Tetra Technologies Hopes To Benefit From European Industrial Chemicals Business

(RTTNews) - While reporting its financial results for the first quarter on Tuesday, Tetra Technologies, Inc. (TTI) said that despite the challenging economic outlook for 2020, especially for oil and gas, it expect the non-oil and gas industrial business to hold up well for the foreseeable future.

In the second quarter, the oil and gas services company expects to benefit from the seasonally strong Northern European industrial chemicals business, which is expected to contribute up to $10 million of cash from operating activities.

Tetra Technologies said it has reduced its Tetra Only capital expenditures to between $10 million and $15 million for the year, with a vast majority already committed in the first half of the year. Beyond the second quarter of 2020, the company expects capital expenditure to be minimal and primarily related to maintenance.