SELECT ENERGY SERVICES ANNOUNCES ISSUANCE OF INAUGURAL SUSTAINABILITY REPORT
HOUSTON, April 28, 2022 /PRNewswire/ -- Select Energy Services, Inc. (NYSE: WTTR) ("Select" or the "Company"), a leading provider of sustainable water and chemical solutions to the U.S. unconventional oil and gas industry, today announced the release of its 2021 Sustainability Report, the inaugural report for the Company.
John Schmitz, Chairman of the Board, President and CEO, stated, "At Select, we take our leadership in providing sustainable full-life-cycle water and chemical solutions seriously, and embrace additional transparency and accountability as we work to expand this leading position. We believe the issuance of our inaugural Sustainability Report, in conjunction with the ambitious water recycling and safety performance targets we implemented tied to our new sustainability-linked credit facility, further exemplify our commitment to providing sustainable solutions. Select is dedicated to implementing a corporate strategy that supports the long-term viability of its business model in a manner that focuses on its people, its customers, the environment, and the communities in which we operate.
"We believe this focus will help us and our customers achieve targeted short-term and long-term ESG goals, help us attract and retain top talent, and further our efforts to generate superior investor returns. Our commitment to foster a culture of corporate responsibility is an important part of being a company with operations spanning the contiguous United States, and is strategic to our growth in water and chemicals solutions. As a service company, we compete with other providers based on various factors, including customer service, safety and operational performance, technological innovation, process efficiencies and reputational awareness. We believe there is a strong link between these corporate responsibility initiatives and our ability to provide continued value enhancement to our stakeholders," concluded Schmitz.
Select's 2021 Sustainability Report details the policies, processes, procedures, and performance by which Select establishes and advances Environmental, Social, and Governance ("ESG") goals and criteria, as well as how the Company aims to act as a force for environmental stewardship and promote sustainable development in communities in which it operates.
Highlights of the inaugural 2021 sustainability report include:
- Established Select's ESG priorities and a commitment to report on ESG performance annually
- Reported key ESG performance metrics guided by recommended external disclosure frameworks
- Reported 11+ billion gallons of total treated or recycled water, a
70% annual increase - Achieved a
67% increase in recycled water as a percent of total water sales - Decreased fresh water as a percent of total water sales by
10% - Maintained a workforce comprised over
50% of minority groups - Achieved a lost time incident rate of 0.19 and a total recordable incident rate ("TRIR") of 0.66
- Established a target for increasing the total barrels of produced water that Select recycles based upon the objective to more than double the total recycled volumes by 2025 relative to its 2021 baseline volumes
- Established a target to achieve TRIR performance that represents a minimum
25% outperformance relative to industry peers based on the calculation of the product of (i) the three year trailing average of the following subsectors classifications as reported by the Bureau of Labor Statistics: Support Activities for Oil and Gas operations, Chemical Manufacturing, Truck Transportation, & Administrative and Support Services and (ii) 0.75
The report reviews the application of Select's business principles and supporting policies across the business, and includes information based discussions with internal and external stakeholders, and consultations with third-party experts. This inaugural report was guided by the recommended disclosures laid out by the Task Force on Financial Climate-related Disclosures ("TCFD"), the topics recommended by the Sustainability Accounting Standards Board ("SASB") Sustainable Industry Classification System® ("SICS") for the Oil & Gas Services and the Chemicals industries, and the reporting standards established by the Global Reporting Initiative ("GRI"). Select intends to regularly report on our ESG policies, procedures, and performance, both on our website and through our annual Sustainability Report. Readers are encouraged to read the Sustainability Report in its entirety, which is accessible at https://www.selectenergy.com/sustainability/.
Additional information and commentary regarding this report and Select's commitment to sustainability, as well as the Company's recent financial and operational performance, may be found in Select's first quarter 2022 earnings announcement scheduled to be released on May 3, 2022, as well as on Select's earnings call to review its first quarter 2022 results.
First Quarter 2022 Conference Call
Select has scheduled a conference call on Wednesday, May 4, 2022 at 11:00 a.m. Eastern time / 10:00 a.m. Central time. Please dial 201-389-0872 and ask for the Select Energy Services call at least 10 minutes prior to the start time of the call, or listen to the call live over the Internet by logging on to the website at the address http://investors.selectenergy.com/events-and-presentations. A telephonic replay of the conference call will be available through May 18, 2022 and may be accessed by calling 201-612-7415 using passcode 13729213#. A webcast archive will also be available at the link above shortly after the call and will be accessible for approximately 90 days.
About Select Energy Services, Inc.
Select Energy Services, Inc. and its consolidated subsidiaries (collectively referred to as "Select" or the "Company") is a leading provider of sustainable water and chemical solutions to the oil and gas industry. Select develops, manufactures and delivers a full suite of chemical products for use in oil and gas well completion and production operations as well as integration into the full water life-cycle. These solutions are supported by the Company's critical water infrastructure assets 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 oilfield 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," "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; 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; 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 | |
(713) 296-1073 | |
Dennard Lascar Investor Relations | |
Ken Dennard | |
713-529-6600 | |
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SOURCE Select Energy Services, Inc.
