tetra technologies, inc. csi compressco...

March 2018

TETRA Technologies, Inc.CSI Compressco LP

Forward Looking Statements and Non-GAAP Measures

2

Forward-Looking Statements:

This presentation includes certain statements that are or may be deemed to be forward-looking statements. Generally, the use ofwords such as “may,” “will,” “expect,” “intend,” “estimate,” “projects,” “anticipate,” “believe,” “assume,” “could,” “should,” “plans,”“targets” or similar expressions that convey the uncertainty of future events, activities, expectations or outcomes identify forward-looking statements that the company intends to be included within the safe harbor protections provided by the federal securitieslaws. These forward-looking statements include statements concerning expected results of operational business segments for2018, anticipated benefits from our acquisitions of assets and businesses, including TETRA Technologies’ acquisition ofSwiftWater Energy Services, LLC and disposition of its Offshore Services and Maritech operations, estimated earnings, earningsper share, and statements regarding our beliefs, expectations, plans, goals, future events and performance, and other statementsthat are not purely historical. These forward-looking statements are based on certain assumptions and analyses made in light ofour experience and our perception of historical trends, current conditions, expected future developments and other factors webelieve are appropriate in the circumstances. Such statements are subject to a number of risks and uncertainties, many of whichare beyond our control. Investors are cautioned that any such statements are not guarantees of future performance or results andthat actual results or developments may differ materially from those projected in the forward-looking statements. Some of thefactors that could affect actual results are described in the section titled “Risk Factors” contained in our Annual Report on Form10-K for the year ended December 31, 2017, as well as other risks identified from time to time in our reports on Form 10-Q andForm 8-K filed with the Securities and Exchange Commission.

Further Disclosure Regarding the Use of Non-GAAP Measures:

This presentation includes non-GAAP financial measures, Adjusted EBITDA, Adjusted EBITDA margin, enterprise value,distributable cash flow, free cash flow, liquidity and distributable coverage ratio. Please see the Appendix to this presentation forfurther information concerning non-GAAP financial measures including reconciliation of such non-GAAP financial measures to thenearest GAAP financial measures.

Listing and Ticker Symbol NYSE: TTI NASDAQ: CCLP

Recent Share Price(1) $3.79 $7.50

Market Capitalization(1) $475.8M $291.7M

Enterprise Value(1) $593.4M $874.1M

Number of Shares/Units Outstanding(2) 125.5M 38.9M

Average Daily Trading volume (last 3 months) (1) 918,738 160,473

Distribution (3) $0.75

Distribution Yield(1) 10.0%

% of Ownership Interest by TTI(4) 40%

Headquarters The Woodlands, TX

Corporate Profiles

3

(1) As of 3/22/18 (2) As of 3/1/2018 for TTI and 2/27/2018 for CCLP (3) Q4-2017 Annualized (4) As of 2/27/2018

DEDICATED TO THE CØRE R

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Repositioning For Growth

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Simplified structure with less seasonality

Focused on North America shale play, GoM and offshore international

Strong balance sheet for TTI and ample liquidity for CCLP with no maintenance covenants

Focus on core competencies and leverage vertical integrated Fluids and Compression businesses

Focused StrategyExpand Fluids and Compression – leverage shale plays

Acquisition of SwiftWater

• Increased focus on North America’s onshore completion services

• Permian Basin expansion, most active North America shale play

Divestiture of Offshore Decommissioning & Maritech

• Divested cyclical, volatile and competitive Offshore Decommissioning segment

• $47M of ARO liabilities assumed and bonded by buyer

StrengthenedManagement Team

• Brady Murphy, President and Chief Operating Officer of TETRA

• Owen Serjeant, President of CSI Compressco LP

Refinanced CCLP’sBalance Sheet

• Extended maturity date & added over $100M of cash to invest in growth

• Debt structure has no maintenance covenants

5

TETRA’s Evolution

5

(1) Excludes Maritech and Eliminations(2) Pro Forma for TOS and MRI divestiture

Driving focus towards Fluids, Water Management and Compression

2007 Revenue(1) ($Mil)

Fluids$282 28%

PT$92 9%

Compression$84 8%

Offshore Services

$341 34%

Maritech$214 21%

2017 Revenue(1) ($Mil)

Fluids$335 41%

PT$94

11%

Compression$296 36%

Offshore Services

$97 12%

Maritech$1

0%

2017 Revenue(1,2)($Mil)(Pro-Forma)

Fluids$335 46%

PT$94

13%

Compression$296 41%

Compression and Completion Fluids Segments Have Demonstrated More Capital and Pricing Discipline


