XML 67 R2.htm IDEA: XBRL DOCUMENT v3.25.1
Pay vs Performance Disclosure - USD ($)
12 Months Ended 60 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2024
Pay vs Performance Disclosure            
Company Selected Measure Name           Adjusted EBITDA(5)
Peer Group Issuers, Footnote
Companies Included in the 2024 Compensation Peer Group(a)
Aris Water Solutions, Inc.Nine Energy Service, Inc.
Core Laboratories N.V.Newpark Resources, Inc.
Dril-Quip Inc.Oil States International, Inc.
Forum Energy Technologies, Inc.Ranger Energy Services, Inc.
Flotek Industries, Inc.Mammoth Energy Services, Inc.
Hawkins Inc.Select Energy Services, Inc.
KLX Energy Services Holdings, Inc.Expro Group Holdings N.V.
National Energy Services Reunited
Companies Included in the 2023 Compensation Peer Group(a)
Aris Water Solutions, Inc.Nine Energy Service, Inc.
Core Laboratories N.V.Newpark Resources, Inc.
Dril-Quip Inc.Oil States International, Inc.
Forum Energy Technologies, Inc.Ranger Energy Services, Inc.
Flotek Industries, Inc.Mammoth Energy Services, Inc.
Hawkins Inc.Select Energy Services, Inc.
KLX Energy Services Holdings, Inc.Expro Group Holdings N.V.
National Energy Services Reunited
Companies Included in the 2022 Compensation Peer Group(a)
Core Laboratories N.V.Expro Group Holdings N.V.
Flotek Industries, Inc.Forum Energy Technologies, Inc.
Mammoth Energy Services, Inc.Newpark Resources, Inc.
National Energy Services ReunitedNine Energy Service, Inc.
Oil States International, Inc.Patterson-UTI Energy, Inc.
Precision Drilling CorporationRanger Energy Services, Inc.
RPC, Inc.Select Energy Services, Inc.
Tidewater, Inc.U.S. Silica Holdings, Inc.
U.S. Well Services, Inc.
Companies Included in the 2021 Compensation Peer Group(a)
Archrock, Inc.ChampionX Corporation
Exterran CorporationForum Energy Technologies, Inc.
Liberty Oilfield Services Inc.Newpark Resources, Inc.
Oil States International, Inc.Patterson-UTI Energy, Inc.
Precision Drilling CorporationRPC, Inc.
Select Energy Services, Inc.USA Compression Partners, LP
Companies Included in the 2020 Compensation Peer Group(a)
Apergy CorporationDiamond Offshore Drilling, Inc.
Forum Energy Technologies, Inc.FTS International, Inc.
Hunting PLCNewpark Resources, Inc.
Noble Corporation PLCOil States International, Inc.
RPC, Inc.Select Energy Services, Inc.
USA Compression Partners, LP
 
Changed Peer Group, Footnote
Companies Included in the 2024 Peer Group & Changes vs. 2023 Peer Group
CompanyReason for ChangeComparison of TETRA’s Cumulative TSR with that of both the Newly Selected 2024 Peer Group and the 2023 Peer Group
Aris Water Solutions, Inc.No change.n/a
Core Laboratories N.V.No change.
Dril-Quip Inc.No change.
Expro Group Holdings N.V.No change.
Forum Energy Technologies, Inc.No change.
Flotek Industries, Inc.No change.
Hawkins Inc.No change.
KLX Energy Services HoldingsNo change.
Mammoth Energy Services, Inc.No change.
National Energy Services ReunitedNo change.
Nine Energy Service, Inc.No change.
Newpark Resources, Inc.No change.
Oil States International, Inc.No change.
Ranger Energy Services, Inc.No change.
Select Energy Services, Inc.No change.
Companies Included in the 2023 Peer Group & Changes vs. 2022 Peer Group
CompanyReason for ChangeComparison of TETRA’s Cumulative TSR with that of both the Newly Selected 2023 Peer Group and the 2022 Peer Group
Aris Water Solutions, Inc.Added based on similarity of service offerings and comparable size.
TETRA Cumulative TSR as of 12/31/2023:
$230.61

