Select Water Solutions, Inc.

Select Water Solutions, Inc. provides water-management and water-logistics services to the U.S. energy industry through a network of infrastructure assets, field services, and chemical technologies. Its business centers on sourcing, transferring, recycling, treating, storing, and disposing of water across the lifecycle of oil and gas wells, with additional industrial water applications through related investments.

2,4 %

14,4 %

1,5 %

−3,1 %

1.57

1.42

— Select Water Solutions, Inc.
%
Water Infrastructure24% Fixed assets and contracted systems for water distribution, recycling, disposal, and storage.
Water Services53% Field-based water logistics and support services for oil and gas operations.
Chemical Technologies23% Water treatment and chemical application products and services for wellsite operations.

The core customer base is upstream oil and gas operators, especially E&P companies that need water handled across...

  • Upstream E&P operatorsprimary

    Buy water sourcing, transfer, recycling, disposal, and chemical services to support well operations.

  • Water infrastructure contract customersprimary

    Use long-term pipeline, recycling, SWD, and storage capacity for recurring water handling needs.

  • Wellsite service customerssecondary

    Buy flowback, well testing, containment, and accommodations tied to active drilling and completion work.

  • Industrial and non-oilfield water usersemerging

    Access water storage and treatment capabilities through adjacent investments and commercialization efforts.

Select operates across a diverse U.S. footprint, with its business tied to major oil and gas basins rather than a...

  • •Operations are concentrated in the United States
  • •Permian Basin is the largest and most strategic infrastructure region
  • •Other U.S. basins support water sourcing, transfer, and disposal activity
  • •Regional pipeline and recycling assets create basin-specific network value
  • •Geographic spread helps match services to local drilling and production activity

Select is focused on expanding contracted water infrastructure, especially recycling and disposal systems that can...

01
Invest in water infrastructure and recycling assetsmedium-term

Contracted systems can create steadier, more recurring demand and stronger basin positioning.

02
Increase produced-water reuse and treatment solutionsmedium-term

Recycling reduces fresh-water use and aligns with customer sustainability goals.

03
Integrate services across the water lifecycleshort-term

Bundling logistics, infrastructure, and chemicals can improve customer retention and value per well.

04
Commercialize capabilities in adjacent marketslong-term

Industrial water applications can broaden the addressable market beyond oil and gas.

Demand is tied to U.S. oil and gas capital spending, so lower drilling and completion activity can reduce water volumes...

high

U.S. oil and gas activity decline

Customer spending drives demand for water transfer, recycling, and disposal services.

Scope
Water Services and Water Infrastructure
Materiality
high
high

Cybersecurity incident or systems failure

Operations rely on digital systems for processing, monitoring, and customer interfaces.

Scope
Enterprise-wide
Materiality
high
high

Regulatory and environmental compliance

Disposal wells, recycling facilities, and water handling are subject to permits and oversight.

Scope
Water Infrastructure
Materiality
high
medium

Customer consolidation and pricing pressure

Fewer, larger E&P customers can increase bargaining power and reduce service pricing.

Scope
Water Services
Materiality
medium
medium

Execution risk on infrastructure investments

Returns depend on project timing, utilization, and successful integration of new assets.

Scope
Water Infrastructure
Materiality
medium
Self-insured retention and claims reserves
Recorded liabilities and future expense recognition
Debt and financing costs
Interest expense and balance sheet leverage
Equity-method investment accounting
Equity earnings and investment valuation
Lease accounting
Operating assets, liabilities, and depreciation/interest split

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: 29/04/2026