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Business Segments

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Focused on higher margin and more stable segments

Fluids

Only vertically integrated completion fluids based company

for the oil & gas market

Growing Water Management business

2017 Revenue: $335M2017 Adjusted EBITDA(1): $80M

Production Testing

Focused on North Americashale plays driven by more

intense fracking activity


Compression

Largest vertically integrated Compression company with 3rd

highest operating Hp

Largest concentration of assets in Permian Basin


(1) See appendix for reconciliation to nearest GAAP measures

Fluids

7

Chemicals Manufacturing

Completion Fluids and Services

• Only vertically integrated service provider of Clear Brine Fluids

• Seamless supply from manufacturing plants to CBFs blending facilities with long term bromine supply agreement

• Technology leader, including completion fluid TETRA CS Neptune ®

• Global infrastructure

• Strong position in deepwater Gulf of Mexico

• Footprint in all North American unconventional basins with emphasis on Permian Basin

Expanding organically, through acquisitions and by investing in product development

Water Management

$99

$123 $111

$91

$59 $61 $63 $64 $73 $89 $93

$80

-

500

1,000

1,500

$0

$50

$100

$150

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2015 2016 2017Revenue US Rigcount

Fluids

8

Revenue (In $ Millions)

Adjusted EBITDA (In Millions) and Margins(1)

2017 Revenue Profile

(1) See appendix for reconciliation to nearest GAAP measures(2) Source: Baker Hughes

(2)

International29%

United States71%

Offshore34%

Onshore66%

Revenue and Adjusted EBITDA remained resilient during the downturn

27%34%

38%

28%

12% 14%

26%

13%19%

24%

33%

17%

-5%

5%

15%

25%

35%

45%

$0

$10

$20

$30

$40

$50

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2015 2016 2017

Adj. EBITDA Adj. EBITDA Margin

Compression

Compression Services

• Largest vertically integrated compression provider

• Over 1.1M hp fleet ranging from 46 hp - 2,900 hp supported by over 350 mechanics

• Successive quarters of improved utilization

• Large Hp equipment >90% utilized

• Equipment sales backlog of $117M as of January 31, 2018, largest since March, 2015

• CCLP debt structure with no maintenance covenants and extended maturities

• Successfully implemented new ERP system with anticipated annualized savings of $4M

Focused on the most robust market – Permian and Delaware Basins

Equipment and Part Sales

After Market Services

10

Compression Services Footprint30% of compression fleet deployed in the Permian Basin

(1) CSI Compressco fleet geography as of December 31, 2017

HP Distribution by CCLP Region (1)

Gas Jack® unit on Well Head Service

Gas Jack® unit on Wellhead Service

BasinsShale PlaysProspective Shale Plays

Operating Units

South Texas20%

Permian30%West

11%

Mid-Con18%

East11%

International5%

N. Rockies4%

11

11

CSI Compressco’s State of the Art Operating System

• Field data capture

• Automation Capabilities:• Resource assignment and

dispatch• Preventive maintenance

scheduling • Parts distribution module to

minimize working capital

• Immediate access to pricing and inventory levels

• Real time reporting capability with electronic dashboard

• $4M of projected annual cost savings

Creates operational efficiencies and improves margins while reducing working capital and lead times

$103$126$129

$99$82 $76 $71

$83$66 $75 $72

$83

-

500

1,000

1,500

$0

$50

$100

$150

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2015 2016 2017Compression Services Equipment Sales

