• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Dashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlerts
    Company
    AboutQuantisnow PlusContactJobs
    Legal
    Terms of usePrivacy policyCookie policy

    Select Energy Services Reports First Quarter 2021 Financial Results And Operational Updates

    5/4/21 4:15:00 PM ET
    $WTTR
    Oilfield Services/Equipment
    Energy
    Get the next $WTTR alert in real time by email

    HOUSTON, May 4, 2021 /PRNewswire/ -- Select Energy Services, Inc. (NYSE:WTTR) ("Select" or "the Company"), a leading provider of sustainable water and chemical solutions to the U.S. unconventional oil and gas industry, today announced results for the quarter ended March 31, 2021.

    John Schmitz, Chairman of the Board, President and CEO, stated, "During the first quarter, we continued to see revenue improvements across all of our business segments with 8% consolidated revenue growth, led by our Oilfield Chemicals segment. Overall industry activity improved sequentially during the first quarter despite challenging winter storm weather conditions in February, which resulted in supply chain disruptions and roughly a week of lost revenue, negatively impacting our overall margin performance during the first quarter. Looking forward, with COVID-19 vaccine rollouts expanding, governments providing strong economic support, and oil demand steadily improving, we feel confident that steadying commodity prices should support continued constructive activity growth throughout the rest of the year. We believe revenues will grow to $160 – $170 million in the second quarter, with Adjusted EBITDA margins recovering from the weather-related compression seen in the first quarter to a range of 5 –7%.

    "Our primary strategic objectives remain as outlined previously. We will drive value in this company, through improving and growing the base business in a recovering activity environment and advancing our leading position in integrated and sustainable full life cycle water and chemicals through our FluidMatch™ solutions, through deploying our expertise in water and chemicals across the value chain and through evaluating strategic investment opportunities and M&A. There's a lot of opportunity out there, and I'm confident we can execute our strategy.

    "We continue to look for more ways to improve the business, and in doing so, we recently completed an organizational realignment, starting with the appointment of Michael Skarke as EVP and COO. Michael has been a longtime partner of mine, having joined the Company in 2009, and has served in a number of leadership roles within the organization across both Operations and Finance. He will oversee all aspects of the operational organization with a particular emphasis on the further integration of our efforts to support the total water and fluids life cycle. This realignment will also support further commercialization of integrated solutions on a regional basis, while allowing us to more efficiently control costs, drive margin improvement and take advantage of our significant operating leverage and further our initiatives around sustainable water and chemical solutions.

    "As previously disclosed, we recently partnered with two blue-chip operators in the core of the Permian Basin to construct and operate two water recycling facilities supported by long-term contracts. These projects commenced operations in the first quarter and are off to very promising starts. This infrastructure streamlines our customers' water logistics, reduces their costs and helps our customers achieve their ESG targets by reducing their environmental impact through reduced fresh water usage and reduced waste disposal. We have already seen success in further commercializing these facilities, with two more customers either currently sending or contracted to send volumes during the second quarter, and the additional pull through of various service lines related to these facilities.

    "While we continue to find new and interesting ways to invest in growth, we have also further demonstrated the asset-light nature of our base business model by limiting net capex during the first quarter to $2.2 million and, accordingly, we have reduced our full year net capex guidance to $30 – $40 million, which includes $10 – $20 million of targeted growth projects. Though working capital remained a modest headwind during the first quarter, we continue to project positive free cash flow generation for the full year in 2021.

    "We are also furthering our efforts to innovate and find new ways to diversify our capabilities and advance our initiatives around the energy transition. As part of this effort, we are pleased to announce a strategic investment in ICE Thermal Harvesting. ICE is a new venture focused on providing zero-emission geothermal electric power to the oil and gas industry as well as industrial consumers across multiple sectors. We are excited to collaborate with the ICE team as both capital and strategic partners and look forward to the growth opportunities ahead for the business.

    "Select sits in a very strong position in the marketplace, with no bank debt, strong cash flow capabilities and a substantial cash balance. In addition to this financial strength, we have the ability to leverage our competitive strengths as the oil and gas industry's leading sustainable water and chemical solutions provider to expand into new areas or other industries to take advantage of the energy transition. We are very excited about these recent water recycling and energy transition investments, and we continue to believe that additional opportunities lie ahead, particularly as we begin to see the benefits of the momentum in the activity landscape," concluded Schmitz.

    Consolidated Financial Information

    Revenue for the first quarter of 2021 was $143.7 million as compared to $133.3 million in the fourth quarter of 2020 and $278.3 million in the first quarter of 2020. Net loss for the first quarter of 2021 was $27.4 million as compared to a net loss of $21.2 million in the fourth quarter of 2020 and a net loss of $291.2 million in the first quarter of 2020, which was primarily impacted by impairments of Goodwill and other items.

