[144] Solaris Oilfield Infrastructure, Inc. SEC Filing

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Financial Analyst

TL;DR: Strong top-line and EPS growth plus regulatory wins; near-term cash flow tightness manageable.

Chesapeake Utilities posted double-digit revenue and EPS gains, outpacing typical utility peer growth thanks to customer additions, the FCG acquisition and timely rate relief. Operating margin improved 160 bps as fuel costs normalized. Approved rate cases in DE, MD and FL lock in roughly $18 m incremental annual revenue, supporting future earnings visibility. Equity raised via ATM minimizes refinancing risk and keeps total-capital leverage near 46%, below many regulated peers. Overall trajectory remains earnings-accretive.

Risk Analyst

TL;DR: Earnings up, but free-cash-flow deficit and higher short-term debt temper credit outlook.

Despite robust earnings, operating cash fell 17% and capex surged, producing a ~$75 m free-cash deficit that was bridged by revolver draws. Short-term borrowings now exceed 9% of capitalization, exposing the company to interest-rate volatility. The share count rose 5%, diluting future per-share gains. Liquidity is thin with only $1.5 m cash on hand, heightening reliance on external funding until new projects enter service. Risk profile remains stable but warrants monitoring.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Class A common stock, par value $0.01 per share	Morgan Stanley & Co. LLC 1585 Broadway New York NY 10036	4000000	118000000.00	67582883	08/06/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Units of Solaris Energy Infrastructure, LLC and an equal number of shares of Class B common stock, par value $0.00 per share	09/11/2024	Contribution/Acquisition	Solaris Energy Infrastructure, Inc.			8114783	09/11/2024	Contribution Consideration

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)