Aftermarket Services US Land Rigcount

14%

17%

70%

Compression

12


Adjusted EBITDA (In Millions) and Margins(1)

2017 Revenue & Gross Margin By Product Line(2)

(1) See appendix for reconciliation to nearest GAAP measures(2) 2017 Results. Gross Margin is defined as revenues less cost of revenues excluding depreciation and amortization expense(3) Revenue and Gross Margin by Product Line is shown as the portion of total Revenue and total Gross Margin that is attributable to the given product line(4) CSI Compressco utilized Hp, composition, and fleet application as of December 31, 2017 (5) Source: Baker Hughes

Service Fleet Utilization and Composition(4)

Portion of Total

Revenue (3)

Portion of Total Gross Margin (3)

Compression and Related Services

Equipment Sales

Aftermarket Services

(5)

8%5%

87%

0-100 Hp

101-800 Hp

801+ Hp 42%

Composition Utilization

41%

17%

92%

81%

65% Total Fleet Utilization83.2%

with~900,000 operating

Hp

31%25% 25%

29% 29%32% 33%

22%27%

23%29%

23%

-5%

5%

15%

25%

35%

45%

$0

$10

$20

$30

$40

$50

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2015 2016 2017


Compression Services revenue and margins were the least impacted during this downturn

Production Testing

13(1) See appendix for reconciliation to nearest GAAP measures(2) Source: Baker Hughes

• Strong rebound in revenue and adjusted EBITDA

• Increased fracking driving activity levels

• Footprint in all North America shale basins

• Early Production Facilities provide additional sources of profit


Adjusted EBITDA (1) (In Millions) and Margins(1)

(2)

$37 $35 $29

$33

$20 $13 $15 $15

$22 $16 $19

$38

-

300

600

900

1,200

1,500

$0

$10

$20

$30

$40

$50

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2015 2016 2017Revenue US Land Rigcount

18% 20% 16% 14%11%

-1% -3% -3%

5%

-4%

6%

18%

-10%-5%0%5%10%15%20%

-$2

$0

$2

$4

$6

$8

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2015 2016 2017


Revenue doubled from 2017-Q3 to 2017-Q4

Financial Overview

Consolidated TETRA, excluding Offshore Division

Revenue (In $ Millions)(1)

Adjusted EBITDA (In Millions) and Margins(1,2)

2017 Revenue Profile(1)

(1) Excludes Offshore division(2) See appendix for reconciliation to nearest GAAP measures

(2)

$238 $283 $267

$222

$160 $149 $147 $161 $159 $180 $184 $200

(300)

-

300

600

900

1,200

1,500

$0

$50

$100

$150

$200

$250

$300

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2015 2016 2017Revenue US Rigcount

24% 25% 26%22%

15%20% 22%

11%

14% 16%23%

15%

-10%

0%

10%

20%

30%

$0

$20

$40

$60

$80

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2015 2016 2017


International24%

United States76%

Offshore17%

Onshore83%

Adjusted EBITDA remained positive during 3 year downturn

16

Two Distinct & Separate Capital Structures

Revolver Senior Notes

TETRA Only CSI Compressco Only

Both TTI and CCLP have strong balance sheet with ample liquidity

• Completed $350M senior secured notes offering in March,2018

• No maintenance covenants• No near-term maturities• Over $100M of cash available for capital

investments

17

$0

$50

$100

$150

$200

$250

$300

$350

$400

2018 2019 2020 2021 2022

In $

Mill

ions

$0

$50

$100

$150

$200

$250

$300

$350

$400

2018 2019 2020 2021 2022 2023 2024 2025

In $

Mill

ions

• TETRA 1.66x leverage ratio as of 12/31/2017 with liquidity of $214M

• Ample iquidity to capitalize on acquisitions and growth capital opportunities

• No amount drawn on revolver at 12/31/2017

Debt Maturity Debt Maturity

Strong Free Cash Flow Business Model TETRA and CSI Compressco were both free cash flow(1,2) positive during the downturn

TETRA Only – 2015-2017 Period CCLP – 2015-2017 Period

18

Free Cash Flow(1,3)

