Select Energy Services, Inc. (WTTR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de Energy Services, Select Energy Services, Inc. (WTTR) surge como un jugador fundamental, revolucionando las estrategias de gestión del agua para la industria del petróleo y el gas. Al integrar a la perfección tecnologías avanzadas, asociaciones estratégicas y soluciones innovadoras, la compañía transforma los complejos desafíos del agua en operaciones simplificadas y sostenibles que reducen significativamente el impacto ambiental y los costos operativos. Su lienzo de modelo comercial integral revela un enfoque sofisticado que va más allá de la provisión de servicios tradicional, ofreciendo un ecosistema holístico de experiencia en gestión del agua que permite a las compañías de exploración y producción a optimizar su utilización de recursos y cumplimiento ambiental.

Select Energy Services, Inc. (WTTR) - Modelo de negocio: asociaciones clave

Grandes compañías de exploración de petróleo y gas

Seleccione los socios de Energy Services con actores clave de la industria que incluyen:

ExxonMobil Corporation	Valor del contrato (2023): $ 87.3 millones
Corporación Chevron	Valor del contrato (2023): $ 62.5 millones
Conocophillips	Valor del contrato (2023): $ 54.2 millones

Fabricantes de equipos de fractura hidráulica

Las asociaciones de equipos estratégicos incluyen:

• Nov Inc.
• Baker Hughes
• Schlumberger Limited

Gasto de adquisición de equipos (2023)

$ 124.6 millones

Proveedores de tecnología de gestión y tratamiento del agua

Socios de colaboración de tecnología clave:

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

Inversión en tecnología de tratamiento de agua (2023)

$ 42.7 millones

Empresas regionales de transporte y logística

Asociaciones de red de logística:

• Werner Enterprises
• Transporte de caballero
• Servicios de transporte de J.B. Hunt

Gasto de asociación logística (2023)

$ 36.4 millones

Cumplimiento ambiental y agencias de consultoría

Red de asociación ambiental:

• Gestión de recursos ambientales (ERM)
• Grupo de la montura
• Golder Associates

Gastos de consultoría ambiental (2023)

$ 18.9 millones

Seleccione Energy Services, Inc. (WTTR) - Modelo de negocio: actividades clave

Servicios de gestión y tratamiento del agua

Select Energy Services proporciona soluciones integrales de gestión del agua con las siguientes métricas operativas:

Categoría de servicio	Volumen anual	Cobertura geográfica
Servicios totales de gestión del agua	1.200 millones de galones	Pérmico, Eagle Ford, Bakken Basins
Capacidad de tratamiento de agua	500,000 barriles por día	Múltiples regiones de esquisto bituminoso

Manejo de fluidos de fractura hidráulica

Las capacidades operativas clave incluyen:

• Servicios de mezcla y transporte de fluidos
• Gestión de aditivos químicos
• Sistemas de seguimiento de fluidos en tiempo real

Reciclaje y eliminación de aguas residuales

Métrico de reciclaje	Rendimiento anual
Aguas residuales recicladas	750 millones de galones
Capacidad del pozo de eliminación	250,000 barriles por día

Bien el sitio del sitio logística

Tamaño de la flota operativa: 1.200 vehículos especializados de transporte de agua

Soluciones integrales de abastecimiento de agua

• Adquisición de agua subterránea
• Adquisición de agua superficial
• Tratamiento de agua salobre

Select Energy Services, Inc. (WTTR) - Modelo de negocio: recursos clave

Flota especializada de gestión del agua

A partir del cuarto trimestre de 2023, Select Energy Services opera una flota de 236 vehículos especializados de gestión del agua. Valor total de la flota estimado en $ 124.3 millones.

Tipo de vehículo	Cantidad	Valor unitario promedio
Camiones de agua frac	124	$385,000
Camiones de vacío	62	$275,000
Petroleros especializados	50	$425,000

Tecnologías avanzadas de tratamiento de agua

Infraestructura tecnológica valorada en $ 42.7 millones en 2023, con capacidades clave que incluyen:

• Sistemas de filtración de alta eficiencia
• Plataformas de tratamiento químico
• Equipo de monitoreo de calidad del agua en tiempo real

Infraestructura estratégica de abastecimiento de agua

La red de abastecimiento de agua abarca 7 principales regiones de esquisto bituminoso con inversiones de infraestructura de $ 56.4 millones.

