Select Water agrees to buy Pilot Water for $700M
The agreement provides a cash true-up if the six-month share-price measure is below the closing measure; Select separately retains an indirect 45% interest in Peak Rentals.
Rhea-AI Filing Summary
Select Water Solutions, Inc. (WTTR) agreed to acquire all issued and outstanding membership interests of Pilot Water Solutions LLC for $600 million in cash and $100 million in Class A common stock, plus a $15 million contingent payment tied to operational milestones. The share count will be based on the 30-day volume-weighted average price immediately before closing.
Closing is expected in the fourth quarter of 2026, subject to customary closing conditions and regulatory approvals. Pilot Water is projected to generate Adjusted EBITDA of $100 million–$110 million in 2026 and $120 million–$130 million in 2027; Select targets another $10 million–$15 million in annual cost synergies, expected during the next 12 to 18 months. The combined platform is projected to handle more than 2.5 million barrels of produced water per day during 2027.
Separately, on September 23, 2026, Select subsidiaries sold an indirect 55% interest in Peak Rentals for approximately $41.5 million in cash and a $35.3 million seller note. Select retains an indirect 45% interest, and Peak Rentals will no longer be reflected in Select’s financial results.
Positive
- None.
Negative
- None.
Filing Explained
The agreement adds a separate, price-triggered cash payment if the share-price measure falls, on top of the acquisition’s other contingent consideration.
The acquisition remains pending, and its agreement requires Select's purchaser subsidiary to make a cash true-up to Pilot OFS if the 30-day volume-weighted average share price six months after closing is below the closing average, minus dividends received or declared on the shares for which the record date is before that measurement date.
Separately, SES Holdings, a parent of the purchaser, entered into debt commitment letters under which financing sources committed, subject to customary conditions, to provide enough debt financing to complete the transaction, and Select says it expects to fund the cash consideration with cash on hand, committed borrowings and/or other debt, depending on market conditions.
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
minimum volume commitment financial
30-day volume-weighted average price financial
true-up payment financial
debt-free basis financial
FAQ
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How much is WTTR paying for Pilot Water?
What did Select receive from the Peak Rentals sale?
What contracted volumes does Pilot Water bring to WTTR?
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
| (State
or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
| (address of principal executive offices) (zip code) |
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(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||
NYSE Texas, Inc. |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 1.01. | Entry into a Material Definitive Agreement. |
Membership Interest Purchase Agreement
On September 24, 2026, Select Water Solutions, LLC (“Purchaser”), an indirect subsidiary of Select Water Solutions, Inc. (NYSE: WTTR) (the “Company”), entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”) with Pilot OFS Holdings LLC (“Pilot OFS”), Minerva Infrastructure IA LLC (“Minerva” and, together with Pilot OFS, each a “Seller” and collectively the “Sellers”) and certain other parties for limited purposes pursuant to which the Purchaser has agreed to acquire from the Sellers all of the issued and outstanding membership interests of Pilot Water Solutions LLC (the “Target Company” and such acquisition, the “Pilot Acquisition”).
Under the terms and conditions of the Purchase Agreement, the Sellers will receive (a) aggregate consideration consisting of (i) a cash purchase price of $600 million (as such amount may be adjusted in accordance with the Purchase Agreement for customary purchase price adjustments) and (ii) a number of shares of Class A common stock, $0.01 par value per share, of the Company (“Company Class A Common Stock”) (rounded up to the nearest whole share) equal to (A) $100 million divided by (B) the 30-day volume-weighted average price of the Company Class A Common Stock immediately prior to the closing date (such price, the “Closing Share Price” and such shares, the “Equity Consideration”) and (b) a $15 million contingent payment, payable upon the satisfaction of certain operational milestones, in each case, in accordance with the terms and conditions set forth in the Purchase Agreement. In addition, the Purchase Agreement provides that if the 30-day volume-weighted average price of the Company Class A Common Stock as of the six-month anniversary of the closing date (such date, the “Measurement Date” and such price, the “Measurement Date Share Price”) is less than the Closing Share Price, Purchaser will make (or cause to be made) a true-up payment to Pilot OFS in cash in an amount equal to (x) (a) the difference between the Closing Share Price and the Measurement Date Share Price multiplied by (b) the number of shares of Company Class A Common Stock delivered to Pilot OFS at closing, minus (y) any cash dividends received or declared (if the record date occurs prior to the Measurement Date) on the Equity Consideration from the closing through the Measurement Date.
