Table of Contents Index to Financial Statements UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to | | Registrant, | | | --- | --- | --- | | Commission | State of Incorporation, | I.R.S. Employer | | File Number | Address ...

Financial Performance - Product and maintenance revenue for fiscal 2025 was $4,822 million, accounting for 91% of total revenue, compared to $4,214 million (91%) in 2024 and $3,834 million (94%) in 2023[53] - Services revenue increased to $475 million (9% of total revenue) in 2025 from $428 million (9%) in 2024 and $256 million (6%) in 2023[53] - Total revenue for fiscal 2025 reached $5,297 million, up from $4,642 million in 2024 and $4,090 million in 2023[53] - In fiscal 2025, total revenue reached $5,297 million, a 14.1% increase from $4,642 million in fiscal 2024[53] - Revenue from services increased to $475 million in fiscal 2025, representing 9% of total revenue, compared to 6% in fiscal 2023[53] Performance Obligations - Contracted but unsatisfied performance obligations amounted to $7.8 billion as of December 31, 2025, with 53% expected to be recognized as revenue over the next 12 months[55][56] - As of December 31, 2025, contracted but unsatisfied performance obligations were $7.8 billion, including $0.6 billion of non-cancelable commitments[55] - The company expects to recognize 53% of the contracted but unsatisfied performance obligations as revenue over the next 12 months, and 43% over the next 13 to 36 months[56] Research and Development - The company plans to continue significant investments in R&D to innovate and enhance current products, addressing increasing complexity in semiconductor design[58] - The company emphasizes significant investments in Research and Development (R&D) to support advancements in AI-driven computational software and hardware, essential for managing design complexity[21] - The company continues to make significant investments in R&D to innovate and enhance current products, aligning with the complexity of semiconductor and systems design[58] Product and Service Offerings - The Cadence Cloud portfolio is expanding with additional cloud-based and SaaS products, enhancing service offerings for customers[50] - Cadence's product categories include Core EDA, Semiconductor IP, and System Design and Analysis (SD&A), which are tightly integrated to support the electronic product design process[24] - The company integrates advanced AI technologies into its design platforms, enabling the creation of highly accurate digital twins for improved design efficiency and reliability[23] - Cadence's solutions are critical for optimizing performance, power, and area (PPA) of semiconductors, while also accelerating time-to-market for customers[21] - The company offers a comprehensive suite of functional verification tools, including the Jasper Formal Verification Platform and Xcelium™ Parallel Logic Simulation Platform, enhancing design quality and productivity[28] Competition and Market Environment - The company faces competition from both established firms and emerging players, with key competitors including Synopsys, Siemens EDA, and various international companies[72] - The company is subject to various governmental regulations, including trade controls and data privacy laws, which may impact its operations and financial condition[61] - The regulatory framework governing AI technologies is rapidly evolving, impacting the company's ability to develop and commercialize these technologies[69] - Regulatory changes, particularly concerning AI technologies and trade restrictions, may impact the company's ability to operate and innovate[68][63] Employee Engagement and Corporate Responsibility - The company emphasizes employee engagement and talent development as central to its success, regularly conducting surveys to measure engagement[74] - Cadence offers competitive compensation and benefits programs, linking employee compensation to business and individual performance[77] - The company aims to reduce its environmental footprint through corporate responsibility initiatives, appealing to top talent seeking to build careers with responsible organizations[81] - The Cadence Giving Foundation, established in 2021, focuses on community outreach and social impact through volunteer activities and charitable contributions[80] Leadership - Anirudh Devgan has been the CEO of Cadence since December 2021, with prior roles including Executive Vice President of Research and Development[85] - John M. Wall has served as CFO since October 2017, previously holding positions such as Corporate Vice President and Corporate Controller[86] - Paul Cunningham has been the Senior Vice President and General Manager of the