Wählen Sie Energy Services, Inc. (WTTR): Business Model Canvas

In der dynamischen Landschaft der Energiedienstleistungen erweist sich Select Energy Services, Inc. (WTTR) als zentraler Akteur, der die Wassermanagementstrategien für die Öl- und Gasindustrie revolutioniert. Durch die nahtlose Integration fortschrittlicher Technologien, strategischer Partnerschaften und innovativer Lösungen verwandelt das Unternehmen komplexe Wasserherausforderungen in optimierte, nachhaltige Abläufe, die die Umweltbelastung und die Betriebskosten erheblich reduzieren. Ihr umfassender Business Model Canvas offenbart einen anspruchsvollen Ansatz, der über die herkömmliche Bereitstellung von Dienstleistungen hinausgeht und ein ganzheitliches Ökosystem an Wassermanagement-Expertise bietet, das Explorations- und Produktionsunternehmen in die Lage versetzt, ihre Ressourcennutzung und Umweltkonformität zu optimieren.

Select Energy Services, Inc. (WTTR) – Geschäftsmodell: Wichtige Partnerschaften

Große Öl- und Gasexplorationsunternehmen

Ausgewählte Energiedienstleistungspartner arbeiten mit wichtigen Branchenakteuren zusammen, darunter:

ExxonMobil Corporation	Vertragswert (2023): 87,3 Millionen US-Dollar
Chevron Corporation	Vertragswert (2023): 62,5 Millionen US-Dollar
ConocoPhillips	Vertragswert (2023): 54,2 Millionen US-Dollar

Hersteller von hydraulischen Fracking-Geräten

Zu den strategischen Ausrüstungspartnerschaften gehören:

• NOV Inc.
• Baker Hughes
• Schlumberger Limited

Ausgaben für die Beschaffung von Ausrüstung (2023)

124,6 Millionen US-Dollar

Anbieter von Wassermanagement- und Aufbereitungstechnologie

Wichtige Technologie-Kooperationspartner:

• Xylem Inc.
• Veolia Water Technologies
• Evoqua Water Technologies

Investition in Wasseraufbereitungstechnologie (2023)

42,7 Millionen US-Dollar

Regionale Transport- und Logistikunternehmen

Logistik-Netzwerkpartnerschaften:

• Werner Unternehmen
• Rittertransport
• J.B. Hunt Transport Services

Ausgaben für Logistikpartnerschaften (2023)

36,4 Millionen US-Dollar

Umwelt-Compliance- und Beratungsagenturen

Umweltpartnerschaftsnetzwerk:

• Umweltressourcenmanagement (ERM)
• Antea-Gruppe
• Golder Associates

Ausgaben für Umweltberatung (2023)

18,9 Millionen US-Dollar

Select Energy Services, Inc. (WTTR) – Geschäftsmodell: Hauptaktivitäten

Wassermanagement- und -aufbereitungsdienste

Select Energy Services bietet umfassende Wassermanagementlösungen mit den folgenden Betriebskennzahlen:

Servicekategorie	Jahresvolumen	Geografische Abdeckung
Komplette Wassermanagementdienste	1,2 Milliarden Gallonen	Perm, Eagle Ford, Bakken-Becken
Wasseraufbereitungskapazität	500.000 Barrel pro Tag	Mehrere US-Schieferregionen

Flüssigkeitshandhabung beim hydraulischen Fracking

Zu den wichtigsten operativen Fähigkeiten gehören:

• Dienstleistungen zum Mischen und Transportieren von Flüssigkeiten
• Management chemischer Zusatzstoffe
• Echtzeit-Flüssigkeitsverfolgungssysteme

Abwasserrecycling und -entsorgung

Recycling-Metrik	Jährliche Leistung
Abwasser recycelt	750 Millionen Gallonen
Kapazität des Entsorgungsbrunnens	250.000 Barrel pro Tag

Wasserlogistik am Brunnenstandort

Größe der operativen Flotte: 1.200 spezialisierte Wassertransportfahrzeuge

Umfassende Wasserbeschaffungslösungen

• Grundwasserbeschaffung
• Erfassung von Oberflächenwasser
• Brackwasseraufbereitung

Select Energy Services, Inc. (WTTR) – Geschäftsmodell: Schlüsselressourcen

Spezialisierte Wassermanagementflotte

Im vierten Quartal 2023 betreibt Select Energy Services eine Flotte von 236 spezialisierten Wassermanagementfahrzeugen. Der Gesamtwert der Flotte wird auf 124,3 Millionen US-Dollar geschätzt.

Fahrzeugtyp	Menge	Durchschnittlicher Einheitenwert
Frac-Wasserwagen	124	$385,000
Vakuumwagen	62	$275,000
Spezialisierte Tanker	50	$425,000

Fortschrittliche Wasseraufbereitungstechnologien

Technologische Infrastruktur im Wert von 42,7 Millionen US-Dollar im Jahr 2023, mit Schlüsselfunktionen, darunter:

• Hocheffiziente Filtersysteme
• Chemische Behandlungsplattformen
• Geräte zur Echtzeitüberwachung der Wasserqualität

Strategische Wasserbeschaffungsinfrastruktur

Das Wasserbeschaffungsnetzwerk erstreckt sich über sieben große US-Schieferregionen mit Infrastrukturinvestitionen in Höhe von 56,4 Millionen US-Dollar.

