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• | TETRA fourth quarter free cash flow(1) of $52 million, excluding CSI Compressco and $5 million of Maritech asset retirement obligation (ARO) expenditures, and $3 million of costs associated with the issuance of $125 million of 11% Senior Notes completed in the fourth quarter. For the full year ending December 31, 2015, TETRA free cash flow(1) was $120 million, excluding CSI Compressco and $10 million of Maritech ARO expenditures, and $3 million of costs associated with the note issuance. |
• | During 2015, TETRA reduced total debt outstanding by $102 million and improved its debt to EBITDA leverage ratio(3) from a high of 3.38x in 2014 to 1.86x at year-end 2015. |
• | Continued strength in our Fluids Division driven by offshore activities and the continued success of our zinc-free heavy completion fluid. |
• | Adjusted EBITDA(2) of $28.4 million for CSI Compressco LP, demonstrating continued profitability in the current environment. |
• | Continued reduction in operating expenses across all of our businesses. |
• | Robust earnings in our Offshore Services segment during what is typically a seasonally slow quarter. |
(1) | Non-GAAP financial measure that is reconciled to GAAP in Schedule G. |
(2) | Adjusted EBITDA is a non-GAAP financial measure that is reconciled to GAAP in Schedule F. |
(3) | Leverage ratio is defined by TETRA’s credit agreement as outstanding debt plus letters of credit, divided by trailing twelve-month EBITDA excluding unusual charges, Maritech losses, and CSI Compressco distributions. |
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