1622110116221101000001693256--12-312025Q3NYSEP5YP3Dhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberfalse0001693256us-gaap:WaterPlantMember2025-01-012025-09-300001693256us-gaap:PatentsMember2025-01-012025-09-300001693256us-gaap:CustomerRelationshipsMember2025-01-012025-09-300001693256wttr:OldSustainabilityLinkedCreditFacilityMember2025-09-300001693256wttr:TaxReceivableAgreementMember2025-09-300001693256wttr:TaxReceivableAgreementMember2024-12-310001693256us-gaap:PerformanceSharesMemberus-gaap:CommonClassAMember2024-01-012024-12-310001693256us-gaap:PerformanceSharesMemberus-gaap:CommonClassAMember2023-01-012023-12-310001693256us-gaap:RestrictedStockMember2025-01-012025-09-300001693256wttr:RelativeTotalShareholderReturnIsTwentyFivePercentAtThresholdMemberus-gaap:PerformanceSharesMember2025-01-012025-09-300001693256wttr:RelativeTotalShareholderReturnIsLessThanTwentyFivePercentAtBelowThresholdMemberus-gaap:PerformanceSharesMember2025-01-012025-09-300001693256wttr:RelativeTotalShareholderReturnIsGreaterThanOrEqualToEightyPercentAtMaximumMemberus-gaap:PerformanceSharesMember2025-01-012025-09-300001693256wttr:RelativeTotalShareholderReturnIsFiftyFivePercentAtTargetMemberus-gaap:PerformanceSharesMember2025-01-012025-09-300001693256wttr:PeerGroupTopThreeMemberwttr:PerformanceSharesBasedOnReturnOnAssetPerformanceMember2024-01-012024-12-310001693256wttr:PeerGroupTopTenMemberwttr:PerformanceSharesBasedOnReturnOnAssetPerformanceMember2024-01-012024-12-310001693256wttr:PeerGroupTopSevenMemberwttr:PerformanceSharesBasedOnReturnOnAssetPerformanceMember2024-01-012024-12-310001693256wttr:PeerGroupRankingOutsideOfTopTenMemberwttr:PerformanceSharesBasedOnReturnOnAssetPerformanceMember2024-01-012024-12-310001693256wttr:AbsoluteTotalShareholderReturnIsZeroPercentAtThresholdMemberwttr:PerformanceSharesBasedOnTotalShareholderReturnPerformanceMember2024-01-012024-12-310001693256wttr:AbsoluteTotalShareholderReturnIsTenPercentAtTargetMemberwttr:PerformanceSharesBasedOnTotalShareholderReturnPerformanceMember2024-01-012024-12-310001693256wttr:AbsoluteTotalShareholderReturnIsLessThanZeroPercentAtBelowThresholdMemberwttr:PerformanceSharesBasedOnTotalShareholderReturnPerformanceMember2024-01-012024-12-310001693256wttr:AbsoluteTotalShareholderReturnIsGreaterThanOrEqualToThirtyPercentAtMaximumMemberwttr:PerformanceSharesBasedOnTotalShareholderReturnPerformanceMember2024-01-012024-12-310001693256wttr:PeerGroupTopThreeMemberus-gaap:PerformanceSharesMember2023-01-012023-12-310001693256wttr:PeerGroupTopTenMemberus-gaap:PerformanceSharesMember2023-01-012023-12-310001693256wttr:PeerGroupTopSevenMemberus-gaap:PerformanceSharesMember2023-01-012023-12-310001693256wttr:PeerGroupRankingOutsideOfTopTenMemberus-gaap:PerformanceSharesMember2023-01-012023-12-310001693256wttr:AdjustedFcfPerformancePercentageSeventyPercentageMemberwttr:PerformanceSharesBasedOnFreeCashFlowMember2023-01-012023-12-310001693256wttr:AdjustedFcfPerformancePercentageOneHundredThirtyPercentageMemberwttr:PerformanceSharesBasedOnFreeCashFlowMember2023-01-012023-12-310001693256wttr:AdjustedFcfPerformancePercentageLessThanSeventyPercentageMemberwttr:PerformanceSharesBasedOnFreeCashFlowMember2023-01-012023-12-310001693256wttr:AdjustedFcfPerformancePercentageHundredPercentageMemberwttr:PerformanceSharesBasedOnFreeCashFlowMember2023-01-012023-12-310001693256wttr:PermianBasinRockiesAndEagleFordMemberwttr:WaterServicesMember2025-07-012025-09-300001693256wttr:PermianBasinMidconAndRockiesMemberwttr:OilfieldChemicalsMember2025-07-012025-09-300001693256wttr:PermianBasinHaynesvilleAndBakkenMemberwttr:WaterInfrastructureMember2025-07-012025-09-300001693256us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberwttr:WaterServicesMember2025-04-012025-06-300001693256us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberwttr:WaterServicesMember2025-01-012025-06-300001693256wttr:PermianBasinRockiesAndEagleFordMemberwttr:WaterServicesMember2024-07-012024-09-300001693256wttr:PermianBasinMidconAndRockiesMemberwttr:OilfieldChemicalsMember2024-07-012024-09-300001693256wttr:PermianBasinHaynesvilleAndBakkenMemberwttr:WaterInfrastructureMember2024-07-012024-09-300001693256wttr:PermianBasinRockiesAndEagleFordMemberwttr:WaterServicesMember2024-01-012024-09-300001693256wttr:PermianBasinMidconAndRockiesMemberwttr:OilfieldChemicalsMember2024-01-012024-09-300001693256wttr:PermianBasinHaynesvilleAndBakkenMemberwttr:WaterInfrastructureMember2024-01-012024-09-300001693256wttr:TaxReceivableAgreementMemberwttr:LegacyOwnerHoldcoAndCrestviewGPMember2025-01-012025-09-300001693256wttr:TaxReceivableAgreementMemberwttr:ContributingLegacyOwnersMember2025-01-012025-09-300001693256wttr:TaxReceivableAgreementMember2025-01-012025-09-300001693256wttr:PermianBasinRockiesAndEagleFordMemberwttr:WaterServicesMember2025-01-012025-09-300001693256wttr:PermianBasinMidconAndRockiesMemberwttr:OilfieldChemicalsMember2025-01-012025-09-300001693256wttr:PermianBasinHaynesvilleAndBakkenMemberwttr:WaterInfrastructureMember2025-01-012025-09-300001693256wttr:DistributionsAllowedScenarioTwoMemberwttr:SeniorSecuredCreditFacilityMember2022-03-172022-03-170001693256wttr:DistributionsAllowedScenarioOneMemberwttr:SeniorSecuredCreditFacilityMember2022-03-172022-03-170001693256wttr:CoverageRatioCriteriaMemberwttr:SeniorSecuredCreditFacilityMember2022-03-172022-03-170001693256wttr:FirstFourYearsMemberwttr:TermLoanFacilityMember2025-01-242025-01-240001693256wttr:TermLoanFacilityMember2025-01-242025-01-240001693256wttr:DistributionsAllowedScenarioOneMemberwttr:SeniorSecuredCreditFacilityMember2022-03-170001693256srt:MinimumMemberus-gaap:WaterPlantMember2025-01-012025-09-300001693256srt:MaximumMemberus-gaap:WaterPlantMember2025-01-012025-09-300001693256wttr:DistributionsAllowedScenarioTwoMemberwttr:SeniorSecuredCreditFacilityMember2022-03-170001693256wttr:CoverageRatioCriteriaMemberwttr:SeniorSecuredCreditFacilityMember2022-03-170001693256srt:MinimumMemberus-gaap:PerformanceSharesMemberus-gaap:CommonClassAMember2025-01-012025-09-300001693256srt:MaximumMemberus-gaap:PerformanceSharesMemberus-gaap:CommonClassAMember2025-01-012025-09-300001693256srt:MinimumMemberus-gaap:PerformanceSharesMemberus-gaap:CommonClassAMember2024-01-012024-12-310001693256srt:MaximumMemberus-gaap:PerformanceSharesMemberus-gaap:CommonClassAMember2024-01-012024-12-310001693256srt:MinimumMemberus-gaap:PerformanceSharesMemberus-gaap:CommonClassAMember2023-01-012023-12-310001693256srt:MaximumMemberus-gaap:PerformanceSharesMemberus-gaap:CommonClassAMember2023-01-012023-12-310001693256wttr:TermLoanFacilityMemberwttr:NolvIpOfTermAdvanceCollateralMember2025-01-240001693256wttr:TermLoanFacilityMemberwttr:NetBookValueOfAllMEMember2025-01-240001693256us-gaap:RevolvingCreditFacilityMemberwttr:NetRecoveryPercentageMember2025-01-240001693256us-gaap:RevolvingCreditFacilityMemberwttr:EligibleUnbilledReceivablesMember2025-01-240001693256us-gaap:RevolvingCreditFacilityMemberwttr:EligibleInvestmentGradeBilledReceivablesMember2025-01-240001693256us-gaap:RevolvingCreditFacilityMemberwttr:EligibleInventoryMember2025-01-240001693256us-gaap:RevolvingCreditFacilityMemberwttr:EligibleBilledReceivablesMember2025-01-240001693256wttr:SeniorSecuredCreditFacilityMemberwttr:NetRecoveryPercentageMember2022-03-170001693256wttr:SeniorSecuredCreditFacilityMemberwttr:EligibleUnbilledReceivablesMember2022-03-170001693256wttr:SeniorSecuredCreditFacilityMemberwttr:EligibleInventoryMember2022-03-170001693256wttr:SeniorSecuredCreditFacilityMemberwttr:EligibleBilledReceivablesMember2022-03-170001693256srt:MinimumMemberwttr:SeniorSecuredCreditFacilityMember2022-03-170001693256wttr:SeniorSecuredCreditFacilityMember2022-03-170001693256us-gaap:RevolvingCreditFacilityMember2025-01-242025-01-240001693256us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2025-07-012025-09-300001693256us-gaap:PerformanceSharesMemberus-gaap:CommonClassAMember2025-07-012025-09-300001693256us-gaap:EmployeeStockOptionMemberus-gaap:CommonClassAMember2025-07-012025-09-300001693256us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2025-01-012025-09-300001693256us-gaap:PerformanceSharesMemberus-gaap:CommonClassAMember2025-01-012025-09-300001693256us-gaap:EmployeeStockOptionMemberus-gaap:CommonClassAMember2025-01-012025-09-300001693256us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2024-07-012024-09-300001693256us-gaap:PerformanceSharesMemberus-gaap:CommonClassAMember2024-07-012024-09-300001693256us-gaap:EmployeeStockOptionMemberus-gaap:CommonClassAMember2024-07-012024-09-300001693256us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2024-01-012024-09-300001693256us-gaap:PerformanceSharesMemberus-gaap:CommonClassAMember2024-01-012024-09-300001693256us-gaap:EmployeeStockOptionMemberus-gaap:CommonClassAMember2024-01-012024-09-300001693256srt:MaximumMemberwttr:LongTermIncentivePlan2016Memberus-gaap:CommonClassAMember2025-07-012025-09-300001693256us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-07-012024-09-300001693256us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-01-012024-09-300001693256wttr:CommonClassOneMemberus-gaap:PrivatePlacementMember2016-12-202016-12-200001693256us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-07-012025-09-300001693256us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-01-012025-09-300001693256us-gaap:RetainedEarningsMember2025-09-300001693256us-gaap:ParentMember2025-09-300001693256us-gaap:NoncontrollingInterestMember2025-09-300001693256us-gaap:AdditionalPaidInCapitalMember2025-09-300001693256us-gaap:RetainedEarningsMember2025-06-300001693256us-gaap:ParentMember2025-06-300001693256us-gaap:NoncontrollingInterestMember2025-06-300001693256us-gaap:AdditionalPaidInCapitalMember2025-06-3000016932562025-06-300001693256us-gaap:RetainedEarningsMember2024-12-310001693256us-gaap:ParentMember2024-12-310001693256us-gaap:NoncontrollingInterestMember2024-12-310001693256us-gaap:AdditionalPaidInCapitalMember2024-12-310001693256us-gaap:RetainedEarningsMember2024-09-300001693256us-gaap:ParentMember2024-09-300001693256us-gaap:NoncontrollingInterestMember2024-09-300001693256us-gaap:AdditionalPaidInCapitalMember2024-09-300001693256us-gaap:RetainedEarningsMember2024-06-300001693256us-gaap:ParentMember2024-06-300001693256us-gaap:NoncontrollingInterestMember2024-06-300001693256us-gaap:AdditionalPaidInCapitalMember2024-06-3000016932562024-06-300001693256us-gaap:RetainedEarningsMember2023-12-310001693256us-gaap:ParentMember2023-12-310001693256us-gaap:NoncontrollingInterestMember2023-12-310001693256us-gaap:AdditionalPaidInCapitalMember2023-12-310001693256wttr:LongTermIncentivePlan2016Memberus-gaap:CommonClassAMember2025-07-012025-09-300001693256wttr:LongTermIncentivePlan2016Memberus-gaap:CommonClassAMember2025-01-012025-09-300001693256wttr:LongTermIncentivePlan2016Memberus-gaap:CommonClassAMember2024-07-012024-09-300001693256wttr:LongTermIncentivePlan2016Memberus-gaap:CommonClassAMember2024-01-012024-09-300001693256us-gaap:CommonClassBMemberus-gaap:CommonStockMember2025-09-300001693256us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-09-300001693256us-gaap:CommonClassBMemberus-gaap:CommonStockMember2025-06-300001693256us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-06-300001693256us-gaap:CommonClassBMemberus-gaap:CommonStockMember2024-12-310001693256us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-12-310001693256us-gaap:CommonClassBMemberus-gaap:CommonStockMember2024-09-300001693256us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-09-300001693256us-gaap:CommonClassBMemberus-gaap:CommonStockMember2024-06-300001693256us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-06-300001693256us-gaap:CommonClassBMemberus-gaap:CommonStockMember2023-12-310001693256us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-12-310001693256us-gaap:EmployeeStockOptionMemberus-gaap:CommonClassAMember2025-09-300001693256us-gaap:EmployeeStockOptionMemberus-gaap:CommonClassAMember2024-12-310001693256us-gaap:EmployeeStockOptionMember2024-01