The Sellers and the Purchaser have made customary representations and warranties in the Purchase Agreement. The Purchase Agreement also contains customary covenants and agreements, including, among others, covenants and agreements relating to (a) the conduct of the Sellers’ and the Target Company’s business during the period between the execution of the Purchase Agreement and closing of the Purchase Agreement and the transactions contemplated thereby (the “Transaction”), and (b) the efforts of the parties to cause the Transaction to be completed, including obtaining any required governmental approval and causing any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), to expire or terminate.
The Transaction is subject to the satisfaction or waiver of customary closing conditions, including regulatory approvals. The Transaction is currently expected to close in the fourth quarter of 2026.
The Purchase Agreement contains certain customary termination rights for the Purchaser and the Sellers. In certain circumstances where Purchaser has committed certain breaches, the Sellers may be entitled to an aggregate termination fee of $35 million as their sole and exclusive remedy.
In connection with, and concurrently with the entry into, the Purchase Agreement, SES Holdings, LLC, a parent company of the Purchaser, entered into debt commitment letters on September 24, 2026 with certain financing sources who have committed, subject to satisfaction of certain customary terms and conditions, to provide the Company with debt financing sufficient to consummate the transactions under the Purchase Agreement (the “Debt Financing”).
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The Purchase Agreement has been included with this Current Report on Form 8-K (this “Current Report”) to provide investors and security holders with information regarding the terms of the transactions contemplated therein. It is not intended to provide any other factual information about the Company, the Purchaser, the Sellers or the Target Company. The representations, warranties, covenants and agreements contained in the Purchase Agreement, which are made only for purposes of the Purchase Agreement and as of specific dates, are solely for the benefit of the parties to the Purchase Agreement, may be subject to limitations agreed upon by the parties (including being qualified by confidential disclosures made for the purposes of allocating contractual risk between the parties to the Purchase Agreement instead of establishing these matters as facts) and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to investors and security holders. Company security holders should not rely on the representations, warranties, covenants and agreements or any descriptions thereof as characterizations of the actual state of facts or condition of the Company, the Purchaser, the Sellers or the Target Company. Moreover, information concerning the subject matter of the representations and warranties may change after the date of the Purchase Agreement, which subsequent information may or may not be fully reflected in the Company’s public disclosures.
The foregoing description of the Purchase Agreement and the Transaction does not purport to be complete and is subject to and qualified in its entirety by reference to the copy of the Purchase Agreement, substantially in the form attached hereto as Exhibit 2.1 and incorporated herein by reference.
| Item 3.02. | Unregistered Sales of Equity Securities. |
The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference in response to this Item 3.02. The issuance of the Equity Consideration to Pilot OFS will be completed in reliance upon the exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), provided by Section 4(a)(2) thereof as a transaction by an issuer not involving any public offering. The Company will rely on this exemption from registration based in part on representations made by Pilot OFS.
| Item 7.01. | Regulation FD Disclosure. |
On September 24, 2026, the Company issued a news release and posted an investor presentation announcing the Transaction. A copy of the press release and investor presentation are attached hereto, respectively, as Exhibits 99.1 and 99.2 and incorporated herein by reference.
The information contained in this Item 7.01, including Exhibits 99.1 and 99.2, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act or the Exchange Act.
| Item 8.01. | Other Items. |
As previously disclosed, the Company has been evaluating strategic alternatives for the Peak Rentals business, which holds an accommodations and rentals platform, including distributed power solutions, in addition to well testing and flowback operations.
On September 23, 2026, in a transaction unrelated to the Pilot Acquisition, certain subsidiaries of the Company sold an indirect 55% interest (the “Peak Interest”) in Peak Rentals HoldCo, LLC (“Peak”), pursuant to a securities purchase agreement and related transaction documents (the “Peak Transaction”), and received (i) approximately $41.5 million in cash proceeds, as adjusted by customary purchase price adjustments, and (ii) a $35.3 million seller note. Following the Peak Transaction, the Company will retain a 45% indirect interest in Peak, and the Peak Rentals business will no longer be reflected in the Company’s financial results.