System Verification Group since March 2021, previously co-founding Azuro, Inc. which Cadence acquired[87] - Paul Scannell has been with Cadence since 2005, currently serving as Senior Vice President of the Customer Success Team since May 2024[88] - Marc Taxay has been the Senior Vice President, General Counsel, and Corporate Secretary since May 2025, overseeing global legal operations[89] - Chin-Chi Teng has served as Senior Vice President and General Manager of the Digital and Signoff Group since September 2018, with a strong background in research and development[90] Acquisitions and Strategic Initiatives - The company expanded its AI-driven design and verification capabilities with the acquisition of advanced agentic AI technology, reducing verification cycles from weeks to days[30] - The acquisition of VLAB Works enhanced automotive electronic software and hardware development capabilities, addressing challenges in software-defined vehicles and systems[31] - The design IP portfolio was strengthened by acquiring the Arm Artisan foundation IP business, optimizing for advanced process nodes and enhancing time to market[33] - The acquisition of Secure-IC improved embedded security capabilities, addressing critical challenges in markets such as automotive and data centers[34] - The Millennium™ Multiphysics Enterprise Platform, co-developed with NVIDIA, aims to accelerate complex simulations in various fields, including semiconductor design[39]

B2GOLD CORP. Consolidated Financial Statements December 31, 2025 and 2024 Report of Independent Registered Public Accounting Firm To the Board of Directors and Shareholders of B2Gold Corp. Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated balance sheets of B2Gold Corp. and its subsidiaries (the Company) as of December 31, 2025 and 2024, and the related consolidated statements of operations, of comprehensive income (loss), of chan ...

Financial Results - Biotricity Inc. reported financial results for the period ended December 31, 2025[5]. - The press release detailing the financial results was issued on February 11, 2026[5]. Company Classification - The company is not classified as an emerging growth company under the Securities Act[4]. - No securities are registered pursuant to Section 12(b) of the Act[3]. Reporting Information - The information in the report is not deemed "filed" under the Exchange Act[6]. - The report includes a press release as Exhibit 99.1[7]. - The report was signed by Chief Financial Officer S. John Ayanoglou on February 18, 2026[11].

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, 2025 ☐ 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 001-36157 ESSENT GROUP LTD. (Exact name of registrant as specified in its charter) Yes ☒ No ☐ (State or other jurisdiction of incorporation ...

Investment Portfolio - As of December 31, 2025, approximately 65% of the investment portfolio was allocated to residential mortgage loans, 23% to Agency MBS, and 5% to Non-Agency RMBS, a significant shift from 88%, 4%, and 8% respectively in 2024[333]. - The company gained exposure to a $6.5 billion pool of Fannie Mae MSRs, acquiring it for $38 million, which serves as a natural book value hedge against interest rate fluctuations[352]. - The company plans to grow its Agency RMBS and MSR portfolios to enhance portfolio diversity and stability of dividends[396]. - The fixed-rate percentage of the portfolio was 86.5% as of December 31, 2025, slightly down from 87.9% in 2024[495]. - Loans held for investment constituted 69.8% of the portfolio as of December 31, 2025, compared to 88.0% in 2024[495]. HomeXpress Acquisition - The company completed the HomeXpress Acquisition on October 1, 2025, which is expected to enhance diversification of earnings sources and provide direct exposure to the growing residential consumer Non-QM and investor business purpose mortgage loan origination market[336][337]. - The acquisition of HomeXpress was completed for a total consideration of $272 million, including cash and stock issuance[376]. - HomeXpress originated 2,516 mortgage loans totaling approximately $1.0 billion in principal balance during Q4 2025, with an average loan balance of $412,000[379]. - HomeXpress reported net income of $8 million for Q4 2025, with operating income of approximately $11 million, representing 111 basis points of loan origination volume[383]. - The HomeXpress acquisition is expected to enhance loan origination volumes and overall returns to shareholders[397]. Financial Performance - Net income available to common shareholders for the year ended December 31, 2025, was $144 million, or $1.76 per share, up from $90 million, or $1.12 per share in 2024[409]. - Interest income increased