Overview
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- TickerWTTR on NYSE2
- IndustryOil & Gas Field Services, NEC2
- HeadquartersGainesville, United States2
- Incorporated inDE4
- Business address1820 North I-35, Gainesville, Tx 762404
- Filer categoryLarge accelerated filer4
- Legal formCorporation2
- LEI54930094OK8LA3QDW4862
- StatusActive2
- LEI statusLapsed (not renewed)2
- Registered addressC/O Capitol Services, Inc., 19901 Dover, United States2
- Registered withDivision of Corporations, Department of State, 62235842
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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 solutions to the energy industry in the U.S. As a leader in the water management industry, we place the utmost importance on safe, environmentally responsible management of 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.6 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
14.4%Gross margin3
2.0%Operating margin3
1.5%Net margin3
-3.1%Revenue growth, 20253
2.6%Return on equity3
0.35×Debt to equity3
-$79.9MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Chemical Product Sales Revenue brought in 23% of the revenue Select Water Solutions, Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Chemical Product Sales Revenue | $323.5M | $260.8M | $309.4M |
| Chemical Technologies | $322.5M | $259.5M | $307.6M |
| Fluid Hauling | $287.5M | $242.2M | $180.1M |
| Water Recycling and Reuse | $110.4M | $128.9M | $149.1M |
| Fluids Disposal | $72.2M | $112.4M | $122.3M |
| Accommodations And Rentals Revenue | $83.3M | $78.7M | $86.8M |
| Well Testing And Flowback | $112.9M | $84.8M | $71.2M |
| Water Containment | $75.3M | $63.0M | $61.4M |
| Solids Management | $11.5M | $25.2M | $32.4M |
| Pipelines and Logistics | $41.1M | $27.4M | $11.6M |
Business segments
Water Services brought in 56% of the revenue Select Water Solutions, Inc. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Water Services | $1.0B | $910.5M | $796.0M |
| Water Infrastructure | $235.3M | $293.9M | $315.6M |
| Chemical Technologies | $323.5M | $260.8M | $309.4M |
Regions
Permian Basin brought in 51% of the revenue Select Water Solutions, Inc. broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| Permian Basin | $759.3M | $702.0M | $724.1M |
| Rockies | $231.3M | $209.9M | $165.0M |
| Marcellus Utica | $160.8M | $141.3M | $157.2M |
| Eagle Ford | $163.4M | $154.9M | $135.4M |
| Mid Continent | $100.5M | $85.3M | $91.4M |
| Bakken | $96.3M | $91.2M | $86.7M |
| Haynesville E. Texas | $84.0M | $79.0M | $60.3M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue86¢$1.2B
- Selling, general and admin11¢$161.3M
- Other costs1¢$18.3M
- Income tax0¢$1.6M
- Profit2¢$21.2M
Out of $1.4B in revenue.3
Where each dollar of operating cash went, fiscal 2025
- Capital spending88¢$294.6M
- Dividends paid10¢$33.7M
- Share buybacks2¢$7.3M
Out of $214.7M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.3
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total revenue | $1.4B | $1.5B | $1.6B |
| Depreciation, amortization and accretion | $174.5M | $153.5M | $138.8M |
| Total costs of revenue | $1.2B | $1.2B | $1.4B |
| Gross profit | $202.4M | $219.5M | $231.7M |
| Selling, general and administrative | $161.3M | $160.0M | $155.5M |
| Depreciation and amortization | $5.3M | $3.4M | $2.3M |
| Impairments and abandonments | $6.2M | $1.2M | $12.6M |
| Lease abandonment costs | $734.0K | $358.0K | $42.0K |
| Total operating expenses | $173.6M | $165.0M | $170.5M |
| Income from operations | $28.8M | $54.5M | $61.2M |
| Gain (loss) on sales of property and equipment and divestitures, net | $10.3M | $3.3M | -$210.0K |
| Interest expense, net | -$23.2M | -$7.0M | -$4.4M |
| Remeasurement gain on business combination | $14.9M | ||
| Tax receivable agreements expense | -$5.0M | -$836.0K | -$38.2M |
| Other | -$1.1M | -$573.0K | $2.4M |
| Income before income tax benefit (expense) and equity in losses of unconsolidated entities | $24.8M | $49.4M | $20.8M |
| Income tax benefit (expense) | $1.6M | -$13.6M | $60.2M |
| Equity in losses of unconsolidated entities | -$4.9M | -$352.0K | -$1.8M |
| Net income | $21.5M | $35.5M | $79.2M |
| Less: net income attributable to noncontrolling interests | -$244.0K | -$4.8M | -$4.8M |
| Net income attributable to Select Water Solutions, Inc. | $21.2M | $30.6M | $74.4M |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $18.1M | $20.0M | ||
| Inventories | $34.3M | $38.4M | ||
| Prepaid expenses and other current assets | $38.0M | $45.4M | ||
| Total current assets | $354.4M | $385.5M | ||
| Property and equipment | $1.6B | $1.4B | ||
| Accumulated depreciation | -$717.2M | -$679.8M | ||
| Total property and equipment, net | $912.2M | $725.7M | ||
| Right-of-use assets, net | $28.7M | $36.9M | ||
| Goodwill | $48.5M | $18.2M | $4.7M | |
| Other intangible assets, net | $106.2M | $123.7M | ||
| Deferred tax assets, net | $48.9M | $46.3M | ||
| Investments in unconsolidated entities | $78.2M | $11.3M | ||
| Other long-term assets | $18.5M | $18.7M | ||
| Total assets | $1.6B | $1.4B | ||
| Accounts payable | $49.7M | $39.2M | ||
| Accrued accounts payable | $46.3M | $76.2M | ||
| Accrued salaries and benefits | $17.7M | $29.9M | ||
| Accrued insurance | $22.3M | $24.7M | ||
| Sales tax payable | $2.4M | $2.1M | ||
| Current portion of tax receivable agreements liabilities | $93.0K | |||
| Accrued expenses and other current liabilities | $37.5M | $40.1M | ||
| Current operating lease liabilities | $14.2M | $16.4M | ||
| Current portion of long-term debt | $31.2M | |||
| Current portion of finance lease obligations | $650.0K | $211.0K | ||
| Total current liabilities | $225.7M | $233.4M | ||
| Long-term tax receivable agreements liabilities | $43.4M | $38.4M | ||
| Long-term operating lease liabilities | $21.5M | $31.1M | ||
| Long-term debt, net | $285.0M | $85.0M | ||
| Other long-term liabilities | $92.9M | $62.9M | ||