| Item 9.01. | Financial Statements and Exhibits. |
| Exhibit No. | Description | |
| 2.1#† | Membership Interest Purchase Agreement, dated as of September 24, 2026, by and among Select Water Solutions, LLC, Pilot OFS Holdings LLC, Minerva Infrastructure IA LLC and, for the limited purposes therein, Pilot Travel Centers LLC. | |
| 99.1 | Press Release Announcing the Transaction, dated September 24, 2026. | |
| 99.2 | Investor Presentation, dated September 25, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within Inline XBRL document). |
| # | Schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The registrant hereby undertakes to furnish supplemental copies of any of the omitted schedules upon request by the SEC. | |
| † | Portions of this exhibit have been redacted pursuant to Item 601(b)(2)(ii) of Regulation S-K. The registrant hereby undertakes to provide an unredacted copy on a supplemental basis upon request by the SEC. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SELECT WATER SOLUTIONS, INC. | ||
| Date: September 24, 2026 | ||
| By: | /s/ Christopher K. George | |
| Name: | Christopher K. George | |
| Title: | Executive Vice President and Chief Financial Officer | |
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Exhibit 99.1
 | Contacts: | NEWS
RELEASE Select Water Solutions Garrett Williams – VP, Corporate Finance & Investor Relations (713) 296-1010 IR@selectwater.com |
| FOR IMMEDIATE RELEASE | ||
| Dennard
Lascar Investor Relations Ken Dennard / Natalie Hairston (713) 529-6600 WTTR@dennardlascar.com |
Select Water Solutions Announces Agreement to Acquire Pilot Water Solutions
Pilot Water is a leading, private water midstream company with a core position in the Delaware Basin
Robust contract portfolio with 480,000 barrels per day of minimum volume commitment (“MVC”) contracts and 306,000 acres dedicated under long-term agreements
Transaction consideration to consist of a combination of $600 million of cash and $100 million of Class A common stock, with $15 million of potential earnout cash consideration
Adds an estimated $120 - $130 million of 2027E EBITDA, before considering $10 – $15 million of additional targeted cost synergies
Strengthens Select’s infrastructure-led business, with Water Infrastructure projected to represent approximately 70% of Select’s pro forma profitability by 2027
Expected to preserve a strong balance sheet, with pro forma net leverage of less than 2.0x at closing
Gainesville, TX – September 24, 2026 – Select Water Solutions, Inc. (NYSE: WTTR) (“Select,” the “Company,” “we” or “us”) announced today that it has entered into a definitive agreement (the “Purchase Agreement”) to acquire Pilot Water Solutions LLC (“Pilot Water”), a leading, private water midstream company with primary operations in the Delaware Basin, for an equity-and-cash transaction valued at $700 million, plus $15 million of additional potential contingent cash consideration. The transaction is currently expected to close in the fourth quarter of 2026, subject to customary closing conditions and regulatory approvals.
Pilot Water’s infrastructure platform consists of approximately 2.7 million barrels per day of active permitted disposal capacity, 0.9 million barrels per day of undeveloped permitted disposal capacity, and more than 700 miles of pipeline infrastructure. Pilot Water’s revenues are supported by an attractive contract portfolio, with more than 80% of its annual revenue backed by long-term contracts with an average tenor of more than 7 years, including approximately 480,000 barrels per day of minimum volume commitments and 306,000 dedicated acres. Included in this contract portfolio is a new 175,000 barrel per day MVC-based contract, which is expected to increase Pilot Water’s daily produced water volumes handled from approximately 850,000 barrels per day during the first half of 2026 to approximately one million barrels per day during 2027. More than 80% of Pilot Water’s daily produced water volumes are handled in the core of the Delaware Basin in New Mexico and Texas, with additional operations in the Midland Basin, Eagle Ford, Haynesville, Rockies and Northeast regions.
For the full year of 2026, Pilot Water is expected to generate $100 – $110 million of 2026 Adjusted EBITDA, which is expected to grow to $120 – $130 million in 2027. This growth is primarily attributable to the earlier referenced 175,000 barrel per day MVC-based contract. Additionally, Select is targeting an additional $10 to $15 million of annual cost synergies that are incremental to the 2027 forecast and are expected to be achieved during the next 12 to 18 months.
The addition of Pilot Water into Select’s existing Delaware Basin water infrastructure network will create a well-balanced, integrated recycling and disposal platform positioned to efficiently capture the full lifecycle economics of produced and treated produced water. Pilot Water’s strategic disposal portfolio, including both active and undeveloped permitted capacity, will allow for long-term system optimization and water balancing capabilities across Select’s pro forma network, including enhanced capture of Select’s contracted volumes as the Delaware Basin continues to grow and mature. The collective water infrastructure platform will be supported by a strong combined contract profile, providing visibility into total produced water volumes handled growing to more than 2.5 million barrels per day during 2027. This combined contract portfolio includes over 600,000 barrels per day of MVC commitments and approximately 3.6 million acres under dedication or ROFR dedication with a weighted average remaining tenor of approximately 9 years.
