TETRA Technologies, Inc. (NYSE: TTI)公布了2024年第二季度的强劲表现，收入显著增长14%，调整后息税折旧摊销前利润显著增长32%。该公司还重点介绍了墨西哥湾深水三井CS Neptune流体项目。TETRA Technologies的水与反排业务部门在调整后的EBITDA利润率上实现了560个基点的强劲增长。

随着自动化和水处理再利用的战略举措的实施，公司正在为持续增长定位。首席执行官Brady Murphy对中东地区的Sandstorm技术的潜在市场充满信心，该公司预计今年将取得强劲的业绩，并将这种势头持续到2025年。

关键的外卖

• TETRA Technologies报告称，2024年第二季度收入增长14%，调整后EBITDA增长32%。
• 该公司预计在2024年第四季度至2025年第二季度之间完成墨西哥湾CS Neptune项目。
• 水和反排业务部门调整后的EBITDA利润率环比提高了560个基点。
• TETRA技术公司专注于战略举措，如自动化和轨道回用水处理。
• 该公司正在推进与第二个溴化锌客户的讨论，并预计在2025年对业务产生重大影响。
• TETRA预计第三季度和第四季度收入持平，但目标是将EBITDA利润率维持在15%以上。
• 该公司拥有约1.87亿美元的强劲流动资金。

公司前景

• TETRA Technologies的目标是将水与反排业务部门的EBITDA利润率提高到15%左右。
• 该公司预计2024年第三和第四季度的收入将持平。
• 预计今年将有一个强劲的结尾，这种势头将持续到2025年。

悲观的亮点

• 该公司对追求低利润率的机会不感兴趣。
• 预计季节不会产生重大影响第三季度没有变化。

乐观的亮点

• 氯化钙业务正在产生稳定的收入、EBITDA和现金流。
• 巴西、北海、西非和亚太地区的强大市场地位预计将推动增长。
• 能得到的Nal离岸市场正显示出改善的迹象。

错过

• 财报电话会议期间没有报告重大失误。

问答集锦

• 该公司首席执行官布雷迪•墨菲(Brady Murphy)认为，“沙暴”技术在中东的市场潜力巨大常规活动增加。
• 总裁Elijio Serrano概述了墨西哥湾Neptune项目的利润率概况，预计利润率将高于传统水平海上完井液项目。
• Murphy讨论了水处理解决方案需求背后的驱动因素，包括监管限制和西德克萨斯州的地震活动事件。
• 强调了与Standard Lithium的合作以及Equinor在锂项目中的投资，包括工程和生态经济细节将在年底前敲定。
• Transitio从运输手提袋中的电解液到油罐车，预计到2025年将显著增加产量，并对业务产生积极影响。

TETRA Technologies正在推进战略举措和合作伙伴关系，目标是持续增长和改善财务业绩。公司专注于战略市场、高效运营和创新解决方案，在充满活力的行业格局中为未来奠定了良好的地位。

InvestingPro见解

TETRA Technologies, Inc. (NYSE: TTI)在2024年第二季度展示了强劲的财务表现，收入和调整后的EBITDA大幅增长。该公司的战略举措和最近的收购为其未来的增长奠定了基础。让我们深入研究一些实时数据和InvestingPro Tips，以进一步了解TETRA的财务状况和股票表现。

InvestingPro哒助教:

• 该公司的市值约为4.3641亿美元，反映了其当前的市场估值。

• 42.91的市盈率说明该股市盈率较高，说明投资者对未来盈利增长抱有较高预期。

• TETRA过去12个月的收入截至2024年第二季度，该公司销售额为6.275亿美元，毛利率为28.6%说明公司保持盈利能力的能力。

InvestingPro小贴士:

• TETRA的股价经历了大幅波动，上周跌幅超过11%，但目前接近52周低点，这可能为投资者提供了一个潜在的进场点。

• 分析人士对此持乐观态度。关于公司的盈利能力，预测TETRA今年将盈利，这与公司积极的盈利报告和前景一致。

这些见解和数据点，以及额外的7个InvestingPro提示，可在TETRA Technologies的http://k1.fpubli.cc/file/upload/202408/05/2vwnck5dniw上获得。为投资者提供全面的公司财务状况和股票表现。实时指标和专家分析可以帮助投资者在考虑将TETRA作为其投资组合的一部分时做出明智的决策。