| Total liabilities | $668.5M | $450.7M | ||
| Additional paid-in capital | $989.3M | $998.5M | ||
| Accumulated deficit | -$184.9M | -$206.1M | ||
| Total stockholders' equity | $805.6M | $793.5M | ||
| Noncontrolling interests | $121.5M | $122.0M | ||
| Total equity | $927.1M | $915.5M | $892.2M | $883.7M |
| Total liabilities and equity | $1.6B | $1.4B | ||
| Allowance for doubtful accounts | $4.8M | $4.5M | ||
| Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 | ||
| Preferred Stock, Shares Authorized | 50.0M shares | 50.0M shares | ||
| Preferred Stock, Shares Issued | 0 shares | 0 shares | ||
| Preferred Stock, Shares Outstanding | 0 shares | 0 shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $18.1M | $20.0M | ||
| Inventories | $34.3M | $38.4M | ||
| Prepaid expenses and other current assets | $38.0M | $45.4M | ||
| Total current assets | $354.4M | $385.5M | ||
| Property and equipment | $1.6B | $1.4B | ||
| Accumulated depreciation | -$717.2M | -$679.8M | ||
| Total property and equipment, net | $912.2M | $725.7M | ||
| Right-of-use assets, net | $28.7M | $36.9M | ||
| Goodwill | $48.5M | $18.2M | $4.7M | |
| Other intangible assets, net | $106.2M | $123.7M | ||
| Deferred tax assets, net | $48.9M | $46.3M | ||
| Investments in unconsolidated entities | $78.2M | $11.3M | ||
| Other long-term assets | $18.5M | $18.7M | ||
| Total assets | $1.6B | $1.4B | ||
| Accounts payable | $49.7M | $39.2M | ||
| Accrued accounts payable | $46.3M | $76.2M | ||
| Accrued salaries and benefits | $17.7M | $29.9M | ||
| Accrued insurance | $22.3M | $24.7M | ||
| Sales tax payable | $2.4M | $2.1M | ||
| Current portion of tax receivable agreements liabilities | $93.0K | |||
| Accrued expenses and other current liabilities | $37.5M | $40.1M | ||
| Current operating lease liabilities | $14.2M | $16.4M | ||
| Current portion of long-term debt | $31.2M | |||
| Current portion of finance lease obligations | $650.0K | $211.0K | ||
| Total current liabilities | $225.7M | $233.4M | ||
| Long-term tax receivable agreements liabilities | $43.4M | $38.4M | ||
| Long-term operating lease liabilities | $21.5M | $31.1M | ||
| Long-term debt, net | $285.0M | $85.0M | ||
| Other long-term liabilities | $92.9M | $62.9M | ||
| Total liabilities | $668.5M | $450.7M | ||
| Additional paid-in capital | $989.3M | $998.5M | ||
| Accumulated deficit | -$184.9M | -$206.1M | ||
| Total stockholders' equity | $805.6M | $793.5M | ||
| Noncontrolling interests | $121.5M | $122.0M | ||
| Total equity | $927.1M | $915.5M | $892.2M | $883.7M |
| Total liabilities and equity | $1.6B | $1.4B | ||
| Allowance for doubtful accounts | $4.8M | $4.5M | ||
| Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 | ||
| Preferred Stock, Shares Authorized | 50.0M shares | 50.0M shares | ||
| Preferred Stock, Shares Issued | 0 shares | 0 shares | ||
| Preferred Stock, Shares Outstanding | 0 shares | 0 shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $21.5M | $35.5M | $79.2M |
| Depreciation, amortization and accretion | $179.8M | $156.9M | $141.1M |
| Deferred tax (benefit) expense | -$1.2M | $12.5M | -$62.0M |
| Tax receivable agreements expense | $5.0M | $836.0K | $38.2M |
| (Gain) loss on disposal of property and equipment and divestitures | -$10.3M | -$3.3M | $210.0K |
| Equity in losses of unconsolidated entities | $4.9M | $352.0K | $1.8M |
| Credit loss expense | $989.0K | $58.0K | $5.2M |
| Amortization and write off of debt issuance costs | $2.2M | $489.0K | $489.0K |
| Inventory adjustments | $75.0K | -$638.0K | $2.3M |
| Equity-based compensation | $19.9M | $26.4M | $17.4M |
| Impairments and abandonments | $6.2M | $1.2M | $12.6M |
| Remeasurement gain on business combination | -$14.9M | ||
| Other operating items, net | $2.4M | $1.1M | -$450.0K |
| Accounts receivable | $16.1M | $46.9M | $102.3M |
| Prepaid expenses and other assets | $11.8M | -$14.6M | -$6.7M |
| Accounts payable and accrued liabilities | -$29.8M | -$28.8M | -$46.3M |
| Net cash provided by operating activities | $214.7M | $234.9M | $285.4M |
| Purchase of property and equipment | -$294.6M | -$173.2M | -$135.9M |
| Purchase of equity-method investment | -$72.1M | -$500.0K | |
| Acquisitions, net of cash received | -$53.6M | -$161.3M | -$17.7M |
| Proceeds received from sales of property and equipment | $15.3M | $15.8M | $16.9M |
| Net cash used in investing activities | -$405.0M | -$318.6M | -$137.2M |
| Borrowings from revolving line of credit | $131.5M | $165.0M | $105.2M |
| Payments on revolving line of credit | -$146.5M | -$80.0M | -$121.2M |
| Borrowings from long-term debt | $250.0M | ||
| Payments of finance lease obligations | -$601.0K | -$231.0K | -$98.0K |
| Payment of debt issuance costs | -$7.9M | ||
| Dividends and distributions paid | -$33.7M | -$29.7M | -$24.9M |
| Proceeds from share issuance | $50.0K | ||
| Payments under tax receivable agreements | -$77.0K | -$521.0K | |
| Distributions to noncontrolling interests | -$1.6M | ||
| Contributions from noncontrolling interests | $2.9M | $6.0M | |
| Repurchase of common stock | -$7.3M | -$7.9M | -$61.8M |
| Net cash provided by (used in) financing activities | $188.4M | $46.6M | -$98.4M |
| Effect of exchange rate changes on cash | $6.0K | -$9.0K | -$3.0K |
| Net (decrease) increase in cash and cash equivalents | -$1.9M | -$37.1M | $49.8M |
| Cash paid for interest | $18.7M | $7.1M | $4.7M |
| Cash paid for income taxes, net | $642.0K | $1.8M | $1.7M |
| Asset retirement obligation revisions | $12.3M | ||
| Lease liabilities arising from obtaining right-of-use assets | $7.6M | $12.6M | $7.6M |
| Issuance (recoupment) of shares for acquisitions | $7.7M | -$410.0K | |
| Assets and liabilities transferred in business combination | $20.8M | ||
| Property and equipment obtained by assuming liabilities | $9.5M | ||
| Capital expenditures included in accounts payable and accrued liabilities | $30.0M | $50.0M | $34.5M |
No quarter-by-quarter statement was filed.
