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SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2024

SEGMENT INFORMATION

SEGMENT INFORMATION

NOTE 18—SEGMENT INFORMATION

Select is a leading provider of sustainable water-management and chemical solutions to the oil and gas industry in the U.S. The Company’s services are offered through three reportable segments. Reportable segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the CODM in deciding how to allocate resources and assess performance. The Company’s CODM assesses performance and allocates resources on the basis of the three reportable segments. Corporate and other expenses that do not individually meet the criteria for segment reporting are reported separately as Corporate or Other. The Company’s CODM is John D. Schmitz, Chairman, President and Chief Executive Officer.

The Company’s CODM assesses performance and allocates resources on the basis of the following three reportable segments:

Water Infrastructure — The Water Infrastructure segment consists of the Company’s fixed infrastructure assets, including operations associated with our water distribution pipeline infrastructure, our water recycling solutions, and our produced water gathering systems and saltwater disposal wells, as well as solids management facilities, primarily serving E&P companies.

​

Water Services — The Water Services segment consists of the Company’s services businesses, including water sourcing, water transfer, flowback and well testing, fluids hauling, water monitoring, water containment and water network automation, primarily serving E&P companies. Additionally, this segment includes the operations of our accommodations and rentals business.

Chemical Technologies — The Chemical Technologies segment provides technical solutions, products and expertise related to chemical applications in the oil and gas industry. We develop, manufacture, manage logistics and provide a full suite of chemicals used in hydraulic fracturing, stimulation, cementing and well completions for customers ranging from pressure pumpers to major integrated and independent oil and gas producers. This segment also utilizes its chemical experience and lab testing capabilities to customize tailored water treatment solutions designed to optimize the fracturing fluid system in conjunction with the quality of water used in well completions.

​

In assessing segment results and allocating resources, the CODM places particular emphasis on significant expense categories, including cost of revenue, selling, general & administrative expenses, and depreciation, accretion, and amortization. The CODM evaluates segment performance primarily based on segment EBITDA, which serves as the key profitability measure for decision-making. The Company reports EBITDA by segment as a measure of segment

performance. The Company defines EBITDA as net income/(loss), plus interest expense, income taxes, and depreciation, amortization and accretion.

​

Financial information by segment for the years ended December 31, 2024, 2023 and 2022 is as follows:

​

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​

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For the year ended December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

Water Infrastructure

​

Water Services

​

Chemical Technologies

​

Other

​

Eliminations

​

Totals

Revenue

​

$

293,862

​

$

910,479

​

$

260,840

​

$

-

​

$

(13,106)

​

$

1,452,075

Costs of revenue excluding depreciation, amortization and accretion

​

​

(148,772)

​

​

(721,205)

​

​

(222,195)

​

​

-

​

​

13,106

​

​

(1,079,066)

Depreciation, amortization and accretion

​

​

(65,092)

​

​

(81,119)

​

​

(7,332)

​

​

(3,404)

​

​

​

​

​

(156,947)

Selling general and administrative

​

​

(18,332)

​

​

(30,500)

​

​

(18,620)

​

​

(92,526)

​

​

​

​

​

(159,978)

Other(1)

​

​

318

​

​

2,839

​

​

(484)

​

​

(2,774)

​

​

​

​

​

(101)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

35,450

Interest expense, net

​

​

​

​

​

​

​

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​

​

​

​

​

​

​

​

​

6,965

Tax expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

13,568

Depreciation, amortization and accretion

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

156,947

EBITDA

​

$

127,076

​

$

161,613

​

$

19,541

​

$

(95,300)

​

​

​

​

$

212,930

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Capital expenditures

​

$

131,338

​

$

51,471

​

$

4,405

​

$

1,497

​

​

​

​

$

188,711

Total assets, end of period

​

$

652,870

​

$

523,545

​

$

136,658

​

$

53,209

​

​

​

​

$

1,366,282

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the year ended December 31, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

Water Infrastructure

​

Water Services

​

Chemical Technologies

​

Other

​

Eliminations

​

Totals

Revenue

​

$

235,290

​

$

1,036,393

​

$

323,541

​

$

-

​

$

(9,871)

​

$

1,585,353

Costs of revenue excluding depreciation, amortization and accretion

​

​

(142,849)

