Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38066 Select Energy Services, Inc. (Exact name of registrant as specified in its charter) Delaware 81-4561945 (Sta ...

Financial Data and Key Metrics Changes - Total revenues for 2021 were $765 million, with adjusted EBITDA of $50 million, showing growth in revenue, margins, and adjusted EBITDA every quarter throughout the year [10] - In Q4, revenues increased by 25% quarter-over-quarter to $255 million, and adjusted EBITDA grew by over 70% to $26.4 million, compared to $15.1 million in Q3 [25][19] - The company reported a net income of $11.1 million in Q4, a significant improvement from a net loss of $14.2 million in Q3 [25] Business Line Data and Key Metrics Changes - The Chemicals segment saw a revenue increase of 22% quarter-over-quarter, with improved margins despite no direct benefits from recent acquisitions [26] - Water Services segment revenues grew by 25% in Q4, maintaining gross margins between 15% and 16% [32] - Water Infrastructure revenue increased by 27% to $47 million in Q4, driven by increased activity and contributions from newly acquired assets [35] Market Data and Key Metrics Changes - The company noted a strong commodity price backdrop with oil prices around $90 and natural gas prices exceeding $4, contributing to revenue growth [16] - North America onshore E&P budgets are expected to rise by 25% to 35% year-over-year in 2022, indicating a positive outlook for the industry [17] Company Strategy and Development Direction - The company is focused on improving its base business, advancing technology, and pursuing strategic M&A, having closed several acquisitions in 2021 that added nearly $300 million in run-rate revenues [12] - The company aims to create revenue synergies and capture cost savings through increased efficiency and pricing gains across its business [14] - Future investments will focus on technology, sustainability, and diversification initiatives, particularly in water recycling and chemical solutions [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2022, anticipating strong growth driven by recent acquisitions, technology investments, and a favorable macro environment [22] - The company expects to continue growing its business, improving pricing, and generating free cash flow in 2022 [20] - Management acknowledged ongoing cost pressures due to inflation but remains confident in their ability to push pricing and expand margins [47] Other Important Information - The company recycled 25 million barrels of produced water in 2021 and expects to increase these volumes in 2022 [28] - Free cash flow in Q4 was negative $6.4 million, with cash on hand decreasing by about $22 million during the quarter [38] Q&A Session Summary Question: How are pricing negotiations going in the inflationary environment? - Management reported success in pushing pricing for both Chemicals and Water Solutions, while also addressing cost pressures from labor and raw materials [47] Question: What is the outlook for M&A opportunities? - Management remains open to M&A opportunities that add strategic assets and geographic footprint, emphasizing the need for attractive valuations [49][50] Question: What is the expected performance of Water Infrastructure in the Bakken? - Management noted that Q2 is typically a slower season in the Bakken but expects opportunities to build a broader network with new assets from Nuverra [54] Question: What are the expected incrementals for the base business? - Historical incrementals of 30% are considered reasonable, with expectations of strong pricing gains despite cost inflation [56] Question: What is the focus for recycling technology investments? - The company is focused on building out existing infrastructure and servicing current customers, with opportunities for standalone systems in key regions [63]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 or Table of Contents For the transition period from _______________ to ________________ Commission File Number 001-38066 SELECT ENERGY SERVICES, INC. (Exact name of registrant as specified in its charter) Delaware 81-4561945 (State of incorporation) (IRS Employer 1233 W. Loop South, Suite ...

Select Energy Services, Inc. (NYSE:WTTR) Q3 2021 Earnings Conference Call November 3, 2021 11:00 AM ET Company Participants Chris George - VP, IR & Treasurer John Schmitz - President, CEO & Chairman Nicholas Swyka - CFO & SVP Michael Skarke - EVP & COO Conference Call Participants Ian MacPherson - Piper Sandler & Co. Thomas Curran - Seaport Research Partners Daniel Burke - Johnson Rice & Company John Lowe - Citigroup John Daniel - Daniel Energy Partners Operator Greetings, and welcome to the Select Energy S ...