Corporate structure
Select Water Solutions, Inc. sits at the top of its group. 58 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Select Water Solutions, Inc.
- DIMENSIONAL FUND ADVISORS LP Filed SCHEDULE 13G/A on Select Water Solutions, Inc., latest Oct 8, 2026 (2 filings since Feb 9, 2024)
- Crestview Partners II GP, L.P. Filed SCHEDULE 13G/A on Select Water Solutions, Inc., latest Aug 14, 2026 (4 filings since Feb 11, 2022)
- Franklin Templeton Investments Filed SCHEDULE 13G on Select Water Solutions, Inc., latest Apr 29, 2026
- FRANKLIN MUTUAL ADVISERS LLC Filed SCHEDULE 13G/A on Select Water Solutions, Inc., latest Apr 28, 2026 (2 filings since Jan 29, 2026)
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on Select Water Solutions, Inc., latest Mar 27, 2026 (2 filings since Feb 13, 2024)
- FIRST TRUST PORTFOLIOS LP Filed SCHEDULE 13G/A on Select Water Solutions, Inc., latest Apr 28, 2025 (2 filings since Oct 25, 2024)
- BlackRock Filed SC 13G/A on Select Water Solutions, Inc., latest Nov 8, 2024 (5 filings since Feb 7, 2022)
- B-29 GP, LLC Filed SC 13D/A on Select Water Solutions, Inc., latest Nov 8, 2023
- SCF GP LLC Filed SC 13D/A on Select Water Solutions, Inc., latest Oct 4, 2023 (2 filings since Dec 16, 2022)
- Superior Energy Services Filed SC 13G on Select Water Solutions, Inc., latest Dec 13, 2021
- Select Water Solutions, Inc. Gainesville, Texas, United States
- 1960 Well Services, LLC Subsidiary · Ohio, United States
- Affirm Oilfield Services, LLC Subsidiary · Texas, United States
- Badlands Power Fuels, LLC Subsidiary · Delaware, United States
- Big Spring Recycling System, LLC Subsidiary · Delaware, United States
- Blackjack Mineral Investments, LLC Subsidiary · Texas, United States
- Bobcat North Lima, LLC Subsidiary · Ohio, United States
- Breakwater Energy Partners, LLC Subsidiary · Texas, United States
- Breakwater Energy Services, LLC Subsidiary · Texas, United States
- Breakwater Midstream, LLC Subsidiary · Texas, United States
- Buckhorn Disposal ND, LLC Subsidiary · Delaware, United States
- Buckhorn Energy Oaks Disposal Services, LLC Subsidiary · Delaware, United States
- Clearwater Five, LLC Subsidiary · Ohio, United States
- Clearwater Solutions, LLC Subsidiary · Ohio, United States
- Clearwater Three, LLC Subsidiary · Ohio, United States
- Complete Energy Services, Inc. Subsidiary · Delaware, United States
- Crescent Companies, LLC Subsidiary · Delaware, United States
- Dishon Disposal, LLC Subsidiary · North Dakota, United States
- EnerMAX Services (U.S.) Inc. Subsidiary · Delaware, United States
- EnerMAX Services G.P. ULC Subsidiary · Alberta, Canada
- EnerMAX Services Holdings, LLC Subsidiary · Delaware, United States
- EnerMAX Services Limited Partnership Subsidiary · Alberta, Canada
- EWS #1 DJ Basin LLC Subsidiary · Delaware, United States
- EWS #8 DJ Basin LLC Subsidiary · Delaware, United States
- Guard Drilling Mud Disposal, LLC Subsidiary · Delaware, United States
- Heckmann Water Resources (CVR), Inc. Subsidiary · Delaware, United States
- and 32 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Select Water Solutions, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $1.6B3 Dec 31, 2025 | $1.4B3 Dec 31, 2024 | +15.9% |
| Accumulated depreciation | $717.2M3 Dec 31, 2025 | $679.8M3 Dec 31, 2024 | +5.5% |
| Property and equipment, net | $912.2M3 Dec 31, 2025 | $725.7M3 Dec 31, 2024 | +25.7% |
| Finance-lease assets | $2.4M3 Dec 31, 2025 | $528.0K3 Dec 31, 2024 | +355.9% |
| Operating-lease assets (leased space) | $28.7M3 Dec 31, 2025 | $36.9M3 Dec 31, 2024 | −22.1% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $18.1M3 Dec 31, 2025 | $20.0M3 Dec 31, 2024 | −9.5% |
| Stakes in other companies (equity method) | $78.2M3 Dec 31, 2025 | $11.3M3 Dec 31, 2024 | +589.5% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $48.5M3 Dec 31, 2025 | $18.2M3 Dec 31, 2024 | +166.2% |
| Intangible assets, net (excluding goodwill) | $106.2M3 Dec 31, 2025 | $123.7M3 Dec 31, 2024 | −14.2% |
| Indefinite-lived intangibles (excluding goodwill) | $5.3M3 Dec 31, 2025 | $5.3M3 Dec 31, 2024 | 0% |
| Finite-lived intangibles, gross | $203.3M3 Dec 31, 2025 | $205.1M3 Dec 31, 2024 | −0.9% |
| Accumulated amortization | $102.3M3 Dec 31, 2025 | $86.7M3 Dec 31, 2024 | +18.1% |
| Finite-lived intangibles, net | $100.9M3 Dec 31, 2025 | $118.4M3 Dec 31, 2024 | −14.8% |
Inventory
| Item | Latest | A year before | Change |
|---|---|---|---|
| Inventory, total | $34.3M3 Dec 31, 2025 | $38.4M3 Dec 31, 2024 | −10.8% |
| Raw materials | $27.4M3 Dec 31, 2025 | $24.9M3 Dec 31, 2024 | +10.1% |
| Finished goods | $6.9M3 Dec 31, 2025 | $13.6M3 Dec 31, 2024 | −49.3% |
Properties, in its own words
We own our headquarters building in Gainesville, Texas, which also houses our remote operating center, and we lease office space in Houston, Texas, as well as local offices across the regions in which we operate.