$149M

Adjusted EBITDA$195M

CAPEX$53M

Interest Expense

$54M

Working Capital & Other

$6M

CCLP Distributions

$67M

Cash Inflows

Cash Outflows

Free Cash Flow(2,3)

$71M

CCLP Adjusted EBITDA$308M

CAPEX$131M

Interest Expense$116M

Working Capital & Other$11M

Cash Inflows

Cash Outflows

(1) Free cash flow is defined as cash flow from operations – CAPEX + Distributions from CCLP(2) Free cash flow is defined as cash flow from operations – CAPEX(3) See appendix for reconciliation to nearest GAAP measures


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March 2018


Non-GAAP Financial Measures

This presentation includes non-GAAP financial measures, Adjusted EBITDA, Adjusted EBITDA margin, enterprise value, adjusted free cash flow, liquidity, consolidatedresults for TETRA, excluding the offshore division, distribution coverage ratio and debt to Adjusted EBITDA. Adjusted EBITDA is used as a supplemental financialmeasure by the management to:

• evaluate the financial performance of assets without regard to financing methods, capital structure or historical cost basis;

• determine the ability to incur and service debt and fund capital expenditures.; and

• With respect to CSI Compressco LP (“CCLP”), asses the ability to generate available cash sufficient to make distributions

Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization, impairments and special items, equity compensation, and allocated corporateTETRA’s overhead charges to our CSI Compressco LP subsidiary, pursuant to our Omnibus Agreement, which were reimbursed with CSI Compressco LP(CCLP)common units.

Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue.

CCLP Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization, and before certain non-cash charges consisting of impairments, baddebt expense attributable to bankruptcy of customer, non-cash costs of compressors sold, equity compensation, fair value adjustments of our Preferred Units, gain onextinguishment of debt, administrative expenses under the Omnibus Agreement paid in equity using common units and excluding acquisition and transaction costs, andseverance expense.

Enterprise value is defined as market capitalization plus the sum of long-term and short-term debt, less cash, excluding restricted cash. Management uses enterprisevalue as a measure of the market value of the company if it were free of debt.

Liquidity is defined as the availability under the Credit Agreement (consisting of maximum credit commitment, less balance outstanding) plus the sum of unrestrictedcash. Management views liquidity as a measure of the Company’s ability to fund investing and financing activities.

TETRA only adjusted free cash flow is a non-GAAP measure that TETRA defines as cash from TETRA's operations, excluding cash settlements of Maritech AROs, lesscapital expenditures net of sales proceeds, and including cash distributions to TETRA from CSI Compressco LP.

CCLP adjusted free cash flow is a non-GAAP measure that CCLP defines as cash from CCLP’s operations, less capital expenditures net of sales proceeds.

These non-GAAP financial measures should not be considered an alternative to net income, operating income, cash flows from operating activities or any other measureof financial performance presented in accordance with GAAP. These non-GAAP financial measures may not be comparable to EBITDA, distributable cash flow or othersimilarly titled measures of other entities, as other entities may not calculate these non-GAAP financial measures in the same manner. Management compensates for thelimitation of these non-GAAP financial measures as an analytical tool by reviewing the comparable GAAP measures, understanding the differences between themeasures and incorporating this knowledge into management's decision making process. Furthermore, these non-GAAP measures should not be viewed as indicative ofthe actual amount of cash that is available for distributions or planned distribution for a given period, nor should they be equated to available cash as defined in CCLP'spartnership agreement.

