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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TETRA Technologies | NYSE:TTI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.16 | 4.22% | 3.95 | 3.96 | 3.742 | 3.80 | 1,972,341 | 01:00:00 |
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
|
|
|
|
COMMON STOCK, PAR VALUE $.01 PER SHARE
|
NEW YORK STOCK EXCHANGE
|
(TITLE OF CLASS)
|
(NAME OF EXCHANGE ON WHICH REGISTERED)
|
|
|
S
ECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: NONE
|
LARGE ACCELERATED FILER [ ]
|
ACCELERATED FILER [ X ]
|
NON-ACCELERATED FILER [ ]
|
SMALLER REPORTING COMPANY [ ]
|
EMERGING GROWTH COMPANY [ ]
|
|
|
|
|
Part I
|
|
|
Part II
|
|
|
Part III
|
|
|
Part IV
|
|
Item 16.
|
Form 10-K Summary
|
•
|
economic and operating conditions that are outside of our control, including the supply, demand, and prices of crude oil and natural gas;
|
•
|
the levels of competition we encounter;
|
•
|
the activity levels of our customers;
|
•
|
our operational performance;
|
•
|
the availability of raw materials and labor at reasonable prices;
|
•
|
risks related to acquisitions and our growth strategy;
|
•
|
our ability to comply with the financial covenants in our debt agreements and the consequences of any failure to comply with such financial covenants;
|
•
|
the availability of adequate sources of capital to us;
|
•
|
the effect and results of litigation, regulatory matters, settlements, audits, assessments, and contingencies;
|
•
|
risks related to our foreign operations;
|
•
|
information technology risks including the risk from cyberattack, and
|
•
|
other risks and uncertainties under “Item 1A. Risk Factors” in this Annual Report and as included in our other filings with the U.S. Securities and Exchange Commission (“SEC”), which are available free of charge on the SEC website at
www.sec.gov.
|
Range of Horsepower Per Package
|
|
Number of Packages
|
|
Aggregate Horsepower
|
|
% of Total Aggregate Horsepower
|
|
|
|
|
|
|
|
|
|
0 - 100
|
|
3,842
|
|
180,156
|
|
16.7
|
%
|
101 - 800
|
|
1,590
|
|
444,520
|
|
41.1
|
%
|
Over 800
|
|
341
|
|
457,243
|
|
42.3
|
%
|
Total
|
|
5,773
|
|
1,081,919
|
|
100.0
|
%
|
•
|
our previously existing ownership interest in the common units of CCLP will decrease;
|
•
|
the amount of cash available for distribution on each CCLP common unit may decrease;
|
•
|
the voting power attributable to our previously existing CCLP common units will be diminished; and
|
•
|
the market price of CCLP common units may decline.
|
•
|
restrictions on repatriating cash back to the United States;
|
•
|
the impact of compliance with anti-corruption laws on our operations and competitive position in affected countries and the risk that actions taken by us or our agents may violate those laws;
|
•
|
government controls and government actions, such as expropriation of assets and changes in legal and regulatory environments;
|
•
|
import and export license requirements;
|
•
|
political, social, or economic instability;
|
•
|
trade restrictions;
|
•
|
changes in tariffs and taxes;
and
|
•
|
our limited knowledge of these markets or our inability to protect our interests.
|
TETRA Hedron
|
Derrick barge with 1,600-metric-ton revolving crane
|
TETRA Arapaho
|
Derrick barge with 725-metric-ton revolving crane
|
Epic Explorer
|
210-foot dive support vessel with saturation diving system
|
|
|
High
|
|
Low
|
||||
2017
|
|
|
|
|
|
|
||
First Quarter
|
|
$
|
5.23
|
|
|
$
|
3.53
|
|
Second Quarter
|
|
4.26
|
|
|
2.67
|
|
||
Third Quarter
|
|
3.12
|
|
|
1.87
|
|
||
Fourth Quarter
|
|
4.40
|
|
|
2.63
|
|
||
2016
|
|
|
|
|
|
|
||
First Quarter
|
|
$
|
7.81
|
|
|
$
|
4.62
|
|
Second Quarter
|
|
7.75
|
|
|
4.65
|
|
||
Third Quarter
|
|
6.77
|
|
|
5.33
|
|
||
Fourth Quarter
|
|
6.34
|
|
|
4.36
|
|
Period
|
|
Total Number
of Shares Purchased
|
|
|
|
Average
Price
Paid per Share
|
|
Total Number of Shares
Purchased as Part of
Publicly Announced Plans or Programs
(1)
|
|
Maximum Number (or
Approximate Dollar Value) of
Shares that May Yet be
Purchased Under the Publicly Announced Plans or Programs
(1)
|
||||||
Oct 1 – Oct 31, 2017
|
|
162
|
|
|
(2)
|
|
$
|
2.84
|
|
|
—
|
|
|
$
|
14,327,000
|
|
Nov 1 – Nov 30, 2017
|
|
29,781
|
|
|
(2)
|
|
3.24
|
|
|
—
|
|
|
14,327,000
|
|
||
Dec 1 – Dec 31, 2017
|
|
1,549
|
|
|
(2)
|
|
4.13
|
|
|
—
|
|
|
14,327,000
|
|
||
Total
|
|
31,492
|
|
|
|
|
|
|
|
—
|
|
|
$
|
14,327,000
|
|
(1)
|
In January 2004, our Board of Directors authorized the repurchase of up to $20 million of our common stock.
Purchases may be made from time to time in open market transactions at prevailing market prices. The repurchase program may continue until the authorized limit is reached, at which time the Board of Directors may review the option of increasing the authorized limit.
|
(2)
|
Shares we received in connection with the exercise of certain employee stock options or the vesting of certain employee restricted stock. These shares were not acquired pursuant to the stock repurchase program.
|
|
|
Year Ended December 31,
|
|||||||||||||||||||
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
||||||||||
|
|
(In Thousands, Except Per Share Amounts)
|
|||||||||||||||||||
Income Statement Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenues
|
|
$
|
820,378
|
|
|
$
|
694,764
|
|
|
$
|
1,130,145
|
|
|
$
|
1,077,567
|
|
|
$
|
909,398
|
|
|
Gross profit
|
|
99,824
|
|
|
51,417
|
|
|
189,236
|
|
|
95,044
|
|
|
135,392
|
|
|
|||||
General and administrative expense
|
|
121,905
|
|
|
115,964
|
|
|
157,812
|
|
|
142,689
|
|
|
131,466
|
|
|
|||||
Goodwill impairment
|
|
—
|
|
|
106,205
|
|
|
177,006
|
|
|
64,295
|
|
|
—
|
|
|
|||||
Interest expense
|
|
58,027
|
|
|
59,996
|
|
|
55,165
|
|
|
35,711
|
|
|
18,278
|
|
|
|||||
Interest income
|
|
(781
|
)
|
|
(1,370
|
)
|
|
(690
|
)
|
|
(745
|
)
|
|
(296
|
)
|
|
|||||
Other (income) expense, net
|
|
(18,344
|
)
|
|
7,712
|
|
|
1,706
|
|
|
10,965
|
|
|
(13,928
|
)
|
|
|||||
Loss before taxes
|
|
(60,983
|
)
|
|
(237,090
|
)
|
|
(201,763
|
)
|
|
(157,871
|
)
|
|
(128
|
)
|
|
|||||
Net income (loss)
|
|
(62,183
|
)
|
|
(239,393
|
)
|
|
(209,467
|
)
|
|
(167,575
|
)
|
|
3,326
|
|
|
|||||
Net income (loss) attributable to TETRA stockholders
|
|
$
|
(39,048
|
)
|
|
$
|
(161,462
|
)
|
|
$
|
(126,183
|
)
|
|
$
|
(169,678
|
)
|
|
$
|
153
|
|
|
Income (loss) per share, before discontinued operations attributable to TETRA stockholders
|
|
$
|
(0.34
|
)
|
|
$
|
(1.85
|
)
|
|
$
|
(1.59
|
)
|
|
$
|
(2.16
|
)
|
|
$
|
—
|
|
|
Average shares
|
|
114,499
|
|
|
87,286
|
|
|
79,169
|
|
|
78,600
|
|
|
77,954
|
|
|
|||||
Income (loss) per diluted share, before discontinued operations attributable to TETRA stockholders
|
|
$
|
(0.34
|
)
|
|
$
|
(1.85
|
)
|
|
$
|
(1.59
|
)
|
|
$
|
(2.16
|
)
|
|
$
|
—
|
|
|
Average diluted shares
|
|
114,499
|
|
(1)
|
87,286
|
|
(1)
|
79,169
|
|
(1)
|
78,600
|
|
(1)
|
78,840
|
|
(2)
|
(1)
|
For
the years ended
December 31, 2017
, 2016, 2015, and 2014, the calculation of average diluted shares outstanding excludes the impact of all outstanding stock options and warrants, as the inclusion of these shares would have been antidilutive due to the net loss recorded during the year.
|
(2)
|
For
the year ended December 31, 2013, the calculation of average diluted shares outstanding excludes the impact of
2,061,534
average outstanding stock options that would have been antidilutive.
|
|
|
December 31,
|
||||||||||||||||||
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
|
|
(In Thousands)
|
||||||||||||||||||
Balance Sheet Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Working capital
|
|
$
|
164,640
|
|
|
$
|
158,906
|
|
|
$
|
168,783
|
|
|
$
|
121,476
|
|
|
$
|
200,227
|
|
Total assets
|
|
1,308,614
|
|
|
1,315,540
|
|
|
1,636,202
|
|
|
2,063,522
|
|
|
1,203,786
|
|
|||||
Long-term debt, net
|
|
629,855
|
|
|
623,730
|
|
|
853,228
|
|
|
826,095
|
|
|
384,980
|
|
|||||
Decommissioning and other long-term liabilities
|
|
77,846
|
|
|
78,894
|
|
|
83,548
|
|
|
93,366
|
|
|
48,282
|
|
|||||
CCLP Series A Preferred Units
|
|
61,436
|
|
|
77,062
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Warrant Liability
|
|
13,202
|
|
|
18,503
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total equity
|
|
352,561
|
|
|
400,466
|
|
|
514,180
|
|
|
765,601
|
|
|
597,498
|
|
|
December 31, 2017
|
||||||||||||||
Condensed Consolidating Balance Sheet
|
TETRA
|
|
CCLP
|
|
Eliminations
|
|
Consolidated
|
||||||||
|
(In Thousands)
|
||||||||||||||
Cash, excluding restricted cash
|
$
|
18,527
|
|
|
$
|
7,601
|
|
|
$
|
—
|
|
|
$
|
26,128
|
|
Affiliate receivables
|
3,034
|
|
|
—
|
|
|
(3,034
|
)
|
|
—
|
|
||||
Other current assets
|
217,680
|
|
|
94,546
|
|
|
|
|
312,226
|
|
|||||
Property, plant and equipment, net
|
288,826
|
|
|
606,479
|
|
|
—
|
|
|
895,305
|
|
||||
Other assets, including investment in CCLP
|
19
|
|
|
34,306
|
|
|
40,630
|
|
|
74,955
|
|
||||
Total assets
|
$
|
528,086
|
|
|
$
|
742,932
|
|
|
$
|
37,596
|
|
|
$
|
1,308,614
|
|
|
|
|
|
|
|
|
|
||||||||
Affiliate payables
|
$
|
—
|
|
|
$
|
3,034
|
|
|
$
|
(3,034
|
)
|
|
$
|
—
|
|
Current portion of long-term debt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Other current liabilities
|
112,742
|
|
|
60,972
|
|
|
—
|
|
|
173,714
|
|
||||
Long-term debt, net
|
117,679
|
|
|
512,176
|
|
|
—
|
|
|
629,855
|
|
||||
CCLP Series A Preferred Units
|
—
|
|
|
70,260
|
|
|
(8,824
|
)
|
|
61,436
|
|
||||
Warrant liability
|
13,202
|
|
|
—
|
|
|
—
|
|
|
13,202
|
|
||||
Other non-current liabilities
|
76,383
|
|
|
1,463
|
|
|
|
|
|
77,846
|
|
||||
Total equity
|
208,080
|
|
|
95,027
|
|
|
49,454
|
|
|
352,561
|
|
||||
Total liabilities and equity
|
$
|
528,086
|
|
|
$
|
742,932
|
|
|
$
|
37,596
|
|
|
$
|
1,308,614
|
|
•
|
increases in technologically driven deepwater oil and gas well completions in the Gulf of Mexico;
|
•
|
applications for many of our products and services in the
continuing
exploitation and development of shale reservoirs;
|
•
|
increased regulatory requirements governing the abandonment and decommissioning work on aging offshore platforms and wells in the Gulf of Mexico; and
|
•
|
increases in selected international oil and gas exploration and development activities.