全反式脚本-利乐科技公司(纽约证券交易所代码:TTI) 2024年第二季度:

接线员:早上好，欢迎参加TETRA技术公司2024年第二季度业绩电话会议。[操作说明]请注意，此事件正在被记录。现在请朱利安·伊格拉发言。请继续。

Julian Higuera:早上好，感谢大家参加TETRA 2024年第二季度业绩电话会议。今天电话会议的主讲人是首席执行官Brady Murphy;Elijio Serrano，首席财务官。我想提醒您，本次电话会议可能包含或可能被视为前瞻性的陈述，包括预测、财务指导、盈利能力和估计收益。这些陈述是基于TETRA所做的某些假设和分析，并基于几个因素。这些陈述受到若干风险和不确定因素的影响，其中许多超出了公司的控制范围。请注意，此类陈述并非对未来业绩的保证，实际结果可能与前瞻性陈述中的预测存在重大差异。此外，在电话会议中，我们可能会参考EBITDA、调整后EBITDA、调整后EBITDA利润率、自由现金流、净债务、净杠杆率、流动性、净资本回报率或其他非公认会计准则财务指标。请参阅昨天的新闻稿或我们的公共网站，了解非公认会计准则财务指标与最接近的公认会计准则指标的对账情况。这些对帐不能替代按照公认会计准则编制的财务信息，应在该期间完整的财务结果的背景下考虑。除了我们的新闻稿外，我们建议您参考我们昨天提交的10-Q。我现在把话筒交给布雷迪。