20

Non-GAAP Reconciliations

21

Fluids - Adjusted EBITDA Reconciliation '($ in Millions)Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17

Income (Loss) Before Taxes $17.7 $32.6 $33.2 ($2.7) ($0.4) $0.5 $8.8 $1.5 $20.3 $15.8 $24.9 $7.6

Interest Income/Expense ($0.0) ($0.1) ($0.0) ($0.2) ($0.0) $0.0 $0.0 $0.0 $0.0 $0.0 ($0.0) ($0.1)

DD&A $8.7 $8.8 $8.7 $28.7 $7.4 $7.6 $6.9 $7.0 $6.1 $5.9 $5.9 $5.9

Stock Option expense - - - - - - - - - - - -

Special Items $0.1 $0.2 $0.4 $0.1 $0.1 $0.2 $0.7 $0.1 ($12.8) - $0.0 $0.2

Adjusted EBITDA $26.6 $41.5 $42.3 $25.9 $7.1 $8.3 $16.4 $8.6 $13.6 $21.7 $30.8 $13.6

Revenue $99.3 $123.0 $110.6 $91.2 $59.1 $60.8 $62.6 $64.0 $72.9 $89.1 $93.4 $79.8

EBITDA Margin 26.8% 33.7% 38.2% 28.4% 12.1% 13.6% 26.2% 13.4% 18.6% 24.3% 33.0% 17.1%

Production Testing - Adjusted EBITDA Reconciliation '($ in Millions)Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17

Income (Loss) Before Taxes $0.0 ($0.5) ($4.5) ($50.8) ($19.4) ($4.3) ($4.2) ($7.5) ($2.1) ($3.1) ($1.4) ($10.9)

Interest Income/Expense ($0.0) $0.0 $0.0 ($0.1) ($0.2) ($0.1) ($0.1) ($0.1) ($0.1) ($0.1) ($0.0) ($0.0)

DD&A $6.3 $6.2 $6.0 $18.0 $7.4 $4.2 $3.9 $7.2 $3.1 $2.6 $2.5 $17.3

Stock Option expense - - - - - - - - - - - -

Special Items $0.4 $1.1 $3.1 $37.6 $14.3 $0.1 $0.0 $0.0 $0.3 $0.0 - $0.2

Adjusted EBITDA $6.7 $6.9 $4.6 $4.7 $2.1 ($0.2) ($0.5) ($0.5) $1.2 ($0.6) $1.1 $6.6

Revenue $37.1 $34.8 $28.9 $33.0 $19.9 $13.4 $15.1 $15.3 $21.5 $15.9 $18.9 $37.8

EBITDA Margin 18.0% 19.7% 15.9% 14.2% 10.6% -1.2% -3.0% -3.2% 5.4% -3.8% 5.6% 17.5%

Compression - Adjusted EBITDA Reconciliation '($ in Millions)Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17

Income (Loss) Before Taxes $2.4 $1.5 $2.1 ($152.8) ($104.7) ($4.0) ($15.8) ($10.8) ($14.3) ($6.2) ($7.0) ($9.7)

Interest Income/Expense $8.6 $8.7 $8.9 $8.8 $8.8 $8.9 $9.8 $10.2 $10.1 $10.2 $10.8 $11.0

DD&A $20.0 $20.7 $20.7 $32.6 $26.3 $18.8 $17.8 $19.5 $17.3 $17.2 $17.4 $17.3

Stock Option expense $0.5 $0.7 $0.5 $0.5 $0.6 $0.8 $0.8 $2.4 $2.7 $0.9 $0.3 ($0.9)

Special items $0.4 $0.0 $0.0 $139.9 $92.6 $0.3 $10.5 ($2.9) $1.7 ($4.6) ($0.5) $1.6

Adjusted EBITDA $31.9 $31.6 $32.1 $29.1 $23.6 $24.7 $23.1 $18.3 $17.5 $17.5 $20.9 $19.2

Revenue $102.9 $126.5 $128.9 $99.4 $81.7 $76.1 $70.7 $82.9 $65.6 $75.3 $71.6 $83.1

EBITDA Margin 31.0% 25.0% 24.9% 29.3% 28.9% 32.4% 32.7% 22.1% 26.7% 23.2% 29.1% 23.1%


22

TETRA Consolidated - Adjusted EBITDA Reconciliation '($ in Millions)Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17

Net Income (Loss) ($3.6) $15.4 $10.7 ($231.9) ($147.7) ($29.2) ($24.0) ($38.4) ($11.3) ($14.6) ($1.3) ($35.0)