● · Our Water Infrastructure segment includes both owned and leased disposal and recycling facilities, owned landfill assets that support our long-term waste management capabilities and hundreds of miles of pipelines utilizing owned, leased or permitted rights-of-way and easements. The substantial majority of our revenue-producing activities occur at our various water infrastructure facilities, where we process, recycle, manage or dispose of produced water and other waste streams on behalf of our customers or through transportation fees across our infrastructure networks. As of December 31, 2025, we had 130 active SWDs and more than 20 active or under construction recycling facilities.
The rest of Item 2
● · In support of our Water Services segment, we both own and lease a range of field operations facilities that support our various lines of business. The substantial majority of our revenue-generating activities occur at our customers’ locations, where our equipment and personnel are deployed to deliver services directly in the field.
● · In connection with our Chemical Technologies segment, we own two primary manufacturing facilities in Texas and lease three regional distribution centers through which we provide products to customers across all major U.S. shale basins. Our leased properties are subject to various lease terms and expiration dates. Chemicals are either delivered directly to customer locations or applied on-site by our Chemical Technologies personnel as part of our integrated service offering. Our leased properties are subject to various lease terms and expiration dates.
We believe all the properties that we currently occupy are suitable for their intended uses. We believe that our current facilities are sufficient to conduct our operations. However, we continue to evaluate the purchase or lease of additional properties or the sale or consolidation of our properties, as our business requires.
Item 2 of the 10-K filed Feb 18, 2026.6
Leadership
Who has led Select Water Solutions, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
20202025
- Chief executive officerJohn Schmitz Apr 20, 2017 to Nov 3, 201717
- Chief executive officerHolli Nichols Nov 3, 2017 to Apr 14, 202018
- ChairJohn Schmitz Apr 20, 2017 to Oct 7, 201917
- PresidentJohn Schmitz Mar 10, 2021 to now19
- PresidentCody Ortowski Apr 20, 2017 to Apr 20, 201720
- PresidentHolli Nichols Nov 3, 2017 to Apr 14, 202018
- Chief financial officerChristopher Kile George Mar 7, 2024 to now21
- Chief financial officerGary Gillette Apr 20, 2017 to Feb 8, 201822
- Chief operating officerMichael Skarke May 11, 2021 to now23
Board members and other officers (33)
- SVP, GC and CCOChristina M. Ibrahim Apr 4, 2023 to now24
- OfficerChristopher Kile George May 10, 2022 to Feb 27, 202425
- Chief Technology OfficerSuzanne Colbert Aug 18, 2021 to Aug 21, 202326
- EVP, Water ServicesMitchell Shauf Apr 4, 2019 to Mar 9, 202027
- EVP, Business StrategyCody Ortowski Feb 8, 2018 to now28
- OfficerGary Gillette May 16, 2018 to Nov 21, 201829
- Chief Accounting Officer & VPBrian Szymanski Jun 8, 2018 to now30
- VP, Gen.Counsel & Corp.SecAdam R. Law Apr 20, 2017 to Nov 16, 202231
- Executive VP, FinanceEric L. Mattson Apr 20, 2017 to Apr 20, 201732
- Exec. VP - Wellsite ServicesDavid Nightingale Nov 3, 2017 to Jan 23, 201933
- Senior VP, Water NetworksDavid Stuart Nov 3, 2017 to Feb 8, 201834
- Exec. VP, Water SolutionsMichael Skarke Nov 3, 2017 to Mar 10, 202135
- Exec. VP - Oilfield ChemicalsPaul Pistono Nov 3, 2017 to Jan 20, 202236
- Board memberBruce E. Cope Feb 4, 2025 to now37
- Board memberLuis M. Fernandez May 10, 2022 to now38
- Board memberSuzanne Colbert Aug 18, 2022 to Aug 18, 202239
- Board memberRobin H. Fielder Nov 8, 2022 to now40
- Board memberGayle Burleson Jun 17, 2021 to now41
- Board memberJohn Schmitz Jan 2, 2020 to now42
- Board memberTroy W. Thacker May 12, 2020 to May 9, 202443
- Board memberAdam J. Klein Apr 20, 2017 to May 14, 201944
- Board memberDouglas James Wall Apr 20, 2017 to now45
- Board memberRichard Alan Burnett Apr 20, 2017 to now46
- Board memberRobert Delaney V. Jr. Apr 20, 2017 to now44
- Board memberDavid C. Baldwin Nov 2, 2017 to Nov 14, 202247
- Board memberG.p. Limited Partnership Scf-Vi Nov 2, 2017 to Jun 14, 202347
- Board memberG.p. Limited Partnership Scf-Vii Nov 2, 2017 to Jun 14, 202347
- Board memberL. E. Simmons Nov 2, 2017 to Nov 2, 201747
- Board memberL.p. Scf-Vii Nov 2, 2017 to Jun 14, 202347
- Board memberDavid A. Trice Nov 3, 2017 to May 10, 202248
- Board memberHolli Nichols Nov 3, 2017 to Apr 14, 202018
- Board memberKeith O. Rattie Nov 3, 2017 to May 11, 202149
- General counselRobert Allen Wilson Mar 30, 2026 to now50
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- 1960 Well Services, LLC Ohio5
- Affirm Oilfield Services, LLC Texas5
- Badlands Power Fuels, LLC Delaware5
- Big Spring Recycling System, LLC Delaware5
- Blackjack Mineral Investments, LLC Texas5
- Bobcat North Lima, LLC Ohio5
- Breakwater Energy Partners, LLC Texas5
- Breakwater Energy Services, LLC Texas5
- Breakwater Midstream, LLC Texas5
- Buckhorn Disposal ND, LLC Delaware5
- Buckhorn Energy Oaks Disposal Services, LLC Delaware5
- Clearwater Five, LLC Ohio5
- Clearwater Solutions, LLC Ohio5
- Clearwater Three, LLC Ohio5
- Complete Energy Services, Inc. Delaware5
- Crescent Companies, LLC Delaware5
- Dishon Disposal, LLC North Dakota5
- EWS #1 DJ Basin LLC Delaware5
- EWS #8 DJ Basin LLC Delaware5
- EnerMAX Services (U.S.) Inc. Delaware5
- EnerMAX Services G.P. ULC Alberta5
- EnerMAX Services Holdings, LLC Delaware5
- EnerMAX Services Limited Partnership Alberta5
- Guard Drilling Mud Disposal, LLC Delaware5
All 59 listed subsidiaries
- Heckmann Water Resources (CVR), Inc. Delaware5