Brady Murphy: Thanks, Julian. Good morning, everyone and welcome to TETRA's second quarter 2024 earnings call. I'll summarize some highlights from our second quarter results and provide an update on our strategic initiatives before turning the call over to Elijio to discuss second quarter financials and additional perspectives on our third quarter. Our second quarter results can be characterized as mostly consistent with the overall trending oil and gas markets during the second quarter, which was lower U.S. completion activity with increasing activity in the international offshore market. This combined with our seasonal second quarter peak for our European industrial chemicals business and lower deepwater project activity in the Gulf of Mexico contributed to our results of 14% sequential revenue growth and 32% increased adjusted EBITDA. Our Completion Fluids & Products and Water & Flowback segments achieved adjusted EBITDA margins of 28.9% and 15.2%, respectively. Water & Flowback adjusted EBITDA margins of 15.2% was an anticipated rebound from 9.6% in the first quarter, a sequential improvement of 560 basis points. Year-over-year, revenue was down 2% compared to U.S. onshore rig activity down approximately 16%. Adjusted EBITDA of $30.2 million was 17.6% of total revenue and inclusive of $1.1 million of foreign exchange losses. During the second quarter, we secured a three-well deepwater Gulf of Mexico CS Neptune fluids project for a super major oil and gas operator. This is an important milestone as this is the second super major operator in the Gulf of Mexico to select CS Neptune for their completions program and the first Gulf of Mexico deepwater CS Neptune fluids project since the fourth quarter of 2019. Following a dramatic impact to the timing of potential CS Neptune deepwater projects due to the COVID pandemic in 2020 and 2021, we have since seen our pipeline of projects move forward and are pleased we have been successful, awarded this project. The first well is not expected to begin the completion phase until the fourth quarter of this year and the timing of the entire project is expected to be between Q4 2024 and the second quarter of 2025. Unlike our prior CS Neptune fluid Gulf of Mexico projects, which were single wells spread out across several years, this program is a three-well batch, drill, and complete program with the completion phase expected to start in the fourth quarter. As a result, it is likely that the three wells will be completed between a six to nine month period, assuming things go as planned. As demonstrated from the past, CS Neptune Gulf of Mexico projects, these wells represent a material revenue increase over our typical deepwater completions. Because of the back-to-back efficient - back-to-batch, sorry, excuse me, back-to-back batch completion program, there is some efficiency on the inventory side planned for the project, but the overall project revenue numbers will also be very dependent on the fluid losses from each well. Obviously, we are excited for this award and we continue to have productive discussions with other operators for CS Neptune programs in the Gulf of Mexico. For Water & Flowback, we previously announced that we expected second quarter margins to recover in the mid-teens, and despite lower operator completion activity levels in the second quarter, we are pleased we achieved adjusted EBITDA margins of 15.2%, a 560 basis points sequential improvement. Our strategy for Water & Flowback continues to be a two-pronged approach. Automation of every service aspect from BlueLinx Automated movement and transfer of water to the Automated SandStorm, automated and Automated Drillout systems. And secondly, the treatment of operator-produced water for frack reuse and desalination for beneficial reuse. Collectively, these strategies will reduce HSE exposure for our employees and our customers, lower labor costs per job, and provide an environmental benefit of less freshwater usage while reducing seismicity risk and providing a valuable water resource for agriculture and industrial applications. While this strategy is well underway with BlueLinx and water transfer, the number of automated systems deployed for SandStorm and auto Drillout is only just beginning, but so far with exceptional results and customer acceptance. We're also deploying our first SandStorm to the Middle East market for a major national oil customer. If a successful trial is completed as anticipated, this could be a major new market opportunity for the company. With regards to water desalination and beneficial reuse, I would like to provide some color on where we are. We previously communicated that a South Texas commercial production facility was imminent. Unexpectedly, our customer was told that the permitting would be on hold and linked to results from a West Texas pilot program where urgency for a solution is a bigger priority. This is highlighted by the most recent earthquakes to hit West Texas, the largest of which hit 5.1 on the Richter scale and prompted the Texas Railroad Commission to open investigation. Accordingly, we are working closely with our customer on the commercial terms for a beneficial reuse pilot project in the Permian Basin. In addition, we have ongoing discussions with three other major customers for pilot projects that in addition to West Texas and South Texas, include Mid-Continent and Appalachia regions. We currently have non-disclosure agreements with seven customers and have had many of them visiting our functioning pilot units at our research facility in Conroe, Texas. While the delay of the launch of our first commercial project was unexpected, we realize our customers have to work with the regulatory bodies and focus on areas with the biggest impact to the environmental challenges the industry faces. We have demonstrated that our technology is able to treat oil and gas well produced water to the regulatory environmental specifications required and oftentimes to be of higher quality than what is found in rivers and in water wells with the ability to scale for commercial applications. Since utilizing operator oil and gas well produced water for agricultural purposes has been occurring in California for several years, we are optimistic that Texas and New Mexico will soon follow suit. Moving on to our strategic initiatives, following our very recent visit with the Eos Executive Management to their plant in Turtle Creek, Pittsburgh, we are confident Eos is on the verge of materially higher production volumes requiring materially higher volumes for their electrolyte. Elijio and I were very encouraged with what we saw firsthand with their automated line and the excitement of their employees working to automate the line from start to finish. Eos recently completed a recapitalization that allowed them to source the capital to complete the first line and have the working capital required. Seeing the automated line working at Eos facility is a vast improvement from what we have seen in our prior visits. As Eos ramps and brings the automated line up, the volumes of pure flow and electrolyte they require will increase materially over the minimal volumes that we have shipped them so far this year. We have increased our capacity in West Memphis to meet the expected Eos demand. We also continue to advance discussions with a second zinc bromide customer using pure flow for their electrolyte technology. On the Arkansas bromine side, we are in the final review of an SK-1300 Definitive Feasibility Report or DFS. The economic analysis is prepared based on the assumption that the bromine project is completed independent of the planned lithium project. As a reminder, the bromine project will allow us to achieve the following benefits. First, vertical integration for supply of elemental bromine at a lower cost than buying it from third parties, making this a margin enhancement project. Second, it gives us more volumes to meet the continued growth in oil and gas demand for high end, high value completion fluids and the growing zinc bromide long duration battery market requirements. And third, positions us for the long term, utilizing our Arkansas bromine leases estimated to be over 80 years of resource supply as our current long term elemental supply agreement comes to an end at the end of 2029. On the lithium side, we're continuing the feed engineering effort and are targeting a major milestone for the plus minus 10% project cost and economics by the fourth quarter of this year. At that time, we will also be able to quantify the cost synergies for having both lithium and bromine production from the same plant and upstream brine unit. Summarizing on the strategic initiative side of things, the desalination of produced water for beneficial reuse, pure flow electrolyte for long duration energy storage, Arkansas bromine and future lithium supply are all material financial benefit to the company that we will quantify as we complete key milestones for each throughout the year. Collectively, they are transformational for the company. It's also important to understand that the desalination of produced water, zinc bromide based electrolyte for energy storage and direct lithium extraction are not only new businesses for TETRA, but for the most part, are new and emerging markets for the United States. So predicting accurate timing on key events is more challenging than for existing and established businesses. Our processes have been very methodical and our focus is to get it right and not get it out before we're highly confident with our work and our analysis. With that, I'll turn it over to Elijio to provide some additional commentary on our financial results and then we'll take some time for questions.