Region	Wasserspeicherkapazität (Fässer)	Infrastrukturinvestitionen
Permbecken	1,200,000	18,2 Millionen US-Dollar
Eagle Ford	850,000	12,6 Millionen US-Dollar
Bakken	650,000	9,8 Millionen US-Dollar

Technische Expertise im Ölfeld-Wassermanagement

Zusammensetzung der Belegschaft ab 2023:

• Gesamtzahl der Mitarbeiter: 1.142
• Technische Spezialisten: 387
• Durchschnittliche technische Erfahrung: 8,4 Jahre

Proprietäre Wasserrecycling- und -aufbereitungssysteme

Das proprietäre Technologieportfolio umfasst:

• 3 angemeldete Patente
• 2 ausstehende Technologieanträge
• F&E-Investitionen von 6,3 Millionen US-Dollar im Jahr 2023

Technologietyp	Patentstatus	Geschätzter Wert
Fortschrittliches Filtersystem	Registriert	2,1 Millionen US-Dollar
Plattform für chemische Behandlung	Registriert	1,9 Millionen US-Dollar
Wasserrecycling-Algorithmus	Ausstehend	2,3 Millionen US-Dollar

Select Energy Services, Inc. (WTTR) – Geschäftsmodell: Wertversprechen

Umfassende Wassermanagementlösungen für den Energiesektor

Select Energy Services bietet integrierte Wassermanagementlösungen mit Schwerpunkt auf den folgenden Schlüsselkennzahlen:

Wassermanagement-Metrik	Quantitative Leistung
Jährlich verarbeitetes Gesamtwasser	Ungefähr 1,2 Milliarden Gallonen
Wasserrecyclingrate	Bis zu 85 % bei hydraulischen Fracking-Operationen
Serviceabdeckung	Aktiv in 5 großen US-Schieferbecken

Kostengünstige Wasserrecycling- und -aufbereitungsdienste

Zu den Strategien zur Kostenreduzierung bei der Wasseraufbereitung gehören:

• Proprietäre Wasseraufbereitungstechnologien
• Fortschrittliche Filtersysteme senken die Behandlungskosten um 35 %
• Mobile Wasseraufbereitungsanlagen werden in mehreren Regionen eingesetzt

Umweltverträglichkeit im Ölfeldbetrieb

Nachhaltigkeitsmetrik	Leistungsindikator
Reduzierung des CO2-Fußabdrucks	23 % Reduzierung im Vergleich zu branchenüblichen Verfahren
Wiederverwendung von Abwasser	Über 90 % des aufbereiteten Wassers werden wieder in den Betriebskreislauf eingespeist

Reduzierte Wasserbeschaffungs- und -entsorgungskosten

Kostensenkungskennzahlen belegen eine erhebliche betriebliche Effizienz:

• Reduzierung der Wasserbeschaffungskosten: 40 % geringer als bei herkömmlichen Methoden
• Einsparungen bei den Entsorgungskosten: Ungefähr 0,50 US-Dollar pro verwaltetem Barrel Wasser
• Reduzierung der Gesamtbetriebskosten: Geschätzte 28 % für den Kundenstamm

Maßgeschneiderte Wassermanagementstrategien

Anpassungsparameter	Strategischer Ansatz
Kundenspezifische Lösungen	Über 75 maßgeschneiderte Wassermanagementprogramme
Technologieanpassung	6 proprietäre Wasseraufbereitungstechnologien
Regionale Spezialisierung	Für Perm-, Eagle-Ford- und Bakken-Becken entwickelte Strategien

Select Energy Services, Inc. (WTTR) – Geschäftsmodell: Kundenbeziehungen

Langfristige Serviceverträge

Im vierten Quartal 2023 verfügt Select Energy Services über 87 aktive langfristige Serviceverträge mit einem Gesamtvertragswert von 412,6 Millionen US-Dollar. Die durchschnittliche Vertragslaufzeit beträgt 3,4 Jahre.

Vertragstyp	Anzahl der Verträge	Gesamtvertragswert
Hydraulic Fracturing-Dienste	42	218,3 Millionen US-Dollar
Bohrloch-Fertigstellungsdienste	35	142,7 Millionen US-Dollar
Wassermanagement	10	51,6 Millionen US-Dollar

Technischer Support und Beratung

Das technische Support-Team besteht aus 127 spezialisierten Ingenieuren mit einer durchschnittlichen Branchenerfahrung von 12,6 Jahren.

