TETRA Technologies, Inc. and CSI Compressco LP. March 2015
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1 TETRA Technologies, Inc. and CSI Compressco LP March 2015
2 Forward-Looking Statements DISCLOSURE Forward-Looking Statements: This presentation includes certain statements that are or may be deemed to be forward-looking statements. Generally, the use of words such as may, will, expect, intend, estimate, projects, anticipate, believe, assume, could, should, plans, targets or similar expressions that convey the uncertainty of future events, activities, expectations or outcomes identify forward-looking statements that we intend to be included within the safe harbor protections provided by the federal securities laws. These forward-looking statements include statements concerning expected results of operational business segments for 2014, anticipated benefits from our acquisitions of assets and businesses, projections concerning our business activities in the Gulf of Mexico, including potential future benefits from increased regulatory oversight of well abandonment and decommissioning activities, financial Guidance Mid-Point, estimated earnings, earnings per share, and statements regarding our beliefs, expectations, plans, goals, future events and performance, and other statements that are not purely historical. These forward-looking statements are based on certain assumptions and analyses made in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate in the circumstances. Such statements are subject to a number of risks and uncertainties, many of which are beyond our control. Investors are cautioned that any such statements are not guarantees of future performances or results and that actual results or developments may differ materially from those projected in the forward-looking statements. Some of the factors that could affect actual results are described in the section titled Certain Business Risks contained in our Annual Report on Form 10-K for the year ended December 31, 2014, as well as other risks identified from time to time in our reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission. Non-GAAP Financial Measures: During the course of this presentation, we may refer to numerical measures that are or may be deemed to be non-gaap financial measures. Supplemental financial disclosures for these measures, including the most directly comparable GAAP measures and associated reconciliations, are included in these presentation materials and available on our website at tetratec.com. Supplemental financial disclosures are not substitutes for financial information prepared in accordance with GAAP and should be considered within the context of our complete audited financial results for the given period, which are also available on our website. Further Disclosure Regarding the Use of Non-GAAP Measures: TETRA and CSI Compressco LP define net debt as the sum of long-term and short-term debt on its consolidated balance sheet, less cash, excluding restricted cash on the consolidated balance sheet and excluding the debt and cash of CSI Compressco LP. Management views net debt as a measure of our ability to reduce debt, add to cash balances, pay dividends, repurchase stock, and fund investing and financing activities. Management views revenue excluding Maritech, cash from operating activities excluding Maritech, and EBITDA excluding Maritech as useful measures to asses our performance in prior periods following the sale of substantially all of our Maritech segment operations. EBITDA excluding Maritech, a performance measure used by management, is defined as net income (loss) plus: (1) interest expense (net of interest income), (2) income tax provision, and (3) depreciation, depletion, amortization, accretion and impairments, all of which are