Elijio Serrano: Thank you, Brady. Second quarter adjusted EBITDA of $30.2 million was negatively impacted by $1.1 million of foreign exchange losses. Nonetheless, this was below our expectations as the U.S. onshore market was progressively weaker during the quarter, especially around water transfer. We are focused on the quality of our earnings and will not be chasing work at low margin. With our focus on returns on capital and free cash flow, we are not prepared to chase lower margin opportunities. We had committed to improve Water & Flowback adjusted EBITDA margins to the mid-teens in the second quarter and achieved that with a 560 basis point improvement to 15.2%. We believe that revenue in the third and fourth quarters will be flat to the second quarter and we expect to continue our efforts on keeping our EBITDA margins above 15% in an environment where onshore activity is flat. Brady mentioned that our efforts of leveraging technology and automation are pivotal towards gaining market share in a declining market without compromising margins. Completion of fluids and products revenue saw the expected higher revenue and earnings from the peak industrial chemical season in Europe. Recall that a few years ago, we expanded production capacity in Northern Europe and took advantage of this and of the available higher volumes this peak season. Our second quarter could have been even stronger if we managed to do a few challenges. The first was a strike by port workers in Kokkola, Finland that restricted our ability to offload limestone to produce calcium chloride and also restricted our ability to load and ship product. This strike started in the first quarter and ended early in the second quarter. Additionally, the quarter started with winter conditions harsher than normal with a frozen harbor making the movement of vessels in and out a challenge. Despite all this, our calcium chloride business continues to perform very well. The industrial calcium chloride business is just below $140 million in revenue on a trailing 12-month basis and represents a stable revenue, EBITDA, and cash flow stream. While the onshore oil and gas industry has been slowing for now what appears to be a short period of time, the offshore oil and gas market continues to also do well. As Brady mentioned, we had a nice sequential improvement in Europe and Latin America that were partially offset by the timing of projects in the Gulf of Mexico. Due to the timing of deepwater completions activity, we expect the third quarter revenue and EBITDA to be comparable to what we saw in the first quarter for the completion fluids and product segment. But the fourth quarter should then see a meaningful step up from the third quarter taking into account the first of the three CS Neptune wells. based on all the information we are hearing from our client and assuming no delays in the work schedule, we should complete the first of the three CS Neptune wells in the fourth quarter, but there is a possibility it could move to the first quarter. Recall that we are in the middle of the hurricane season in the Gulf of Mexico that could impact project timing. The three well CS Neptune project is a major achievement for TETRA and is one of many projects that we have been following for a long period. Recall that we previously completed a five well project for ExxonMobil (NYSE:XOM) in the Julia Field between 2015 and 2019. These types of projects are on high revenue per well given the technical environmental challenges that Neptune can address, including in this case down hold conditions as high as 340 degrees Fahrenheit. For the second quarter, we are also committed to an improvement in free cash flow. In this press release, we are breaking up free cash flow between the base business and cash flow from our Arkansas investments. Free cash flow from a base business in the second quarter was $19 million, a sequential improvement of $45 million from the first quarter. We further expect the third quarter free cash flow from the base business to again be strong as we monetize the inventory and receivables from the northern Europe industrial peak season. During the second quarter, we invested $9.8 million for engineering, reservoir analysis, and other studies in Arkansas. This $9.8 million is net of what we were reimbursed by Saltwerx consistent with our memorandum of understanding. We continue to jointly invest in Arkansas and advance towards formalizing a more formal agreement. These investments are necessary to allow us to quantify the required capital for future bromine and lithium production. once those economics are fully understood, we can move to a more formal arrangement. Liquidity as of this week was approximately $187 million, inclusive of the $75 million delay draw feature that is available to TETRA for the bromine project. In addition to the noted liquidity, we're also holding slightly over $14 million of marketable securities in standard lithium and Kodiak, and this can be monetized at our convenience. In May, we refinanced, extended, and expanded our asset-based loan facility or ABL at an equally attractive interest rate than our prior ABL facility. This further strengthens our balance sheet and provides us the flexibility to execute on our growth initiatives. The maturity of the ABL is May of 2029. Nothing is outstanding on this facility. All our debt is now 2029 or 2030 maturity dates. At the end of the second quarter, our net leverage ratio was 1.6x. Return on net capital employed for the 12-month period ending June 2024 is a very healthy 17.4%, materially above our cost of capital. The CS Neptune project, which we believe to be the first of several in the coming years, plus the continued recovery of the deepwater market that can be addressed with calcium bromide and zinc bromide, our market-leading position in the calcium chloride market and the expected requirements for zinc bromide battery electrolyte is positioning us for what we believe to be a very solid 2025. Let me turn it over to Brady for closing comments, and we'll open it up for questions.