-012024-12-310001693256us-gaap:EmployeeStockOptionMember2024-12-310001693256us-gaap:EmployeeStockOptionMember2025-09-300001693256wttr:EquityIncentive2024PlanMember2025-09-300001693256wttr:EquityIncentive2024PlanMember2024-05-080001693256wttr:SecondAmendmentTo2016PlanMemberus-gaap:CommonClassAMember2020-05-080001693256us-gaap:EmployeeStockOptionMember2025-01-012025-09-300001693256us-gaap:PerformanceSharesMember2024-01-012024-12-310001693256us-gaap:PerformanceSharesMember2023-01-012023-12-310001693256wttr:RestrictedStockAwardsMember2024-12-310001693256us-gaap:PerformanceSharesMember2024-12-310001693256wttr:PerformanceSharesBasedOnReturnOnAssetPerformanceMember2025-01-012025-09-300001693256wttr:PerformanceSharesBasedOnFreeCashFlowMember2025-01-012025-09-300001693256us-gaap:SpecialTerminationBenefitsMember2024-01-012024-09-300001693256wttr:AccommodationsAndRentalsRevenueMemberus-gaap:AccountingStandardsUpdate201602Member2025-07-012025-09-300001693256wttr:RockiesMember2025-07-012025-09-300001693256wttr:PermianBasinMember2025-07-012025-09-300001693256wttr:MidconMember2025-07-012025-09-300001693256wttr:MarcellusUticaMember2025-07-012025-09-300001693256wttr:HaynesvilleE.TexasMember2025-07-012025-09-300001693256wttr:EliminationsAndOtherGeographicalRegionsMember2025-07-012025-09-300001693256wttr:EagleFordMember2025-07-012025-09-300001693256wttr:BakkenMember2025-07-012025-09-300001693256wttr:AccommodationsAndRentalsRevenueMemberus-gaap:AccountingStandardsUpdate201602Member2025-01-012025-09-300001693256wttr:RockiesMember2025-01-012025-09-300001693256wttr:PermianBasinMember2025-01-012025-09-300001693256wttr:MidconMember2025-01-012025-09-300001693256wttr:MarcellusUticaMember2025-01-012025-09-300001693256wttr:HaynesvilleE.TexasMember2025-01-012025-09-300001693256wttr:EliminationsAndOtherGeographicalRegionsMember2025-01-012025-09-300001693256wttr:EagleFordMember2025-01-012025-09-300001693256wttr:BakkenMember2025-01-012025-09-300001693256wttr:AccommodationsAndRentalsRevenueMemberus-gaap:AccountingStandardsUpdate201602Member2024-07-012024-09-300001693256wttr:RockiesMember2024-07-012024-09-300001693256wttr:PermianBasinMember2024-07-012024-09-300001693256wttr:MidconMember2024-07-012024-09-300001693256wttr:MarcellusUticaMember2024-07-012024-09-300001693256wttr:HaynesvilleE.TexasMember2024-07-012024-09-300001693256wttr:EliminationsAndOtherGeographicalRegionsMember2024-07-012024-09-300001693256wttr:EagleFordMember2024-07-012024-09-300001693256wttr:BakkenMember2024-07-012024-09-300001693256wttr:AccommodationsAndRentalsRevenueMemberus-gaap:AccountingStandardsUpdate201602Member2024-01-012024-09-300001693256wttr:RockiesMember2024-01-012024-09-300001693256wttr:PermianBasinMember2024-01-012024-09-300001693256wttr:MidconMember2024-01-012024-09-300001693256wttr:MarcellusUticaMember2024-01-012024-09-300001693256wttr:HaynesvilleE.TexasMember2024-01-012024-09-300001693256wttr:EliminationsAndOtherGeographicalRegionsMember2024-01-012024-09-300001693256wttr:EagleFordMember2024-01-012024-09-300001693256wttr:BakkenMember2024-01-012024-09-300001693256wttr:AssetAcquisitionMemberwttr:SevenSmallerAssetAcquisitionsMember2025-09-300001693256us-gaap:SeriesOfIndividuallyImmaterialAssetAcquisitionsMemberus-gaap:LandMember2024-12-310001693256wttr:RecyclingFacilitiesMember2025-09-300001693256wttr:FinanceLeasedMachineryAndEquipmentMember2025-09-300001693256wttr:FinanceLeasedComputerEquipmentMember2025-09-300001693256us-gaap:WellsAndRelatedEquipmentAndFacilitiesMember2025-09-300001693256us-gaap:VehiclesMember2025-09-300001693256us-gaap:PipelinesMember2025-09-300001693256us-gaap:OfficeEquipmentMember2025-09-300001693256us-gaap:MachineryAndEquipmentMember2025-09-300001693256us-gaap:LandMember2025-09-300001693256us-gaap:ConstructionInProgressMember2025-09-300001693256us-gaap:ComputerEquipmentMember2025-09-300001693256us-gaap:BuildingAndBuildingImprovementsMember2025-09-300001693256wttr:RecyclingFacilitiesMember2024-12-310001693256wttr:FinanceLeasedMachineryAndEquipmentMember2024-12-310001693256wttr:FinanceLeasedComputerEquipmentMember2024-12-310001693256us-gaap:WellsAndRelatedEquipmentAndFacilitiesMember2024-12-310001693256us-gaap:VehiclesMember2024-12-310001693256us-gaap:PipelinesMember2024-12-310001693256us-gaap:OfficeEquipmentMember2024-12-310001693256us-gaap:MachineryAndEquipmentMember2024-12-310001693256us-gaap:LandMember2024-12-310001693256us-gaap:ConstructionInProgressMember2024-12-310001693256us-gaap:ComputerEquipmentMember2024-12-310001693256us-gaap:BuildingAndBuildingImprovementsMember2024-12-310001693256us-gaap:RetainedEarningsMember2025-07-012025-09-300001693256us-gaap:RetainedEarningsMember2025-01-012025-09-300001693256us-gaap:RetainedEarningsMember2024-07-012024-09-300001693256us-gaap:RetainedEarningsMember2024-01-012024-09-300001693256wttr:SesHoldingsLlcMember2025-01-012025-09-300001693256wttr:BuckhornWasteServicesLlcAndBuckhornDisposalLlcMember2025-01-012025-09-300001693256us-gaap:SeriesOfIndividuallyImmaterialAssetAcquisitionsMember2024-12-310001693256wttr:RentOfCertainEquipmentOrOtherServicesMemberus-gaap:RelatedPartyMember2025-07-012025-09-300001693256wttr:ManagementConsultingAndOtherServicesMemberus-gaap:RelatedPartyMember2025-07-012025-09-300001693256wttr:InventoryAndConsumablesMemberus-gaap:RelatedPartyMember2025-07-012025-09-300001693256us-gaap:PropertyPlantAndEquipmentMemberus-gaap:RelatedPartyMember2025-07-012025-09-300001693256us-gaap:RelatedPartyMember2025-07-012025-09-300001693256wttr:RentOfCertainEquipmentOrOtherServicesMemberus-gaap:RelatedPartyMember2025-01-012025-09-300001693256wttr:ManagementConsultingAndOtherServicesMemberus-gaap:RelatedPartyMember2025-01-012025-09-300001693256wttr:InventoryAndConsumablesMemberus-gaap:RelatedPartyMember2025-01-012025-09-300001693256us-gaap:PropertyPlantAndEquipmentMemberus-gaap:RelatedPartyMember2025-01-012025-09-300001693256us-gaap:RelatedPartyMember2025-01-012025-09-300001693256wttr:RentOfCertainEquipmentOrOtherServicesMemberus-gaap:RelatedPartyMember2024-07-012024-09-300001693256wttr:ManagementConsultingAndOtherServicesMemberus-gaap:RelatedPartyMember2024-07-012024-09-300001693256wttr:InventoryAndConsumablesMemberus-gaap:RelatedPartyMember2024-07-012024-09-300001693256us-gaap:PropertyPlantAndEquipmentMemberus-gaap:RelatedPartyMember2024-07-012024-09-300001693256us-gaap:RelatedPartyMember2024-07-012024-09-300001693256wttr:RentOfCertainEquipmentOrOtherServicesMemberus-gaap:RelatedPartyMember2024-01-012024-09-300001693256wttr:ManagementConsultingAndOtherServicesMemberus-gaap:RelatedPartyMember2024-01-012024-09-300001693256wttr:InventoryAndConsumablesMemberus-gaap:RelatedPartyMember2024-01-012024-09-300001693256us-gaap:PropertyPlantAndEquipmentMemberus-gaap:RelatedPartyMember2024-01-012024-09-300001693256us-gaap:RelatedPartyMember2024-01-012024-09-300001693256srt:MinimumMemberwttr:SeniorSecuredCreditFacilityMember2025-09-300001693256srt:MaximumMemberwttr:SeniorSecuredCreditFacilityMember2025-09-3000016932562022-03-170001693256srt:MinimumMemberus-gaap:RevolvingCreditFacilityMember2025-01-242025-01-240001693256srt:MaximumMemberus-gaap:RevolvingCreditFacilityMember2025-01-242025-01-240001693256wttr:SeniorSecuredCreditFacilityMember2025-01-242025-01-2400016932562022-03-172022-03-170001693256srt:MaximumMemberwttr:SeniorSecuredCreditFacilityMember2025-01-242025-01-240001693256us-gaap:RevolvingCreditFacilityMemberwttr:BorrowingBaseMember2025-09-300001693256wttr:SeniorSecuredCreditFacilityMember2025-09-300001693256wttr:SeniorSecuredCreditFacilityMemberus-gaap:BridgeLoanMember2025-01-240001693256wttr:TermLoanFacilityMember2025-01-240001693256wttr:SeniorSecuredCreditFacilityMember2025-01-240001693256us-gaap:RevolvingCreditFacilityMember2025-01-240001693256us-gaap:LetterOfCreditMember2025-01-240001693256wttr:SeniorSecuredCreditFacilityMember2024-12-310001693256wttr:SeniorSecuredCreditFacilityMemberus-gaap:LetterOfCreditMember2022-03-170001693256us-gaap:RevolvingCreditFacilityMember2022-03-170001693256us-gaap:RevolvingCreditFacilityMember2025-09-300001693256wttr:AvFarmsManagementLlcGeneralPartnerMemberwttr:SelectWaterReuseLlcMember2025-02-142025-02-140001693256wttr:AvFarmsManagementLlcGeneralPartnerMemberwttr:GenesesWaterL.p.Member2025-02-142025-02-140001693256wttr:AvFarmsManagementLlcGeneralPartnerMemberwttr:CAndRolloverCompanyLlcMember2025-02-142025-02-140001693256wttr:AvFarmsLpMemberwttr:SelectWaterReuseLlcMember2025-02-142025-02-140001693256wttr:AvFarmsLpMemberwttr:GenesesWaterL.p.Member2025-02-142025-02-140001693256wttr:AvFarmsLpMemberwttr:CAndRolloverCompanyLlcMember2025-02-142025-02-140001693256srt:MaximumMember2025-07-012025-09-300001693256srt:MaximumMember2025-01-012025-09-300001693256us-gaap:WaterPlantMember2025-09-300001693256us-gaap:WaterPlantMember2024-12-310001693256wttr:OtherMember2025-01-012025-09-300001693256srt:MaximumMember2024-01-012024-09-300001693256wttr:WaterServicesMember2025-01-012025-09-300001693256wttr:WaterInfrastructureMember2025-01-012025-09-300001693256wttr:WaterServicesMember2025-09-300001693256wttr:WaterInfrastructureMember2025-09-300001693256wttr:WaterServicesMember2024-12-310001693256wttr:WaterInfrastructureMember2024-12-310001693256wttr:AvFarmsLpMemberwttr:SelectWaterReuseLlcMember2025-02-280001693256us-gaap:SeriesOfIndividuallyImmaterialAssetAcquisitionsMemberus-gaap:IntellectualPropertyMember2024-12-310001693256us-gaap:WaterPlantMember2025-09-300001693256us-gaap:PatentsMember2025-09-300001693256us-gaap:CustomerRelationshipsMember2025-09-300001693256us-gaap:WaterPlantMember2024-12-310001693256us-gaap:PatentsMember2024-12-310001693256us-gaap:CustomerRelationshipsMember2024-12-3100016932562024-01-012024-12-310001693256wttr:InvestmentInJointVentureTwoMemberus-gaap:OtherNoncurrentAssetsMemberwttr:WaterServicesMember2025-09-300001693256wttr:InvestmentInJointVentureThreeMemberus-gaap:OtherNoncurrentAssetsMemberwttr:WaterServicesMember2025-09-300001693256wttr:InvestmentInJointVentureOneMemberus-gaap:OtherNoncurrentAssetsMemberwttr:WaterServicesMember2025-09-300001693256wttr:InvestmentInJointVentureFourMemberus-gaap:OtherNoncurrentAssetsMemberwttr:WaterInfrastructureMember2025-09-300001693256wttr:InvestmentInJointVentureTwoMemberus-gaap:OtherNoncurrentAssetsMemberwttr:WaterServicesMember2024-12-310001693256wttr:InvestmentInJointVentureThreeMemberus-gaap:OtherNoncurrentAssetsMemberwttr:WaterServicesMember2024-12-310001693256wttr:InvestmentInJointVentureOneMemberus-gaap:OtherNoncurrentAssetsMemberwttr:WaterServicesMember2024-12-310001693256srt:MinimumMemberwttr:RelatedPartiesMember2025-09-300001693256wttr:InvestmentInJointVentureTwoMember2025-09-300001693256wttr:InvestmentInJointVentureThreeMember2025-09-300001693256wttr:InvestmentInJointVentureOneMember2025-09-300001693256wttr:InvestmentInJointVentureFourMember2025-09-300001693256wttr:RestrictedStockAwardsMember2025-09-300001693256us-gaap:PerformanceSharesMember2025-09-300001693256us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberwttr:WaterServicesMember2025-06-300001693256us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberwttr:WaterInfrastructureMember2025-06-300001693256us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2025-06-300001693256us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2025-07-012025-09-300001693256us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2025-01-012025-09-300001693256us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2024-07-012024-09-300001693256us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2024-01-012024-09-300001693256wttr:TermLoanFacilityMember2025-09-300001693256srt:MinimumMemberwttr:TermLoanFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-01-242025-01-240001693256srt:MinimumMemberwttr:TermLoanFacilityMemberus-gaap:BaseRateMember2025-01-242025-01-240001693256srt:MinimumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-01-242025-01-240001693256srt:MinimumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMember2025-01-242025-01-240001693256srt:MaximumMemberwttr:TermLoanFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-01-242025-01-240001693256srt:MaximumMemberwttr:TermLoanFacilityMemberus-gaap:BaseRateMember2025-01-242025-01-240001693256srt:MaximumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-01-242025-01-240001693256srt:MaximumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMember2025-01-242025-01-240001693256wttr:SeniorSecuredCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-01-242025-01-240001693256wttr:SeniorSecuredCreditFacilityMemberus-gaap:FederalFundsEffectiveSwapRateMember2025-01-242025-01-240001693256wttr:TaxReceivableAgreementMember2023-06-232023-06-230001693256srt:MinimumMemberwttr:SeniorSecuredCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2022-03-172022-03-170001693256srt:MinimumMemberwttr:SeniorSecuredCreditFacilityMemberus-gaap:BaseRateMember2022-03-172022-03-170001693256srt:MaximumMemberwttr:SeniorSecuredCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2022-03-172022-03-170001693256srt:MaximumMemberwttr:SeniorSecuredCreditFacilityMemberus-gaap:BaseRateMember2022-03-172022-03-170001693256wttr:SeniorSecuredCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2022-03-172022-03-170001693256wttr:SeniorSecuredCreditFacilityMemberus-gaap:PrimeRateMember2022-03-172022-03-170001693256wttr:SeniorSecuredCreditFacilityMember2022-03-172022-03-170001693256wttr:WaterServicesMember2025-07-012025-09-300001693256wttr:WaterInfrastructureMember2025-07-012025-09-300001693256wttr:ChemicaltechnologiesMember2025-07-012025-09-300001693256wttr:WaterServicesMember2025-01-012025-09-300001693256wttr:WaterInfrastructureMember2025-01-012025-09-300001693256wttr:ChemicaltechnologiesMember2025-01-012025-09-300001693256wttr:WaterServicesMember2024-07-012024-09-300001693256wttr:WaterInfrastructureMember2024-07-012024-09-300001693256wttr:ChemicaltechnologiesMember2024-07-012024-09-300001693256wttr:WaterServicesMember2024-01-012024-09-300001693256wttr:WaterInfrastructureMember2024-01-012024-09-300001693256wttr:ChemicaltechnologiesMember2024-01-012024-09-300001693256us-gaap:OperatingSegmentsMemberwttr:WaterServicesMember2025-07-012025-09-300001693256us-gaap:OperatingSegmentsMemberwttr:WaterInfrastructureMember2025-07-012025-09-300001693256us-gaap:OperatingSegmentsMemberwttr:ChemicaltechnologiesMember2025-07-012025-09-300001693256wttr:TotalSegmentsMember2025-07-012025-09-300001693256us-gaap:IntersegmentEliminationMember2025-07-012025-09-300001693256us-gaap:OperatingSegmentsMemberwttr:WaterServicesMember2025-01-012025-09-300001693256us-gaap:OperatingSegmentsMemberwttr:WaterInfrastructureMember2025-01-012025-09-300001693256us-gaap:OperatingSegmentsMemberwttr:ChemicaltechnologiesMember2025-01-012025-09-300001693256wttr:TotalSegmentsMember2025-01-012025-09-300001693256us-gaap:IntersegmentEliminationMember2025-01-012025-09-300001693256us-gaap:OperatingSegmentsMemberwttr:WaterServicesMember2024-07-012024-09-300001693256us-gaap:OperatingSegmentsMemberwttr:WaterInfrastructureMember2024-07-012024-09-300001693256us-gaap:OperatingSegmentsMemberwttr:ChemicaltechnologiesMember2024-07-012024-09-300001693256wttr:TotalSegmentsMember2024-07-012024-09-300001693256us-gaap:IntersegmentEliminationMember2024-07-012024-09-300001693256us-gaap:OperatingSegmentsMemberwttr:WaterServicesMember2024-01-012024-09-300001693256us-gaap:OperatingSegmentsMemberwttr:WaterInfrastructureMember2024-01-012024-09-300001693256us-gaap:OperatingSegmentsMemberwttr:ChemicaltechnologiesMember2024-01-012024-09-300001693256wttr:TotalSegmentsMember2024-01-012024-09-300001693256us-gaap:IntersegmentEliminationMember2024-01-012024-09-300001693256us-gaap:CommonClassBMember2024-09-300001693256us-gaap:CommonClassBMember2025-09-300001693256us-gaap:CommonClassAMember2025-09-300001693256us-gaap:CommonClassBMember2024-12-310001693256us-gaap:CommonClassAMember2024-12-3100016932562024-09-3000016932562023-12-310001693256wttr:OmniEnvironmentalSolutionsMember2025-07-010001693256wttr:TriStateVacuumAndRentalLlcAndTriStateWaterLogisticsLlcMember2024-12-310001693256wttr:TrinityAcquisitionHoldingsLlcMember2024-12-310001693256wttr:TotalAcquisitionsMember2024-12-310001693256wttr:RockiesProducedWaterGatheringAndDisposalInfrastructureMember2024-12-310001693256wttr:IronMountainEnergyLlcMember2024-12-310001693256wttr:BuckhornWasteServicesLlcAndBuckhornDisposalLlcMember2024-12-310001693256wttr:BobcatSwtwHoldingsLlcMember2024-12-3100016932562024-01-012025-09-300001693256wttr:BobcatSwtwHoldingsLlcMember2024-04-182024-04-180001693256wttr:TrinityAcquisitionHoldingsLlcMember2024-04-012024-04-010001693256wttr:BuckhornWasteServicesLlcAndBuckhornDisposalLlcMember2024-03-012024-03-010001693256wttr:IronMountainEnergyLlcMember2024-01-082024-01-080001693256wttr:TriStateVacuumAndRentalLlcAndTriStateWaterLogisticsLlcMember2024-01-032024-01-030001693256wttr:TriStateVacuumAndRentalLlcAndTriStateWaterLogisticsLlcMember2024-01-012024-12-310001693256wttr:TrinityAcquisitionHoldingsLlcMember2024-01-012024-12-310001693256wttr:TotalAcquisitionsMember2024-01-012024-12-310001693256wttr:RockiesProducedWaterGatheringAndDisposalInfrastructureMember2024-01-012024-12-310001693256wttr:IronMountainEnergyLlcMember2024-01-012024-12-310001693256wttr:BuckhornWasteServicesLlcAndBuckhornDisposalLlcMember2024-01-012024-12-310001693256wttr:BobcatSwtwHoldingsLlcMember2024-01-012024-12-310001693256wttr:RockiesProducedWaterGatheringAndDisposalInfrastructureMember2024-01-012024-01-010001693256wttr:OmniEnvironmentalSolutionsMember2025-07-012025-09-300001693256wttr:OmniEnvironmentalSolutionsMember2025-01-012025-09-300001693256wttr:OmniEnvironmentalSolutionsMember2025-07-012025-07-010001693256us-gaap:OperatingSegmentsMemberwttr:WaterServicesMember2025-09-300001693256us-gaap:OperatingSegmentsMemberwttr:WaterInfrastructureMember2025-09-300001693256us-gaap:OperatingSegmentsMemberwttr:OilfieldChemicalsMember2025-09-300001693256us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2025-09-300001693256us-gaap:OperatingSegmentsMemberwttr:WaterServicesMember2024-12-310001693256us-gaap:OperatingSegmentsMemberwttr:WaterInfrastructureMember2024-12-310001693256us-gaap:OperatingSegmentsMemberwttr:OilfieldChemicalsMember2024-12-310001693256us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2024-12-310001693256wttr:AssetAcquisitionMemberwttr:OneAssetAcquisitionMember2025-08-292025-08-290001693256wttr:AssetAcquisitionMemberwttr:OneSmallerAssetAcquisitionMember2025-04-012025-04-010001693256wttr:AssetAcquisitionMemberwttr:SixSmallerAssetAcquisitionsMember2025-01-012025-09-300001693256wttr:AssetAcquisitionMemberwttr:SevenSmallerAssetAcquisitionsMember2025-01-012025-09-300001693256wttr:AssetAcquisitionMemberwttr:OneSmallerAssetAcquisitionMember2025-01-012025-09-300001693256wttr:AssetAcquisitionMemberwttr:OneAssetAcquisitionMember2025-01-012025-09-300001693256wttr:AssetAcquisitionMemberwttr:EightSmallerAssetAcquisitionsMember2024-01-012024-12-310001693256us-gaap:SeriesOfIndividuallyImmaterialAssetAcquisitionsMember2024-01-012024-12-310001693256wttr:SeniorSecuredCreditFacilityMember2025-07-012025-09-300001693256wttr:SeniorSecuredCreditFacilityMember2025-01-012025-09-300001693256wttr:OldSustainabilityLinkedCreditFacilityMember2025-01-012025-09-300001693256wttr:SeniorSecuredCreditFacilityMember2024-07-012024-09-300001693256wttr:SeniorSecuredCreditFacilityMember2024-01-012024-09-300001693256wttr:RestrictedStockAwardsMember2025-07-012025-09-300001693256us-gaap:PerformanceSharesMember2025-07-012025-09-300001693256wttr:RestrictedStockAwardsMember2025-01-012025-09-300001693256us-gaap:PerformanceSharesMember2025-01-012025-09-300001693256wttr:RestrictedStockAwardsMember2024-07-012024-09-300001693256us-gaap:PerformanceSharesMember2024-07-012024-09-300001693256wttr:RestrictedStockAwardsMember2024-01-012024-09-300001693256us-gaap:PerformanceSharesMember2024-01-012024-09-300001693256us-gaap:ParentMember2025-07-012025-09-300001693256us-gaap:NoncontrollingInterestMember2025-07-012025-09-300001693256us-gaap:AdditionalPaidInCapitalMember2025-07-012025-09-300001693256us-gaap:ParentMember2025-01-012025-09-300001693256us-gaap:NoncontrollingInterestMember2025-01-012025-09-300001693256us-gaap:AdditionalPaidInCapitalMember2025-01-012025-09-300001693256us-gaap:ParentMember2024-07-012024-09-300001693256us-gaap:NoncontrollingInterestMember2024-07-012024-09-300001693256us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001693256us-gaap:ParentMember2024-01-012024-09-300001693256us-gaap:NoncontrollingInterestMember2024-01-012024-09-300001693256us-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-300001693256us-gaap:RestrictedStockMemberus-gaap:ParentMember2025-07-012025-09-300001693256us-gaap:RestrictedStockMemberus-gaap:AdditionalPaidInCapitalMember2025-07-012025-09-300001693256us-gaap:CommonClassBMemberus-gaap:NoncontrollingInterestMember2025-07-012025-09-300001693256us-gaap:CommonClassAMemberus-gaap:ParentMember2025-07-012025-09-300001693256us-gaap:CommonClassAMemberus-gaap:AdditionalPaidInCapitalMember2025-07-012025-09-300001693256us-gaap:RestrictedStockMember2025-07-012025-09-300001693256us-gaap:CommonClassBMember2025-07-012025-09-300001693256us-gaap:CommonClassAMember2025-07-012025-09-300001693256us-gaap:RestrictedStockMemberus-gaap:ParentMember2025-01-012025-09-300001693256us-gaap:RestrictedStockMemberus-gaap:AdditionalPaidInCapitalMember2025-01-012025-09-300001693256us-gaap:CommonClassBMemberus-gaap:NoncontrollingInterestMember2025-01-012025-09-300001693256us-gaap:CommonClassAMemberus-gaap:ParentMember2025-01-012025-09-300001693256us-gaap:CommonClassAMemberus-gaap:AdditionalPaidInCapitalMember2025-01-012025-09-300001693256us-gaap:RestrictedStockMember2025-01-012025-09-300001693256us-gaap:CommonClassBMember2025-01-012025-09-300001693256us-gaap:CommonClassAMember2025-01-012025-09-300001693256us-gaap:RestrictedStockMemberus-gaap:ParentMember2024-07-012024-09-300001693256us-gaap:RestrictedStockMemberus-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001693256us-gaap:CommonClassBMemberus-gaap:NoncontrollingInterestMember2024-07-012024-09-300001693256us-gaap:CommonClassAMemberus-gaap:ParentMember2024-07-012024-09-300001693256us-gaap:CommonClassAMemberus-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001693256us-gaap:RestrictedStockMember2024-07-012024-09-300001693256us-gaap:CommonClassBMember2024-07-012024-09-300001693256us-gaap:CommonClassAMember2024-07-012024-09-300001693256us-gaap:RestrictedStockMemberus-gaap:ParentMember2024-01-012024-09-300001693256us-gaap:RestrictedStockMemberus-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-300001693256us-gaap:CommonClassBMemberus-gaap:NoncontrollingInterestMember2024-01-012024-09-300001693256us-gaap:CommonClassAMemberus-gaap:ParentMember2024-01-012024-09-300001693256us-gaap:CommonClassAMemberus-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-300001693256us-gaap:RestrictedStockMember2024-01-012024-09-300001693256us-gaap:CommonClassBMember2024-01-012024-09-300001693256us-gaap:CommonClassAMember2024-01-012024-09-300001693256wttr:TotalAcquisitionsMemberus-gaap:WaterPlantMember2025-01-012025-09-300001693256wttr:TotalAcquisitionsMemberus-gaap:PatentsMember2025-01-012025-09-300001693256wttr:TotalAcquisitionsMemberus-gaap:CustomerRelationshipsMember2025-01-012025-09-3000016932562025-09-3000016932562024-12-3100016932562024-07-012024-09-3000016932562024-01-012024-09-300001693256us-gaap:NonrelatedPartyMember2025-09-300001693256us-gaap:NonrelatedPartyMember2024-12-310001693256us-gaap:RelatedPartyMember2025-09-300001693256us-gaap:RelatedPartyMember2024-12-3100016932562025-07-012025-09-300001693256wttr:NyseTexasInc.Memberus-gaap:CommonClassAMember2025-01-012025-09-300001693256exch:XNYSus-gaap:CommonClassAMember2025-01-012025-09-300001693256us-gaap:CommonClassBMember2025-11-030001693256us-gaap:CommonClassAMember2025-11-0300016932562025-01-012025-09-30wttr:employeewttr:facilitywttr:regionwttr:Votexbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:purewttr:segmentwttr:areawttr:Transactionutr:bblwttr:item