Pilot Water’s operational footprint complements Select’s existing water infrastructure networks, notably creating a water midstream platform, which on a combined basis, comprises of 3.8 million barrels per day of recycling capacity, 4.8 million barrels per day of combined active and undeveloped permitted disposal capacity, over 1,600 miles of pipelines, and approximately 57.0 million barrels of treated and produced water storage capacity.
John Schmitz, Chairman of the Board, President and CEO, stated, “We are excited to announce our agreement to acquire Pilot Water Solutions, a leading private water midstream company with a core position in the Delaware Basin. We expect this acquisition to further solidify Select’s position as a diversified, market leading water midstream platform operating across the United States. With Pilot Water, Select will add highly contracted, production-related earnings streams at an accretive valuation in the heart of the Delaware Basin. In addition to the cost synergies identified, we also believe there is meaningful long-term revenue synergy potential from the integration of our systems and the resulting additional commercialization potential of existing and undeveloped capacity. With this acquisition, we strongly advance our previously stated objective of growing our consolidated profitability-weighting towards our Water Infrastructure segment. Accordingly, looking ahead to 2027, Water Infrastructure is expected to comprise approximately 70% of the combined company’s gross profit before depreciation and amortization on a pro forma basis.
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“Pilot Water’s sizable Delaware Basin water midstream footprint across Texas and New Mexico is very complementary to Select’s existing footprint, providing significant opportunity to interconnect in both an operational and capital-efficient manner. By pairing Pilot Water’s existing produced water volumes with Select’s industry-leading Permian Basin water recycling footprint, we expect to optimize disposal capacity, preserve valuable pore space, and maximize the value potential out of every barrel through increased recycling , mineral extraction and future beneficial reuse. Select’s ability to water balance across the broader Delaware Basin with a larger, integrated network positions us to deliver our customers with increased optionality, scaled produced water flow assurance and, ultimately, attractive economic savings. Furthermore, with nearly 90% of the combined company’s MVCs underwritten by investment grade customers, Select will have significantly enhanced its long-term cash flow visibility and through-cycle stability across a diversified, blue-chip customer base and we expect to maintain a very disciplined balance sheet with less than 2.0x pro forma net leverage at closing. I am excited about the opportunities ahead to create enhanced long-term value for our shareholders and I look forward to welcoming all of Pilot Water’s employees into the Select family soon,” concluded Schmitz.
Transaction and Timing
Under the terms of the transaction, a subsidiary of Select will acquire Pilot Water on a debt-free basis for aggregate consideration of $700 million, including $600 million of cash (subject to customary purchase price adjustments) and $100 million of shares of Class A common stock of Select. The number of shares to be issued will be determined by dividing $100 million by the 30-day volume-weighted average price of Select’s Class A common stock immediately prior to closing. Additionally, the sellers have a right to an additional $15 million contingent payment, payable upon the satisfaction of certain operational milestones expected in early 2027. The Purchase Agreement also provides that the sellers will receive a true-up payment, payable in cash, if the 30-day volume-weighted average share price as of the six-month anniversary of the closing date is lower than the 30-day volume-weighted average price at the closing date. In connection with the transaction, Select has entered into debt commitment letters with J.P. Morgan Chase Bank, N.A. and Bank of America to provide financing sufficient to fund the acquisition, subject to customary conditions. Select expects to fund the cash portion of the consideration with cash on hand, borrowings under our committed debt financings and/or, depending on market conditions, other debt financing.
The pending transaction, which is currently expected to close in the fourth quarter of 2026, is subject to customary closing conditions and receipt of required regulatory approvals, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Act.
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Advisors
J.P. Morgan Securities LLC and BofA Securities, Inc. acted as financial advisors to Select in connection with the transaction. Vinson & Elkins LLP is serving as Select’s legal counsel on the transaction.
Conference Call and Additional Materials
Select will hold a conference call tomorrow, September 25, 2026, at 10:00 a.m. Eastern Time / 9:00 a.m. Central Time to discuss the acquisition. An investor presentation regarding the proposed transaction can also be found at https://investors.selectwater.com.
Please dial 201-389-0872 and ask for the Select Water Solutions call at least 10 minutes prior to the start time of the call, or listen to the call live over the Internet by logging on to the website at the address https://investors.selectwater.com/events-presentations/current. A telephonic replay of the conference call will be available through October 9, 2026, and may be accessed by calling 201-612-7415 using passcode 13762844#. A webcast archive will also be available at the link above shortly after the call and will be accessible for approximately 90 days.