布雷迪·墨菲:谢谢，埃利希奥。最后，我们很高兴我们正在实现我们为公司设定的目标。CS Neptune奖反映了我们在深水市场的强大市场地位，并将对我们未来6至9个月的财务状况产生重大影响。我们的水和反排业务将继续保持利润增长，海水淡化技术的更新将继续获得有益再利用的动力。我们拥有稳健的资产负债表，接近1.8亿美元的流动性，我们预计将继续从基础业务中产生强劲的自由现金流，为我们的战略增长计划提供资金。我们预计今年年底会有一个强劲的结束，但同样重要的是，2025年及以后的势头将会很强劲。说到这里，现在请大家提问。

接线员:谢谢各位主持人。你的第一个问题来自Northland Capital Markets的Bobby Brooks。请继续。您的电话接通了。

鲍比·布鲁克斯:嗨，伙计们。早上好。谢谢你回答我的问题。我的第一个问题是关于CS海王星的前景，对吧?太好了，你们用一个超级专业搞定了三个项目。但如果我还记得的话，在第一季度，你们谈到了CS Neptune项目在墨西哥湾的讨论是你们所见过的最高水平，这发生在多个不同的运营商之间。所以我只是想了解一下——这些对话，很明显，你得到的这三个，是否有可能从这个运营商那里得到更多?然后可能只是和其他的人讨论得怎么样了?我知道在最后，我谈到的这些可能是未来几年的第一个。再多说点细节吧?

布雷迪·墨菲:是的，鲍比。所以我们有一个相当广泛的项目管道与运营商，我们已经跟踪了很多年。我想我之前提到过，这些类型的项目需要很长时间才能进行所需的测试。最后一分钟测试、地层测试、流体相容性以及作业者在完井过程中所做的一切。因此，我们有一个非常健康的项目清单。显然，我们很高兴获得这份合同，但我们正在与该管道的多家运营商进行多次讨论。其中一些可能会在今年年底前以新奖项的形式实现。其中一些可能会延续到明年或更久。在你拿到奖之前很难说。我们想要小心我们的沟通方式。但我可以告诉你的是，我们正在与多家运营商就前三个项目之外的其他项目进行多次讨论。

鲍比·布鲁克斯:澄清一下，这是专门针对墨西哥湾的CS Neptune项目的，这些项目显然对你们来说收入非常高，EBITDA利润率也很高，对吗?

布雷迪·墨菲:没错。墨西哥湾油井的独特之处在于完井中流体的体积和流体的技术要求，以满足这些超深水的温度和压力条件。

Elijio Serrano: Bobby，我想补充一下，这是我们在墨西哥湾传统完井液业务的基础。一些更大的项目可以使用基本的溴化钙或溴化锌来解决，在我们转向海王星类型的井之前，每口井的基本完井液价格在200万到500万美元之间。

鲍比·布鲁克斯:明白了。谢谢你的颜色。然后跳转到有益的重用，正如提到的你是如何与七个不同的运营商签署了七个不同的NDAs，对吧?我认为这可能会有所帮助，也许可以将其与年初和现在签署的保密协议数量进行比较。你在年初签署的保密协议，有没有退出?

