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v3.26.1

ACQUISITIONS | 6 Months Ended
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Jun. 30, 2026
ACQUISITIONS |
ACQUISITIONS | NOTE 3—ACQUISITIONS ​ The following table presents key information connected with our 2026 and 2025 acquisitions (in thousands, except share amounts):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets and Operations Acquired | ​ | ​ | Acquisition Date | ​ | Shares Issued | ​ | Cash Consideration | ​ | Other Consideration | ​ | Value of Shares Issued | ​ | Total Consideration | ​ | Segments
Lease buyouts | ​ | ​ | June 30, 2026 | ​ | — | $ | 10,200 | $ | — | $ | — | $ | 10,200 | ​ | Water Services
Smaller Asset Acquisitions | ​ | ​ | Multiple 2026 Dates | ​ | — | ​ | 4,035 | ​ | — | ​ | — | ​ | 4,035 | ​ | Water Infrastructure
Black River Ranch | ​ | ​ | May 1, 2026 | ​ | — | ​ | 18,579 | ​ | — | ​ | — | ​ | 18,579 | ​ | Water Infrastructure
Reeves County Acquisition | ​ | ​ | May 1, 2026 | ​ | — | ​ | 9,464 | ​ | ​ | ​ | — | ​ | 9,464 | ​ | Water Infrastructure
Smaller Asset Acquisition | ​ | ​ | January 8, 2026 | ​ | — | ​ | 175 | ​ | — | ​ | — | ​ | 175 | ​ | Water Services
Eight Smaller Asset Acquisitions | ​ | ​ | Multiple 2025 Dates | ​ | — | ​ | 25,432 | ​ | — | ​ | — | ​ | 25,432 | ​ | Water Infrastructure
Lease buyout | ​ | ​ | August 29, 2025 | ​ | — | ​ | 7,537 | ​ | — | ​ | — | ​ | 7,537 | ​ | Corporate-Other
Omni | ​ | ​ | July 1, 2025 | ​ | 862,069 | ​ | 17,747 | ​ | 20,757 | ​ | 7,664 | ​ | 46,168 | ​ | Water Infrastructure
One Smaller Asset Acquisition | ​ | ​ | April 1, 2025 | ​ | — | ​ | 1,725 | ​ | — | ​ | — | ​ | 1,725 | ​ | Water Services
Total | ​ | ​ | ​ | ​ | 862,069 | $ | 94,894 | $ | 20,757 | $ | 7,664 | $ | 123,315 | ​ | ​
​ 2026 Asset Acquisitions On June 25, 2026, the Company paid $10.2 million to terminate operating leases for three facilities and acquire the underlying real property. See Note 6 – Property and Equipment for more information. On May 29, 2026, the Company acquired a saltwater disposal facility and related assets located in Lea County, New Mexico for $4.0 million in cash. The acquired assets include an operational SWD, integrated disposal infrastructure, equipment, office building, and associated contracts, permits, and leases necessary to support disposal operations. The purchase price was allocated primarily to property and equipment of $4.9 million, with $0.9 million of asset retirement obligations and other liabilities. This acquisition expands the Company’s disposal capacity in northern Lea County and is expected to support increased customer activity and infrastructure development in the region. On May 1, 2026, a subsidiary of the Company acquired the Black River Ranch (“BRR”) in Eddy County, New Mexico for a purchase price of $18.6 million. The BRR encompasses 4,463 total acres, including 3,753 acres of fee land and 710 acres of federal grazing lease land. Additionally, the BRR includes 1,800 acre feet of annual water rights. The acquired assets have generated revenue from the sale of water since the acquisition date. The acquisition was funded with a combination of cash on hand and a $13.0 million agricultural loan bearing interest at 6.35%, with a maturity date of May 1, 2031. (See “Note 8—Debt”). The allocation of the purchase price for these assets was $10.4 million in indefinite-lived water rights and $8.2 million in land. The acquisition is expected to support the Company’s Water Infrastructure segment through water sales and by simplifying ROWs related to ongoing infrastructure projects and provide the potential for future recycling, disposal and other related infrastructure development opportunities. ​ Additionally on May 1, 2026, a subsidiary of the Company acquired a saltwater disposal facility and related assets located in Reeves County, Texas for total cash consideration of $9.5 million. The acquired assets include a fully operational SWD with permitted capacity of approximately 30,000 barrels per day, approximately 33 acres of real property, freshwater wells and pits, and related permits and contracts necessary to operate the facility. The allocation of the purchase price for these assets was $10.2 million in fixed assets and $0.7 million in asset retirement obligations and other liabilities. The acquisition expands the Company’s disposal capacity in the Permian Basin and supports its broader water infrastructure operations in the region. 2025 Business Combination with Omni ​ On July 1, 2025, the Company acquired certain assets and operations of Omni Environmental Solutions (“Omni”) in the Bakken region. The acquired assets include: ​
| ● | A solids waste landfill with approximately 3.2 million cubic yards of remaining offtake capacity;
| ● | A processing, recovery, and disposal facility for reclaiming diesel and other hydrocarbons from oilfield waste streams;
| ● | One SWD with a permitted disposal capacity of approximately 12,000 barrels per day; and
| ● | A commercial oil storage tank farm with total capacity of approximately 24,000 barrels of storage.