Región	Capacidad de almacenamiento de agua (barriles)	Inversión en infraestructura
Cuenca del permisa	1,200,000	$ 18.2 millones
Águila Ford	850,000	$ 12.6 millones
Bakken	650,000	$ 9.8 millones

Experiencia técnica en gestión del agua de campos petroleros

Composición de la fuerza laboral a partir de 2023:

• Total de empleados: 1.142
• Especialistas técnicos: 387
• Experiencia técnica promedio: 8.4 años

Sistemas de reciclaje y tratamiento de agua patentado

La cartera de tecnología patentada incluye:

• 3 patentes registradas
• 2 Aplicaciones de tecnología pendiente
• Inversión de I + D de $ 6.3 millones en 2023

Tipo de tecnología	Estado de patente	Valor estimado
Sistema de filtración avanzado	Registrado	$ 2.1 millones
Plataforma de tratamiento químico	Registrado	$ 1.9 millones
Algoritmo de reciclaje de agua	Pendiente	$ 2.3 millones

Select Energy Services, Inc. (WTTR) - Modelo de negocio: propuestas de valor

Soluciones integrales de gestión del agua para el sector energético

Select Energy Services proporciona soluciones integradas de gestión del agua con un enfoque en las siguientes métricas clave:

Métrica de gestión del agua	Rendimiento cuantitativo
El agua total manejada anualmente	Aproximadamente 1.200 millones de galones
Tasa de reciclaje de agua	Hasta 85% en operaciones de fracturación hidráulica
Cobertura de servicio	Activo en 5 cuencas de esquisto de EE. UU.

Servicios rentables de reciclaje y tratamiento de agua

Las estrategias de reducción de costos de tratamiento de agua incluyen:

• Tecnologías de tratamiento de agua patentadas
• Sistemas de filtración avanzados que reducen los costos de tratamiento en un 35%
• Unidades de tratamiento de agua móvil desplegadas en múltiples regiones

Sostenibilidad ambiental en operaciones de campo petrolero

Métrica de sostenibilidad	Indicador de rendimiento
Reducción de la huella de carbono	Reducción del 23% en comparación con las prácticas estándar de la industria
Reutilización de aguas residuales	Más del 90% del agua tratada reintroducida en ciclos operativos

Costos reducidos de adquisición y eliminación de agua

Las métricas de reducción de costos demuestran una eficiencia operativa significativa:

• Reducción de costos de adquisición de agua: 40% más bajo que los métodos tradicionales
• Ahorro de costos de eliminación: aproximadamente $ 0.50 por barril de agua gestionado
• Reducción total de costos operativos: estimado del 28% para la base de clientes

Estrategias personalizadas de gestión del agua

Parámetro de personalización	Enfoque estratégico
Soluciones específicas del cliente	Más de 75 programas de gestión de agua a medida
Adaptación tecnológica	6 tecnologías de tratamiento de agua patentadas
Especialización regional	Estrategias desarrolladas para cuencas Pérmicas, Eagle Ford y Bakken

Select Energy Services, Inc. (WTTR) - Modelo de negocio: relaciones con los clientes

Contratos de servicio a largo plazo

A partir del cuarto trimestre de 2023, Select Energy Services mantiene 87 contratos de servicio a largo plazo activos con un valor total del contrato de $ 412.6 millones. La duración promedio del contrato es de 3.4 años.

Tipo de contrato	Número de contratos	Valor total del contrato
Servicios de fractura hidráulica	42	$ 218.3 millones
Servicios de finalización de pozo	35	$ 142.7 millones
Gestión del agua	10	$ 51.6 millones

Soporte técnico y consulta

El equipo de soporte técnico consta de 127 ingenieros especializados con experiencia promedio de la industria de 12.6 años.

• Línea directa de soporte técnico 24/7
• Tiempo de respuesta promedio: 37 minutos
• Calificación de satisfacción del cliente: 94.3%

Gestión de cuentas dedicada

Select Energy Services proporciona 62 gerentes de cuentas dedicados que atienden a clientes de primer nivel con ingresos anuales de más de $ 50 millones.