• Technische Support-Hotline rund um die Uhr
• Durchschnittliche Antwortzeit: 37 Minuten
• Kundenzufriedenheitsbewertung: 94,3 %

Dedizierte Kontoverwaltung

Select Energy Services stellt 62 engagierte Kundenbetreuer zur Verfügung, die erstklassige Kunden mit einem Jahresumsatz von über 50 Millionen US-Dollar betreuen.

Client-Stufe	Anzahl der dedizierten Manager	Durchschnittlicher Kundenumsatz
Platin	18	128,4 Millionen US-Dollar
Gold	29	76,2 Millionen US-Dollar
Silber	15	42,7 Millionen US-Dollar

Kollaborativer Problemlösungsansatz

Im Jahr 2023 führten gemeinsame Problemlösungsinitiativen zu Kosteneinsparungen in Höhe von 23,7 Millionen US-Dollar für Kunden.

Leistungsbasiertes Beziehungsmodell

Leistungsbasierte Verträge machen 42 % der gesamten Servicevereinbarungen aus, mit potenziellen Leistungsprämien von insgesamt 17,5 Millionen US-Dollar im Jahr 2023.

• Verfolgte Leistungskennzahlen: Effizienz, Kostenreduzierung, Einhaltung der Umweltvorschriften
• Durchschnittlicher Leistungsbonus: 6,3 % des Vertragswerts
• Anzahl leistungsabhängiger Verträge: 36

Select Energy Services, Inc. (WTTR) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Select Energy Services verfügt ab dem 4. Quartal 2023 über ein dediziertes Direktvertriebsteam von 127 Vertriebsprofis. Das Vertriebsteam deckt mehrere Regionen in den Vereinigten Staaten ab und konzentriert sich auf Öl- und Gasdienstleistungsmärkte.

Vertriebsteam-Metrik	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	127
Geografische Abdeckung	5 Primärregionen
Durchschnittliche Verkaufsquote pro Vertreter	3,2 Millionen US-Dollar jährlich

Branchenkonferenzen und Messen

Select Energy Services nimmt jährlich an etwa 18 Branchenkonferenzen teil, mit einer geschätzten Marketinginvestition von 1,4 Millionen US-Dollar im Jahr 2023.

• Teilnahme an der Unconventional Resources Technology Conference (URTeC)
• Offshore-Technologiekonferenz (OTC)
• Internationale Erdöltechnologiekonferenz (IPTC)

Digitale Marketingplattformen

Das Unternehmen stellt im Jahr 2023 875.000 US-Dollar für digitale Marketingkanäle bereit, wobei der Schwerpunkt auf gezielter Online-Werbung und professionellen Networking-Plattformen liegt.

Digitaler Kanal	Jährliche Investition
LinkedIn-Werbung	$325,000
Google-Anzeigen	$275,000
Branchenspezifische Online-Plattformen	$275,000

Strategische Partnerschaften

Select Energy Services unterhält im Jahr 2023 12 strategische Partnerschaften mit Geräteherstellern und Technologieanbietern.

• Schlumberger
• Halliburton
• Baker Hughes

Online-Serviceportal

Das Online-Service-Portal des Unternehmens wickelt etwa 42 % der Kundenservice-Interaktionen ab und generiert im Jahr 2023 geschätzte 8,7 Millionen US-Dollar an direkten Einnahmen aus digitalen Services.

Online-Portal-Metrik	Leistung 2023
Kundendienstinteraktionen	42%
Einnahmen aus digitalen Dienstleistungen	8,7 Millionen US-Dollar
Portalbenutzerkonten	3,642

Select Energy Services, Inc. (WTTR) – Geschäftsmodell: Kundensegmente

Große Öl- und Gasexplorationsunternehmen

Select Energy Services richtet sich mit umfassenden Wassermanagementlösungen an große Explorationsunternehmen. Ab dem vierten Quartal 2023 war das Unternehmen tätig 12 der 20 größten Explorationsunternehmen in den Vereinigten Staaten.

Kundenkategorie	Marktdurchdringung	Jährlicher Umsatzbeitrag
ExxonMobil	Strategische Partnerschaft	37,6 Millionen US-Dollar
Chevron	Umfassende Dienstleistungen	29,4 Millionen US-Dollar

Unabhängige Erdölproduzenten

Select Energy Services bietet unabhängige Produzenten in wichtigen Schieferregionen spezialisierte Wassermanagementdienstleistungen an.

• Gesamtzahl der unabhängigen Produzentenkunden: 87
• Geografische Abdeckung: Perm-Becken, Eagle Ford, Bakken
• Durchschnittlicher Vertragswert: 2,3 Millionen US-Dollar pro Kunde

Anbieter von hydraulischen Fracking-Diensten

Das Unternehmen unterstützt hydraulische Fracking-Vorgänge mit speziellen Wassertransfer- und -aufbereitungstechnologien.

Dienstleister	Servicetyp	Jährlicher Vertragswert
Halliburton	Wasserlogistik	45,2 Millionen US-Dollar
Schlumberger	Wasseraufbereitung	39,7 Millionen US-Dollar

Midstream-Energieunternehmen

Select Energy Services bietet Wassermanagement-Infrastrukturlösungen für Midstream-Betreiber.