- Heckmann Water Resources (CVR), LLC Delaware5
- Heckmann Water Resources, LLC Delaware5
- Ideal Oilfield Disposal, LLC North Dakota5
- Landtech Enterprises, L.L.C. North Dakota5
- Mallard Midstream, LLC Delaware5
- Navy Holdco, LLC Delaware5
- Navy Holdings, Inc. Delaware5
- New Heckmann Water Resources Corporation Delaware5
- Nuverra Ohio Disposal LLC Delaware5
- Nuverra Total Solutions, LLC Delaware5
- Oaks’ Disposal Services, LLC Montana5
- Peak Rentals, LLC Texas5
- Quail Run Services, LLC Texas5
- Rockwater Energy Solutions North Dakota, Inc. Delaware5
- Rockwater Energy Solutions Water Management, LLC Delaware5
- Rockwater Production Testing Ltd. Alberta5
- Rockwater West TX, LLC Delaware5
- SES Holdings, LLC Delaware5
- SES Intermediate Holdings, LLC Delaware5
- SES Sub A, LLC Delaware5
- SES Sub B, LLC Delaware5
- SES Sub C, LLC Delaware5
- SWS ND, Inc. Delaware5
- Select Agua Libre Midstream, LLC Delaware5
- Select Chemistry, LLC Delaware5
- Select Energy Services, LLC Texas5
- Select Energy Solutions (RW), Inc. Delaware5
- Select Water Reuse, LLC Delaware5
- Select Water Solutions, LLC Delaware5
- Trinity Acquisition, LLC Delaware5
- Trinity Environmental Brokerage, L.L.C. Delaware5
- Trinity Environmental Management, LLC Delaware5
- Trinity Environmental SWD I, L.L.C. Delaware5
- Trinity Environmental Services I, L.L.C. Delaware5
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Former names
- Select Energy Services, Inc.Dec 29, 2016 to May 9, 20234
Timeline
- Oct 13, 20268-K Entered a material agreement; Results of operations; Regulation FD disclosure51
- Sep 24, 20268-K Entered a material agreement; Unregistered sale of shares; Regulation FD disclosure52
- Aug 4, 20268-K Results of operations53
- Jun 1, 20268-K Executive or director change54
- May 8, 20268-K Shareholder vote55
- May 5, 20268-K Results of operations56
- Feb 25, 20268-K Other events57
- Feb 23, 20268-K Regulation FD disclosure; Other events58
- Feb 19, 20268-K Regulation FD disclosure59
- Feb 17, 20268-K Results of operations60
- Nov 10, 20258-K Results of operations61
- Oct 10, 20258-K Executive or director change62
- Nov 3, 2017New chief executive Holli Nichols becomes CEO18
- Apr 20, 2017New chief executive John Schmitz becomes CEO17
- Nov 21, 2016Founded Select Water Solutions, Inc. is founded2
Calendar
Coming up
- Nov 3, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.03 a share, on Nov 4, 2025.63
When it reported results
- Oct 13, 2026Reported quarterly or annual results51
- Aug 4, 2026Reported quarterly or annual results53
- May 5, 2026Reported quarterly or annual results56
- Feb 17, 2026Reported quarterly or annual results60
- Nov 10, 2025Reported quarterly or annual results61
- Aug 6, 2025Reported quarterly or annual results64
- May 6, 2025Reported quarterly or annual results65
- Feb 18, 2025Reported quarterly or annual results66
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
358 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 41 major events, 195 insider forms, 22 large holders, 80 other. The latest 20:
- Oct 13, 20268-K EDGAR
- Oct 8, 2026SCHEDULE 13G/A EDGAR
- Sep 24, 20268-K EDGAR
- Aug 18, 20264 PRIMARY DOCUMENT EDGAR
- Aug 14, 2026SCHEDULE 13G/A EDGAR
- Aug 11, 2026144 EDGAR
- Aug 5, 202610-Q EDGAR
- Aug 4, 20268-K EDGAR
- Jul 20, 20264 PRIMARY DOCUMENT EDGAR
- Jul 7, 20264 PRIMARY DOCUMENT EDGAR
- Jul 1, 2026144 EDGAR
- Jun 1, 20268-K EDGAR
- May 21, 20264 OWNERSHIP DOCUMENT EDGAR
- May 19, 2026144 EDGAR
- May 18, 20264 PRIMARY DOCUMENT EDGAR
- May 15, 2026144 EDGAR
- May 14, 2026144 EDGAR
- May 12, 2026144 EDGAR
- May 12, 20264 PRIMARY DOCUMENT EDGAR
- May 12, 20264 PRIMARY DOCUMENT EDGAR
The 358 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
31 open-market trades by officers, directors and large owners since October 2021: 0 buys and 31 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| May 19, 2026 | Crestview Partners II SES Investment, LLC10% owner | Sale | 3,250,000 | $18.92 | $61.5M | Form 4 |
| May 15, 2026 | Burnett Richard AlanDirector | Sale | 45,316 | $18.74 | $849.2K | Form 4 |
| May 14, 2026 | Burnett Richard AlanDirector | Sale | 19,684 | $18.73 | $368.7K | Form 4 |
| May 12, 2026 | Skarke MichaelEVP & COO | Sale | 20,000 | $17.78 | $355.6K | Form 4 |
| May 11, 2026 | Szymanski BrianChief Accounting Officer | Sale | 20,000 | $17.04 | $340.8K | Form 4 |
| May 11, 2026 | Skarke MichaelEVP & COO | Sale | 90,000 | $17.31 | $1.6M | Form 4 |
| May 8, 2026 | Fielder Robin HDirector | Sale | 27,010 | $16.80 | $453.8K | Form 4 |
| Apr 8, 2026 | Crestview Partners II SES Investment B, LLC10% owner | Sale | 3,096,223 | $15.12 | $46.8M | Form 4 |
| Apr 8, 2026 | Crestview Partners II SES Investment B, LLC10% owner | Sale | 3,096,223 | $15.12 | $46.8M | Form 4 |
| Feb 9, 2026 | Schmitz JohnPresident & CEO | Sale | 33,916 | $13.03 | $441.9K | Form 4 |
| Feb 6, 2026 | Schmitz JohnPresident & CEO | Sale | 16,841 | $13.01 | $219.1K | Form 4 |
| Dec 5, 2025 | Schmitz JohnPresident & CEO | Sale | 70,375 | $11.21 | $788.9K | Form 4 |
| Dec 4, 2025 | Schmitz JohnPresident & CEO | Sale | 211,118 | $11.15 | $2.4M | Form 4 |
| Nov 12, 2025 | Schmitz JohnPresident & CEO | Sale | 9,521 | $11.04 | $105.1K | Form 4 |
| Nov 11, 2025 | Schmitz JohnPresident & CEO | Sale | 152,173 | $11.10 | $1.7M | Form 4 |
| Nov 10, 2025 | Schmitz JohnPresident & CEO | Sale | 152,173 | $11.04 | $1.7M | Form 4 |
| Feb 14, 2025 | Schmitz JohnPresident & CEO | Sale | 73,450 | $13.03 | $957.1K | Form 4 |
| Feb 11, 2025 | Schmitz JohnPresident & CEO | Sale | 26,550 | $13.16 | $349.4K | Form 4 |
| Nov 11, 2024 | Schmitz JohnPresident & CEO | Sale | 225,000 | $13.70 | $3.1M | Form 4 |
| Nov 8, 2024 | Schmitz JohnPresident & CEO | Sale | 75,000 | $13.93 | $1.0M | Form 4 |