calculated excluding our Maritech operations. EBITDA excluding Maritech is not defined under GAAP and does not purport to be an alternative to net income or other GAAP financial measures as a measure of operating performance. Because not all companies use identical calculations, our presentation of EBITDA excluding Maritech may not be comparable to other similarly titled measures of other companies. Management views EBITDA excluding Maritech as useful to investors and other external users of our consolidated financial statements as an additional tool to evaluate and compare our operating performance, because EBITDA is widely used by investors to measure a company s operating performance without regard to items such as interest expense, taxes, depreciation, depletion, and amortization, which can vary substantially from company to company. The reconciliation included in the Financial Data Appendix to this presentation is not a substitute for financial information prepared in accordance with GAAP, and should be considered within the context of our complete financial results for the periods indicated, which are available on our website at tetratec.com 2
3 Corporate Profiles COMPANY OVERVIEW Stock Market NYSE: TTI NASDAQ: CCLP Recent Share Price (1) $5.38 $16.66 Market Capitalization (1) $428.2M $552.2M Enterprise Value (1) $823.3M $1.1B Number of Shares/ Units Outstanding (2) 79.6M 33.1M Average volume (last 3 months) (1) 997, ,249 Distribution Annualized (3) $1.94 Distribution Yield (1) 11.6% % Owned by TTI 44% Headquarters The Woodlands, TX Midland, TX (1) As of 3/6/2015 (2) As of 11/09/2014 (3) Q Annualized 3
4 Business Segments COMPANY OVERVIEW FLUIDS SERVICES Only vertically integrated completion fluids based company for the oil & gas market PRODUCTION TESTING The largest North America production testing company CSI COMPRESSCO Full service compression: well head, gathering, midstream, processing and transportation OFFSHORE SERVICES A leading provider of decommissioning and well abandonment services in Gulf of Mexico MARITECH Targeting to complete our operated properties ARO obligations during 2016 $437M Revenue $193M Revenue $490M Revenue (1) $195M Revenue Phasing Out (1) CSI Compressco pro-forma 2014 for CSI acquisition 4
5 Progress on Key Initiatives Achieved Free Cash Flow of $80M Q EPS at top end of guidance Production Testing PBT Margins 15.5% (2) Fluids PBT Margins 17.3% (2) CSI Compressco results consistent with acquisition economics Structure in place to refinance $90M notes $100 $80 $60 $40 $20 $0 COMPANY OVERVIEW Free Cash Flow (1) ($ millions) $81.3 $85.9 $ Production Testing (2) Significant Progress Cost structure aligned with activity levels (10% staff reductions since October 1 st ) $60.0 $50.0 $40.0 $30.0 $ % 17.0% 12.0% 7.0% 2.0% Maritech ARO obligations $10.0 $ Q Q Q Q Q Q Q Q4-3.0% -8.0% Revenue ($M) PBT Margin % (1) Free cash flow = TETRA excluding CSI Compressco cash from operating activities + unusual items - capital expenditures + decommissioning liabilities + distributions received from CSI Compressco. (2) PBT margins excludes unusual items 5
6 Balance Sheet and Liquidity COMPANY OVERVIEW $ Millions As Of 12/31/2014 TETRA CSI Compressco Consolidated TETRA Cash $14 $34 $48 Revolver Availability $135 $205 $340 Liquidity $149 $239 $388 Revolver Outstanding $90 $195 $285 Current Portion of LT Debt $90 - $90 Long Term Debt $215 $345 $560 Total Debt $395 $540 $935 TETRA s and CSI Compressco s debt are separate and distinct with no cross guarantees, no cross defaults and no cross collateral Adequate liquidity to manage through a downturn Long-term debt at attractive rates of 4.0%-6.0% for TETRA and 7.25% for CSI Compressco (1) Excludes notes of credits 6
7 TETRA is well positioned to leverage synergies and provide services through a global infrastructure 7