by $60 million, or 7.9%, to $821 million for the year ended December 31, 2025, driven by Agency RMBS purchases[410]. - Interest expense rose by $59 million, or 11.8%, to $555 million for the year ended December 31, 2025, primarily due to higher borrowings for Agency RMBS financing[411]. - The company reported a return on average equity of 8.91% for the year ended December 31, 2025, up from 6.72% in 2024 and 4.87% in 2023[488]. - The company recorded net unrealized gains on financial instruments at fair value of $82 million in 2025, compared to $11 million in 2024[457]. Capital and Financing - The company raised over $187 million in capital for new investments through the redemption of securities in seven outstanding securitizations and sponsoring two new securitizations[360]. - In September 2025, the company issued $120 million of 8.875% unsecured senior notes, receiving approximately $116 million in proceeds after fees[374]. - The weighted average cost of debt on securities sold in the new securitizations was 5.8%, with a reduction in financing costs by 17 basis points from previous securitizations[360]. - The company incurred transaction expenses of $17 million related to the HomeXpress acquisition in 2025, compared to $7 million for the Palisades acquisition in 2024[466]. - The company had $7.4 billion of securities or cash pledged against secured financing agreements obligations as of December 31, 2025, compared to $4.1 billion in 2024[525]. Economic Indicators - The average 30-year fixed mortgage rate declined from 6.85% at the beginning of 2025 to 6.15% at year-end, a decrease of approximately 70 basis points[347]. - The unemployment rate increased to 4.4% at year-end 2025, while real GDP increased at an annualized rate of 3.8% in Q2 and 4.4% in Q3[343]. - The year-over-year national home price appreciation ended below consumer wage growth, indicating a step toward easing affordability challenges in the housing market[349]. Risk Management - The company entered into an interest rate cap with a notional amount of $1.0 billion, paying $7 million for a strike rate of 3.95%[438]. - The ratio of interest-earning assets to interest-bearing liabilities was 1.14 for the year ended December 31, 2025, down from 1.18 in 2024[424]. - The company actively manages 20 counterparties for secured financing agreements, with a total exposure of $6,038,336 thousand as of December 31, 2025[527]. - The haircut for secured financing agreements at fair value was 7.5% as of December 31, 2025[521]. - The company expects to enter into new secured financing agreements at maturity, but faces risks related to market conditions and interest rates[526].

Company Overview - As of December 31, 2025, the company owns a 98.1% limited partner interest in WES Operating[26] - The company is engaged in gathering, compressing, treating, processing, and transporting natural gas, as well as handling produced water[28] - The company has a $2.0 billion senior unsecured revolving credit facility[23] - The company has a $250.0 million buyback program ending December 31, 2026[23] - The company operates in the DJ Basin complex, which includes multiple processing plants and gathering systems[22] - The company has a relationship with Occidental Petroleum Corporation, which is its general partner[26] Acquisitions and Growth Strategy - The company has acquired Aris Water Solutions, Inc. on October 15, 2025, enhancing its water solutions capabilities[22] - The acquisition of Aris was completed in Q4 2025 for a total transaction value of $2.0 billion, which included $415 million in cash and 26.6 million common units issued[39] - The company aims to enhance growth through systematic acquisition activity and organic growth opportunities in existing or new areas of operation[42] Financial Performance - The company has reported on its financial condition and results of operations in its annual report[19] - The company reported that 97% of its wellhead natural-gas volume and 100% of its crude-oil and produced-water throughput were under fee-based contracts for the year ended December 31, 2025[45] - The company has approximately 2.5 Bcf/d of natural-gas assets and 1,028 MBbls/d of produced-water assets supported by minimum-volume commitments[45] - The effective borrowing capacity under the revolving credit facility was $2.0 billion as of December 31, 2025[49] Infrastructure and Capacity - As of December 31, 2025, the company had total assets including 14,910 miles of pipeline and a processing capacity of 5,780 MMcf/d for natural gas assets[36] - The North Loving plant was completed in 2025, adding 250 MMcf/d of processing capacity to the West Texas complex[56] - The North Loving Train II is under