Cumulative TSR of Newly
Selected 2023 Peer Group
as of 12/31/2023:
$59.61

Cumulative TSR of 2022 Peer Group as of 12/31/2023:
$83.04
Core Laboratories N.V.No change.
Dril-Quip Inc.Added based on similarity of service offerings and comparable size.
Expro Group Holdings N.V.No change.
Forum Energy Technologies, Inc.No change.
Flotek Industries, Inc.No change.
Hawkins Inc.Added based on similarity of service offerings and comparable size.
KLX Energy Services HoldingsAdded based on similarity of service offerings and comparable size.
Mammoth Energy Services, Inc.No change.
National Energy Services ReunitedNo change.
Nine Energy Service, Inc.No change.
Newpark Resources, Inc.No change.
Oil States International, Inc.No change.
Patterson-UTI Energy, Inc.Removed due to lack of size comparability.
Precision Drilling CorporationRemoved due to lack of size comparability.
Ranger Energy Services, Inc.No change.
RPC, Inc.Removed due to lack of size comparability.
Select Energy Services, Inc.No change.
Tidewater, Inc.Removed in favor of companies with more similar service offerings.
U.S. Silica Holdings, Inc.Removed in favor of companies with more similar service offerings.
U.S. Well Services, Inc.Removed to due acquisition in November 2022.
Companies Included in the 2022 Peer Group & Changes vs. 2021 Peer Group
CompanyReason for ChangeComparison of TETRA’s Cumulative TSR with that of both the Newly Selected 2022 Peer Group and the 2021 Peer Group
Archrock, Inc.Removed due to our sale of the CSI Compressco LP subsidiary in 2021 (compression was no longer a comparable service offering).
TETRA Cumulative TSR as of 12/31/2022:
$176.53

Cumulative TSR of Newly
Selected 2022 Peer Group
as of 12/31/2022:
$96.40

Cumulative TSR of 2021 Peer Group as of 12/31/2022:
$114.27
ChampionX CorporationRemoved due to lack of size comparability.
Core Laboratories N.V.Added based on similarity of service offerings and comparable size.
Exterran CorporationRemoved due to our sale of the CSI Compressco LP subsidiary in 2021 (compression was no longer a comparable service offering).
Expro Group Holdings N.V.No change.
Flotek Industries, Inc.Added based on similarity of service offerings and comparable size.
Forum Energy Technologies, Inc.No change.
Liberty Oilfield Services Inc.Removed in favor of companies with more similar service offerings.
Mammoth Energy Services, Inc.Added based on similarity of service offerings and comparable size.
National Energy Services ReunitedAdded based on similarity of service offerings and comparable size.
Newpark Resources, Inc.No change.
Nine Energy Service, Inc.Added based on similarity of service offerings and comparable size.
Oil States International, Inc.No change.
Patterson-UTI Energy, Inc.No change.
Precision Drilling CorporationNo change.
Ranger Energy Services, Inc.Added based on similarity of service offerings and comparable size.
RPC, Inc.No change.
Select Energy Services, Inc.No change.
Tidewater, Inc.Added based on similarity of service offerings and comparable size.
U.S. Silica Holdings, Inc.Added based on similarity of service offerings and comparable size.
U.S. Well Services, Inc.Added based on similarity of service offerings and comparable size.
USA Compression Partners, LPRemoved due to our sale of the CSI Compressco LP subsidiary in 2021 (compression was no longer a comparable service offering).
Companies Included in the 2021 Peer Group & Changes vs. 2020 Peer Group
CompanyReason for ChangeComparison of TETRA’s Cumulative TSR with that of both the Newly Selected 2021 Peer Group and the 2020 Peer Group
Apergy CorporationRemoved due to merger with ChampionX in 2020.
TETRA Cumulative TSR as of 12/31/2021:
$140.82

Cumulative TSR of Newly
Selected 2021 Peer Group
as of 12/31/2021:
$69.43

Cumulative TSR of 2020 Peer Group as of 12/31/2021:
$43.88
Archrock, Inc.Added based on similarity of service offerings and comparable size.
ChampionX CorporationAdded based on similarity of service offerings and comparable size.
Diamond Offshore Drilling, Inc.Removed due to April 2020 delisting.
Exterran CorporationAdded based on similarity of service offerings and comparable size.
Forum Energy Technologies, Inc.No change.
FTS International, Inc.Removed due to lack of size comparability.
Hunting PLCRemoved due to lack of geographical comparability.
Liberty Oilfield Services Inc.Added based on similarity of service offerings and comparable size.
Newpark Resources, Inc.No change.
Noble Corporation PLCRemoved due to mid-year 2020 bankruptcy.
Oil States International, Inc.No change.
Patterson-UTI Energy, Inc.Added based on similarity of service offerings and comparable size.
Precision Drilling CorporationAdded based on similarity of service offerings and comparable size.
RPC, Inc.No change.
Select Energy Services, Inc.No change.
USA Compression Partners, LPNo change.
   
