financing activities: | ||
Proceeds from long-term debt | 0 | 338,343 |
Principal payments on long-term debt | (29,320) | (341,364) |
CSI Compressco distributions | 0 | (620) |
Tax remittances on equity based compensation | 0 | (341) |
Debt issuance costs and other financing activities | (455) | (2,504) |
Net cash provided by (used in) financing activities | (29,775) | (6,486) |
Effect of exchange rate changes on cash | (896) | (826) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (33,515) | 39,012 |
Cash and cash equivalents and restricted cash at beginning of period | 83,894 | 17,768 |
Cash and cash equivalents at beginning of period associated with discontinued operations | 16,577 | 2,370 |
Cash and cash equivalents and restricted cash at beginning of period associated with continuing operations | 67,317 | 15,398 |
Cash and cash equivalents and restricted cash at end of period | 50,379 | 56,780 |
Cash and cash equivalents at end of period associated with discontinued operations | 0 | 6,757 |
Cash and cash equivalents and restricted cash at end of period associated with continuing operations | $ 50,379 | $ 50,023 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
(Income) loss from discontinued operations attributable to noncontrolling interest | $ 0 | $ (15,781) | $ 333 | $ (24,615) |
Organization, Basis of Presenta
Organization, Basis of Presentation, and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Organization, Basis of Presentation, and Significant Accounting Policies | ORGANIZATION, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES Organization We are a geographically diversified oil and gas services company, focused on completion fluids and associated products and services, water management, frac flowback and production well testing. We were incorporated in Delaware in 1981. We are composed of two divisions – Completion Fluids & Products and Water & Flowback Services. Unless the context requires otherwise, when we refer to “we,” “us,” and “our,” we are describing TETRA Technologies, Inc. and its consolidated subsidiaries on a consolidated basis. Presentation Our unaudited consolidated financial statements include the accounts of our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The information furnished reflects all normal recurring adjustments, which are, in the opinion of management, necessary to provide a fair statement of the results for the interim periods. Operating results for the period ended June 30, 2021 are not necessarily indicative of results that may be expected for the twelve months ended December 31, 2021. The accompanying unaudited consolidated financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X for interim financial statements required to be filed with the U.S. Securities and Exchange Commission (“SEC”) and do not include all information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2020 and notes thereto included in our Annual Report on Form 10-K , which we filed with the SEC on March 5, 2021. Significant Accounting Policies Our significant accounting policies are described in the notes to our consolidated financial statements for the year ended December 31, 2020 included in our Annual Report on Form 10-K . There have been no significant changes in our accounting policies or the application thereof during the second quarter of 2021. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses, and impairments during the reporting period. Actual results could differ from those estimates, and such differences could be material. Reclassifications Certain previously reported financial information has been reclassified to conform to the current year's presentation. For a discussion of the reclassification of the financial presentation of our former Compression Division as discontinued operations, see Note 2 - “Discontinued Operations”. Other than the discontinued operations presentation, the impact of reclassifications was not significant to the prior year's overall presentation. Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate solely to continuing operations and exclude all discontinued operations. Impairments and Other Charges Impairments of long-lived assets, including identified intangible assets, are determined periodically when indicators of impairment are present. If such indicators are present, the determination of the amount of impairment is based on our judgment as to the future undiscounted operating cash flows to be generated from the relevant assets throughout their remaining estimated useful lives. If these undiscounted cash flows are less than the carrying amount of the related assets, an impairment is recognized for the excess of the carrying value over fair value. Fair value of intangible assets is generally determined using the discounted present value of future cash flows using discount rates commensurate with the risks inherent with the specific assets. Assets held for disposal are recorded at the lower of carrying value or estimated fair value less estimated selling costs. During 2021, we recorded an impairment charge of $0.4 million related to idle equipment in our Canada office within our Water & Flowback Services Division. There were no impairments associated with continuing operations during the six months ended June 30, 2020. Foreign Currency Translation We have designated the Euro, the British pound, the Norwegian krone, the Canadian dollar, the Brazilian real, and the Mexican peso as the functional currencies for our operations in Finland and Sweden, the United Kingdom, Norway, Canada, Brazil, and certain of our operations in Mexico, respectively. The United States dollar is the designated functional currency for all of our other non-U.S. operations. The cumulative translation effects of translating the applicable accounts from the functional currencies into the United States dollar at current exchange rates are included as a separate component of equity. Foreign currency exchange (gains) and losses are included in other (income) expense, net and totaled $(0.2) million and $(1.0) million during the three and six months ended June 30, 2021, respectively, and $0.8 million and $0.9 million for the three and six months ended June 30, 2020, respectively. Fair Value Measurements We utilize fair value measurements to account for certain items and account balances within our consolidated financial statements. Fair value measurements are utilized on a recurring basis in the determination of the carrying values of certain assets, including our interest in Standard Lithium Ltd. (“Standard Lithium”) and our retained interest in CSI Compressco and liabilities, including the liabilities for the warrants to purchase 11.2 million shares of our common stock (the “Warrants”). See Note 8 - “Fair Value Measurements” for further discussion. Fair value measurements are also utilized on a nonrecurring basis in certain circumstances, including the impairment of long-lived assets (a Level 3 fair value measurement). Supplemental Cash Flow Information Supplemental cash flow information from continuing and discontinued operations is as follows: Six Months Ended 2021 2020 (in thousands) Supplemental cash flow information (1) : Interest paid $ 7,577 $ 35,127 Income taxes paid 853 2,195 Decrease in accrued capital expenditures 1,434 1,820 (1) Prior-year information includes the activity for CSI Compressco for the full period. Current-year information includes activity for CSI Compressco for January only. New Accounting Pronouncements Standards