    Gross loss was $4.4 million in the first quarter of 2021 as compared to a gross loss of $3.9 million in the fourth quarter of 2020 and gross profit of $15.3 million in the first quarter of 2020. Total gross margin for Select was (3.1%) in the first quarter of 2021 as compared to (3.0%) in the fourth quarter of 2020 and 5.5% in the first quarter of 2020. Gross margin before depreciation and amortization ("D&A") for the first quarter of 2021 was 12.0% as compared to 14.5% for the fourth quarter of 2020 and 14.9% for the first quarter of 2020.

    SG&A during the first quarter of 2021 was $19.9 million as compared to $15.5 million during the fourth quarter of 2020 and $25.3 million during the first quarter of 2020. SG&A during the first quarter of 2021 was impacted by $3.2 million of non-recurring severance costs relating to our recent CEO transition and $0.4 million of non-recurring transaction costs.

    Adjusted EBITDA was $0.9 million in the first quarter of 2021 as compared to $10.2 million in the fourth quarter of 2020 and $23.7 million in the first quarter of 2020. 

    Select's consolidated Adjusted EBITDA during the first quarter of 2021 includes $5.9 million of non-recurring or non-cash adjustments, including $3.2 million of non-recurring executive severance costs, $0.7 million of non-cash losses on asset sales, $0.4 million of transaction costs, and $0.1 million in lease abandonment costs. Non-cash compensation expense accounted for an additional $1.4 million adjustment. Please refer to the end of this release for reconciliations of gross profit before D&A (non-GAAP measure) to gross profit (loss) and of Adjusted EBITDA (non-GAAP measure) to net income (loss).

    Business Segment Information

    The Water Services segment generated revenues of $64.2 million in the first quarter of 2021, as compared to $59.9 million in the fourth quarter of 2020 and $149.5 million in the first quarter of 2020.  Gross margin before D&A for Water Services was 3.0% in the first quarter of 2021 as compared to 7.0% in the fourth quarter of 2020 and 13.6% in the first quarter of 2020. Revenues improved 7.2% sequentially driven primarily by activity improvements, while margins were impacted by weather disruptions during February. We anticipate increasing completions activity and modest pricing improvements supporting revenue and margin gains in the second quarter.

    The Water Infrastructure segment generated revenues of $37.8 million in the first quarter of 2021 as compared to $36.1 million in the fourth quarter of 2020 and $57.8 million in the first quarter of 2020. Gross margin before D&A for Water Infrastructure was 30.2% in the first quarter of 2021 as compared to 30.7% in the fourth quarter of 2020 and 17.2% in the first quarter of 2020.  Sequential revenue increases were largely driven by increased water sales and the early contributions of the new recycling facilities. We anticipate revenues holding relatively steady during the second quarter, with increased recycling revenues offsetting declines in our Bakken Pipeline volumes driven by the seasonal breakup period, which we expect to result in modest margin decreases during the second quarter.

    The Oilfield Chemicals segment generated revenues of $41.7 million in the first quarter of 2021, as compared to $37.3 million in the fourth quarter of 2020 and $71.0 million in the first quarter of 2020.  Gross margin before D&A for Oilfield Chemicals was 9.5% in the first quarter of 2021 as compared to 12.7% in the fourth quarter of 2020 and 15.7% in the first quarter of 2020.  Revenues improved 11.9% sequentially driven by activity improvements and strong growth in the segment's water treatment solutions. Gross margins were impacted by increased raw materials pricing and significant supply chain disruptions resulting from the winter storms in February. We anticipate strong sequential revenue growth in this segment during the second quarter, with margins returning to levels similar to the fourth quarter of 2020, driven by increasing demand for our water treatment chemical solutions and strong demand recovery for completion chemicals following the winter disruptions in the first quarter.

    Cash Flow and Capital Expenditures

    Cash flow from operations for the first quarter of 2021 was ($3.9) million as compared to ($14.0) million in the fourth quarter of 2020 and $46.7 million in the first quarter of 2020.  Cash flow from operations during the first quarter of 2021 included a $3.0 million use of cash from net working capital changes.  Capital expenditures for the first quarter of 2021 were $2.2 million, net of ordinary course asset sales during the quarter of $2.3 million. Cash flow from operations less capital expenditures, net of asset sales, was ($6.1) million during the first quarter of 2021.

    Additionally, cash flow from investing activities was reduced by the Company's recent investment in ICE Thermal Harvesting, a new venture focused on providing zero-emission geothermal electric power to industrial consumers across multiple sectors.

    Balance Sheet and Capital Structure

    Total cash and cash equivalents were $160.0 million as of March 31, 2021 as compared to $169.0 million as of December 31, 2020.

