Core Insights - Select Water Solutions reported consolidated revenue of $1.4 billion for the full year 2025, with a fourth quarter revenue of $347 million, reflecting a year-over-year revenue decline from $1.5 billion in 2024 [1][2] - The company achieved a net income of $21 million for 2025, down from $35.5 million in 2024, while Adjusted EBITDA increased to $260 million from $258.4 million in the previous year [2][3] - The Water Infrastructure segment generated $313 million in revenue for 2025, an 8% increase year-over-year, while the Chemical Technologies segment saw a 19% revenue growth to $308 million [1][2] Financial Performance - Full year 2025 gross profit was $202.4 million, down from $219.5 million in 2024, with a total gross margin of 14.4% compared to 15.1% in 2024 [2][3] - Fourth quarter 2025 revenue was $346.5 million, slightly lower than $349 million in Q4 2024, with a net loss of $2.1 million compared to a net income of $2.3 million in Q3 2025 [2][3] - Adjusted EBITDA for Q4 2025 was $64.2 million, up from $56.2 million in Q4 2024, indicating strong operational performance despite the net loss [2][3] Segment Performance - The Water Infrastructure segment reported revenues of $81.2 million in Q4 2025, up from $76.8 million in Q4 2024, with a gross margin before D&A of 54.1% [3][4] - The Water Services segment generated $178.3 million in Q4 2025, down from $209.3 million in Q4 2024, but showed a gross margin improvement to 19.6% [3][4] - The Chemical Technologies segment achieved record revenues of $87 million in Q4 2025, significantly higher than $62.9 million in Q4 2024, with a gross margin before D&A of 20.3% [3][4] Strategic Developments - The company announced multiple new long-term contracts for water infrastructure projects, adding significant capacity and acreage commitments, including 15 million barrels of minimum volume commitments [1][4] - Select Water Solutions is expanding its infrastructure footprint with new projects in the Northern Delaware Basin, including pipeline construction and disposal capacity enhancements [4] - The company anticipates a revenue growth of 20% to 25% in the Water Infrastructure segment for 2026, supported by ongoing construction and new project awards [2][3] Cash Flow and Capital Expenditures - Cash flow from operations for 2025 was $214.7 million, down from $234.9 million in 2024, while net capital expenditures increased to $279.3 million from $157.3 million in the previous year [3][4] - The company is targeting net capital expenditures of $175 million to $225 million for 2026, focusing on growth capital projects within the Water Infrastructure segment [2][3] Balance Sheet and Capital Structure - As of December 31, 2025, total cash and cash equivalents were $18.1 million, with total borrowings of $320 million under its sustainability-linked credit facility [3][4] - The company reported total liquidity of $163.6 million as of December 31, 2025, an increase from $134.8 million in 2024 [3][4]

Core Viewpoint - Select Water Solutions, Inc. is set to release its 2025 fourth quarter and full year financial results on February 17, 2026, after market close, followed by a conference call on February 18, 2026 [1][2]. Group 1: Financial Results Announcement - The financial results for the fourth quarter and full year of 2025 will be announced on February 17, 2026 [1]. - A conference call to discuss these results is scheduled for February 18, 2026, at 11:00 a.m. Eastern Time [2]. - The conference call will be accessible via phone or live over the Internet [2]. Group 2: Company Overview - Select Water Solutions is a leading provider of sustainable water and chemical solutions for the energy industry [3]. - The company emphasizes the importance of safe and environmentally responsible management of water throughout the lifecycle of a well [3]. - Select Water Solutions aims to conserve and protect the environment through responsible management of water resources [3].

Core Points - Select Water Solutions, Inc. will release its 2025 third quarter financial results on November 4, 2025, after market close [1] - A conference call is scheduled for November 5, 2025, at 11:00 a.m. Eastern Time, which will be available via phone and online [1] - The company emphasizes its commitment to sustainable water and chemical solutions for the energy industry, focusing on environmentally responsible management of water resources [2] Financial Results Announcement - The financial results for the third quarter of 2025 will be released on November 4, 2025 [1] - A live conference call will take place on November 5, 2025, at 11:00 a.m. Eastern Time [1] - Replay of the call will be available until November 19, 2025 [1] Company Overview - Select Water Solutions is a leading provider of sustainable water and chemical solutions to the energy industry [2] - The company prioritizes safe and environmentally responsible management of water throughout the lifecycle of a well [2] - Select Water Solutions believes in the importance of conserving and protecting the environment through responsible water resource management [2]

Core Insights - Grupo Rotoplas has been recognized as the first Water-Responsible Company in Mexico by the National Water Commission (Conagua) [1][2] - This recognition is part of the National Agreement on the Human Right to Water and Sustainability, which aims to enhance water efficiency and promote sustainable management solutions [2][3] - The company emphasizes its commitment to innovation, environmental responsibility, and creating shared value in the context of sustainable water security [3] Company Overview - Grupo Rotoplas is a leading provider of water solutions in the Americas, offering products and services for water storage, piping, treatment, and recycling [4] - The company has over 45 years of industry experience, operates 18 plants across 14 countries, and has a diverse portfolio with 27 product lines and an e-commerce platform [4] - Grupo Rotoplas has been listed on the Mexican Stock Exchange (BMV) under the ticker "AGUA" since December 10, 2014 [4]