布雷迪·墨菲:我们还没有撤回任何保密协议。我不知道确切的数字，鲍比，但我可以告诉你，随着我们这一年的过去，他们肯定在增加。这些讨论的本质，很明显，我们有一些专有技术，其中一些我们已经申请了专利。但很明显，在我们获得专利之前，我们希望非常保护我们技术的专有性质。这就是保密协议的原因。这使我们能够与运营商和客户进行深入的讨论，了解他们对采出水的具体要求，以及我们将在他们的项目中使用的处理程序和技术，显然，我们希望，这能演变成一个试点项目，我们已经与第一个客户进行了讨论，我们已经讨论了一段时间。但现在我们正在与多家运营商进行多次认真的试点商业讨论。

鲍比·布鲁克斯:明白了。谢谢你的颜色。对我来说，最后一个问题是，你能把980万美元的资本支出用于阿肯色州吗?这是除去合伙人的补偿后的净额。你能透露报销总额是多少吗?

埃利希奥·塞拉诺:是的，这些都在我们的保密协议范围内。因此，我们显然只会报告影响TETRA财务报表的因素。但假设我们的合作伙伴继续在阿肯色州的所有倡议中与我们并肩工作。

鲍比·布鲁克斯:很公平。恭喜你这个季度表现不错，我要回去排队了。谢谢,伙计们。

布雷迪·墨菲:谢谢。

接线员:谢谢。下一个问题来自Daniel Energy Partners的Josh Jayne。请继续。您的电话接通了。

问:谢谢。早上好。我想问的第一个问题是，关于沙暴部署到中东市场。你能谈谈整个潜在市场吗?如果这是成功的，你会怎么想?也许在未来几年，作为一个起点?

答-布雷迪·墨菲:是的，我的意思是，我们清楚地看到中东的一些活动有所增加，一些非常规市场正在发展。很明显，今天有一个可寻址的市场。我不想透露当今市场的具体数字。但随着一些中东国家的非常规活动不断增加，这是沙尘暴的完美应用。所以，我们会让你随时了解市场的发展，我们可以量化它。但现在做这个还为时过早。

问:好的。再来看看海上完井的流体活动，你注意到，第二季度的流体活动比第一季度更强劲。也许你可以去看看墨西哥湾以外的市场看看这些市场在接下来的12个月，24个月里是如何形成的会有帮助?

布雷迪·墨菲:是的。因此，很明显，在墨西哥湾之外，我们在巴西、北海以及西非和亚太地区拥有强大的市场地位。但可以肯定的是，到2025年，巴西市场将会有非常好的增长。我们在巴西市场的地位非常好，在墨西哥湾以外的市场，我们也在增长。在北海，我们不仅在典型的完井作业中看到了稳定的进步，而且在北海的海王星作业中也有机会。现在，它们的项目规模通常没有墨西哥湾那么大，但随着市场的不断发展，它们对我们来说是非常有利可图的机会。然后，我们在世界各地都有现货市场，我们与主要服务提供商合作，为这些市场提供完井液技术。但总体而言，我们看到国际离岸市场是一个持续改善的趋势。这显然包括墨西哥湾。

问:好的，谢谢。也许最后一个问题是关于墨西哥湾海王星的问题有点不同。当我们考虑到这个特定项目将在第四季度和2025年初为您带来的利润率提升时，这个项目的利润率状况与我们从传统项目中看到的不同还是更好?因为不仅是价格环境更有建设性，而且这些井是背靠背堆叠的，我只是想知道您是否可以详细说明一下，并帮助制定您对2025年上半年的预期?然后我把它转回来。谢谢。

Elijio Serrano: Josh，问得好。我们在海王星项目上的利润有很多变数。这取决于我们向油井中注入了多少体积的液体桶。这取决于液体在井里的持续时间，它是在那里呆几个星期还是很多很多星期。以及井中流失了多少液体。在我们之前的项目中，井中液体的流失非常严重。在这一点上，我们正在估计有多少液体可以从井中回收。但它们将高于传统的海上完井液项目。他们可以有意义地移动整个部分。

