Select Energy Services, Inc. (WTTR): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico dos Serviços de Energia, a Select Energy Services, Inc. (WTTR) surge como jogador fundamental, revolucionando estratégias de gerenciamento de água para a indústria de petróleo e gás. Ao integrar perfeitamente tecnologias avançadas, parcerias estratégicas e soluções inovadoras, a empresa transforma desafios complexos de água em operações simplificadas e sustentáveis ​​que reduzem significativamente o impacto ambiental e os custos operacionais. Seu modelo abrangente de negócios Canvas revela uma abordagem sofisticada que vai além da prestação de serviços tradicional, oferecendo um ecossistema holístico de experiência em gerenciamento de água que capacita as empresas de exploração e produção a otimizar sua utilização de recursos e conformidade ambiental.

Select Energy Services, Inc. (WTTR) - Modelo de negócios: Parcerias -chave

Grandes empresas de exploração de petróleo e gás

A Select Energy Services é parceira com os principais players do setor, incluindo:

ExxonMobil Corporation	Valor do contrato (2023): US $ 87,3 milhões
Chevron Corporation	Valor do contrato (2023): US $ 62,5 milhões
ConocoPhillips	Valor do contrato (2023): US $ 54,2 milhões

Fabricantes de equipamentos de fraturamento hidráulico

As parcerias de equipamentos estratégicos incluem:

• Nov Inc.
• Baker Hughes
• Schlumberger Limited

Gastos de aquisição de equipamentos (2023)

US $ 124,6 milhões

Provedores de tecnologia de gerenciamento e tratamento de água

Principais parceiros de colaboração de tecnologia:

• Xylem Inc.
• VEOLIA TECHNOLOGIAS DE ÁGUA
• Tecnologias de água da EVoqua

Investimento em tecnologia de tratamento de água (2023)

US $ 42,7 milhões

Empresas regionais de transporte e logística

Parcerias de rede de logística:

• Werner Enterprises
• Transporte de cavaleiros
• J.B. Hunt Transport Services

Despesas de parceria logística (2023)

US $ 36,4 milhões

Agências de conformidade ambiental e consultoria

Rede de Parceria Ambiental:

• Gerenciamento de Recursos Ambientais (ERM)
• Grupo Antea
• Golder Associates

Despesas de consultoria ambiental (2023)

US $ 18,9 milhões

Select Energy Services, Inc. (WTTR) - Modelo de negócios: Atividades -chave

Serviços de gerenciamento e tratamento de água

A Select Energy Services fornece soluções abrangentes de gerenciamento de água com as seguintes métricas operacionais:

Categoria de serviço	Volume anual	Cobertura geográfica
Serviços totais de gerenciamento de água	1,2 bilhão de galões	Permiano, Eagle Ford, bacias Bakken
Capacidade de tratamento de água	500.000 barris por dia	Várias regiões de xisto nos EUA

Manuseio de fluido de fraturamento hidráulico

Os principais recursos operacionais incluem:

• Serviços de mistura e transporte de fluidos
• Gerenciamento de aditivos químicos
• Sistemas de rastreamento de fluidos em tempo real

Reciclagem e descarte de águas residuais

Métrica de reciclagem	Desempenho anual
Águas residuais recicladas	750 milhões de galões
Capacidade do poço de descarte	250.000 barris por dia

Poço local de logística de água

Tamanho da frota operacional: 1.200 veículos de transporte de água especializados

Soluções abrangentes de fornecimento de água

• Compras de água subterrânea
• Aquisição de águas superficiais
• Tratamento de água salobra

Select Energy Services, Inc. (WTTR) - Modelo de negócios: Recursos -chave

Frota especializada em gerenciamento de água

A partir do quarto trimestre 2023, a Select Energy Services opera uma frota de 236 veículos especializados em gerenciamento de água. Valor total da frota estimado em US $ 124,3 milhões.

Tipo de veículo	Quantidade	Valor unitário médio
Fraquear caminhões de água	124	$385,000
Caminhões a vácuo	62	$275,000
Navios -tanque especializados	50	$425,000

Tecnologias avançadas de tratamento de água

Infraestrutura tecnológica avaliada em US $ 42,7 milhões em 2023, com os principais recursos, incluindo:

• Sistemas de filtragem de alta eficiência
• Plataformas de tratamento químico
• Equipamento de monitoramento da qualidade da água em tempo real

Infraestrutura estratégica de fornecimento de água

A rede de fornecimento de água abrange 7 grandes regiões de xisto dos EUA com investimentos em infraestrutura de US $ 56,4 milhões.

