SELECT ENERGY SERVICES ANNOUNCES INITIAL QUARTERLY CASH DIVIDEND OF $0.05 PER SHARE

Rhea-AI Summary

Select Energy Services (NYSE: WTTR) announced a quarterly cash dividend of $0.05 per share for Class A common stock, payable on November 17, 2022. The record date is set for November 7, 2022. A similar distribution of $0.05 per unit has been approved for unitholders of SES Holdings, LLC. The company aims to maintain regular dividends, subject to market conditions and Board approval. CEO John Schmitz highlighted this initiative as a sign of confidence in the company’s performance and commitment to shareholder value, alongside a disciplined capital structure.

Positive

• Initiation of a quarterly cash dividend of $0.05 per share, reflecting confidence in operating performance.
• Commitment to generating shareholder value and maintaining a disciplined capital structure.

Negative

• None.

HOUSTON, Oct. 27, 2022 /PRNewswire/ -- Select Energy Services, Inc. (NYSE: WTTR) ("Select" or the "Company"), a leading provider of sustainable water and chemical solutions to the energy industry, today announced that its Board of Directors declared a quarterly cash dividend of $0.05 per share of Class A common stock, to be paid on November 17, 2022 to holders of record as of the close of business on November 7, 2022. A comparable distribution of $0.05 per unit has also been approved to the unitholders of SES Holdings, LLC, which will be subject to the same payment and record dates. Select intends to pay regular quarterly dividends, with all future dividend payments subject to market conditions, capital availability and quarterly review and approval by its Board of Directors. 

John Schmitz, Chairman of the Board, President and CEO, stated, "The Board's decision to initiate a regular quarterly dividend program reflects our confidence in Select's operating performance and strong balance sheet, as well as our commitment to generating multiple avenues of shareholder value over time.  These features along with our capital-light business model enable us to return capital to shareholders while maintaining a disciplined capital structure to support the growth of our business and continued expansion of our water recycling and infrastructure initiatives. We strongly believe in the long-term earnings and free cash flow generating capabilities of our business and are excited to share the benefits of this cash generation with our shareholders," concluded Schmitz.

About Select Energy Services, 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 continued success of the Company.  For more information, please visit Select's website, http://www.selectenergy.com.

Cautionary Statement Regarding Forward-Looking Statements

All statements in this communication other than statements of historical facts are forward-looking statements which contain our current expectations about our future results. We have attempted to identify

any forward-looking statements by using words such as "could," "believe," "anticipate," "expect," "intend," "project," "will," "estimate" and other similar expressions. Although we believe that the expectations reflected, and the assumptions or bases underlying our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause our actual results, events or financial positions to differ materially from those included within or implied by such forward-looking statements. Factors that could materially impact such forward-looking statements include, but are not limited to: the severity and duration of world health events, including the COVID-19 pandemic, which had a negative impact on our business; the global macroeconomic uncertainty related to the Russia-Ukraine war; actions by the members of OPEC+ with respect to oil production levels and announcements of potential changes in such levels, including the ability of the OPEC+ countries to agree on and comply with supply limitations; operational challenges relating to the COVID-19 pandemic and efforts to mitigate the spread of the virus, including logistical challenges, protecting the health and well-being of our employees, remote work arrangements, performance of contracts and supply chain disruptions; the level of capital spending and access to capital markets by oil and gas companies, trends and volatility in oil and gas prices, and our ability to manage through such volatility; sufficient surplus or net profits to pay dividends; and other factors discussed or referenced in the "Risk Factors" section of our most recent Annual Report on Form 10-K and those set forth from time to time in our other filings with the SEC. Investors should not place undue reliance on our forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.

WTTR-PR

Contacts:	Select Energy Services
	Chris George – Senior Vice President, Corporate Development, Investor Relations & Sustainability
	(713) 296-1073
	IR@selectenergyservices.com
	Dennard Lascar Investor Relations
	Ken Dennard
	(713) 529-6600
	WTTR@dennardlascar.com

 

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SOURCE Select Energy Services, Inc.

FAQ

What is the dividend amount for WTTR announced on October 27, 2022?

Select Energy Services announced a quarterly cash dividend of $0.05 per share on October 27, 2022.

When will the dividend for WTTR be paid?

The dividend will be paid on November 17, 2022.

What is the record date for the WTTR dividend payment?

The record date for the WTTR dividend payment is November 7, 2022.

How often does Select Energy Services plan to pay dividends?

Select Energy Services intends to pay regular quarterly dividends, subject to market conditions and Board approval.