    The Company had no borrowings outstanding under its revolving credit facility as of March 31, 2021 and December 31, 2020. As of March 31, 2021 and December 31, 2020, the borrowing base under the revolving credit facility was $117.8 million and $96.4 million, respectively. The Company had available borrowing capacity under its revolving credit facility as of March 31, 2021 and December 31, 2020, of approximately $102.2 million and $80.8 million, respectively, after giving effect to $15.6 million of outstanding letters of credit as of each reporting date.

    Total liquidity was $262.2 million as of March 31, 2021, as compared to $249.8 as of December 31, 2020. The Company had 84,989,945 weighted average Class A shares outstanding and 16,221,101 weighted average Class B shares outstanding during the first quarter of 2021.

    Conference Call

    Select has scheduled a conference call on Wednesday, May 5, 2021 at 11:00 a.m. Eastern time / 10:00 a.m. Central time.  Please dial 201-389-0872 and ask for the Select Energy Services call at least 10 minutes prior to the start time of the call, or listen to the call live over the Internet by logging on to the website at the address http://investors.selectenergyservices.com/events-and-presentations.  A telephonic replay of the conference call will be available through May 19, 2021 and may be accessed by calling 201-612-7415 using passcode 13718587#.  A webcast archive will also be available at the link above shortly after the call and will be accessible for approximately 90 days. 

    About Select Energy Services, Inc.

    Select Energy Services, Inc. and its consolidated subsidiaries (collectively referred to as "Select" or the "Company") is a leading provider of sustainable water and chemical solutions to the oil and gas industry. Select develops, manufactures and delivers a full suite of chemical products for use in oil and gas well completion and production operations as well as integration into the full water life-cycle. These solutions are supported by the Company's critical water infrastructure assets and water treatment and recycling capabilities. As a leader in sustainable water and chemical solutions, Select places the utmost importance on safe, environmentally responsible management of oilfield water throughout the lifecycle of a well. Additionally, Select believes that responsibly managing water resources throughout its operations to help conserve and protect the environment is paramount to the continued success of the Company.  For more information, please visit Select's website, http://www.selectenergy.com.

    Cautionary Statement Regarding Forward-Looking Statements

    All statements in this communication other than statements of historical facts are forward-looking statements which contain our current expectations about our future results. We have attempted to identify

    any forward-looking statements by using words such as "could," "believe," "anticipate," "expect," "project," "will," "estimate" and other similar expressions. Although we believe that the expectations reflected, and the assumptions or bases underlying our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause our actual results, events or financial positions to differ materially from those included within or implied by such forward-looking statements. Factors that could materially impact such forward-looking statements include, but are not limited to: the severity and duration of world health events, including the COVID-19 pandemic, related economic repercussions and the resulting severe disruption in the oil and gas industry and negative impact on demand for oil and gas, which is negatively impacting our business; actions by the members of 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 supply limitations; operational challenges relating to the COVID-19 pandemic and efforts to mitigate the spread of the virus, including logistical challenges, protecting the health and well-being of our employees, remote work arrangements, performance of contracts and supply chain disruptions; the level of capital spending and access to capital markets by oil and gas companies, trends and volatility in oil and gas prices, and our ability to manage through such volatility; and other factors discussed or referenced in the "Risk Factors" section of our most recent Annual Report on Form 10-K, our subsequently filed Quarterly Reports on Form 10-Q and those set forth from time to time in our other filings with the SEC. Investors should not place undue reliance on our forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.

    WTTR-ER

    SELECT ENERGY SERVICES, INC.

    CONSOLIDATED STATEMENTS OF OPERATIONS

    (unaudited)

    (in thousands, except share and per share data)







    Three months ended March 31, 





    2021



    2020

    Revenue













    Water Services



    $

    64,223



    $

    149,511

    Water Infrastructure





    37,803





    57,762

    Oilfield Chemicals





    41,716





    71,012

    Total revenue





    143,742





    278,285

    Costs of revenue













    Water Services





    62,324





    129,114

    Water Infrastructure





    26,399





    47,813

    Oilfield Chemicals





    37,766





    59,876

    Other





    —





    4

    Depreciation and amortization





    21,650





    26,182

    Total costs of revenue





    148,139





    262,989

    Gross (loss) profit





    (4,397)





    15,296

    Operating expenses













    Selling, general and administrative





    19,894





    25,289

    Depreciation and amortization





    649





    685

    Impairment of goodwill and trademark





    —





    276,016

    Impairment and abandonment of property and equipment





    —





    3,184

    Lease abandonment costs





    104





    953

    Total operating expenses





    20,647





    306,127

    Loss from operations





    (25,044)





    (290,831)

    Other (expense) income













    Losses on sales of property and equipment and divestitures, net





    (579)





    (435)

    Interest expense, net





    (435)





    (331)

    Foreign currency gain (loss), net





    3





    (46)

    Other (expense) income, net





    (1,629)





    259

    Loss before income tax benefit





    (27,684)





    (291,384)

    Income tax benefit





    263





    164

    Net loss





    (27,421)





    (291,220)

    Less: net loss attributable to noncontrolling interests





    4,314





    45,358

    Net loss attributable to Select Energy Services, Inc.