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, 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 001-38066

SELECT WATER SOLUTIONS, INC.

(Exact name of registrant as specified in its charter)


Delaware	81-4561945
(State of incorporation)	(IRS Employer Identification Number)

1820 North I-35 Gainesville, TX	76240
(Address of principal executive offices)	(Zip Code)

(940) 668-1818

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:




Title of each class	Trading Symbol	Name of each exchange on which registered
Class A common stock, par value $0.01 per share	WTTR	New York Stock Exchange NYSE Texas, Inc.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☑	Accelerated filer ☐	Non-accelerated filer ☐	Smaller reporting company ☐
			Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

Indicate by check mark whether the registrant is a shell company. Yes ☐ No ☑

As of November 3, 2025, the registrant had 104,908,604 shares of Class A common stock and 16,221,101 shares of Class B common stock outstanding.

Table of Contents

SELECT WATER SOLUTIONS, INC.

TABLE OF CONTENTS


		Page
PART I—FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	41

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	59

Item 4.	Controls and Procedures	59

PART II—OTHER INFORMATION

Item 1.	Legal Proceedings	60

Item 1A.	Risk Factors	60

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	63

Item 3.	Defaults Upon Senior Securities	63

Item 4.	Mine Safety Disclosures	63

Item 5.	Other Information	63

Item 6.	Exhibits	64

Table of Contents

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (the “Quarterly Report”) includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of historical fact, included in this Quarterly Report regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this Quarterly Report, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “preliminary,” “forecast,” and similar expressions or variations are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on our current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements described under the heading “Risk Factors” included in our most recent Annual Report on Form 10-K, in this Quarterly Report and those set forth from time to time in our other filings with the Securities and Exchange Commission (the “SEC”). These forward-looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events.

Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, those summarized below:

●

global economic distress, including that resulting from the sustained Russia-Ukraine war and related economic sanctions, instability and continued hostilities in the Middle East, including increased tensions with Iran, economic uncertainty as a result of changing trade policies, inflation and high interest rates, each of which may decrease demand for oil and natural gas or contribute to volatility in the prices for oil and natural gas, which may decrease demand for our services;

●

actions taken by the members of the Organization of the Petroleum Exporting Countries (“OPEC”) and Russia (together with OPEC and other allied producing countries, “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 announced supply limitations, which may be exacerbated by increased hostilities in the Middle East and heightened tensions with Iran;

●

impacts related to changing U.S. and foreign trade policies, including increased trade restrictions or tariffs, the impact of changes in diplomatic and trade relations, and the results of countermeasures and any tariff mitigation initiatives;

●

changes in global political or economic conditions, generally, and in the markets we serve, including the rate of inflation and potential economic recession;

●

changes in safety, health, environmental and other governmental policy and regulation, including changes to tax laws such as the One Big Beautiful Bill Act (“OBBBA”);

●

the level of capital spending and access to capital markets by oil and gas companies in response to changes in commodity prices or reduced demand;

●

the impact of central bank policy actions and disruptions in the bank and capital markets;

●

the potential deterioration of our customers’ financial condition, including defaults resulting from actual or potential insolvencies;

●

the degree to which consolidation among our customers may affect spending on U.S. drilling and completions, including the recent consolidation in the Permian Basin;

Table of Contents

●

trends and volatility in oil and gas prices, and our ability to manage through such volatility;

●

the impact of current and future laws, rulings and governmental regulations, including those related to accessing water, disposing of wastewater, transferring produced water, interstate freshwater transfer, chemicals, carbon pricing, pipeline construction, taxation or emissions, hydraulic fracturing, leasing, permitting or drilling on federal lands and various other environmental matters;

●

the ability to source certain raw materials and other critical components or manufactured products globally on a timely basis from economically advantaged sources, including any delays and/or supply chain disruptions;

●

regional impacts to our business, including our key infrastructure assets within the Northern Delaware and Midland Basin portions of the Permian Basin, the Bakken, and the Haynesville;

●

capacity constraints on regional oil, natural gas and water gathering, processing and pipeline systems that result in a slowdown or delay in drilling and completion activity, and thus a decrease in the demand for our services in our core markets;

●

the impact of regulatory and related policy actions by federal, state and/or local governments, such as the Inflation Reduction Act of 2022 (“IRA 2022”), that may negatively impact the future production of oil and gas in the U.S., thereby reducing demand for our services;

●

our ability to hire and retain key management and employees, including skilled labor;

●

our access to capital to fund expansions, acquisitions and our working capital needs and our ability to obtain debt or equity financing on satisfactory terms, or at all;

●

our health, safety and environmental performance;

●

the impact of competition on our operations;

●

the degree to which our E&P customers may elect to operate their water-management services in-house rather than source these services from companies like us;

●

our level of indebtedness and our ability to comply with covenants contained in our Sustainability-Linked Credit Facility (as defined herein) or future debt instruments;

●

delays or restrictions in obtaining permits by us or our customers;

●

constraints in supply or availability of equipment used in our business;

●

the impact of advances or changes in well-completion technologies or practices that result in reduced demand for our services, either on a volumetric or time basis;

●

acts of terrorism, war or political or civil unrest in the U.S. or elsewhere, such as the Russia-Ukraine war, the instability and hostilities in the Middle East, including heightened tensions with Iran;

●

information technology failures or cyberattacks;

●

accidents, weather, natural disasters or other events affecting our business; and

Table of Contents

●

the other risks identified in our most recent Annual Report on Form 10-K and under the headings “Part I—Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Part II—Item 1A. Risk Factors” in this Quarterly Report.