construction with a capacity of 300 MMcf/d, expected to be completed in Q2 2027, increasing total processing capacity of the West Texas complex to 2,490 MMcf/d[59] - The DJ Basin complex includes 26 processing and treating plants with a total capacity of 2,540 MMcf/d and 225 MBbls/d[67] Regulatory Environment - FERC regulates the company's interstate natural-gas pipelines, overseeing rates, services, and market conduct, with potential penalties exceeding $1.0 million per day for violations[102] - The company’s interstate liquids pipelines are regulated by FERC, which requires rates to be "just and reasonable" and can impose significant penalties for violations[103] - Proposed regulations by PHMSA in May 2023 could enhance leak detection and repair requirements, potentially increasing compliance costs and operational expenditures[98] - The company is subject to numerous environmental and occupational health and safety laws, including the Clean Air Act and the Clean Water Act, which impose various operational and reporting requirements[110] Environmental and Safety Considerations - The company may incur liabilities for environmental remediation related to properties acquired from third parties, which could affect financial performance[112] - The company has incurred and will continue to incur significant operating and capital expenditures to comply with environmental and occupational health and safety laws and regulations, which may have a material adverse effect on its financial condition and results of operations[115] - The EPA's New Source Performance Standards and Emissions Guidelines, effective in May 2024, will impose more stringent emissions standards for methane and volatile organic compounds from oil and gas facilities, potentially increasing capital expenditures and operating costs[117] - Colorado has adopted regulations requiring a 20.5% reduction in combustion greenhouse gas emissions from the midstream sector by 2030 compared to a 2015 baseline, which may increase compliance costs for the company[118] Workforce and Culture - The company employs 1,704 persons as of December 31, 2025, with a voluntary attrition rate of 9%, which is considered reasonable for the industry[122] - The company offers competitive compensation packages and a comprehensive range of health and retirement benefits to attract and retain top talent[123] - The company has implemented safety metrics in its incentive compensation program to foster a culture of safety throughout the organization[124] Market Position and Competition - The midstream services business is highly competitive, with competition based on reputation, commercial terms, operational reliability, and service levels, particularly in areas with heightened producer activity[94] - The company believes its assets are well-positioned to attract both Occidental and third-party volumes due to proximity to production and service flexibility[95]

Intellectual Property and Regulatory Exclusivity - The company owns or exclusively licenses approximately 2,499 granted patents worldwide, with about 476 being U.S. patents[50]. - Approximately 83% of the issued patents are set to expire within the next 10 years, with 22 patents expiring in 2026, 37 in 2027, and 26 in 2028[50]. - The company relies on a combination of regulatory and patent rights to protect the value of its product investments[49]. - The U.S. Hatch-Waxman Act provides five years of non-patent regulatory exclusivity from the first FDA approval of a new drug compound[52]. - In the EU, a similar data exclusivity scheme allows the pioneer drug company to use data obtained at its expense for up to eight years from the first approval[53]. - The Biologics Price Competition and Innovation Act grants 12 years of market exclusivity for reference biological products[55]. - The Orphan Drug Act allows for seven years of marketing exclusivity for the first approved orphan drug for a rare disease[56]. - Canada provides an eight-year data exclusivity period for innovative drugs from the date of market approval[58]. Compliance and Regulatory Challenges - Compliance with extensive government regulations is required for the research, development, and marketing of pharmaceutical products and medical devices[61]. - The company is subject to extensive U.S. federal and state health care marketing regulations, including the federal False Claims Act, which imposes civil and criminal liability for false claims[68]. - The Physician Payment Sunshine Act requires pharmaceutical companies to report any "transfer of value" to prescribers, with significant penalties for non-compliance[69]. - The company must comply with the U.S. Foreign Corrupt Practices Act and similar anti-bribery