|
|
|
Year Ended
December 31,
|
|
Period to Period Change
|
|||||||||||
|
|
2017
|
|
2016
|
|
2017 vs. 2016
|
|
% Change
|
|||||||
|
|
(In Thousands, Except Percentages)
|
|||||||||||||
Revenues
|
|
$
|
820,378
|
|
|
$
|
694,764
|
|
|
$
|
125,614
|
|
|
18.1
|
%
|
Gross profit
|
|
99,824
|
|
|
51,417
|
|
|
48,407
|
|
|
94.1
|
%
|
|||
Gross profit as a percentage of revenue
|
|
12.2
|
%
|
|
7.4
|
%
|
|
|
|
|
|
|
|||
General and administrative expense
|
|
121,905
|
|
|
115,964
|
|
|
5,941
|
|
|
5.1
|
%
|
|||
General and administrative expense as a percentage of revenue
|
|
14.9
|
%
|
|
16.7
|
%
|
|
|
|
|
|
||||
Goodwill impairment
|
|
—
|
|
|
106,205
|
|
|
(106,205
|
)
|
|
|
||||
Interest expense, net
|
|
57,246
|
|
|
58,626
|
|
|
(1,380
|
)
|
|
(2.4
|
)%
|
|||
(Gain) loss on sale of assets
|
|
(674
|
)
|
|
(2,357
|
)
|
|
1,683
|
|
|
|
|
|||
Warrants fair value adjustment
|
|
(5,301
|
)
|
|
2,106
|
|
|
(7,407
|
)
|
|
|
||||
CCLP Series A Preferred fair value adjustment
|
|
(2,975
|
)
|
|
4,404
|
|
|
(7,379
|
)
|
|
|
||||
Litigation arbitration award expense (income), net
|
|
(10,027
|
)
|
|
—
|
|
|
(10,027
|
)
|
|
|
||||
Other (income) expense, net
|
|
633
|
|
|
3,559
|
|
|
(2,926
|
)
|
|
|
|
|||
Loss before taxes
|
|
(60,983
|
)
|
|
(237,090
|
)
|
|
176,107
|
|
|
|
|
|||
Income (loss) before taxes as a percentage of revenue
|
|
(7.4
|
)%
|
|
(34.1
|
)%
|
|
|
|
|
|
|
|||
Provision (benefit) for income taxes
|
|
1,200
|
|
|
2,303
|
|
|
(1,103
|
)
|
|
|
|
|||
Net loss
|
|
(62,183
|
)
|
|
(239,393
|
)
|
|
177,210
|
|
|
|
|
|||
Net (income) loss attributable to noncontrolling interest
|
|
23,135
|
|
|
77,931
|
|
|
(54,796
|
)
|
|
|
|
|||
Net loss attributable to TETRA stockholders
|
|
$
|
(39,048
|
)
|
|
$
|
(161,462
|
)
|
|
$
|
122,414
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
Period to Period Change
|
|||||||||||
|
|
2017
|
|
2016
|
|
2017 vs. 2016
|
|
% Change
|
|||||||
|
|
(In Thousands, Except Percentages)
|
|||||||||||||
Revenues
|
|
$
|
335,331
|
|
|
$
|
246,595
|
|
|
$
|
88,736
|
|
|
36.0
|
%
|
Gross profit
|
|
81,839
|
|
|
36,888
|
|
|
44,951
|
|
|
121.9
|
%
|
|||
Gross profit as a percentage of revenue
|
|
24.4
|
%
|
|
15.0
|
%
|
|
|
|
|
|
|
|||
General and administrative expense
|
|
25,874
|
|
|
27,650
|
|
|
(1,776
|
)
|
|
(6.4
|
)%
|
|||
General and administrative expense as a percentage of revenue
|
|
7.7
|
%
|
|
11.2
|
%
|
|
|
|
|
|
|
|||
Interest (income) expense, net
|
|
(53
|
)
|
|
(4
|
)
|
|
(49
|
)
|
|
|
|
|||
Litigation arbitration award income
|
|
(12,816
|
)
|
|
—
|
|
|
(12,816
|
)
|
|
|
||||
Other (income) expense, net
|
|
294
|
|
|
(1,188
|
)
|
|
1,482
|
|
|
|
|
|||
Income before taxes
|
|
$
|
68,540
|
|
|
$
|
10,430
|
|
|
$
|
58,110
|
|
|
557.1
|
%
|
Income before taxes and discontinued operations as a percentage of revenue
|
|
20.4
|
%
|
|
4.2
|
%
|
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
Period to Period Change
|
|||||||||||
|
|
2017
|
|
2016
|
|
2017 vs. 2016
|
|
% Change
|
|||||||
|
|
(In Thousands, Except Percentages)
|
|||||||||||||
Revenues
|
|
$
|
94,142
|
|
|
$
|
63,618
|
|
|
$
|
30,524
|
|
|
48.0
|
%
|
Gross profit (loss)
|
|
(8,498
|
)
|
|
(13,317
|
)
|
|
4,819
|
|
|
(36.2
|
)%
|
|||
Gross profit (loss) as a percentage of revenue
|
|
(9.0
|
)%
|
|
(20.9
|
)%
|
|
|
|
|
|
|
|||
General and administrative expense
|
|
9,942
|
|
|
9,806
|
|
|
136
|
|
|
1.4
|
%
|
|||
General and administrative expense as a percentage of revenue
|
|
10.6
|
%
|
|
15.4
|
%
|
|
|
|
|
|
|
|||
Goodwill impairment
|
|
—
|
|
|
13,871
|
|
|
(13,871
|
)
|
|
|
|
|||
Interest (income) expense, net
|
|
(296
|
)
|
|
(594
|
)
|
|
298
|
|
|
|
|
|||
Other (income) expense, net
|
|
(679
|
)
|
|
(929
|
)
|
|
250
|
|
|
|
|
|||
Loss before taxes
|
|
$
|
(17,465
|
)
|
|
$
|
(35,471
|
)
|
|
$
|
18,006
|
|
|
50.8
|
%
|
Loss before taxes and discontinued operations as a percentage of revenue
|
|
(18.6
|
)%
|
|
(55.8
|
)%
|
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
Period to Period Change
|
|||||||||||
|
|
2017
|
|
2016
|
|
2017 vs. 2016
|
|
% Change
|
|||||||
|
|
(In Thousands, Except Percentages)
|
|||||||||||||
Revenues
|
|
$
|
295,587
|
|
|
$
|
311,374
|
|
|
$
|
(15,787
|
)
|
|
(5.1
|
)%
|
Gross profit
|
|
35,114
|
|
|
37,681
|
|
|
(2,567
|
)
|
|
(6.8
|
)%
|
|||
Gross profit as a percentage of revenue
|
|
11.9
|
%
|
|
12.1
|
%
|
|
|
|
|
|
|
|||
General and administrative expense
|
|
33,442
|
|
|
36,199
|
|
|
(2,757
|
)
|
|
(7.6
|
)%
|
|||
General and administrative expense as a percentage of revenue
|
|
11.3
|
%
|
|
11.6
|
%
|
|
|
|
|
|
|
|||
Goodwill impairment
|
|
—
|
|
|
92,334
|
|
|
(92,334
|
)
|
|
|
||||
Interest (income) expense, net
|
|
42,082
|
|
|
38,055
|
|
|
4,027
|
|
|
|
|
|||
CCLP Series A Preferred fair value adjustment
|
|
(2,975
|
)
|
|
5,036
|
|
|
(8,011
|
)
|
|
|
||||
Other (income) expense, net
|
|
(189
|
)
|
|
2,384
|
|
|
(2,573
|
)
|
|
|
|
|||
Income (loss) before taxes
|
|
$
|
(37,246
|
)
|
|
$
|
(136,327
|
)
|
|
$
|
99,081
|
|
|
(72.7
|
)%
|
Income (loss) before taxes and discontinued operations as a percentage of revenue
|
|
(12.6
|
)%
|
|
(43.8
|
)%
|
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
Period to Period Change
|
|||||||||||
|
|
2017
|
|
2016
|
|
2017 vs. 2016
|
|
% Change
|
|||||||
|
|
(In Thousands, Except Percentages)
|
|||||||||||||
Revenues
|
|
$
|
96,741
|
|
|
$
|
77,525
|
|
|
$
|
19,216
|
|
|
24.8
|
%
|
Gross profit (loss)
|
|
(6,612
|
)
|
|
(5,574
|
)
|
|
(1,038
|
)
|
|
(18.6
|
)%
|
|||
Gross profit as a percentage of revenue
|
|
(6.8
|
)%
|
|
(7.2
|
)%
|
|
|
|
|
|
|
|||
General and administrative expense
|
|
5,708
|
|
|
6,454
|
|
|
(746
|
)
|
|
(11.6
|
)%
|
|||
General and administrative expense as a percentage of revenue
|
|
5.9
|
%
|
|
8.3
|
%
|
|
|
|
|
|
|
|||
Litigation arbitration award expense
|
|
2,789
|
|
|
—
|
|
|
2,789
|
|
|
|
||||
Other (income) expense, net
|
|
(342
|
)
|
|
(3
|
)
|
|
(339
|
)
|
|
|
|
|||
Loss before taxes
|
|
$
|
(14,767
|
)
|
|
$
|
(12,025
|
)
|
|
$
|
(2,742
|
)
|
|
(22.8
|
)%
|
Loss before taxes and discontinued operations as a percentage of revenue
|
|
(15.3
|
)%
|
|
(15.5
|
)%
|
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
Period to Period Change
|
|||||||||||
|
|
2017
|
|
2016
|
|
2017 vs. 2016
|
|
% Change
|
|||||||
|
|
(In Thousands, Except Percentages)
|
|||||||||||||
Revenues
|
|
$
|
538
|
|
|
$
|
751
|
|
|
$
|
(213
|
)
|
|
(28.4
|
)%
|
Gross profit (loss)
|
|
(1,954
|
)
|
|
(3,847
|
)
|
|
1,893
|
|
|
49.2
|
%
|
|||
General and administrative expense
|
|
783
|
|
|
1,087
|
|
|
(304
|
)
|
|
(28.0
|
)%
|
|||
General and administrative expense as a percentage of revenue
|
|
145.5
|
%
|
|
144.7
|
%
|
|
|
|
|
|
|
|||
Interest (income) expense, net
|
|
—
|
|
|
12
|
|
|
(12
|
)
|
|
|
|
|||
(Gain) loss on sales of assets
|
|
(400
|
)
|
|
—
|
|
|
(400
|
)
|
|
|
|
|||
Other (income) expense, net
|
|
(165
|
)
|
|
(3,105
|
)
|
|
2,940
|
|
|
|
|
|||
Loss before taxes
|
|
$
|
(2,172
|
)
|
|
$
|
(1,841
|
)
|
|
$
|
(331
|
)
|
|
(18.0
|
)%
|
|
|
Year Ended
December 31,
|
|
Period to Period Change
|
|||||||||||
|
|
2017
|
|
2016
|
|
2017 vs. 2016
|
|
% Change
|
|||||||
|
|
(In Thousands, Except Percentages)
|
|||||||||||||
Gross profit (loss) (primarily depreciation expense)
|
|
$
|
(84
|
)
|
|
$
|
(430
|
)
|
|
$
|
346
|
|
|
80.5
|
%
|
General and administrative expense
|
|
46,156
|
|
|
34,767
|
|
|
11,389
|
|
|
32.8
|
%
|
|||
Interest (income) expense, net
|
|
15,513
|
|
|
21,157
|
|
|
(5,644
|
)
|
|
|
|
|||
Warrants fair value adjustment (income) expense
|
|
(5,301
|
)
|
|
2,106
|
|
|
(7,407
|
)
|
|
|
||||
Other (income) expense, net
|
|
1,269
|
|
|
3,404
|
|
|
(2,135
|
)
|
|
|
|
|||
Loss before taxes
|
|
$
|
(57,721
|
)
|
|
$
|
(61,864
|
)
|
|
$
|
4,143
|
|
|
6.7
|
%
|
|
|
Year Ended
December 31,
|
|
Period to Period Change
|
|||||||||||
|
|
2016
|
|
2015
|
|
2016 vs. 201
5
|
|
% Change
|
|||||||
|
|
(In Thousands, Except Percentages)
|
|||||||||||||
Revenues
|
|
$
|
694,764
|
|
|
$
|
1,130,145
|
|
|
$
|
(435,381
|
)
|
|
(38.5
|
)%
|
Gross profit
|
|
51,417
|
|
|
189,236
|
|
|
(137,819
|
)
|
|
(72.8
|
)%
|
|||
Gross profit as a percentage of revenue
|
|
7.4
|
%
|
|
16.7
|
%
|
|
|
|
|
|
|
|||
General and administrative expense
|
|
115,964
|
|
|
157,812
|
|
|
(41,848
|
)
|
|
(26.5
|
)%
|
|||
General and administrative expense as a percentage of revenue
|
|
16.7
|
%
|
|
14.0
|
%
|
|
|
|
|
|
|
|||
Goodwill impairment
|
|
106,205
|
|
|
177,006
|
|
|
(70,801
|
)
|
|
|
||||
Interest expense, net
|
|
58,626
|
|
|
54,475
|
|
|
4,151
|
|
|
7.6
|
%
|
|||
(Gain) loss on sale of assets
|
|
(2,357
|
)
|
|
(4,375
|
)
|
|
2,018
|
|
|
|
|
|||
Warrants fair value adjustment
|
|
2,106
|
|
|
—
|
|
|
2,106
|
|
|
|
||||
CCLP Series A Preferred fair value adjustment
|
|
4,404
|
|
|
—
|
|
|
4,404
|
|
|
|
||||
Other (income) expense, net
|
|
3,559
|
|
|
6,081
|
|
|
(2,522
|
)
|
|
|
|
|||
Income (loss) before taxes and discontinued operations
|
|
(237,090
|
)
|
|
(201,763
|
)
|
|
(35,327
|
)
|
|
|
|
|||
Income (loss) before taxes and discontinued operations as a percentage of revenue
|
|
(34.1
|
)%
|
|
(17.9
|
)%
|
|
|
|
|
|
|
|||
Provision (benefit) for income taxes
|
|
2,303
|
|
|
7,704
|
|
|
(5,401
|
)
|
|
|
|
|||
Net income (loss)
|
|
(239,393
|
)
|
|
(209,467
|
)
|
|
(29,926
|
)
|
|
|
|
|||
Net income attributable to noncontrolling interest
|
|
77,931
|
|
|
83,284
|
|
|
(5,353
|
)
|
|
|
|
|||
Net income (loss) attributable to TETRA stockholders
|
|
$
|
(161,462
|
)
|
|
$
|
(126,183
|
)
|
|
$
|
(35,279
|
)
|
|
|
|
|
|
Year Ended
December 31,
|
|
Period to Period Change
|
|||||||||||
|
|
2016
|
|
2015
|
|
2016 vs. 201
5
|
|
% Change
|
|||||||
|
|
(In Thousands, Except Percentages)
|
|||||||||||||
Revenues
|
|
$
|
246,595
|
|
|
$
|
424,044
|
|
|
$
|
(177,449
|
)
|
|
(41.8
|
)%
|
Gross profit
|
|
36,888
|
|
|
111,969
|
|
|
(75,081
|
)
|
|
(67.1
|
)%
|
|||
Gross profit as a percentage of revenue
|
|
15.0
|
%
|
|
26.4
|
%
|
|
|
|
|
|
|
|||
General and administrative expense
|
|
27,650
|
|
|
32,576
|
|
|
(4,926
|
)
|
|
(15.1
|
)%
|
|||
General and administrative expense as a percentage of revenue
|
|
11.2
|
%
|
|
7.7
|
%
|
|
|
|
|
|
|
|||
Interest (income) expense, net
|
|
(4
|
)
|
|
(258
|
)
|
|
254
|
|
|
|
|
|||
Other (income) expense, net
|
|
(1,188
|
)
|
|
(1,138
|
)
|
|
(50
|
)
|
|
|
|
|||
Income before taxes and discontinued operations
|
|
$
|
10,430
|
|
|
$
|
80,789
|
|
|
$
|
(70,359
|
)
|
|
(87.1
|
)%
|
Income before taxes and discontinued operations as a percentage of revenue
|
|
4.2
|
%
|
|
19.1
|
%
|
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
Period to Period Change
|
|||||||||||
|
|
2016
|
|
2015
|
|
2016 vs. 201
5
|
|
% Change
|
|||||||
|
|
(In Thousands, Except Percentages)
|
|||||||||||||
Revenues
|
|
$
|
63,618
|
|
|
$
|
133,904
|
|
|
$
|
(70,286
|
)
|
|
(52.5
|
)%
|
Gross profit
|
|
(13,317
