Financial Data and Key Metrics Changes - The company achieved record revenue of $484 million and adjusted EBITDA of $93 million over the past 10 years, with Q3 revenue at $153 million and adjusted EBITDA at $25 million, reflecting an 8% year-over-year increase in revenue and a 7% rise in adjusted EBITDA [6][7][19] - Adjusted EBITDA margins for Q3 were 16%, with completion fluids and products revenues increasing 39% year-over-year [7][8] - The company ended Q3 with $67 million in cash and a net leverage ratio of 1.2 times, with working capital at $113 million, only a $4 million increase from year-end [17][18] Business Line Data and Key Metrics Changes - Completion fluids and products saw a significant revenue increase, with adjusted EBITDA margins reaching 34.5%, a 500 basis point improvement compared to the same period in 2024 [8][9] - Water and flowback services revenue declined 2% sequentially and 18% year-over-year, but adjusted EBITDA rose 18% sequentially due to better cost controls [9][10] - The industrial calcium chloride business continues to perform well, with record quarters and expansion into new applications [48][49] Market Data and Key Metrics Changes - The deepwater rig count is currently 40% lower than it was 10 years ago, yet the company has achieved significant market penetration [6][7] - The company is experiencing increased unconventional activity in Argentina and the Middle East, with 100% utilization of automated SandStorm units in Argentina [10][11] - The outlook for the completion fluids and products business remains strong, driven by deepwater completion activity and increased demand for battery electrolyte revenue [9][12] Company Strategy and Development Direction - The company unveiled its "One TETRA 2030" strategy, aiming to leverage its core fluids chemistry expertise into high-growth markets, including battery electrolytes and produced water desalination solutions [12][13] - The goal is to more than double revenue to over $1.2 billion and triple adjusted EBITDA to over $300 million by 2030 [13][16] - The company is focused on generating over $100 million in annual adjusted free cash flow by 2030, driving meaningful cash returns to shareholders [16] Management's Comments on Operating Environment and Future Outlook - Management expressed strong conviction in the long-term outlook despite macroeconomic and energy market uncertainties, highlighting the company's ability to differentiate in its markets [23][62] - The company anticipates continued offshore activity growth, particularly in the Gulf of America, Brazil, and North Sea, with confidence in executing TETRA Neptune projects in 2026 [31][55] - The company is optimistic about the desalination market, expecting to sign its first commercial contract in the coming quarters [15][44] Other Important Information - Elijio Serrano, the CFO, announced his retirement at the end of March 2026, with Matthew Sanderson set to replace him [4][5] - The company is relocating to a new corporate office, expecting to reduce lease expenses by approximately $2 million per year [18][19] Q&A Session Summary Question: Update on Oasis Commercial Engineering and next steps - The FEED study has been completed, and discussions with customers are ongoing to socialize the economics and financials [25][26] Question: Factors behind sequential decline in CFP sales - The decline was primarily due to seasonal industrial calcium chloride sales and the absence of Neptune jobs, partially offset by increased activity in Brazil [27][28] Question: Confidence in offshore market for 2026 and 2027 - Management expressed strong confidence in the deepwater market's growth, with a robust pipeline for TETRA Neptune projects [31][32] Question: Update on desalination projects and capital costs - The core technology will remain owned by TETRA, with various commercial models being considered, and capital costs are estimated at $1 million per 1,000 barrels of desalination [33][34] Question: Outlook for 2026 compared to 2025 - The company expects significant growth in Argentina and the Middle East, with a strong outlook for deepwater projects [36][38] Question: Opportunities in Saudi Arabia and Sandstorm - The company sees potential for growth in Saudi Arabia, similar to the success experienced in Argentina [58][59]

