![]() ![]() TETRA's President and Chief Executive Officer, Brady Murphy, commented, "The TETRA Board and management team continue to focus on taking the necessary actions to unlock shareholder value. As a result of these transactions, TETRA will reflect CSI Compressco as an asset held for sale and a discontinued operation in its financial statements to be included in its 2020 Form 10K, and will not consolidate CSI Compressco in TETRA's financial statements beginning in the first quarter of 2021. ("TETRA" or the "Company") (NYSE: TTI) announced today a series of transactions related to CSI Compressco including (i) the sale to Spartan Energy Partners ("Spartan") of its General Partner ("GP") interests, incentive distribution rights ("IDRs") and 10.95 million of the 16.19 million common units TETRA owned in CSI Compressco LP ("CSI Compressco" or "CCLP") for $13.95 million, plus a contingent payment that could increase the proceeds to $17.1 million if certain financial targets are met (ii) the sale of 15 large compressor units for $14.2 million that are subject to a lease arrangement with CSI Compressco and (iii) the settlement of outstanding intercompany balances for which CCLP paid TETRA $2.5 million, resulting in combined proceeds of approximately $30.7 million, or $33.8 million if the contingent payment is earned. 29, 2021 / PRNewswire/ - TETRA Technologies, Inc.
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