adopted in 2021 In December 2019, the FASB issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” ASU 2019-12 simplifies the accounting for income taxes by eliminating certain exceptions related to intraperiod tax allocation, interim period income tax calculation methodology, and the recognition of deferred tax liabilities for outside basis differences. It also simplifies certain aspects of accounting for franchise taxes and clarifies the accounting for transactions that results in a step-up in the tax basis of goodwill. On January 1, 2021, we adopted ASU 2019-12. The adoption of this standard did not have a material impact on our consolidated financial statements. Standards not yet adopted In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in the more timely recognition of losses on financial instruments not accounted for at fair value through net income. The provisions require credit impairments to be measured over the contractual life of an asset and developed with consideration for past events, current conditions, and forecasts of future economic information. Credit impairment will be accounted for as an allowance for credit losses deducted from the amortized cost basis at each reporting date. We are continuing to work through our implementation plan which includes evaluating the impact on our allowance for doubtful accounts methodology, identifying new reporting requirements, and implementing changes to business processes, systems, and controls to support adoption of the standard. Upon adoption, the allowance for doubtful accounts is expected to increase with an offsetting adjustment to retained earnings. Updates at each reporting date after initial adoption will be recorded through selling, general, and administrative expense. ASU 2016-13 has an effective date of the first quarter of fiscal 2023. We continue to assess the potential effects of these changes to our consolidated financial statements. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS On January 29, 2021, we entered into the Purchase and Sale Agreement with Spartan Energy Partners, LP (“Spartan”) pursuant to which we sold the general partner of CSI Compressco, including the IDRs in CSI Compressco and approximately 23.1% of the outstanding limited partner interests in CSI Compressco, in exchange for the combination of $13.4 million in cash paid at closing, $0.5 million in cash payable on the six-month anniversary of the closing and $3.1 million in contingent consideration in the form of cash and/or CSI Compressco common units if CSI Compressco achieves certain financial targets on or before December 31, 2022. Throughout this Quarterly Report, we refer to the transaction with Spartan as the “GP Sale.” As a result of these transactions, we no longer consolidate CSI Compressco as of January 29, 2021. We recognized a primarily non-cash accounting gain of $120.6 million during the six-month period ended June 30, 2021 related to the GP Sale. The gain is included in income (loss) from discontinued operations, net of taxes in our consolidated statement of operations. We will also continue to provide back-office support to CSI Compressco under a Transition Services Agreement for up to one year until CSI Compressco has completed a full separation from our back-office support functions. Our interest in CSI Compressco and the general partner represented substantially all of our Compression Division. In addition, on March 1, 2018, we closed a series of related transactions that resulted in the disposition of our Offshore Division, consisting of our Offshore Services and Maritech segments. Our former Compression and Offshore Divisions are reported as discontinued operations for all periods presented. Our consolidated balance sheets and consolidated statements of operations report discontinued operations separate from continuing operations. Our consolidated statements of comprehensive income, statements of equity and statements of cash flows combine continuing and discontinued operations. Our current-year consolidated statement of operations, statement of comprehensive income, statement of equity and statement of cash flows include CSI Compressco activity for January 1 through January 29. Our consolidated statements of cash flows for the six-month periods ended June 30, 2021 and June 30, 2020 included $3.0 million and $11.2 million, respectively, of capital expenditures related to our former Compression division, as well as $271.8 million of proceeds from long-term debt, $273.9 million of payments of long-term debt, $3.6 million from proceeds from sale of property, plant and equipment, and $1.4 million from amortization of deferred financing discounts, costs and gains for the six-month period ended June 30, 2020. Our current-year results do not include CSI Compressco depreciation or amortization as the assets were considered held for sale. A summary of financial information related to our discontinued operations is as follows: Reconciliation of the Line Items Constituting Pretax Loss from Discontinued Operations to the After-Tax Loss from Discontinued Operations (in thousands) Three Months Ended Compression Offshore Services Total Major classes of line items constituting loss from discontinued operations General and administrative expense $ — $ 5 $ 5 Other expense, net 121 — 121 Pretax loss from discontinued operations (121) (5) (126) Loss from discontinued operations attributable to TETRA stockholders $ (126) Three Months Ended Compression Offshore Services Total Major classes of line items constituting loss from discontinued operations Revenue $ 96,371 $ — $ 96,371 Cost of revenues 62,768 (274) 62,494 Depreciation, amortization, and accretion 20,116 — 20,116 Impairments and other charges 8,977 — 8,977 General and administrative expense 10,152 111 10,263 Interest expense, net 12,982 — 12,982 Other expense, net 4,380 — 4,380 Pretax income (loss) from discontinued operations (23,004) 163 (22,841) Income tax provision 947 Total loss from discontinued operations (23,788) Loss from discontinued operations attributable to noncontrolling interest 15,781 Loss from discontinued operations attributable to TETRA stockholders $ (8,007) Six Months Ended Compression Offshore Services Total Major classes of line items constituting income from discontinued operations Revenue $ 18,968 $ — $ 18,968 Cost of revenues 11,474 28 11,502 General and administrative expense 2,795 — 2,795 Interest expense, net 4,336 — 4,336 Other expense, net 15 — 15 Pretax income (loss) from discontinued operations 348 (28) 320 Pretax gain on disposal of discontinued operations 120,574 Total pretax income from discontinued operations 120,894 Income tax provision 30 Total income from discontinued operations 120,864 Income from discontinued operations attributable to noncontrolling interest (333) Income from discontinued operations attributable to TETRA stockholders $ 120,531 Six Months Ended Compression Offshore Services Total Major classes of line items constituting loss from discontinued operations Revenue $ 186,610 $ — $ 186,610 Cost of revenues 117,347 (334) 117,013 Depreciation, amortization, and accretion 40,025 — 40,025 Impairments and other charges 14,348 — 14,348 General and administrative expense 20,341 316 20,657 Interest expense, net 25,546 — 25,546 Other expense, net 4,798 — 4,798 Pretax (loss) income from discontinued operations (35,795) 18 (35,777) Income tax provision 1,379 Total income from discontinued operations (37,156) Loss from discontinued operations attributable