​ The purchase consideration included (i) $17.7 million in cash consideration, including $7.5 million in base consideration and $10.2 million to compensate for retained net working capital, (ii) the issuance of 862,069 shares of the Company’s Class A common stock, (iii) rental and oil hauling operations in the Bakken, (iv) Northeast fluids hauling operations, (v) MidCon fluids hauling operations, and (vi) one MidCon SWD. As part of the transaction, 280 fluids hauling employees were transferred to Omni. The property and equipment divested had a net book value of $5.7 million with $5.5 million attributable to our Water Services segment and $0.2 million attributable to our Water Infrastructure segment. The divested Fluids Hauling operations represented approximately 8% of the Water Services segment’s revenue during the first half of 2025. ​ This acquisition enhances the Company’s Water Infrastructure segment by expanding landfill and disposal capacity in the Bakken and introducing new service offerings. The transaction was accounted for as a business combination under the acquisition method in accordance with Accounting Standards Codification (“ASC”) 805. The Company engaged third-party valuation experts to assist in the purchase price allocation for the net assets received. These estimates, judgments, assumptions and valuation of the property and equipment acquired, current assets, current liabilities and long-term liabilities were finalized as of June 30, 2026. The Company also used a third-party analysis for the valuation of property and equipment divested, which resulted in a $14.9 million remeasurement gain in our Water Services segment. The assets acquired and liabilities assumed are included in the Company’s Water Infrastructure segment and the goodwill acquired is deductible for income tax purposes. The goodwill recognized represents the anticipated strategic benefits of expanding Select’s fluids and solids treatment and disposal capabilities in the Bakken region, as well as the expected operational synergies and economies of scale from integrating Select’s existing assets and operations with those acquired from Omni. The Company incurred less than $0.1 million of transaction-related costs related to this acquisition during both the Current Quarter and Current Period and $0.9 million during both the Prior Quarter and Prior Period, and such costs are included in selling, general and administrative expenses within the consolidated statements of operations. ​ The following table summarizes the consideration transferred and the estimated fair value of identified assets acquired and liabilities assumed at the date of acquisition: ​
​ | ​ | ​ | ​
Final purchase price allocation | ​ | Amount
Consideration transferred | ​ | (in thousands)
Cash paid | ​ | $ | 17,747
Class A common stock (862,069 shares) | ​ | ​ | 7,664
Property and equipment ($5,686 carrying value with $14,924 step-up) | ​ | ​ | 20,610
Other assets and liabilities transferred/assumed | ​ | ​ | 147
Total consideration transferred |  | ​ | 46,168
Less: identifiable assets acquired and liabilities assumed |  | ​ | ​
Working capital |  | ​ | (7,020)
Property and equipment |  | ​ | 26,466
Long-term ARO | ​ | ​ | (3,548)
Total identifiable net assets acquired | ​ | ​ | 15,898
Goodwill |  | ​ | 30,270
Fair value allocated to net assets acquired |  | $ | 46,168
​ 2025 Asset Acquisitions ​ During 2025, the Company acquired certain assets and associated liabilities in the Permian Basin from seven transactions for aggregate consideration of $24.4 million, as well as one asset acquisition in the Northeast region for total consideration of $1.0 million. These asset acquisitions added disposal capacity, pipeline capacity, surface rights, and over 400 acres of land and also improved connectivity with customers by enhancing infrastructure and connectivity across operational sites. The allocation of the purchase price for these assets was a combined $34.1 million in property and equipment and $8.7 million in AROs and other liabilities. The Company also acquired certain wastewater treatment facilities for the accommodations and rentals business line in the Permian and Eagle Ford regions for $1.7 million during the year ended December 31, 2025. Further, the Company paid $7.5 million to purchase its corporate headquarters building in Gainesville, Texas, which was previously subject to a lease agreement. ​

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