Company Overview - TETRA's market capitalization is $105 billion as of October 24, 2025[14] - The company's net debt is $114 million as of September 30, 2025[14] - The enterprise value is $117 billion as of October 24, 2025[14] - Q3 2025 TTM revenue is $619 million, with an adjusted EBITDA margin of 187%[15,21] Financial Performance and Targets - 2024 revenue was $599 million, with adjusted EBITDA of $994 million[20] - 2025 revenue guidance is $620-630 million, with adjusted EBITDA of $107-112 million[20] - The company targets 2030 revenue of $125 billion, representing a 15% CAGR, and adjusted EBITDA of $325 million, with a 26% adjusted EBITDA margin[146] Business Segments and Growth - Completion Fluids & Products revenue is $362 million TTM, with an adjusted EBITDA margin of 331%[15,41] - Water & Flowback Services revenue is $257 million TTM, with an adjusted EBITDA margin of 121%[15] - The company is transitioning to three future segments: Energy Services, Specialty Chemicals & Minerals, and Water Treatment & Desalination[27] Critical Minerals and Bromine Project - TETRA has over 40000 acres of mineral-rich Smackover brine leases[115] - The Arkansas Bromine Project has a projected incremental revenue of $230 million and incremental EBITDA of $105 million at full production[124] - The Arkansas Bromine Project has a project capex of $270 million, an NPV10 of $710 million, and an IRR of 62%[124]

Core Insights - TETRA Technologies, Inc. is implementing a "ONE TETRA 2030" strategy aimed at doubling revenue and tripling adjusted EBITDA by 2030, while generating over $100 million in annual adjusted free cash flow by 2028 and beyond [1][4][6] Financial Targets - Revenue is projected to be between $1.2 billion and $1.3 billion by 2030, compared to $607 million for the trailing twelve months ending Q2 2025, indicating a 15% compounded annual growth rate (CAGR) [5] - Adjusted EBITDA is expected to range from $300 million to $350 million, with adjusted EBITDA margins between 25% and 28%, up from 18.9% in Q2 2025 [5] - Earnings per share (EPS) is targeted between $1.20 and $1.30, with annualized adjusted free cash flow exceeding $100 million from 2028 onwards [5] Business Segment Projections - Specialty Chemicals & Minerals aims for 2030 revenue between $430 million and $460 million, with a five-year CAGR exceeding 25% and adjusted EBITDA margins around 30% [5] - Water Treatment & Desalination is targeting 2030 revenue between $340 million and $360 million, with a five-year CAGR over 55% and adjusted EBITDA margins also in the 30% range [5] - Energy Services is projected to achieve 2030 revenue between $440 million and $460 million, with EBITDA margins in the mid-20% range [5] Strategic Initiatives - TETRA plans to report three business segments by 2027 to enhance visibility of financial performance and allow benchmarking against industry peers [3][6] - The company intends to build 10 water desalination plants by 2030, processing over 500,000 barrels of produced water per day [5] - Management aims to shift capital allocation strategy from growth investments to returning capital to shareholders through debt reduction and dividends or share repurchases by 2028 [6]

TETRA INVESTOR DAY ONE TETRA 2030 September 25, 2025 ©2025 TETRA Technologies, Inc. All rights reserved. WELCOME ONE TETRA 2030 Kurt Hallead VP, Investor Relations & Treasurer 2 DISCLAIMER Forward-Looking Statements This presentation includes certain statements that are deemed to be forward-looking statements. Generally, the use of words such as "may," "see," "expectation," "expect," "intend," "estimate," "projects," "anticipate," "believe," "assume," "could," "should," "plans," "targets" or similar express ...