Income Taxes ($1.6) ($2.7) ($4.7) $1.3 $1.4 ($1.8) ($1.4) ($0.5) ($0.1) ($3.4) ($0.8) $3.1

Income (Loss) Before Taxes ($2.1) $18.1 $15.4 ($233.2) ($149.1) ($27.5) ($22.6) ($37.9) ($11.2) ($11.2) ($0.5) ($38.1)


DD&A $38.3 $39.1 $38.9 $82.9 $44.3 $33.8 $31.9 $37.8 $29.5 $28.6 $29.2 $43.7

Equity Compensation Expense $1.6 $2.6 $3.6 $9.1 $2.4 $6.6 $2.5 $2.2 $2.5 $3.0 $1.8 $0.5

Special Items $1.0 $1.4 $4.0 $180.1 $107.0 $2.6 $10.5 $0.7 ($16.6) ($5.9) ($0.6) $9.4

Adjusted EBITDA $52.6 $74.5 $75.2 $53.1 $19.1 $29.9 $36.7 $18.1 $18.0 $28.8 $44.5 $30.0

Revenue $251.1 $316.3 $305.1 $257.6 $169.3 $175.7 $176.6 $173.2 $168.0 $208.4 $216.4 $227.6

Offshore Division - Adjusted EBITDA Reconciliation '($ in Millions)Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17

Income (Loss) Before Taxes ($7.7) $1.8 $2.9 ($1.1) ($8.3) ($3.4) $1.2 ($3.4) ($7.0) ($6.6) ($0.5) ($2.9)

Interest Income/Expense - $0.0 ($0.0) $0.0 - $0.0 $0.0 ($0.0) - - - -

DD&A $3.1 $3.1 $3.3 $3.4 $3.0 $3.2 $3.2 $4.1 $3.0 $2.8 $3.3 $3.1

Equity Compensation Expense - - - - - - - - - - - -

Special Items $0.0 $0.0 $0.5 $0.8 - $0.1 $0.0 $0.1 $0.2 $3.7 $0.0 $0.3

Adjusted EBITDA ($4.6) $5.0 $6.7 $3.1 ($5.3) ($0.1) $4.4 $0.9 ($3.8) ($0.1) $2.8 $0.4

Revenue $13.0 $33.2 $37.9 $35.3 $9.8 $26.4 $29.2 $12.0 $8.6 $28.4 $32.7 $27.6

TETRA excl. Offshore Division - Adjusted EBITDA Reconciliation '($ in Millions)Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17

Income (Loss) Before Taxes $5.6 $16.3 $12.5 ($232.2) ($140.8) ($24.1) ($23.8) ($34.5) ($4.2) ($4.6) ($0.1) ($35.2)


DD&A $35.3 $35.9 $35.6 $79.5 $41.2 $30.6 $28.7 $33.7 $26.5 $25.8 $25.9 $40.7

Equity Compensation Expense $1.6 $2.6 $3.6 $9.1 $2.4 $6.6 $2.5 $2.2 $2.5 $3.0 $1.8 $0.5

Special Items $0.9 $1.4 $3.5 $179.3 $107.0 $2.5 $10.5 $0.6 ($16.8) ($9.6) ($0.6) $9.1

Adjusted EBITDA $57.1 $69.5 $68.5 $50.0 $24.4 $30.0 $32.2 $17.3 $21.9 $28.9 $41.7 $29.6

Revenue $238.1 $283.1 $267.2 $222.2 $159.5 $149.3 $147.4 $161.2 $159.4 $179.9 $183.7 $200.1

Free Cash Flow Reconciliation

23(1) TETRA only cash from operating activities and capital expenditures, net of sales proceeds, for the twelve months ended December 31, 2017, includes the elimination of an intercompany equipment sale of $2.0 million

Free Cash Flow Reconciliation (IN $ Millions)2015 2016 2017 2015-2017 Period

TTI ConsolidatedCash from operations $ 197.0 $ 55.7 $ 64.6 $ 317.3 ARO Settlements 10.3 4.0 0.6 14.9 Capital Expenditures, net of sales proceeds (113.4) (17.7) (51.1) (182.2)