8 TETRA is Evolving EVOLUTION AND STRATEGY TETRA has evolved to be a pure play oilfield services company with the divestiture of Maritech and is much less dependent on drilling activity after the CSI Acquisition 2010 Revenue (1) $1,400 $1,200 Oilfield Services vs E&P Revenue (1) ($ millions) Production Testing 11% Offshore 29% CSI Compressco 10% Maritech 21% $1,000 Fluids 30% $800 $ Revenue (1) $ CSI Compressco 37% Fluids 33% Oilfield Services E&P Fluids, Production Testing and CSI Compressco represent TETRA s highest growth markets with the highest margins. (1) Revenue excludes eliminations. Includes pro forma CSI Compressco for 2014 Production Testing 15% Offshore 15% 8
9 Global Footprint, Growing International Presence 2014 Revenue Mix excl. Offshore Services Intl. 33% US 67% 9
10 Leveraging Synergies TETRA has evolved into a harmonized infrastructure with multiple service offerings EVOLUTION AND STRATEGY Successfully cross selling services Leveraging local nationals in management to enhance customer relationships One management team for all service and product offerings internationally Sharing infrastructure to cross sell and service Production Testing, Fluids, Water Management and Compression Shared supply chain, IT, human resources, HS&E, legal and accounting functions Common financial metrics, oversight and governance Expanding geographic footprint provides significant pull-through revenue and margin leverage 10
11 Leveraging the value of the integrated business units and service offerings to the oilfield and other industries 11
12 Fluids Services Completion Fluids FLUIDS SERVICES Only vertically integrated cost effective solutions provider of high-end clear brine fluids - Manufacturer of calcium bromide, zinc bromide and calcium chloride - Long-term bromine supply agreement provides secure sourcing and cost stability High value fluids franchise with a strong GOM position effectively competing against SLB, HAL and BHI Leveraged to the deepwater and North America unconventional onshore markets Significant sales into the non-us onshore shale market Water Management Unique cost effective solutions for frac water management Proprietary technology with exclusive supplier agreements Rapid deployment for shorter turnaround time between jobs Units deployed in most of the key shale basins 12
13 Fluids Services Financial Overview Revenue ($ millions) EBITDA ($ millions) and Margin (1) FLUIDS SERVICES $500 $450 $400 $350 $300 $250 $276 $305 $335 $383 $437 $120 $100 $80 $60 $40 $20 16% $44 17% $52 21% $70 24% $92 23% $101 25% 20% 15% 10% 5% $ $ % 2014 Revenue Profile Offshore 30% Onshore 70% United States 68% International 29% 32% (1) EBITDA excludes unusual items 13
14 Production Testing Flowback pressure and volume testing provides data to optimize production and minimize reservoir damage PRODUCTION TESTING Production Testing used to access newly available production and extend productive life of wells Well Testing evaluates well performance under various conditions Rig Cooling suppresses heat generated by high-rate flaring One of the largest fleets of onshore flowback well testing in the US, focused on the shale basins Mobile equipment can be repositioned to the gas and liquids markets Customer base is the larger well capitalized operators Strong market positions in the US, particularly Permian Basin, Canada, Mexico, Argentina, Brazil and Saudi Arabia 14
15 Production Testing Financial Overview PRODUCTION TESTING Revenue ($ millions) EBITDA ($ millions) and Margin (1) $300 $200 $100 $0 $208 $196 $193 $140 $ $110 $90 $70 $50 $30 $10 -$10 36% 31% 28% 21% $64 21% $50 $40 $30 $ Q4-14 EBITDA 40% Margins of 27.4% 35% 30% 25% 20% 15% 10% 5% 0% 2014 Revenue Profile Offshore, 16% International 40% International 53% Onshore, 84% United States, 47% (1) EBITDA excludes unusual items 15