These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors also could have material adverse effects on our future results. Our future results will depend upon various other risks and uncertainties, including those described under the heading “Part I―Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and under the heading “Part II―Item 1A. Risk Factors” in this Quarterly Report. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise. All forward-looking statements attributable to us are qualified in their entirety by this cautionary note.

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

SELECT WATER SOLUTIONS, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)


	September 30, 2025		December 31, 2024
	(unaudited)
Assets
Current assets
Cash and cash equivalents	$	17,828	$	19,978
Accounts receivable trade, net of allowance for credit losses of $4,919 and $4,543, respectively		276,949		281,569
Accounts receivable, related parties		42		150
Inventories		37,974		38,447
Prepaid expenses and other current assets		47,470		45,354
Total current assets		380,263		385,498
Property and equipment		1,581,048		1,405,486
Accumulated depreciation		(693,686)		(679,832)
Total property and equipment, net		887,362		725,654
Right-of-use assets, net		28,429		36,851
Goodwill		45,129		18,215
Other intangible assets, net		110,582		123,715
Deferred tax assets, net		38,820		46,339
Investments in unconsolidated entities		78,394		11,347
Other long-term assets		19,172		18,663
Total assets	$	1,588,151	$	1,366,282
Liabilities and Equity
Current liabilities
Accounts payable	$	54,710	$	39,189
Accrued accounts payable		53,843		76,196
Accounts payable and accrued expenses, related parties		3,945		4,378
Accrued salaries and benefits		21,028		29,937
Accrued insurance		23,557		24,685
Sales tax payable		3,789		2,110
Current portion of tax receivable agreements liabilities		17		93
Accrued expenses and other current liabilities		40,672		40,137
Current operating lease liabilities		13,423		16,439
Current portion of long-term debt		15,625		—
Current portion of finance lease obligations		701		211
Total current liabilities		231,310		233,375
Long-term tax receivable agreements liabilities		38,409		38,409
Long-term operating lease liabilities		23,292		31,092
Long-term debt, net		285,440		85,000
Other long-term liabilities		78,045		62,872
Total liabilities		656,496		450,748
Commitments and contingencies (Note 9)
Class A common stock, $0.01 par value; 350,000,000 shares authorized and 104,905,040 and 103,069,732 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively		1,049		1,031
Class B common stock, $0.01 par value; 150,000,000 shares authorized and 16,221,101 shares issued and outstanding as of September 30, 2025 and December 31, 2024		162		162
Preferred stock, $0.01 par value; 50,000,000 shares authorized; no shares issued and outstanding as of September 30, 2025 and December 31, 2024		—		—
Additional paid-in capital		991,475		998,474
Accumulated deficit		(184,578)		(206,147)
Total stockholders’ equity		808,108		793,520
Noncontrolling interests		123,547		122,014
Total equity		931,655		915,534
Total liabilities and equity	$	1,588,151	$	1,366,282

The accompanying notes to consolidated financial statements are an integral part of these financial statements.

Table of Contents

SELECT WATER SOLUTIONS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except share and per share data)


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Revenue
Water Infrastructure	$	78,805	$	82,017	$	232,051	$	214,089
Water Services		166,877		234,019		608,185		692,334
Chemical Technologies		76,561		55,313		220,606		196,605
Total revenue		322,243		371,349		1,060,842		1,103,028
Costs of revenue
Water Infrastructure		36,964		35,503		106,668		102,776
Water Services		136,795		186,041		491,825		545,881
Chemical Technologies		61,352		48,450		181,965		165,846
Depreciation, amortization and accretion		43,578		38,906		123,307		113,243
Total costs of revenue		278,689		308,900		903,765		927,746
Gross profit		43,554		62,449		157,077		175,282
Operating expenses
Selling, general and administrative		41,674		37,268		118,041		120,229
Depreciation and amortization		1,310		661		4,153		2,667
Impairments and abandonments		2,279		—		4,904		91
Lease abandonment costs		63		5		785		411
Total operating expenses		45,326		37,934		127,883		123,398
(Loss) income from operations		(1,772)		24,515		29,194		51,884
Other income (expense)
Gain on sales of property and equipment and divestitures, net		2,600		1,624		10,468		2,331
Interest expense, net		(5,963)		(1,906)		(16,484)		(5,204)
Remeasurement gain on business combination		14,924		—		14,924		—
Other		(2,277)		(78)		(1,856)		(318)
Income before income tax expense and equity in (losses) earnings of unconsolidated entities		7,512		24,155		36,246		48,693
Income tax expense		(434)		(5,852)		(7,849)		(11,263)
Equity in (losses) earnings of unconsolidated entities		(4,784)		507		(4,872)		154
Net income		2,294		18,810		23,525		37,584
Less: net loss (income) attributable to noncontrolling interests		389		(3,019)		(1,956)		(5,300)
Net income attributable to Select Water Solutions, Inc.	$	2,683	$	15,791	$	21,569	$	32,284

Net income per share attributable to common stockholders (Note 15):
Class A—Basic	$	0.03	$	0.16	$	0.21	$	0.32
Class B—Basic	$	—	$	—	$	—	$	—

Net income per share attributable to common stockholders (Note 15):
Class A—Diluted	$	0.03	$	0.15	$	0.21	$	0.32
Class B—Diluted	$	—	$	—	$	—	$	—

The accompanying notes to consolidated financial statements are an integral part of these financial statements.

Table of Contents

SELECT WATER SOLUTIONS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

(in thousands)


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Net income	$	2,294	$	18,810	$	23,525	$	37,584
Comprehensive income		2,294		18,810		23,525		37,584
Less: comprehensive loss (income) attributable to noncontrolling interests		389		(3,019)		(1,956)		(5,300)
Comprehensive income attributable to Select Water Solutions, Inc.	$	2,683	$	15,791	$	21,569	$	32,284

The accompanying notes to consolidated financial statements are an integral part of these financial statements.

Table of Contents

SELECT WATER SOLUTIONS, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the nine months ended September 30, 2025 and 2024

(unaudited)

(in thousands, except share data)


	Class A			Class B
	Stockholders			Stockholders
		Class A			Class B		Additional				Total
		Common			Common		Paid-In		Accumulated		Stockholders’		Noncontrolling
	Shares	Stock		Shares	Stock		Capital		Deficit		Equity		Interests		Total
Balance as of December 31, 2024	103,069,732	$	1,031	16,221,101	$	162	$	998,474	$	(206,147)	$	793,520	$	122,014	$	915,534
Issuance of shares for acquisitions	862,069		9	—		—		7,514		—		7,523		141		7,664
Equity-based compensation	—		—	—		—		12,183		—		12,183		1,894		14,077
Issuance of restricted shares	1,124,985		11	—		—		1,158		—		1,169		(1,169)		—
Cashless exercise of options	24,943		—	—		—		216		—		216		—		216
Repurchase of common stock	(615,422)		(6)	—		—		(6,467)		—		(6,473)		(511)		(6,984)
Restricted shares forfeited	(155,562)		(2)	—		—		(157)		—		(159)		159		—
Performance shares vested	594,295		6	—		—		400		—		406		(406)		—
Contributions from noncontrolling interests	—		—	—		—		—		—		—		2,875		2,875
Dividend and distribution declared:
Class A common stock ($0.07 per share)	—		—	—		—		(21,307)		—		(21,307)		—		(21,307)
Unvested restricted stock ($0.07 per share)	—		—	—		—		(539)		—		(539)		—		(539)
Class B common stock ($0.07 per share)	—		—	—		—		—		—		—		(3,406)		(3,406)
Net income	—		—	—		—		—		21,569		21,569		1,956		23,525
Balance as of September 30, 2025	104,905,040	$	1,049	16,221,101	$	162	$	991,475	$	(184,578)	$	808,108	$	123,547	$	931,655


	Class A			Class B
	Stockholders			Stockholders
		Class A			Class B		Additional				Total
		Common			Common		Paid-In		Accumulated		Stockholders’		Noncontrolling
	Shares	Stock		Shares	Stock		Capital		Deficit		Equity		Interests		Total
Balance as of December 31, 2023	102,172,863	$	1,022	16,221,101	$	162	$	1,008,095	$	(236,791)	$	772,488	$	119,684	$	892,172
Equity-based compensation	—		—	—		—		15,854		—		15,854		2,505		18,359
Issuance of restricted shares	1,239,597		12	—		—		1,258		—		1,270		(1,270)		—
Stock options exercised	287,686		3	—		—		(3)		—		—		—		—
Repurchase of common stock	(1,103,993)		(11)	—		—		(7,149)		—		(7,160)		(163)		(7,323)
Restricted shares forfeited	(102,617)		(1)	—		—		(105)		—		(106)		106		—
Performance shares vested	303,917		3	—		—		308		—		311		(311)		—
Dividend and distribution declared:
Class A common stock ($0.06 per share)	—		—	—		—		(17,948)		—		(17,948)		—		(17,948)
Unvested restricted stock ($0.06 per share)	—		—	—		—		(498)		—		(498)		—		(498)
Class B common stock ($0.06 per share)	—		—	—		—		—		—		—		(2,920)		(2,920)
Net income	—		—	—		—		—		32,284		32,284		5,300		37,584
Balance as of September 30, 2024	102,797,453	$	1,028	16,221,101	$	162	$	999,812	$	(204,507)	$	796,495	$	122,931	$	919,426

The accompanying notes to consolidated financial statements are an integral part of these financial statements.

Table of Contents

SELECT WATER SOLUTIONS, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the three months ended September 30, 2025 and 2024

(unaudited)

(in thousands, except share data)


	Class A			Class B
	Stockholders			Stockholders
		Class A			Class B		Additional				Total
		Common			Common		Paid-In		Accumulated		Stockholders’		Noncontrolling
	Shares	Stock		Shares	Stock		Capital		Deficit		Equity		Interests		Total
Balance as of June 30, 2025	104,185,713	$	1,042	16,221,101	$	162	$	985,337	$	(187,261)	$	799,280	$	123,839	$	923,119
Issuance of shares for acquisitions	862,069		9	—		—		7,514		—		7,523		141		7,664
Equity-based compensation	—		—	—		—		6,408		—		6,408		990		7,398
Issuance of restricted shares	10,130		—	—		—		11		—		11		(11)		—
Repurchase of common stock	(38,992)		—	—		—		(328)		—		(328)		(4)		(332)
Restricted shares forfeited	(113,880)		(2)	—		—		(114)		—		(116)		116		—
Dividend and distribution declared:
Class A common stock ($0.07 per share)	—		—	—		—		(7,175)		—		(7,175)		—		(7,175)
Unvested restricted stock ($0.07 per share)	—		—	—		—		(178)		—		(178)		—		(178)
Class B common stock ($0.07 per share)	—		—	—		—		—		—		—		(1,135)		(1,135)
Net income	—		—	—		—		—		2,683		2,683		(389)		2,294
Balance as of September 30, 2025	104,905,040	$	1,049	16,221,101	$	162	$	991,475	$	(184,578)	$	808,108	$	123,547	$	931,655


	Class A			Class B
	Stockholders			Stockholders
		Class A			Class B		Additional				Total
		Common			Common		Paid-In		Accumulated		Stockholders’		Noncontrolling
	Shares	Stock		Shares	Stock		Capital		Deficit		Equity		Interests		Total
Balance as of June 30, 2024	102,799,602	$	1,028	16,221,101	$	162	$	1,001,123	$	(220,298)	$	782,015	$	120,115	$	902,130
Equity-based compensation	—		—	—		—		5,009		—		5,009		790		5,799
Issuance of restricted shares	7,765		—	—		—		8		—		8		(8)		—
Stock options exercised	157,970		2	—		—		(2)		—		—		—		—
Repurchase of common stock	(139,275)		(2)	—		—		(127)		—		(129)		(42)		(171)
Restricted shares forfeited	(28,609)		—	—		—		(30)		—		(30)		30		—
Dividend and distribution declared:
Class A common stock ($0.06 per share)	—		—	—		—		(6,015)		—		(6,015)		—		(6,015)
Unvested restricted stock ($0.06 per share)	—		—	—		—		(154)		—		(154)		—		(154)
Class B common stock ($0.06 per share)	—		—	—		—				—		—		(973)		(973)
Net income	—		—	—		—		—		15,791		15,791		3,019		18,810
Balance as of September 30, 2024	102,797,453	$	1,028	16,221,101	$	162	$	999,812	$	(204,507)	$	796,495	$	122,931	$	919,426

The accompanying notes to consolidated financial statements are an integral part of these financial statements.