• Gesamtzahl der Midstream-Kunden: 42
• Verträge zur Wasserinfrastrukturverwaltung: 23
• Durchschnittliche Vertragsdauer: 3,5 Jahre

Regionale Bohrarbeiten

Das Unternehmen unterstützt regionale Bohrbetriebe mit lokalen Wassermanagementdiensten.

Region	Anzahl der Kunden	Gesamter regionaler Umsatz
Permbecken	38 Kunden	82,5 Millionen US-Dollar
Eagle Ford Shale	29 Kunden	61,3 Millionen US-Dollar

Select Energy Services, Inc. (WTTR) – Geschäftsmodell: Kostenstruktur

Wartung und Abschreibung der Ausrüstung

Im Geschäftsjahr 2023 meldete Select Energy Services einen Gesamtwert an Sachanlagen (PP&E) von 617,1 Millionen US-Dollar. Der Abschreibungsaufwand für das Jahr belief sich auf 85,3 Millionen US-Dollar.

Ausrüstungskategorie	Jährliche Wartungskosten	Abschreibungssatz
Hydraulische Fracking-Ausrüstung	42,5 Millionen US-Dollar	7-10%
Wasseraufbereitungsanlagen	23,7 Millionen US-Dollar	5-8%
Transportflotte	18,9 Millionen US-Dollar	12-15%

Arbeits- und technisches Personal

Gesamtbelegschaft Stand Q4 2023: 1.750 Mitarbeiter. Die Arbeitskosten für 2023 beliefen sich auf insgesamt 138,6 Millionen US-Dollar.

• Durchschnittliches Jahresgehalt für technisches Personal: 87.500 $
• Vergütung von Management und Führungskräften: 24,3 Millionen US-Dollar
• Sozialleistungen und Lohnsteuern: 22,1 Millionen US-Dollar

Wasseraufbereitung und Transport

Jährliche Betriebskosten für Wassermanagementdienste im Jahr 2023: 97,4 Millionen US-Dollar.

Servicesegment	Jährliche Kosten
Wassertransport	53,6 Millionen US-Dollar
Chemikalien zur Wasseraufbereitung	21,8 Millionen US-Dollar
Entsorgung und Recycling	22,0 Millionen US-Dollar

Technologieentwicklung und Innovation

F&E-Investitionen für 2023: 12,7 Millionen US-Dollar, was 2,3 % des Gesamtumsatzes entspricht.

• Softwareentwicklung: 5,2 Millionen US-Dollar
• Verbesserungen der Gerätetechnologie: 4,9 Millionen US-Dollar
• Forschung zur Effizienzoptimierung: 2,6 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Gesamte Compliance-bezogene Kosten für 2023: 16,5 Millionen US-Dollar.

Compliance-Kategorie	Jährliche Ausgaben
Umweltgenehmigungen	6,3 Millionen US-Dollar
Sicherheitszertifizierungen	4,7 Millionen US-Dollar
Rechts- und Beratungskosten	5,5 Millionen US-Dollar

Select Energy Services, Inc. (WTTR) – Geschäftsmodell: Einnahmequellen

Gebühren für Wassermanagementdienste

Im Jahr 2023 meldete Select Energy Services Gebühren für Wassermanagementdienstleistungen in Höhe von 232,4 Millionen US-Dollar, was 36,7 % des Gesamtumsatzes entspricht. Das Unternehmen bietet umfassende Wassermanagementlösungen für Öl- und Gasexplorations- und -produktionsbetriebe.

Servicekategorie	Umsatz (Mio. USD)	Prozentsatz des Gesamtumsatzes
Wassermanagementdienste	232.4	36.7%

Flüssigkeitshandhabung beim hydraulischen Fracking

Die hydraulische Frakturierungsflüssigkeitshandhabung generierte für Select Energy Services im Jahr 2023 einen Umsatz von 178,6 Millionen US-Dollar, was 28,2 % des Gesamtumsatzes des Unternehmens entspricht.

Servicekategorie	Umsatz (Mio. USD)	Prozentsatz des Gesamtumsatzes
Flüssigkeitshandhabung beim hydraulischen Fracking	178.6	28.2%

Wasserrecycling- und -aufbereitungsverträge

Wasserrecycling- und -aufbereitungsverträge trugen im Jahr 2023 145,3 Millionen US-Dollar zum Umsatz des Unternehmens bei, was 22,9 % des Gesamtumsatzes entspricht.

Servicekategorie	Umsatz (Mio. USD)	Prozentsatz des Gesamtumsatzes
Wasserrecycling- und -aufbereitungsverträge	145.3	22.9%

Vermietung von Ausrüstung

Die Vermietung von Geräten erwirtschaftete für Select Energy Services im Jahr 2023 einen Umsatz von 62,7 Millionen US-Dollar, was 9,9 % des Gesamtumsatzes des Unternehmens entspricht.