to noncontrolling interest 24,615 Loss from discontinued operations attributable to TETRA stockholders $ (12,541) Reconciliation of Major Classes of Assets and Liabilities of the Discontinued Operations to Amounts Presented Separately in the Statement of Financial Position (in thousands) June 30, 2021 Offshore Services Maritech Total Carrying amounts of major classes of liabilities included as part of discontinued operations Trade payables $ 1,223 $ — $ 1,223 Accrued liabilities and other 150 228 378 Total liabilities associated with discontinued operations $ 1,373 $ 228 $ 1,601 December 31, 2020 Compression Offshore Services Maritech Total Carrying amounts of major classes of assets included as part of discontinued operations Cash and cash equivalents $ 16,577 $ — $ — $ 16,577 Trade receivables 43,837 — — 43,837 Inventories 31,220 — — 31,220 Other current assets 5,231 — — 5,231 Property, plant, and equipment 551,401 — — 551,401 Other assets 61,740 — — 61,740 Total assets associated with discontinued operations $ 710,006 $ — $ — $ 710,006 Carrying amounts of major classes of liabilities included as part of discontinued operations Trade payables $ 19,766 $ 1,222 $ — $ 20,988 Unearned Income 269 — — 269 Accrued liabilities and other 36,318 352 228 36,898 Long-term debt, net 638,631 — — 638,631 Other liabilities 37,253 — — 37,253 Total liabilities associated with discontinued operations $ 732,237 $ 1,574 $ 228 $ 734,039 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE FROM CONTRACTS WITH CUSTOMERS Our contract asset balances, primarily associated with customer documentation requirements, were $19.3 million and $12.8 million as of June 30, 2021 and December 31, 2020, respectively. Contract assets, along with billed trade accounts receivable, are included in trade accounts receivable in our consolidated balance sheets. Unearned income includes amounts in which the Company was contractually allowed to invoice prior to satisfying the associated performance obligations. Unearned income balances were $3.0 million and $2.7 million as of June 30, 2021 and December 31, 2020, respectively, and vary based on the timing of invoicing and performance obligations being met. Revenues recognized during the six-month periods ended June 30, 2021 and June 30, 2020 deferred as of the end of the preceding year were not significant. During the six-month periods ended June 30, 2021 and June 30, 2020, contract costs were not significant. We disaggregate revenue from contracts with customers into Product Sales and Services within each segment, as noted in our two reportable segments in Note 10. In addition, we disaggregate revenue from contracts with customers by geography based on the following table below. Three Months Ended Six Months Ended 2021 2020 2021 2020 (In Thousands) Completion Fluids & Products United States $ 25,229 $ 32,102 $ 49,824 $ 70,060 International 39,378 39,244 61,304 76,523 64,607 71,346 111,128 146,583 Water & Flowback Services United States 35,463 22,867 64,395 77,250 International 2,256 1,857 4,127 4,940 37,719 24,724 68,522 82,190 Total Revenue United States 60,692 54,969 114,219 147,310 International 41,634 41,101 65,431 81,463 $ 102,326 $ 96,070 $ 179,650 $ 228,773 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Components of inventories as of June 30, 2021 and December 31, 2020 are as follows: June 30, 2021 December 31, 2020 (In Thousands) Finished goods $ 59,814 $ 68,121 Raw materials 3,783 2,910 Parts and supplies 4,554 4,001 Work in progress 1,920 1,626 Total inventories $ 70,071 $ 76,658 |
Investments
Investments | 6 Months Ended |
Jun. 30, 2021 | |
Investments in and Advances to Affiliates [Abstract] | |
Investments | INVESTMENTS Following the closing of the GP Sale, we continue to own approximately 10.9% of the outstanding CSI Compressco common units. In addition, we are party to agreements in which Standard Lithium has the right to explore, produce and extract lithium in our Arkansas leases as well as additional potential resources in the Mojave region of California. The Company receives cash and stock of Standard Lithium (NYSE:SLI) under the terms of the arrangements. The cash and stock component of consideration received is initially recorded as unearned income based on the quoted market price at the time the stock is received, then recognized in income over the contract term. See Note 8 - “Fair Value Measurements” for further information. Our investments as of June 30, 2021 and December 31, 2020, consist of the following: June 30, 2021 December 31, 2020 (In Thousands) Investment in CSI Compressco $ 9,638 $ — Investment in Standard Lithium 6,583 2,675 Total Investments $ 16,221 $ 2,675 |
Long-Term Debt and Other Borrow
Long-Term Debt and Other Borrowings | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | LONG-TERM DEBT AND OTHER BORROWINGS Consolidated long-term debt as of June 30, 2021 and December 31, 2020, consists of the following: Scheduled Maturity June 30, 2021 December 31, 2020 (In Thousands) Asset-based credit agreement September 10, 2023 $ — $ — Term credit agreement (1) September 10, 2025 171,760 199,894 Total debt 171,760 199,894 Less current portion (8,157) — Total long-term debt $ 163,603 $ 199,894 (1) Net of unamortized discount of $5.0 million and $5.5 million as of June 30, 2021 and December 31, 2020, respectively, and net of unamortized deferred financing costs of $7.5 million and $8.2 million as of June 30, 2021 and December 31, 2020, respectively. As of June 30, 2021, we had no outstanding balance and $6.2 million in letters of credit against our asset-based credit agreement (“ABL Credit Agreement”). Because there was no outstanding balance on this ABL Credit Agreement, associated deferred financing costs of $0.9 million as of June 30, 2021, were classified as other long-term assets on the accompanying consolidated balance sheet. As of June 30, 2021, subject to compliance with the covenants, borrowing base, and other provisions of the ABL Credit Agreement that may limit borrowings, we had an availability of $31.7 million under this agreement. See Note 11 - “Subsequent Events” for additional information. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Litigation We are named defendants in several lawsuits and respondents in certain governmental proceedings arising in the ordinary course of business. While the outcome of lawsuits or other proceedings against us cannot be predicted with certainty, management does not consider it reasonably possible that a loss resulting from such lawsuits or other proceedings in excess of any amounts accrued has been incurred that is expected to have a material adverse impact on our financial condition, results of operations, or liquidity. There have been no material developments in our legal proceedings during the quarter ended June 30, 2021. For a discussion of our legal proceedings, please see our Annual Report on Form 10-K for the year ended December 31, 2020. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Financial Instruments Investments Our retained investment in CSI Compressco and our investment in Standard Lithium are recorded based on the quoted market stock price in active markets (a Level 1 fair value measurement). The stock component of consideration received for our arrangement with Standard Lithium is initially recorded as unearned income based on the quoted market price at the time the stock is received, then recognized in income over the contract term. The unearned income associated with the stock component of this agreement is not significant as of June 30, 2021 or December 31, 2020. Changes in the value of stock are recorded in other income (expense) in our consolidated statements of operations Warrants The Warrants are valued using a Black Scholes option valuation model that includes estimates of the volatility of the Warrants (a Level 3 fair value measurement). The Warrants are accounted for as a derivative liability and increases (or decreases) in the fair value of the Warrants are generally associated with increases (or decreases) in the trading price of our common stock and by increases in the volatility of our common stock price, resulting in adjustments to earnings for the associated valuation losses (gains), and resulting in future volatility of our earnings during the period the Warrants are outstanding. The fair value of the Warrants and associated liability increased during the second quarter of 2021 primarily due to the increase in TETRA’s stock price. The estimated volatility as of June 30, 2021 was 60%. The outstanding Warrants expire by December 31, 2021. Recurring and nonrecurring fair value measurements by valuation hierarchy as of June 30, 2021 and December 31, 2020, are as follows: Fair Value Measurements Using Total as of Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Description June 30, 2021 (Level 1) (Level 2) (Level 3) (In Thousands) Investment in CSI Compressco $ 9,638 $ 9,638 $ — $ — Investment in Standard Lithium 6,583 6,583 — — Warrants liability (3,219) — — (3,219) Net asset $ 13,002 Fair Value Measurements Using Total as of Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Description December 31, 2020 (Level 1) (Level 2) (Level 3) (In Thousands) Investment in Standard Lithium $ 2,675 $ 2,675 — $ — Warrants liability (198) — — (198) Net asset $ 2,477 The fair values of cash, restricted cash, accounts receivable, accounts payable, accrued liabilities, short-term borrowings and long-term debt pursuant to TETRA’s ABL Credit Agreement and term credit agreement approximate their carrying amounts. See Note 6 - “Long-Term Debt and Other Borrowings” for further discussion. |
Net Income (Loss) per Share
Net Income (Loss) per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Share | NET INCOME (LOSS) PER SHARE The average diluted shares outstanding excludes the impact of certain outstanding equity awards and warrants of 2,013,000 and 1,740,000 shares for the three and six-month periods ended June 30, 2021, respectively, and 16,000 and 11,000 shares for the three and six-month periods ended June 30, 2020, respectively, as the inclusion of these shares would have been anti-dilutive due to the net loss from continuing operations recorded during these periods. |
Industry Segments
Industry Segments | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Industry Segments | INDUSTRY SEGMENTS We manage our operations through two Divisions: Completion Fluids & Products and Water & Flowback Services. Summarized financial information concerning the business segments is as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 (In Thousands) Revenues from external customers Product sales Completion Fluids & Products Division $ 62,565 $ 67,243 $ 107,583 $ 137,433 Water & Flowback Services Division 18 8 32 33 Consolidated $ 62,583 $ 67,251 $ 107,615 $ 137,466 Services Completion Fluids & Products Division $ 2,042 $ 4,103 $ 3,545 $ 9,150 Water & Flowback Services Division 37,701 24,716 68,490 82,157 Consolidated $ 39,743 $ 28,819 $ 72,035 $ 91,307 Total revenues Completion Fluids & Products Division $ 64,607 $ 71,346 $ 111,128 $ 146,583 Water & Flowback Services Division 37,719 24,724 68,522 82,190 Consolidated $ 102,326 $ 96,070 $ 179,650 $ 228,773 Income (loss) before taxes Completion Fluids & Products Division $ 16,427 $ 13,202 $ 25,438 $ 32,598 Water & Flowback Services Division (4,978) (8,418) (10,458) (10,662) Interdivision eliminations 3 2 6 7 Corporate Overhead (1) (16,722) (16,911) (32,031) (30,354) Consolidated $ (5,270) $ (12,125) $ (17,045) $ (8,411) (1) Amounts reflected include the following general corporate expenses: Three Months Ended Six Months Ended 2021 2020 2021 2020 (In Thousands) General and administrative expense $ 9,543 $ 11,611 $ 22,564 $ 19,692 Depreciation and amortization 248 175 418 372 Interest expense 4,044 4,749 9,107 10,204 Warrants fair value adjustment (income) expense 2,698 11 3,021 (327) Other general corporate income, net 189 365 (3,079) 413 Total $ 16,722 $ 16,911 $ 32,031 $ 30,354 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On July 30, 2021, we entered into an amendment of the ABL Credit Agreement that, among other things, extended the term of the credit facility to May 31, 2025 and revised our commitment to $80.0 million, with a $20.0 million accordion. The amendment increased the availability by adding the value of accrued Unites States receivables, increased the forward rates on accounts receivable for investment grade customers and incorporated a new $15.0 million sub-facility subject to a borrowing base consisting of certain trade receivables and inventory in the United Kingdom. The amendment resulted in an increase of approximately $9.4 million to the borrowing base as of July 30, 2021, compared to the borrowing base prior to the amendment. In connection with the amendment, we also elected to repay the $8.2 million under our term credit agreement that would have become due in 2022. In May 2021, we signed a memorandum of understanding (“MOU”) with CarbonFree Chemicals Holdings, LLC (“CarbonFree”), a carbon capture company with patented technologies that capture CO 2 and mineralize emissions to make commercial, carbon-negative chemicals. During the one-year MOU period, both Companies will work towards a definitive agreement that might include investments by TETRA into CarbonFree, a joint venture, or other commercial arrangements. On July 23, 2021, we entered into a commitment to invest $5.0 million in a convertible note to be issued by CarbonFree. Our investment in Carbon Free is contingent on certain conditions and is expected to be completed during the third quarter of 2021. |
Organization, Basis of Presen_2
Organization, Basis of Presentation, and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Nature of operations | Organization We are a geographically diversified oil and gas services company, focused on completion fluids and associated products and services, water management, frac flowback and production well testing. We were incorporated in Delaware in 1981. We are composed of two divisions – Completion Fluids & Products and Water & Flowback Services. Unless the context requires otherwise, when we refer to “we,” “us,” and “our,” we are describing TETRA Technologies, Inc. and its consolidated subsidiaries on a consolidated basis. |
Principles of consolidation policy | Presentation Our unaudited consolidated financial statements include the accounts of our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The information furnished reflects all normal recurring adjustments, which are, in the opinion of management, necessary to provide a fair statement of the results for the interim periods. Operating results for the period ended June 30, 2021 are not necessarily indicative of results that may be expected for the twelve months ended December 31, 2021. The accompanying unaudited consolidated financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X for interim financial statements required to be filed with the U.S. Securities and Exchange Commission (“SEC”) and do not include all information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2020 and notes thereto included in our Annual Report on Form 10-K |