Table of Contents

SELECT WATER SOLUTIONS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)


	Nine months ended September 30,
	2025		2024
Cash flows from operating activities
Net income	$	23,525	$	37,584
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation, amortization and accretion		127,460		115,910
Deferred tax expense		7,566		10,571
Gain on disposal of property and equipment and divestitures		(10,468)		(2,331)
Equity in losses of unconsolidated entities		4,872		(154)
Credit loss expense		1,124		855
Amortization and write off of debt issuance costs		1,815		366
Inventory adjustments		52		(528)
Equity-based compensation		14,077		18,359
Impairments and abandonments		4,904		91
Remeasurement gain on business combination		(14,924)		—
Other operating items, net		1,778		926
Changes in operating assets and liabilities
Accounts receivable		3,015		29,011
Prepaid expenses and other assets		(1,751)		(16,494)
Accounts payable and accrued liabilities		(13,824)		(27,047)
Net cash provided by operating activities		149,221		167,119
Cash flows from investing activities
Purchase of property and equipment		(223,063)		(118,080)
Purchase of equity-method investment		(72,059)		—
Acquisitions, net of cash received		(52,341)		(158,438)
Proceeds received from sales of property and equipment		13,757		12,275
Net cash used in investing activities		(333,706)		(264,243)
Cash flows from financing activities
Borrowings from revolving line of credit		105,000		150,000
Payments on revolving line of credit		(135,000)		(70,000)
Borrowings from long-term debt		250,000		—
Payments of finance lease obligations		(442)		(163)
Payment of debt issuance costs		(7,867)		—
Dividends and distributions paid		(25,250)		(21,533)
Payments under tax receivable agreements		(77)		—
Contributions from noncontrolling interests		2,875		—
Repurchase of common stock		(6,909)		(7,323)
Net cash provided by financing activities		182,330		50,981
Effect of exchange rate changes on cash		5		(2)
Net decrease in cash and cash equivalents		(2,150)		(46,145)
Cash and cash equivalents, beginning of period		19,978		57,083
Cash and cash equivalents, end of period	$	17,828	$	10,938
Supplemental cash flow disclosure:
Cash paid for interest	$	12,480	$	5,225
Cash paid for income taxes, net	$	1,352	$	1,447
Supplemental disclosure of noncash investing activities:
Issuance of shares for acquisitions	$	7,664	$	—
Assets and liabilities transferred in business combination	$	20,734	$	—
Property and equipment obtained by assuming liabilities	$	1,615	$	—
Capital expenditures included in accounts payable and accrued liabilities	$	41,100	$	41,095

The accompanying notes to consolidated financial statements are an integral part of these financial statements.

Table of Contents

SELECT WATER SOLUTIONS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 1—BUSINESS AND BASIS OF PRESENTATION

Description of the business: Select Water Solutions, Inc. (“we,” “Select Inc.,” “Select” or the “Company”), formerly Select Energy Services, Inc., was incorporated as a Delaware corporation on November 21, 2016. On May 8, 2023, Select Energy Services, Inc.’s Fifth Amended and Restated Certificate of Incorporation became effective upon filing with the Secretary of State of the State of Delaware which, among other things, changed the name of the Company from Select Energy Services, Inc. to Select Water Solutions, Inc. to reflect its strategic focus as a water-focused company. We retained our stock ticker “WTTR” trading on the New York Stock Exchange. The Company is a holding company whose sole material asset consists of common units (“SES Holdings LLC Units”) in SES Holdings, LLC (“SES Holdings”).

We are a leading provider of sustainable water-management solutions to the energy industry in the United States (“U.S.”). As a leader in the water solutions industry, we place the utmost importance on safe, environmentally responsible management of oilfield water throughout the lifecycle of a well. Additionally, we believe that responsibly managing water resources through our operations to help conserve and protect the environment in the communities in which we operate is paramount to our continued success.

Class A and Class B common stock: As of September 30, 2025, the Company had both Class A and Class B common shares issued and outstanding. Holders of shares of our Class A common stock, par value $0.01 per share (“Class A common stock”) and Class B common stock, par value $0.01 per share (“Class B common stock”) are entitled to one vote per share and vote together as a single class on all matters presented to our stockholders for their vote or approval.

Exchange rights: Under the Eighth Amended and Restated Limited Liability Company Agreement of SES Holdings (the “SES Holdings LLC Agreement”), SES Legacy Holdings LLC (“Legacy Owner Holdco”) and its permitted transferees have the right (an “Exchange Right”) to cause SES Holdings to acquire all or a portion of its SES Holdings LLC Units for, at SES Holdings’ election, (i) shares of Class A common stock at an exchange ratio of one share of Class A common stock for each SES Holdings LLC Unit exchanged, subject to conversion rate adjustments for stock splits, stock dividends, reclassification and other similar transactions or (ii) cash in an amount equal to the Cash Election Value (as defined within the SES Holdings LLC Agreement) of such Class A common stock. Alternatively, upon the exercise of any Exchange Right, Select Inc. has the right (the “Call Right”) to acquire the tendered SES Holdings LLC Units from the exchanging unitholder for, at its election, (i) the number of shares of Class A common stock the exchanging unitholder would have received under the Exchange Right or (ii) cash in an amount equal to the Cash Election Value of such Class A common stock. In connection with any exchange of SES Holdings LLC Units pursuant to an Exchange Right or Call Right, the corresponding number of shares of Class B common stock will be cancelled.

Basis of presentation: The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”) and pursuant to the rules and regulations of the SEC. These unaudited interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all disclosures required for financial statements prepared in conformity with GAAP.

This Quarterly Report relates to the three and nine months ended September 30, 2025 (the “Current Quarter” and the “Current Period”, respectively) and the three and nine months ended September 30, 2024 (the “Prior Quarter” and the “Prior Period”, respectively). The Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”), filed with the SEC on February 19, 2025, includes certain definitions and a summary of significant accounting policies and should be read in conjunction with this Quarterly Report. All material adjustments (consisting solely of normal recurring adjustments) which, in the opinion of management, are necessary for a fair

Table of Contents

statement of the results for the interim periods have been reflected. The results for the Current Quarter and Current Period may not be indicative of the results to be expected for the full year.

The unaudited interim consolidated financial statements include the Company’s accounts and all of its majority-owned or controlled subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

NOTE 2—SIGNIFICANT ACCOUNTING POLICIES

Significant accounting policies: The Company’s significant accounting policies are disclosed in Note 2 of the consolidated financial statements for the year ended December 31, 2024, included in the 2024 Form 10-K.

Use of estimates: The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

On an ongoing basis, the Company evaluates its estimates, including those related to the recoverability of long-lived assets and intangibles, useful lives used in depreciation, amortization and accretion, uncollectible accounts receivable, inventory reserve, income taxes, self-insurance liabilities, share-based compensation, contingent liabilities, lease-related reasonably certain option exercise assessments, and the incremental borrowing rate for leases. The Company bases its estimates on historical and other pertinent information that are believed to be reasonable under the circumstances. The accounting estimates used in the preparation of the consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes.

Allowance for credit losses: The Company’s allowance for credit losses relates to trade accounts receivable. The Company treats trade accounts receivable as one portfolio and records an initial allowance calculated as a percentage of revenue recognized based on a combination of historical information and future expectations. Additionally, the Company adjusts this allowance based on specific information in connection with aged receivables. Historically, most bad debt has been incurred when a customer’s financial condition significantly deteriorates, which in some cases leads to bankruptcy. Market volatility is highly uncertain and, as such, the impact on expected losses is subject to significant judgment and may cause variability in the Company’s allowance for credit losses in future periods.

The change in the allowance for credit losses is as follows:


	Nine months ended September 30, 2025
	(in thousands)
Balance as of December 31, 2024	$	4,543
Increase to allowance based on a percentage of revenue		2,146
Adjustment based on aged receivable analysis		(750)
Charge-offs		(1,051)
Recoveries		31
Balance as of September 30, 2025	$	4,919

Table of Contents

Asset retirement obligations: The Company’s asset retirement obligations (“ARO”) relate to disposal facilities and landfills with obligations for plugging wells, removing surface equipment, and returning land to its pre-drilling condition. The following table describes the changes to the Company’s ARO liability for the Current Period:


	Nine months ended September 30, 2025
	(in thousands)
Balance as of December 31, 2024	$	63,230
Accretion expense		3,179
Additions		1,317
Acquired AROs		9,538
Divested AROs		(1,062)
Settlements		(4,585)
Balance as of September 30, 2025	$	71,617

Short-term ARO liability		6,652
Long-term ARO liability		64,965
Balance as of September 30, 2025	$	71,617

We review the adequacy of our ARO liabilities whenever indicators suggest that the estimated cash flows underlying the liabilities have changed. The Company’s ARO liabilities are included in accrued expenses and other current liabilities and other long-term liabilities in the accompanying consolidated balance sheets.

Lessor Income: The Company is a lessor for a nominal number of owned facilities and also recognizes income related to multiple facility subleases that are accounted for as follows:


		Three months ended September 30,				Nine months ended September 30,
		2025		2024		2025		2024

		(in thousands)
Category	Classification
Lessor income	Costs of revenue	$	161	$	48	$	239	$	109
Sublease income	Lease abandonment costs and Costs of revenue		637		533		1,662		1,363

The Company also generates short-term equipment rental revenue. See “Note 4—Revenue” for a discussion of revenue recognition for the accommodations and rentals business.

During the Current Period and Prior Period, the Company made the decision to abandon operations at multiple Water Services locations. As a result, the Company recorded right-of-use asset impairment charges of $0.7 million and $0.6 million, respectively.

Defined Contribution Plan: The Company sponsors a defined contribution 401(k) Profit Sharing Plan for the benefit of substantially all employees of the Company. The Company incurred $1.3 million, $1.4 million, $4.5 million and $4.9 million match expense in the Current Quarter, Prior Quarter, Current Period and Prior Period, respectively.

Severance: During the Current Quarter, the Company incurred $1.5 million of severance expense in connection with the termination of certain former management employees related to a reorganization, included in selling, general and administrative within the consolidated statements of operations and $1.2 million is included in accrued salaries and benefits as of September 30, 2025.

During the Prior Period, the Company incurred $0.6 million of severance in connection with the termination of its former Chief Financial Officer, included in selling, general and administrative within the consolidated statements of operations and which has been fully paid as of June 30, 2025.