16 Offshore Services A leading GoM provider of decommissioning and well abandonment services OFFSHORE SERVICES - Largest provider of heavy lift platform removals with two derrick barges, including the newly built 1,700-T TETRA Hedron - Leading well plug and abandonment services - Leading provider of diving and cutting services, with three diving vessels including saturation systems Approximately 2,900 platforms on the shelf in the GOM Project management and consulting leverage highly complementary suite of services Expanding in GoM construction and maintenance projects including light subsea construction 16
17 Offshore Services Financial Overview OFFSHORE SERVICES Revenue ($ millions) EBITDA ($ millions) and Margin (1) $350 $300 $250 $200 $150 $100 $50 $0 $274 $287 $266 $256 $ $60 $50 $40 $30 $20 $10 $0 15% 18% 16% 13% $47 $42 $41 $38 3% $ % 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Revenue Mix Maritech Third Party 300 GoM Structures Removed (2) 100% 80% % % 20% 0% As of May 2013, 144 permits have been approved for platform removals 629 platforms fit the criteria of idle iron or are on expired/terminated leases Approx 2,900 production platforms on US Outer Continental Shelf (1) EBITDA excludes unusual items (2) Caissons and Platforms removed (Source: BSEE) 17
18 CSI Compressco Compressco acquired CSI, for $825M Compressco (founded 1998, acquired in 2004) Compressco Partners LP (IPO 2011, GSJK) Compressor Systems, Inc. (founded 1971, acquired 2014) CSI COMPRESSCO LP CSI Compressco 44 year of history > 1,000 Employees 6,400 compressor packages 1.1 million horsepower 35 locations, US & Canada Global footprint CSI Compressco operates as MLP Tax advantage Lower cost of capital Attractive yields Leverages TETRA infrastructure and back office support TETRA Technologies Acquired Compressco in 2002 Owns General Partner (2%) Owns 42% of Common Units (1)As of 2/27/2015 (2)As of 11/13/2014 (3) Q Annualized 18
19 Compression Value Chain Wellhead and Gas Gathering Gas Processing Storage and Distribution Pipeline and Transmission Hydrocarbon production Delivery & Processing Distribution options Transportation efficiency Wellhead = Single Well Gathering = Multiple Wells Gas Lift Vapor Recovery Units CO 2 Applications Inlet Compression Outlet Compression Refrigeration Injection and withdrawal Mainline Compression 25 to 2,500 HP 500 to 4,000 HP 2,000 to 8,000 HP 2,000 to 8,000 HP Compression Services Aftermarket Services Equipment Sales Equipment Sales Aftermarket Services Equipment Sales Equipment Sales 19
20 Compression Industry Stable Performance Through Swings in Commodity Prices Stable Sector of Energy Service Less susceptible to commodity price swings Production requires compression Long life and flexible assets Natural gas infrastructure 20% 10% 0% -10% -20% -30% -40% -50% -60% -70% -80% Fleet Utilization (1) vs. Macro Variables (2) (2008 as base) (3) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% End of life wells CSI Compresso Fleet Utilization WTI Oil Price HH Gas Price Rig Count CSI Compressco s Position in Industry 2 nd largest vertically integrated provider 4 th largest fleet (HP) 12% market share of US and Canada Compression Services (3) 9% market share of global compression services (4) (1) Pro Forma YE utilization (2) Rig Count: Baker Hughes. HH Gas Price & WTI Oil Prices: EIA (3) 2015 Feb YTD (4) Internal estimate based on data from Gas Compressor Association (5) Spears & Associates, Inc., Oilfield Market Report , January ,600 1,400 1,200 1, Packaging Capability 3,700 Exterran Yes Revenue Generating Horsepower 1,351 1,303 USA Regancy CDM Compression No No CSI J-W Operating Compressco Yes Yes 20
