TETRA Technologies : Presentation for H.C. Wainwright 23rd Annual Conference Sep. 13, 2021

Company Overview

September, 2021

Disclaimer

Forward-Looking Statements

The information in this presentation includes "forward-looking statements." All statements, other than statements of historical fact included in this presentation, regarding our management, strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this presentation, the words "could," "believe," "anticipate," "intend," "estimate," "expect," "project" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on TETRA's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements described under the heading "Risk Factors" included in TETRA's Annual Report on Form 10-K filed with the Securities and Exchange Commission and subsequent Form 10-Q Quarterly Reports. We caution you that these forward-looking statements are subject to all the risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks include, but are not limited to, the level of capital spending by the oil and natural gas industry natural or man-made disasters and other external events that may disrupt our operations, volatility of oil and natural gas prices, changes in general economic and geopolitical conditions, large or multiple customer defaults including defaults resulting from actual or potential insolvencies, technological advancements in oil field or chemicals technologies, competitive conditions in our industry, our ability to fully protect our intellectual property rights and changes in the long-term supply of and demand for oil and natural gas. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this presentation. Except as otherwise required by applicable law, we disclaim any duty to update and do not intend to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this presentation. This presentation includes financial measures that are not presented in accordance with generally accepted accounting principles ("GAAP"), including EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted free cash flow and net debt. While management believes such measures are useful for investors, they do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP financial measures should not be used as a replacement for, and should not be considered in isolation from, financial measures that are in accordance with GAAP. Please see the Appendix for reconciliations of those measures to comparable GAAP measures.

Industry and Market Data

This presentation has been prepared by TETRA and includes market data and other statistical information from third-party sources, including independent industry publications, government publications or other published independent sources. Although TETRA believes these third-party sources are reliable as of their respective dates, TETRA has not independently verified the accuracy or completeness of this information. Some data are also based on the TETRA's good faith estimates, which are derived from its review of internal sources as well as the third-party sources described above.

Trademarks and Logos

TETRAA owns or has rights to various trademarks, service marks and trade names that is uses in connection with the operation of its business. This presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. TETRA's use or display of third parties' trademarks, service marks, trade names or products in this presentation is not intended to and does not imply, a relationship with TETRA or an endorsement or sponsorship by or of TETRA. Solely for convenience, the trademarks, service marks and trade names referred to in this presentation may appear without the ©, ®, TM or SM symbols, but the omission of such references is not intended to indicate, in any way, that TETRA will not assert, to the fullest extent under applicable law, its rights or the right of the applicable owner of these trademarks, service marks and trade names.

©2021 TETRA Technologies, Inc.

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Investment Highlights

Global leader in high-value completion fluids, water management, and related industrial chemicals. Uniquely positioned for a recovering oil and gas market and an accelerating energy transition market

• Diverse revenue stream from O&G, industrial, US & international, onshore & offshore
• Industry innovation leader & vertically integrated Completions Fluids & Products segment
• Leading water management service provider in the Permian Basin
• Key mineral resources and chemistry R&D expertise for low carbon energy

Stock and Market Information

2020 Revenue Mix

Improving Adjusted EBITDA Margins

Ticker	NYSE: TTI
Market Cap (a)	$375 Mil
Net Debt (b)	$121 Mil
Enterprise Value (a)	$496 Mil
Shares Outstanding (c)	127 Mil
Average Daily Trading Volume	1,999,260

Completion		Water &
Fluids &		Flowback
Products	Industrial	Services
$243M	$135M

Oil & Gas

	11.0%	11.8%	11.5%	13.0%
4.6%
2016	2017	2018	2019	2020

(a) As of 9/10/2021 (b) As of 6/30/2021 (c) As of 7/30/2021. Enterprise value, Net debt and Adjusted EBITDA margins are non-GAAP financial measure. See "Non-GAAP Reconciliation" in appendix for more information and reconciliation

©2021 TETRA Technologies, Inc.

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Recent Highlights

• Q2 adjusted EBITDA of $13M
• June highest revenue and Adjusted EBITDA month since March 2020
• Reduced term loan from $220M at 9/30/20 to $176M at 7/31/21
• Emerging low carbon energy opportunities well ahead of prior management expectations
• Secured significant deepwater offshore projects In Gulf of Mexico and Brazil for upcoming recovery
• In July Completed first international TETRA CS Neptune® fluids job in the North Sea

Adjusted EBITDA and Net Debt are non-GAAP financial measures. See "Non-GAAP Reconciliation" in appendix for more information and reconciliation

©2021 TETRA Technologies, Inc.

$ millions	Improving Balance Sheet

$189	Net Debt
	$133	$121
2019	2020	YTD 2021-Q2

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Compelling ESG* Story

Operations

• Innovative environmentally-friendly(non-zinc) CS Neptune® fluids technology
• Recycling and reusing produced water
• Proprietary leak-resistant water transfer systems

Low Carbon Energy

• Significant bromine reserves with high quantities of lithium
• High purity zinc-bromide for mass energy storage
• MOU for calcium chloride applications for carbon capture

Governance

• Separate chair and CEO
• Ongoing board refreshment
• Executive compensation aligned with shareholder returns
• Active shareholder engagement program

Health & Safety

• Strong culture of QHS&E drives product & service delivery
• Monitoring systems for all vehicles drives exceptional performance
• Customer recognition of environmental stewardship

* Environment, Social and Governance

©2021 TETRA Technologies, Inc.

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