Select Water Solutions Inc-A 2026年季度报告

Form10-Q ☑QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d)OF THESECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March31,2026 or For the transition period from _______________ to ________________Commission File Number 001-38066 SELECT WATER SOLUTIONS,INC. (Exact name of registrant as specified in its charter)Delaware81-4561945 (940) 668-1818 (Registrant’s telephone number, including area code) Nameofeachexchangeonwhichregistered New York Stock ExchangeNYSE Texas, Inc. Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or15(d)of the Securities Exchange Act of 1934 during the preceding 12months (or for such shorter period that theregistrant was required to file such reports) and (2)has been subject to such filing requirements for the past 90days.Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required tobe submitted pursuant to Rule405 of Regulation S-T during the preceding 12months (or for such shorter period thatthe 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-acceleratedfiler, 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 Rule12b-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 extendedtransition period for complying with any new or revised financial accounting standards provided pursuant toSection7(a)(2)(B)of the Securities Act.☐ Indicate by check mark whether the registrant is a shell company.Yes☐No☑ As of May 4, 2026, the registrant had 124,353,951 shares of ClassA common stock and 13,790,861 shares ofClassB common stock outstanding. SELECT WATER SOLUTIONS,INC. TABLE OF CONTENTS PARTI—FINANCIAL INFORMATIONItem1.Financial Statements (Unaudited)7Item2.Management’s Discussion and Analysis of Financial Condition and Results of Operations35Item3.Quantitative and Qualitative Disclosures about Market Risk52Item4. Controls and Procedures53PARTII—OTHER INFORMATIONItem1.Legal Proceedings53Item1A.Risk Factors54Item2.Unregistered Sales of Equity Securities and Use of Proceeds55Item3.Defaults Upon Senior Securities55Item4.Mine Safety Disclosures55Item5. Other Information55Item6. Exhibits56 GLOSSARY OF CERTAIN TERMS The terms and abbreviations defined in this section are used throughout this quarterly report. AMI. Areas of Mutual InterestARO. Asset Retirement ObligationASC. Accounting Standards CodificationASU. Accounting Standards UpdateAV Farms. AV Farms, LPC&A. C&A Rollover Company, LLCCODM. Chief Operating Decision MakerE&P. Exploration and ProductionEBITDA. Earnings before Interest, Taxes, Depreciation and AmortizationFASB. Financial Accounting Standards BoardFCF. Free Cash FlowGAAP. Generally Accepted Accounting PrinciplesGeneses. Geneses Water, L.P.IRA 2022. Inflation Reduction Act of 2022LNG. Liquified Natural GasLPA. Limited Partnership AgreementMidCon. MidcontinentMSA. Master Services AgreementMVC. Minimum Volume CommitmentNOLs. Net Operating LossesOBBBA. One Big Beautiful Bill Act of 2025OPEC/OPEC+.Organization of the Petroleum Exporting Countries (+ allies)PSU. Performance Share UnitROA. Return on assetsROC. Remote Operations CenterROFR. Right of First RefusalSEC. Securities and Exchange CommissionSelect LLC. Select Water Solutions, LLCSES Holdings. Select Energy Services Holdings, LLCSES Holdings LLC Agreement. The Eighth Amended and Restated Limited Liability Company Agreement of SESHoldingsSES Holdings LLC Units.Common units in SES HoldingsSelect Inc. Select Water Solutions, Inc.SOFR. Secured Overnight Financing RateSWD. Saltwater Disposal WellSWR. Select Water Reuse, LLCThe Exchange Act. Securities Exchange Act of 1934, as amendedThe Securities Act. Securities Act of 1933, as amendedTRAs. Tax Receivable AgreementsTSR. Total Shareholder ReturnU.S.United States of AmericaVIE. Variable Interest EntityWTI. West Texas Intermediate CAUTIONARY NOTEREGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form10-Q (the “Quarterly Report”) includes “forward-lookingstatements” within the meaning of Section27A of the Securities Act of 1933, as amended (the “SecuritiesAct”), and Section21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Allstatements, other than statements of historical fact, included in this Quarterly Report regarding ourstrategy, 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,