PEO Total Compensation Amount $ 4,949,339 $ 5,110,924 $ 5,014,482 $ 4,253,926 $ 1,915,532  
PEO Actually Paid Compensation Amount $ 4,196,903 $ 6,192,374 $ 6,244,365 $ 6,787,743 $ 412,323  
Adjustment To PEO Compensation, Footnote
Adjustments2024
CEOAverage of Other NEOs
Deduction for amounts reported under the “Stock Awards” column in the Summary Compensation table for 2024$(1,430,129)$(369,452)
Increase/deduction based on ASC 718 Fair Value of awards granted during 2024 that remain unvested as of year-end 2024, determined as of 12/31/20241,299,458 335,695 
Increase/deduction for awards granted during prior fiscal years that were outstanding and unvested as of 12/31/2024, determined based on change in ASC 718 Fair Value from 12/31/2023 to 12/31/2024(234,225)(70,870)
Increase/deduction for awards granted during prior fiscal years that vested during 2024, determined based on change in ASC 718 Fair Value from 12/31/2023 to Vesting Date(387,539)(96,841)
Deduction of ASC 718 Fair Value of awards granted during prior years that were forfeited during 2024, determined as of 12/31/2023— (21,600)
Total Adjustments$(752,435)$(223,068)
Adjustments2023
CEOAverage of Other NEOs
Deduction for amounts reported under the “Stock Awards” column in the Summary Compensation table for 2023$(1,298,177)$(458,096)
Increase/deduction based on ASC 718 Fair Value of awards granted during 2023 that remain unvested as of year-end 2023, determined as of 12/31/20231,556,435 509,889 
Increase/deduction for awards granted during prior fiscal years that were outstanding and unvested as of 12/31/2023, determined based on change in ASC 718 Fair Value from 12/31/2022 to 12/31/2023359,236 73,322 
Increase/deduction for awards granted during prior fiscal years that vested during 2023, determined based on change in ASC 718 Fair Value from 12/31/2022 to Vesting Date463,956 94,740 
Deduction of ASC 718 Fair Value of awards granted during prior years that were forfeited during 2023, determined as of 12/31/2022— (12,103)
Total Adjustments$1,081,450 $207,752 
Adjustments2022
CEOAverage of Other NEOs
Deduction for amounts reported under the “Stock Awards” column in the Summary Compensation table for 2022$(1,275,156)$(285,344)
Increase/deduction based on ASC 718 Fair Value of awards granted during 2022 that remain unvested as of year-end 2022, determined as of 12/31/20221,598,565 357,714 
Increase/deduction for awards granted during prior fiscal years that were outstanding and unvested as of 12/31/2022, determined based on change in ASC 718 Fair Value from 12/31/2021 to 12/31/2022256,191 58,988 
Increase/deduction for awards granted during prior fiscal years that vested during 2022, determined based on change in ASC 718 Fair Value from 12/31/2021 to Vesting Date650,283 89,026 
Deduction of ASC 718 Fair Value of awards granted during prior years that were forfeited during 2022, determined as of 12/31/2021— (28,548)
Total Adjustments$1,229,883 $191,836 
Adjustments2021
CEOAverage of Other NEOs
Deduction for amounts reported under the “Stock Awards” column in the Summary Compensation table for 2021$(1,975,810)$(471,773)
Increase/deduction based on ASC 718 Fair Value of awards granted during 2021 that remain unvested as of year-end 2021, determined as of 12/31/20211,838,522 409,071 
Increase/deduction for awards granted during prior fiscal years that were outstanding and unvested as of 12/31/2021, determined based on change in ASC 718 Fair Value from 12/31/2020 to 12/31/20211,445,018 208,955 
Increase/deduction for awards granted during prior fiscal years that vested during 2021, determined based on change in ASC 718 Fair Value from 12/31/2020 to Vesting Date1,226,087 351,332 
Deduction of ASC 718 Fair Value of awards granted during prior years that were forfeited during 2021, determined as of 12/31/2020— — 
Total Adjustments$2,533,817 $497,585 
Adjustments2020
CEOAverage of Other NEOs
Deduction for amounts reported under the “Stock Awards” column in the Summary Compensation table for 2021$(1,286,609)$(266,834)
Increase/deduction based on ASC 718 Fair Value of awards granted during 2020 that remain unvested as of year-end 2020, determined as of 12/31/2020734,150 154,059 
Increase/deduction for awards granted during prior fiscal years that were outstanding and unvested as of 12/31/2020, determined based on change in ASC 718 Fair Value from 12/31/2019 to 12/31/2020(763,920)(129,725)
Increase/deduction for awards granted during prior fiscal years that vested during 2020, determined based on change in ASC 718 Fair Value from 12/31/2019 to Vesting Date(186,830)(96,153)
Deduction of ASC 718 Fair Value of awards granted during prior years that were forfeited during 2020, determined as of 12/31/2019— (2,269)
Total Adjustments$(1,503,209)$(340,922)
 