Use of estimates policy | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses, and impairments during the reporting period. Actual results could differ from those estimates, and such differences could be material. |
Reclassifications | Reclassifications Certain previously reported financial information has been reclassified to conform to the current year's presentation. For a discussion of the reclassification of the financial presentation of our former Compression Division as discontinued operations, see Note 2 - “Discontinued Operations”. Other than the discontinued operations presentation, the impact of reclassifications was not significant to the prior year's overall presentation. Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate solely to continuing operations and exclude all discontinued operations. |
Impairments and other charges | Impairments and Other Charges Impairments of long-lived assets, including identified intangible assets, are determined periodically when indicators of impairment are present. If such indicators are present, the determination of the amount of impairment is based on our judgment as to the future undiscounted operating cash flows to be generated from the relevant assets throughout their remaining estimated useful lives. If these undiscounted cash flows are less than the carrying amount of the related assets, an impairment is recognized for the excess of the carrying value over fair value. Fair |
Foreign currency translation policy | Foreign Currency Translation We have designated the Euro, the British pound, the Norwegian krone, the Canadian dollar, the Brazilian real, and the Mexican peso as the functional currencies for our operations in Finland and Sweden, the United Kingdom, Norway, Canada, Brazil, and certain of our operations in Mexico, respectively. The United States dollar is the designated functional currency for all of our other non-U.S. operations. The cumulative translation effects of translating the applicable accounts from the functional currencies into the United States dollar at current exchange rates are included as a separate component of equity. Foreign currency exchange (gains) and losses are included in other (income) expense, net and totaled $(0.2) million and $(1.0) million during the three and six months ended June 30, 2021, respectively, and $0.8 million and $0.9 million for the three and six months ended June 30, 2020, respectively. |
Fair value measurements | Fair Value Measurements |
New accounting pronouncements | New Accounting Pronouncements Standards adopted in 2021 In December 2019, the FASB issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” ASU 2019-12 simplifies the accounting for income taxes by eliminating certain exceptions related to intraperiod tax allocation, interim period income tax calculation methodology, and the recognition of deferred tax liabilities for outside basis differences. It also simplifies certain aspects of accounting for franchise taxes and clarifies the accounting for transactions that results in a step-up in the tax basis of goodwill. On January 1, 2021, we adopted ASU 2019-12. The adoption of this standard did not have a material impact on our consolidated financial statements. Standards not yet adopted In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in the more timely recognition of losses on financial instruments not accounted for at fair value through net income. The provisions require credit impairments to be measured over the contractual life of an asset and developed with consideration for past events, current conditions, and forecasts of future economic information. Credit impairment will be accounted for as an allowance for credit losses deducted from the amortized cost basis at each reporting date. We are continuing to work through our implementation plan which includes evaluating the impact on our allowance for doubtful accounts methodology, identifying new reporting requirements, and implementing changes to business processes, systems, and controls to support adoption of the standard. Upon adoption, the allowance for doubtful accounts is expected to increase with an offsetting adjustment to retained earnings. Updates at each reporting date after initial adoption will be recorded through selling, general, and administrative expense. ASU 2016-13 has an effective date of the first quarter of fiscal 2023. We continue to assess the potential effects of these changes to our consolidated financial statements. |
Organization, Basis of Presen_3
Organization, Basis of Presentation, and Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Supplemental cash flow information from continuing and discontinued operations is as follows: Six Months Ended 2021 2020 (in thousands) Supplemental cash flow information (1) : Interest paid $ 7,577 $ 35,127 Income taxes paid 853 2,195 Decrease in accrued capital expenditures 1,434 1,820 (1) Prior-year information includes the activity for CSI Compressco for the full period. Current-year information includes activity for CSI Compressco for January only. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | A summary of financial information related to our discontinued operations is as follows: Reconciliation of the Line Items Constituting Pretax Loss from Discontinued Operations to the After-Tax Loss from Discontinued Operations (in thousands) Three Months Ended Compression Offshore Services Total Major classes of line items constituting loss from discontinued operations General and administrative expense $ — $ 5 $ 5 Other expense, net 121 — 121 Pretax loss from discontinued operations (121) (5) (126) Loss from discontinued operations attributable to TETRA stockholders $ (126) Three Months Ended Compression Offshore Services Total Major classes of line items constituting loss from discontinued operations Revenue $ 96,371 $ — $ 96,371 Cost of revenues 62,768 (274) 62,494 Depreciation, amortization, and accretion 20,116 — 20,116 Impairments and other charges 8,977 — 8,977 General and administrative expense 10,152 111 10,263 Interest expense, net 12,982 — 12,982 Other expense, net 4,380 — 4,380 Pretax income (loss) from discontinued operations (23,004) 163 (22,841) Income tax provision 947 Total loss from discontinued operations (23,788) Loss from discontinued operations attributable to noncontrolling interest 15,781 Loss from discontinued operations attributable to TETRA stockholders $ (8,007) Six Months Ended Compression Offshore Services Total Major classes of line items constituting income from discontinued operations Revenue $ 18,968 $ — $ 18,968 Cost of revenues 11,474 28 11,502 General and administrative expense 2,795 — 2,795 Interest expense, net 4,336 — 4,336 Other expense, net 15 — 15 Pretax income (loss) from discontinued operations 348 (28) 320 Pretax gain on disposal of discontinued operations 120,574 Total pretax income from discontinued operations 120,894 Income tax provision 30 Total income from discontinued operations 120,864 Income from discontinued operations attributable to noncontrolling interest (333) Income from discontinued operations attributable to TETRA stockholders $ 120,531 Six Months Ended Compression Offshore Services Total Major classes of line items constituting loss from discontinued operations Revenue $ 186,610 $ — $ 186,610 Cost of revenues 117,347 (334) 117,013 Depreciation, amortization, and accretion 40,025 — 40,025 Impairments and other charges 14,348 — 14,348 General and administrative expense 20,341 316 20,657 Interest expense, net 25,546 — 25,546 Other expense, net 4,798 — 4,798 Pretax (loss) income from discontinued operations (35,795) 18 (35,777) Income tax provision 1,379 Total income from discontinued operations (37,156) Loss from discontinued operations attributable to noncontrolling interest 24,615 Loss from discontinued operations attributable to TETRA stockholders $ (12,541) Reconciliation of Major Classes of Assets and Liabilities of the Discontinued Operations to Amounts Presented Separately in the Statement of Financial Position (in thousands) June 30, 2021 Offshore Services Maritech Total Carrying amounts of major classes of liabilities included as part of discontinued operations Trade payables $ 1,223 $ — $ 1,223 Accrued liabilities and other 150 228 378 Total liabilities associated with discontinued operations $ 1,373 $ 228 $ 1,601 December 31, 2020 Compression Offshore Services Maritech Total Carrying amounts of major classes of assets included as part of discontinued operations Cash and cash equivalents $ 16,577 $ — $ — $ 16,577 Trade receivables 43,837 — — 43,837 Inventories 31,220 — — 31,220 Other current assets 5,231 — — 5,231 Property, plant, and equipment 551,401 — — 551,401 Other assets 61,740 — — 61,740 Total assets associated with discontinued operations $ 710,006 $ — $ — $ 710,006 Carrying amounts of major classes of liabilities included as part of discontinued operations Trade payables $ 19,766 $ 1,222 $ — $ 20,988 Unearned Income 269 — — 269 Accrued liabilities and other 36,318 352 228 36,898 Long-term debt, net 638,631 — — 638,631 Other liabilities 37,253 — — 37,253 Total liabilities associated with discontinued operations $ 732,237 $ 1,574 $ 228 $ 734,039 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | In addition, we disaggregate revenue from contracts with customers by geography based on the following table below. Three Months Ended Six Months Ended 2021 2020 2021 2020 (In Thousands) Completion Fluids & Products United States $ 25,229 $ 32,102 $ 49,824 $ 70,060 International 39,378 39,244 61,304 76,523 64,607 71,346 111,128 146,583 Water & Flowback Services United States 35,463 22,867 64,395 77,250 International 2,256 1,857 4,127 4,940 37,719 24,724 68,522 82,190 Total Revenue United States 60,692 54,969 114,219 147,310 International 41,634 41,101 65,431 81,463 $ 102,326 $ 96,070 $ 179,650 $ 228,773 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Components of inventories as of June 30, 2021 and December 31, 2020 are as follows: June 30, 2021 December 31, 2020 (In Thousands) Finished goods $ 59,814 $ 68,121 Raw materials 3,783 2,910 Parts and supplies 4,554 4,001 Work in progress 1,920 1,626 Total inventories $ 70,071 $ 76,658 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments in and Advances to Affiliates [Abstract] | |
Summary of Investments | Our investments as of June 30, 2021 and December 31, 2020, consist of the following: June 30, 2021 December 31, 2020 (In Thousands) Investment in CSI Compressco $ 9,638 $ — Investment in Standard Lithium 6,583 2,675 Total Investments $ 16,221 $ 2,675 |
Long-Term Debt and Other Borr_2
Long-Term Debt and Other Borrowings (Table) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt Table | Consolidated long-term debt as of June 30, 2021 and December 31, 2020, consists of the following: Scheduled Maturity June 30, 2021 December 31, 2020 (In Thousands) Asset-based credit agreement September 10, 2023 $ — $ — Term credit agreement (1) September 10, 2025 171,760 199,894 Total debt 171,760 199,894 Less current portion (8,157) — Total long-term debt $ 163,603 $ 199,894 (1) Net of unamortized discount of $5.0 million and $5.5 million as of June 30, 2021 and December 31, 2020, respectively, and net of unamortized deferred financing costs of $7.5 million and $8.2 million as of June 30, 2021 and December 31, 2020, respectively. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring | Recurring and nonrecurring fair value measurements by valuation hierarchy as of June 30, 2021 and December 31, 2020, are as follows: Fair Value Measurements Using Total as of Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Description June 30, 2021 (Level 1) (Level 2) (Level 3) (In Thousands) Investment in CSI Compressco $ 9,638 $ 9,638 $ — $ — Investment in Standard Lithium 6,583 6,583 — — Warrants liability (3,219) — — (3,219) Net asset $ 13,002 Fair Value Measurements Using Total as of Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Description December 31, 2020 (Level 1) (Level 2) (Level 3) (In Thousands) Investment in Standard Lithium $ 2,675 $ 2,675 — $ — Warrants liability (198) — — (198) Net asset $ 2,477 |
Industry Segments (Tables)
Industry Segments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting Table | Three Months Ended Six Months Ended 2021 2020 2021 2020 (In Thousands) Revenues from external customers Product sales Completion Fluids & Products Division $ 62,565 $ 67,243 $ 107,583 $ 137,433 Water & Flowback Services Division 18 8 32 33 Consolidated $ 62,583 $ 67,251 $ 107,615 $ 137,466 Services Completion Fluids & Products Division $ 2,042 $ 4,103 $ 3,545 $ 9,150 Water & Flowback Services Division 37,701 24,716 68,490 82,157 Consolidated $ 39,743 $ 28,819 $ 72,035 $ 91,307 Total revenues Completion Fluids & Products Division $ 64,607 $ 71,346 $ 111,128 $ 146,583 Water & Flowback Services Division 37,719 24,724 68,522 82,190 Consolidated $ 102,326 $ 96,070 $ 179,650 $ 228,773 Income (loss) before taxes Completion Fluids & Products Division $ 16,427 $ 13,202 $ 25,438 $ 32,598 Water & Flowback Services Division (4,978) (8,418) (10,458) (10,662) Interdivision eliminations 3 2 6 7 Corporate Overhead (1) (16,722) (16,911) (32,031) (30,354) Consolidated $ (5,270) $ (12,125) $ (17,045) $ (8,411) (1) Amounts reflected include the following general corporate expenses: Three Months Ended Six Months Ended 2021 2020 2021 2020 (In Thousands) General and administrative expense $ 9,543 $ 11,611 $ 22,564 $ 19,692 Depreciation and amortization 248 175 418 372 Interest expense 4,044 4,749 9,107 10,204 Warrants fair value adjustment (income) expense 2,698 11 3,021 (327) Other general corporate income, net 189 365 (3,079) 413 Total $ 16,722 $ 16,911 $ 32,031 $ 30,354 |
Organization, Basis of Presen_4
Organization, Basis of Presentation, and Significant Accounting Policies - Additional Information (Details) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($)shares | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)shares | Jun. 30, 2020USD ($) | |
Accounting Policies [Abstract] | ||||
Number of Operating Segments | 2 | |||
Foreign Currency Transaction Gain (Loss), Realized | $ | $ (0.2) | $ 0.8 | $ (1) | $ 0.9 |
Class of Warrant or Right, Outstanding | shares | 11.2 | 11.2 |
Organization, Basis of Presen_5
Organization, Basis of Presentation, and Significant Accounting Policies - Supplemental Cash Flows (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Accounting Policies [Abstract] | ||
Interest paid | $ 7,577 | $ 35,127 |
Income taxes paid | 853 | 2,195 |
Decrease in accrued capital expenditures | $ 1,434 | $ 1,820 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | Jan. 29, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds from sale of CCLP, net of cash divested | $ 18 | $ 0 | |||||
Gain on disposition of business | 120,574 | 0 | |||||
