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Here are 1-2 brief analogies to describe Select Water Solutions:

• Like Ecolab for the oil and gas industry's unique water and chemical needs.

• Similar to Kinder Morgan, but exclusively building and managing water pipelines and logistics for oil and gas drilling and production sites.

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• Field-Based Water Management Services: Provides comprehensive services including water transfer, flow back and well testing, containment, hauling, monitoring, and network automation for onshore oil and gas operations.
• Water Infrastructure Development & Operations: Designs, builds, and operates semi-permanent and permanent pipeline solutions to support oil and gas well development.
• Oilfield Chemical Solutions: Manufactures and supplies a diverse suite of chemicals and water treatment solutions for hydraulic fracturing, stimulation, cementing, and production.
• Advanced Water Technology Solutions: Offers hydrographic mapping, remote monitoring, leak detection, and automated equipment services to optimize water management.
• Production Chemical & Ancillary Services: Delivers specialized chemical solutions for underperforming wells and supporting services like corrosion monitoring and lab analysis.
• On-Site Rental Equipment & Workforce Accommodation: Provides various rental equipment and housing solutions to support field operations.

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Select Water Solutions (WTTR) sells primarily to other companies within the onshore oil and gas industry in the United States. The provided description does not list specific customer company names or their symbols. However, based on the company's services and segments, its major customers fall into the following categories:

• Onshore Oil and Gas Operators (Exploration & Production - E&P Companies): These companies are engaged in the exploration, drilling, and production of oil and natural gas. Select Water Solutions' Water Services segment (providing water transfer, flow back, well testing, water containment, fluids hauling, water monitoring, water network automation, technology solutions, and rental equipment) and Water Infrastructure segment (developing and operating pipeline solutions) directly support the development and ongoing operations of these E&P companies' wells. The Oilfield Chemicals segment also offers production chemical solutions for underperforming wells, which would directly serve these operators.

• Pressure Pumping Service Companies: These are specialized oilfield service companies that perform hydraulic fracturing and other well stimulation services. Select Water Solutions' Oilfield Chemicals segment explicitly states it develops, manufactures, and provides a suite of chemicals (such as polymers, viscosity modifiers, crosslinkers, friction reducers, surfactants, buffers, and breakers) specifically "to pressure pumping service companies" for use in hydraulic fracturing, stimulation, cementing, and well completions.

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John D. Schmitz, Chairman of the Board, President and Chief Executive Officer

Mr. Schmitz founded Select Water Solutions (originally Peak Oilfield Services, LLC) in 2007 and has served as Chairman of the Board since January 2020 and as President and Chief Executive Officer since January 2021. He previously 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 the private equity firm SCF Partners in 2003. Mr. Schmitz also leads B-29 Family Holdings, LLC and B-29 Investments, LP, with B-29 Investments focusing on investments in oilfield services, exploration and production, and midstream infrastructure. Select Water Solutions also received early financial support from private equity firms such as Crestview Partners and SCF Partners.

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

Mr. George was appointed Executive Vice President and Chief Financial Officer in March 2024. He joined Select in January 2012, holding various roles including Senior Vice President, Corporate Development, Investor Relations & Sustainability, and Treasurer. Before joining Select, Mr. George spent several years in the Global Energy Investment Banking Group at UBS Investment Bank, where he specialized in public equity and debt capital raises and M&A advisory work within the energy industry. He has led over two dozen successful acquisitions for Select, contributing to the company's growth and strategic evolution.

Garrett W. Skarke, Executive Vice President and Chief Operating Officer

Mr. Skarke has served as Executive Vice President and Chief Operating Officer since April 2021. He has held various positions for the company since June 2009, including Vice President of Water Solutions from 2013 to 2017 and Treasurer from 2012 to 2013.