    $

    (23,107)



    $

    (245,862)















    Net loss per share attributable to common stockholders:













    Class A—Basic



    $

    (0.27)



    $

    (2.86)

    Class B—Basic



    $

    —



    $

    —















    Net loss per share attributable to common stockholders:













    Class A—Diluted



    $

    (0.27)



    $

    (2.86)

    Class B—Diluted



    $

    —



    $

    —

     

    SELECT ENERGY SERVICES, INC.

    CONSOLIDATED BALANCE SHEETS

    (unaudited)

    (in thousands, except share data)







    March 31, 2021



    December 31, 2020





    (unaudited)





    Assets













    Current assets













    Cash and cash equivalents



    $

    160,021



    $

    169,039

    Accounts receivable trade, net of allowance for credit losses of $8,617 and $9,157, respectively





    140,016





    129,392

    Accounts receivable, related parties





    332





    69

    Inventories





    34,410





    33,384

    Prepaid expenses and other current assets





    20,774





    19,621

    Total current assets





    355,553





    351,505

    Property and equipment





    870,091





    878,902

    Accumulated depreciation





    (537,199)





    (528,537)

    Total property and equipment, net





    332,892





    350,365

    Right-of-use assets, net





    49,881





    52,331

    Other intangible assets, net





    113,463





    116,079

    Other long-term assets, net





    6,869





    5,079

    Total assets



    $

    858,658



    $

    875,359

    Liabilities and Equity













    Current liabilities













    Accounts payable



    $

    24,847



    $

    12,995

    Accrued accounts payable





    23,177





    21,359

    Accounts payable and accrued expenses, related parties





    946





    519

    Accrued salaries and benefits





    14,996





    16,279

    Accrued insurance





    9,458





    9,788

    Sales tax payable





    2,488





    1,415

    Accrued expenses and other current liabilities





    13,325





    12,077

    Current operating lease liabilities





    13,968





    14,019

    Current portion of finance lease obligations





    287





    307

    Total current liabilities





    103,492





    88,758

    Long-term operating lease liabilities





    57,834





    60,984

    Other long-term liabilities





    19,383





    19,735

    Total liabilities





    180,709





    169,477

    Commitments and contingencies













    Class A common stock, $0.01 par value; 350,000,000 shares authorized and 87,856,767 shares issued and outstanding as of March 31, 2021; 350,000,000 shares authorized and 86,812,647 shares issued and outstanding as of December 31, 2020





    879





    868

    Class A-2 common stock, $0.01 par value; 40,000,000 shares authorized; no shares issued or outstanding as of March 31, 2021 and December 31, 2020





    —





    —

    Class B common stock, $0.01 par value; 150,000,000 shares authorized and 16,221,101 shares issued and outstanding as of March 31, 2021 and December 31, 2020





    162





    162

    Preferred stock, $0.01 par value; 50,000,000 shares authorized; no shares issued and outstanding as of March 31, 2021 and December 31, 2020





    —





    —

    Additional paid-in capital





    910,688





    909,278

    Accumulated deficit





    (340,354)





    (317,247)

    Total stockholders' equity





    571,375





    593,061

    Noncontrolling interests





    106,574





    112,821

    Total equity





    677,949





    705,882

    Total liabilities and equity



    $

    858,658



    $

    875,359

     

    SELECT ENERGY SERVICES, INC.

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (unaudited)

    (in thousands)







    Three months ended March 31, 





    2021



    2020

    Cash flows from operating activities













    Net loss



    $

    (27,421)



    $

    (291,220)

    Adjustments to reconcile net loss to net cash provided by operating activities













    Depreciation and amortization





    22,299





    26,867

    Net loss on disposal of property and equipment and divestitures





    579





    435

    Bad debt expense





    300





    2,385

    Amortization of debt issuance costs





    172





    172

    Inventory write-downs





    54





    48

    Equity-based compensation





    1,422





    574

    Impairment of goodwill and trademark





    —





    276,016

    Impairment and abandonment of property and equipment





    —





    3,184

    Unrealized loss on short-term investment





    1,831





    —

    Other operating items, net





    (129)





    (47)

    Changes in operating assets and liabilities













    Accounts receivable





    (11,187)





    34,992

    Prepaid expenses and other assets





    (2,696)





    6,633

    Accounts payable and accrued liabilities





    10,903





    (13,328)

    Net cash (used in) provided by operating activities





    (3,873)