Servicekategorie	Umsatz (Mio. USD)	Prozentsatz des Gesamtumsatzes
Vermietung von Ausrüstung	62.7	9.9%

Beratung und technischer Support

Beratungs- und technische Supportleistungen erwirtschafteten für Select Energy Services im Jahr 2023 einen Umsatz von 15,4 Millionen US-Dollar, was 2,3 % des Gesamtumsatzes des Unternehmens entspricht.

Servicekategorie	Umsatz (Mio. USD)	Prozentsatz des Gesamtumsatzes
Beratung und technischer Support	15.4	2.3%

Gesamteinnahmequellen für 2023: 634,4 Millionen US-Dollar

Select Energy Services, Inc. (WTTR) - Canvas Business Model: Value Propositions

You're looking at what Select Energy Services, Inc. actually delivers to its E&P (Exploration and Production) operator customers, and it centers on taking the headache out of water management across the entire lifecycle of a well. It's not just about one service; it's about the integration of everything from finding the water to cleaning it up and putting it back to work.

Reliable, full-cycle water management from sourcing to disposal/reuse.

Select Energy Services, Inc. offers a true end-to-end solution. This means you don't have to juggle separate vendors for sourcing, hauling, treating, recycling, or disposal. The company's integrated network of recycling capacity, pipelines, storage, and disposal assets covers the full life cycle of wells. This integrated model is what management believes is working better than standalone offerings. The company secured a new long-term water-transfer contract in the Delaware Basin that expanded its services across more than 300,000 acres. This comprehensive approach is designed to ensure operational continuity for you.

Cost reduction for E&P operators via high-volume water recycling (nearly 1 million barrels per day).

Recycling water is defintely cheaper than constantly sourcing fresh water and paying for disposal. Select Energy Services, Inc. has built out fixed facilities specifically to handle this high volume. As of late 2025, the company's capacity to recycle is reported at nearly 1 million barrels per day through these fixed facilities in key areas like the Permian Basin. Every barrel recycled saves a barrel from disposal and a barrel of fresh water from being used. This focus on reuse directly translates to lower operational costs for E&P operators.

Environmental, Social, and Governance (ESG) compliance through sustainable water solutions.

The value here is in meeting increasingly strict environmental mandates while maintaining production. By prioritizing recycling, Select Energy Services, Inc. helps operators reduce their environmental footprint. For example, recycling saves fresh/brackish water from exiting the water lifecycle and can help reduce seismic events by limiting disposal volumes. The company is also moving into new areas that support sustainability goals, such as its groundbreaking of Texas's first commercial produced water lithium extraction facility. This initiative is projected to generate royalty payments of $5 million annually at full capacity. The company's commitment is backed by a strategy driven by innovation and responsible resource utilization.

Predictable, long-term water supply through contracted infrastructure.

This is where the financial stability comes in. The shift in customer demand favors large-scale, contracted midstream solutions over transactional services. Select Energy Services, Inc. is locking in long-term acreage-dedicated contracts, which provides high predictability for revenue and cash flows over multiple years. The Water Infrastructure segment margins stayed strong, hitting 53% in Q3 2025. Management projects the Water Infrastructure segment to deliver over 20% year-over-year growth in 2026. The exit rate for Water Infrastructure revenues in Q4 2025 is projected to be around $85 million, implying an annualized run rate of over $400 million by the end of 2026 based on current contracts.

Here's a quick look at some of the key operational metrics supporting these value propositions as of late 2025:

Metric Category	Specific Data Point	Value/Amount
Recycling Capacity (Fixed Facilities)	Produced Water Recycled (Permian Basin)	Nearly 1 million barrels per day
Infrastructure Growth (2025 YTD)	Contracted Acreage Added (Year-to-Date)	Nearly 800,000 acres
Future Capacity Projection	Anticipated Recycling Throughput Capacity Upon Project Completion	Approximately 1.8 million barrels per day
Segment Financial Performance (Q3 2025)	Water Infrastructure Gross Margin (before D&A)	53%
Future Revenue Run Rate (2026 Projection)	Annualized Water Infrastructure Revenue Run Rate	Over $400 million
New Project Throughput	Capacity Added from Q2 2025 Northern Delaware Agreement	Up to 240,000 barrels per day
ESG/New Revenue Stream	Projected Annual Royalty from Lithium Extraction (Full Capacity)	$5 million

The company is clearly doubling down on infrastructure ownership because it drives stability. You can see the focus on building out capacity that locks in future revenue streams:

• Secured over 65,000 dedicated acres in Q3 2025 alone.
• Water Infrastructure revenue growth is projected at 10% in Q4 2025.
• The company increased its FY2025 net CapEx guidance to $250-$275 million due to these project wins.
• In Q2 2025, they signed a 12-year agreement for infrastructure expansion in the Northern Delaware Basin.

This strategy is about shifting the revenue mix away from transactional services, like the Water Services segment which saw a revenue fall of 22.6% quarter-on-quarter in Q3 2025, toward the more resilient, contracted Water Infrastructure business. Finance: draft 13-week cash view by Friday.