Michael J. Lyons, Executive Vice President and Chief Strategy Officer, Chief Technology Officer

Mr. Lyons has served as Executive Vice President and Chief Strategy Officer since August 2023, responsible for developing and coordinating overall corporate and segment strategies. In January 2024, he also assumed the role of Chief Technology Officer, overseeing corporate IT platforms, cybersecurity, data engineering & analytics, field operating technology, ticketing systems, and the company's research and development program.

David V. Ortowski, Executive Vice President, Business and Regulatory Affairs

Mr. Ortowski has served as Executive Vice President, Business and Regulatory Affairs since the Rockwater Merger in November 2017. Prior to the merger, he served as President of Select (incorporated in 2016) and President of SES Holdings since September 2014. He joined SES Holdings' predecessor in 2007 and was promoted to Executive Vice President and Chief Operating Officer in 2011. Mr. Ortowski co-founded Impact Energy Services, LLC, a water transfer company, which was later acquired by Select.

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The key risks to Select Water Solutions' (WTTR) business are primarily linked to its deep ties to the highly cyclical oil and gas industry, significant environmental liabilities and regulatory scrutiny, and intense competitive pressures.

1. Dependence on the Volatile Oil and Gas Industry: Select Water Solutions' financial performance is heavily reliant on the activity levels and capital spending of its customers in the onshore oil and gas industry in the United States. The oil and gas sector is characterized by cyclical demand and fluctuating commodity prices, which directly impact drilling and production activities. Reductions in capital spending by oil and gas companies, or a sustained decline in oil and gas prices, could significantly reduce demand for WTTR's water management and chemical solutions, thereby negatively affecting its revenue and cash flows.
2. Environmental Liabilities and Stringent Regulations: Operating in the oilfield services sector, Select Water Solutions is exposed to substantial environmental concerns and stringent regulations. The company faces potential liabilities associated with incidents such as chemical spills, pipeline ruptures, and other operational hazards. Failure to comply with environmental regulations or effectively manage environmental risks could lead to significant fines, legal liabilities, and reputational damage. Additionally, restrictions on water procurement or changes in disposal requirements could also reduce demand for their services.
3. Intense Competition and Market Fragmentation: Select Water Solutions operates in a highly fragmented market with a diverse range of competitors, including large midstream companies, private water midstream companies, and exploration and production (E&P) customers that have invested in their own water infrastructure. This intense competition, coupled with the potential for new market entrants or customers developing in-house water management solutions, poses a threat to WTTR's revenue and cash flows by potentially leading to reduced service prices or difficulties in maintaining and expanding operations.

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The accelerating global energy transition towards renewable energy sources and away from fossil fuels represents a clear emerging threat. As governments and industries worldwide prioritize decarbonization and invest in alternatives like solar, wind, and electric vehicles, the long-term demand for onshore oil and gas exploration and production in the United States may decline. This shift could significantly reduce the need for Select Water Solutions' water management, water infrastructure, and oilfield chemical services, which are entirely dependent on the activity levels of the oil and gas industry.

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Select Water Solutions (NYSE: WTTR) operates in the significant North American oil and gas water management and oilfield chemicals markets.

The addressable market for the company's water management services and infrastructure in the U.S. is substantial. The U.S. midstream water market for oil and gas is projected to reach a total of US$156 billion between 2025 and 2030, with an average of over US$26 billion per year. This market encompasses critical services such as water supply, transport, storage, treatment, and disposal, which are pivotal for oil and gas well completion. Another report indicates that the United States Oil and Gas Water Management Services Market was valued at USD 7.2 billion in 2025, with North America being the largest market, holding approximately 45% of the global market share. The oil and gas water management services market in North America is projected to expand at a Compound Annual Growth Rate (CAGR) exceeding 8.3%. Produced water management constitutes a significant portion of this market.