​

​

(819,536)

​

​

(262,364)

​

​

-

​

​

9,871

​

​

(1,214,878)

Depreciation, amortization and accretion

​

​

(37,295)

​

​

(91,347)

​

​

(10,171)

​

​

(2,276)

​

​

​

​

​

(141,089)

Selling general and administrative

​

​

(13,641)

​

​

(40,149)

​

​

(18,151)

​

​

(83,607)

​

​

​

​

​

(155,548)

Other(1)

​

​

(597)

​

​

123

​

​

(10,943)

​

​

(39,005)

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​

​

​

​

(50,422)

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income

​

​

​

​

​

​

​

​

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​

​

​

​

$

79,219

Interest expense, net

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​

​

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​

​

​

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​

​

​

​

​

​

​

4,393

Tax expense

​

​

​

​

​

​

​

​

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​

​

​

​

​

​

​

​

(60,196)

Depreciation, amortization and accretion

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

141,089

EBITDA

​

$

78,203

​

$

176,831

​

$

32,083

​

$

(122,612)

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​

​

​

$

164,505

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Capital expenditures

​

$

87,583

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$

52,258

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$

11,048

​

$

2,495

​

​

​

​

$

153,384

Total assets, end of period

​

$

364,587

​

$

629,815

​

$

152,437

​

$

71,351

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​

​

​

$

1,218,190

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the year ended December 31, 2022

​

​

​

​

​

​

​

​

​

​

​

​

​

Water Infrastructure

​

Water Services

​

Chemical Technologies

​

Other

​

Eliminations

​

Totals

Revenue

​

$

130,422

​

$

947,599

​

$

318,280

​

$

-

​

$

(8,881)

​

$

1,387,420

Costs of revenue excluding depreciation, amortization and accretion

​

​

(85,488)

​

​

(769,935)

​

​

(266,616)

​

​

-

​

​

8,881

​

​

(1,113,158)

Depreciation, amortization and accretion

​

​

(21,564)

​

​

(82,919)

​

​

(9,024)

​

​

(2,209)

​

​

​

​

​

(115,716)

Selling general and administrative

​

​

(10,205)

​

​

(37,093)

​

​

(15,074)

​

​

(56,563)

​

​

​

​

​

(118,935)

Other(1)

​

​

1,028

​

​

3,945

​

​

1,368

​

​

12,559

​

​

​

​

​

18,900

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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​

Net income

​

​

​

​

​

​

​

​

​

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​

​

​

​

​

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$

54,854

Interest expense, net

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2,700

Tax expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

957

Depreciation, amortization and accretion

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

115,716

EBITDA

​

$

35,757

​

$

144,516

​

$

37,958

​

$

(44,004)

​

​

​

​

$

174,227

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Capital expenditures

​

$

29,860

​

$

40,315

​

$

4,178

​

$

3,200

​

​

​

​

$

77,553

​

(1) Other includes lease abandonment costs, impairments, bargain purchase gain, gains or losses on sales of property and equipment, tax receivable agreements expense, equity in losses of unconsolidated entities and other income and expenses.

Revenue by groups of similar products and services is as follows:

​

​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,
​		2024			2023		​	2022
​	​	(in thousands)
Water transfer and monitoring	​	$	364,201	​	$	404,176	​	$	385,720
Chemical technologies	​	​	260,840	​	​	323,541	​	​	318,280
Fluids hauling	​	​	242,186	​	​	287,503	​	​	257,405
Water recycling and reuse	​		128,862	​		110,407	​	​	31,376
Fluids disposal	​	​	112,384	​	​	72,246	​	​	62,727
Flowback and well testing	​	​	84,780	​	​	112,887	​	​	123,825
Accommodations and rentals	​		78,729	​	​	83,326	​	​	75,878
Water sourcing	​	​	76,176	​	​	74,693	​	​	50,695
Water containment	​	​	63,037	​	​	75,326	​	​	56,591
Pipelines and logistics	​	​	27,410	​	​	41,095	​	​	32,000
Solids management	​	​	25,206	​	​	11,542	​	​	4,260
Eliminations and other service lines	​		(11,736)	​		(11,389)	​	​	(11,337)
​	​	$	1,452,075	​	$	1,585,353	​	$	1,387,420

​

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The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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