Select Water Solutions Inc-A 2024年度报告

Financial & OperationalHighlights Select Water Solutions, Inc. (“Select” or the “Company”) is the clear marketleader in full-life cycle water solutions for the energy industry, supported bythe Company’s critical water infrastructure assets, chemical manufacturingand water treatment and recycling technologies. RecycledWaterVolumesChart data in billions WaterInfrastructure Organic &M&A Growth WaterSustainability Select has a proven strategy of value-accretive, M&A withmore than 20acquisitions since 2021and haveachieved organic growth through ourfixed long-term infrastructure footprint Select has thefastest growing waterinfrastructure platform in theindustryand proprietary automationtechnology to reduce spills and providewater balancing to customers Treated or recycled over20 billion gallons of waterin 2024,significantly reducing the need for freshwater for our customers A Letter toStockholders March 20, 2025 Theseachievements underscore the strength of ourbusiness model, the disciplined operational approach andthecontinued execution of enhancing the Company’sproduction-related and contracted growth in our WaterInfrastructure segment. We have a clear focus on innovation,operationalexcellence,and value creation,and remainconfident in our thesis and commitment to a long-termvision that drives ongoing growth and delivers meaningfulreturns for our shareholders. With the strong support of ouremployees, customers, and stakeholders,I believe that Select’s financial outlook isthe strongest it has ever been.We achieved record water volumes It is my privilege to update you on Select’s 2024 fiscalperformance and our plans for the year ahead.First, Iwould like to thank our Select employees, many of whomare also fellow Select Stockholders, for their hard work andcommitmentto operational excellence every day.2024marked a year of strategic accomplishments and ongoingtransition for Select. We achieved record water volumestransported, recycled, and disposed, culminating in a newrecord high consolidated Adjusted EBITDA1 and margin performance,alongside robust cashflow and shareholder returns. In 2024 wedemonstrated great progress on our WaterInfrastructure growth strategy, setting thestage for increasing contracted, long-termearningsexposure which will providestrength and stability to Select. Looking ata few of our 2024 accomplishments morespecifically: transported, recycled, and disposed,culminating in a new record highconsolidated Adjusted EBITDAandmargin performance, alongside robustcash flow and shareholder returns. Operationally,our Water Infrastructuresegment led the way, supported by a43% year-over-year increase in producedwaterdisposal volumes and an 18%increase in volumes recycled at our fixedrecycling facilities. We continue to have great success at developing the broad infrastructure assetbase we’ve built and acquired over the last several years.Ourstrategic acquisitions and greenfield developmentsin 2024 have further diversified our operational footprintand positioned us to capitalize on growth across multiplebasins. In 2024, we executed nearly a dozen small bolt-on infrastructure acquisitions, further expanding our assetportfolio and enhancing our capabilities in key markets. Theseacquisitions, combined with our organic growth initiatives,have significantly strengthened our position in the waterinfrastructure sector. •Water Infrastructure revenue and gross profit surgedby 26% and 62% respectively, underscoring its vitalcontribution to Select’s growth trajectory. •Achieved consolidated Adjusted EBITDA of $258 million1,reflecting enhanced operational efficiency and strategiccost management.•Generated $235 million in cash flow from operatingactivities, enabling strategic investments in key growthareas and shareholder value initiatives.•Moved more than 1.5 billion barrels of water in supportof our customers’ oil and gas development•Securedeight major new organic infrastructureprojects encompassing $138 million in growth capital,underwritten by long-term contracts with a weightedaverage term of 10 years•Closed on approximately $160 million of infrastructure-focused acquisitions, adding additional scale in nearlyevery major operating region•Increased the quarterly dividend by 17%, demonstratingour commitment to delivering consistent shareholderreturns. Importantly,we have now amassed a portfolio ofapproximately2.5 million acres under long-term areadedication, encompassing an estimated 1.3 million acresof existing customer leasehold, supporting a combinationof disposal, pipeline, and recycling solutions.Even withthis pace of growth, our new project potential backlogcontinues to grow and currently sits at a record high.The momentum we’ve built in our Water Infrastructuresegmentnot only reflects the growing demand forsustainable solutions but also underscores our strategicinvestments that position us as an innovator and leader inthis critical space. TheWaterServicesandChemicalTechnologiessegments also re