    46,711

    Cash flows from investing activities













    Proceeds received from divestitures





    —





    85

    Purchase of property and equipment





    (4,534)





    (11,338)

    Purchase of equity method investment





    (2,000)





    —

    Proceeds received from sales of property and equipment





    2,316





    5,768

    Net cash used in investing activities





    (4,218)





    (5,485)

    Cash flows from financing activities













    Payments of finance lease obligations





    (75)





    (65)

    Proceeds from share issuance





    14





    27

    Contributions from noncontrolling interests





    —





    383

    Repurchase of common stock





    (874)





    (6,636)

    Net cash used in financing activities





    (935)





    (6,291)

    Effect of exchange rate changes on cash





    8





    (61)

    Net (decrease) increase in cash and cash equivalents





    (9,018)





    34,874

    Cash and cash equivalents, beginning of period





    169,039





    79,268

    Cash and cash equivalents, end of period



    $

    160,021



    $

    114,142



    Comparison of Non-GAAP Financial Measures

    EBITDA, Adjusted EBITDA, gross profit before depreciation and amortization (D&A) and gross margin before D&A are not financial measures presented in accordance with GAAP. We define EBITDA as net income (loss), plus interest expense, income taxes and depreciation and amortization. We define Adjusted EBITDA as EBITDA plus/(minus) loss/(income) from discontinued operations, plus any impairment charges or asset write-offs pursuant to accounting principles generally accepted in the U.S. ("GAAP"), plus non-cash losses on the sale of assets or subsidiaries, non-recurring compensation expense, non-cash compensation expense, and non-recurring or unusual expenses or charges, including severance expenses, transaction costs, or facilities-related exit and disposal-related expenditures and plus/(minus) foreign currency losses/(gains). We define gross profit before D&A as revenue less cost of revenue, excluding cost of sales D&A expense. We define gross margin before D&A as gross profit before D&A divided by revenue. EBITDA, Adjusted EBITDA, gross profit before D&A and gross margin before D&A are supplemental non-GAAP financial measures that we believe provide useful information to external users of our financial statements, such as industry analysts, investors, lenders and rating agencies because it allows them to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization) and non-recurring items outside the control of our management team. We present EBITDA, Adjusted EBITDA, gross profit before D&A and gross margin before D&A because we believe they provide useful information regarding the factors and trends affecting our business in addition to measures calculated under GAAP.

    Net income (loss) is the GAAP measure most directly comparable to EBITDA and Adjusted EBITDA. Gross profit (loss) is the GAAP measure most directly comparable to gross profit before D&A. Our non-GAAP financial measures should not be considered as alternatives to the most directly comparable GAAP financial measure. Each of these non-GAAP financial measures has important limitations as an analytical tool due to exclusion of some but not all items that affect the most directly comparable GAAP financial measures. You should not consider EBITDA, Adjusted EBITDA or gross profit before D&A in isolation or as substitutes for an analysis of our results as reported under GAAP. Because EBITDA, Adjusted EBITDA and gross profit before D&A may be defined differently by other companies in our industry, our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. For further discussion, please see "Item 6. Selected Financial Data" in our Annual Report on Form 10-K for the year ended December 31, 2020.

    The following table presents a reconciliation of EBITDA and Adjusted EBITDA to our net loss, which is the most directly comparable GAAP measure for the periods presented:

























    Three months ended,

    (unaudited) (in thousands)



    March 31, 2021



    December 31, 2021





    March 31, 2020

    Net loss



    $

    (27,421)



    $

    (21,208)



    $

    (291,220)

    Interest expense, net





    435





    503





    331

    Income tax benefit





    (263)





    (981)





    (164)

    Depreciation and amortization





    22,299





    23,901





    26,867

    EBITDA





    (4,950)





    2,215





    (264,186)

    Non-recurring severance expenses





    3,225





    —





    3,502

    Non-cash compensation expenses





    1,422





    1,706





    574

    Non-cash loss on sale of assets or subsidiaries





    697





    2,866





    1,627

    Non-recurring transaction costs





    412





    1,289





    12

    Lease abandonment costs





    104





    1,857





    953

    Impairment of goodwill and trademark





    —





    —





    276,016

    Impairment and abandonment of property and equipment





    —





    —





    3,184

    Yard closure costs related to consolidating operations





    —





    —





    1,950

    Other non-recurring charges





    —





    347





    —

    Foreign currency gain, net





    (3)





    (45)





    46

    Adjusted EBITDA



    $

    907



    $

    10,235



    $

    23,678

    The following table presents a reconciliation of gross profit before D&A to total gross profit (loss), which is the most directly comparable GAAP measure, and a calculation of gross margin before D&A for the periods presented:

























    Three months ended,

    (unaudited) (in thousands)