All 31 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- DIMENSIONAL FUND ADVISORS LPSCHEDULE 13G/A, 2 filings Feb 9, 2024 to Oct 8, 202667
- Crestview Partners II GP, L.P.SCHEDULE 13G/A, 4 filings Feb 11, 2022 to Aug 14, 202668
- Franklin Templeton InvestmentsSCHEDULE 13G, 1 filing Apr 29, 202669
- FRANKLIN MUTUAL ADVISERS LLCSCHEDULE 13G/A, 2 filings Jan 29, 2026 to Apr 28, 202670
- VANGUARD GROUP INCSCHEDULE 13G/A, 2 filings Feb 13, 2024 to Mar 27, 202671
- FIRST TRUST PORTFOLIOS LPSCHEDULE 13G/A, 2 filings Oct 25, 2024 to Apr 28, 202572
- BlackRockSC 13G/A, 5 filings Feb 7, 2022 to Nov 8, 202473
- B-29 GP, LLCSC 13D/A, 1 filing Nov 8, 202374
- SCF GP LLCSC 13D/A, 2 filings Dec 16, 2022 to Oct 4, 202375
- Superior Energy ServicesSC 13G, 1 filing Dec 13, 202176
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | John D. SchmitzChairman, President, and Chief Executive Officer | 65 | $800.0K | $4.9M77 |
| 2025 | Michael C. SkarkeExecutive Vice President and Chief Operating Officer | 44 | $390.0K | $1.5M77 |
| 2025 | Christopher K. GeorgeExecutive Vice President and Chief Financial Officer | 39 | $410.0K | $1.5M77 |
| 2025 | Michael J. LyonsExecutive Vice President and Chief Strategy & Technology Officer | 42 | $390.0K | $1.4M77 |
| 2025 | Cody J. OrtowskiExecutive Vice President, Business and Regulatory Affairs | 49 | $365.0K | $1.3M77 |
| 2024 | John D. SchmitzChairman, President, and Chief Executive Officer | 65 | $800.0K | $4.9M77 |
| 2024 | Christopher K. GeorgeExecutive Vice President and Chief Financial Officer | 39 | $381.2K | $1.5M77 |
| 2024 | Michael C. SkarkeExecutive Vice President and Chief Operating Officer | 44 | $390.0K | $1.5M77 |
| 2024 | Michael J. LyonsExecutive Vice President and Chief Strategy & Technology Officer | 42 | $390.0K | $1.5M77 |
| 2024 | Cody J. OrtowskiExecutive Vice President, Business and Regulatory Affairs | 49 | $365.0K | $1.4M77 |
| 2023 | John D. SchmitzChairman, President, and Chief Executive Officer | 65 | $792.3K | $4.4M77 |
| 2023 | Michael C. SkarkeExecutive Vice President and Chief Operating Officer | 44 | $388.8K | $1.3M77 |
| 2023 | Cody J. OrtowskiExecutive Vice President, Business and Regulatory Affairs | 49 | $365.0K | $1.2M77 |
| 2023 | Christopher K. GeorgeExecutive Vice President and Chief Financial Officer | 39 | $340.0K | $1.2M77 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 11,687,275 | $233.5M | 0.0% | +2,084,304 |
| Franklin Resources Inc | 11,207,094 | $223.9M | 0.0% | +334,695 |
| Dimensional Fund Advisors LP | 6,519,388 | $130.3M | 0.0% | −30,921 |
| Vanguard Capital Management LLC | 5,206,877 | $104.0M | 0.0% | +264,323 |
| American Century Companies Inc | 4,165,082 | $83.2M | 0.0% | +158,091 |
| Wellington Management Group Llp | 3,855,291 | $77.0M | 0.0% | −127,786 |
| State Street Corp | 3,815,297 | $76.2M | 0.0% | +480,192 |
| Deprince Race & Zollo Inc | 3,447,087 | $68.9M | 1.2% | −70,076 |
| Geode Capital Management, LLC | 3,262,249 | $65.2M | 0.0% | +754,639 |
| Merewether Investment Management, LP | 2,955,888 | $59.1M | 1.1% | +66,888 |
| Fmr LLC | 2,721,945 | $54.4M | 0.0% | +2,648,538 |
| Crestview Partners II GP, L.P. | 2,615,972 | $52.3M | 22.3% | −1,283,223 |
| Van Eck Associates Corp | 2,584,256 | $51.6M | 0.0% | −624,052 |
| Victory Capital Management Inc | 2,382,790 | $47.6M | 0.0% | −342,621 |
| Webs Creek Capital Management LP | 2,015,969 | $40.3M | 7.6% | −562,421 |
| Vanguard Portfolio Management LLC | 1,955,499 | $39.1M | 0.0% | +472,975 |
| Alliancebernstein L.P. | 2,467,487 | $37.8M | 0.0% | −294,723 |
| Royce & Associates LP | 1,812,157 | $36.2M | 0.3% | −268,239 |
| Nuveen, LLC | 1,789,160 | $35.7M | 0.0% | +1,603,223 |
| Charles Schwab Investment Management Inc | 1,592,514 | $31.8M | 0.0% | −35,802 |
| Russell Investments Group, Ltd. | 1,455,298 | $29.1M | 0.0% | −329,239 |
| Punch & Associates Investment Management, Inc. | 1,435,415 | $28.7M | 1.4% | −93,480 |
| Invesco Ltd. | 1,319,665 | $26.4M | 0.0% | +331,901 |
| Needham Investment Management LLC | 1,300,000 | $26.0M | 0.8% | +145,000 |
| Systematic Financial Management LP | 1,277,394 | $25.5M | 0.5% | −19,207 |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Select Water Solutions, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARSelect Water Solutions, Inc.1
- CIK0001693256
- Employer ID (EIN)81-45619456
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company6
- Incorporated inDelaware6
- Fiscal year endsDecember 311
- Industry code (SIC)1389 Oil & Gas Field Services, NEC1
- SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
- Business address1820 North I-35, Gainesville, TX 762401
- Phone(940) 668-18181
- Shares outstanding105,140,543 Common Class A shares; 16,221,101 Common Class B shares as of Feb 16, 20266
- Public float$837.4B as of Jun 30, 20256
- AuditorGRANT THORNTON LLP, Dallas, Texas PCAOB ID 248; it also attests to the company’s internal control over financial reporting6
- On EDGAR sinceDec 29, 20161
- Filings681 in all: 4 (306), 8-K (86), 3 (32), 10-Q (29), 144 (20), CORRESP (19), SC 13G/A (18), 4/A (16)1
All 43 form types
424B3 (15), EFFECT (12), UPLOAD (11), SC 13G (10), 10-K (9), DEF 14A (9), DEFA14A (8), POS AM (8), S-1/A (7), 424B1 (6), S-1 (6), S-8 (6), SCHEDULE 13G/A (6), SC 13D/A (5), ARS (4), 3/A (3), S-3ASR (3), 424B5 (2), 425 (2), 8-A12B (2), 8-K/A (2), D (2), DRS (2), PRE 14A (2), SC 13D (2), SCHEDULE 13G (2), 424B4 (1), CERT (1), CERTNYS (1), DEFM14C (1), FWP (1), POSASR (1), PREM14C (1), PRER14C (1), S-4 (1)
- Latest filingsAnnual report (10-K) Feb 18, 2026
Quarterly report (10-Q) Aug 5, 2026
Proxy statement (DEF 14A) Mar 24, 2026
Latest 8-K (8-K) Oct 13, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Class A common stock, par value $0.01 per share | WTTR | NYSE |