Proceeds from long-term debt | 0 | 338,343 | |||||
Repayments of long-term debt | 29,320 | 341,364 | |||||
Proceeds on sale of property, plant, and equipment | 754 | 5,311 | |||||
Revenue | $ 96,371 | 18,968 | 186,610 | ||||
Cost of revenues | 62,494 | 11,502 | 117,013 | ||||
Depreciation, amortization, and accretion | 20,116 | 40,025 | |||||
Impairments and other charges | 8,977 | 14,348 | |||||
General and administrative expense | $ 5 | 10,263 | 2,795 | 20,657 | |||
Interest expense, net | 12,982 | 4,336 | 25,546 | ||||
Other expense, net | 121 | 4,380 | 15 | 4,798 | |||
Pretax loss from discontinued operations | (126) | (22,841) | 320 | (35,777) | |||
Pretax gain (loss) on disposal of discontinued operations | 120,574 | ||||||
Total pretax loss from discontinued operations | 120,894 | ||||||
Income tax provision | 947 | 30 | 1,379 | ||||
Total loss from discontinued operations | (126) | (23,788) | 120,864 | (37,156) | |||
Loss from discontinued operations attributable to noncontrolling interest | 0 | 15,781 | (333) | 24,615 | |||
Loss from discontinued operations attributable to TETRA stockholders | (126) | (8,007) | 120,531 | (12,541) | |||
Cash and cash equivalents | 0 | 6,757 | 0 | 6,757 | $ 16,577 | $ 2,370 | |
Trade receivables | 43,837 | ||||||
Inventories | 31,220 | ||||||
Other current assets | 5,231 | ||||||
Property, plant, and equipment | 551,401 | ||||||
Other assets | 61,740 | ||||||
Total assets associated with discontinued operations | 710,006 | ||||||
Assets of discontinued operations | 0 | 0 | 710,006 | ||||
Trade payables | 1,223 | 1,223 | 20,988 | ||||
Unearned Income | 269 | ||||||
Accrued liabilities and other | 378 | 378 | 36,898 | ||||
Long-term debt, net | 638,631 | ||||||
Other liabilities | 37,253 | ||||||
Total liabilities associated with discontinued operations | 1,601 | 1,601 | 734,039 | ||||
CSI Compressco | Discontinued Operations, Held-for-sale or Disposed of by Sale | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds from divestiture of businesses | $ 13,400 | ||||||
Proceeds from sale of CCLP, net of cash divested | 500 | ||||||
Consideration transferred | 3,100 | ||||||
Gain on disposition of business | $ 120,600 | ||||||
CSI Compressco | Discontinued Operations, Held-for-sale or Disposed of by Sale | Limited Partner [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
General partner, ownership interest | 23.10% | ||||||
Compression Division [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Revenue | 96,371 | 18,968 | 186,610 | ||||
Cost of revenues | 62,768 | 11,474 | 117,347 | ||||
Depreciation, amortization, and accretion | 20,116 | 40,025 | |||||
Impairments and other charges | 8,977 | 14,348 | |||||
General and administrative expense | 0 | 10,152 | 2,795 | 20,341 | |||
Interest expense, net | 12,982 | 4,336 | 25,546 | ||||
Other expense, net | 121 | 4,380 | 15 | 4,798 | |||
Pretax loss from discontinued operations | (121) | (23,004) | 348 | (35,795) | |||
Cash and cash equivalents | 16,577 | ||||||
Trade receivables | 43,837 | ||||||
Inventories | 31,220 | ||||||
Other current assets | 5,231 | ||||||
Property, plant, and equipment | 551,401 | ||||||
Other assets | 61,740 | ||||||
Total assets associated with discontinued operations | 710,006 | ||||||
Trade payables | 19,766 | ||||||
Unearned Income | 269 | ||||||
Accrued liabilities and other | 36,318 | ||||||
Long-term debt, net | 638,631 | ||||||
Other liabilities | 37,253 | ||||||
Total liabilities associated with discontinued operations | 732,237 | ||||||
Compression Division [Member] | Discontinued Operations, Held-for-sale or Disposed of by Sale | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Capital expenditure, discontinued operations | 3,000 | 11,200 | |||||
Proceeds from long-term debt | 271,800 | ||||||
Repayments of long-term debt | 273,900 | ||||||
Proceeds on sale of property, plant, and equipment | 3,600 | ||||||
Amortization of financing discounts, costs and gains | 1,400 | ||||||
Offshore Services [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Revenue | 0 | 0 | 0 | ||||
Cost of revenues | (274) | 28 | (334) | ||||
Depreciation, amortization, and accretion | 0 | 0 | |||||
Impairments and other charges | 0 | 0 | |||||
General and administrative expense | 5 | 111 | 0 | 316 | |||
Interest expense, net | 0 | 0 | 0 | ||||
Other expense, net | 0 | 0 | 0 | 0 | |||
Pretax loss from discontinued operations | (5) | $ 163 | (28) | $ 18 | |||
Cash and cash equivalents | 0 | ||||||
Trade receivables | 0 | ||||||
Inventories | 0 | ||||||
Other current assets | 0 | ||||||
Property, plant, and equipment | 0 | ||||||
Other assets | 0 | ||||||
Total assets associated with discontinued operations | 0 | ||||||
Trade payables | 1,223 | 1,223 | 1,222 | ||||
Unearned Income | 0 | ||||||
Accrued liabilities and other | 150 | 150 | 352 | ||||
Long-term debt, net | 0 | ||||||
Other liabilities | 0 | ||||||
Total liabilities associated with discontinued operations | 1,373 | 1,373 | 1,574 | ||||
Maritech [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Cash and cash equivalents | 0 | ||||||
Trade receivables | 0 | ||||||
Inventories | 0 | ||||||
Other current assets | 0 | ||||||
Property, plant, and equipment | 0 | ||||||
Other assets | 0 | ||||||
Total assets associated with discontinued operations | 0 | ||||||
Trade payables | 0 | 0 | 0 | ||||
Unearned Income | 0 | ||||||
Accrued liabilities and other | 228 | 228 | 228 | ||||
Long-term debt, net | 0 | ||||||
Other liabilities | 0 | ||||||
Total liabilities associated with discontinued operations | $ 228 | $ 228 | $ 228 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers Contract Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Contract with customer, asset balances | $ 19.3 | $ 12.8 |
Deferred Revenue | $ 3 | $ 2.7 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers Revenue Performance Obligation (Details) | Jun. 30, 2021 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue from Contracts with C_5
Revenue from Contracts with Customers Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues from external customers | $ 102,326 | $ 96,070 | $ 179,650 | $ 228,773 |
UNITED STATES | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from external customers | 60,692 | 54,969 | 114,219 | 147,310 |
International | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from external customers | 41,634 | 41,101 | 65,431 | 81,463 |
Completion Fluids & Products Division | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from external customers | 64,607 | 71,346 | 111,128 | 146,583 |
Completion Fluids & Products Division | UNITED STATES | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from external customers | 25,229 | 32,102 | 49,824 | 70,060 |
Completion Fluids & Products Division | International | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from external customers | 39,378 | 39,244 | 61,304 | 76,523 |
Water & Flowback Services Division | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from external customers | 37,719 | 24,724 | 68,522 | 82,190 |
Water & Flowback Services Division | UNITED STATES | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from external customers | 35,463 | 22,867 | 64,395 | 77,250 |
Water & Flowback Services Division | International | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from external customers | $ 2,256 | $ 1,857 | $ 4,127 | $ 4,940 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Inventory, Finished Goods, Gross | $ 59,814 | $ 68,121 |
Inventory, Raw Materials, Gross | 3,783 | 2,910 |