    March 31, 2021



    December 31, 2020



    March 31, 2020

    Gross (loss) profit by segment



















    Water services



    $

    (11,156)



    $

    (9,646)



    $

    3,241

    Water infrastructure





    5,149





    4,091





    2,921

    Oilfield chemicals





    1,610





    2,316





    9,138

    Other





    —





    (703)





    (4)

    As reported gross (loss) profit





    (4,397)





    (3,942)





    15,296





















    Plus depreciation and amortization



















    Water services





    13,055





    13,833





    17,156

    Water infrastructure





    6,255





    6,992





    7,028

    Oilfield chemicals





    2,340





    2,408





    1,998

    Other





    —





    —





    —

    Total depreciation and amortization





    21,650





    23,233





    26,182





















    Gross profit before D&A



    $

    17,253



    $

    19,291



    $

    41,478





















    Gross profit (loss) before D&A by segment



















    Water services





    1,899





    4,187





    20,397

    Water infrastructure





    11,404





    11,083





    9,949

    Oilfield chemicals





    3,950





    4,724





    11,136

    Other





    —





    (703)





    (4)

    Total gross profit before D&A



    $

    17,253



    $

    19,291



    $

    41,478





















    Gross margin before D&A by segment



















    Water services





    3.0%





    7.0%





    13.6%

    Water infrastructure





    30.2%





    30.7%





    17.2%

    Oilfield chemicals





    9.5%





    12.7%





    15.7%

    Other





    n/a





    n/a





    n/a

    Total gross margin before D&A





    12.0%





    14.5%





    14.9%

     

    Contacts:  

    Select Energy Services



    Chris George - VP, Investor Relations & Treasurer



    (713) 296-1073



    [email protected]







    Dennard Lascar Investor Relations



    Ken Dennard / Lisa Elliott



    713-529-6600



    [email protected]

     

    Cision View original content:http://www.prnewswire.com/news-releases/select-energy-services-reports-first-quarter-2021-financial-results-and-operational-updates-301283759.html

    SOURCE Select Energy Services, Inc.

    Get the next $WTTR alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $WTTR

    DatePrice TargetRatingAnalyst
    8/22/2024$14.50Market Perform → Outperform
    Northland Capital
    5/9/2024$13.00Neutral → Buy
    Citigroup
    4/22/2024$11.50Market Perform
    Northland Capital
    3/23/2023$12.00Strong Buy
    Raymond James
    3/7/2022$8.25 → $11.00Neutral
    Piper Sandler
    7/15/2021$8.00Buy
    Seaport Global Securities
    More analyst ratings

    $WTTR
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • Select Water Solutions Announces First Quarter 2025 Financial, Operational and Strategic Updates

      Generated first quarter 2025 consolidated revenue of $374.4 million, an increase of $25 million or 7% sequentially, as compared to the fourth quarter of 2024 Increased net income by $11.7 million and improved adjusted EBITDA 14% sequentially during the first quarter of 2025 relative to the fourth quarter of 2024 Announced multiple new long-term contracted Water Infrastructure projects in the Permian Basin backed by over 265,000 acres of new acreage and right-of-first refusal dedications, anticipating $100 million – $125 million of incremental capital deployed GAINESVILLE, Texas, May 6, 2025 /PRNewswire/ -- Select Water Solutions, Inc. (NYSE:WTTR) ("Select" or the "Company"), a leading provid

      5/6/25 4:15:00 PM ET
      $WTTR
      Oilfield Services/Equipment
      Energy
    • EnerCom Opens Registration for the 30th Annual EnerCom Denver - The Energy Investment Conference

      Join us as we celebrate three decades of bringing together the energy industry's companies, investors, analysts, and industry leaders! Investors are encouraged to register for EnerCom Denver – The Energy Investment Conference featuring a broad group of public and private energy companies at www.enercomdenver.com  A robust list of companies has confirmed their participation, and more are being added daily   Sponsorship opportunities are available for companies seeking to increase marketplace and brand awareness through EnerCom's multi-digital approach before, during, and after each event DENVER, April 29, 2025 /PRNewswire/ -- EnerCom, Inc. today opened registration for its 30th annual EnerCo

      4/29/25 1:17:00 PM ET
      $AMPY
      $BKV
      $BRY
      $BTE
      Oil & Gas Production
      Energy
      Metal Fabrications
      Industrials
    • Select Water Solutions Announces Quarterly Cash Dividend of $0.07 Per Share

      GAINESVILLE, Texas, April 24, 2025 /PRNewswire/ -- Select Water Solutions, Inc. (NYSE: WTTR) ("Select" or the "Company"), a leading provider of sustainable water and chemical solutions to the energy industry, today announced that its Board of Directors declared a quarterly cash dividend of $0.07 per share of Class A common stock to be paid on May 16, 2025, to holders of record as of the close of business on May 6, 2025. A comparable distribution of $0.07 per unit has also been approved to the unitholders of SES Holdings, LLC, which will be subject to the same payment and record dates. All future dividend payments are subject to quarterly review and approval by Select's Board of Directors. A