About Select Water Solutions, Inc.
Select is a leading provider of sustainable water and chemical solutions to the energy industry. These solutions are supported by the Company’s critical water infrastructure assets, chemical manufacturing and water treatment and recycling capabilities. As a leader in sustainable water and chemical solutions, Select places the utmost importance on safe, environmentally responsible management of water throughout the lifecycle of a well. Additionally, Select believes that responsibly managing water resources throughout its operations to help conserve and protect the environment is paramount to the Company’s continued success. For more information, please visit Select’s website, https://www.selectwater.com.
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Cautionary Statement Regarding Forward-Looking Statements
All statements in this communication other than statements of historical facts are forward-looking statements which contain our current expectations about our future results. We have attempted to identify any forward-looking statements by using words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast” “intend,” “may,” “plan,” “potential,” “preliminary,” “project,” “see,” “should,” “will,” and other similar expressions. Examples of forward-looking statements include, but are not limited to, the expectations of plans, business strategies, objectives and growth, the expected consummation, timing and financing of the Pilot Water acquisition, projected financial results and future financial and operational performance of the Company and of Pilot Water, expected synergies, expected pro forma leverage and profitability mix, contingent consideration, expected capital expenditures, our share repurchase program and future dividends. Although we believe that the expectations reflected, and the assumptions or bases underlying our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause our actual results, events or financial positions to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include the risks that the Pilot Water acquisition may not be consummated on the expected terms or timeline, or at all, the risk that the benefits contemplated from the Pilot Water acquisition may not be realized, the ability of Select to successfully integrate Pilot Water’s operations, including employees, and realize anticipated synergies and cost savings and the potential impact of the consummation of the Pilot Water acquisition on relationships, including with employees, suppliers, customers, competitors and creditors and the risk that Pilot Water’s projected financial and operational results may not be achieved. Factors that could materially impact such forward-looking statements include, but are not limited to: global economic distress, including that resulting from the sustained Russia-Ukraine war and related economic sanctions, instability and continued hostilities in the Middle East and elsewhere, including military conflict involving Iran, instability in Venezuela, economic uncertainty as a result of changing trade policies, disruptions in global oil and gas markets and inflation and elevated interest rates, each of which may decrease demand for oil and natural gas or contribute to volatility in the prices for oil and natural gas, which may decrease demand for our services; the ability to source certain raw materials and other critical components or manufactured products globally on a timely basis from economically advantaged sources, including any delays and/or supply chain disruptions; actions taken by the members of the Organization of the Petroleum Exporting Countries (“OPEC”) and Russia (together with OPEC and other allied producing countries, “OPEC+”) with respect to oil production levels and announcements of potential changes in such levels, including the ability of the OPEC+ countries to agree on and comply with announced supply limitations, which may be exacerbated by military conflict in the Middle East involving Iran and the resumption of sales of previously sanctioned oil from Venezuela and Russia; the impact of central bank policy actions, such as sustained, elevated interest rates in response to, among other things, high rates of inflation, and disruptions in the bank and capital markets; the degree to which consolidation among our customers may affect spending on United States (“U.S.”) drilling and completions activity, including the recent consolidation in the Permian Basin; impacts related to changing U.S. and foreign trade policies, including increased trade restrictions or tariffs; the impact of changes in diplomatic and trade relations, and the results of countermeasures and any tariff mitigation initiatives; changes in safety, health, environmental and other governmental policy and regulation; the enactment or promulgation of new laws or regulations or changes or modifications in existing laws, regulations, rules or governmental policies with respect to taxation; the level of capital spending and access to capital markets by oil and gas companies in response to changes in commodity price or reduced demand; the potential deterioration of our customers’ financial condition, including defaults resulting from actual or potential insolvencies; trends and volatility in oil and gas prices, and our ability to manage through such volatility; the impact of current and future laws, rulings, governmental regulations and policies, including those related to accessing water, disposing of wastewater, transferring produced water, interstate freshwater and produced water transfer, chemicals, carbon pricing, pipeline construction, emissions, hydraulic fracturing, leasing, permitting or drilling on federal lands and various other environmental matters; regional impacts to our business, including