laws, which could result in criminal or civil penalties for violations[70]. - Compliance with the Health Insurance Portability and Accountability Act (HIPAA) is mandatory, requiring safeguards for the protection of sensitive health information[71]. - The California Consumer Privacy Act (CCPA) imposes stringent data privacy requirements, including civil penalties for violations and a private right of action for data breaches[73]. - The General Data Protection Regulation (GDPR) allows for fines of up to 4% of global annual revenue or €20 million for certain violations, significantly impacting data processing practices[75]. - The company faces compliance challenges due to differing interpretations of data protection laws in the EU and the UK, which may lead to increased operational costs[76]. - The Personal Information Protection Law (PIPL) in China imposes specific requirements for transferring personal data outside the country, affecting international operations[81]. - The company must navigate various state and federal laws regulating artificial intelligence (AI), which could require substantial changes to AI practices and incur compliance costs[78]. Market and Financial Considerations - Successful commercialization of products may depend on government and third-party payor reimbursement, with increasing pressures to limit or regulate prices in key markets[83]. - The Inflation Reduction Act (IRA) imposes financial penalties on drug price increases exceeding inflation rates, with Medicare Part D redesign starting in 2025, capping out-of-pocket costs at $2,000 for beneficiaries[87]. - Approximately 37% of the company's product sales for 2025 are produced, in total or in part, by third-party manufacturers under manufacturing arrangements[107]. - The company has a global commercial team of approximately 4,200 employees, with around 1,050 dedicated to the U.S. market for contact lenses, lens care, and pharmaceuticals[96][97]. - Customers accounting for 10% or more of total revenues include McKesson Corporation and Cardinal Health, each contributing 10% in 2025[100]. - The company operates 25 manufacturing facilities across 11 countries, focusing on specific product categories to meet regulatory requirements[103]. - As of December 31, 2025, the company employed approximately 13,000 individuals, with 7,000 in production and 900 in R&D[110]. - Legislative efforts at both federal and state levels continue to propose changes affecting drug pricing and reimbursement methodologies, potentially impacting the company's operations[88]. Employee Relations and Corporate Initiatives - The company is developing an integrated ESG program to comply with evolving regulations, including the EU's Corporate Sustainability Reporting Directive[94]. - The company has not experienced significant labor disruptions, maintaining good relations with employees and collective bargaining in some regions[111]. - The company anticipates ongoing macroeconomic challenges affecting inflation and supply chains, which its global supply team is actively managing[109]. - In 2025, the company achieved an annual Days Away Rate (DAR) of 5.5, meeting its goal of not exceeding 6, significantly lower than the industry standard DAR of 22[113]. - The company launched the Bausch + Lomb AI Academy in 2025, providing employees with access to world-class AI courses tailored for all experience levels[119]. - The company implemented a women's health program in the United States in 2025, providing comprehensive support for various health-related issues[121]. - The ONE by ONE Recycling Program has collected over 114 million used contact lenses and related items since its launch in November 2016[123]. - The company’s revenues are historically weighted toward the second half of the year, with first-quarter sales typically lower due to patient co-pays and deductibles resetting[124]. - The company has a robust global succession planning process to identify and develop talent for critical leadership positions[120]. - The company’s total rewards philosophy includes base pay, short-term and long-term incentives, aimed at attracting and retaining employees[121]. Financial Position and Risk Management - As of December 31, 2025, the company had $3,695 million in variable rate debt and $1,412 million in fixed rate debt, with a €675 million principal amount requiring repayment in Euros[599]. - A 100 basis-point change in interest rates would have an annualized pre-tax effect of approximately $37 million on the company's earnings and cash flows[599]. - A 1% change in foreign currency exchange rates would have impacted the company's shareholders' equity by approximately $23 million as of December 31, 2025[598].

