Select Water Solutions (WTTR) 15th Annual Midwest IDEAS Investor Conference summary

Strategic direction and market positioning

• Focused exclusively on Lower 48 unconventional oil and gas, providing water solutions across the well lifecycle.

• Market leader in water recycling, with a footprint spanning all major U.S. basins from Canada to Mexico.

• Transitioned from a call-out service model to a contracted, infrastructure-based business with long-term agreements.

• Emphasizes water sustainability, recycling, and beneficial reuse beyond oil and gas, targeting industrial and agricultural sectors.

• Maintains a conservative balance sheet, leveraging acquisitions to expand infrastructure and service offerings.

Operations and business segments

• Operates through three segments: water infrastructure (pipelines, recycling, storage), water services (last mile logistics), and chemical technology (water treatment for fracking).

• Delivers water primarily via pipelines due to high volumes, with storage and recycling facilities supporting complex, large-scale fracking operations.

• Chemical technology segment treats water for reuse and fracking, integrating with major industry players.

• Customer base is predominantly upstream E&P companies, including major oil and gas firms involved in recent industry mergers.

• Facilities are strategically located in high-value basins like the Permian and Haynesville, supporting both oil and gas production.

Financial performance and growth

• High free cash flow conversion from services and chemistry funds infrastructure growth.

• Post-COVID, executed significant M&A, acquiring distressed assets and expanding recycling and disposal capacity.

• Healthy balance sheet with $90 million in debt, $260+ million EBITDA, and $350–$400 million in inventory and receivables.

• Announced $150 million in new projects and M&A since January, with a doubled project backlog and strong contract conversion rates.

• Regular dividend and share buybacks reflect commitment to shareholder returns.