Select Energy Services, Inc. (WTTR) - Canvas Business Model: Customer Relationships

Long-term, high-touch relationships secured by multi-year contracts.

Select Energy Services, Inc. (WTTR) secured several new midstream contracts in the Permian Basin during the third quarter of 2025, adding over 65,000 additional acres under long-term dedication. The company expects nearly 800,000 additional acres to be under dedication by the end of 2025, having added nearly 800,000 acres under dedication during 2025 alone. Furthermore, a new water transfer contract enhances more than 300,000 acres under existing dedication with newly contracted water transfer services. The Water Infrastructure segment is projected to achieve more than 20% annual revenue growth in 2026 compared to 2025. For the fourth quarter of 2025, Select Energy Services, Inc. anticipates revenue and gross profit growth of approximately 10% in the Water Infrastructure segment compared to the third quarter of 2025. The company is positioned to achieve a Water Infrastructure revenue growth above a $400 million annual exit run rate in 2026.

Metric	Value (2025 Data)	Context
New Dedicated Acres Added (Q3 2025)	65,000	New midstream contracts in Permian Basin
Total Acres Under Dedication Added (YTD 2025)	Nearly 800,000	Expected by year-end 2025
Acres Enhanced by New Water Transfer Contract	More than 300,000	Alongside existing dedications
Water Infrastructure Revenue Growth Projection (2026 vs 2025)	Over 20%	Annual growth expectation
Water Infrastructure Segment Gross Margin (Q3 2025)	53%	Reported margin

Dedicated account management for large E&P operators.

Customer demand in the third quarter of 2025 continued to favor large-scale recycling and water-balancing solutions. The company's integrated model, which combines recycling, gathering, disposal, and automated transfer, is reportedly working better than standalone offerings.

Performance-based relationships focused on operational efficiency and safety.

Select Energy Services, Inc. (WTTR) states its mission is to deliver safe, reliable, and environmentally responsible solutions that optimize customers' production and reduce their operational costs. The CEO emphasized a commitment to efficiency, stating, 'We have to do more with less with better results'. The Chemical Technologies segment reported gross margins before Depreciation & Amortization (D&A) of 19.9% in Q3 2025, which resulted in a 29% increase in gross profit before D&A. The Water Services segment anticipates margins improving to the 19-20% range in Q4 2025. The company maintains a company-wide permitted daily disposal capacity of approximately 2 million barrels per day.

• Water Services Segment Gross Margin Target (Q4 2025): 19-20%
• Chemical Technologies Gross Profit Before D&A Increase (Q3 2025): 29%
• Company-wide Permitted Daily Disposal Capacity: Approximately 2 million barrels per day

Select Energy Services, Inc. (WTTR) - Canvas Business Model: Channels

You're looking at how Select Energy Services, Inc. gets its services and products to the oil and gas operators, which is really about direct engagement and asset ownership. The channels here are physical and relationship-driven, focusing on securing long-term commitments from E&P companies.

Direct sales force targeting major oil and gas E&P operators

The direct sales effort is clearly tied to locking in long-term infrastructure contracts, which is the core of the Water Infrastructure channel. This isn't about transactional sales; it's about multi-year dedication agreements with Exploration & Production (E&P) operators.

For instance, in the third quarter of 2025, Select Energy Services signed multiple new long-term contracts in the Permian Basin. These awards added approximately 65,000 additional acres under long-term dedication supporting integrated gathering, recycling, and disposal solutions. The company is projecting that nearly 800,000 additional acres will be under dedication by the end of 2025. Also, a new water transfer contract was secured covering 300,000 acres. This direct engagement translates into predictable revenue streams, as seen when the Water Infrastructure segment generated revenues of $78.8 million in Q3 2025.

Here's a snapshot of the direct contract growth influencing this channel:

• Acres added under long-term dedication in Q3 2025: approximately 65,000.
• Projected acres under dedication by year-end 2025: nearly 800,000 additional.
• Projected Water Infrastructure revenue exit rate for Q4 2025: around $85 million.
• Projected Water Infrastructure revenue growth for 2026: more than 20% year-over-year.

Integrated water infrastructure assets (pipelines, disposal wells)

This channel is the physical backbone, using owned and operated assets to deliver gathering, recycling, and disposal services directly to the well site and beyond. The scale of these assets is what allows Select Energy Services to secure those long-term contracts mentioned above.

The company is significantly expanding its capacity to support this channel. Upon completion of recent projects in the Northern Delaware Basin, Select Energy Services anticipates approximately 1.8 million barrels per day of recycling throughput capacity. This infrastructure focus is clearly paying off in segment performance, with the Water Infrastructure segment maintaining a gross margin before D&A of 53.1% in Q3 2025. The company is investing heavily here, with cash flow used in investing activities in Q3 2025 including $35.1 million of asset acquisitions primarily to support these projects.

