Welcome to our dedicated page for Select Water Solutions news (Ticker: WTTR), a resource for investors and traders seeking the latest updates and insights on Select Water Solutions stock.
Select Water Solutions, Inc. (NYSE: WTTR) stands as a prominent provider of sustainable water and chemical solutions dedicated to the energy industry. Headquartered in Houston, Texas, the company has expanded since its inception in 2007 in Gainesville, Texas, and now employs nearly 2,000 professionals. Select Water Solutions operates in every major shale play across the United States, servicing over 400 customers and delivering innovative, efficient end-to-end water solutions to oilfield operators.
At the core of Select's operations lies a focus on sustainability and safety. The company is known for its critical water infrastructure assets, chemical manufacturing, and advanced water treatment and recycling capabilities. The company's commitment to providing environmentally responsible water management solutions has made it a trusted partner in the industry.
Key Business Segments:
- Water Services: This segment generates the majority of Select's revenue and includes water sourcing, transportation, treatment, and recycling services.
- Water Infrastructure: Select develops and operates water pipelines, storage, and recycling facilities, ensuring efficient water management for its clients.
- Chemical Technologies: The company manufactures and supplies a range of chemical solutions tailored to enhance oilfield operations.
Recent Achievements:
- Financial Strength: In the third quarter of 2023, Select reported revenue of $389.3 million, maintaining strong operating cash flows and a debt-free balance sheet.
- New Projects: The company has undertaken significant infrastructure projects in the Northern Delaware Basin and East Texas, enhancing its water gathering and distribution capabilities.
- Strategic Acquisitions: Recent acquisitions of Trinity Environmental Services and Buckhorn Waste Services have expanded Select's operational footprint and service offerings.
- Innovative Partnerships: Collaboration with Occidental at the South Curtis Ranch facility has resulted in the treatment and recycling of 50 million barrels of produced water, demonstrating the company's commitment to environmental stewardship.
Focus on Sustainability: Select places a high priority on the safe, environmentally responsible management of water throughout the lifecycle of a well. The company continues to invest in infrastructure that supports water recycling and distribution, significantly reducing freshwater consumption and waste.
For more up-to-date information and detailed financial results, visit Select's website at https://www.selectwater.com.
Select Water Solutions (NYSE: WTTR) reported its Q4 and full-year 2024 results, with consolidated revenue of $1.5 billion for the year and $349 million for Q4. The company's Water Infrastructure segment showed strong growth with 2024 revenues of $291 million, up 26% year-over-year, and gross profit up 62%.
Operating cash flows reached $235 million for the year and $68 million in Q4. The company announced new long-term Water Infrastructure projects in the Permian Basin, backed by a new 150,000+ acre dedication, with expected capital deployment of $39-41 million. Additionally, WTTR announced a new water rights and storage partnership in Colorado with a $62 million initial investment, targeting municipal, industrial, and agricultural supply contracts.
For 2025, the company expects record-setting Adjusted EBITDA and consolidated margins, with Water Infrastructure segment revenues and gross profit projected to grow by 15-25% year-over-year. Net capital expenditures for 2025 are targeted at $170-190 million.
Select Water Solutions (NYSE: WTTR) and Occidental announced significant progress in their joint water management initiative in the Northern Delaware Basin. The Lost Tank recycling facility in Lea County, New Mexico has reached a milestone of recycling over 50 million barrels of produced water since its 2022 launch.
The facility has expanded from an initial capacity of 60,000 barrels per day to 180,000 barrels per day, supported by 1.9 million barrels of storage. Select constructed a 13-mile produced water pipeline to Occidental's Mesa Verde assets, enabling greater flexibility in water recycling and reuse. The network features advanced automation for dynamic water balancing and is planned to expand by 2025, integrating into a broader system with 12 million barrels of total storage capacity.
Select Water Solutions (NYSE: WTTR) has scheduled its 2024 fourth quarter and full year earnings release for Tuesday, February 18, 2025, after market close. The company will host a conference call to discuss the results on Wednesday, February 19, 2025, at 11:00 a.m. Eastern Time (10:00 a.m. Central Time).
Investors can access the call by dialing 201-389-0872 or joining the webcast at the company's investor relations website. A replay will be available through March 5, 2025, by dialing 201-612-7415 with passcode 13751345#. The webcast archive will be accessible for 90 days on the company's website.
