Recent Updates — WTTR

Select Water Holdings LLC priced $900 million aggregate principal amount of 7.625% Senior Notes due November 1, 2034 in a private placement under Rule 144A and Regulation S. The offering was upsized from an initial size of $800 million. Net proceeds are expected to be approximately $882.6 million after deducting discounts and expenses. Proceeds will fund a portion of the acquisition of Pilot Water Solutions LLC, repay outstanding term loan obligations, and refinance revolving credit facility loans. The closing is expected on October 21, 2026. Select Water Solutions provides sustainable water and chemical solutions to the energy industry.

Select Water Solutions announced an intent to offer $800 million of Senior Notes due 2034 in a private placement. Proceeds will help finance the previously announced acquisition of Pilot Water Solutions LLC, repay existing term loans and revolving credit facility indebtedness, and pay related fees. The company also executed a new $500 million senior secured revolving credit facility with JPMorgan Chase Bank, which becomes effective upon consummation of the Pilot Water Acquisition. Select Water Solutions provides sustainable water and chemical solutions to the energy industry.

Select Water Solutions announced the acquisition of Pilot Water Solutions for $700 million in consideration, comprising $600 million in cash and $100 million in Class A common stock, plus a potential $15 million contingent earnout. The transaction is expected to close in Q4 2026 subject to regulatory approvals. Concurrently, Select sold a 55% interest in its Peak Rentals business for approximately $41.5 million in cash and a $35.3 million seller note, removing the segment from future financial results. Pilot Water adds an estimated $120-$130 million of 2027 EBITDA and significant Delaware Basin infrastructure. Select Water Solutions provides sustainable water and chemical solutions to the energy industry.

Select Water Solutions reported second quarter 2026 results with consolidated revenue of $395.8 million, a sequential increase of $30 million or 8%. Net income rose to $22.6 million from $9.4 million in the prior quarter, while Adjusted EBITDA improved to $92.7 million from $77.6 million. The company executed a definitive agreement for the conveyance of 14 saltwater disposal wells and a new pipeline project supported by a 128-million-barrel minimum volume commitment over seven years in the Northern Delaware Basin. Management raised its full-year 2026 net capital expenditure guidance to $250–$290 million and provided third quarter Adjusted EBITDA guidance of $90–$94 million. The company also paid a quarterly dividend of $0.08 per share during the period. Select Water Solutions operates in the energy services industry, providing sustainable water management and chemical solutions to oil and gas producers.