our key infrastructure assets within the Permian Basin, the Bakken, and the Haynesville regions; capacity constraints on regional oil, natural gas and water gathering, processing and pipeline systems that result in a slowdown or delay in drilling and completion activity, and thus a decrease in the demand for our services in our core markets; the impact of regulatory and related policy actions by federal, state and/or local governments, such as the Inflation Reduction Act of 2022, which may negatively impact the future production of oil and gas in the U.S., thereby reducing demand for our services; our ability to hire and retain key management and employees, including skilled labor; our access to capital to fund expansions, acquisitions and our working capital needs and our ability to obtain debt or equity financing on satisfactory terms, or at all; our health, safety and environmental performance; the impact of competition on our operations; the degree to which our exploration and production customers may elect to operate their water-management services in-house rather than source these services from companies like us; our level of indebtedness and our ability to comply with covenants contained in our sustainability-linked credit facility or future debt instruments; delays or restrictions in obtaining permits by us or our customers; constraints in supply or availability of equipment used in our business; the impact of advances or changes in well-completion technologies or practices that result in reduced demand for our services, either on a volumetric or time basis; changes in global political or economic conditions, generally, and in the markets we serve, including the rate of inflation and potential economic recession; acts of terrorism, war or political or civil unrest in the U.S. or elsewhere, such as the Russia-Ukraine war, the instability and continued hostilities in the Middle East, including military conflict involving Iran and any potential conflict with Venezuela; information technology failures or cyberattacks; accidents, weather, natural disasters or other events affecting our business; and the other factors discussed or referenced in the “Risk Factors” section of our most recent Annual Report on Form 10-K and those set forth from time to time in our other filings with the SEC. Investors should not place undue reliance on our forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.
###
5
Exhibit 99.2
| Strategic Acquisition of Pilot Water Solutions September 24th, 2026 |
| 2 Disclaimer Statement Cautionary Statement Regarding Forward Looking Statements This presentation, including the oral statements made in connection herewith, has been prepared on a confidential basis solely for informational purposes. This presentation contains general information about the activities of Select Water Solutions, Inc. (“Select” or the “Company”) that does not purport to be complete. This presentation contains preliminary information only, is subject to change at any time, and should not be assumed to be complete or to constitute all the information necessary to make an informed decision regarding the Company. This presentation contains certain statements and information that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, regarding the Company’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of Select’s management are forward-looking statements. When used in this presentation, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “may,” “preliminary,” “forecast,” and similar expressions or variations are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on current expectations and assumptions of Select’s management about future events and are based on currently available information as to the outcome and timing of future events. Although we believe that the expectations reflected in, and the assumptions or bases underlying, our forward-looking statements are reasonable under the circumstances, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause our actual results, events or financial positions to differ materially from those included within or implied by such forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Each forward-looking statement in this presentation speaks only as of the date of this presentation. Except as required by applicable law, Select disclaims any intention or obligation to revise or update any forward-looking statements or other information contained in this presentation, whether as a result of new information, future events, or otherwise. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include, but are not limited to, the factors discussed or referenced in the “Risk Factors” section of our Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission (the “SEC”). There may be other factors of which Select is currently unaware or deems immaterial that may cause its actual results to differ materially from the forward-looking statements. No representations or warranties, express or implied, are made by the Company or any of its directors, officers, employees, advisors, agents, or affiliates (collectively, the “Relevant Parties”) as to the accuracy, adequacy, timeliness, completeness, or reasonableness of any information contained herein or any subsequent oral or written information, and none of the Relevant Parties will have any liability to any person with respect to any use of, or reliance upon, such information. The information contained in this presentation has not been independently verified, and nothing herein is, or shall be relied upon as, a representation or warranty with respect to past or future facts or results or any other matter. Prospective investors are solely responsible for conducting their own diligence, investigations, and independent analysis of the Company and should obtain independent advice from appropriate sources in making any investment decision. Industry and Market Data This presentation has been prepared by Select and includes market data and other statistical information from third-party sources, including independent industry publications, government publications or other published independent sources. Although Select believes these third-party sources are reliable as of their respective dates, the Company has not independently verified the accuracy or completeness of this information. Some data is also based on the Company’s good faith estimates, which are derived from its review of internal sources as well as the third-party sources described above. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. While the Company is not aware of any misstatements regarding the industry and market data presented in this presentation, such data involve risks and uncertainties and are subject to change based on various factors, including those factors discussed under “Cautionary Statement Regarding Forward Looking Statements” above. No Solicitation and No Offer This presentation and any oral statements made in connection with this presentation shall neither constitute an offer to sell or the solicitation of an offer to buy any securities of the Company, nor shall there be any sale of securities of the Company in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. Any such offer or solicitation can only be made by way of an effective registration statement in accordance with applicable securities laws. This presentation should not be considered as a recommendation that any investor should subscribe for or purchase any securities. Additional Information and Where to Find It For additional information regarding Select, please see our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any recent Current Reports on Form 8- K, which are available at no charge at the SEC’s website at http://www.sec.gov and our website at https://investors.selectwater.com/sec-filings. In addition, documents will also be available for free from the Company by contacting the Company at 1233 W Loop S, Suite 1400, Houston, TX 77027 or (713) 235-9500. The contents of the websites referenced in this presentation are not incorporated herein by reference. Non-GAAP Financial Measures EBITDA, Adjusted EBITDA, EBITDA margin, Adjusted EBITDA margin, Net Debt, gross profit before depreciation and amortization (“D&A”) and gross margin before D&A are not financial measures presented in accordance with GAAP. We define EBITDA as net income/(loss), plus interest expense, income taxes and depreciation & amortization. We define Adjusted EBITDA as EBITDA plus/(minus) loss/(income) from discontinued operations, plus any impairment and abandonment charges or asset write-offs pursuant to GAAP, plus non-cash losses on the sale of assets or subsidiaries, non-recurring compensation expense, non-cash compensation expense, and non-recurring or unusual expenses or charges, including severance expenses, transaction costs, or facilities-related exit and disposal-related expenditures, plus/(minus) foreign currency losses/(gains), plus/(minus)losses/(gains) on unconsolidated entities and plus tax receivable agreements expense, less bargain purchase gains from business combinations. We define EBITDA margin and Adjusted EBITDA margin as EBITDA and Adjusted EBITDA divided by revenue, respectively. We define Net Debt as Total Debt minus Total Cash. We define gross profit before D&A as revenue less cost of revenue, excluding cost of sales D&A expense. We define gross margin before D&A as gross profit before D&A divided by revenue. EBITDA, Adjusted EBITDA, EBITDA margin, Adjusted EBITDA margin, Net Debt, gross profit before D&A and gross margin before D&A are supplemental non-GAAP financial measures that we believe provide useful information to external users of our financial statements, such as industry analysts, investors, lenders and rating agencies, because they allow them to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization) and non-recurring items outside the control of our management team. We present EBITDA, Adjusted EBITDA, EBITDA margin, Adjusted EBITDA margin, Net Debt, gross profit before D&A and gross margin before D&A because we believe they provide useful information to our investors and market participants regarding the factors and trends affecting our business in addition to measures calculated under GAAP. Net income is the GAAP measure most directly comparable to EBITDA and Adjusted EBITDA. Gross profit is the GAAP measure most directly comparable to gross profit before D&A. Total Debt is the GAAP measure most directly comparable to Net Debt. Our non-GAAP financial measures should not be considered as alternatives to the most directly comparable GAAP financial measures. Each of these non-GAAP financial measures has important limitations as an analytical tool due to exclusion of some but not all items that affect the most directly comparable GAAP financial measures. You should not consider EBITDA, Adjusted EBITDA, Net Debt or gross profit before D&A in isolation or as substitutes for an analysis of our results as reported under GAAP. Because EBITDA, Adjusted EBITDA, Net Debt and gross profit before D&A may be defined differently by other companies in our industry, our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. For further discussion, please see our Annual Report on Form 10-K and our latest Quarterly Report on Form 10-Q. For a reconciliation of these non-GAAP measures presented on a historical basis, please see the tables in the Appendix at the end of this presentation. For forward-looking non-GAAP measures, we are unable to provide a reconciliation to the most comparable GAAP financial measure because the information needed to reconcile these measures is dependent on future events, many of which are outside management’s control. Additionally, estimating such GAAP measures and providing a meaningful reconciliation consistent with our accounting policies for future periods is extremely difficult and requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort. |