Financial Data and Key Metrics Changes - The company reported a 12% revenue increase quarter-on-quarter, reaching $161 million in Q2 2021 [16] - Gross margins for Water Services improved from 3% to around 8%, with expectations for further upside in Q3 [17] - SG&A expenses decreased from $19.9 million to $15.9 million, primarily due to the absence of a one-off severance payment [19] Business Line Data and Key Metrics Changes - Oilfield Chemicals revenue grew by 23%, while Water Services revenue increased by 19% [8] - Water Infrastructure experienced a 12% decline due to seasonal factors, but a strong rebound is expected in Q3 [16][18] - The Complete Energy Services acquisition is projected to add over $100 million in annualized revenue and $10 million to $12 million in annualized EBITDA for 2021 [14] Market Data and Key Metrics Changes - The company anticipates a strong activity backdrop with stable commodity prices, which supports revenue and EBITDA growth in the latter half of the year [22] - The company is seeing increased reuse of produced water and development of recycling projects, which are positive long-term drivers for the Oilfield Chemicals segment [19] Company Strategy and Development Direction - The company is focused on strengthening its market position in sustainable full lifecycle water and chemical solutions, with key strategic priorities including improving the base business, advancing technology and ESG initiatives, and executing strategic M&A [7] - The acquisition of UltRecovery and a supply agreement with Emission Rx are part of the company's strategy to enhance its portfolio of sustainable technologies [10] - The company plans to maintain a disciplined approach to capital investment while targeting growth opportunities through both organic development and M&A [21] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth prospects for the base business, supported by a solid commodity price backdrop and positive customer discussions around pricing improvements [8] - The company expects to see margin uplift in the base business during Q3, driven by pricing adjustments and reduced labor pressures [17] - Management highlighted the importance of technology in providing cost-effective solutions and emphasized ongoing efforts to develop recycling networks in various basins [20][22] Other Important Information - The company finished Q2 2021 with $143 million in cash and no debt, maintaining a strong balance sheet [19] - The company expects to continue deploying a balanced mix of cash and equity into accretive opportunities [20] Q&A Session Summary Question: Anticipated gain in average realized pricing from Q2 to Q3 for Water Services - Management indicated that a lot of the pricing increase has been implemented, with notable adjustments occurring in June and continuing into July and August [26] Question: Current workforce size relative to required utilization for Q3 - Management stated that they are largely at the required workforce size, having secured necessary personnel recently [27] Question: Seasonal impact in the Bakken compared to pre-2020 norms - Management noted that the seasonal impact was severe in Q2 2021, more so than in previous years, but expects improvement going forward [28] Question: Organic top line growth in Q3 from the base business - Management projected high single to low double-digit organic growth, excluding the Complete acquisition [31] Question: Opportunities for building more recycling versus other comparable deals - Management confirmed that there are other potential acquisitions similar to Complete, focusing on infrastructure and long-term contracts [34]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to ________________ Commission File Number 001-38066 SELECT ENERGY SERVICES, INC. (Exact name of registrant as specified in its charter) ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to ________________ Commission File Number 001-38066 SELECT ENERGY SERVICES, INC. (Exact name of registrant as specified in its charter ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38066 Select Energy Services, Inc. (Exact name of registrant as specified in its charter) Delaware 81-4561945 (Sta ...

Select Energy Services, Inc. (NYSE:WTTR) Q4 2020 Earnings Conference Call February 24, 2021 10:00 AM ET Company Participants Chris George - VP, Investor Relations and Treasurer John Schmitz - Chairman and Chief Executive Officer Nick Swyka - Senior Vice President and Chief Financial Officer Conference Call Participants Sean Meakim - JPMorgan Tom Curran - B. Riley Operator Greetings, and welcome to Select Energy Services 2020 Fourth Quarter Earnings Conference Call. At this time, all participants are in a li ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to ________________ Commission File Number 001-38066 SELECT ENERGY SERVICES, INC. (Exact name of registrant as specified in its cha ...