Select Water Solutions (NYSE: WTTR) announced significant changes to its Board of Directors. Bruce E. Cope, CPA and Timothy A. Roberts have been appointed as new directors, while Troy W. Thacker will not seek re-election after nearly five years of service.
Cope brings over 30 years of oil and gas industry experience, particularly in E&P operations and investments. He previously served as Senior VP - Chief Accounting Officer & Controller at Hunt Consolidated, Inc. Roberts contributes more than 20 years of experience in the Midstream sector and energy investments, currently serving as CEO and Partner of Iron Horse Midstream,
Chairman John Schmitz highlighted that the new directors' accounting, finance, and operational expertise will strengthen the company's midstream partnerships and support its Water Infrastructure growth strategy.
Select Water Solutions (NYSE: WTTR) has secured a new five-year senior secured sustainability-linked credit facility totaling $550 million. The facility comprises a $300 million revolving credit commitment and a $250 million term loan, with potential expansion of up to $200 million through additional commitments over four years.
The credit facility features sustainability-linked targets focused on increasing produced water recycling volumes and maintaining safety standards, with financial incentives for meeting these benchmarks. As of the closing date, there were no borrowings under the revolver, approximately $20 million in outstanding letters of credit, and the term loan was fully funded.
The company has over $150 million of contracted infrastructure projects under construction and nearly $400 million in pro forma liquidity. The facility, extending through 2030, supports Select's expansion of water infrastructure networks, advancement of recycling and automation technologies, and delivery of sustainable solutions.
Select Water Solutions (NYSE: WTTR) has announced a quarterly cash dividend of $0.07 per share of Class A common stock. The dividend will be paid on February 14, 2025, to shareholders of record as of February 4, 2025. Additionally, SES Holdings unitholders will receive a comparable distribution of $0.07 per unit under the same payment schedule. The company, which specializes in sustainable water and chemical solutions for the energy industry, notes that all future dividend payments will require quarterly review and approval from Select's Board of Directors.
Select Water Solutions (NYSE: WTTR) has announced its participation in the Water Tower Research Fireside Chat Series on November 13, 2024, at 12:00 p.m. Eastern Time. The company's Executive VP & CFO Chris George and Executive VP & COO Michael Skarke will be representing Select at this open-access investor event.
The webinar is accessible to all investors through online registration, and a replay will be available after the event. Select Water Solutions specializes in providing sustainable water and chemical solutions to the energy industry.
Select Water Solutions (NYSE: WTTR) reported Q3 2024 financial results with revenue of $371 million, up 2% from Q2 2024. Net income increased 26% to $18.8 million, while Adjusted EBITDA grew 4% to $72.8 million. The Water Infrastructure segment showed strong performance with 20% sequential revenue growth and 33% increase in gross profit before D&A. The company secured multiple new long-term contracts for pipeline gathering, recycling & disposal infrastructure projects, with planned capital deployment of $37-42 million. However, Q4 2024 Adjusted EBITDA is expected to decrease to $60-62 million due to seasonal slowdown and temporary asset downtime for infrastructure upgrades.
Select Water Solutions (NYSE: WTTR) announced a 17% increase in its quarterly cash dividend to $0.07 per share of Class A common stock, payable on November 15, 2024, to shareholders of record as of November 5, 2024. A similar distribution will be made to SES Holdings unitholders. The company's CEO highlighted their commitment to shareholder returns, citing strong operating capabilities, cash flow generation, and infrastructure growth opportunities. The dividend increase reflects confidence in their capital efficient business model and expanding portfolio of contracted infrastructure and production-related revenue streams.
Select Water Solutions (NYSE: WTTR) has announced its schedule for the release of 2024 third quarter financial results. The company will release the results on Tuesday, November 5, 2024 after market close. A conference call is scheduled for Wednesday, November 6, 2024 at 11:00 a.m. Eastern Time (10:00 a.m. Central Time).
Interested parties can participate in the call by dialing 201-389-0872 or by accessing the webcast at https://investors.selectwater.com/events-presentations/current. For those unable to attend the live call, a replay will be available until November 20, 2024, by dialing 201-612-7415 and using passcode 13749690#. Additionally, an archive of the webcast will be accessible on the company's website for 90 days following the call.
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