Core Insights - Deep Blue Midland Basin LLC has successfully acquired Environmental Disposal Systems, LLC from Diamondback Energy, marking a significant expansion in its water infrastructure platform in the Midland Basin [1][2][4] - Diamondback retains a 30% equity interest in Deep Blue and has received approximately $695 million in upfront cash, with potential additional earnings of up to $200 million based on performance until the end of 2028 [2] - Deep Blue operates nearly 2,000 miles of pipeline, providing comprehensive water management services, including gathering, transporting, treating, recycling, and disposing of produced water [3] Company Overview - Deep Blue was established in 2023 as a joint venture between Diamondback and Five Point Infrastructure, focusing on integrated midstream water infrastructure networks for exploration and production companies in the Midland Basin [1][6] - The company aims to create value through sustainable water management practices, minimizing disposal through recycling and advanced technologies [6] Financial Aspects - To finance the acquisition, Deep Blue closed a $950 million seven-year senior secured term loan B facility and paid down a revolving credit facility [4] - The company received inaugural corporate ratings of BB- from Fitch Ratings and S&P Global Ratings, and Ba3 from Moody's Investors Service, all with a stable outlook [4] Strategic Importance - The acquisition of EDS is expected to enhance operational excellence and commercial synergies, aligning with rising industry demand for water management solutions [4] - Deep Blue's growth strategy is focused on developing sustainable solutions that contribute to the Texas economy and U.S. energy leadership [4]

Company Vision and Strategy - The company aims to transition from a service-oriented business to an environmental water management business, focusing on sustainable practices in water treatment and management [2][6] - The long-term strategy involves gathering, treating, and recycling water for producers, while also managing water sustainably over time [3][6] Market Position and Growth Potential - The company is positioned to support energy development in key North American basins, particularly the Delaware basin, where water management is critical for oil and gas production [5][11] - The production of water is expected to grow faster than oil production due to the increasing water-to-oil ratio as wells age and new areas with higher water cuts are exploited [12][11] IPO and Investor Engagement - The recent IPO is intended to support commercial development strategies and drive growth, with an emphasis on educating the market about the value of infrastructure in the energy sector [8][9] - The company believes that its contracts and competitive advantages are comparable to those in waste management, which could lead to a revaluation of the sector [9] Industry Dynamics - The company operates in a challenging environment where oil and natural gas prices have been declining, but it maintains that its success is not solely dependent on these prices [10][11] - The Delaware basin's unique dynamics, including a shallow decline curve for water production, provide a favorable outlook for the company's operations [11][12] Ecosystem and Synergies - The company is part of a broader ecosystem that includes Landbridge and PowerBridge, which enhances its operational capabilities and revenue predictability through a structured flow of royalties [15] - The combination of inexpensive gas and abundant water resources in West Texas creates an optimal environment for developing data centers, further diversifying the company's opportunities [16]

Core Viewpoint - Diamondback Energy, Inc. (FANG) has entered into an agreement to sell Environmental Disposal Systems, LLC (EDS) to Deep Blue Midland Basin LLC for approximately $750 million, which will significantly enhance Deep Blue's water management capacity in the Midland Basin [1][10]. Transaction Details - FANG is expected to receive about $675 million in upfront cash, with the potential for an additional $200 million based on performance through 2028 [2][10]. - FANG will retain a 30% equity stake in Deep Blue, ensuring ongoing strategic alignment and collaboration [2][7]. Infrastructure Expansion - The acquisition will allow Deep Blue to manage water services across 12 key counties, with the capacity to treat and recycle 1.2 million barrels of water per day, gather 1.6 million barrels per day, and dispose of 3.4 million barrels per day [3][4]. - The infrastructure includes 1,871 miles of pipeline and covers 783,000 dedicated acres, facilitating efficient water collection, treatment, recycling, and disposal [4][10]. Sustainability Focus - Deep Blue's strategy emphasizes sustainability by integrating treatment, recycling, and disposal processes to minimize environmental impact in oil and gas operations [5][15]. - The reuse of produced water for hydraulic fracturing is expected to reduce freshwater consumption and lower the carbon footprint of upstream development [5][15]. Leadership and Strategic Commitment - Scott Mitchell, CEO of Deep Blue, stated that the transaction will enhance its footprint and accelerate water management optimization in the Midland Basin [6]. - Kaes Van't Hof, CEO of Diamondback, highlighted that the deal will create value while maintaining a strong partnership with Deep Blue, allowing FANG to focus on core operations [8]. Growth Potential - Since its formation in 2023, Deep Blue has quickly become the largest independent water infrastructure platform in the Midland Basin, with the acquisition of EDS expected to further enhance operational reliability and integrated water services [13][14]. - The growing demand for reliable and sustainable water management solutions in the Permian Basin positions Deep Blue as a key enabler of upstream development while prioritizing environmental responsibility [14][15].

