PERMIAN WATER RECYCLING FACILITY EXCEEDS 50 MILLION BARRELS TREATED AND REUSED
Select Water Solutions (NYSE: WTTR) and Occidental (NYSE: OXY) have achieved a significant milestone at their South Curtis Ranch facility in the Midland Basin, successfully treating and recycling over 50 million barrels of produced water since its inception in March 2021. This facility exemplifies sustainable water management by reducing freshwater consumption and waste, reflecting both companies' commitment to environmental stewardship. The achievement highlights the collaborative efforts and dedication of both teams to adopt long-term water recycling programs, providing economic value and environmental benefits to the community.
- Select Water Solutions and Occidental have successfully treated and recycled over 50 million barrels of produced water.
- The South Curtis Ranch facility in the Midland Basin has been operational since March 2021, showcasing sustainable water management.
- The initiative reduces freshwater consumption and waste, providing significant environmental benefits.
- Collaborative efforts between Select and Occidental demonstrate a strong commitment to environmental stewardship.
- The press release lacks specific financial data, making it difficult to assess the monetary impact on Select Water Solutions and Occidental.
- There is no mention of the costs associated with the water recycling processes, which could affect profitability.
Insights
Select Water Solutions' achievement of treating and recycling 50 million barrels of produced water at the South Curtis Ranch facility is a landmark on both an operational and environmental scale. From an environmental perspective, this significant milestone highlights the adoption of sustainable practices within the energy sector, traditionally known for its heavy environmental footprint.
This facility reduces the strain on freshwater resources, important in arid regions like the Midland Basin where water scarcity is a growing concern. By reusing water, Select and Occidental are not only cutting down on waste but also setting an important precedent for water management practices in the industry. For investors, this may signal a commitment to sustainability that aligns with global environmental goals and could potentially attract ESG (Environmental, Social and Governance) focused funds.
Given the escalating demand for sustainable and environmentally responsible practices, this achievement could enhance Select's market position, drawing a favorable perception from stakeholders and possibly leading to increased long-term investment appeal.
From a financial perspective, the milestone of treating 50 million barrels of water showcases operational efficiency and technological capability. Investors are likely to view this as a positive sign of the company's ability to manage large-scale operations effectively. This not only has potential cost-saving implications by reducing water procurement expenses but also signals the ability to monetize waste streams, which can translate into improved financial performance over time.
However, it's important for investors to monitor how this achievement translates into tangible financial metrics such as revenue growth, profit margins and return on investment. While the milestone is impressive, its direct impact on the company's financial health will depend on factors like operational costs, pricing of recycled water and demand from operator partners.
In summary, this development is a positive indicator of operational prowess, but investors should remain attentive to how this operational success is reflected in the company's financial statements in subsequent quarters.
"Reaching this milestone at one of our flagship facilities is a testament to the hard work and dedication of both teams. This facility not only delivers value to our operator partners, but also provides significant environmental benefits to the community," stated John Schmitz, Select's Chairman of the Board, President and CEO.
Facilities like South Curtis Ranch exemplify the advantages of long-term water programs and infrastructure designed to collect produced water from a vast and complex network of production wells, thereby reducing freshwater consumption and waste.
"By treating and reusing produced water, we use technology and collaboration to reduce water consumption and preserve a precious resource," said Thaimar Ramirez, President and General Manager of Occidental's Midland Basin Business Unit. "Occidental's dedication to responsible operations, including water management, reflects our belief that environmental stewardship is essential for community and ecological wellbeing."
About Select Water Solutions, Inc.
Select is a leading provider of sustainable water and chemical solutions to the energy industry. These solutions are supported by the Company's critical water infrastructure assets, chemical manufacturing and water treatment and recycling capabilities. As a leader in sustainable water and chemical solutions, Select places the utmost importance on safe, environmentally responsible management of water throughout the lifecycle of a well. Additionally, Select believes that responsibly managing water resources throughout its operations to help conserve and protect the environment is paramount to the Company's continued success. For more information, please visit Select's website, https://www.selectwater.com.
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Contacts: | Select Water Solutions | |
Chris George – EVP & CFO | ||
(713) 296-1073 | ||
Dennard Lascar Investor Relations | ||
Ken Dennard / Natalie Hairston | ||
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SOURCE Select Water Solutions, Inc.
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