21 AMS, 7% CSI Compressco Services Fleet 2014 Revenue (1) 2014 Revenue (1) Wide spectrum of size (HP) Geographically dispersed Large scope of applications Customer diversity Technology driven Equipment Sales (packaging) Equipment Sales, 35% Compressi on & Other Services, 58% Intl. 16% United States 84% Capabilities State of the art facility Internal engineering and design Revenue & EBITDA Margin (2) Compressors (and pumps) up to 8,000Hp Capacity of 350,000Hp per year Aftermarket Services (AMS) Add-on service to customers Balances use of facilities & personnel $500 $450 $400 $350 $300 $250 $200 $150 $100 $50 $- 35% 28% 32% 31% $81 $96 $109 $121 $283 $470 28% 28% (3) 40% 35% 30% 25% 20% 15% 10% 5% 0% Revenue (In $ Millions) EBITDA Margin (2) (1) Pro-forma 2014 revenue (2) EBITDA excludes unusual items and add backs non-cash stock option expense and amortization of financing costs (3) Mid-point of 2015 guidance 21
22 CSI Compressco Services Fleet Compression Fleet is well balanced: size, geographic, oil/gas & application Fleet Composition Hp by Application Hp by Resource Play VR, 2% 4 th Largest Compression Services Fleet Homogenous internally build fleet 6,402 Compressor Packages 1,089,151 HP 2014 YE Utilization of 87.7% Average age of 9 years 60% of Revenue and 70% of EBITDA more stable and predictable cash flow Real time remote monitoring system Predictive maintenance Personnel management Reduced maintenance costs Wellhead, 18% Gas Lift, 20% Gathering, 60% Hp by Range HP, 19% >800 HP, 41% HP, 40% Oil, 43% Mid- Continent, 19% Hp by Region International, 3% East, 10% West, 20% Gas, 57% South Texas, 25% Permian, 23% 22
23 CSI Compressco Growth Opportunities $205 Billion Investment Required by 2035 (1). 13 Million Hp of new compression for gathering and transmission Domestic Product Cross Selling Further Additions of Most Highly Utilized Equipment Continue Pursuit of Vapor Recovery Market Increase Utilization of Field Facilities for After Market Services Marcellus / Utica Opportunities International Leverage Compressco Presence for CSI Equipment Leverage TETRA Footprint Work Though Distributors & Representatives Where Needed Pump Systems International (wholly owned subsidiary) Midstream Expand Customer Base, Top 10 Processors Build-Own-Operate Opportunities Unique Capabilities with Refrigeration Compressors Acquisitions Customer Equipment; Purchase + Service Agreement Strategic Footprint Expansion Quality of Equipment Concern (1) Interstate Natural Gas Association of America 23
24 CSI Compressco Business Model Provides Predictable Cash Flow Stream 2015 Guidance Revenue of $460M - $480M EBITDA of $125M - $135M Capital expenditures of $100M $83M Fleet Growth $ 3M Growth, Non-Fleet $14M Maintenance 24
25 25
26 Focus On Free Cash Flow 2015 vs 2014 Sources & Uses of Cash ARO Cash Expenditures ARO expenditures Non-CCLP capex CCLP distributions to TTI $53M reduction $25M reduction $11M increase $140 $120 $100 $80 $60 $40 $20 Total $86M $ * CSI Compressco Distributions to TETRA TETRA Capital Expenditures $40 $35 $30 $25 $20 $15 $10 $5 $ * $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 $ * * 2015 Estimate 26
27 CSI Compressco Distribution Trend Quarterly Distribution (Annualized) Focused on distribution $1.95 $1.94 growth while maintaining strong balance sheet $1.85 $1.75 $1.65 $1.55 $1.55 $1.59 $1.84 $1.81 $1.78 $1.75 $1.68 $1.70 $1.72 Consistent and recurring cash flows Increased distributions nine of last ten quarters Conservative ratio $1.45 (1) Excludes letters of credit (2) Pro forma EBITDA excludes unusual items and adds back non-cash stock option expense and amortization of financing costs 27