| Class A common stock, par value $0.01 per share | WTTR | New York Stock Exchange |
From the cover page of the 10-K filed Feb 18, 2026 (Section 12(b) of the Exchange Act).6
Risk factors and legal proceedings
The risks Select Water Solutions, Inc. names in Item 1A of its 10-K filed Feb 18, 2026: 54 risks under these headings, as written.6
- Risks Related to Our Business Operations
- Our business depends on capital spending by the oil and gas industry in the U.S. and reductions in capital spending could have a material adverse effect on our liquidity, results of operations and financial condition.
- Political instability or armed conflict in crude oil or natural gas producing regions could have a material adverse impact on our business, financial condition or future results.
- OPEC+ policy decisions could have a material adverse impact on our business, financial condition or future results.
- The failure to successfully integrate acquired assets or operations in the expected time frame or at all may adversely affect our future results.
- Changes in U.S. and international trade policies, such as the imposition of tariffs, particularly involving China, may adversely impact our business and operating results.
- Approximately half of our revenues are derived from our operations in the Permian Basin of Texas and New Mexico, making us vulnerable to risks associated with geographic concentration generally and the Permian Basin specifically, including Basin-specific supply and demand factors, regulatory changes and severe weather impacts that could materially and adversely affect our business.
- Restrictions on the ability to procure water or changes in water sourcing or disposal requirements could add costs or decrease the demand for our water-related services.
- The adoption of more stringent trucking legislation or regulations may increase our costs and could have an adverse effect on our liquidity, results of operations, and financial condition.
- The IRA 2022 could accelerate the transition to new energy sources and could impose new costs on our customers’ operations.
- We may be unable to implement price increases or maintain existing prices on our core services.
- We may be subject to claims for personal injury and property damage, which could materially adversely affect our financial condition and results of operations.
The other 43 risks
- We operate in a highly competitive industry, which may intensify as our competitors expand their operations, thereby causing us to lose market share, and which could negatively affect our ability to expand our operations.
- Our operations involve risks that may increase our operating costs, which could reduce our profitability.
- Delays or restrictions in obtaining permits by us for our operations or by our E&P customers for their operations could impair our business.
- We are subject to cybersecurity risks. A cyber incident or systems failure could occur and result in information theft, data corruption, operational disruption and/or financial loss.
- Technology advancements in well completion and service technologies, including those involving the replacement of water in fracturing fluid, could have a material adverse effect on our business, financial condition and results of operations.
- We may be adversely affected by uncertainty in the global financial markets and a worldwide economic downturn.
- Seasonal weather conditions and natural disasters could severely disrupt normal operations and harm our business.
- Disruptions in the transportation services of logistics companies transporting wastewater and other oilfield products could have an adverse effect on our results.
- A significant increase in fuel prices may adversely affect our transportation costs, which could have a material adverse effect on our results of operations and financial condition.
- Our industry typically experiences a high rate of employee turnover.
- Risks Related to Customers and Suppliers
- Disruptions in production at our chemical manufacturing facilities may have a material adverse impact on our business, results of operations and/or financial condition.
- Consolidation of our customers and competitors may impact our results of operations.
- Unsatisfactory safety performance may negatively affect our E&P customer relationships and, to the extent we fail to retain existing customers or attract new customers, adversely impact our revenues.
- Constraints in the supply of equipment used in providing services to our customers and replacement parts for such could affect our ability to execute our growth strategies.
- Significant price volatility or interruptions in supply of our raw materials for our chemicals business may result in increased costs that we may be unable to pass on to our customers, which could reduce profitability.
- Risks Related to Compliance with Regulations
- Laws, regulations, executive actions and other regulatory initiatives in the U.S. relating to hydraulic fracturing could increase our costs of doing business and result in additional operating restrictions, delays or cancellations in the drilling and completion of oil and gas wells, or possible restrictions on the performance of hydraulic fracturing that may reduce demand for our services and could have a material adverse effect on our liquidity, results of operations and financial condition.
- Our and our E&P customers' operations are subject to a number of risks arising out of the threat of climate change, energy conservation measures or initiatives that stimulate demand for alternative forms of energy, which could result in increased operating and capital costs for our customers, restrictions on drilling for our customers and reduced demand for the products and services we provide.