      4/24/25 4:15:00 PM ET
      $WTTR
      Oilfield Services/Equipment
      Energy

    $WTTR
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • SVP, GC, CCO & Corp. Sec. Ibrahim Christina M covered exercise/tax liability with 25,818 shares, decreasing direct ownership by 18% to 117,377 units (SEC Form 4)

      4 - Select Water Solutions, Inc. (0001693256) (Issuer)

      5/6/25 12:22:09 PM ET
      $WTTR
      Oilfield Services/Equipment
      Energy
    • Director Burleson Gayle was granted 17,422 shares, increasing direct ownership by 25% to 85,768 units (SEC Form 4)

      4 - Select Water Solutions, Inc. (0001693256) (Issuer)

      5/5/25 1:23:06 PM ET
      $WTTR
      Oilfield Services/Equipment
      Energy
    • Director Wall Douglas James was granted 17,422 shares, increasing direct ownership by 17% to 122,724 units (SEC Form 4)

      4 - Select Water Solutions, Inc. (0001693256) (Issuer)

      5/2/25 5:38:27 PM ET
      $WTTR
      Oilfield Services/Equipment
      Energy

    $WTTR
    SEC Filings

    See more
    • SEC Form 10-Q filed by Select Water Solutions Inc.

      10-Q - Select Water Solutions, Inc. (0001693256) (Filer)

      5/7/25 4:28:31 PM ET
      $WTTR
      Oilfield Services/Equipment
      Energy
    • Select Water Solutions Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

      8-K - Select Water Solutions, Inc. (0001693256) (Filer)

      5/6/25 5:26:38 PM ET
      $WTTR
      Oilfield Services/Equipment
      Energy
    • Select Water Solutions Inc. filed SEC Form 8-K: Submission of Matters to a Vote of Security Holders, Financial Statements and Exhibits

      8-K - Select Water Solutions, Inc. (0001693256) (Filer)

      5/6/25 5:19:04 PM ET
      $WTTR
      Oilfield Services/Equipment
      Energy

    $WTTR
    Financials

    Live finance-specific insights

    See more
    • Select Water Solutions Announces First Quarter 2025 Financial, Operational and Strategic Updates

      Generated first quarter 2025 consolidated revenue of $374.4 million, an increase of $25 million or 7% sequentially, as compared to the fourth quarter of 2024 Increased net income by $11.7 million and improved adjusted EBITDA 14% sequentially during the first quarter of 2025 relative to the fourth quarter of 2024 Announced multiple new long-term contracted Water Infrastructure projects in the Permian Basin backed by over 265,000 acres of new acreage and right-of-first refusal dedications, anticipating $100 million – $125 million of incremental capital deployed GAINESVILLE, Texas, May 6, 2025 /PRNewswire/ -- Select Water Solutions, Inc. (NYSE:WTTR) ("Select" or the "Company"), a leading provid

      5/6/25 4:15:00 PM ET
      $WTTR
      Oilfield Services/Equipment
      Energy
    • Select Water Solutions Announces Quarterly Cash Dividend of $0.07 Per Share

      GAINESVILLE, Texas, April 24, 2025 /PRNewswire/ -- Select Water Solutions, Inc. (NYSE: WTTR) ("Select" or the "Company"), a leading provider of sustainable water and chemical solutions to the energy industry, today announced that its Board of Directors declared a quarterly cash dividend of $0.07 per share of Class A common stock to be paid on May 16, 2025, to holders of record as of the close of business on May 6, 2025. A comparable distribution of $0.07 per unit has also been approved to the unitholders of SES Holdings, LLC, which will be subject to the same payment and record dates. All future dividend payments are subject to quarterly review and approval by Select's Board of Directors. A

      4/24/25 4:15:00 PM ET
      $WTTR
      Oilfield Services/Equipment
      Energy
    • Select Water Solutions Announces 2025 First Quarter Earnings Release and Conference Call Schedule

      GAINESVILLE, Texas, April 16, 2025 /PRNewswire/ -- Select Water Solutions, Inc. (NYSE:WTTR) today announced that it will release 2025 first quarter financial results on Tuesday, May 6, 2025 after the market closes. In conjunction with the release, the Company has scheduled a conference call, which will also be broadcast live over the Internet, on Wednesday, May 7, 2025 at 11:00 a.m. Eastern Time (10:00 a.m. Central Time). What: Select Water Solutions 2025 First Quarter Earnings Conference Call When: Wednesday, May 7, 2025 at 11:00 a.m. Eastern / 10:00 a.m. Central How: Live via phone – By dialing 201-389-0872 and asking for the Select Water Solutions call at least 10 minutes prior to the st