|
)
|
|
(3,046
|
)
|
|
(10,271
|
)
|
|
337.2
|
%
|
|||
Gross profit as a percentage of revenue
|
|
(20.9
|
)%
|
|
(2.3
|
)%
|
|
|
|
|
|
|
|||
General and administrative expense
|
|
9,806
|
|
|
17,726
|
|
|
(7,920
|
)
|
|
(44.7
|
)%
|
|||
General and administrative expense as a percentage of revenue
|
|
15.4
|
%
|
|
13.2
|
%
|
|
|
|
|
|
|
|||
Goodwill impairment
|
|
13,871
|
|
|
37,562
|
|
|
(23,691
|
)
|
|
|
||||
Interest (income) expense, net
|
|
(594
|
)
|
|
(89
|
)
|
|
(505
|
)
|
|
|
|
|||
Other (income) expense, net
|
|
(929
|
)
|
|
(2,525
|
)
|
|
1,596
|
|
|
|
|
|||
Income (loss) before taxes and discontinued operations
|
|
$
|
(35,471
|
)
|
|
$
|
(55,720
|
)
|
|
$
|
20,249
|
|
|
36.3
|
%
|
Income (loss) before taxes and discontinued operations as a percentage of revenue
|
|
(55.8
|
)%
|
|
(41.6
|
)%
|
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
Period to Period Change
|
|||||||||||
|
|
2016
|
|
2015
|
|
2016 vs. 201
5
|
|
% Change
|
|||||||
|
|
(In Thousands, Except Percentages)
|
|||||||||||||
Revenues
|
|
$
|
311,374
|
|
|
$
|
457,639
|
|
|
$
|
(146,265
|
)
|
|
(32.0
|
)%
|
Gross profit
|
|
37,681
|
|
|
73,135
|
|
|
(35,454
|
)
|
|
(48.5
|
)%
|
|||
Gross profit as a percentage of revenue
|
|
12.1
|
%
|
|
16.0
|
%
|
|
|
|
|
|
|
|||
General and administrative expense
|
|
36,199
|
|
|
43,356
|
|
|
(7,157
|
)
|
|
(16.5
|
)%
|
|||
General and administrative expense as a percentage of revenue
|
|
11.6
|
%
|
|
9.5
|
%
|
|
|
|
|
|
|
|||
Goodwill impairment
|
|
92,334
|
|
|
139,444
|
|
|
(47,110
|
)
|
|
|
||||
Interest (income) expense, net
|
|
38,055
|
|
|
34,964
|
|
|
3,091
|
|
|
|
|
|||
CCLP Series A Preferred fair value adjustment
|
|
5,036
|
|
|
—
|
|
|
5,036
|
|
|
|
||||
Other (income) expense, net
|
|
2,384
|
|
|
2,169
|
|
|
215
|
|
|
|
|
|||
Income before taxes and discontinued operations
|
|
$
|
(136,327
|
)
|
|
$
|
(146,798
|
)
|
|
$
|
10,471
|
|
|
(7.1
|
)%
|
Income before taxes and discontinued operations as a percentage of revenue
|
|
(43.8
|
)%
|
|
(32.1
|
)%
|
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
Period to Period Change
|
|||||||||||
|
|
2016
|
|
2015
|
|
2016 vs. 201
5
|
|
% Change
|
|||||||
|
|
(In Thousands, Except Percentages)
|
|||||||||||||
Revenues
|
|
$
|
77,525
|
|
|
$
|
122,194
|
|
|
$
|
(44,669
|
)
|
|
(36.6
|
)%
|
Gross profit
|
|
(5,574
|
)
|
|
10,602
|
|
|
(16,176
|
)
|
|
(152.6
|
)%
|
|||
Gross profit as a percentage of revenue
|
|
(7.2
|
)%
|
|
8.7
|
%
|
|
|
|
|
|
|
|||
General and administrative expense
|
|
6,454
|
|
|
10,689
|
|
|
(4,235
|
)
|
|
(39.6
|
)%
|
|||
General and administrative expense as a percentage of revenue
|
|
8.3
|
%
|
|
8.7
|
%
|
|
|
|
|
|
|
|||
Interest (income) expense, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|||
Other (income) expense, net
|
|
(3
|
)
|
|
108
|
|
|
(111
|
)
|
|
|
|
|||
Income (loss) before taxes and discontinued operations
|
|
$
|
(12,025
|
)
|
|
$
|
(195
|
)
|
|
$
|
(11,830
|
)
|
|
(6,066.7
|
)%
|
Income (loss) before taxes and discontinued operations as a percentage of revenue
|
|
(15.5
|
)%
|
|
(0.2
|
)%
|
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
Period to Period Change
|
|||||||||||
|
|
2016
|
|
2015
|
|
2016 vs. 201
5
|
|
% Change
|
|||||||
|
|
(In Thousands, Except Percentages)
|
|||||||||||||
Revenues
|
|
$
|
751
|
|
|
$
|
2,438
|
|
|
$
|
(1,687
|
)
|
|
(69.2
|
)%
|
Gross profit (loss)
|
|
(3,847
|
)
|
|
(2,523
|
)
|
|
(1,324
|
)
|
|
(52.5
|
)%
|
|||
General and administrative expense
|
|
1,087
|
|
|
1,281
|
|
|
(194
|
)
|
|
(15.1
|
)%
|
|||
General and administrative expense as a percentage of revenue
|
|
144.7
|
%
|
|
52.5
|
%
|
|
|
|
|
|
|
|||
Interest (income) expense, net
|
|
12
|
|
|
29
|
|
|
(17
|
)
|
|
|
|
|||
(Gain) loss on sales of assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|||
Other (income) expense, net
|
|
(3,105
|
)
|
|
—
|
|
|
—
|
|
|
|
|
|||
Loss before taxes and discontinued operations
|
|
$
|
(1,841
|
)
|
|
$
|
(3,833
|
)
|
|
$
|
1,992
|
|
|
52.0
|
%
|
|
|
Year Ended
December 31,
|
|
Period to Period Change
|
|||||||||||
|
|
2016
|
|
2015
|
|
2016 vs. 201
5
|
|
% Change
|
|||||||
|
|
(In Thousands, Except Percentages)
|
|||||||||||||
Gross profit (loss) (primarily depreciation expense)
|
|
$
|
(430
|
)
|
|
$
|
(913
|
)
|
|
$
|
483
|
|
|
52.9
|
%
|
General and administrative expense
|
|
34,767
|
|
|
52,189
|
|
|
(17,422
|
)
|
|
(33.4
|
)%
|
|||
Interest (income) expense, net
|
|
21,157
|
|
|
19,829
|
|
|
1,328
|
|
|
|
|
|||
Warrants fair value adjustment expense
|
|
2,106
|
|
|
—
|
|
|
2,106
|
|
|
|
||||
Other (income) expense, net
|
|
3,404
|
|
|
3,074
|
|
|
330
|
|
|
|
|
|||
Loss before taxes and discontinued operations
|
|
$
|
(61,864
|
)
|
|
$
|
(76,005
|
)
|
|
$
|
14,141
|
|
|
18.6
|
%
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In Thousands)
|
||||||||||
Operating activities
|
$
|
64,595
|
|
|
$
|
55,659
|
|
|
$
|
197,002
|
|
Investing activities
|
(48,093
|
)
|
|
(14,256
|
)
|
|
(114,987
|
)
|
|||
Financing activities
|
(21,336
|
)
|
|
(32,633
|
)
|
|
(104,488
|
)
|
•
|
any obligation under a guarantee contract that requires initial recognition and measurement under U.S. Generally Accepted Accounting Principles;
|
•
|
a retained or contingent interest in assets transferred to an unconsolidated entity or similar arrangement that serves as credit, liquidity, or market risk support to that entity for the transferred assets;
|
•
|
any obligation under certain derivative instruments; or
|
•
|
any obligation under a material variable interest held by us in an unconsolidated entity that provides financing, liquidity, market risk or credit risk support to us, or engages in leasing, hedging, or research and development services with us.
|
|
|
Payments Due
|
||||||||||||||||||||||||||
|
|
Total
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
||||||||||||||
|
|
(In Thousands)
|
||||||||||||||||||||||||||
Long-term debt - TETRA
|
|
$
|
117,679
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
117,679
|
|
|
$
|
—
|
|
Long-term debt - CCLP
|
|
512,176
|
|
|
—
|
|
|
223,985
|
|
|
—
|
|
|
—
|
|
|
288,191
|
|
|
—
|
|
|||||||
Interest on debt - TETRA
|
|
65,510
|
|
|
13,324
|
|
|
13,324
|
|
|
13,324
|
|
|
13,324
|
|
|
12,214
|
|
|
—
|
|
|||||||
Interest on debt - CCLP
|
|
118,363
|
|
|
32,762
|
|
|
28,926
|
|
|
21,253
|
|
|
21,253
|
|
|
14,169
|
|
|
—
|
|
|||||||
Purchase obligations
|
|
113,428
|
|
|
9,478
|
|
|
9,450
|
|
|
9,450
|
|
|
9,450
|
|
|
9,450
|
|
|
66,150
|
|
|||||||
Decommissioning and other asset retirement obligations
(1)
|
|
58,402
|
|
|
477
|
|
|
41,846
|
|
|
4,339
|
|
|
—
|
|
|
—
|
|
|
11,740
|
|
|||||||
Operating and capital leases
|
|
91,046
|
|
|
16,808
|
|
|
12,022
|
|
|
10,548
|
|
|
8,517
|
|
|
6,358
|
|
|
36,793
|
|
|||||||
Total contractual cash obligations
(2)
|
|
$
|
1,076,604
|
|
|
$
|
72,849
|
|
|
$
|
329,553
|
|
|
$
|
58,914
|
|
|
$
|
52,544
|
|
|
$
|
448,061
|
|
|
$
|
114,683
|
|
(1)
|
We have estimated the timing of these payments
for decommissioning liabilities based upon our plans and the plans of outside operators, which are subject to many changing variables, including the estimated life of the producing oil and gas properties, which is affected by changing oil and gas commodity prices. The amounts shown represent the discounted obligation as of
December 31, 2017
. Subsequent to December 31, 2017, as part of the sale of our Offshore Division in March 2018, the buyer assumed all liabilities and obligations currently associated with Maritech including but not limited to all currently identified and all future identified decommissioning obligations.
|
(2)
|
Amounts exclude other long-term liabilities reflected in our Consolidated Balance Sheet that do not have known payment streams. These excluded amounts include approximately
$3.3
million of liabilities under FASB Codification Topic 740, “Accounting for Uncertainty in Income Taxes,” as we are unable to reasonably estimate the ultimate amount or timing of settlements. See “
Note E
– Income Taxes” in the Notes to Consolidated Financial Statements for further discussion. These excluded amounts also include approximately
$61.4 million
of liabilities related to the CCLP Series A Convertible Preferred Units. The preferred units are expected to be serviced and satisfied with non-cash paid-in-kind distributions and conversions to CCLP common units. See "
Note H
– CCLP Series A Convertible Preferred Units," in the Notes to Consolidated Financial Statements for further discussion.
|
|
|
Expected Maturity Date
|
|
|
|
Fair Market
Value |
||||||||||||||||||||||||||
($ amounts in thousands)
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
|
|||||||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Long-term debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
U.S. dollar variable rate - TETRA
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
U.S. dollar variable rate - CCLP
|
|
$
|
—
|
|
|
$
|
228,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
228,000
|
|
|
$
|
228,000
|
|
Euro variable rate (in $US)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Weighted average interest rate (variable)
|
|
—
|
|
|
5.05
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
||||||||
U.S. dollar fixed rate - TETRA
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
125,000
|
|
|
$
|
—
|
|
|
$
|
125,000
|
|
|
$
|
130,800
|
|
U.S. dollar fixed rate - CCLP
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
295,930
|
|
|
$
|
—
|
|
|
$
|
295,930
|
|
|
$
|
279,700
|
|
Weighted average interest rate (fixed)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8.36
|
%
|
|
—
|
|
|
—
|
|
|
|
|
||||||||
Variable to fixed swaps
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Fixed pay rate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Variable receive rate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Derivative Contracts
|
|
U.S. Dollar Notional Amount
|
|
Traded Exchange Rate
|
|
Settlement Date
|
||
|
|
(In Thousands)
|
|
|
|
|
||
Forward purchase euro
|
|
$
|
1,743
|
|
|
1.19
|
|
1/18/2018
|
Forward purchase pounds sterling
|
|
5,998
|
|
|
1.33
|
|
1/18/2018
|
|
Forward sale Canadian dollar
|
|
3,756
|
|
|
1.29
|
|
1/18/2018
|
|
Forward purchase Mexican peso
|
|
6,974
|
|
|
19.28
|
|
1/18/2018
|
|
Forward sale Norwegian krone
|
|
4,131
|
|
|
8.40
|
|
1/18/2018
|
|
Forward sale Mexican peso
|
|
6,067
|
|
|
19.28
|
|
1/18/2018
|
Foreign currency derivative instruments
|
Balance Sheet Location
|
|
Fair Value at
December 31, 2017 |
|||
|
|
|
|
(In Thousands)
|
||
Forward purchase contracts
|
|
Current assets
|
|
$
|
111
|
|
Forward sale contracts
|
|
Current assets
|
|
130
|
|
|
Forward sale contracts
|
|
Current liabilities
|
|
(255
|
)
|
|
Forward purchase contracts
|
|
Current liabilities
|
|
(113
|
)
|
|
Total
|
|
|
|
$
|
(127
|
)
|
1.
