2025年12月14日，毛里塔尼亚总统加兹瓦尼主持基法市供水项目奠基仪式，标志着该国一项重大战略性 民生工程正式启动。该项目建设周期为30个月，总投资约3.17亿美元。项目建成后，将为基法、塞利巴 比、温丁、康库萨等城市以及沿输水管线分布的数十个村庄提供稳定、安全的饮用水服务，显著改善阿 萨巴省和吉迪马卡省的供水条件。项目旨在保障两省超过18万人的基本饮水需求，并通过分阶段扩能， 逐步满足到2050年约50万人口的用水需要，对提升区域公共服务水平和促进社会经济发展具有重要意 义。 鉴于项目规模大、技术复杂，整体工程被划分为五个主要施工标段，以便于统筹管理和监督实施。第一 标段从塞内加尔河取水口延伸至第7公里处，第二标段从第7公里延伸至第45公里的塞利巴比，由沙特发 展基金提供融资支持。第三标段分为两部分：第一部分为塞利巴比至Hassi Chegar的管道连接工程，由 阿布扎比发展基金提供融资支持；第二部分为Hassi Chegar至Taghada主水库(容量1万立方米)的管道连接 工程，由伊斯兰开发银行提供融资支持。第四标段为Taghada主水库至Kankoussa的管道连接工程，由科 威特阿拉伯经济发展基金 ...

Financial Data and Key Metrics Changes - In Q1 2025, the company increased revenue by 7%, adjusted EBITDA by 14%, and improved consolidated gross margins by one percentage point [7][19] - Net income grew by $12 million, while consolidated SG&A expenses decreased by 6% [7][19] - The company achieved strong revenue growth of 21% in Chemical Technologies and 8% in Water Services [7] Business Line Data and Key Metrics Changes - Water Infrastructure maintained a strong gross margin of 54%, despite a sequential revenue decline driven by reduced revenues from legacy freshwater pipeline assets [7][16] - Water Services saw an 8% sequential revenue increase, primarily due to improved activity levels [17] - Chemical Technology experienced a strong sequential revenue growth of 21%, exceeding expectations [18] Market Data and Key Metrics Changes - The Northern Delaware Basin now represents 54% of the company's total fixed recycling capacity, reflecting significant growth in contracted acreage [11] - The company has developed a leading water infrastructure network in the Northern Delaware Basin, with over 1 million acres under dedication or right of first refusal agreements [8][11] Company Strategy and Development Direction - The company is focused on expanding its water infrastructure and has secured several large contracts that enhance its long-term revenue potential [8][10] - The strategic location of new projects and partnerships with industry-leading E&P partners are expected to contribute significantly to future earnings [8][10] - The company is also pursuing growth opportunities in agricultural, industrial, and municipal water sectors [11][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience despite macroeconomic pressures and potential activity dislocations due to tariffs and trade uncertainties [9][14] - The company anticipates continued growth in consolidated adjusted EBITDA of 6% to 12% during Q2 2025, despite potential declines in activity levels later in the year [13][19] - Management highlighted the importance of maintaining a disciplined approach to leverage and capital allocation to support growth initiatives [15][21] Other Important Information - The company successfully implemented a new ERP system across all operations, which is expected to yield efficiencies over time [23] - The company has adjusted its free cash flow expectations for the year to a conversion rate of 5% to 15% relative to adjusted EBITDA [21] Q&A Session Summary Question: Activity pullback in growth areas - Management confirmed that there has not been a pullback in activity in the Permian Basin, indicating confidence in their asset positioning [26][27] Question: Upcoming catalysts for AV Farms project - Management is engaging stakeholders and has letters of intent with potential customers, indicating strong demand and optimism for future revenue generation [28][30] Question: Role of CNA companies in AB Farms project - Management stated that Select will eventually take over operational roles while collaborating with CNA for commercialization [39][41] Question: Impact of tariffs on water infrastructure contracts - Management indicated that tariffs are not expected to materially impact water infrastructure projects due to domestic supply chains [43] Question: Supply chain resilience in Chemical Technologies - Management highlighted efforts to localize the supply chain, reducing reliance on international sourcing, particularly from China [44][45] Question: Future growth in water infrastructure - Management expects to maintain a growth trajectory of around 15% into 2026, supported by new projects and existing contracts [52][53] Question: M&A opportunities in the current environment - Management noted that the current environment presents opportunities for strategic asset purchases, particularly in a down cycle [75][78]