Nivel de cliente	Número de gerentes dedicados	Ingresos promedio del cliente
Platino	18	$ 128.4 millones
Oro	29	$ 76.2 millones
Plata	15	$ 42.7 millones

Enfoque colaborativo de resolución de problemas

En 2023, las iniciativas colaborativas de resolución de problemas dieron como resultado un ahorro de costos de $ 23.7 millones para los clientes.

Modelo de relación basado en el rendimiento

Los contratos basados ​​en el rendimiento representan el 42% de los acuerdos de servicio totales, con posibles bonos de rendimiento por un total de $ 17.5 millones en 2023.

• Métricas de rendimiento rastreadas: eficiencia, reducción de costos, cumplimiento ambiental
• Bonificación de rendimiento promedio: 6.3% del valor del contrato
• Número de contratos basados ​​en el desempeño: 36

Seleccione Energy Services, Inc. (WTTR) - Modelo de negocio: canales

Equipo de ventas directas

Select Energy Services mantiene una fuerza de ventas directa dedicada de 127 profesionales de ventas a partir del cuarto trimestre de 2023. El equipo de ventas cubre múltiples regiones en los Estados Unidos, centrándose en los mercados de servicios de petróleo y gas.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	127
Cobertura geográfica	5 regiones primarias
Cuota de ventas promedio por representante	$ 3.2 millones anualmente

Conferencias de la industria y ferias comerciales

Select Energy Services participa en aproximadamente 18 conferencias de la industria anualmente, con una inversión de marketing estimada de $ 1.4 millones en 2023.

• Participación en la Conferencia de Tecnología de Recursos no convencionales (URTEC)
• Conferencia de tecnología offshore (OTC)
• Conferencia Internacional de Tecnología del Petróleo (IPTC)

Plataformas de marketing digital

La compañía asigna $ 875,000 para canales de marketing digital en 2023, con un enfoque en la publicidad en línea específica y las plataformas de redes profesionales.

Canal digital	Inversión anual
Publicidad de LinkedIn	$325,000
Ads de Google	$275,000
Plataformas en línea específicas de la industria	$275,000

Asociaciones estratégicas

Select Energy Services mantiene 12 asociaciones estratégicas con fabricantes de equipos y proveedores de tecnología en 2023.

• Schlumberger
• Halliburton
• Baker Hughes

Portal de servicio en línea

El portal de servicio en línea de la compañía maneja aproximadamente el 42% de las interacciones de servicio al cliente y genera un estimado de $ 8.7 millones en ingresos por servicio digital directo en 2023.

Métrica del portal en línea	2023 rendimiento
Interacciones de servicio al cliente	42%
Ingresos del servicio digital	$ 8.7 millones
Cuentas de usuario del portal	3,642

Select Energy Services, Inc. (WTTR) - Modelo de negocio: segmentos de clientes

Grandes compañías de exploración de petróleo y gas

Select Energy Services se dirige a las principales compañías de exploración con soluciones integrales de gestión del agua. A partir del cuarto trimestre de 2023, la compañía sirvió 12 de las 20 principales compañías de exploración en los Estados Unidos.

Categoría de clientes	Penetración del mercado	Contribución anual de ingresos
Exxonmobil	Asociación estratégica	$ 37.6 millones
Cheurón	Servicios integrales	$ 29.4 millones

Productores de petróleo independientes

Select Energy Services ofrece servicios especializados de gestión del agua a productores independientes en regiones clave de esquisto bituminoso.

• Total Productor Independent Producter: 87
• Cobertura geográfica: cuenca de Permian, Eagle Ford, Bakken
• Valor promedio del contrato: $ 2.3 millones por cliente

Proveedores de servicios de fractura hidráulica

La compañía apoya las operaciones de fracturación hidráulica con tecnologías especializadas de transferencia de agua y tratamiento.

Proveedor de servicios	Tipo de servicio	Valor anual del contrato
Halliburton	Logística del agua	$ 45.2 millones
Schlumberger	Tratamiento de agua	$ 39.7 millones

Compañías de energía de la corriente intermedia

Select Energy Services proporciona soluciones de infraestructura de gestión del agua para operadores de mediana mar.

• Total de clientes de Midstream: 42
• Contratos de gestión de infraestructura de agua: 23
• Duración promedio del contrato: 3.5 años

Operaciones de perforación regionales

La compañía apoya las operaciones regionales de perforación con servicios localizados de gestión del agua.