|
Financial Statements of the Company
|
|
|
|
Page
|
|
F-
1
|
|
|
Consolidated Balance Sheets at December 31,
2017 and 2016
|
F-
3
|
|
F-
5
|
|
|
F-
6
|
|
|
Consolidated Statements of Equity for the years ended December 31, 201
7, 2016, and 2015
|
F-
7
|
|
F-
8
|
|
|
F-
9
|
|
2.
|
Financial statement schedules
|
|
|
Schedule I - Condensed Financial Information of Registrant (Parent Only)
|
F-54
|
|
All other schedules for which provision is made in the applicable accounting regulation of the Securities and Exchange Commission are not required under the related instructions or are inapplicable and therefore have been omitted.
|
|
3.
|
List of Exhibits
|
|
3.1
|
|
3.2
|
|
3.3
|
|
4.1
|
|
4.2
|
|
4.3
|
|
4.4
|
|
4.5
|
|
4.6
|
|
4.7
|
4.8
|
|
4.9
|
|
4.10
|
|
4.11
|
|
4.12
|
|
4.13
|
|
4.14
|
|
4.15
|
|
4.16
|
|
4.17
|
|
10.1***
|
|
10.2***
|
|
10.3***
|
|
10.4
|
|
10.5
|
|
10.6***
|
10.7***
|
|
10.8***
|
|
10.9***
|
|
10.10***
|
|
10.11***
|
|
10.12***
|
|
10.13***
|
|
10.14***
|
|
10.15***
|
|
10.16***
|
|
10.17***
|
|
10.18
|
|
10.19
|
|
10.20
|
|
10.21
|
|
10.22***
|
10.23***
|
|
10.24***
|
|
10.25***
|
|
10.26
|
|
10.27***
|
|
10.28***
|
|
10.29***
|
|
10.30
|
|
10.31***
|
|
10.32
|
|
10.33
|
|
10.34
|
|
10.35
|
|
10.36
|
|
10.37
|
|
10.38
|
10.39
|
|
10.40
|
|
10.41***
|
|
10.42***
|
|
10.43***
|
|
10.44***
|
|
10.45
|
|
10.46
|
|
10.47
|
|
10.48
|
|
10.49
|
|
10.50
|
|
10.51***
|
|
10.52***
|
|
10.53***
|
|
10.54***
|
|
10.55***
|
10.56***
|
|
10.57***
|
|
10.58
|
|
10.59***
|
|
10.60***
|
|
10.61***
|
|
10.62***
|
|
21+
|
|
23.1+
|
|
31.1+
|
|
31.2+
|
|
32.1**
|
|
32.2**
|
|
101.INS++
|
XBRL Instance Document.
|
101.SCH++
|
XBRL Taxonomy Extension Schema Document.
|
101.CAL++
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.LAB++
|
XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE++
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
101.DEF++
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
+
|
Filed with this report
|
**
|
Furnished with this report.
|
***
|
Management contract or compensatory plan or arrangement.
|
++
|
Attached as Exhibit 101 to this report are the following documents formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Statements of Operations for the years ended December 31,
2017
,
2016
and
2015
; (ii) Consolidated Balance Sheets as of December 31,
2017
and December 31,
2016
; (iii) Consolidated Statements of Comprehensive Income for the years ended December 31,
2017
,
2016
and
2015
; (iv) Consolidated Statements of Cash Flows for the years ended December 31,
2017
,
2016
and
2015
; (v) Consolidated Statements of Stockholders’ Equity for the years ended December 31,
2017
,
2016
and
2015
; and (vi) Notes to Consolidated Financial Statements for the year ended December 31,
2017
.
|
|
|
TETRA Technologies, Inc.
|
|
|
|
|
|
Date:
|
March 2, 2018
|
By:
|
/s/Stuart M. Brightman
|
|
|
|
Stuart M. Brightman, Chief Executive Officer
|
Signature
|
Title
|
Date
|
|
|
|
/s/William D. Sullivan
|
Chairman of
|
March 2, 2018
|
William D. Sullivan
|
the Board of Directors
|
|
|
|
|
/s/Stuart M. Brightman
|
Chief Executive Officer
|
March 2, 2018
|
Stuart M. Brightman
|
and Director
|
|
|
(Principal Executive Officer)
|
|
|
|
|
/s/Elijio V. Serrano
|
Senior Vice President and
|
March 2, 2018
|
Elijio V. Serrano
|
Chief Financial Officer
|
|
|
(Principal Financial Officer)
|
|
|
|
|
/s/Ben C. Chambers
|
Vice President – Accounting
|
March 2, 2018
|
Ben C. Chambers
|
and Controller
|
|
|
(Principal Accounting Officer)
|
|
|
|
|
/s/Mark E. Baldwin
|
Director
|
March 2, 2018
|
Mark E. Baldwin
|
|
|
|
|
|
/s/Thomas R. Bates, Jr.
|
Director
|
March 2, 2018
|
Thomas R. Bates, Jr.
|
|
|
|
|
|
/s/Paul D. Coombs
|
Director
|
March 2, 2018
|
Paul D. Coombs
|
|
|
|
|
|
/s/John F. Glick
|
Director
|
March 2, 2018
|
John F. Glick
|
|
|
|
|
|
/s/Stephen A. Snider
|
Director
|
March 2, 2018
|
Stephen A. Snider
|
|
|
|
|
|
/s/Kenneth E. White, Jr.
|
Director
|
March 2, 2018
|
Kenneth E. White, Jr.
|
|
|
|
|
|
/s/Joseph C. Winkler III
|
Director
|
March 2, 2018
|
Joseph C. Winkler III
|
|
|
|
|
December 31,
2017 |
|
December 31,
2016 |
||||
ASSETS
|
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
$
|
26,128
|
|
|
$
|
29,840
|
|
Restricted cash
|
|
261
|
|
|
6,691
|
|
||
Trade accounts receivable, net of allowances of $1,754 in 2017 and $6,291 in 2016
|
|
172,977
|
|
|
114,284
|
|
||
Inventories
|
|
120,054
|
|
|
106,546
|
|
||
Prepaid expenses and other current assets
|
|
18,934
|
|
|
18,430
|
|
||
Total current assets
|
|
338,354
|
|
|
275,791
|
|
||
Property, plant, and equipment:
|
|
|
|
|
|
|
||
Land and building
|
|
80,583
|
|
|
78,929
|
|
||
Machinery and equipment
|
|
1,357,225
|
|
|
1,348,286
|
|
||
Automobiles and trucks
|
|
35,070
|
|
|
36,341
|
|
||
Chemical plants
|
|
186,790
|
|
|
182,951
|
|
||
Construction in progress
|
|
31,715
|
|
|
11,918
|
|
||
Total property, plant, and equipment
|
|
1,691,383
|
|
|
1,658,425
|
|
||
Less accumulated depreciation
|
|
(796,078
|
)
|
|
(712,974
|
)
|
||
Net property, plant, and equipment
|
|
895,305
|
|
|
945,451
|
|
||
Other assets:
|
|
|
|
|
|
|||
Goodwill
|
|
6,636
|
|
|
6,636
|
|
||
Patents, trademarks and other intangible assets, net of accumulated amortization of $79,264 in 2017 and $57,663 in 2016
|
|
47,710
|
|
|
67,713
|
|
||
Deferred tax assets
|
|
10
|
|
|
28
|
|
||
Other assets
|
|
20,599
|
|
|
19,921
|
|
||
Total other assets
|
|
74,955
|
|
|
94,298
|
|
||
Total assets
|
|
$
|
1,308,614
|
|
|
$
|
1,315,540
|
|
|
|
December 31,
2017 |
|
December 31,
2016 |
||||
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
|
||
Trade accounts payable
|
|
$
|
84,876
|
|
|
$
|
45,889
|
|
Unearned Income
|
|
18,971
|
|
|
13,879
|
|
||
Accrued liabilities
|
|
69,390
|
|
|
55,666
|
|
||
Decommissioning and other asset retirement obligations
|
|
477
|
|
|
1,451
|
|
||
Total current liabilities
|
|
173,714
|
|
|
116,885
|
|
||
Long-term debt, net
|
|
629,855
|
|
|
623,730
|
|
||
Deferred income taxes
|
|
4,404
|
|
|
7,296
|
|
||
Decommissioning and other asset retirement obligations
|
|
57,925
|
|
|
54,027
|
|
||
CCLP Series A Preferred Units
|
|
61,436
|
|
|
77,062
|
|
||
Warrant liability
|
|
13,202
|
|
|
18,503
|
|
||
Other liabilities
|
|
15,517
|
|
|
17,571
|
|
||
Total long-term liabilities
|
|
782,339
|
|
|
798,189
|
|
||
Commitments and contingencies
|
|
|
|
|
|
|
||
Equity:
|
|
|
|
|
|
|
||
TETRA Stockholders' equity:
|
|
|
|
|
|
|
||
Common stock, par value $0.01 per share; 250,000,000 shares authorized at December 31, 2017 and 150,000,000 shares authorized at December 31, 2016; 118,515,797 shares issued at December 31, 2017, and 117,521,493 shares issued at December 31, 2016
|
|
1,185
|
|
|
1,175
|
|
||
Additional paid-in capital
|
|
425,648
|
|
|
419,236
|
|
||
Treasury stock, at cost; 2,638,093 shares held at December 31, 2017, and 2,536,421 shares held at December 31, 2016
|
|
(18,651
|
)
|
|
(18,316
|
)
|
||
Accumulated other comprehensive income (loss)
|
|
(43,767
|
)
|
|
(51,285
|
)
|
||
Retained deficit
|
|
(156,335
|
)
|
|
(117,287
|
)
|
||
Total TETRA stockholders' equity
|
|
208,080
|
|
|
233,523
|
|
||
Noncontrolling interests
|
|
144,481
|
|
|
166,943
|
|
||
Total equity
|
|
352,561
|
|
|
400,466
|
|
||
Total liabilities and equity
|
|
$
|
1,308,614
|
|
|
$
|
1,315,540
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|||
Product sales
|
|
$
|
306,703
|
|
|
$
|
249,558
|
|
|
$
|
457,761
|
|
Services and rentals
|
|
513,675
|
|
|
445,206
|
|
|
672,384
|
|
|||
Total revenues
|
|
820,378
|
|
|
694,764
|
|
|
1,130,145
|
|
|||
Cost of revenues:
|
|
|
|
|
|
|
|
|
|
|||
Cost of product sales
|
|
224,569
|
|
|
197,200
|
|
|
324,187
|
|
|||
Cost of services and rentals
|
|
367,302
|
|
|
298,380
|
|
|
417,549
|
|
|||
Depreciation, amortization, and accretion
|
|
116,159
|
|
|
129,595
|
|
|
155,015
|
|
|||
Impairments of long-lived assets
|
|
14,876
|
|
|
18,172
|
|
|
44,158
|
|
|||
Insurance recoveries
|
|
(2,352
|
)
|
|
—
|
|
|
—
|
|
|||
Total cost of revenues
|
|
720,554
|
|
|
643,347
|
|
|
940,909
|
|
|||
Gross profit
|
|
99,824
|
|
|
51,417
|
|
|
189,236
|
|
|||
General and administrative expense
|
|
121,905
|
|
|
115,964
|
|
|
157,812
|
|
|||
Goodwill impairment
|
|
—
|
|
|
106,205
|
|
|
177,006
|
|
|||
Interest expense, net
|
|
57,246
|
|
|
58,626
|
|
|
54,475
|
|
|||
(Gain) loss on sales of assets
|
|
(674
|
)
|
|
(2,357
|
)
|
|
(4,375
|
)
|
|||
Warrants fair value adjustment (income) expense
|
|
(5,301
|
)
|
|
2,106
|
|
|
—
|
|
|||
CCLP Series A Preferred fair value adjustment (income) expense
|
|
(2,975
|
)
|
|
4,404
|
|
|
—
|
|
|||
Litigation arbitration award expense (income), net
|
|
(10,027
|
)
|
|
—
|
|
|
—
|
|
|||
Other (income) expense, net
|
|
633
|
|
|
3,559
|
|
|
6,081
|
|
|||
Loss before taxes
|
|
(60,983
|
)
|
|
(237,090
|
)
|
|
(201,763
|
)
|
|||
Provision for income taxes
|
|
1,200
|
|
|
2,303
|
|
|
7,704
|
|
|||
Net loss
|
|
(62,183
|
)
|
|
(239,393
|
)
|
|
(209,467
|
)
|
|||
Less: loss attributable to noncontrolling interest
|
|
23,135
|
|
|
77,931
|
|
|
83,284
|
|
|||
Net loss attributable to TETRA stockholders
|
|
$
|
(39,048
|
)
|
|
$
|
(161,462
|
)
|
|
$
|
(126,183
|
)
|
Basic net loss per common share:
|
|
|
|
|
|
|
|
|
|
|||
Net loss attributable to TETRA stockholders
|
|
$
|
(0.34
|
)
|
|
$
|
(1.85
|
)
|
|
$
|
(1.59
|
)
|
Average shares outstanding
|
|
114,499
|
|
|
87,286
|
|
|
79,169
|
|
|||
Diluted net loss per common share:
|
|
|
|
|
|
|
|
|
|
|||
Net loss attributable to TETRA stockholders
|
|
$
|
(0.34
|
)
|
|
$
|
(1.85
|
)
|
|
$
|
(1.59
|
)
|
Average diluted shares outstanding
|
|
114,499
|
|
|
87,286
|
|
|
79,169
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
|
|
|
|
|
||||||
Net loss
|
|
$
|
(62,183
|
)
|
|
$
|
(239,393
|
)
|
|
$
|
(209,467
|
)
|
Foreign currency translation loss, net of taxes of $0 in 2017, $0 in 2016, and $0 in 2015
|
|
6,894
|
|
|
(9,286
|
)
|
|
(19,792
|
)
|
|||
Comprehensive loss
|
|
(55,289
|
)
|
|
(248,679
|
)
|
|
(229,259
|
)
|
|||
Less: comprehensive loss attributable to noncontrolling interest
|
|
23,759
|
|
|
79,067
|
|
|
90,027
