WTTRNYSEOil & Gas Field Services, NECUS GAAP · USD

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.

Kysy yhtiöstä
Liikevaihto1 407milj. USD
−3,1 %v/v
Liikevoitto (EBIT)28,8milj. USD
−47,1 %v/v
EBIT-marginaali2,0%
−1,7 %-yks.v/v
Nettotulos21,2milj. USD
−30,7 %v/v
Vapaa kassavirta−79,9milj. USD
−229,4 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−50005001 0001 5002 000milj. USD2020: 605 milj. USD2020: EBIT −395 milj. USD20202021: 765 milj. USD2021: EBIT −66 milj. USD20212022: 1 387 milj. USD2022: EBIT 39 milj. USD20222023: 1 585 milj. USD2023: EBIT 61 milj. USD20232024: 1 452 milj. USD2024: EBIT 54 milj. USD20242025: 1 407 milj. USD2025: EBIT 29 milj. USD20251 40729
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
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.

Tuotteet

Raportoitu · osuus liikevaihdosta
27,9%21,8%12,7%10,5%8,6%18,5%FY2025100 %
  • Water Transfer and Monitoring27,9 %
  • Chemical Product Sales Revenue21,8 %
  • Fluid Hauling12,7 %
  • Water Recycling and Reuse10,5 %
  • Fluids Disposal8,6 %
  • Muut18,5 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

The core customer base is upstream oil and gas operators, especially E&P companies that need water handled across drilling, completion, and production. The company also serves customers seeking produced-water recycling, logistics, and treatment solutions, and it has begun applying its water expertise to broader industrial, agricultural, municipal, and storage-related uses through select investments.

Upstream E&P operators

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

Water infrastructure contract customers

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

Wellsite service customers

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

Industrial and non-oilfield water users

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

Strategia

Select is focused on expanding contracted water infrastructure, especially recycling and disposal systems that can support recurring customer relationships over the life of a well. It also aims to combine infrastructure, logistics, and chemical technologies into integrated water-lifecycle solutions, while extending its water expertise into adjacent industrial uses.

Invest in water infrastructure and recycling assetsKeskipitkä aikaväli

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

Increase produced-water reuse and treatment solutionsKeskipitkä aikaväli

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

Integrate services across the water lifecycleLyhyt aikaväli

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

Commercialize capabilities in adjacent marketsPitkä aikaväli

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

Maantiede

Select operates across a diverse U.S. footprint, with its business tied to major oil and gas basins rather than a single state or region. The Permian is identified as its largest and most strategically important water-infrastructure region, while other operating areas include additional U.S. basins where water sourcing, transfer, recycling, and disposal are needed.

Riskit

Demand is tied to U.S. oil and gas capital spending, so lower drilling and completion activity can reduce water volumes and infrastructure utilization. The business also faces operational, cyber, regulatory, and counterparty risks because it depends on physical assets, digital systems, and long-term customer relationships in a fragmented and cyclical industry.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →U.S. oil and gas activity decline1Cybersecurity incident or systems failure2Regulatory and environmental compliance3Customer consolidation and pricing pressure4Execution risk on infrastructure investments5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. U.S. oil and gas activity declineVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    Kohdistuu: Water Services and Water Infrastructure

  2. Cybersecurity incident or systems failureVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    Kohdistuu: Enterprise-wide

  3. Regulatory and environmental complianceVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    Kohdistuu: Water Infrastructure

  4. Customer consolidation and pricing pressureVaikutus: KeskitasoTodennäköisyys: Kohtalainen

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

    Kohdistuu: Water Services

  5. Execution risk on infrastructure investmentsVaikutus: KeskitasoTodennäköisyys: Matala

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

    Kohdistuu: Water Infrastructure

Kirjanpito

Harkinnanvaraiset erät
Self-insured retention and claims reserves

Management estimates future workers' compensation, auto, and health claims, which can move earnings if loss trends change.

Vaikutus: Recorded liabilities and future expense recognition

Debt and financing costs

The sustainability-linked credit facility affects interest expense, covenant monitoring, and liquidity disclosures.

Vaikutus: Interest expense and balance sheet leverage

Equity-method investment accounting

The AV Farms investment depends on co-investor actions and underlying asset performance, requiring judgment on carrying value.

Vaikutus: Equity earnings and investment valuation

Lease accounting

Field operations and infrastructure assets often involve leased equipment and facilities with material right-of-use balances.

Vaikutus: Operating assets, liabilities, and depreciation/interest split

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

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Permian Resources Corp

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Atlas Energy Solutions Inc.

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Originclear, Inc.

OCLN · Special Industry Machinery, NEC

Watts Water Technologies, Inc

WTS · Miscellaneous Fabricated Metal Products

Delek Logistics Partners, LP

DKL · Pipe Lines (No Natural Gas)

Päivitetty: 24.9.2026