Core Insights - Deep Blue Midland Basin LLC has announced the acquisition of Environmental Disposal Systems, LLC from Diamondback Energy, significantly enhancing its position as the largest independent water infrastructure platform in the Midland Basin [1][2] - The acquisition is valued at $750 million, with Diamondback retaining a 30% equity interest in Deep Blue and receiving approximately $675 million in upfront cash, along with potential performance-based earnouts of up to $200 million by the end of 2028 [2][5] - This transaction is expected to create operational and commercial synergies, broadening Deep Blue's customer base and enhancing its capabilities in sustainable produced water management [3][4] Company Overview - Deep Blue was formed in 2023 as a joint venture between Diamondback and Five Point Infrastructure, rapidly establishing itself as a leader in the Midland Basin's water infrastructure sector [4][6] - The company operates an integrated midstream water infrastructure network, managing significant volumes of water for exploration and production companies, with a treatment and recycling capacity of 1.2 million barrels per day and a disposal capacity of 3.4 million barrels per day [6][7] - Deep Blue aims to minimize water disposal through advanced recycling technologies and sustainable practices, positioning itself as a pioneer in resource-efficient water management [7] Strategic Implications - The acquisition is seen as a strategic move to optimize water management in the Midland Basin, ensuring customers benefit from enhanced scale and innovative solutions [3][5] - Diamondback's continued partnership with Deep Blue as both a customer and equity holder underscores the alignment of interests and the potential for future growth in the water management sector [5] - Five Point Infrastructure's involvement highlights the commitment to setting industry standards in water management practices across U.S. energy production [5]

Core Viewpoint - Select Water Solutions has announced its dual listing on NYSE Texas, enhancing its presence in the Texas market where it was founded and operates predominantly [1][2]. Company Overview - Select Water Solutions is a leading provider of sustainable water management and chemical solutions for the energy industry, emphasizing safe and environmentally responsible water management throughout the lifecycle of a well [4]. - The company maintains critical water infrastructure assets, chemical manufacturing, and water treatment and recycling capabilities, which are essential for its operations [4]. Listing Details - The company will retain its primary listing on the New York Stock Exchange while trading under the same ticker symbol "WTTR" on NYSE Texas [3]. - As a Founding Member of NYSE Texas, Select Water Solutions expresses its commitment to supporting the growth of Texas's economy and entrepreneurial spirit [2].

Core Insights - The company reported a net income increase of 22.1% and an adjusted EBITDA improvement of 13.4% in Q2 2025 compared to Q1 2025, despite a slight decline in consolidated revenue [3][14] - The Water Infrastructure segment saw revenue and gross profit growth of 12% and 17%, respectively, in Q2 2025 compared to Q1 2025, with gross margins before depreciation and amortization reaching 55% [4][18] - An asset swap transaction with OMNI Environmental Solutions was completed, enhancing the company's Water Infrastructure assets while divesting certain trucking operations [6][27] Financial Performance - Operating cash flow for Q2 2025 was $82.6 million, a significant increase from cash flow used in operations of $5.1 million in Q1 2025 [21] - Total revenue for Q2 2025 was $364.2 million, down from $374.4 million in Q1 2025 but slightly up from $365.1 million in Q2 2024 [14] - Free cash flow for Q2 2025 was $10.8 million, recovering from a negative $51.5 million in Q1 2025 [22] Business Segment Performance - The Water Infrastructure segment generated revenues of $80.9 million in Q2 2025, up from $72.4 million in Q1 2025, with a gross margin before D&A of 55.2% [18] - The Water Services segment reported revenues of $215.7 million in Q2 2025, down from $225.6 million in Q1 2025, with a gross margin before D&A of 19.6% [19] - The Chemical Technologies segment's revenue decreased to $67.7 million in Q2 2025 from $76.3 million in Q1 2025, but gross margin before D&A improved to 17.5% [20] Strategic Developments - The company announced multiple new long-term contracted Water Infrastructure projects in the Permian Basin, backed by nearly 60,000 newly dedicated leasehold acres [2] - The company is evaluating strategic alternatives for Peak Rentals, aiming to enhance growth and access to capital [7][8] - A significant 12-year contract was signed for water recycling and disposal infrastructure in the Northern Delaware Basin, expected to enhance the company's operational capabilities [9][34] Cash Flow and Capital Expenditures - Net capital expenditures for Q2 2025 were $71.7 million, with a focus on supporting ongoing water infrastructure projects [22][11] - The company maintains a 2025 net capital expenditures guidance of $225 million to $250 million, with a bias towards the higher end due to recent project awards [11] Balance Sheet and Liquidity - Total cash and cash equivalents increased to $51.2 million as of June 30, 2025, compared to $27.9 million as of March 31, 2025 [24] - Total liquidity was reported at $279.3 million as of June 30, 2025, up from $260.2 million as of March 31, 2025 [26]