|
|
|||
Comprehensive loss attributable to TETRA stockholders
|
|
$
|
(31,530
|
)
|
|
$
|
(169,612
|
)
|
|
$
|
(139,232
|
)
|
|
Common Stock
Par Value
|
|
Additional Paid-In
Capital
|
|
Treasury
Stock
|
|
Accumulated Other
Comprehensive Income (Loss)
|
|
Retained
Earnings
|
|
Noncontrolling
Interest
|
|
Total
Equity
|
||||||||||||||
|
|
|
|
Currency
Translation
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance at December 31, 2014
|
$
|
819
|
|
|
$
|
241,170
|
|
|
(16,419
|
)
|
|
$
|
(26,215
|
)
|
|
170,358
|
|
|
$
|
395,888
|
|
|
765,601
|
|
|||
Net loss for 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
(126,183
|
)
|
|
(83,284
|
)
|
|
(209,467
|
)
|
|||||||
Translation adjustment, net of taxes of $0
|
|
|
|
|
|
|
|
|
|
(16,920
|
)
|
|
|
|
|
(3,871
|
)
|
|
(20,791
|
)
|
|||||||
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(230,258
|
)
|
|||||||
Distributions to public unitholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(37,816
|
)
|
|
(37,816
|
)
|
|||||||
Exercise of common stock options
|
7
|
|
|
295
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
302
|
|
|||||||
Treasury stock activity, net
|
|
|
|
|
|
|
(418
|
)
|
|
|
|
|
|
|
|
|
|
|
(418
|
)
|
|||||||
Equity compensation expense
|
|
|
|
14,723
|
|
|
|
|
|
|
|
|
|
|
|
2,164
|
|
|
16,887
|
|
|||||||
Other noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(118
|
)
|
|
(118
|
)
|
|||||||
Balance at December 31, 2015
|
$
|
826
|
|
|
$
|
256,188
|
|
|
$
|
(16,837
|
)
|
|
$
|
(43,135
|
)
|
|
$
|
44,175
|
|
|
$
|
272,963
|
|
|
$
|
514,180
|
|
Net loss for 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
(161,462
|
)
|
|
(77,931
|
)
|
|
(239,393
|
)
|
|||||||
Translation adjustment, net of taxes of $0
|
|
|
|
|
|
|
|
|
|
(8,150
|
)
|
|
|
|
|
(1,136
|
)
|
|
(9,286
|
)
|
|||||||
Comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
(248,679
|
)
|
|||||||||||||
Distributions to public unitholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(28,957
|
)
|
|
(28,957
|
)
|
|||||||
Exercise of common stock options
|
11
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21
|
|
|||||||
Treasury stock activity, net
|
|
|
|
|
|
|
(1,479
|
)
|
|
|
|
|
|
|
|
|
|
|
(1,479
|
)
|
|||||||
Proceeds from the issuance of stock, net of offering costs
|
338
|
|
|
152,319
|
|
|
|
|
|
|
|
|
|
|
152,657
|
|
|||||||||||
Equity compensation expense
|
|
|
|
10,719
|
|
|
|
|
|
|
|
|
|
|
|
2,198
|
|
|
12,917
|
|
|||||||
Other noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(194
|
)
|
|
(194
|
)
|
|||||||
Balance at December 31, 2016
|
$
|
1,175
|
|
|
$
|
419,236
|
|
|
$
|
(18,316
|
)
|
|
$
|
(51,285
|
)
|
|
$
|
(117,287
|
)
|
|
$
|
166,943
|
|
|
$
|
400,466
|
|
Net loss for 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
(39,048
|
)
|
|
(23,135
|
)
|
|
(62,183
|
)
|
|||||||
Translation adjustment, net of taxes of $0
|
|
|
|
|
|
|
|
|
|
7,518
|
|
|
|
|
|
(624
|
)
|
|
6,894
|
|
|||||||
Comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
(55,289
|
)
|
|||||||||||||
Distributions to public unitholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(18,826
|
)
|
|
(18,826
|
)
|
|||||||
Treasury stock activity, net
|
|
|
|
|
|
|
(335
|
)
|
|
|
|
|
|
|
|
|
|
|
(335
|
)
|
|||||||
Exercise of common stock options
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10
|
|
|||||||
Equity compensation expense
|
|
|
|
6,412
|
|
|
|
|
|
|
|
|
|
|
|
862
|
|
|
7,274
|
|
|||||||
Conversions of CCLP Series A Preferred
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,978
|
|
|
19,978
|
|
|||||||
Other noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(68
|
)
|
|
(68
|
)
|
|||||||
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(649
|
)
|
|
$
|
(649
|
)
|
|||||
Balance at December 31, 2017
|
$
|
1,185
|
|
|
$
|
425,648
|
|
|
$
|
(18,651
|
)
|
|
$
|
(43,767
|
)
|
|
$
|
(156,335
|
)
|
|
$
|
144,481
|
|
|
$
|
352,561
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
Operating activities:
|
|
|
|
|
|
|
|
|
|
|||
Net loss
|
|
$
|
(62,183
|
)
|
|
$
|
(239,393
|
)
|
|
$
|
(209,467
|
)
|
Reconciliation of net income (loss) to cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|||
Depreciation, amortization, and accretion
|
|
116,159
|
|
|
129,595
|
|
|
155,015
|
|
|||
Impairments of long-lived assets
|
|
14,876
|
|
|
18,172
|
|
|
44,158
|
|
|||
Impairment of goodwill
|
|
—
|
|
|
106,205
|
|
|
177,006
|
|
|||
Benefit for deferred income taxes
|
|
(3,048
|
)
|
|
(1,808
|
)
|
|
(379
|
)
|
|||
Equity-based compensation expense
|
|
7,727
|
|
|
13,747
|
|
|
16,887
|
|
|||
Provision for doubtful accounts
|
|
1,428
|
|
|
2,436
|
|
|
5,387
|
|
|||
Excess decommissioning/abandoning costs
|
|
—
|
|
|
2,629
|
|
|
2,661
|
|
|||
Other non-cash charges and credits
|
|
(65
|
)
|
|
1,724
|
|
|
4,271
|
|
|||
Amortization of deferred financing costs
|
|
4,743
|
|
|
4,141
|
|
|
3,961
|
|
|||
Insurance recoveries associated with damaged equipment
|
|
(2,352
|
)
|
|
—
|
|
|
—
|
|
|||
Equity financing transaction expense
|
|
37
|
|
|
4,066
|
|
|
—
|
|
|||
CCLP Series A Preferred accrued paid in kind distributions
|
|
7,328
|
|
|
2,659
|
|
|
—
|
|
|||
CCLP Series A Preferred fair value adjustment
|
|
(2,975
|
)
|
|
4,404
|
|
|
—
|
|
|||
Warrants fair value adjustment
|
|
(5,301
|
)
|
|
2,106
|
|
|
—
|
|
|||
Gain on sale of property, plant, and equipment
|
|
(674
|
)
|
|
(5,461
|
)
|
|
(4,375
|
)
|
|||
Changes in operating assets and liabilities, net of assets acquired:
|
|
|
|
|
|
|
||||||
Accounts receivable
|
|
(55,197
|
)
|
|
64,331
|
|
|
38,025
|
|
|||
Inventories
|
|
(11,332
|
)
|
|
1,384
|
|
|
70,431
|
|
|||
Prepaid expenses and other current assets
|
|
(1,608
|
)
|
|
3,348
|
|
|
(1,806
|
)
|
|||
Trade accounts payable and accrued expenses
|
|
58,937
|
|
|
(54,092
|
)
|
|
(97,356
|
)
|
|||
Decommissioning liabilities
|
|
(565
|
)
|
|
(4,040
|
)
|
|
(10,305
|
)
|
|||
Other
|
|
(1,340
|
)
|
|
(494
|
)
|
|
2,888
|
|
|||
Net cash provided by operating activities
|
|
64,595
|
|
|
55,659
|
|
|
197,002
|
|
|||
Investing activities:
|
|
|
|
|
|
|
|
|
|
|||
Purchases of property, plant, and equipment, net
|
|
(51,923
|
)
|
|
(21,066
|
)
|
|
(120,597
|
)
|
|||
Proceeds from sale of property, plant, and equipment
|
|
862
|
|
|
3,354
|
|
|
7,135
|
|
|||
Insurance recoveries associated with damaged equipment
|
|
2,352
|
|
|
—
|
|
|
—
|
|
|||
Other investing activities
|
|
616
|
|
|
3,456
|
|
|
(1,525
|
)
|
|||
Net cash used in investing activities
|
|
(48,093
|
)
|
|
(14,256
|
)
|
|
(114,987
|
)
|
|||
Financing activities:
|
|
|
|
|
|
|
|
|
|
|||
Proceeds from long-term debt
|
|
384,550
|
|
|
458,580
|
|
|
535,896
|
|
|||
Principal payments on long-term debt
|
|
(384,100
|
)
|
|
(689,783
|
)
|
|
(598,070
|
)
|
|||
CCLP distributions
|
|
(18,826
|
)
|
|
(28,956
|
)
|
|
(37,816
|
)
|
|||
Proceeds from issuance of common stock and warrants, net of underwriters' discount
|
|
—
|
|
|
168,275
|
|
|
—
|
|
|||
Proceeds from CCLP Series A Preferred Units, net of offering costs
|
|
—
|
|
|
66,935
|
|
|
—
|
|
|||
Proceeds from sale of common stock and exercise of stock options
|
|
—
|
|
|
68
|
|
|
303
|
|
|||
Tax remittances on equity based compensation
|
|
(803
|
)
|
|
(1,679
|
)
|
|
(1,051
|
)
|
|||
Financing costs and other financing activities
|
|
(2,157
|
)
|
|
(6,073
|
)
|
|
(3,750
|
)
|
|||
Net cash provided by (used in) financing activities
|
|
(21,336
|
)
|
|
(32,633
|
)
|
|
(104,488
|
)
|
|||
Effect of exchange rate changes on cash
|
|
1,122
|
|
|
(1,987
|
)
|
|
(2,854
|
)
|
|||
Increase (decrease) in cash and cash equivalents
|
|
(3,712
|
)
|
|
6,783
|
|
|
(25,327
|
)
|
|||
Cash and cash equivalents at beginning of period
|
|
29,840
|
|
|
23,057
|
|
|
48,384
|
|
|||
Cash and cash equivalents at end of period
|
|
$
|
26,128
|
|
|
$
|
29,840
|
|
|
$
|
23,057
|
|
Supplemental cash flow information:
|
|
|
|
|
|
|
|
|
|
|||
Interest paid
|
|
$
|
46,286
|
|
|
$
|
54,506
|
|
|
$
|
52,491
|
|
Taxes paid
|
|
6,782
|
|
|
4,254
|
|
|
6,710
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
(In Thousands)
|
||||||||||
At beginning of period
|
|
$
|
6,291
|
|
|
$
|
7,847
|
|
|
$
|
2,485
|
|
Activity in the period:
|
|
|
|
|
|
|
|
|
|
|||
Provision for doubtful accounts
|
|
1,428
|
|
|
2,436
|
|
|
5,387
|
|
|||
Account (chargeoffs) recoveries
|
|
(5,965
|
)
|
|
(3,992
|
)
|
|
(25
|
)
|
|||
At end of period
|
|
$
|
1,754
|
|
|
$
|
6,291
|
|
|
$
|
7,847
|
|
|
|
December 31,
|
||||||
|
|
2017
|
|
2016
|
||||
|
|
(In Thousands)
|
||||||
Finished goods
|
|
$
|
66,377
|
|
|
$
|
62,064
|
|
Raw materials
|
|
4,027
|
|
|
2,429
|
|
||
Parts and supplies
|
|
38,248
|
|
|
35,548
|
|
||
Work in progress
|
|
11,402
|
|
|
6,505
|
|
||
Total inventories
|
|
$
|
120,054
|
|
|
$
|
106,546
|
|
Buildings
|
|
15 –
40
years
|
Barges and vessels
|
|
5 – 30 years
|
Machinery and equipment
|
|
2 – 20 years
|
Automobiles and trucks
|
|
3 – 4 years
|
Chemical plants
|
|
15 – 30 years
|
Compressors
|
|
12 – 20 years
|
|
|
Fluids
|
|
Production Testing
|
|
Compression
|
|
Offshore Services
|
|
Maritech
|
|
Total
|
||||||||||||
|
|
(In Thousands)
|
||||||||||||||||||||||
Balance as of December 31, 2014
|
|
$
|
6,636
|
|
|
$
|
53,682
|
|
|
$
|
233,548
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
293,866
|
|
Goodwill adjustments
|
|
—
|
|
|
(39,775
|
)
|
|
(141,146
|
)
|
|
—
|
|
|
—
|
|
|
(180,921
|
)
|
||||||
Balance as of December 31, 2015
|
|
6,636
|
|
|
13,907
|
|
|
92,402
|
|
|
—
|
|
|
—
|
|
|
112,945
|
|
||||||
Goodwill adjustments
|
|
—
|
|
|
(13,907
|
)
|
|
(92,402
|
)
|
|
—
|
|
|
—
|
|
|
(106,309
|
)
|
||||||
Balance as of December 31, 2016
|
|
6,636
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,636
|
|
||||||
Goodwill adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|||||
Balance as of December 31, 2017
|
|
$
|
6,636
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,636
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In Thousands)
|
||||||||||
Rental revenue
|
$
|
60,514
|
|
|
$
|
55,909
|
|
|
$
|
143,601
|
|
Rental expenses
|
$
|
19,047
|
|
|
$
|
25,621
|
|
|
$
|
66,528
|
|
|
|
|
|
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