Financial Performance - For Q4 2025, Claros Mortgage Trust, Inc. reported a GAAP net loss of $219.2 million, or $1.56 per share, and a full-year net loss of $489.1 million, or $3.49 per share[1] - Distributable Loss for Q4 2025 was $101.7 million, or $0.71 per share, and for the full year, it was $269.0 million, or $1.88 per share[1] Loan Portfolio and Reserves - The company resolved five loans totaling $483.9 million of UPB in Q4 2025, including two full repayments of $216.2 million[2] - As of December 31, 2025, the loan portfolio was valued at $3.7 billion with a weighted average yield of 6.2%[2] - CECL reserves stood at $443.1 million, or $3.09 per share, representing approximately 10.9% of UPB[2] - Watchlist loans decreased to $1.5 billion, reflecting a 45% net decline from the prior year-end[9] Liquidity and Financing - Total liquidity at year-end was $185 million, including $173 million in cash[2] - Net financings outstanding decreased by $1.7 billion during the year, including $580 million of deleveraging payments[2] Asset Sales - The company executed sales of signage and remaining office floors for a gross sales price of $24.1 million[2] Book Value - The book value per share was reported at $10.69[2]

Financial Performance - Reported fourth-quarter 2025 net income attributable to limited partners of $187.2 million, with record fourth-quarter Adjusted EBITDA of $635.6 million, including $29.5 million of unfavorable non-cash revenue adjustments[1][2] - Full-year 2025 net income attributable to limited partners totaled $1.154 billion, generating record full-year Adjusted EBITDA of $2.481 billion, representing a 6-percent year-over-year increase[1][2] - Full-year 2025 cash flows provided by operating activities reached $2.223 billion, with Free Cash Flow of $1.526 billion, a 15-percent year-over-year increase[1][2] - Total revenues for the year ended December 31, 2025, were $3,843.4 million, an increase from $3,605.2 million in 2024, representing a growth of 6.6%[20] - Net income attributable to Western Midstream Partners, LP for the year ended December 31, 2025, was $1,180.98 million, compared to $1,573.57 million in 2024, reflecting a decrease of 25%[20] - Adjusted EBITDA for the year ended December 31, 2025, was $2,480,782 thousand, compared to $2,344,038 thousand in 2024, reflecting an increase of about 5.8%[32] - Free Cash Flow for the year ended December 31, 2025, reached $1,526,025 thousand, up from $1,324,164 thousand in 2024, indicating a growth of approximately 15.2%[33] - Net income for the year ended December 31, 2025, was $1,212,455, a decrease from $1,611,252 in 2024[35] Cash Flow and Distributions - Announced a fourth-quarter distribution of $0.910 per unit, consistent with the prior quarter, equating to an annualized distribution of $3.64 per unit[1][4] - The company plans to distribute at least $3.67 per unit for the full year 2026, including a February 2026 distribution of $0.910 per unit[20] - Anticipated 2026 Distributable Cash Flow ("DCF") guidance range of $1.850 billion to $2.050 billion, or $4.59 to $5.08 per unit[1][9] - Planning to recommend a distribution increase to $0.93 per unit, representing a 2.2-percent increase over the prior quarter's distribution, starting in Q1 2026[1][9] Capital Expenditures and Guidance - Total capital expenditure guidance for 2026 is set between $850.0 million and $1.000 billion, significantly below previous expectations of at least $1.1 billion[1][9] - Capital expenditures for the year ended December 31, 2025, totaled $727,991 thousand, down from $833,856 thousand in 2024, representing a decrease of about 12.7%[33] Operational Metrics - Achieved record annual natural-gas throughput of 5.2 Bcf/d, a 4-percent year-over-year increase, and annual produced-water throughput of 1,578 MBbls/d, a 40-percent year-over-year increase[3][6] - Total throughput for natural-gas assets was 5,343 MMcf/d for the three months ended December 31, 2025, a decrease of 4% from 5,549 MMcf/d in the previous quarter[37] - Throughput for produced-water assets increased significantly by 121% to 2,744 MBbls/d for the three months ended December 31, 2025, compared to 1,242 MBbls/d in the previous quarter[39] - Total throughput attributable to WES for crude-oil and NGLs assets was 508 MBbls/d for the three months ended December 31, 2025, a decrease of 3% from 514 MBbls/d in the previous quarter[39] - The company experienced a 5% decrease in throughput for equity investments in natural-gas assets, totaling 525 MMcf/d for the three months ended December 31, 2025[39] Debt and Assets - Long-term debt as of December 31, 2025, was $8,195.17 million, an increase from $6,926.65 million in 2024, representing a rise of 18.3%[22] - The company reported a total asset value of $14,998.42 million as of December 31, 2025, compared to $13,144.79 million in 2024, reflecting an increase of 14.1%[22] Operating Expenses - Operating expenses for the year ended December 31, 2025, totaled $2,316.68 million, up from $2,043.65 million in 2024, indicating an increase of 13.3%[20] - Interest expense for the year ended December 31, 2025, was $390,490 thousand, slightly up from $378,513 thousand in 2024, indicating an increase of approximately 3.0%[32] Acquisitions - Completed the acquisition of Aris Water Solutions, significantly expanding the company's produced-water capabilities and diversifying its customer base[5][6]