Região	Capacidade de armazenamento de água (barris)	Investimento de infraestrutura
Bacia do Permiano	1,200,000	US $ 18,2 milhões
Eagle Ford	850,000	US $ 12,6 milhões
Bakken	650,000	US $ 9,8 milhões

Experiência técnica no gerenciamento de água do campo petrolífero

Composição da força de trabalho a partir de 2023:

• Total de funcionários: 1.142
• Especialistas técnicos: 387
• Experiência técnica média: 8,4 anos

Sistemas proprietários de reciclagem e tratamento de água

O portfólio de tecnologia proprietário inclui:

• 3 patentes registradas
• 2 Aplicações de tecnologia pendente
• Investimento de P&D de US $ 6,3 milhões em 2023

Tipo de tecnologia	Status de patente	Valor estimado
Sistema de filtragem avançado	Registrado	US $ 2,1 milhões
Plataforma de tratamento químico	Registrado	US $ 1,9 milhão
Algoritmo de reciclagem de água	Pendente	US $ 2,3 milhões

Select Energy Services, Inc. (WTTR) - Modelo de Negócios: Proposições de Valor

Soluções abrangentes de gerenciamento de água para setor de energia

A Select Energy Services fornece soluções integradas de gerenciamento de água, com foco nas seguintes métricas principais:

Métrica de gerenciamento de água	Desempenho quantitativo
A água total tratada anualmente	Aproximadamente 1,2 bilhão de galões
Taxa de reciclagem de água	Até 85% em operações de fraturamento hidráulico
Cobertura de serviço	Ativo em 5 principais bacias de xisto dos EUA

Serviços de reciclagem de água e tratamento econômicos

As estratégias de redução de custo de tratamento de água incluem:

• Tecnologias de tratamento de água proprietárias
• Sistemas de filtragem avançados, reduzindo os custos de tratamento em 35%
• Unidades de tratamento de água móvel implantadas em várias regiões

Sustentabilidade ambiental em operações de campo petrolífero

Métrica de sustentabilidade	Indicador de desempenho
Redução da pegada de carbono	Redução de 23% em comparação com as práticas padrão do setor
Reutilização de águas residuais	Mais de 90% da água tratada reintroduziu em ciclos operacionais

Reduzido de aquisição de água e custos de descarte

As métricas de redução de custos demonstram eficiência operacional significativa:

• Redução do custo de aquisição de água: 40% menor que os métodos tradicionais
• Economia de custo de descarte: aproximadamente US $ 0,50 por barril de água gerenciada
• Redução total de custo operacional: estimado 28% para base de clientes

Estratégias personalizadas de gerenciamento de água

Parâmetro de personalização	Abordagem estratégica
Soluções específicas do cliente	Mais de 75 programas de gerenciamento de água personalizados
Adaptação tecnológica	6 Tecnologias de tratamento de água proprietárias
Especialização Regional	Estratégias desenvolvidas para as bacias do Permiano, Eagle Ford e Bakken

Select Energy Services, Inc. (WTTR) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de serviço de longo prazo

A partir do quarto trimestre 2023, a Select Energy Services mantém 87 contratos de serviço de longo prazo ativos com o valor total do contrato de US $ 412,6 milhões. A duração média do contrato é de 3,4 anos.

Tipo de contrato	Número de contratos	Valor total do contrato
Serviços de fraturamento hidráulico	42	US $ 218,3 milhões
Bem os serviços de conclusão	35	US $ 142,7 milhões
Gerenciamento da água	10	US $ 51,6 milhões

Suporte técnico e consulta

A equipe de suporte técnico consiste em 127 engenheiros especializados com experiência média no setor de 12,6 anos.

• 24/7 de suporte técnico Linha direta
• Tempo médio de resposta: 37 minutos
• Classificação de satisfação do cliente: 94,3%

Gerenciamento de conta dedicado

A Select Energy Services fornece 62 gerentes de contas dedicados que atendem aos clientes de primeira linha com receita anual acima de US $ 50 milhões.