|
|
Dec 31, 2017
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||||||
|
|
(In Thousands)
|
||||||||||||||
CCLP Series A Preferred Units
|
|
$
|
(61,436
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(61,436
|
)
|
Warrants liability
|
|
(13,202
|
)
|
|
—
|
|
|
—
|
|
|
(13,202
|
)
|
||||
Cash-settled stock appreciation rights
|
|
(97
|
)
|
|
—
|
|
|
—
|
|
|
(97
|
)
|
||||
Asset for foreign currency derivative contracts
|
|
241
|
|
|
—
|
|
|
241
|
|
|
—
|
|
||||
Liability for foreign currency derivative contracts
|
|
(378
|
)
|
|
—
|
|
|
(378
|
)
|
|
—
|
|
||||
Total
|
|
$
|
(74,872
|
)
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Dec 31, 2016
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||||||
|
|
(In Thousands)
|
||||||||||||||
CCLP Series A Preferred Units
|
|
$
|
(77,062
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(77,062
|
)
|
Warrants liability
|
|
(18,503
|
)
|
|
—
|
|
|
—
|
|
|
(18,503
|
)
|
||||
Asset for foreign currency derivative contracts
|
|
81
|
|
|
—
|
|
|
81
|
|
|
—
|
|
||||
Liability for foreign currency derivative contracts
|
|
(371
|
)
|
|
—
|
|
|
(371
|
)
|
|
—
|
|
||||
Total
|
|
$
|
(95,855
|
)
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements Using
|
|
|
|||||||||||
|
|
|
|
Quoted Prices
in Active Markets for Identical Assets or Liabilities (Level 1) |
|
Significant
Other Observable Inputs
(Level 2)
|
|
Significant
Unobservable Inputs
(Level 3)
|
|
Year-to-Date
Impairment Losses |
|||||||
Description
|
|
Fair Value
|
|
|
|
|
|||||||||||
|
|
(In Thousands)
|
|||||||||||||||
Production Testing equipment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
324
|
|
||
Production Testing intangible assets
|
|
3,206
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,552
|
|
||
Total
|
|
$
|
3,206
|
|
|
|
|
|
|
|
|
$
|
14,876
|
|
|
|
Capital Lease
|
|
Operating Leases
|
||||
|
|
(In Thousands)
|
||||||
2018
|
|
$
|
108
|
|
|
$
|
16,700
|
|
2019
|
|
108
|
|
|
11,914
|
|
||
2020
|
|
33
|
|
|
10,515
|
|
||
2021
|
|
30
|
|
|
8,487
|
|
||
2022
|
|
—
|
|
|
6,358
|
|
||
After 2023
|
|
—
|
|
|
36,793
|
|
||
Total minimum lease payments
|
|
$
|
279
|
|
|
$
|
90,767
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
(In Thousands)
|
||||||||||
Current
|
|
|
|
|
|
|
|
|
|
|||
Federal
|
|
$
|
(651
|
)
|
|
$
|
—
|
|
|
$
|
(1,310
|
)
|
State
|
|
799
|
|
|
783
|
|
|
2,022
|
|
|||
Foreign
|
|
4,100
|
|
|
3,328
|
|
|
7,371
|
|
|||
|
|
4,248
|
|
|
4,111
|
|
|
8,083
|
|
|||
Deferred
|
|
|
|
|
|
|
|
|
|
|||
Federal
|
|
686
|
|
|
—
|
|
|
191
|
|
|||
State
|
|
(648
|
)
|
|
(610
|
)
|
|
(1,613
|
)
|
|||
Foreign
|
|
(3,086
|
)
|
|
(1,198
|
)
|
|
1,043
|
|
|||
|
|
(3,048
|
)
|
|
(1,808
|
)
|
|
(379
|
)
|
|||
Total tax provision (benefit)
|
|
$
|
1,200
|
|
|
$
|
2,303
|
|
|
$
|
7,704
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
(In Thousands)
|
||||||||||
Income tax provision (benefit) computed at statutory federal income tax rates
|
|
$
|
(21,344
|
)
|
|
$
|
(82,982
|
)
|
|
$
|
(70,617
|
)
|
State income taxes (net of federal benefit)
|
|
1,664
|
|
|
(2,960
|
)
|
|
(608
|
)
|
|||
Nondeductible meals and entertainment
|
|
472
|
|
|
419
|
|
|
909
|
|
|||
Impact of international operations
|
|
10,860
|
|
|
7,567
|
|
|
(1,880
|
)
|
|||
Impact of U.S. tax law change
|
|
54,092
|
|
|
—
|
|
|
—
|
|
|||
Goodwill impairments
|
|
—
|
|
|
12,990
|
|
|
20,412
|
|
|||
Impact of noncontrolling interest
|
|
5,151
|
|
|
2,247
|
|
|
1,411
|
|
|||
Valuation allowance
|
|
(55,850
|
)
|
|
58,846
|
|
|
55,392
|
|
|||
Other
|
|
6,155
|
|
|
6,176
|
|
|
2,685
|
|
|||
Total tax provision (benefit)
|
|
$
|
1,200
|
|
|
$
|
2,303
|
|
|
$
|
7,704
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
(In Thousands)
|
||||||||||
Domestic
|
|
$
|
(46,356
|
)
|
|
$
|
(235,394
|
)
|
|
$
|
(195,815
|
)
|
International
|
|
(14,627
|
)
|
|
(1,696
|
)
|
|
(5,948
|
)
|
|||
Total
|
|
$
|
(60,983
|
)
|
|
$
|
(237,090
|
)
|
|
$
|
(201,763
|
)
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
(In Thousands)
|
||||||||||
Gross unrecognized tax benefits at beginning of period
|
|
$
|
1,593
|
|
|
$
|
1,955
|
|
|
$
|
1,959
|
|
Decreases in tax positions for prior years
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Increases in tax positions for current year
|
|
—
|
|
|
16
|
|
|
120
|
|
|||
Lapse in statute of limitations
|
|
(327
|
)
|
|
(378
|
)
|
|
(124
|
)
|
|||
Gross unrecognized tax benefits at end of period
|
|
$
|
1,266
|
|
|
$
|
1,593
|
|
|
$
|
1,955
|
|
Jurisdiction
|
Earliest Open Tax Period
|
United States – Federal
|
2012
|
United States – State and Local
|
2002
|
Non-U.S. jurisdictions
|
2011
|
|
|
December 31,
|
||||||
|
|
2017
|
|
2016
|
||||
|
|
(In Thousands)
|
||||||
Net operating losses
|
|
$
|
88,025
|
|
|
$
|
126,141
|
|
Foreign tax credits and alternative minimum tax credits
|
|
19,346
|
|
|
28,929
|
|
||
Accruals
|
|
24,577
|
|
|
31,835
|
|
||
Depreciation and amortization for book in excess of tax expense
|
|
40,979
|
|
|
67,183
|
|
||
All other
|
|
3,813
|
|
|
8,932
|
|
||
Total deferred tax assets
|
|
176,740
|
|
|
263,020
|
|
||
Valuation allowance
|
|
(130,453
|
)
|
|
(185,275
|
)
|
||
Net deferred tax assets
|
|
$
|
46,287
|
|
|
$
|
77,745
|
|
|
|
December 31,
|
||||||
|
|
2017
|
|
2016
|
||||
|
|
(In Thousands)
|
||||||
Depreciation and amortization for tax in excess of book expense
|
|
$
|
48,618
|
|
|
$
|
83,311
|
|
All other
|
|
2,064
|
|
|
1,702
|
|
||
Total deferred tax liability
|
|
50,682
|
|
|
85,013
|
|
||
Net deferred tax liability
|
|
$
|
4,395
|
|
|
$
|
7,268
|
|
|
|
December 31,
|
||||||
|
|
2017
|
|
2016
|
||||
|
|
(In Thousands)
|
||||||
Compensation and employee benefits
|
|
$
|
22,298
|
|
|
$
|
12,681
|
|
Accrued interest
|
|
9,272
|
|
|
9,335
|
|
||
Accrued capital expenditures
|
|
2,869
|
|
|
6,782
|
|
||
Accrued taxes
|
|
13,860
|
|
|
11,857
|
|
||
Other accrued liabilities
|
|
21,091
|
|
|
15,011
|
|
||
Total accrued liabilities
|
|
$
|
69,390
|
|
|
$
|
55,666
|
|
|
|
|
December 31,
2017 |
|
December 31,
2016 |
||||
|
|
|
(In Thousands)
|
||||||
TETRA
|
|
Scheduled Maturity
|
|
|
|
||||
Bank revolving line of credit facility (presented net of the unamortized deferred financing costs of $2.3 million as of December 31, 2016)
|
|
September 30, 2019
|
$
|
—
|
|
|
$
|
3,229
|
|
11.0% Senior Note, Series 2015 (presented net of the unamortized discount of $3.9 million as of December 31, 2017 and $4.4 million as of December 31, 2016 and net of unamortized deferred financing costs of $3.4 million as of December 31, 2017 and $4.2 million as of December 31, 2016)
|
|
November 5, 2022
|
117,679
|
|
|
116,411
|
|
||
TETRA total debt
|
|
|
117,679
|
|
|
119,640
|
|
||
Less current portion
|
|
|
—
|
|
|
—
|
|
||
TETRA total long-term debt
|
|
|
$
|
117,679
|
|
|
$
|
119,640
|
|
|
|
|
|
|
|
||||
CCLP
|
|
|
|
|
|
||||
CCLP Bank Credit Facility (presented net of the unamortized deferred financing costs of $4.0 million as of December 31, 2017 and $4.5 million as of December 31, 2016)
|
|
August 4, 2019
|
223,985
|
|
|
217,467
|
|
||
CCLP 7.25% Senior Notes (presented net of the unamortized discount of $2.8 million as of December 31, 2017 and $3.3 million as of December 31, 2016 and net of unamortized deferred financing costs of $5.0 million as of December 31, 2017 and $6.0 million as of December 31, 2016)
|
|
August 15, 2022
|
288,191
|
|
|
286,623
|
|
||
CCLP total debt
|
|
|
512,176
|
|
|
504,090
|
|
||
Less current portion
|
|
|
—
|
|
|
—
|
|
||
CCLP total long-term debt
|
|
|
512,176
|
|
|
504,090
|
|
||
Consolidated total long-term debt
|
|
|
$
|
629,855
|
|
|
$
|
623,730
|
|
|
|
December 31, 2017
|
||||||||||
|
|
(In Thousands)
|
||||||||||
|
|
TETRA
|
|
CCLP
|
|
Consolidated
|
||||||
2018
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
2019
|
|
—
|
|
|
223,985
|
|
|
223,985
|
|
|||
2020
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
2021
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
2022
|
|
117,679
|
|
|
288,191
|
|
|
405,870
|
|
|||
Thereafter
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total maturities
|
|
$
|
117,679
|
|
|
$
|
512,176
|
|
|
$
|
629,855
|
|
|
|
Year Ended December 31,
|
||||||
|
|
2017
|
|
2016
|
||||
|
|
(In Thousands)
|
||||||
Beginning balance for the period, as reported
|
|
$
|
55,478
|
|
|
$
|
57,449
|
|
Activity in the period:
|
|
|
|
|
|
|
||
Accretion of liability
|
|
2,051
|
|
|
2,249
|
|
||
Retirement obligations incurred
|
|
265
|
|
|
—
|
|
||
Revisions in estimated cash flows
|
|
1,180
|
|
|
(180
|
)
|
||
Settlement of retirement obligations
|
|
(572
|
)
|
|
(4,040
|
)
|
||
Ending balance
|
|
$
|
58,402
|
|
|
$
|
55,478
|
|
Common Shares Outstanding
|
|
Year Ended December 31,
|
|||||||
|
|
2017
|
|
2016
|
|
2015
|
|||
At beginning of period
|
|
114,985,072
|
|
|
80,256,544
|
|
|
79,649,946
|
|
Exercise of common stock options, net
|
|
—
|
|
|
636,937
|
|
|
67,808
|
|
Grants of restricted stock, net
|
|
892,632
|
|
|
281,591
|
|
|
538,790
|
|
Issuance of common stock
|
|
—
|
|
|
33,810,000
|
|
|
—
|
|
At end of period
|
|
115,877,704
|
|
|
114,985,072
|
|
|
80,256,544
|
|
Treasury Shares Held
|
|
Year Ended December 31,
|
|||||||
|
|
2017
|
|
2016
|
|
2015
|
|||
At beginning of period
|
|
2,536,421
|
|
|
2,281,495
|
|
|
2,224,285
|
|
Shares received upon exercise of common stock options
|
|
—
|
|
|
13,854
|
|
|
36,818
|
|
Shares received upon vesting of restricted stock, net
|
|
101,672
|
|
|
241,072
|
|
|
20,392
|
|
At end of period
|
|
2,638,093
|
|
|
2,536,421
|
|
|
2,281,495
|
|
|
|
Units
|
|
Weighted Average
Grant Date Fair
Value Per Unit
|
|||
|
|
(In Thousands)
|
|
|
|||
Nonvested units outstanding at December 31, 2016
|
|
609
|
|
|
$
|
13.41
|
|
Units granted
(1)
|
|
290
|
|
|
8.40
|
|
|
Units cancelled
|
|
(173
|
)
|
|
16.11
|
|
|
Units vested
|
|
(257
|
)
|
|
13.17
|
|
|
Nonvested units outstanding at December 31, 2017
(2)
|
|
469
|
|
|
$
|
9.31
|
|
(1)
|
The number excludes
289,830
performance-based phantom units, which represents the additional number of common units that would be issued if the maximum level of performance under the awards is achieved.
