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Here are 1-2 brief analogies for Select Water Solutions (WTTR):

• The Waste Management (WM) of the oilfield, but for water.
• The FedEx (FDX) of water for the oil & gas industry.

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• Water Sourcing & Transfer: Provides access to and transportation of water for oil and gas drilling and completion activities.
• Water Logistics: Manages the planning, execution, and optimization of water movement, including trucking and pipeline solutions.
• Water Treatment & Recycling: Treats produced water and flowback to meet reuse specifications, reducing freshwater consumption.
• Water Disposal: Operates saltwater disposal wells for the safe and compliant disposal of produced water and other fluids.
• Flowback & Production Water Management: Manages and processes water returned from wells during and after completion, as well as ongoing produced water.
• Completions & Rental Solutions: Offers specialized equipment rentals and services to support well completion operations.

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Select Water Solutions (WTTR) primarily sells its services to other companies, specifically oil and gas exploration and production (E&P) companies.

WTTR provides a comprehensive suite of water management services, including sourcing, transfer, containment, treatment, and disposal, to support the drilling and completion activities of E&P operators.

Based on the company's public filings, Select Water Solutions has a diversified customer base within the E&P sector. Its most recent Form 10-K for the year ended December 31, 2023, states that no single customer accounted for more than 10% of its total revenue. For this reason, WTTR does not disclose the names of individual major customers in its public filings.

Therefore, while WTTR serves a wide array of publicly traded and privately held E&P companies operating across major U.S. basins, specific names of major customers cannot be provided as they are not publicly disclosed by the company.

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John D. Schmitz, Chairman, President and Chief Executive Officer

Mr. Schmitz has served as Chairman of the Board since January 2020 and as President and Chief Executive Officer of Select Water Solutions since January 2021. He previously served as Chief Executive Officer and Chairman of SES Holdings, LLC, which was originally founded as Peak Oilfield Services, LLC in 2007. After founding Peak, he led its transformation through a series of strategic acquisitions. Prior to founding Select and its predecessors, Mr. Schmitz founded Brammer Supply, Inc. in 1983, growing it into an integrated wellsite service provider. His initial oilfield services holding company, BSI Holdings, Inc., was recapitalized by SCF Partners, a private equity firm, in 2003 and rebranded under Complete Energy Services, Inc. He also co-founded B-29 Investments LP, a private equity firm, in 1997.

Christopher K. George, Executive Vice President and Chief Financial Officer

Mr. George has served as Executive Vice President and Chief Financial Officer since March 2024. He previously held roles as Senior Vice President, Corporate Development, Investor Relations & Sustainability from January 2022 to March 2024, and Treasurer from May 2018 to March 2022. Mr. George joined Select in January 2012 and has served in various positions of increasing responsibility. Before joining Select, he worked in the Global Energy Investment Banking Group at UBS Investment Bank, focusing on public equity and debt capital raises and M&A advisory work within the energy industry.

Michael Skarke, Executive Vice President and Chief Operating Officer

Mr. Skarke has served as Executive Vice President and Chief Operating Officer since April 2021. He previously held roles including Executive Vice President of Corporate Development, Sales, and Operational Support, and Executive Vice President, Water Infrastructure, and Executive Vice President, Water Solutions. Mr. Skarke has been with Select Water Solutions since June 2009, serving in various capacities including Vice President of Water Solutions and Treasurer prior to the company's combination with Rockwater Energy Solutions, Inc. in 2017.

Mike Lyons, Executive Vice President and Chief Strategy and Technology Officer

Mr. Lyons has served as Executive Vice President and Chief Strategy Officer since August 2023, and also as Chief Technology Officer since January 2024. In these roles, he is responsible for developing corporate and segment strategies, overseeing corporate IT platforms, cybersecurity, data engineering & analytics, and the company's research and development program. Prior to joining Select, Mr. Lyons was a Managing Director and Partner at Boston Consulting Group (BCG).

Christina M. Ibrahim, Senior Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary

Ms. Ibrahim has served as the Secretary, Senior Vice President, General Counsel, and Chief Compliance Officer of Select Water Solutions since 2023. Before joining Select, she served as the Chief Operating Officer and General Counsel of Avalon Advisors, LLC. Ms. Ibrahim also held the position of Executive Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary at Weatherford International Plc.

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Key Risks to Select Water Solutions (WTTR)

1. Dependence on the Volatile Oil and Gas Industry: Select Water Solutions' financial performance is heavily reliant on the activity levels and capital spending within the oil and gas sector, particularly drilling and completion activities. Fluctuations in oil and gas prices directly impact the demand for WTTR's water and chemical services, leading to potential revenue declines. The company's Water Services segment, which is focused on completions, has already experienced softer demand and revenue reductions due to decreased customer activity and typical energy market seasonality.
2. Intense Competition and Pricing Pressure: The oilfield water handling industry is highly competitive and fragmented, with Select Water Solutions facing competition from both major oilfield service firms and numerous specialized water-handling companies. Oil and gas operators often view water handling as a cost to be minimized, which can lead to significant pricing pressure and potentially narrow or negative margins, particularly for water treatment and recycling services.
3. Regulatory and Environmental Risks: Select Water Solutions is exposed to risks associated with changing environmental regulations and societal pressures. Restrictions on water procurement, evolving disposal requirements, and broader efforts to reduce fossil fuel consumption and associated carbon emissions could reduce demand for oil and natural gas, thereby impacting WTTR's business. Furthermore, the heavy use of saltwater disposal wells carries the risk of inducing seismic activity, which could lead to operational restrictions or increased compliance costs.