Free Cash Flow before ARO settlements 93.9 42.0 14.1 150.0

CSI CompresscoCash from operations 101.9 61.4 39.1 202.4 Capital Expenditures, net of sales proceeds (95.2) (10.7) (25.1) (131.0)

CCLP's Free Cash Flow 6.6 50.8 13.9 71.4

TTI OnlyCash from operations(1) 95.2 (5.8) 27.6 116.9 ARO Settlements 10.3 4.0 0.6 14.9 Capital Expenditures, net of sales proceeds(1) (18.2) (7.1) (28.0) (53.2)

Free Cash Flow before ARO settlements 87.2 (8.8) 0.2 78.6 Distributions from CCLP 30.6 22.3 14.2 67.2 Debt restructuring expenses 3.0 - - 3.0

TTI's Free Cash Flow $120.9 $13.5 $14.4 $148.8


24

CSI Compressco - CCLP Adjusted EBITDA Reconciliation '($ in Millions)2015 2016 2017 2015-2017 Period

Income (Loss) Before Taxes ($146.7) ($136.3) ($37.7) ($320.7)Interest Income/Expense $35.0 $38.1 $43.1 $116.2 DD&A $93.6 $82.3 $69.1 $245.1 Equity Compensation Expense $2.2 $4.6 $3.0 $9.8 Special Items $140.4 $100.4 ($2.4) $238.4

Adjusted EBITDA $124.5 $89.1 $75.2 $288.8 Non Cash Cost of Compressors Sold $3.4 $6.8 $8.5 $18.7

CCLP Adjusted EBITDA $127.9 $95.9 $83.7 $307.5

TETRA Consolidated - Adjusted EBITDA Reconciliation '($ in Millions)2015 2016 2017 2015-2017 Period

Net Income (Loss) ($209.5) ($239.4) ($62.2) ($511.0)Income Taxes ($7.7) ($2.3) ($1.2) ($11.2)


Adjusted EBITDA $255.3 $103.8 $121.2 $480.3

Maritech - Adjusted EBITDA Reconciliation '($ in Millions)2015 2016 2017 2015-2017 Period

Income (Loss) Before Taxes ($3.8) ($1.8) ($2.2) ($7.8)Interest Income/Expense $0.0 $0.0 - $0.0 DD&A $1.4 $1.4 $1.4 $4.2 Equity Compensation Expense - - - -Special Items - ($0.0) - ($0.0)

Adjusted EBITDA ($2.4) ($0.5) ($0.7) ($3.6)

TETRA excl. Maritech - Adjusted EBITDA Reconciliation '($ in Millions)2015 2016 2017 2015-2017 Period


Adjusted EBITDA $257.7 $104.2 $121.9 $483.9

CSI Compressco - Adjusted EBITDA Reconciliation '($ in Millions)2015 2016 2017 2015-2017 Period


Adjusted EBITDA $124.5 $89.1 $75.2 $288.8

TETRA excl. Maritech & CSI Compressco - Adjusted EBITDA Reconciliation '($ in Millions)2015 2016 2017 2015-2017 Period


Adjusted EBITDA $133.3 $15.1 $46.7 $195.1

TTI Only Working Capital and Others (In $ Millions)2015 2016 2017 2015-2017 Period

TTI Cash From Operations $ 95.2 $ (5.8) $ 27.6 $ 116.9 TTI EBITDA excluding Maritech and CSI Compressco (133.3) (15.1) (46.7) (195.1)TTI Conolidated Interest Income/Expense 54.5 58.6 57.2 170.3 CCLP Interest Income/Expense (35.0) (38.1) (43.1) (116.2)ARO Settlements 10.3 4.0 0.6 14.9 Debt restructuring expenses 3.0 - - 3.0

TTI Only Working Capital & Others ($5.3) $3.7 ($4.4) ($6.0)

CSI Compressco Working Capital and Others (In $ Millions)2015 2016 2017 2015-2017 Period