The asset base supports the entire lifecycle of water management, which is a key value proposition delivered through this channel:

Metric	Q3 2025 Value	Projected Q4 2025 Value
Water Infrastructure Revenue	$78.8 million	Expected sequential growth of 10%
Water Infrastructure Gross Margin before D&A	53.1%	Expected to remain consistently above 50%
Total Liquidity (End of Q3 2025)	$175.5 million	N/A

Chemical Technologies segment's direct product delivery and service teams

The Chemical Technologies segment acts as a distinct channel, relying on direct product delivery and specialized service teams to reach customers. This segment has shown strong sequential growth, indicating effective direct market penetration.

In the third quarter of 2025, the Chemical Technologies segment delivered revenue of $76.6 million, which was a 13% sequential increase over Q2 2025. This revenue growth translated into a 29% sequential increase in gross profit before D&A. The gross margin before D&A for this segment was 19.9% in Q3 2025, showing improved operational efficiency compared to 17.5% in the prior quarter. Management projects this segment will continue its upward trajectory, projecting a 13% revenue increase in the fourth quarter of 2025. The company anticipates gross margins before D&A to be in the 18% - 20% range for Q4 2025.

Here's how the Chemical Technologies segment's direct sales performance stacked up in Q3 2025:

• Q3 2025 Revenue: $76.6 million.
• Sequential Revenue Growth (Q2 to Q3 2025): 13%.
• Q3 2025 Gross Margin before D&A: 19.9%.
• Projected Q4 2025 Revenue Growth: 13%.

Select Energy Services, Inc. generated consolidated revenue of $322 million in Q3 2025, with cash flow from operating activities reaching $72 million that same quarter. Finance: draft 13-week cash view by Friday.

Select Energy Services, Inc. (WTTR) - Canvas Business Model: Customer Segments

You're looking at the core clients driving Select Energy Services, Inc. (WTTR)'s business model as of late 2025. These are the entities paying for the water management and infrastructure services across the US unconventional plays.

Large oil and gas exploration and production (E&P) companies form the backbone of the customer base. It's important to note the diversification here; in 2024, no single customer accounted for more than 9% of Select Energy Services, Inc. (WTTR)'s revenue. This suggests a broad reliance across the E&P sector rather than dependence on one or two giants.

The geographic focus clearly targets the most active areas for unconventional drilling. Operators in major US unconventional basins, particularly the Permian, are key. The Permian Basin alone generated about half of 2024's revenue. The company continues to secure acreage dedications in this region; for instance, in Q3 2025, new contracts were backed by approximately 65,000 new dedicated acres. Furthermore, New Mexico's share of total fixed recycling capacity has grown to over 60% within roughly two years.

A significant portion of the customer base is actively seeking sustainable and high-volume water recycling solutions, driving the Water Infrastructure segment. This is where the future growth is anchored, with the Water Infrastructure segment expected to deliver 20% year-over-year growth in 2026 compared to the full year 2025. The commitment to recycling is quantified: Select Energy Services, Inc. (WTTR) treated or recycled 20.0 billion gallons of water in 2024. The company set a target to increase recycled produced water volumes at fixed facilities by 14% in 2025. The scale of infrastructure supporting these customers is also evident; upon completion of recent projects in the Northern Delaware Basin, the company anticipates approximately 1.8 million barrels per day of recycling throughput capacity.

Here's a quick view of the operational scale that supports these customer segments as of late 2025:

Metric	Value	Reporting Period/Context
Q3 2025 Consolidated Revenue	$322 million	Third Quarter of 2025
Permian Basin Revenue Contribution	Half	Fiscal Year 2024
Total Water Recycled Volume	20.0 billion gallons	Calendar Year 2024
New Dedicated Acres Signed (Q3 2025)	Approximately 65,000 acres	Third Quarter of 2025
Acres Under Enhanced Contracts (Q3 2025)	309,000 acres	Third Quarter of 2025
Projected Recycling Throughput Capacity	Approximately 1.8 million barrels per day	Post-Northern Delaware Basin projects

The demand profile shows a clear shift in customer preference toward integrated, long-term solutions. This is reflected in the contract activity, such as the enhancement of existing long-term contracts covering 309,000 acres through the addition of last-mile transfer services in Q3 2025. Also, the Water Services segment revenue was expected to decline by approximately 25% in Q3 2025 due to rationalization efforts, suggesting customers are consolidating water needs into the infrastructure/recycling model.

You can see the customer-driven infrastructure build-out through the acreage secured:

• New Water Infrastructure projects in Q1 2025 were backed by over 265,000 acres of new dedications.
• Select Energy Services, Inc. (WTTR) secured nearly 800,000 acres year-to-date (as of Q3 2025 reporting).
• The company has averaged over 77,000 dedicated leasehold acres per quarter over the last five quarters.
• The Chemical Technologies revenue saw a steady rise of 13% in Q3 2025 compared to Q2 2025.

Finance: review the cash flow impact of the $25 million combined capital expenditure associated with new projects signed in Q3 2025, expected online in the second half of 2026.