Camada de cliente	Número de gerentes dedicados	Receita média do cliente
Platina	18	US $ 128,4 milhões
Ouro	29	US $ 76,2 milhões
Prata	15	US $ 42,7 milhões

Abordagem colaborativa de solução de problemas

Em 2023, as iniciativas colaborativas de solução de problemas resultaram em economia de custos de US $ 23,7 milhões para os clientes.

Modelo de relacionamento baseado em desempenho

Os contratos baseados em desempenho representam 42% do total de acordos de serviço, com potenciais bônus de desempenho totalizando US $ 17,5 milhões em 2023.

• Métricas de desempenho rastreadas: eficiência, redução de custos, conformidade ambiental
• Bônus de desempenho médio: 6,3% do valor do contrato
• Número de contratos baseados em desempenho: 36

Select Energy Services, Inc. (WTTR) - Modelo de Negócios: Canais

Equipe de vendas diretas

A Select Energy Services mantém uma força de vendas direta dedicada de 127 profissionais de vendas a partir do quarto trimestre 2023. A equipe de vendas cobre várias regiões nos Estados Unidos, com foco nos mercados de serviços de petróleo e gás.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	127
Cobertura geográfica	5 regiões primárias
Cota de vendas médias por representante	US $ 3,2 milhões anualmente

Conferências e feiras do setor

A Select Energy Services participa de aproximadamente 18 conferências do setor anualmente, com um investimento estimado em marketing de US $ 1,4 milhão em 2023.

• Participação na Conferência de Tecnologia de Recursos Não Convencionais (URTEC)
• Conferência de Tecnologia Offshore (OTC)
• Conferência Internacional de Tecnologia de Petróleo (IPTC)

Plataformas de marketing digital

A empresa aloca US $ 875.000 para canais de marketing digital em 2023, com foco nas plataformas de publicidade on -line e de rede profissionais direcionadas.

Canal digital	Investimento anual
Publicidade do LinkedIn	$325,000
Google anúncios	$275,000
Plataformas on-line específicas do setor	$275,000

Parcerias estratégicas

A Select Energy Services mantém 12 parcerias estratégicas com fabricantes de equipamentos e provedores de tecnologia em 2023.

• Schlumberger
• Halliburton
• Baker Hughes

Portal de serviço on -line

O portal de serviço on -line da empresa lida com aproximadamente 42% das interações de atendimento ao cliente e gera cerca de US $ 8,7 milhões em receita direta de serviço digital em 2023.

Métrica do portal online	2023 desempenho
Interações de atendimento ao cliente	42%
Receita de serviço digital	US $ 8,7 milhões
Contas de usuário do portal	3,642

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

Grandes empresas de exploração de petróleo e gás

A Select Energy Services tem como alvo as principais empresas de exploração com soluções abrangentes de gerenciamento de água. A partir do quarto trimestre 2023, a empresa serviu 12 das 20 principais empresas de exploração nos Estados Unidos.

Categoria de cliente	Penetração de mercado	Contribuição anual da receita
ExxonMobil	Parceria estratégica	US $ 37,6 milhões
Chevron	Serviços abrangentes	US $ 29,4 milhões

Produtores de petróleo independentes

A Select Energy Services fornece serviços especializados de gerenciamento de água para produtores independentes nas principais regiões de xisto.

• Total de clientes de produtores independentes: 87
• Cobertura geográfica: Bacia Permiana, Eagle Ford, Bakken
• Valor médio do contrato: US $ 2,3 milhões por cliente

Provedores de serviços de fraturamento hidráulico

A empresa suporta operações de fraturamento hidráulico com tecnologias especializadas de transferência e tratamento de água.

Provedor de serviços	Tipo de serviço	Valor anual do contrato
Halliburton	Logística de água	US $ 45,2 milhões
Schlumberger	Tratamento de água	US $ 39,7 milhões

Empresas de energia média

A Select Energy Services fornece soluções de infraestrutura de gerenciamento de água para os operadores do meio da corrente.

• TOTAL CLIENTES MIDSTREAM: 42
• Contratos de gerenciamento de infraestrutura de água: 23
• Duração média do contrato: 3,5 anos

Operações regionais de perfuração

A empresa apoia operações regionais de perfuração com serviços localizados de gerenciamento de água.