Non-PEO NEO Average Total Compensation Amount $ 1,499,183 $ 1,683,630 $ 1,510,964 $ 1,394,934 $ 655,236  
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,276,116 $ 1,891,382 $ 1,702,800 $ 1,892,519 $ 314,315  
Adjustment to Non-PEO NEO Compensation Footnote
Adjustments2024
CEOAverage of Other NEOs
Deduction for amounts reported under the “Stock Awards” column in the Summary Compensation table for 2024$(1,430,129)$(369,452)
Increase/deduction based on ASC 718 Fair Value of awards granted during 2024 that remain unvested as of year-end 2024, determined as of 12/31/20241,299,458 335,695 
Increase/deduction for awards granted during prior fiscal years that were outstanding and unvested as of 12/31/2024, determined based on change in ASC 718 Fair Value from 12/31/2023 to 12/31/2024(234,225)(70,870)
Increase/deduction for awards granted during prior fiscal years that vested during 2024, determined based on change in ASC 718 Fair Value from 12/31/2023 to Vesting Date(387,539)(96,841)
Deduction of ASC 718 Fair Value of awards granted during prior years that were forfeited during 2024, determined as of 12/31/2023— (21,600)
Total Adjustments$(752,435)$(223,068)
Adjustments2023
CEOAverage of Other NEOs
Deduction for amounts reported under the “Stock Awards” column in the Summary Compensation table for 2023$(1,298,177)$(458,096)
Increase/deduction based on ASC 718 Fair Value of awards granted during 2023 that remain unvested as of year-end 2023, determined as of 12/31/20231,556,435 509,889 
Increase/deduction for awards granted during prior fiscal years that were outstanding and unvested as of 12/31/2023, determined based on change in ASC 718 Fair Value from 12/31/2022 to 12/31/2023359,236 73,322 
Increase/deduction for awards granted during prior fiscal years that vested during 2023, determined based on change in ASC 718 Fair Value from 12/31/2022 to Vesting Date463,956 94,740 
Deduction of ASC 718 Fair Value of awards granted during prior years that were forfeited during 2023, determined as of 12/31/2022— (12,103)
Total Adjustments$1,081,450 $207,752 
Adjustments2022
CEOAverage of Other NEOs
Deduction for amounts reported under the “Stock Awards” column in the Summary Compensation table for 2022$(1,275,156)$(285,344)
Increase/deduction based on ASC 718 Fair Value of awards granted during 2022 that remain unvested as of year-end 2022, determined as of 12/31/20221,598,565 357,714 
Increase/deduction for awards granted during prior fiscal years that were outstanding and unvested as of 12/31/2022, determined based on change in ASC 718 Fair Value from 12/31/2021 to 12/31/2022256,191 58,988 
Increase/deduction for awards granted during prior fiscal years that vested during 2022, determined based on change in ASC 718 Fair Value from 12/31/2021 to Vesting Date650,283 89,026 
Deduction of ASC 718 Fair Value of awards granted during prior years that were forfeited during 2022, determined as of 12/31/2021— (28,548)
Total Adjustments$1,229,883 $191,836 
Adjustments2021
CEOAverage of Other NEOs
Deduction for amounts reported under the “Stock Awards” column in the Summary Compensation table for 2021$(1,975,810)$(471,773)
Increase/deduction based on ASC 718 Fair Value of awards granted during 2021 that remain unvested as of year-end 2021, determined as of 12/31/20211,838,522 409,071 
Increase/deduction for awards granted during prior fiscal years that were outstanding and unvested as of 12/31/2021, determined based on change in ASC 718 Fair Value from 12/31/2020 to 12/31/20211,445,018 208,955 
Increase/deduction for awards granted during prior fiscal years that vested during 2021, determined based on change in ASC 718 Fair Value from 12/31/2020 to Vesting Date1,226,087 351,332 
Deduction of ASC 718 Fair Value of awards granted during prior years that were forfeited during 2021, determined as of 12/31/2020— — 
Total Adjustments$2,533,817 $497,585 
Adjustments2020
CEOAverage of Other NEOs
Deduction for amounts reported under the “Stock Awards” column in the Summary Compensation table for 2021$(1,286,609)$(266,834)
Increase/deduction based on ASC 718 Fair Value of awards granted during 2020 that remain unvested as of year-end 2020, determined as of 12/31/2020734,150 154,059 
Increase/deduction for awards granted during prior fiscal years that were outstanding and unvested as of 12/31/2020, determined based on change in ASC 718 Fair Value from 12/31/2019 to 12/31/2020(763,920)(129,725)
Increase/deduction for awards granted during prior fiscal years that vested during 2020, determined based on change in ASC 718 Fair Value from 12/31/2019 to Vesting Date(186,830)(96,153)
Deduction of ASC 718 Fair Value of awards granted during prior years that were forfeited during 2020, determined as of 12/31/2019— (2,269)
Total Adjustments$(1,503,209)$(340,922)
 