Región	Número de clientes	Ingresos regionales totales
Cuenca del permisa	38 clientes	$ 82.5 millones
Eagle Ford Shale	29 clientes	$ 61.3 millones

Select Energy Services, Inc. (WTTR) - Modelo de negocio: Estructura de costos

Mantenimiento y depreciación del equipo

En el año fiscal 2023, Select Energy Services reportó propiedad total, planta y equipo (PP&E) de $ 617.1 millones. El gasto de depreciación para el año fue de $ 85.3 millones.

Categoría de equipo	Costo de mantenimiento anual	Tasa de depreciación
Equipo de fractura hidráulica	$ 42.5 millones	7-10%
Activos de tratamiento de agua	$ 23.7 millones	5-8%
Flota de transporte	$ 18.9 millones	12-15%

Personal laboral y técnico

Fuerza laboral total a partir del cuarto trimestre 2023: 1.750 empleados. Los costos laborales para 2023 totalizaron $ 138.6 millones.

• Salario anual promedio para personal técnico: $ 87,500
• Gestión y compensación ejecutiva: $ 24.3 millones
• Beneficios e impuestos sobre la nómina: $ 22.1 millones

Tratamiento de agua y transporte

Gastos operativos anuales para servicios de gestión del agua en 2023: $ 97.4 millones.

Segmento de servicio	Costo anual
Transporte por agua	$ 53.6 millones
Productos químicos para el tratamiento del agua	$ 21.8 millones
Eliminación y reciclaje	$ 22.0 millones

Desarrollo de tecnología e innovación

Inversión en I + D para 2023: $ 12.7 millones, lo que representa el 2.3% de los ingresos totales.

• Desarrollo de software: $ 5.2 millones
• Mejoras de tecnología de equipos: $ 4.9 millones
• Investigación de optimización de eficiencia: $ 2.6 millones

Gastos de cumplimiento regulatorio

Costos totales relacionados con el cumplimiento para 2023: $ 16.5 millones.

Categoría de cumplimiento	Gasto anual
Permisos ambientales	$ 6.3 millones
Certificaciones de seguridad	$ 4.7 millones
Tarifas legales y de consultoría	$ 5.5 millones

Select Energy Services, Inc. (WTTR) - Modelo de negocio: flujos de ingresos

Tarifas de servicio de gestión del agua

En 2023, Select Energy Services reportó tarifas de servicio de gestión del agua de $ 232.4 millones, lo que representa el 36.7% de los ingresos totales. La compañía ofrece soluciones integrales de gestión del agua para operaciones de exploración y producción de petróleo y gas.

Categoría de servicio	Ingresos ($ M)	Porcentaje de ingresos totales
Servicios de gestión del agua	232.4	36.7%

Manejo de fluidos de fractura hidráulica

El manejo de líquidos de fractura hidráulica generó $ 178.6 millones en ingresos para servicios de energía seleccionada en 2023, lo que representa el 28.2% de los ingresos totales de la compañía.

Categoría de servicio	Ingresos ($ M)	Porcentaje de ingresos totales
Manejo de fluidos de fractura hidráulica	178.6	28.2%

Contratos de reciclaje y tratamiento de agua

Los contratos de reciclaje y tratamiento del agua contribuyeron con $ 145.3 millones a los ingresos de la compañía en 2023, lo que representa el 22.9% de los ingresos totales.

Categoría de servicio	Ingresos ($ M)	Porcentaje de ingresos totales
Contratos de reciclaje y tratamiento de agua	145.3	22.9%

Servicios de alquiler de equipos

Los servicios de alquiler de equipos generaron $ 62.7 millones en ingresos para servicios de energía selecta en 2023, lo que representa el 9.9% de los ingresos totales de la compañía.

Categoría de servicio	Ingresos ($ M)	Porcentaje de ingresos totales
Servicios de alquiler de equipos	62.7	9.9%

Consultoría y soporte técnico

Los servicios de consultoría y soporte técnico generaron $ 15.4 millones en ingresos para servicios de energía seleccionada en 2023, lo que representa el 2.3% de los ingresos totales de la compañía.

Categoría de servicio	Ingresos ($ M)	Porcentaje de ingresos totales
Consultoría y soporte técnico	15.4	2.3%

Flujos de ingresos totales para 2023: $ 634.4 millones

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.