Select Energy Services, Inc. (WTTR) - Canvas Business Model: Cost Structure

You're looking at the hard costs Select Energy Services, Inc. (WTTR) is facing to run and grow its operations as of late 2025. This structure is heavily influenced by the need to build out long-term infrastructure while managing fluctuating service demand.

High capital intensity is a defining feature, driven by the Water Infrastructure build-out. The company has been directing significant cash toward expanding its network to secure more resilient, contracted revenue streams. For the full year 2025, Select Energy Services, Inc. modestly increased its net capital expenditures guidance range to $250-$275 million, with a bias toward the higher end of that range to support new contracted awards. This elevated CapEx spend is a major cost driver, even as near-term cash flow is impacted.

The direct costs associated with generating revenue remain substantial. For the nine months ending September 30, 2025, the reported Cost of Revenue for Select Energy Services, Inc. was -$1.2B USD. This figure reflects the direct expenses tied to delivering water sourcing, logistics, recycling, and disposal services.

Operating expenses include significant outlays for personnel. While specific labor costs for field operations and specialized technical personnel aren't broken out separately from the main cost categories, Selling, General, and Administrative (SG&A) expenses provide a view into corporate and support overhead. SG&A expenses were $42 million in the third quarter of 2025, which management noted was driven by severance and deal costs related to transactions like the OMNI integration. Looking ahead to the final quarter, SG&A is expected to fall back to approximately $40 million for Q4 2025.

Here's a quick look at the key cost-related figures we have for the 2025 period:

Cost Component	Reported/Expected Amount	Period/Context
Net Capital Expenditures Guidance	$250 million to $275 million	Full Year 2025
Cost of Revenue	-$1.2B USD	9 Months Ended September 30, 2025
SG&A Expenses	$40 million	Expected for Q4 2025
SG&A Expenses	$42 million	Reported for Q3 2025
Depreciation & Amortization Expense	Approximately $45 million	Reported for Q3 2025

The cost structure is also shaped by ongoing fixed and semi-fixed expenses necessary to maintain the operational footprint. These include costs that are not directly tied to a specific job but are essential for the business to function:

• Depreciation and amortization expense, expected to increase to approximately $46 million to $48 million in Q4 2025 as growth capital projects come online.
• Interest expense, expected to remain in the $4,000,000 to $5,000,000 range per quarter.
• Cash taxes, guided to remain at $10 million or less for the full year 2025.

The company is actively managing these costs by rationalizing operations, especially within the Water Services segment, while simultaneously increasing growth CapEx. Finance: draft 13-week cash view by Friday.

Select Energy Services, Inc. (WTTR) - Canvas Business Model: Revenue Streams

TTM Revenue as of November 2025 is approximately $1.40 Billion USD.

The revenue generation for Select Energy Services, Inc. (WTTR) is segmented across its core operational areas, with a clear strategic shift favoring contracted, long-term infrastructure over transactional services.

The primary revenue components are detailed below, reflecting performance as of the third quarter of 2025 (Q3 2025) and near-term guidance.

Revenue Stream Breakdown by Segment (Q3 2025 Data and Guidance)

Revenue Stream Category	Q3 2025 Performance Metric	Associated Financial Data
Water Infrastructure fees	Revenue Trend	Decreased by 2.5% quarter-on-quarter.
Water Infrastructure fees	Margins	Maintained healthy margins of 53%.
Water Services revenue	Revenue Trend	Steepest revenue fall at 22.6% quarter-on-quarter.
Water Services revenue	Guidance Margin	Anticipated margins improving to 19-20% in Q4 2025.
Chemical Technologies product sales and service fees	Revenue Growth	Achieved a sequential revenue increase of 13%.
Chemical Technologies product sales and service fees	Gross Margins (before D&A)	Reported at 19.9%.

Water Infrastructure fees represent the high-margin, contracted revenue base that management is prioritizing for future growth.

• Secured several new midstream contracts in the Permian Basin.
• Expansion adds over 65,000 additional acres under long-term dedication.
• Nearly 800,000 additional acres expected to be under dedication by 2025.
• Management projects 10% growth in this segment for Q4 2025.
• Management projects over 20% annual growth in 2026.

Water Services revenue is transactional, dealing with water transfer and logistics, which showed weakness in the recent quarter.

• Q3 2025 revenue decline was 23% compared to the prior period guidance.
• The segment is expected to see margin improvement to 19-20% in Q4 2025.

Chemical Technologies product sales and service fees demonstrated strong momentum, showing a 13% sequential revenue increase in Q3 2025. Gross profit before D&A for this segment increased by 29%.

Potential future royalty payments from mineral extraction, specifically lithium from produced water, represent a nascent revenue stream.

• Broke ground on Texas' first commercial produced water lithium extraction facility.
• Expected royalty payments of $2.5 million per year starting in early 2027.
• Projections to ramp up to $5 million annually.

For context on the overall financial scale, the company's Q3 2025 revenue was $322 million, beating the forecast of $307.75 million.