问:好的，谢谢。我会把它转回去的。

接线员:谢谢。你的下一个问题来自Benchmark的Kurt Hallead。请继续。您的电话接通了。

Kurt Hallead:大家早上好。

早上好，库尔特。

Kurt Hallead:你好，我想我想回到那个问题，水的机会，回收再利用等等。很高兴看到你们用不同的emp得到了一些关注。我认为这可能说明了它的价值主张。现在，我有点好奇，当你考虑到其中的动态，你考虑到客户群是如何追求这个的，你能给我们一些感觉吗，这是否得到了德克萨斯州政府和监管机构的支持?这是驱动程序的关键因素吗?或者两者兼而有之，也许是电磁脉冲者想要减少环境暴露?我很好奇这个市场的潜在驱动力是什么能让它成为现实?

布雷迪·墨菲:对。库尔特，这背后最根本的驱动因素，是西德克萨斯的地震活动事件显然与该地区处置井和地层的超压有关。我想我们已经看到铁路委员会在某些区域设置了限制性注入剖面。我认为目前有三到四个有效的措施开始限制操作人员向这些地层排入的水量。就在最近，正如我在评论中提到的，发生了一些相当大的地震，其中一次就在上周达到了里氏5.1级，有一篇文章说铁路委员会将对此进行调查。因此，在解决处理井的超压问题和缺乏注入额外处理水的孔隙空间之前，这个问题不会得到解决。现在，有几个解决方案。操作人员可以将水从产水地区运送到更远的没有压力的地区。这很快就会变得非常昂贵。我们认为最好的解决办法是对这些水进行处理，并把它们变成一种资源，就在这些水产生的地方附近。因此，相对于其他选择，运营商肯定会考虑这些选择。我们认为我们可以达到的价格点，我们可以用我们的技术达到的成本点，这对我们来说将是一个相当大的市场机会。但这才是真正的驱动因素。监管机构肯定在密切关注此事。他们实际上参观了我们的设施，看了我们的技术，对我们提供的解决方案给予了非常鼓舞人心的反馈。但很明显，要允许产出水中可能含有大量有机物和有害元素，以便进行有益的再利用，还有很多事情要做。正如我在评论中提到的，这已经在加州发生了。这种情况已经持续了好几年，在那里，用于农业目的的采出水处理已经到位。坦率地说，我只是认为，德州和新墨西哥州尽快制定监管准则和规范只是时间问题。

Kurt Hallead:好的。这颜色真好看。所以也许要改变一下你在阿肯色州的机会和你所做的投资。我知道你提到现在正在进行最后的审查。我想我的评论是这样的，对吧?你们和标准锂公司签订了专利协议。看起来Equinor已经投资了Standard Lithium正在做的事情。接下来是你和埃克森在你的土地上的合资企业。那么，我们是否应该考虑埃克森美孚和挪威国家石油公司之间的这种动态关系呢?这些是公司的利息水平吗?或者你认为这更多的是从石油公司的角度来看，我们必须了解这里发生了什么，但我们真的没有完全投入?我知道埃克森美孚的答案是什么，但我只是有点好奇你对挪威国家石油公司对标准锂项目的投资有什么看法。你认为这会让事情变得更真实，结果会更真实吗?

答-布雷迪·墨菲:我的意思是，从我们在石油和天然气领域与Equinor的交易中，我们对他们非常了解。我们已经见过了他们在休斯顿的项目团队。我的观点是，他们和其他运营商一样，对这类投资的项目非常投入。我的意思是，很明显，事情会发生变化，但从我们可以看出，他们非常坚定。我不想代表他们说话，但这只是我们的观察。我认为在这个时间点上，我们仍然在经历工程过程，在我们得到最终的工程和项目的经济学之前，我们不想走得太远，我们可以发表和讨论。我们希望在今年年底前完成，然后我们就能公布结果，包括资本支出、运营支出和财务回报，就像我们准备发布的那样，希望下周就能公布溴的最终可行性研究。但在我们把所有这些数据综合起来之前，无论是我们自己，无论是Equinor、Standard和Lithium，还是我们自己、Saltworks和ExxonMobil，在我们有一些经济学可谈之前，我们不想过于超前。

Kurt Hallead:是的，这很公平。好吧。然后也许只是在这一点上收尾，你们有一个电解质供应协议，用于电池能量储存系统，正如你们提到的。我认为有机会或可能在今年年底之前开始批量交付这些电解槽。你能否提供具体时间安排?