|
|
|
Year Ended December 31,
|
|||||||
|
|
2017
|
|
2016
|
|
2015
|
|||
Expected stock price volatility
|
|
53%
|
|
|
52%
|
|
|
49% to 51%
|
|
Expected life of options
|
|
4.5 years
|
|
|
4.6 years
|
|
|
4.6 years
|
|
Risk free interest rate
|
|
1.8%
|
|
|
1.2%
|
|
|
1.41% to 1.51%
|
|
Expected dividend yield
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Shares Under Option
|
|
Weighted Average
Option Price
Per Share
|
|
Weighted-Average Remaining Contractual Life
|
|
Aggregate Intrinsic Value
(in thousands) |
|||||
|
|
(In Thousands)
|
|
|
|
|
|
|
|||||
Outstanding at January 1, 2017
|
|
4,387
|
|
|
$
|
9.81
|
|
|
|
|
|
||
Options granted
|
|
1,486
|
|
|
4.46
|
|
|
|
|
|
|||
Options cancelled
|
|
(646
|
)
|
|
7.34
|
|
|
|
|
|
|||
Options exercised
|
|
—
|
|
|
—
|
|
|
|
|
|
|||
Options expired
|
|
(10
|
)
|
|
$
|
14.02
|
|
|
|
|
|
||
Outstanding at December 31, 2017
|
|
5,217
|
|
|
$
|
8.59
|
|
|
5.7
|
|
$
|
308
|
|
Expected to vest at December 31, 2017
|
|
5,217
|
|
|
$
|
8.59
|
|
|
5.7
|
|
$
|
308
|
|
Exercisable at December 31, 2017
|
|
3,642
|
|
|
$
|
10.07
|
|
|
4.4
|
|
$
|
239
|
|
|
|
Shares
|
|
Weighted Average
Grant Date Fair
Value Per Share
|
|||
|
|
(In Thousands)
|
|
|
|||
Nonvested restricted shares outstanding at December 31, 2016
|
|
805
|
|
|
$
|
7.60
|
|
Granted
|
|
1,146
|
|
|
4.18
|
|
|
Vested
|
|
(780
|
)
|
|
6.33
|
|
|
Cancelled/Forfeited
|
|
(135
|
)
|
|
5.41
|
|
|
Nonvested restricted shares outstanding at December 31, 2017
|
|
1,036
|
|
|
$
|
5.06
|
|
|
|
Number of SARs
|
|
Weighted Average Fair Value
|
|
Weighted Average Exercise Price
|
|||||
|
|
(In Thousands)
|
|
|
|
|
|||||
Outstanding at December 31, 2016
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Granted
|
|
134
|
|
|
2.94
|
|
|
4.51
|
|
||
Exercised
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Forfeited
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Outstanding at December 31, 2017
|
|
134
|
|
|
$
|
2.94
|
|
|
$
|
4.51
|
|
|
|
Year Ended December 31,
|
|
|
|
2017
|
|
Expected stock price volatility
|
|
63.2
|
%
|
Expected life of SARs
|
|
9.1 years
|
|
Risk free interest rate
|
|
2.37
|
%
|
Expected dividend yield
|
|
—
|
|
Derivative Contracts
|
|
U.S. Dollar Notional Amount
|
|
Traded Exchange Rate
|
|
Settlement Date
|
|||
|
|
(In Thousands)
|
|
|
|
|
|||
Forward purchase euro
|
|
$
|
1,743
|
|
|
1.19
|
|
|
1/18/2018
|
Forward purchase pounds sterling
|
|
$
|
5,998
|
|
|
1.33
|
|
|
1/18/2018
|
Forward sale Canadian dollar
|
|
$
|
3,756
|
|
|
1.29
|
|
1/18/2018
|
|
Forward purchase Mexican peso
|
|
$
|
6,974
|
|
|
19.28
|
|
|
1/18/2018
|
Forward sale Norwegian krone
|
|
$
|
4,131
|
|
|
8.40
|
|
|
1/18/2018
|
Forward sale Mexican peso
|
|
$
|
6,067
|
|
|
19.28
|
|
1/18/2018
|
Derivative Contracts
|
|
US Dollar Notional Amount
|
|
Traded Exchange Rate
|
|
Settlement Date
|
||
|
|
(In Thousands)
|
|
|
|
|
||
Forward purchase euro
|
|
$
|
509
|
|
|
1.07
|
|
1/18/2017
|
Forward purchase pounds sterling
|
|
$
|
6,258
|
|
|
1.28
|
|
1/18/2017
|
Forward purchase Mexican peso
|
|
$
|
6,740
|
|
|
20.18
|
|
1/18/2017
|
Forward sale Norwegian krone
|
|
$
|
2,322
|
|
|
8.53
|
|
1/18/2017
|
Forward sale Mexican peso
|
|
$
|
2,483
|
|
|
20.18
|
|
1/18/2017
|
Foreign currency derivative instruments
|
Balance Sheet Location
|
|
Fair Value at
December 31, 2017 |
Fair Value at
December 31, 2016 |
|||||
|
|
|
|
(In Thousands)
|
|||||
Forward purchase contracts
|
|
Current assets
|
|
$
|
111
|
|
$
|
—
|
|
Forward sale contracts
|
|
Current assets
|
|
130
|
|
81
|
|
||
Forward purchase contracts
|
|
Current liabilities
|
|
(113
|
)
|
(371
|
)
|
||
Total
|
|
|
|
$
|
(127
|
)
|
$
|
(290
|
)
|
|
|
Year Ended December 31,
|
|||||||
|
|
2017
|
|
2016
|
|
2015
|
|||
|
|
(In Thousands)
|
|||||||
Number of weighted average common shares outstanding
|
|
114,499
|
|
|
87,286
|
|
|
79,169
|
|
Assumed exercise of stock awards
|
|
—
|
|
|
—
|
|
|
—
|
|
Average diluted shares outstanding
|
|
114,499
|
|
|
87,286
|
|
|
79,169
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
(In Thousands)
|
||||||||||
Revenues from external customers
|
|
|
|
|
|
|
|
|
|
|||
Product sales
|
|
|
|
|
|
|
|
|
|
|||
Fluids Division
|
|
$
|
226,606
|
|
|
$
|
176,882
|
|
|
$
|
306,307
|
|
Production Testing Division
|
|
12,108
|
|
|
—
|
|
|
6,944
|
|
|||
Compression Division
|
|
66,691
|
|
|
71,809
|
|
|
141,461
|
|
|||
Offshore Division
|
|
|
|
|
|
|
|
|
|
|||
Offshore Services
|
|
760
|
|
|
116
|
|
|
611
|
|
|||
Maritech
|
|
538
|
|
|
751
|
|
|
2,438
|
|
|||
Total Offshore Division
|
|
1,298
|
|
|
867
|
|
|
3,049
|
|
|||
Consolidated
|
|
$
|
306,703
|
|
|
$
|
249,558
|
|
|
$
|
457,761
|
|
Services and rentals
|
|
|
|
|
|
|
|
|
|
|||
Fluids Division
|
|
$
|
108,694
|
|
|
$
|
69,625
|
|
|
$
|
117,459
|
|
Production Testing Division
|
|
80,104
|
|
|
59,509
|
|
|
122,292
|
|
|||
Compression Division
|
|
228,896
|
|
|
239,566
|
|
|
316,178
|
|
|||
Offshore Division
|
|
|
|
|
|
|
|
|
|
|||
Offshore Services
|
|
95,981
|
|
|
76,506
|
|
|
116,455
|
|
|||
Maritech
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Intersegment eliminations
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total Offshore Division
|
|
95,981
|
|
|
76,506
|
|
|
116,455
|
|
|||
Corporate overhead
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Consolidated
|
|
$
|
513,675
|
|
|
$
|
445,206
|
|
|
$
|
672,384
|
|
|
|
|
|
|
|
|
||||||
Interdivision revenues
|
|
|
|
|
|
|
|
|
||||
Fluids Division
|
|
$
|
31
|
|
|
$
|
87
|
|
|
$
|
278
|
|
Production Testing Division
|
|
1,930
|
|
|
4,109
|
|
|
4,668
|
|
|||
Compression Division
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Offshore Division
|
|
|
|
|
|
|
|
|
|
|||
Offshore Services
|
|
—
|
|
|
903
|
|
|
5,128
|
|
|||
Maritech
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Intersegment eliminations
|
|
—
|
|
|
(903
|
)
|
|
(5,128
|
)
|
|||
Total Offshore Division
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Interdivision eliminations
|
|
(1,961
|
)
|
|
(4,196
|
)
|
|
(4,946
|
)
|
|||
Consolidated
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
||||||
Total revenues
|
|
|
|
|
|
|
|
|
|
|||
Fluids Division
|
|
$
|
335,331
|
|
|
$
|
246,595
|
|
|
$
|
424,044
|
|
Production Testing Division
|
|
94,142
|
|
|
63,618
|
|
|
133,904
|
|
|||
Compression Division
|
|
295,587
|
|
|
311,374
|
|
|
457,639
|
|
|||
Offshore Division
|
|
|
|
|
|
|
|
|
|
|||
Offshore Services
|
|
96,741
|
|
|
77,525
|
|
|
122,194
|
|
|||
Maritech
|
|
538
|
|
|
751
|
|
|
2,438
|
|
|||
Intersegment eliminations
|
|
—
|
|
|
(903
|
)
|
|
(5,128
|
)
|
|||
Total Offshore Division
|
|
97,279
|
|
|
77,373
|
|
|
119,504
|
|
|||
Corporate overhead
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Interdivision eliminations
|
|
(1,961
|
)
|
|
(4,196
|
)
|
|
(4,946
|
)
|
|||
Consolidated
|
|
$
|
820,378
|
|
|
$
|
694,764
|
|
|
$
|
1,130,145
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
(In Thousands)
|
||||||||||
Depreciation, amortization, and accretion
|
|
|
|
|
|
|
|
|
|
|||
Fluids Division
|
|
$
|
23,797
|
|
|
$
|
28,338
|
|
|
$
|
35,125
|
|
Production Testing Division
|
|
10,593
|
|
|
16,221
|
|
|
24,080
|
|
|||
Compression Division
|
|
69,142
|
|
|
72,159
|
|
|
82,024
|
|
|||
Offshore Division
|
|
|
|
|
|
|
||||||
Offshore Services
|
|
10,678
|
|
|
11,086
|
|
|
11,500
|
|
|||
Maritech
|
|
1,428
|
|
|
1,362
|
|
|
1,375
|
|
|||
Intersegment eliminations
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total Offshore Division
|
|
12,106
|
|
|
12,448
|
|
|
12,875
|
|
|||
Corporate overhead
|
|
521
|
|
|
429
|
|
|
911
|
|
|||
Consolidated
|
|
$
|
116,159
|
|
|
$
|
129,595
|
|
|
$
|
155,015
|
|
|
|
|
|
|
|
|
||||||
Interest expense
|
|
|
|
|
|
|
|
|
|
|||
Fluids Division
|
|
$
|
124
|
|
|
$
|
32
|
|
|
$
|
22
|
|
Production Testing Division
|
|
6
|
|
|
42
|
|
|
—
|
|
|||
Compression Division
|
|
42,309
|
|
|
38,271
|
|
|
35,235
|
|
|||
Offshore Division
|
|
|
|
|
|
|
|
|
|
|||
Offshore Services
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Maritech
|
|
—
|
|
|
12
|
|
|
29
|
|
|||
Intersegment eliminations
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total Offshore Division
|
|
—
|
|
|
12
|
|
|
29
|
|
|||
Corporate overhead
|
|
15,588
|
|
|
21,639
|
|
|
19,879
|
|
|||
Consolidated
|
|
$
|
58,027
|
|
|
$
|
59,996
|
|
|
$
|
55,165
|
|
|
|
|
|
|
|
|
||||||
Income (loss) before taxes
|
|
|
|
|
|
|
|
|
|
|||
Fluids Division
|
|
$
|
68,540
|
|
|
$
|
10,430
|
|
|
$
|
80,789
|
|
Production Testing Division
|
|
(17,465
|
)
|
|
(35,471
|
)
|
|
(55,720
|
)
|
|||
Compression Division
|
|
(37,246
|
)
|
|
(136,327
|
)
|
|
(146,798
|
)
|
|||
Offshore Division
|
|
|
|
|
|
|
||||||
Offshore Services
|
|
(14,767
|
)
|
|
(12,025
|
)
|
|
(195
|
)
|
|||
Maritech
|
|
(2,172
|
)
|
|
(1,841
|
)
|
|
(3,833
|
)
|
|||
Intersegment eliminations
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total Offshore Division
|
|
(16,939
|
)
|
|
(13,866
|
)
|
|
(4,028
|
)
|
|||
Interdivision eliminations
|
|
(152
|
)
|
|
8
|
|
|
(1
|
)
|
|||
Corporate overhead
(1)
|
|
(57,721
|
)
|
|
(61,864
|
)
|
|
(76,005
|
)
|
|||
Consolidated
|
|
$
|
(60,983
|
)
|
|
$
|
(237,090
|
)
|
|
$
|
(201,763
|
)
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
(In Thousands)
|
||||||||||
Total assets
|
|
|
|
|
|
|
|
|
|
|||
Fluids Division
|
|
$
|
346,974
|
|
|
$
|
322,858
|
|
|
$
|
370,892
|
|
Production Testing Division
|
|
86,304
|
|
|
87,462
|
|
|
134,725
|
|
|||
Compression Division
|
|
784,745
|
|
|
816,148
|
|
|
1,004,760
|
|
|||
Offshore Division
|
|
|
|
|
|
|
|
|
||||
Offshore Services
|
|
119,547
|
|
|
102,715
|
|
|
131,916
|
|
|||
Maritech
|
|
1,587
|
|
|
3,660
|
|
|
18,453
|
|
|||
Intersegment eliminations
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total Offshore Division
|
|
121,134
|
|
|
106,375
|
|
|
150,369
|
|
|||
Corporate overhead and eliminations
|
|
(30,543
|
)
|
|
(17,303
|
)
|
|
(24,544
|
)
|
|||
Consolidated
|
|
$
|
1,308,614
|
|
|
$
|
1,315,540
|
|
|
$
|
1,636,202
|
|
|
|
|
|
|
|
|
||||||
Capital expenditures
|
|
|
|
|
|
|
|
|
|
|||
Fluids Division
|
|
$
|
20,475
|
|
|
$
|
2,311
|
|
|
$
|
11,104
|
|
Production Testing Division
(2)
|
|
(1,190
|
)
|
|
802
|
|
|
7,843
|
|
|||
Compression Division
(2)
|
|
25,920
|
|
|
11,568
|
|
|
95,586
|
|
|||
Offshore Division
|
|
|
|
|
|
|
|
|
||||
Offshore Services
|
|
5,786
|
|
|
5,913
|
|
|
5,949
|
|
|||
Maritech
|
|
—
|
|
|
—
|
|
|
38
|
|
|||
Intersegment eliminations
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total Offshore Division
|
|
5,786
|
|
|
5,913
|
|
|
5,987
|
|
|||
Corporate overhead
|
|
932
|
|
|
472
|
|
|
77
|
|
|||
Consolidated
|
|
$
|
51,923
|
|
|
$
|
21,066
|
|
|
$
|
120,597
|
|
(1)
|
Amounts reflected include the following general corporate expenses:
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
(In Thousands)
|
||||||||||
General and administrative expense
|
|
$
|
46,156
|
|
|
$
|
34,767
|
|
|
$
|
52,189
|
|
Depreciation and amortization
|
|
84
|
|
|
430
|
|
|
913
|
|
|||
Interest expense, net
|
|
15,513
|
|
|
21,157
|
|
|
18,654
|
|
|||
Other general corporate (income) expense, net
|
|
(4,032
|
)
|
|
5,510
|
|
|
4,249
|
|
|||
Total
|
|
$
|
57,721
|
|
|
$
|
61,864
|
|
|
$
|
76,005
|
|
(2)
|
Amounts presented net of cost of equipment sold during 2017, including
$4.2 million
for our Production Testing Division and
$8.5 million
for our Compression Division.