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The accelerated development and widespread adoption of highly efficient, localized, and potentially mobile water recycling and treatment technologies by exploration and production (E&P) operators or specialized competitors poses a clear emerging threat. These advancements could significantly reduce the need for large-scale freshwater sourcing, extensive water transfer pipelines, and centralized wastewater disposal infrastructure, which constitute a substantial portion of Select Water Solutions' current asset base and service offerings. This shift towards more self-sufficient, closed-loop water management systems at or near the wellhead could diminish the demand for WTTR's traditional integrated water services, disrupting its asset-heavy business model in a manner analogous to how streaming services impacted physical media rental.

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The addressable markets for Select Water Solutions' main products and services are primarily within the U.S. and North America, focusing on the energy industry.

• Water Services and Water Infrastructure: The U.S. midstream water market for oil and gas, which encompasses water sourcing, transfer, treatment, and disposal, is projected to reach a total of $156 billion between 2025 and 2030, averaging over $26 billion per year. The U.S. produced water treatment market alone surpassed $2.46 billion in 2024 and is projected to reach approximately $5.33 billion by 2034. North America held the largest share of the produced water treatment market in 2024.
• Chemical Technologies: The oilfield chemicals market in the U.S. is projected to grow to an estimated value of $12.52 billion by 2032. Another estimate indicates the U.S. oilfield chemicals market was $5.93 billion in 2024 and is expected to reach around $9.05 billion by 2034. Globally, the oilfield chemicals market was valued at $19.25 billion in 2023 and is projected to reach $36.06 billion by 2032, with North America dominating this market, holding a 55.58% share in 2023.

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1. Expansion of Water Infrastructure Segment: Select Water Solutions is actively expanding its Water Infrastructure segment through new long-term contracts, organic growth, and strategic acquisitions in key basins like the Permian. The company anticipates approximately 10% sequential growth in Water Infrastructure in Q4 2025 and expects over 20% year-over-year growth in this segment for 2026. This expansion includes increasing dedicated acreage for water recycling and disposal, as evidenced by new long-term contracts such as an 11-year agreement in the Northern Delaware Basin adding 265,000 dedicated acres and other agreements encompassing over 1.0 million acres under dedication or right-of-first-refusal in New Mexico.

2. Growth in Chemical Technologies Segment: The Chemical Technologies segment has shown strong performance, with a 13% sequential increase in revenue and a 34% rise in gross profit in Q3 2025. This growth is attributed to new product development, key customer wins, and ongoing market share gains. The company projects steady performance for this segment in Q4 2025 with strong margins and anticipates continued positive contributions to overall revenue.

3. Increased Water Recycling and Environmentally Responsible Disposal Volumes: Select Water Solutions is focused on scaling its water recycling and disposal capacity. The company aims to achieve more than 400 million barrels of water recycling annually by 2030 and increased its treated or recycled water volume by 9% in 2024 compared to 2023. Expanding environmentally responsible disposal volumes also contributes to revenue growth, with a 41% increase reported in 2024. The company's strategic initiatives include enhancing existing water infrastructure and securing new long-term contracts that incorporate recycling, storage, disposal, and pipeline gathering and distribution.

4. Strategic Acquisitions and Divestitures to Enhance Margin Profile: Select Water Solutions has been engaging in strategic acquisitions of infrastructure assets, such as landfill and treatment sites in the Bakken, while divesting non-core operations like certain trucking units. While some divestitures may lead to short-term reductions in Water Services revenues, the long-term goal is to improve consolidated margins and reduce operational risk, ultimately supporting more profitable revenue growth in the Water Infrastructure segment.

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Share Repurchases

• In the first quarter of 2025, Select Water Solutions repurchased $6.3 million of shares related to the vesting of restricted stock awards.
• The company's forward-looking statements mention a share repurchase program.

Share Issuance

• In July 2025, 862,069 Class A shares were issued to OMNI as part of an asset swap transaction.

Outbound Investments

• In the third quarter of 2025, Select closed on multiple strategic infrastructure acquisitions across the Permian, Northeast, Bakken, and MidCon regions, totaling $35.1 million in asset acquisitions and a business combination, primarily for water infrastructure and wastewater treatment development projects.
• During January 2024, Select acquired strategic water infrastructure assets in the Haynesville Shale and Rockies regions for approximately $90 million in aggregate cash consideration, adding about 450,000 barrels per day of permitted disposal capacity.
• In the first quarter of 2025, $72.1 million was invested in AV Farms, LP, and an additional $14.0 million was invested in asset acquisitions for disposal, pipeline, and recycling operations to support Water Infrastructure development.

Capital Expenditures

• Select Water Solutions modestly increased its 2025 net capital expenditures guidance range to $250 million to $275 million, up from an earlier guidance of $225 million to $250 million.
• Actual net capital expenditures were $91.1 million in Q3 2025, $71.7 million in Q2 2025, and $46.5 million in Q1 2025.
• Capital expenditures are primarily focused on new contracted infrastructure growth projects, expanding water infrastructure scale, and ongoing maintenance and margin improvement initiatives.