      4/16/25 4:15:00 PM ET
      $WTTR
      Oilfield Services/Equipment
      Energy

    $WTTR
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • Select Water Solutions upgraded by Northland Capital with a new price target

      Northland Capital upgraded Select Water Solutions from Market Perform to Outperform and set a new price target of $14.50

      8/22/24 7:39:40 AM ET
      $WTTR
      Oilfield Services/Equipment
      Energy
    • Select Water Solutions upgraded by Citigroup with a new price target

      Citigroup upgraded Select Water Solutions from Neutral to Buy and set a new price target of $13.00

      5/9/24 6:32:38 AM ET
      $WTTR
      Oilfield Services/Equipment
      Energy
    • Northland Capital initiated coverage on Select Energy Services with a new price target

      Northland Capital initiated coverage of Select Energy Services with a rating of Market Perform and set a new price target of $11.50

      4/22/24 9:12:09 AM ET
      $WTTR
      Oilfield Services/Equipment
      Energy

    $WTTR
    Leadership Updates

    Live Leadership Updates

    See more
    • SELECT WATER SOLUTIONS ANNOUNCES CFO TRANSITION

      HOUSTON, March 4, 2024 /PRNewswire/ -- Select Water Solutions, Inc. (NYSE: WTTR) ("Select" or the "Company"), a leading provider of sustainable water and chemical solutions to the energy industry, today announced the appointment of Chris George as Executive Vice President and Chief Financial Officer, effective immediately. The Company also announced that it expects to enter into a separation agreement with Nick Swyka, formerly Senior Vice President and Chief Financial Officer. In the interim, Mr. Swyka will continue to be employed by Select and provide assistance with respect to the transition of his former duties and responsibilities through his anticipated employment end date on March 29,

      3/4/24 4:15:00 PM ET
      $WTTR
      Oilfield Services/Equipment
      Energy
    • Eric Bauer Joins Sharps Compliance as Executive Vice President & Chief Financial Officer

      HOUSTON, Feb. 28, 2022 (GLOBE NEWSWIRE) -- Sharps Compliance Corp. (NASDAQ:SMED) ("Sharps" or the "Company"), a leading full-service national provider of comprehensive waste management solutions including medical, pharmaceutical and hazardous, today announced that it has expanded its leadership team with the appointment of Eric Bauer as Executive Vice President & Chief Financial Officer. In his new role, Mr. Bauer will oversee all aspects of Sharps' finance and accounting organization and play a key role in developing and implementing the Company's strategic initiatives and mergers and acquisitions efforts. Diana P. Diaz continues with the Company as Vice President and Chief Accounting Off

      2/28/22 8:00:00 AM ET
      $NES
      $SMED
      $WTTR
      Water Supply
      Public Utilities
      Environmental Services
      Utilities
    • Brigham Minerals, Inc. Announces the Appointment of Gayle Burleson and Stacy Hock to and the Resignation of Howard Keenan From the Board of Directors

      Brigham Minerals, Inc. (NYSE:MNRL) ("Brigham Minerals," "Brigham," or the "Company"), a leading mineral and royalty interest acquisition company, today announced that based on the recommendation of the Nominating & Governance Committee and the unanimous approval of the Board of Directors, the Company has appointed two independent directors, Gayle Burleson and Stacy Hock, to the Company's Board effective immediately. In addition, Howard Keenan has concurrently announced his resignation from the Board of Directors. With the appointment of Ms. Burleson and Ms. Hock concurrent with the resignation of Mr. Keenan, the Board of Directors will have nine members. Robert M. ("Rob") Roosa, Chief Exec

      1/24/22 4:15:00 PM ET
      $COP
      $CXO
      $MNRL
      $WTTR
      Integrated oil Companies
      Energy
      Oil & Gas Production
      Oilfield Services/Equipment

    $WTTR
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • SEC Form SC 13G filed by Select Water Solutions Inc.

      SC 13G - Select Water Solutions, Inc. (0001693256) (Subject)

      10/25/24 10:03:27 AM ET
      $WTTR
      Oilfield Services/Equipment
      Energy
    • SEC Form SC 13G filed by Select Water Solutions Inc.

      SC 13G - Select Water Solutions, Inc. (0001693256) (Subject)

      2/13/24 5:14:01 PM ET
      $WTTR
      Oilfield Services/Equipment
      Energy
    • SEC Form SC 13G/A filed by Select Water Solutions Inc. (Amendment)

      SC 13G/A - Select Water Solutions, Inc. (0001693256) (Subject)

      1/26/24 11:49:38 AM ET
      $WTTR
      Oilfield Services/Equipment
      Energy