Select Water Solutions - WTTR STOCK NEWS

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.

Select Energy Services (WTTR) reported Q4 2020 revenue of $133.3 million, up 32% from Q3 2020. Adjusted EBITDA improved to $10.2 million from a loss of $4.7 million in Q3. Major drivers included a significant recovery in the Water Infrastructure segment, with partnerships enhancing water recycling efforts. The company achieved $106 million in operating cash flow for 2020 and anticipates a 5%-10% revenue increase in Q1 2021, despite some disruptions due to severe weather. Select maintains a strong position with $169 million in cash and no debt.

Select Energy Services (NYSE: WTTR) has announced the launch of two new produced water recycling facilities in the Permian Basin and a $3 million investment in Deep Imaging Technologies. These initiatives aim to enhance water management solutions and sustainability efforts in the U.S. oil and gas industry. Preliminary fourth quarter 2020 revenue is estimated at $130-$135 million, with a projected net loss of $19-$23 million, showing improvement from the previous quarter. The company maintains a strong outlook for 2021 with ongoing operational momentum.

On January 4, 2021, Select Energy Services (NYSE: WTTR) announced the appointment of John D. Schmitz as the new CEO and President, effective January 3, 2021. Schmitz, who has been with Select since its inception, will continue as Chairman of the Board. He replaces Holli C. Ladhani, who has left the company to pursue other opportunities. Under Schmitz's leadership, Select aims to navigate industry challenges exacerbated by the COVID-19 pandemic while continuing its growth in water management and chemical solutions for the oil and gas sector.

Select Energy Services, Inc. (NYSE: WTTR) reported third-quarter 2020 revenue of $101.2 million, up from $92.2 million in Q2 2020 but down from $329.0 million in Q3 2019. The net loss narrowed to $36.3 million from $53.0 million in Q2 2020. Despite challenges, the company experienced strong growth in its Oilfield Chemicals segment and Bakken infrastructure, with positive Adjusted EBITDA in September. Free cash flow remained positive for the eleventh consecutive quarter at $19 million. With $185 million in cash and no bank debt, Select is positioned to capitalize on future opportunities.