Select Water Solutions, Inc. reports developments in sustainable water and chemical solutions for the U.S. energy industry. Company news centers on quarterly operating results across Water Services, Water Infrastructure and Chemical Technologies, including water transfer, water sourcing, fluids hauling, containment, monitoring, water-network automation, produced-water recycling and chemical manufacturing.
Recurring updates also cover long-term water infrastructure projects, gathering and distribution pipeline networks, disposal and recycling assets, friction reducer and specialty surfactant demand, Class A common stock offerings, quarterly cash dividends and distributions tied to SES Holdings, LLC. Select-related announcements may also address third-party technology deployments at company sites that use produced-water infrastructure for recycling or mineral-extraction applications.
Select Energy Services, Inc. (NYSE: WTTR) reported third-quarter 2020 revenue of $101.2 million, up from $92.2 million in Q2 2020 but down from $329.0 million in Q3 2019. The net loss narrowed to $36.3 million from $53.0 million in Q2 2020. Despite challenges, the company experienced strong growth in its Oilfield Chemicals segment and Bakken infrastructure, with positive Adjusted EBITDA in September. Free cash flow remained positive for the eleventh consecutive quarter at $19 million. With $185 million in cash and no bank debt, Select is positioned to capitalize on future opportunities.
Select Energy Services (NYSE: WTTR) will announce its third quarter 2020 financial results on November 3, 2020, after market close. A conference call is scheduled for November 4, 2020, at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). The live call can be accessed by dialing 201-389-0872 or via the company's website. A replay will be available until November 18, 2020.
Select Energy Services (NYSE: WTTR) reported a significant revenue drop in Q2 2020, at $92.2 million, down from $278.3 million in Q1 2020 and $323.9 million in Q2 2019. The company faced a net loss of $53.0 million, contrasting sharply with a net income of $8.1 million in Q2 2019. Gross margins plummeted to -25.7% from 5.5% in Q1 2020. Despite these challenges, Select achieved $56 million in cash flow from operations and reduced capital expenditures to effectively zero. The company maintains a strong balance sheet with $166 million in cash and no bank debt as of June 30, 2020.
Select Energy Services (NYSE: WTTR) has announced its second quarter 2020 financial results will be released on August 4, 2020, after market close. A conference call to discuss these results is scheduled for August 5, 2020, at 10:00 a.m. Eastern Time. This call will be accessible by phone or online. A replay of the call will be available until August 19, 2020. Select Energy Services specializes in total water management and chemical solutions for the unconventional oil and gas industry in the United States.