TETRA Technologies Implements Cost Reduction Measures - Quick Facts

(RTTNews) - TETRA Technologies, Inc. (TTI) announced cost reduction actions, which include reducing field staff and field operating costs, in response to the slowdown in North America onshore drilling and completions activity. Also, the management is restructuring its support functions to reduce selling, general and administrative expenses by an estimated $8 million to $10 million, on an annualized basis.

TETRA also has entered into a long-term raw material supply agreement with favorable pricing for its North America chemicals operations that is expected to reduce its cost to produce calcium chloride at certain of its chemical production plants.

TETRA will record a non-cash impairment charge of between $80 million and $100 million in the fourth quarter of 2019 to write-down the value of its El Dorado assets.