Tetra Technologies

#5867

Rank

$367.49M

MarketCap US

US United States

Country

Summary
TETRA Technologies, Inc., together with its subsidiaries, operates as a diversified oil and gas services company. It operates through Completion Fluids & Products Division and Water & Flowback Services segments. The Completion Fluids & Products segment manufactures and markets clear brine fluids, additives, and associated products and services to the oil and gas industry for use in well drilling, completion, and workover operations in the United States, as well as in Latin America, Europe, Asia, the Middle East, and Africa. This segment also markets liquid and dry calcium chloride products. The Water & Flowback Services segment provides water management services for onshore oil and gas operators. This segment also offers frac flowback, production well testing, and other associated services in oil and gas producing regions in the United States and Mexico, as well as in various basins in Latin America, Africa, Europe, and the Middle East. The company was incorporated in 1981 and is headquartered in The Woodlands, Texas.

History

Tetra Tech, Inc. was founded in 1966 as Water Management Group of Tetra Tech Inc., by four individuals in Pasadena, California, to provide engineering services to waterways, harbors, and coastal areas. The company has increased its size and scope of business substantially through internal growth and strategic acquisitions.During its early years, the company designed waterway structures at harbors, ports, and marinas; supported water quality control projects; supported oil and gas exploration projects; and calculated the effects of offshore military activities for the Department of Defense.In 1977 Tetra Tech offered common stock on the American Stock Exchange and used this capital to expand its services, from developing methods to predict the level and frequency of floods and causes of acid rain to environmental impact studies of gas pipeline construction and installing Hydro Products equipment for the United States Navy. By 1979, Tetra Tech was helping to analyze data used in exploring the Alaska North Slope for oil.In 1982 Honeywell purchased Tetra Tech's U.S. operations and another group acquired Tetra Tech International. Under Honeywell, Tetra Tech's engineering services, especially environmental, grew steadily. The company phased out gas exploration and related products and phased in data systems.In 1988 Honeywell sold Tetra Tech's engineering division to a group of company employees. Dr. Li-San Hwang, who joined the company in 1967, led the new independent Tetra Tech. Honeywell retained the data systems division and a Tetra Tech co-founder to head it. Since its split from Honeywell, the company has grown from 300 employees to more than 13,000.In 1991 Tetra Tech issued 1.4 million shares of stock on the Nasdaq exchange. The cash infusion permitted more acquisitions of engineering firms specializing in water resources , civil engineering , environmental restoration, and hazardous waste cleanup. Gross revenues totaled $96.5 million by 1994.During the early 2000s, the company's environmental remediation and water services continued to grow. There was also a transition in executive leadership. In 2005 Dr. Hwang retired, and Dan Batrack, who joined Tetra Tech in the early 1980s, became CEO.The remainder of the decade to 2014 involved growth by acquiring firms in Canada, Australia, and South America in its core and new markets . Tetra Tech also acquired firms that provided international development services to the United States Agency for International Development. These new acquisitions focused on implementing sustainable strategies for water, energy, and the environment in Africa, Asia, and South America and facilitating stability and growth in countries in the aftermath of social conflicts or failed governing institutions. In October 2015, Coffey International was purchased.In 2016 Tetra Tech commemorated its 50th anniversary. As part of the Company's anniversary it launched the Global Clean Water Fund grant program in partnership with Engineers Without Borders. Tetra Tech donated $50,000 to 6 projects around the world that provided clean, safe water for communities in need. Tetra Tech also celebrated 25 years as a publicly traded company on the Nasdaq exchange in December 2016.Beginning in 2017 Tetra Tech expanded its sustainable infrastructure design practice. Tetra Tech acquired two sustainable infrastructure companies in 2017 and 2018 with reach across the western United States, Australia, the Asia-Pacific region, the United Kingdom, and Canada.In January 2018 Tetra Tech acquired an aviation technology solutions firm that expands Tetra Tech's aerospace data analytics, environmental and acoustic consulting, and 3-dimensional airspace visualization capabilities for federal and commercial aviation customers. In the same month, Norman Disney & Young was purchased.In July 2019 Tetra Tech acquired UK-based engineering firm WYG, expanding Tetra Tech’s geographic presence and advancing Tetra Tech’s strategy to be a premier global high-end consulting, engineering, and program management firm.

2021 brought about acquisitions across a number of countries and industries:

In February 2021 Tetra Tech acquired Coanda Research and Development Corporation, a Canadian engineering consulting company specializing in computational fluid dynamics, physical and predictive modeling, data analytics, process engineering, analytical chemistry, and instrument development.

In April 2021 Tetra Tech acquired IBRA-RMAC Automation Systems, Inc., a California based water systems instrumentation and digital transformation consulting services for water infrastructure.

In May 2021 Tetra Tech announced that The Kaizen Company had joined its international development practice.

In July 2021 Tetra Tech acquired UK-based Hoare Lea, a sustainable engineering design firm.

In October 2021 Tetra Tech acquired Enterprise Automation , a California based digital water transformation consultants, including control systems integration, automation, advanced data analytics, platform virtualization, and cyber security.In April 2022, Tetra announced approval of a patent for its proprietary Volans, a 3D animation and visualisation software. In July 2022, Tetra acquired The Integration Group of Americas , a systems integration and engineering services company.In September 2022 Tetra Tech made a successful takeover offer for UK-based RPS Group.


Mission
Tetra Technologies aims to be the premier provider of oil and gas services by offering quality services and products at competitive prices, backed by our commitment to safety, innovative solutions and superior customer service.

Vision
At Tetra Technologies, our vision is to be the partner of choice for our clients and the employer of choice for our employees. We strive to create an environment that values safety, respect, integrity, diversity, excellence and impactful results.

Key Team

Ms. Elisabeth K. Evans (VP of HR)

Ms. Alicia P. Boston (Gen. Counsel & Chief Compliance Officer)

Mr. Timothy C. Moeller (Sr. Vice-Pres of Global Supply Chain & Chemicals)

Mr. Jacek M. Mucha (VP of Fin. & Treasurer)

Mr. Kimberly M. O'Brien (Corp. Sec.)

Mr. Richard D. O'Brien (VP of Fin. & Global Controller and Accounting)

Mr. Roy Evan McNiven (Sr. VP of Energy Services Operations)


Recognition and Awards
Tetra Technologies has been recognized on multiple occasions for their services and performance. They have received awards from organizations like the Safety Leadership Alliance, the Oil & Gas Awards and the Houston Better Business Bureau.

References
Tetra Technologies
Leadership team

Mr. Brady M. Murphy (Pres, CEO & Director)

Mr. Elijio V. Serrano (Sr. VP & CFO)

Mr. Matthew J. Sanderson (Exec. VP & Chief Commercial Officer)

Products/ Services
Oil and Gas
Number of Employees
1,000 - 20,000
Headquarters
The Woodlands, Texas, United States
Established
1981
Company Registration
SEC CIK number: 0000844965
Net Income
20M - 100M
Revenue
500M - 1B
Traded as
TTI
Social Media
Sun Mar 03 2024
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