28 CSI Compressco s Distribution Impact to TETRA TETRA owns 44% of CSI Compressco As the general partner, TETRA is entitled to IDR s (Incentive Distribution Rights) TETRA s cash distributions from CSI Compressco for 2014 are $24.2 million, including $0.7 million of GP IDR s CSI Compressco s coverage ratio for twelve months ended December 31, 2014, is 1.4X and for the 12/31/14 quarter was 1.7X Achieved the 25% IDR threshold with the recent distribution announcement $2.50 $2.25 $2.00 $1.75 $1.50 $1.25 $1.00 $0.75 $0.50 TTI General Partner IDR Thresholds $2.33 $1.94 $1.94 $1.78 $1.55 2% 15% 25% 25% 50% Original 15% IDR 25% IDR Current 50% IDR 28
29 Balance Sheet TETRA have secured financing to address maturing $90M notes CSI Compressco s Debt is long-term in nature Ample liquidity to fund growth TETRA leverage ratio is less than 3.0X with a target of 2.5X CSI Compressco s leverage ratio is X with a target of 3.5X $ Millions At 12/31/2014 TETRA CSI Compressco Revolver $225 $400 Draw Down (1) $90 $195 Availability $135 $205 $400 $300 $200 Debt Maturation Schedule TETRA CCLP Cash as of 12/31 $14 $34 Liquidity $149 $239 Senior Notes $305 $345 $100 $ (2) 2020 (2) 2022 (1) Excludes notes of credits (2) In 2020, two senior notes will mature, one in 04/2020 and the other in 12/
30 TETRA & CSI Compressco as Investment Opportunities 2010: $0.94 Billion (1) 2014: $1.32 Billion (1) Fluids, PT and CSI Compressco 49% Offshore Services 29% Fluids, PT and CSI Compressco 85% Offshore Services 15% E&P Revenue 22% Investment Highlights Completed the next step of the transformation with the CSI Compressco acquisition CSI Compressco, Fluids industrial and Fluids Offshore less dependent on Onshore drilling activity Executing on short-term tactical initiatives Have attained the $80M free cash flow targets, $1.00/share, in the past 2 years Recent addition of industry leaders to board and management (1) Revenue excludes eliminations and Corporate overhead 30
31 31
32 Potential Impact of Increased Distributions Opportunity to Create Significant Shareholder Value from CSI Acquisition CSI Compressco Valuation at Various Declared Distribution Levels FINANCIAL OVERVIEW Annualized Distribution $ 1.80 $ 1.90 $ 2.00 $ 2.10 $ 2.20 $ 2.30 $ 2.40 $ 2.50 $ 2.60 IDR Level 15% 15% 25% 25% 25% 25% 50% 50% 50% Implied Unit 7% Yield $ $ $ $ $ $ $ $ $ Market Capitalization ($M) $ 852 $ 900 $ 947 $ 994 $ 1,042 $ 1,089 $ 1,136 $ 1,184 $ 1,231 Cash Distribution at Various Levels TETRA Cash From LP Ownership ($M) $ 25.4 $ 26.8 $ 28.2 $ 29.6 $ 31.0 $ 32.4 $ 33.8 $ 35.2 $ 36.6 Cash to TETRA for GP ($M) $ 1.3 $ 1.9 $ 2.8 $ 3.9 $ 5.0 $ 6.1 $ 8.9 $ 12.2 $ 15.5 Total Cash to TETRA ($M) $ 26.7 $ 28.7 $ 31.0 $ 33.5 $ 36.0 $ 38.5 $ 42.7 $ 47.4 $ 52.1 Potential Value Creation to TETRA TETRA Implied Ownership Valuation of CCLP on 7% Yield $ 362 $ 383 $ 403 $ 423 $ 443 $ 463 $ 483 $ 503 $ 523 GP Potential 25X ($M) $ 33 $ 47 $ 70 $ 98 $ 125 $ 153 $ 222 $ 305 $ 388 Total Potential Value to TTI ($M) $ $ $ $ $ $ $ $ $ Highlights Current distributions at $1.94/unit Total cash distributions of $24.2 million ($0.7 million from GP interest) in growth capital of $80 million to $90 million could result in significant incremental distributions 32
33 Leadership Team Highly qualified management with a broad range of experience from large multi-national and small service companies LEADERSHIP AT TETRA Stu Brightman President & CEO President & CEO since May 2009 COO during years of domestic and international assignments with Cameron Iron Works and Dresser in finance, operations, general management and executive positions Wharton School of Business Elijio Serrano SVP & CFO Joined TTI August 2012 CFO of two private equity energy service companies Public company CFO of a $3.1B high growth global logistics and transportation company 17+ year veteran of Schlumberger with global operations and financial leadership experience Joseph Elkhoury SVP & COO Joined TTI June years of service within the Schlumberger organization, most recently as VP and General Manager, Microseismic Services since Previous to this role, he served in various other management positions within Schlumberger Peter Pintar SVP Offshore Services Joined TTI November years of experience in corporate strategy and development with Smith International and DTE Energy 8 years of experience as a management consultant with McKinsey & Company 33