Table of Contents

Dividends: During the Current Period, the Company paid $21.3 million in dividends accounted for as a reduction to additional paid-in capital, $3.4 million of distributions accounted for as a reduction to noncontrolling interests and $0.5 million as a reduction to accrued expenses and other current liabilities associated with restricted stock awards that vested during the Current Period. As of September 30, 2025, the Company had $0.8 million of dividends payable included in accrued expenses and other current liabilities in connection with unvested restricted stock awards. All future dividend payments are subject to quarterly review and approval by the board of directors.

Segment reporting: The Company has three reportable segments. Reportable segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The Company’s reportable segments are Water Infrastructure, Water Services, and Chemical Technologies. See “Note 16—Segment Information” for additional information.

The Water Infrastructure segment consists of the Company’s fixed infrastructure assets, including operations associated with our water distribution pipeline infrastructure, our water recycling facilities, our produced water gathering pipelines, saltwater disposal wells (“SWDs”), and our solids management facilities, primarily serving E&P companies.

The Water Services segment primarily consists of the Company’s water-related services businesses, including water sourcing, water transfer, fluids hauling, water monitoring, water containment and water network automation, primarily serving E&P companies. Additionally, this segment includes the operations of our accommodations and rentals and flowback and well testing businesses.

The Chemical Technologies segment provides technical solutions, products and expertise related to chemical applications in the oil and gas industry. We develop, manufacture, manage logistics and provide a full suite of chemicals used in hydraulic fracturing, stimulation, cementing and well completions for customers ranging from pressure pumpers to major integrated and independent oil and gas producers. This segment also utilizes its chemical experience and lab testing capabilities to customize tailored water treatment solutions designed for the recycling and treatment of produced water and to optimize the fracturing fluid system in conjunction with the quality of water used in well completions.

Equity Investments: For investments in subsidiaries that are not wholly-owned, but where the Company exercises control, the equity held by the minority owners and their portion of net income or loss are reflected as noncontrolling interests. Investments in entities in which the Company exercises significant influence over operating and financial policies are accounted for using the equity-method, and investments in entities for which the Company does not have significant control or influence are accounted for using the cost-method or other appropriate basis as applicable. As of September 30, 2025, the Company had four equity-method investments. The Company’s investments are reviewed for impairment whenever events or circumstances indicate that the carrying value may not be recoverable. When circumstances indicate that the fair value of its investment is less than its carrying value and the reduction in value is other than temporary, the reduction in value is recognized in earnings.

On February 14, 2025, the Company entered into a new partnership arrangement through AV Farms, LP, a newly-formed Delaware limited partnership (“AV Farms”), pursuant to a limited partnership agreement (the “LPA”) by and among Select Water Reuse, LLC, a wholly-owned subsidiary of the Company (“SWR”), C&A Rollover Company, LLC, (“C&A”) and Geneses Water, L.P., (“Geneses”), as limited partners, and AV Farms Management, LLC as the general partner (“AV GP”), effective as of February 28, 2025. SWR contributed $72 million in capital contributions to AV Farms on February 28, 2025. Concurrently, each of SWR, C&A and Geneses owns approximately 39%, 38% and 23%, respectively, of AV Farms and 25%, 50% and 25%, respectively, of AV GP.

Table of Contents

Our investments in unconsolidated entities are summarized below:


		Year			As of September 30,	As of December 31,
Investment	Ownership %	attained	Accounting method	2025		2024

				(in thousands)
Water Infrastructure
AV Farms, LP	39%	2025	Equity-method	$	71,238	$	—
Water Services
ESG Solutions Group, Inc.	20%	2020	Equity-method		4,096		4,017
ICE Thermal, Inc.	38%	2021	Equity-method		250		4,388
AquaNyx Midstream LP	47%	2021	Equity-method		2,810		2,942
Total investment in unconsolidated entities				$	78,394	$	11,347

Reclassifications: Certain reclassifications have been made to the Company’s prior period consolidated financial information to conform to the current year presentation. These presentation changes did not impact the Company’s consolidated net income, consolidated cash flows, total assets, total liabilities or total stockholders’ equity.

Recent accounting pronouncements: In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The Company will adopt the standard for the annual reporting period ending December 31, 2025. Upon adoption, the Company’s annual income tax disclosures will be expanded to provide additional transparency into the drivers of its effective tax rate and cash taxes paid, net of refunds received, to various jurisdictions. The disclosures will reflect new quantitative thresholds and expanded presentation requirements introduced under ASU 2023-09.

For the reconciliation of the effective tax rate to the U.S. statutory rate, any reconciling item with a tax effect that exceeds five percent of pretax income, computed at the federal statutory rate, must be separately disclosed. ASU 2023-09 also requires disaggregation of income (or loss) from continuing operations before income taxes between U.S. and foreign operations.

The Company will adopt the standard on a prospective basis.

In November 2024, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)" ("ASU 2024-03"). The amendments in this update enhance disclosures about a public business entity’s expenses and provide more detailed information about the types of expenses included in certain expense captions in the consolidated financial statements. ASU 2024-03 is effective for the Company for the year ending December 31, 2027, and for interim periods thereafter. The Company is currently evaluating the impacts of the adoption of ASU 2024-03.

Table of Contents

NOTE 3—ACQUISITIONS

The following table presents key information connected with our 2025 and 2024 acquisitions (in thousands, except share amounts):


Assets and Operations Acquired	Acquisition Date	Shares Issued		Cash Consideration		Acquisition related costs for Asset Acquisitions		Other Consideration		Value of Shares Issued		Total Consideration	Segments
Seven Smaller Asset Acquisitions	Multiple 2025 Dates	—	$	24,432	$	—	$	—	$	—	$	24,432	Water Infrastructure
One Asset Acquisition	August 29, 2025	—		7,537		—		—		—		7,537	Corporate-Other
Omni	July 1, 2025	862,069		17,747		—		20,734		7,664		46,145	Water Infrastructure
One Smaller Asset Acquisition	April 1, 2025	—		1,725		—		—		—		1,725	Water Services
Eight Smaller Asset Acquisitions	Multiple 2024 Dates	—		14,591		31		—		—		14,622	Water Infrastructure
Bobcat	April 18, 2024	—		8,070		—		—		—		8,070	Water Infrastructure
Trinity	April 1, 2024	—		30,832		—		—		—		30,832	Water Infrastructure
Buckhorn	March 1, 2024	—		18,781		—		—		—		18,781	Water Infrastructure
Iron Mountain Energy	January 8, 2024	—		14,000		—		—		—		14,000	Water Infrastructure
Tri-State Water Logistics	January 3, 2024	—		58,330		—		—		—		58,330	Water Infrastructure
Rockies produced water gathering and disposal infrastructure	January 1, 2024	—		18,100		—		—		—		18,100	Water Infrastructure
Total		862,069	$	214,145	$	31	$	20,734	$	7,664	$	242,574

2025 Business Combination with Omni

On July 1, 2025, the Company acquired certain assets and operations of Omni Environmental Solutions (“Omni”) in the Bakken region. The acquired assets include:

●

A solids waste landfill with approximately 3.2 million cubic yards of remaining offtake capacity;

●

A processing, recovery, and disposal facility for reclaiming diesel and other hydrocarbons from oilfield waste streams;

●

One SWD with a permitted disposal capacity of approximately 12,000 barrels per day; and

●

A commercial oil storage tank farm with total capacity of approximately 24,000 barrels of storage.

The purchase consideration included (i) $17.7 million in cash consideration, including $7.5 million in base consideration and $10.2 million to compensate for retained net working capital, (ii) the issuance of 862,069 shares of the Company’s Class A common stock, (iii) rental and oil hauling operations in the Bakken, (iv) Northeast fluids hauling operations, (v) Midcon fluids hauling operations, and (vi) one Midcon SWD. As part of the transaction, 280 fluids hauling employees were transferred to Omni. The property and equipment divested had a net book value of $5.7 million and was classified as held-for-sale on the consolidated balance sheet as of June 30, 2025 with $5.5 million attributable to our Water Services segment and $0.2 million attributable to our Water Infrastructure segment. The divested Fluids Hauling operations represented approximately 8% of the Water Services segment’s revenue during the first half of 2025.

This acquisition enhances the Company’s Water Infrastructure segment by expanding landfill and disposal capacity in the Bakken and introducing new service offerings. The transaction was accounted for as a business combination under the acquisition method in accordance with ASC 805. The Company engaged third-party valuation experts to assist in the purchase price allocation for the net assets received. These estimates, judgments, assumptions and valuation of the property and equipment acquired, intangible assets, current assets, current liabilities and long-term liabilities have not been finalized as of September 30, 2025. The Company also used a third-party analysis for the

Table of Contents

valuation of property and equipment divested, which resulted in a $14.9 million remeasurement gain in our Water Services segment. The assets acquired and liabilities assumed are included in the Company’s Water Infrastructure segment and the goodwill acquired is deductible for income tax purposes. The goodwill recognized represents the anticipated strategic benefits of expanding Select’s fluids and solids treatment and disposal capabilities in the Bakken region, as well as the expected operational synergies and economies of scale from integrating Select’s existing assets and operations with those acquired from Omni. The Company incurred $0.3 million and $1.2 million of transaction-related costs related to this acquisition during the Current Quarter and Current Period, respectively, and such costs are included in selling, general and administrative expenses within the consolidated statements of operations.

The following table summarizes the consideration transferred and the estimated fair value of identified assets acquired and liabilities assumed at the date of acquisition:


Preliminary purchase price allocation	Amount
Consideration transferred	(in thousands)
Cash paid	$	17,747
Class A common stock (862,069 shares)		7,664
Property and equipment ($5,663 carrying value with $14,924 step-up)		20,587
Other assets and liabilities transferred/assumed		147
Total consideration transferred		46,145
Less: identifiable assets acquired and liabilities assumed
Working capital		(3,520)
Property and equipment		26,300
Long-term ARO		(3,549)
Total identifiable net assets acquired		19,231
Goodwill		26,914
Fair value allocated to net assets acquired	$	46,145

2025 Asset Acquisitions

During the Current Period, the Company acquired certain assets and associated liabilities in the Permian Basin from six transactions for aggregate consideration of $23.4 million, as well as one asset acquisition in the Northeast region for total consideration of $1.0 million. These asset acquisitions added disposal capacity, pipeline capacity, surface rights, and over 400 acres of land and also improved connectivity with customers by enhancing infrastructure and connectivity across operational sites. The allocation of the purchase price for these assets was a combined $32.2 million in property and equipment and $7.8 million in asset retirement obligations and other liabilities. The Company also acquired certain wastewater treatment facilities for the accommodations and rentals business line in the Permian and Eagle Ford regions for $1.7 million during the Current Period. Further, the Company paid $7.5 million to purchase its corporate headquarters building in Gainesville, Texas, which was previously subject to a lease agreement.

2024 Asset Acquisitions

During 2024, the Company acquired certain assets and associated liabilities, primarily in the Permian Basin and Northeast Ohio, from eight transactions for $14.6 million, inclusive of acquisition-related costs. The allocation of the purchase price for these assets was a combined $8.6 million in property and equipment, $6.0 million in land, $1.5 million in intellectual property, $0.1 million in other long-term assets and $1.6 million in asset retirement obligations and other liabilities.