Compensation Actually Paid vs. Total Shareholder Return           TETRA’s cumulative TSR significantly outperformed our peers in this five-year period, as illustrated by the following graph:
Compensation Actually Paid vs. Net Income           Changes in compensation actually paid to our CEO and average compensation actually paid to our other NEOs align directionally with changes in net income from 2020 through 2023. In 2024, net income increased, while compensation actually paid to our CEO and average compensation actually paid to our other NEOs decreased compared to the prior year, as illustrated by the following graph:
Compensation Actually Paid vs. Company Selected Measure           Increases in compensation actually paid to our CEO and average compensation actually paid to our other NEOs in 2021 (compared to 2020) precede increases in adjusted EBITDA in 2022 and 2023. The decrease in compensation actually paid to our CEO and average compensation actually paid to our other NEOs in 2024, compared to the prior year, aligns directionally with the year-over-year decrease in adjusted EBITDA as illustrated by the following graph:
Tabular List, Table
The following financial performance measures represent the most important financial performance measures used to link compensation actually paid to each NEO and our company performance for 2024:

Adjusted EBITDA
RONCE (EBIT)
Revenues
Adjusted Free Cash Flow
Adjusted EBITDA Margins
RTSR
         
Total Shareholder Return Amount   $ 230.61 $ 176.53 $ 140.82 $ 43.88 $ 182.65
Peer Group Total Shareholder Return Amount   59.61 96.40 69.43 53.89 $ 54.90
Net Income (Loss) $ 108,284,000 $ 25,784,000 $ 7,839,000 $ 103,333,000 $ (51,143,000)  
Company Selected Measure Amount 99,403,000 106,834,000 78,111,000 50,050,000 49,137,000  
PEO            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount $ (752,435) $ 1,081,450 $ 1,229,883 $ 2,533,817 $ (1,503,209)  
PEO | Deduction for amounts reported under the "Stock Awards" column in the Summary Compensation Table for the current year [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount (1,430,129) (1,298,177) (1,275,156) (1,975,810) (1,286,609)  
PEO | Increase/deduction based on ASC 718 Fair Value of awards granted during current year that remain unvested as of year-end, determined as of year-end [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount 1,299,458 1,556,435 1,598,565 1,838,522 734,150  
PEO | Increase/deduction for awards granted during prior fiscal years that were outstanding and unvested as of year end, determined based on change in ASC 718 Fair Value from prior year-end [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount (234,225) 359,236 256,191 1,445,018 (763,920)  
PEO | Increase/deduction for awards granted during prior fiscal years that vested during current year, determined based on change in ASC 718 Fair Value from prior year-end to vesting date [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount (387,539) 463,956 650,283 1,226,087 (186,830)  
PEO | Deduction of ASC 718 Fair Value of awards granted during prior years that were forfeited during current year, determined as of prior year-end [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount 0 0 0 0 0  
Non-PEO NEO            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount (223,068) 207,752 191,836 497,585 (340,922)  
Non-PEO NEO | Deduction for amounts reported under the "Stock Awards" column in the Summary Compensation Table for the current year [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount (369,452) (458,096) (285,344) (471,773) (266,834)  
Non-PEO NEO | Increase/deduction based on ASC 718 Fair Value of awards granted during current year that remain unvested as of year-end, determined as of year-end [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount 335,695 509,889 357,714 409,071 154,059  
Non-PEO NEO | Increase/deduction for awards granted during prior fiscal years that were outstanding and unvested as of year end, determined based on change in ASC 718 Fair Value from prior year-end [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount (70,870) 73,322 58,988 208,955 (129,725)  
Non-PEO NEO | Increase/deduction for awards granted during prior fiscal years that vested during current year, determined based on change in ASC 718 Fair Value from prior year-end to vesting date [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount (96,841) 94,740 89,026 351,332 (96,153)  
Non-PEO NEO | Deduction of ASC 718 Fair Value of awards granted during prior years that were forfeited during current year, determined as of prior year-end [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount $ (21,600) $ (12,103) $ (28,548) $ 0 $ (2,269)