- Our chemical products are subject to stringent chemical control laws that could result in increased costs on our business.
- In the future, we may face increased obligations relating to the closing of our wastewater disposal facilities and may be required to provide an increased level of financial assurance to guarantee that the appropriate closure activities will occur for a wastewater disposal facility.
- State and federal legislation and regulatory initiatives relating to our disposal operations and seismicity could harm our business.
- Changes to applicable tax laws and regulations or exposure to additional tax liabilities could adversely affect our operating results and cash flows.
- We are subject to environmental and occupational health and safety laws and regulations that may expose us to significant liabilities for penalties, damages or costs of remediation or compliance.
- The Endangered Species Act and Migratory Bird Treaty Act govern both our and our E&P customers’ operations and additional restrictions may be imposed in the future, which constraints could have an adverse impact on our ability to expand some of our existing operations or limit our customers’ ability to develop new oil and gas wells.
- Increasing attention to sustainability and environmental matters may impact our business.
- Risks Related to Our Capital Structure
- We may not be able to continue to pay or maintain our cash dividends and the failure to do so may negatively affect our share price.
- If we fail to maintain and enhance an effective system of internal controls, we may not be able to accurately report our financial results or prevent fraud. As a result, current and potential stockholders could lose confidence in our financial reporting, which would harm our business and the trading price of our Class A common stock.
- We may incur indebtedness or issue additional equity securities to execute our long-term growth strategy, which may reduce our profitability or result in significant dilution to our stockholders.
- Our Sustainability-Linked Credit Facility subjects us to various financial and other restrictive covenants. These restrictions may limit our operational or financial flexibility and could subject us to potential defaults under our Sustainability-Linked Credit Facility.
- Future sales of our equity securities, or the perception that such sales may occur, may depress our share price, and any additional capital raised through the sale of equity or convertible securities may dilute your ownership in us.
- Provisions in our amended and restated certificate of incorporation and amended and restated bylaws and Delaware law may discourage a takeover attempt even if a takeover might be beneficial to our stockholders.
- Our amended and restated certificate of incorporation contains a provision renouncing our interest and expectancy in certain corporate opportunities, which could adversely affect our business or prospects.
- We may issue preferred stock whose terms could adversely affect the voting power or value of our Class A common stock.
- Our amended and restated certificate of incorporation designates the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees or agents.
- Risks Related to Our Organizational Structure
- We are a holding company. Our sole material asset consists of SES Holdings LLC Units, and accordingly, we are dependent upon distributions and payments from SES Holdings to pay taxes, pay dividends, make payments under the Tax Receivable Agreements and cover our corporate and other overhead expenses.
- We will be required to make payments under the Tax Receivable Agreements for certain tax benefits we may claim, and the amounts of such payments could be significant.
- In certain cases, payments under the Tax Receivable Agreements may be accelerated and/or significantly exceed the actual benefits, if any, we realize in respect of the tax attributes subject to the Tax Receivable Agreements.
- If SES Holdings were to become a publicly-traded partnership taxable as a corporation for U.S. federal income tax purposes, we and SES Holdings might be subject to potentially significant tax inefficiencies, and we would not be able to recover payments previously made by us under the Tax Receivable Agreements even if the corresponding tax benefits were subsequently determined to have been unavailable due to such status.
- Our ability to use certain of our current and future NOL carryforwards may be limited and could adversely affect our operating results and cash flows.
- Our investment in AV Farms could be materially and adversely affected by our lack of sole decision-making authority, our reliance on our co-investors’ financial condition, and disputes between our co-investors and us.
- General Risks
- We may not be able to finance future growth of our operations or future acquisitions, which could adversely affect our operations and financial position.
- The growth of our business through acquisitions may expose us to various risks, including those relating to difficulties in identifying suitable, accretive acquisition opportunities and integrating businesses, assets and personnel, as well as difficulties in obtaining financing for targeted acquisitions and the potential for increased leverage or debt service requirements.
- We may be required to take write-downs of the carrying values of our long-lived assets and finite-lived intangible assets.
- We may be required to take a write-down of the carrying value of goodwill.
Legal proceedings
We are not currently a party to any legal proceedings that, if determined adversely against us, individually or in the aggregate, would have a material adverse effect on our financial position, results of operations or cash flows. We are, however, named defendants in certain lawsuits, investigations and claims arising in the ordinary course of conducting our business, including certain environmental claims and employee-related matters, and we expect that we will be named defendants in similar lawsuits, investigations and claims in the future. While the outcome of these lawsuits, investigations and claims cannot be predicted with certainty, we do not expect these matters to have a material adverse impact on our business, results of operations, cash flows or financial condition. We have not assumed any liabilities arising out of these existing lawsuits, investigations and claims.
The opening of Item 3, Legal Proceedings.6
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 6
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- 9
- 10
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- 19SEC EDGARJohn Schmitz, President
- 20SEC EDGARCody Ortowski, President
- 21
- 22
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- 24
- 25SEC EDGARChristopher Kile George, Officer
- 26
- 27SEC EDGARMitchell Shauf, EVP, Water Services
- 28
- 29SEC EDGARGary Gillette, Officer
- 30
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- 37SEC EDGARBruce E. Cope, Board member
- 38SEC EDGARLuis M. Fernandez, Board member
- 39SEC EDGARSuzanne Colbert, Board member
- 40SEC EDGARRobin H. Fielder, Board member
- 41SEC EDGARGayle Burleson, Board member
- 42SEC EDGARJohn Schmitz, Board member
- 43SEC EDGARTroy W. Thacker, Board member
- 44SEC EDGARAdam J. Klein, Board member
- 45SEC EDGARDouglas James Wall, Board member
- 46SEC EDGARRichard Alan Burnett, Board member
- 47SEC EDGARDavid C. Baldwin, Board member
- 48SEC EDGARDavid A. Trice, Board member
- 49SEC EDGARKeith O. Rattie, Board member
- 50SEC EDGARRobert Allen Wilson, General counsel
- 51
- 52
- 53SEC EDGARResults of operations
- 54SEC EDGARExecutive or director change
- 55SEC EDGARShareholder vote
- 56SEC EDGARResults of operations
- 57SEC EDGAROther events
- 58
- 59SEC EDGARRegulation FD disclosure
- 60SEC EDGARResults of operations
- 61SEC EDGARResults of operations
- 62SEC EDGARExecutive or director change
- 63NasdaqNasdaq calendar
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