Table of Contents

2024 Business Combinations

In 2024, the Company completed six business combinations for which all purchase accounting was finalized during 2024. A summary of the consideration transferred and the estimated fair value of identified assets acquired and liabilities assumed as of December 31, 2024 is presented below:


Purchase price allocation	Bobcat		Trinity		Buckhorn		Iron Mountain Energy		Tri-State Water Logistics		Rockies Infrastructure		Total 2024 Acquisitions

	(in thousands)
Consideration transferred
Cash consideration⁽¹⁾	$	8,070	$	30,832	$	18,781	$	14,000	$	58,330	$	18,100	$	148,113
Total consideration transferred		8,070		30,832		18,781		14,000		58,330		18,100		148,113


Less: identifiable assets acquired and liabilities assumed
Working capital		(285)		(408)		752		(3,974)		(1,428)		(500)		(5,843)
Property and equipment		8,291		41,706		19,665		21,876		44,613		8,266		144,417
Right-of-use assets		—		182		—		—		1,028		—		1,210
Customer relationships		535		—		4,100		—		10,240		8,230		23,105
Deferred tax liabilities		—		—		(2,393)		—		—		—		(2,393)
Long-term ARO		(471)		(10,149)		(6,898)		(3,902)		(2,569)		(471)		(24,460)
Long-term lease liabilities		—		(499)		—		—		(956)		—		(1,455)
Total identifiable net assets acquired		8,070		30,832		15,226		14,000		50,928		15,525		134,581
Goodwill		—		—		3,555		—		7,402		2,575		13,532
Fair value allocated to net assets acquired	$	8,070	$	30,832	$	18,781	$	14,000	$	58,330	$	18,100	$	148,113

(1)	During the Current Period, the Company paid $0.9 million to the Buckhorn sellers in connection with the release of an indemnity holdback that was determined to be no longer necessary.

NOTE 4—REVENUE

The Company follows ASC 606, Revenue from Contracts with Customers, for most revenue recognition, which provides a five-step model for determining revenue recognition for arrangements that are within the scope of the standard: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company applies the five-step model only to contracts when it is probable that we will collect the consideration the Company is entitled to in exchange for the goods or services the Company transfers to the customer. The accommodations and rentals revenue continues to be guided by ASC 842 – Leases, which is discussed further below.

The following factors are applicable to the Company’s segments for the Current Quarter, Prior Quarter, Current Period and Prior Period:

●

The vast majority of Water Services and Chemical Technologies customer agreements are short-term, lasting less than one year. Water Infrastructure contains both short-term and long-term agreements.

●

Contracts are seldom combined together as virtually all of our customer agreements constitute separate performance obligations. Each job or project is typically distinct, thereby not interdependent or interrelated with other customer agreements.

●

Most contracts allow either party to terminate at any time without substantive penalties. If the customer terminates the contract, the Company is unconditionally entitled to the payments for the services rendered and products delivered to date. This largely applies to Water Services and Chemical Technologies.

Table of Contents

●

Contract terminations before the end of the agreement are rare.

●

Sales returns are rare and no sales return assets have been recognized on the balance sheet.

●

There are minimal volume discounts.

●

There are no service-type warranties.

●

There is no long-term customer financing.

●

Taxes assessed by government authorities included on customer invoices are excluded from revenue.

In the Water Infrastructure and Water Services segments, performance obligations arise in connection with services provided to customers in accordance with contractual terms, in an amount the Company expects to collect. Services are generally sold based on customer orders or contracts with customers that include fixed or determinable prices. Revenues are generated by services rendered and measured based on the output generated, which is usually simultaneously received and consumed by customers at their job sites. As a multi-job site organization, contract terms, including the pricing for the Company’s services, are negotiated on a job site level on a per-job basis. Most jobs are completed in a short period of time, usually between one day and one month. Revenue is recognized as performance obligations are completed on a daily, hourly or per-unit basis with unconditional rights to consideration for services rendered reflected as accounts receivable trade, net of allowance for credit losses. In cases where a prepayment is received before the Company satisfies its performance obligations, a contract liability is recorded in accrued expenses and other current liabilities. Final billings generally occur once all of the proper approvals are obtained. Mobilization and demobilization are factored into the pricing for services. Billings and costs related to mobilization and demobilization are not material for customer agreements that start in one period and end in another. The Company recognizes revenue from certain sales when title passes to the customer, the customer assumes risks and rewards of ownership, collectability is reasonably assured and delivery occurs as directed by the customer.

Within the Water Infrastructure segment, we have contracts containing acreage dedications, areas of mutual interest (“AMIs”), wellbore dedications and minimum volume commitments (“MVCs”). Acreage dedications are longer term contracts pursuant to which a customer dedicates certain activities or volumes to Select within a defined set of the customer’s leased acreage, typically committing to us all water demanded by future wells they complete or produced from current and future wells that they operate, and we commit to provide, gather, recycle or dispose such water volumes. AMI arrangements similarly are defined by a geographic right to current and future customer volumes, though AMIs may encompass a broader geographic area beyond a customer’s existing leasehold acreage. Wellbore dedications are similar to acreage dedications; however, they limit the contractual obligations to a defined set of existing or future wells. Under our MVC agreements our customers guarantee to deliver certain minimum volumes of produced water to our pipeline networks at an agreed upon fee or pay a deficiency fee for the minimum volume that is not met for a specified period. In most cases, these contracts are covenant to the land and assets they encompass.

As of September 30, 2025 and December 31, 2024, the Company reported no contract assets and had contract liabilities of $3.5 million and $1.1 million, respectively. During the Current Period and Prior Period, the Company recognized revenue of $1.1 million and $1.7 million, respectively, related to contract liabilities that existed at the beginning of the period.

Accommodations and rentals revenue is included in the Water Services segment and the Company accounts for accommodations and rentals agreements as an operating lease. The Company recognizes revenue from renting equipment on a straight-line basis. Accommodations and rental contract periods are generally daily, weekly or monthly. The average lease term is less than three months and as of September 30, 2025, there were no material rental agreements in effect lasting more than one year. During the Current Quarter, Prior Quarter, Current Period and Prior Period, approximately $21.6 million, $20.1 million, $62.4 million and $59.6 million, respectively, of accommodations and rentals revenue was accounted for under ASC 842 lease guidance.

Table of Contents

In the Chemical Technologies segment, the typical performance obligation is to provide a specific quantity of chemicals to customers in accordance with the customer agreement in an amount the Company expects to collect. Products and services are generally sold based upon customer orders or contracts with customers that include fixed or determinable prices. Revenue is recognized as the customer takes title to chemical products in accordance with the agreement. Products may be provided to customers in packaging or delivered to the customers’ containers through a hose. In some cases, the customer takes title to the chemicals upon consumption from storage containers on their property, where the chemicals are considered inventory until customer usage. In cases where the Company delivers products and recognizes revenue before collecting payment, the Company has an unconditional right to payment reflected in accounts receivable trade, net of allowance for credit losses. Customer returns are rare and immaterial and there were no material in-process customer agreements for this segment as of September 30, 2025, lasting greater than one year.

The following table sets forth certain financial information with respect to the Company’s disaggregation of revenues by geographic location:


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024

	(in thousands)
Geographic Region
Permian Basin	$	171,321	$	183,949	$	538,457	$	533,028
Rockies		38,035		48,509		126,661		158,095
Marcellus/Utica		31,506		33,531		118,527		104,378
Eagle Ford		28,576		37,946		107,289		124,446
Bakken		21,300		26,833		69,353		61,723
Mid-Continent		20,718		25,315		68,464		64,158
Haynesville/E. Texas		13,255		17,221		41,203		64,627
Eliminations and other regions		(2,468)		(1,955)		(9,112)		(7,427)
Total	$	322,243	$	371,349	$	1,060,842	$	1,103,028

In the Water Infrastructure segment, the most recent top three revenue-producing regions are the Permian Basin, Haynesville and Bakken, which collectively comprised 88%, 82%, 86% and 82% of segment revenue for the Current Quarter, Prior Quarter, Current Period and Prior Period, respectively. In the Water Services segment, the most recent top three revenue-producing regions are the Permian Basin, Rockies and Eagle Ford, which collectively comprised 77%, 71%, 73% and 73% of segment revenue for the Current Quarter, Prior Quarter, Current Period and Prior Period, respectively. In the Chemical Technologies segment, the most recent top three revenue-producing regions are the Permian Basin, Midcon and Rockies, which collectively comprised 92%, 87%, 88% and 83% of segment revenue for the Current Quarter, Prior Quarter, Current Period and Prior Period, respectively.

NOTE 5—INVENTORIES

Inventories, which are comprised of chemicals and raw materials available for resale and parts and consumables used in operations, are valued at the lower of cost and net realizable value, with cost determined under the weighted-average method. The significant components of inventory are as follows:



	September 30, 2025		December 31, 2024

	(in thousands)
Raw materials	$	30,987	$	24,884
Finished goods		6,987		13,563
Total	$	37,974	$	38,447

During the Current Quarter and Current Period, the Company recorded net charges to the reserve for excess and obsolete inventory of less than $0.1 million and $0.1 million, respectively. During the Prior Quarter and Prior Period, the Company recorded net credits to the reserve for excess and obsolete inventory of $0.1 million and $0.5 million,

Table of Contents

respectively. Net charges and credits to the reserve for excess and obsolete inventory were recognized within cost of revenue on the accompanying consolidated statements of operations. The Company’s inventory reserve was $4.9 million and $4.8 million as of September 30, 2025 and December 31, 2024, respectively. The reserve for excess and obsolete inventories is determined based on the Company’s historical usage of inventory on hand, as well as future expectations and the amount necessary to reduce the cost of the inventory to its estimated net realizable value.

NOTE 6—PROPERTY AND EQUIPMENT

Property and equipment are stated at cost less accumulated depreciation. Depreciation (and amortization of finance lease assets) is calculated on a straight-line basis over the estimated useful life of each asset. Property and equipment consists of the following as of September 30, 2025 and December 31, 2024:



	September 30, 2025		December 31, 2024

	(in thousands)
Machinery and equipment	$	541,745	$	581,566
Gathering and disposal infrastructure		393,854		309,854
Pipelines		205,534		103,425
Recycling facilities		165,005		115,227
Buildings and leasehold improvements		106,777		109,520
Land		46,425		39,960
Computer equipment and software		8,903		7,864
Vehicles and equipment		8,175		13,870
Machinery and equipment - finance lease		3,137		533
Computer equipment and software - finance lease		854		904
Office furniture and equipment		612		453
Construction in progress		100,027		122,310
		1,581,048		1,405,486
Less accumulated depreciation⁽¹⁾		(693,686)		(679,832)
Total property and equipment, net	$	887,362	$	725,654

(1)

Includes $1.4 million and $0.9 million of accumulated depreciation related to finance leases as of September 30, 2025 and December 31, 2024, respectively.

During the Current Quarter, the Company recognized $2.3 million in impairments and abandonments related to the abandonment of a SWD well in the Water Infrastructure segment.

During the Current Period, the Company recognized $4.9 million in impairments and abandonments, consisting of $3.1 million in the Water Infrastructure segment primarily associated with SWD abandonments and the termination of a disposal lease, $1.2 million in Other related to abandonment of back-office software development costs previously classified as Other long-term assets, $0.6 million in the Water Services segment related to the relocation of operations from a leased facility. Prior Period impairments and abandonments were less than $0.1 million.

Table of Contents

Total depreciation, amortization and accretion expense related to property and equipment and finance leases presented in the table above, as well as amortization of intangible assets presented in “Note 7— Other Intangible Assets” is as follows:


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024

	(in thousands)
Category
Depreciation expense from property and equipment	$	39,199	$	34,425	$	110,619	$	101,949
Amortization expense from finance leases		177		52		528		165
Amortization expense from intangible assets		4,378		4,505		13,134		12,704
Accretion expense from asset retirement obligations		1,134		585		3,179		1,092
Total depreciation, amortization and accretion	$	44,888	$	39,567	$	127,460	$	115,910

NOTE 7—GOODWILL AND OTHER INTANGIBLE ASSETS

The Company recorded $26.9 million and $13.5 million of goodwill in connection with the Company’s 2025 and 2024 acquisitions, respectively (See “Note 3—Acquisitions”). Goodwill is evaluated for impairment annually, or more frequently if indicators of impairment exist.

The changes in the carrying amounts of goodwill by reportable segment for the Current Period are as follows:


	Water			Water
	Infrastructure			Services	Total

	(in thousands)
Balance as of December 31, 2024	$	16,777	<

Select Water Solutions, Inc. 10-Q