34 Leadership Team Highly qualified management with a broad range of experience from large multi-national and small service companies LEADERSHIP AT TETRA Keith Schilling SVP Energy Services Joined TTI December 2014 Over 20 years of oil and gas services experience with Schlumberger, most recently as VP Artificial Lift North America Previous to this role, he served in various other management positions within Schlumberger Tim Knox President of CSI Compressco President CSI Compressco since August 2014 President & COO of CSI since October 2010 Over 23 years of compression experience with CSI and Dresser-Rand Spears School of Business Bass C. Wallace, Jr. SVP & General Counsel Served as General Counsel since 1994 Practiced law for 11 years J.D. degree from the University of Texas School of Law Elisabeth K. Evans VP Human Resources Joined TTI January 2013 Over 25 years of human resources and corporate communications experience with Boardwalk Pipeline, AGL Resources, Aramark, British Petroleum 34
35 Appendix FINANCIAL OVERVIEW (thousands, except per share amounts) Market Capitalization: TTI Market price per share on 3/6/2015 $ 5.38 Shares outstanding as of 11/09/ ,599 Market Capitalization $ 428,243 Enterprise Value: TTI Market capitalization based on 3/6/2015 stock price $ 428,243 Total debt, excluding CSI Compressco LP debt, as of 12/31/14 395,074 Enterprise Value $ 823,317 Market Capitalization: CCLP Market price per unit on 3/6/2015 $ Units outstanding as of 09/30/14 33,142 Market Capitalization $ 552,152 Enterprise Value: CCLP Market capitalization based on 3/6/2015 stock price $ 552,152 Total CSI Compressco LP debt, as of 12/31/14 539,961 Enterprise Value $ 1,092,113 (in thousands) CSI Compressco LP Distributable Cash Flow Twelve Months Ended December 31, 2014 Net income $ 11,258 Provision for income taxes (1,172) Depreciation and amortization 41,158 Interest (income) expense, net 12,964 EBITDA $ 64,208 Less: Current income tax benefit (expense) (3,459) Maintenance capital expenditures (4,974) Interest expense (12,964) Plus: Non-cash cost of compressors sold 6,529 Equity compensation 1,544 Amortization of finance costs 1,163 CSI transaction related expenses 13,258 Distributable cash flow $ 65,305 35
36 Appendix FINANCIAL OVERVIEW Reconciliation of EBITDA Production Testing in $ millions Income(Loss) before Taxes and Disc. Operations $ 15 $ 36 $ 40 $ 14 $ (66) Interest Expense (0) Depreciation Equity Compensation Unusal items EBITDA $ 30 $ 50 $ 64 $ 42 $ 40 Reconciliation of EBITDA Offshore Services in $ millions Income(Loss) before Taxes and Disc. Operations $ 5 $ 18 $ 22 $ 23 $ (26) Interest Expense Depreciation Equity Compensation Unusual items EBITDA $ 41 $ 38 $ 42 $ 47 $ 7 Fluids in $ millions Income(Loss) before Taxes and Disc. Operations $ 16 $ 32 $ 51 $ 69 $ 65 Interest Expense (0) Depreciation Equity Compensation Unusal items EBITDA $ 44 $ 52 $ 70 $ 92 $ 101 ($ thousands) Reconciliation of Free Cash Flow excluding Maritech Cash from operating activities $ (13,440) $ 20,521 $ 63,827 Add: Decommisioning Liabilities $ 94,419 $ 114,109 $ 63,319 Add: Compressco Distributions $ 20,219 $ 22,123 $ 23,526 Less: Capital Expenditures $ (86,577) $ (75,451) $ (64,767) Free Cash Flow $ 14,621 $ 81,302 $ 85,905 NOTE: Free cash flow is for TETRA excluding CSI Compressco for all line items other than distributions paid to TETRA 36
37 TETRA Technologies, Inc. and CSI Compressco LP March 2015
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