Região	Número de clientes	Receita Regional Total
Bacia do Permiano	38 clientes	US $ 82,5 milhões
Eagle Ford Shale	29 clientes	US $ 61,3 milhões

Select Energy Services, Inc. (WTTR) - Modelo de negócios: estrutura de custos

Manutenção e depreciação de equipamentos

No ano fiscal de 2023, a Select Energy Services relatou propriedades, plantas e equipamentos totais (PP&E) de US $ 617,1 milhões. A despesa de depreciação do ano foi de US $ 85,3 milhões.

Categoria de equipamento	Custo de manutenção anual	Taxa de depreciação
Equipamento de fraturamento hidráulico	US $ 42,5 milhões	7-10%
Ativos de tratamento de água	US $ 23,7 milhões	5-8%
Frota de transporte	US $ 18,9 milhões	12-15%

Pessoal de mão -de -obra e técnica

Força de trabalho total a partir do quarto trimestre 2023: 1.750 funcionários. Os custos trabalhistas de 2023 totalizaram US $ 138,6 milhões.

• Salário médio anual para pessoal técnico: US $ 87.500
• Gestão e compensação de executivos: US $ 24,3 milhões
• Benefícios e impostos sobre a folha de pagamento: US $ 22,1 milhões

Tratamento de água e transporte

Despesas operacionais anuais para serviços de gerenciamento de água em 2023: US $ 97,4 milhões.

Segmento de serviço	Custo anual
Transporte de água	US $ 53,6 milhões
Produtos químicos de tratamento de água	US $ 21,8 milhões
Descarte e reciclagem	US $ 22,0 milhões

Desenvolvimento de tecnologia e inovação

Investimento de P&D para 2023: US $ 12,7 milhões, representando 2,3% da receita total.

• Desenvolvimento de software: US $ 5,2 milhões
• Melhorias da tecnologia de equipamentos: US $ 4,9 milhões
• Pesquisa de otimização de eficiência: US $ 2,6 milhões

Despesas de conformidade regulatória

Custos totais relacionados à conformidade para 2023: US $ 16,5 milhões.

Categoria de conformidade	Despesa anual
Permissões ambientais	US $ 6,3 milhões
Certificações de segurança	US $ 4,7 milhões
Taxas legais e de consultoria	US $ 5,5 milhões

Select Energy Services, Inc. (WTTR) - Modelo de negócios: fluxos de receita

Taxas de serviço de gerenciamento de água

Em 2023, a Select Energy Services relatou taxas de serviço de gerenciamento de água de US $ 232,4 milhões, representando 36,7% da receita total. A empresa fornece soluções abrangentes de gerenciamento de água para operações de exploração e produção de petróleo e gás.

Categoria de serviço	Receita ($ m)	Porcentagem da receita total
Serviços de gerenciamento de água	232.4	36.7%

Manuseio de fluido de fraturamento hidráulico

O manuseio de fluidos de fraturamento hidráulico gerou US $ 178,6 milhões em receita para serviços selecionados de energia em 2023, representando 28,2% da receita total da empresa.

Categoria de serviço	Receita ($ m)	Porcentagem da receita total
Manuseio de fluido de fraturamento hidráulico	178.6	28.2%

Contratos de reciclagem de água e tratamento

Os contratos de reciclagem e tratamento de água contribuíram com US $ 145,3 milhões para a receita da empresa em 2023, representando 22,9% da receita total.

Categoria de serviço	Receita ($ m)	Porcentagem da receita total
Contratos de reciclagem de água e tratamento	145.3	22.9%

Serviços de aluguel de equipamentos

Os serviços de aluguel de equipamentos geraram US $ 62,7 milhões em receita para serviços selecionados de energia em 2023, representando 9,9% da receita total da empresa.

Categoria de serviço	Receita ($ m)	Porcentagem da receita total
Serviços de aluguel de equipamentos	62.7	9.9%

Consultoria e suporte técnico

Os serviços de consultoria e suporte técnico geraram US $ 15,4 milhões em receita para serviços selecionados de energia em 2023, representando 2,3% da receita total da empresa.

Categoria de serviço	Receita ($ m)	Porcentagem da receita total
Consultoria e suporte técnico	15.4	2.3%

Fluxos totais de receita para 2023: US $ 634,4 milhões

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.