CCLP Cash From Operations $ 101.9 $ 61.4 $ 39.1 $ 202.4 CCLP Adjusted EBITDA (127.9) (95.9) (83.7) (307.5)CCLP Interest Income/Expense $ 35.0 $ 38.1 $ 43.1 $ 116.2

CCLP Working Capital & Others $8.9 $3.6 ($1.5) $11.0

Market Capitalization & Enterprise Values

25

(thousands, except per share amounts)Market Capitalization: TTI

Market price per share on 3/22/2018 3.79$

Shares outstanding as of 3/1/2018 125,529

Market Capitalization 475,755$

Enterprise Value: TTI

Market capitalization based on 3/22/2018

Stock Price 475,755$

Total debt, excluding CSI Compressco LP

debt, as of 12/31/2017 117,679

Enterprise Value 593,433$

(thousands, except per share amounts)Market Capitalization: CCLP

Market price per unit on 3/22/2018 7.50$

Shares outstanding as of 2/24/2018 38,888

Market Capitalization 291,660$

Enterprise Value: CCLP

Market capitalization based on 3/22/2018

Stock Price 291,660$

Total debt, as of 12/31/2017 512,176

Series A Preferred, as of 12/31/2017 70,260

Enterprise Value 874,096$

TTI Only Liquidity & Leverage Ratio

Liquidity$ in millions Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17

TTI excluding CSI Compressco TTM EBITDA per Bank Agreement

$142.0 $155.9 $168.9 $164.8 $140.7 $104.0 $71.0 $39.3 $57.6 $57.4 $66.5 $78.6

Long Term Debt excl. dicount & amortization of financing fees 305.0 265.0 265.0 275.0 265.0 125.0 125.0 125.0 125.0 125.0 125.0 125.0

Revolving credit facility outstanding excl.amortization of financing fees

91.7 92.9 66.1 22.9 20.5 102.7 127.8 5.6 17.9 22.5 - -

Letters of credit and surety bonds 12.0 10.3 9.4 7.6 7.6 8.1 5.4 5.3 5.0 5.0 4.4 5.1

Capital lease obligations 0.3 0.3 0.3 0.4 0.3 0.3 0.3 0.4 0.4 0.4 0.3 0.3

Total funded debt1 409.0 368.5 340.8 305.8 293.3 236.1 258.4 136.2 148.3 152.9 129.7 130.3

Revlolving credit facility, total 225.0 225.0 225.0 225.0 225.0 225.0 225.0 200.0 200.0 200.0 200.0 200.0

Amounts currently oustanding excl. amortization of financing fees

(91.7) (92.9) (66.1) (22.9) (20.5) (102.7) (127.8) (5.6) (17.9) (22.5) - -

Bank letters of credit (12.0) (10.3) (9.4) (7.6) (7.6) (8.1) (5.4) (5.3) (5.0) (5.0) (4.4) (5.1)

Revolving credit facility, available 121.3 121.8 149.5 194.6 196.9 114.2 91.8 189.2 177.0 172.5 195.6 194.9

Less:

Adjustment for leverage capacity1,2 33.4 - - - 68.2 - 66.4 128.9 37.5 38.3 - -

Plus:

Cash excluding restricted cash 9.0 8.7 7.7 12.4 15.5 7.2 8.9 8.9 7.4 18.1 13.5 18.5

Liquidity $ 97.0 $ 130.5 $ 157.2 $ 207.0 $ 144.3 $ 121.4 $ 34.3 $ 69.2 $ 147.0 $ 152.3 $ 209.1 $ 213.5

Leverage Ratio 2.88x 2.36x 2.02x 1.86x 2.08x 2.27x 3.64x 3.47x 2.58x 2.66x 1.95x 1.66x

Covenant 3.50x 3.50x 3.25x 3.25x 3.00x 4.00x 4.00x 5.00x 5.00x 5.00x 5.00x 5.00x(1) As defined by the bank covenants(2) No leverage covenant measurement required for 2016-Q4 period. Constraint on borrow ing capacity is based on 2017 leverage covenant

26

March 2018


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