埃利希奥·塞拉诺:是的。库尔特，提醒你一下，我们在前几年确实向Eos出售过电解液。他们在2022年和2023年销售的很多产品都含有我们的电解液。这是目前市场上的一部分产品，包括充电和放电电池。回想一下，去年他们决定过渡到最新版本的技术，然后在过渡期间暂停了活动。一个多星期前，布雷迪和我又去了一次海龟溪，拜访了Eos的管理团队。看到他们在最新版本电池的自动化方面取得的进展，看到他们现在如何实现电池组装和生产的完全自动化，我感到非常鼓舞。当布雷迪和我在那里的时候，我们看到电解液是如何自动注入每个电池的。我们认为，我们将从把电解液装在手提袋里运送到装满油罐车的运输方式。举个例子，一个手提袋可以含有大约4200磅的电解质。一辆油罐车可以装下45000磅的电解质。Eos所做的就是改造他们的设施，让他们可以用油罐车而不是手提袋运输。我们相信，根据我们所看到的，他们将在第四季度全面生产。在这一点上，我们的期望是我们将开始用油罐车而不是手提袋运输电解质。体积有意义的增加。我们认为，到2025年，对我们的影响将相当大。

Kurt Hallead:好的。太棒了。欣赏。对我来说就是这样。

布雷迪·墨菲:谢谢，库尔特。

接线员:[接线员说明]你的最后一个问题来自Stifel公司的Patrick Ouellette。请继续。您的电话接通了。

Patrick Ouellette:嗨，早上好。帕特找史蒂夫·根加罗。谢谢大家回答问题。

布雷迪·墨菲:早上好。

Patrick Ouellette:早上好。我相信你提到过溴化锌电解液的第二个潜在客户。你能谈谈你满足这种需求的能力吗?或者如果你需要从公开市场采购溴，利润会有什么变化?

答:嗯，问题的第一部分，我们已经和第二个客户合作一段时间了。我认为很明显，他们在提高制造能力方面，才刚刚开始在美国发展制造能力。所以，时间会告诉我们他们能以多快的速度上升。但我认为，就2025年或2026年的整体溴供应而言，这对我们没有太大影响。这取决于他们扩大生产规模的速度有多快，当然相对于Eos所做的，Eos建立了一整条自动化装配线，每10秒左右就会有一个电池下线。所以，在这一点上还没有真正的可比性。但事实上，他们使用的是溴化锌，这项技术是有效的，他们已经在相当小的范围内进行了商业安装，这让我们对这项技术本身有了很大的信心，就像我们对Eos一样。所以，我不认为这真的会对任何第三方购买产生太大的影响，我们需要在未来一年左右的时间里支持这些活动。

Patrick Ouellette:好的，很好。由于布拉德。那么，对于第三季度，您能否提醒我们欧洲完井液的季节性影响，或者您希望在那里看到什么?

A - Elijio Serrano:除了我们在北欧氯化钙业务第二季度看到的情况外，没有季节性因素。显然，我们希望墨西哥湾没有飓风破坏活动。但这可能是唯一的季节性因素。

Patrick Ouellette:好的，很好。对我来说就这些了。谢谢你！

布拉迪·墨菲:谢谢。

接线员:我们的问答环节到此结束。我想把会议交给墨菲先生做结束语。

问答结束:

布雷迪·墨菲:好的，非常感谢。感谢您加入我们，感谢您对TETRA技术的兴趣。我们期待着与您的下一次讨论。谢谢你！

接线员:女士们，先生们，今天的会议到此结束。我们感谢您的参与，并请您断开您的线路。

本文是在人工智能的支持下生成的，并由编辑审阅。欲了解更多信息，请参阅我们的T&C。

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