Other Inventory, Supplies, Gross | 4,554 | 4,001 |
Inventory, Work in Process, Gross | 1,920 | 1,626 |
Inventories | $ 70,071 | $ 76,658 |
Investments in and Advances to
Investments in and Advances to Affiliates (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Investments in and Advances to Affiliates [Line Items] | ||
Total Investments | $ 16,221 | $ 2,675 |
CSI Compressco | ||
Investments in and Advances to Affiliates [Line Items] | ||
Ownership percentage | 10.90% | |
Total Investments | $ 0 |
Long-Term Debt and Other Borr_3
Long-Term Debt and Other Borrowings Schedule of Long Term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Current portion of long-term debt | $ 8,157 | $ 0 |
Long-term Debt, Excluding Current Maturities | 163,603 | 199,894 |
Parent Company [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 171,760 | 199,894 |
Current portion of long-term debt | (8,157) | 0 |
Long-term Debt, Excluding Current Maturities | 163,603 | 199,894 |
Unamortized deferred finance costs | 900 | |
Revolving Credit Facility | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 0 | 0 |
Term Loan [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 171,760 | 199,894 |
Debt Instrument, Unamortized Discount (Premium), Net | 5,000 | 5,500 |
Unamortized deferred finance costs | $ 7,500 | $ 8,200 |
Long-Term Debt and Other Borr_4
Long-Term Debt and Other Borrowings (Details) | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Parent Company [Member] | |
Debt Instrument [Line Items] | |
Unamortized deferred finance costs | $ 900,000 |
Line of Credit | |
Debt Instrument [Line Items] | |
Debt prepayment cost | 8,200,000 |
Line of Credit | Parent Company [Member] | |
Debt Instrument [Line Items] | |
Value of amount outstanding | 0 |
Bank line of credit, letters of credit and guarantees | 6,200,000 |
Bank line of credit, net availability | $ 31,700,000 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) | Jun. 30, 2021 |
Warrants liability | (Level 3) | Measurement Input, Price Volatility | |
Derivative [Line Items] | |
Derivative Liability, Measurement Input | 0.60 |
Fair Value Measurements - Marke
Fair Value Measurements - Market Risks and Derivative Hedge Contracts (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Net asset | $ 13,002 | $ 2,477 |
CSI Compressco | ||
Derivatives, Fair Value [Line Items] | ||
Net asset | 9,638 | |
CSI Compressco | (Level 1) | ||
Derivatives, Fair Value [Line Items] | ||
Net asset | 9,638 | |
CSI Compressco | (Level 2) | ||
Derivatives, Fair Value [Line Items] | ||
Net asset | 0 | |
CSI Compressco | (Level 3) | ||
Derivatives, Fair Value [Line Items] | ||
Net asset | 0 | |
Standard Lithium | ||
Derivatives, Fair Value [Line Items] | ||
Net asset | 6,583 | (2,675) |
Standard Lithium | (Level 1) | ||
Derivatives, Fair Value [Line Items] | ||
Net asset | 6,583 | (2,675) |
Standard Lithium | (Level 2) | ||
Derivatives, Fair Value [Line Items] | ||
Net asset | 0 | 0 |
Standard Lithium | (Level 3) | ||
Derivatives, Fair Value [Line Items] | ||
Net asset | 0 | 0 |
Warrants liability | ||
Derivatives, Fair Value [Line Items] | ||
Net asset | (3,219) | (198) |
Warrants liability | (Level 1) | ||
Derivatives, Fair Value [Line Items] | ||
Net asset | 0 | 0 |
Warrants liability | (Level 2) | ||
Derivatives, Fair Value [Line Items] | ||
Net asset | 0 | 0 |
Warrants liability | (Level 3) | ||
Derivatives, Fair Value [Line Items] | ||
Net asset | $ (3,219) | $ (198) |
Net Income (Loss) per Share (De
Net Income (Loss) per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,013,000 | 16,000 | 1,740,000 | 11,000 |
Industry Segments Additional De
Industry Segments Additional Details (Details) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 2 |
Industry Segments - Revenue, In
Industry Segments - Revenue, Income from Operations, and Assets by Reporting Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Industry Segments Details [Line Items] | ||||
Revenues from external customers | $ 102,326 | $ 96,070 | $ 179,650 | $ 228,773 |
Loss before taxes and discontinued operations | (5,270) | (12,125) | (17,045) | (8,411) |
Completion Fluids & Products Division | ||||
Industry Segments Details [Line Items] | ||||
Revenues from external customers | 64,607 | 71,346 | 111,128 | 146,583 |
Loss before taxes and discontinued operations | 16,427 | 13,202 | 25,438 | 32,598 |
Water & Flowback Services Division | ||||
Industry Segments Details [Line Items] | ||||
Revenues from external customers | 37,719 | 24,724 | 68,522 | 82,190 |
Loss before taxes and discontinued operations | (4,978) | (8,418) | (10,458) | (10,662) |
Interdivision eliminations | ||||
Industry Segments Details [Line Items] | ||||
Loss before taxes and discontinued operations | 3 | 2 | 6 | 7 |
Corporate Overhead | ||||
Industry Segments Details [Line Items] | ||||
Loss before taxes and discontinued operations | (16,722) | (16,911) | (32,031) | (30,354) |
Product sales | ||||
Industry Segments Details [Line Items] | ||||
Revenues from external customers | 62,583 | 67,251 | 107,615 | 137,466 |
Product sales | Completion Fluids & Products Division | ||||
Industry Segments Details [Line Items] | ||||
Revenues from external customers | 62,565 | 67,243 | 107,583 | 137,433 |
Product sales | Water & Flowback Services Division | ||||
Industry Segments Details [Line Items] | ||||
Revenues from external customers | 18 | 8 | 32 | 33 |
Services | ||||
Industry Segments Details [Line Items] | ||||
Revenues from external customers | 39,743 | 28,819 | 72,035 | 91,307 |
Services | Completion Fluids & Products Division | ||||
Industry Segments Details [Line Items] | ||||
Revenues from external customers | 2,042 | 4,103 | 3,545 | 9,150 |
Services | Water & Flowback Services Division | ||||
Industry Segments Details [Line Items] | ||||
Revenues from external customers | $ 37,701 | $ 24,716 | $ 68,490 | $ 82,157 |
Industry Segments - Corporate E
Industry Segments - Corporate Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
General and administrative expense | $ 17,351 | $ 23,862 | $ 37,363 | $ 44,210 |
Depreciation, amortization, and accretion | 8,236 | 9,726 | 17,187 | 19,277 |
Interest expense, net | 3,886 | 4,604 | 8,290 | 9,896 |
Warrants fair value adjustment | 3,021 | (326) | ||
Other general corporate income, net | (2,232) | (541) | (7,327) | (520) |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 6,654 | 13,179 | 18,597 | 10,187 |
Corporate Overhead | ||||
Segment Reporting Information [Line Items] | ||||
General and administrative expense | 9,543 | 11,611 | 22,564 | 19,692 |
Depreciation, amortization, and accretion | 248 | 175 | 418 | 372 |
Interest expense, net | 4,044 | 4,749 | 9,107 | 10,204 |
Warrants fair value adjustment | 2,698 | 11 | 3,021 | (327) |
Other general corporate income, net | 189 | 365 | (3,079) | 413 |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 16,722 | $ 16,911 | $ 32,031 | $ 30,354 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - USD ($) | Jul. 30, 2021 | Jul. 23, 2021 |
CarbonFree Chemical Holdings | ||
Subsequent Event [Line Items] | ||
Contingent Investment Commitment, Convertible Notes | $ 5,000,000 | |
ABL Credit Agreement | Revolving Credit Facility | Line of Credit | ||
Subsequent Event [Line Items] | ||
Maximum borrowing capacity | $ 80,000,000 | |
Accordion feature | 20,000,000 | |
Increase in borrowing base | 9,400,000 | |
Repayments of debt | 8,200,000 | |
Sub-Facility | Letter of Credit | Line of Credit | ||
Subsequent Event [Line Items] | ||
Maximum borrowing capacity | $ 15,000,000 |