For the Oilfield Chemicals segment, the market also represents a considerable opportunity. The global oilfield chemicals market size was estimated at USD 29.86 billion in 2025. North America held a dominant share of the global oilfield chemicals market, with its market share estimated at 55.90% in 2025. The U.S. market specifically is projected to reach an estimated value of USD 12.52 billion by 2032. Another source indicates the North American Oilfield Chemicals Market was valued at USD 13.01 billion in 2025 and is projected to reach USD 20.71 billion by 2035, growing at a CAGR of 4.6%. The U.S. market itself is expected to reach USD 12.91 billion by 2035. The U.S. accounts for a significant portion of the North America oilfield chemicals market, driven by extensive shale drilling and production activities.

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Select Water Solutions (WTTR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Expansion of Water Infrastructure Segment: The company anticipates significant growth within its Water Infrastructure segment, with projections of 20% to 25% year-over-year revenue growth in 2026. This growth is fueled by developing, building, and operating semi-permanent and permanent pipeline infrastructure solutions, alongside increased disposal and waste solution volumes. The Water Infrastructure segment is expected to be a primary contributor to overall growth, with management targeting it to account for over 60% of consolidated gross profit within the next 24 months.
2. Strategic Acquisitions and Organic Growth in Infrastructure: Select Water Solutions is actively expanding its operational footprint through strategic acquisitions of infrastructure assets, including disposal wells, pipelines, and landfill capacity, in key North American basins such as the Permian, Haynesville, Rockies, and Bakken. These acquisitions are complemented by securing new, long-term contracts for water infrastructure projects, demonstrating a commitment to broadening its service offerings and geographical presence.
3. Growth and Innovation in Chemical Technologies: The Chemical Technologies segment is a strong contributor to revenue growth, having reported a 19% year-over-year revenue growth in Q4 2025. The company expects this segment to deliver a similar revenue profile in 2026 with improved margins. Growth is driven by increased demand and market share gains from new product enhancements, including specialized friction reducers and surfactants critical for complex hydraulic fracturing and completion designs.
4. Increased Focus on Water Recycling and Sustainable Solutions: Select Water Solutions is committed to sustainable water management, setting ambitious targets for increasing recycled produced water volumes. For example, a 14% target increase in recycled produced water volumes at fixed facilities is set for 2025, with further annual increases planned. This emphasis on efficient water use, treatment, and recycling aims to boost efficiency and reduce environmental impact for energy companies, driving demand for their integrated solutions.
5. Diversification into New Markets: The company is exploring and entering new adjacent markets, such as a strategic partnership for lithium extraction in the Haynesville and Permian regions. This initiative is anticipated to begin contributing initial royalty revenues by early 2027, marking a potential new avenue for revenue generation and diversification beyond traditional oil and gas water management.

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Share Repurchases

• In full year 2025, Select Water Solutions made $7.3 million in Class A share repurchases related to net settlements for minimum tax withholding on incentive equity vestings.

Share Issuance

• In February 2026, Select Water Solutions completed a public offering of its Class A common stock, including the full exercise of the underwriters' option, resulting in aggregate gross proceeds of approximately $201.25 million.
• The offering involved pricing 13.7 million shares at $12.75 per share, with net proceeds intended for general corporate purposes, including water infrastructure growth projects, potential acquisitions, or debt repayment.

Outbound Investments

• During 2025, Select Water Solutions completed multiple strategic acquisitions, including additional disposal facilities in the Permian and Northeast regions, and a Bakken solids and landfill platform from Omni Environmental Solutions.
• In January 2024, the company acquired strategic water infrastructure assets in the Haynesville Shale and Rockies, focused on disposal capacity, for $90 million.
• The company formed AV Farms, supported by a planned $146 million phased investment for 16,300 acre-feet of senior annual Colorado water rights.

Capital Expenditures

• Net capital expenditures for the full year 2025 were $279.3 million, a significant increase from $157.3 million in 2024.
• For 2026, anticipated net capital expenditures are projected to be between $175 million and $225 million, which includes approximately $50 million to $60 million for maintenance.
• The primary focus of these capital expenditures is on water infrastructure growth projects, particularly the ongoing build-out and expansion of the Northern Delaware Basin network, including new facilities and pipeline projects.