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
(In Thousands)
|
||||||||||
Revenues from external customers:
|
|
|
|
|
|
|
|
|
|
|||
U.S.
|
|
$
|
643,216
|
|
|
$
|
535,613
|
|
|
$
|
896,131
|
|
Canada and Mexico
|
|
35,975
|
|
|
34,560
|
|
|
44,542
|
|
|||
South America
|
|
28,167
|
|
|
20,480
|
|
|
26,554
|
|
|||
Europe
|
|
80,721
|
|
|
71,882
|
|
|
80,432
|
|
|||
Africa
|
|
700
|
|
|
10,345
|
|
|
20,761
|
|
|||
Asia and other
|
|
31,599
|
|
|
21,884
|
|
|
61,725
|
|
|||
Total
|
|
$
|
820,378
|
|
|
$
|
694,764
|
|
|
$
|
1,130,145
|
|
Transfers between geographic areas:
|
|
|
|
|
|
|
|
|
|
|||
U.S.
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Canada and Mexico
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
South America
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Europe
|
|
2,025
|
|
|
93
|
|
|
1,252
|
|
|||
Africa
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Asia and other
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Eliminations
|
|
(2,025
|
)
|
|
(93
|
)
|
|
(1,252
|
)
|
|||
Total revenues
|
|
$
|
820,378
|
|
|
$
|
694,764
|
|
|
$
|
1,130,145
|
|
Identifiable assets:
|
|
|
|
|
|
|
|
|
|
|||
U.S.
|
|
$
|
1,131,650
|
|
|
$
|
1,132,986
|
|
|
$
|
1,403,916
|
|
Canada and Mexico
|
|
62,537
|
|
|
64,163
|
|
|
74,260
|
|
|||
South America
|
|
23,352
|
|
|
21,354
|
|
|
25,603
|
|
|||
Europe
|
|
61,000
|
|
|
53,713
|
|
|
64,695
|
|
|||
Africa
|
|
3,696
|
|
|
5,711
|
|
|
7,542
|
|
|||
Asia and other
|
|
26,379
|
|
|
37,613
|
|
|
60,186
|
|
|||
Eliminations
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total identifiable assets
|
|
$
|
1,308,614
|
|
|
$
|
1,315,540
|
|
|
$
|
1,636,202
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
(In Thousands)
|
||||||||||
Oil and gas sales revenues
|
|
$
|
538
|
|
|
$
|
751
|
|
|
$
|
2,438
|
|
Production (lifting) costs
|
|
1,234
|
|
|
643
|
|
|
921
|
|
|||
Excess decommissioning and abandonment costs
|
|
—
|
|
|
2,593
|
|
|
2,665
|
|
|||
Accretion expense
|
|
1,382
|
|
|
1,362
|
|
|
1,375
|
|
|||
Pretax income (loss) from producing activities
|
|
(2,078
|
)
|
|
(3,847
|
)
|
|
(2,523
|
)
|
|||
Income tax expense (benefit)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Results of oil and gas producing activities
|
|
$
|
(2,078
|
)
|
|
$
|
(3,847
|
)
|
|
$
|
(2,523
|
)
|
|
|
Three Months Ended 2017
|
||||||||||||||
|
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
||||||||
|
|
(In Thousands, Except Per Share Amounts)
|
||||||||||||||
Total revenues
|
|
$
|
168,001
|
|
|
$
|
208,369
|
|
|
$
|
216,364
|
|
|
$
|
227,644
|
|
Gross profit
|
|
14,265
|
|
|
26,888
|
|
|
43,507
|
|
|
15,164
|
|
||||
Net loss
|
|
(11,252
|
)
|
|
(14,619
|
)
|
|
(1,338
|
)
|
|
(34,974
|
)
|
||||
Net income (loss) attributable to TETRA stockholders
|
|
(2,463
|
)
|
|
(10,991
|
)
|
|
3,145
|
|
|
(28,739
|
)
|
||||
Net income (loss) per share attributable to TETRA stockholders
|
|
$
|
(0.02
|
)
|
|
$
|
(0.10
|
)
|
|
$
|
0.03
|
|
|
$
|
(0.25
|
)
|
Net income (loss) per diluted share attributable to TETRA stockholders
|
|
$
|
(0.02
|
)
|
|
$
|
(0.10
|
)
|
|
$
|
0.03
|
|
|
$
|
(0.25
|
)
|
|
|
Three Months Ended 2016
|
||||||||||||||
|
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
||||||||
|
|
(In Thousands, Except Per Share Amounts)
|
||||||||||||||
Total revenues
|
|
$
|
169,329
|
|
|
$
|
175,660
|
|
|
$
|
176,553
|
|
|
$
|
173,222
|
|
Gross profit
|
|
4,611
|
|
|
16,272
|
|
|
28,753
|
|
|
1,781
|
|
||||
Net loss
|
|
(147,731
|
)
|
|
(29,224
|
)
|
|
(24,028
|
)
|
|
(38,410
|
)
|
||||
Net loss attributable to TETRA stockholders
|
|
(88,325
|
)
|
|
(26,574
|
)
|
|
(15,009
|
)
|
|
(31,554
|
)
|
||||
Net loss per share attributable to TETRA stockholders
|
|
$
|
(1.11
|
)
|
|
$
|
(0.32
|
)
|
|
$
|
(0.16
|
)
|
|
$
|
(0.33
|
)
|
Net loss per diluted share attributable to TETRA stockholders
|
|
$
|
(1.11
|
)
|
|
$
|
(0.32
|
)
|
|
$
|
(0.16
|
)
|
|
$
|
(0.33
|
)
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
Assets
|
|
|
|
||||
Current Assets
|
|
|
|
||||
Cash, excluding restricted cash
|
$
|
6,054
|
|
|
$
|
—
|
|
Accounts receivable
|
44,796
|
|
|
35,058
|
|
||
Inventories
|
43,527
|
|
|
44,765
|
|
||
Prepaid expenses and other current assets
|
3,145
|
|
|
7,771
|
|
||
Other current assets
|
—
|
|
|
—
|
|
||
Total current assets
|
97,522
|
|
|
87,594
|
|
||
Property, plant and equipment
|
362,624
|
|
|
341,985
|
|
||
Less accumulated depreciation
|
(206,131
|
)
|
|
(188,268
|
)
|
||
Property, plant, and equipment, net
|
156,493
|
|
|
153,717
|
|
||
Other assets, including investment in and amounts due from wholly owned subsidiaries
|
897,488
|
|
|
833,395
|
|
||
Total assets
|
1,151,503
|
|
|
1,074,706
|
|
||
|
|
|
|
||||
Liabilities and stockholders' equity
|
|
|
|
||||
Current liabilities
|
54,190
|
|
|
32,999
|
|
||
Long-term debt
|
117,679
|
|
|
119,640
|
|
||
Other non-current liabilities
|
771,554
|
|
|
688,542
|
|
||
Total liabilities
|
943,423
|
|
|
841,181
|
|
||
|
|
|
|
||||
Stockholders' equity
|
|
|
|
||||
Common stock
|
1,185
|
|
|
1,179
|
|
||
Other stockholders' equity
|
250,662
|
|
|
283,631
|
|
||
Accumulated other comprehensive income (loss)
|
(43,767
|
)
|
|
(51,285
|
)
|
||
Total Stockholders' Equity
|
208,080
|
|
|
233,525
|
|
||
Total liabilities and equity
|
$
|
1,151,503
|
|
|
$
|
1,074,706
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
|
|
|
|
|
||||||
Net sales and gross revenues
|
|
$
|
247,558
|
|
|
$
|
163,232
|
|
|
$
|
314,567
|
|
|
|
|
|
|
|
|
||||||
Cost of revenues
|
|
161,608
|
|
|
119,350
|
|
|
189,362
|
|
|||
Depreciation, amortization, and accretion
|
|
21,269
|
|
|
25,922
|
|
|
50,708
|
|
|||
General and administrative expenses
|
|
57,840
|
|
|
49,687
|
|
|
69,925
|
|
|||
Interest expense
|
|
16,917
|
|
|
22,550
|
|
|
19,901
|
|
|||
Other (income) expense, net
|
|
(17,656
|
)
|
|
4,247
|
|
|
1,097
|
|
|||
Equity in net loss of subsidiaries
|
|
70,374
|
|
|
181,780
|
|
|
192,242
|
|
|||
|
|
310,352
|
|
|
403,536
|
|
|
523,235
|
|
|||
Income (loss) before taxes and discontinued operations
|
|
(62,794
|
)
|
|
(240,304
|
)
|
|
(208,668
|
)
|
|||
Provision (benefit) for income taxes
|
|
(611
|
)
|
|
(911
|
)
|
|
799
|
|
|||
Income (loss)
|
|
$
|
(62,183
|
)
|
|
$
|
(239,393
|
)
|
|
$
|
(209,467
|
)
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
|
|
|
|
|
||||||
Net cash provided by operating activities
|
|
$
|
40,283
|
|
|
$
|
14,861
|
|
|
$
|
100,932
|
|
|
|
|
|
|
|
|
||||||
Investing activities:
|
|
|
|
|
|
|
||||||
Acquisition of businesses, net of cash acquired
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Purchases of property, plant and equipment
|
|
(27,863
|
)
|
|
(2,931
|
)
|
|
678
|
|
|||
Proceeds from sale of property, plant, and equipment
|
|
982
|
|
|
1,325
|
|
|
2,146
|
|
|||
Advances and other investing activities
|
|
799
|
|
|
314
|
|
|
1,626
|
|
|||
Other investing activities
|
|
—
|
|
|
(10,000
|
)
|
|
—
|
|
|||
Net cash provided by (used in) investing activities
|
|
(26,082
|
)
|
|
(11,292
|
)
|
|
4,450
|
|
|||
Financing activities:
|
|
|
|
|
|
|
||||||
Proceeds from long-term debt
|
|
303,650
|
|
|
349,550
|
|
|
472,896
|
|
|||
Payments of long-term debt
|
|
(309,200
|
)
|
|
(516,900
|
)
|
|
(575,070
|
)
|
|||
Distributions
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Financing costs and other financing activities
|
|
(2,597
|
)
|
|
(4,494
|
)
|
|
(3,742
|
)
|
|||
Proceeds from issuance of common stock, net of underwriters' discount
|
|
—
|
|
|
168,275
|
|
|
—
|
|
|||
Proceeds from sale of common stock and exercise of stock options
|
|
—
|
|
|
—
|
|
|
303
|
|
|||
Net cash used in financing activities
|
|
(8,147
|
)
|
|
(3,569
|
)
|
|
(105,613
|
)
|
|||
Increase (decrease) in cash
|
|
6,054
|
|
|
—
|
|
|
(231
|
)
|
|||
Cash and cash equivalents at beginning of period
|
|
—
|
|
|
—
|
|
|
231
|
|
|||
Cash and cash equivalents at end of period
|
|
$
|
6,054
|
|
|
$
|
—
|
|
|
$
|
—
|
|
1 Year TETRA Technologies Chart |
1 Month TETRA Technologies Chart |
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