Select Water Solutions, Inc. - WTTR STOCK NEWS

Select Energy Services, Inc. (NYSE: WTTR) will release its third quarter 2021 financial results on November 2, 2021, after market close. A conference call is scheduled for November 3, 2021, at 11:00 a.m. Eastern Time. Investors can join the call by dialing 201-389-0872 or accessing it online. A replay will be available until November 17, 2021. Select Energy is recognized as a leader in providing sustainable water and chemical solutions for the oil and gas sector.

Select Energy Services (NYSE: WTTR) has successfully acquired Agua Libre Midstream and certain assets from Basic Energy Services, effective October 1, 2021. The deal, approved by the U.S. Bankruptcy Court, includes the issuance of 902,593 shares and $14.5 million in cash. This acquisition enhances Select's water disposal capacity by over 550,000 barrels per day across key regions, expanding its operational footprint significantly. CEO John Schmitz highlighted the strategic benefits, including advancing technology and diversification efforts.

Select Energy Services (NYSE: WTTR) announced an asset purchase agreement to acquire Agua Libre Midstream from Basic Energy Services. This transaction, a "stalking horse" bid under Chapter 11 Bankruptcy Code, awaits approval from the U.S. Bankruptcy Court. The acquisition would enhance Select's produced water infrastructure and increase revenue from production-related services, particularly in the Permian Basin. This strategic move is expected to solidify Select's position as a leader in sustainable water solutions for the oil and gas industry.

Select Energy Services (NYSE: WTTR) reported Q2 2021 revenues of $161.1 million, up from $143.7 million in Q1 2021 and $92.2 million in Q2 2020. The net loss improved to $19.6 million compared to $27.4 million in Q1 2021 and $53.0 million last year. Key growth came from an impressive 23% increase in Oilfield Chemicals and a successful acquisition of Complete Energy Services, expected to add over $100 million in revenue. The firm anticipates further revenue growth and improved margins in Q3 2021, bolstered by increased activity and pricing adjustments.

Select Energy Services (NYSE: WTTR) has acquired Complete Energy Services, enhancing its position in the water solutions market for the oil and gas industry. The deal involved the issuance of 3.6 million shares and $14.2 million in cash. This acquisition adds over 300,000 barrels per day of permitted disposal capacity, significantly expanding Select's operational footprint in key U.S. basins. The integration of Complete's services is expected to double Select's production-related revenues and allow for long-term capital allocation strategies while maintaining a strong balance sheet with no debt.

Select Energy Services (NYSE: WTTR) has appointed Gayle L. Burleson as a director, enhancing its board with her extensive oil and gas experience. Burleson, formerly of Concho Resources, brings over 30 years of expertise in exploration and production. The company announced the construction of three new produced water recycling facilities in the Permian Basin and expansion plans for existing facilities, aiming to handle 375,000 barrels of water per day. Select also formed a partnership with AquaNyx Midstream and increased its investment in Deep Imaging Technologies, further supporting its strategic growth initiatives.

Select Energy Services (NYSE: WTTR) reported Q1 2021 revenue of $143.7 million, up 8% from Q4 2020, driven by the Oilfield Chemicals segment. Despite challenges from winter storms impacting margins and a net loss of $27.4 million, the company anticipates Q2 revenue guidance of $160-170 million with improved Adjusted EBITDA margins of 5-7%. Select's financial position remains strong, with no bank debt and liquidity of $262.2 million. Strategic investments in water recycling and geothermal energy reflect its commitment to sustainability and operational efficiency.

Select Energy Services (NYSE: WTTR) will release its first quarter 2021 financial results on May 4, 2021, after market close. A conference call is scheduled for May 5, 2021, at 11:00 a.m. Eastern Time, with options to join via phone or live webcast. A replay will be available until May 19, 2021. The company specializes in total water management and chemical solutions for the unconventional oil and gas industry, providing a range of services including water sourcing, monitoring, and chemical manufacturing. More details are available on their investor relations website.

ICE Thermal Harvesting has successfully closed its initial investment round, primarily led by Geneses Capital Management, with participation from Select Energy Services (NYSE: WTTR) and National Energy Services Reunited (NASDAQ: NESR). The venture aims to deliver zero-emission electric power harnessing geothermal energy. Co-founders Ben Bodishbaugh and Carrie Murtland emphasize the importance of assisting companies in achieving climate goals through sustainable energy solutions. Geneses expressed enthusiasm for partnering with a high-caliber team to tap into the growing renewable energy sector.