Select Water Solutions, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Select Water Solutions, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations.</b>

AI Summary

Select Water Solutions, Inc. (WTTR) filed a Annual Report (10-K) with the SEC on February 21, 2024. Select Water Solutions, Inc. filed its 2023 Form 10-K on February 21, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 1233 W Loop South, Suite 1400, Houston, TX 77027. Select Water Solutions, Inc. was formerly known as Select Energy Services, Inc. until December 27, 2016. The SIC code for the company is OIL, GAS FIELD SERVICES, NBC [1389].

Why It Matters

For investors and stakeholders tracking Select Water Solutions, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Select Water Solutions' financial health, operational segments, and strategic initiatives for the fiscal year 2023, crucial for investors assessing the company's performance and future outlook. The detailed financial data and risk factors disclosed in this report are essential for stakeholders to understand the company's market position, potential challenges, and regulatory environment within the oil and gas field services sector.

Risk Assessment

Risk Level: medium — Select Water Solutions, Inc. shows moderate risk based on this filing. The company operates in the oil and gas field services sector, which is subject to significant market volatility and regulatory scrutiny, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's performance and potential risks in the volatile energy market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-21 — Filing Date (Date of submission)
• 10-K — Form Type (Type of filing)
• 001-38066 — SEC File Number (SEC registration number)

Key Players & Entities

• Select Water Solutions, Inc. (company) — Filer name
• Select Energy Services, Inc. (company) — Former company name
• Houston, TX (location) — Business address city and state
• 0001693256 (company) — Central Index Key
• 001-38066 (regulator) — SEC file number
• 2024-02-21 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end date
• 1389 (industry) — Standard Industrial Classification code

FAQ

Key Dates

• 2024-02-21: 10-K Filing — Annual report submission for fiscal year 2023
• 2023-12-31: Fiscal Year End — End date of the reporting period
• 2016-12-27: Name Change — Date Select Energy Services, Inc. became Select Water Solutions, Inc.

Key Financial Figures

• $0.01 — tered Class A common stock, par value $0.01 per share WTTR New York Stock Excha

Filing Documents

• wttr-20231231x10k.htm (10-K) — 4307KB
• wttr-20231231xex4d3.htm (EX-4.3) — 33KB
• wttr-20231231xex21d1.htm (EX-21.1) — 41KB
• wttr-20231231xex23d1.htm (EX-23.1) — 3KB
• wttr-20231231xex31d1.htm (EX-31.1) — 13KB
• wttr-20231231xex31d2.htm (EX-31.2) — 13KB
• wttr-20231231xex32d1.htm (EX-32.1) — 7KB
• wttr-20231231xex32d2.htm (EX-32.2) — 7KB
• wttr-20231231xex97d1.htm (EX-97.1) — 94KB
• wttr-20231231x10k001.jpg (GRAPHIC) — 85KB
• 0001558370-24-001437.txt (&nbsp;) — 19403KB
• wttr-20231231.xsd (EX-101.SCH) — 106KB
• wttr-20231231_cal.xml (EX-101.CAL) — 105KB
• wttr-20231231_def.xml (EX-101.DEF) — 590KB
• wttr-20231231_lab.xml (EX-101.LAB) — 826KB
• wttr-20231231_pre.xml (EX-101.PRE) — 856KB
• wttr-20231231x10k_htm.xml (XML) — 4141KB

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 33 Item 1B. Unresolved Staff Comments 60 Item 1C. Cybersecurity 60 Item 2.

Properties

Properties 61 Item 3.

Legal Proceedings

Legal Proceedings 62 Item 4. Mine Safety Disclosures 62 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 62 Item 6. Reserved 66 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 66 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 81 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 81 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 81 Item 9A.

Controls and Procedures

Controls and Procedures 82 Item 9B. Other Information 84 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 84 PART II I Item 10. Directors, Executive Officers and Corporate Governance 84 Item 11.

Executive Compensation

Executive Compensation 84 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 84 Item 13. Certain Relationships and Related Transactions, and Director Independence 84 Item 14. Principal Accounting Fees and Services 84 PART IV Item 15. Exhibit and Financial Statement Schedules 84 1 Table of Contents PART I CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS The information in this Annual Report on Form 10-K includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other than statements of historical fact, included in this Annual Report regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this Annual Report, the words "could," "believe," "anticipate," "intend," "estimate," "expect," "project," "preliminary," "forecast," and similar expressions or variations are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on our current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements described under the heading "Risk Factors" included elsewhere in this Annual Report on Form 10-K, as well as those set forth from time to time in our other filings with the Securities and Exchange Commission (the "SEC"). These forward-looking statements are based on management's current belief, based on currently available information, as to the outcome and timing of future events. Important factors t

BUSINESS

ITEM 1. BUSINESS Select Water Solutions, Inc. and its consolidated subsidiaries (collectively referred to as "Select," the "Company," "we," "us," or "our") is a leading provider of sustainable water-management and chemical solutions to the energy industry in the U.S. As a leader in the water solutions industry, we place the utmost importance on safe, environmentally responsible management of oilfield water throughout the lifecycle of a well. Additionally, we believe that responsibly managing water resources through our operations to help conserve and protect the environment in the communities in which we operate is paramount to our continued success. With a footprint across every major unconventional basin in the U.S., we operate through three primary segments: Water Services, Water Infrastructure and Chemical Technologies. Our Water Services segment, which contributed approximately 65% of our 2023 revenue and 68% of our 2022 revenue, provides the complex services needed to support new well completions as well as ongoing production over the life of the well, including water transfer, water sourcing, flowback and well testing, water containment, fluids hauling, water monitoring and water network automation, as well as various on-site rental equipment and accommodation offerings. Through our patented WaterONE automation services and our proprietary AquaView software platform, our Water Services segment provides extensive technology solutions that enable 24/7 monitoring and visibility for our customers into all of their water-related operations, including hydrographic mapping, water volume and quality monitoring, remote pit and tank monitoring, leak detection, asset and fuel tracking and automated-equipment services. We believe these technologies help our customers lower their operating costs, improve well productivity, increase safety, reduce the risk of spills and reduce the environmental footprint of their operations. 6 Table of Contents Our Water Infrastr

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View this 10-K filing on SEC EDGAR