Summary of 5E Advanced Materials (FEAM) Conference Call Company Overview - **Company**: 5E Advanced Materials (Ticker: FEAM) - **CEO**: Paul Wiebel, who has been with the company for four years and in the CEO role for one year [3][4] Industry Insights - **Material Focus**: Boron, identified as a critical material with applications in defense, electronics, and construction [5][6] - **Market Position**: The boron market is characterized as a global oligopoly, with significant supply chain security concerns due to geopolitical factors [7] - **Supply Dynamics**: Current supply of boron is in a deficit, with only six known boron projects globally, and only two of those have permits [19][70] Project Details - **Location**: The boron project is situated between Las Vegas and Los Angeles, with a permitted capacity of 90,000 tons of boron oxide [8][12] - **Production Plans**: Initial phase targeting 30,000 tons of boric acid production, with a projected EBITDA run rate of $100 million [9][22] - **Mining Method**: Utilizes a solution mining method that is more environmentally sustainable compared to traditional open-pit mining [15][17] Financial Projections - **Cost Structure**: Targeting an operating cost of $525 per ton, with boron prices currently around $1,000 to $1,300 per ton [18][21] - **Investment Requirements**: Estimated capital expenditure for the project is between $420 million to $430 million, with plans for debt financing [23][24] - **IRR**: Projected internal rate of return (IRR) for phase one is around 20% [25] Strategic Goals - **Upcoming Milestones**: Focus on delivering a Pre-Feasibility Study (PFS) and securing offtake agreements, which are critical for debt financing [26][45] - **Market Engagement**: Emphasis on public market engagement to build investor confidence and secure necessary funding [63] Challenges and Considerations - **Offtake Agreements**: Essential for securing debt financing; challenges exist in negotiating fixed-price agreements with potential buyers [46][48] - **Capital Structure**: The company has restructured its capital, with a clean balance sheet and no current debt, but convertible notes previously posed challenges [55][59] Conclusion - **Investment Proposition**: 5E Advanced Materials presents a compelling opportunity in the boron market, with strong fundamentals supporting supply and demand dynamics, and a clear path to commercial production [74]

Financial Performance Highlights - Hawkins reported record full-year revenue of $9744 million in fiscal year 2025, a 6% increase compared to the prior year[75] - The company achieved a record full-year gross profit of $2255 million, representing a 16% growth over the previous year[75] - Hawkins' diluted earnings per share (EPS) reached a record $403, which is 12% higher than the prior year[75] - Adjusted EBITDA for fiscal year 2025 was a record $1675 million, a 17% increase compared to the trailing twelve-month (TTM) period[75] - The company's sales have grown at a compound annual growth rate (CAGR) of 13% from fiscal year 2020 to 2025[59] Segment Performance - Water Treatment segment sales reached $4465 million in fiscal year 2025[42] - Industrial segment sales were $3825 million in fiscal year 2025[42] - Health & Nutrition segment recorded sales of $1455 million in fiscal year 2025[42] Capital Allocation and Shareholder Returns - Hawkins has consistently paid out dividends since 1985[7] - The company's dividend CAGR is 105%[31] - The dividend per share has increased from $046 in fiscal year 2021 to $070 in fiscal year 2025[29] Strategic Initiatives - The company aims to grow all 51 water treatment facilities and add new locations through acquisitions or greenfield expansion[47] - Hawkins intends to grow its pharmaceutical, food, and agricultural business through new product development and investments[47] - The company focuses on growing specialty branded products with technical expertise[47]

Core Insights - Occidental Petroleum is diversifying its business beyond traditional oil and gas, focusing on carbon capture and chemical production [2][10] - The company is the largest driller in the Permian Basin, which is a significant asset in the energy sector [1] Group 1: Carbon Capture Initiatives - Occidental's 1PointFive initiative aims to operate 100 direct air capture (DAC) plants by 2035, targeting the removal of 500,000 tons of carbon annually [2][3] - Major carbon credit agreements have been established with Microsoft and Amazon, indicating strong market interest and potential revenue streams [2] Group 2: Chemical Division Performance - OxyChem, Occidental's chemical division, generated $270 million in Q4 2024 and $1.12 billion for the full year, showcasing its profitability [4] - The division produces essential chemicals, including caustic potash, chlorinated organics, sodium silicates, and calcium chloride, which are critical for various industries [5] Group 3: Future Growth and Upgrades - OxyChem is undergoing significant upgrades, including the modernization of the Battleground plant in Texas, expected to enhance margins and reduce emissions by mid-2026 [6][9] - These upgrades are projected to add approximately $300 million in annualized EBITDA starting in late 2026, indicating strong future cash flow potential [9] Group 4: Market Position and Analyst Sentiment - Occidental is positioned as the fourth-largest chloralkali producer and the second-largest merchant caustic seller globally, with significant cash flow sensitivity to price changes in chlorine and caustic soda [8] - Despite a current "Hold" rating from analysts, the company is seen as a blend of stability and future upside, making it a noteworthy investment option [10][11]