| Pilot Water Solutions Acquisition – Transaction Summary 3 Transaction Overview Financing Overview Transaction Summary Strategic Rationale On September 24th, 2026, Select entered into a definitive agreement to acquire Pilot Water Solutions LLC (“Pilot Water” or “PWS”) at a purchase price of $700mm (with an additional $15mm earnout provision) Select expects to fund the transaction with cash consideration of $600mm ($615mm with earnout, if achieved), and stock consideration to seller of $100mm(1) Transaction represents a 6.8x(2) EV / 2026E Adj. EBITDA multiple, 5.7x(3) EV / 2027E EBITDA and 5.2x(3) EV / 2027E EBITDA inclusive of $10 to $15mm of anticipated cost synergies The transaction is expected to close during the fourth quarter of 2026, subject to customary closing conditions and regulatory approvals The sellers are eligible to receive a true-up payment, payable in cash, if the 30-day volume-weighted average share price as of the six month anniversary of the closing date is lower than the 30 day volume-weighted average price at the closing date Pilot Water’s expansive pipeline and disposal infrastructure footprint in the core of the Delaware Basin complements Select’s existing industry-leading recycling infrastructure in the region and enhances Select’s full-lifecycle water midstream offering Pilot Water’s scalable active and undeveloped permitted disposal capacity enhances Select’s ability to water balance across the broader Delaware Basin and fully monetize the long-term volumetric potential of its combined long-term contracts as the basin grows and matures High-quality contract portfolio provides high margin, production-based cash flows with a blue-chip customer base, adding significant stability and durability to the business, while accelerating Select’s Water Infrastructure growth Select has entered into debt commitment letters with J.P. Morgan Chase Bank, N.A. and Bank of America to provide financing sufficient to fund the acquisition, subject to customary conditions Select expects to fund the cash portion of the consideration with cash on hand, borrowings under its committed debt financings and/or, depending on market conditions, other debt financing Expected to maintain <2.0x Net Debt / PF 2026E Adj. EBITDA 1. Number of shares to be issued calculated based on $100mm divided by the 30-day volume-weighted average price of Select’s Class A common stock immediately prior to closing 2. $715mm of consideration, representative of $700 million initial consideration and inclusive of $15 million earn out. $105 million of 2026E Adjusted EBITDA based on the midpoint of $100 - $110 million guidance 3. $715mm of consideration, representative of $700 million initial consideration and inclusive of $15 million earn out. $125 million of 2027E Adjusted EBITDA based on the midpoint of $120 - $130 million guidance |
| $100mm - $110mm in 2026E Adj. EBITDA(1) and $120 - $130mm in 2027E EBITDA(1) 1. Net Debt, Adj. EBITDA and EBITDA are Non-GAAP financial measures. See Disclaimer Statement on page 2 for important disclosures regarding non-GAAP financial measures. 2. Based on results for the six months ended June 30,2026 Pilot Water Solutions – Key Highlights Unlocks Full Capabilities of Select’s Leading Integrated Recycling & Disposal Platform 4 ~480 Mbw/d of MVCs adds predictable, production-levered contracted cash flows ~306,000 dedicated acres and ~529,000 ROFR acres add long-term inventory ~850 Mbw/d(2) of 2026 YTD produced water volumes handled add volume scale, with an incremental 175,000 bpd MVC commencing in early 2027 2.7 MMbw/d of active permitted disposal capacity and 0.9 MMbw/d of permitted undeveloped disposal capacity Expands Select’s water infrastructure footprint while preserving a peer-leading leverage profile expected to remain at <2.0x Net Debt / on a Pro Forma basis(1) |
| Pilot Water Solutions – Company Overview Leading Water Midstream Provider to the Energy Industry in the Delaware Basin 5 Interruptible 17% MVC 42% Acreage Dedication 41% Water Infrastructure 100% Revenue by Contract Type(6) $250 – $270 million FY26E Revenue ~2.7 MMbw/d Disposal Capacity $100 – $110 million FY26E Adj. EBITDA(4) ~850 Mbw/d Average Produced Water Handling Volumes(1) 2,034 690 82% 436 44 5% 228 96 11% 25 16 2% 2,723 846 100% Disposal Capacity (Mbw/d) Average Produced Water Handling Volumes (Mbwp/d) % of Total PWS Disposal Volumes Gross Profit Before D&A Pilot Water provides critical produced water handling and disposal solutions services to oil and gas producers Core position strategically located in the premier Delaware Basin – the most prolific lower 48 shale oil basin Advantageous portfolio of both active and available permitted disposal capacity High margin, fee-based, growing cash flow supported by long-term, take-or-pay style contracts with top–tier producers Core Asset Overview Key Asset Statistics Delaware Eagle Ford Other Midland (3) (1) Top Five Customers (5) (2) New Mexico Texas Delaware Basin Primary PWS Operating Area Other PWS Operating Areas Other Operating Areas PWS Pipeline Active Disposal Permitted Undeveloped Disposal Active Recycling Facility 1. Based on results for the six months ended June 30, 2026. 2. Based on permitted disposal capacity 3. Other basins include East Texas, Rockies, and the Northeast 4. Adj. EBITDA is a Non-GAAP financial measure. See Disclaimer Statement on page 2 for important disclosures regarding non-GAAP financial measure 5. Top customers based on results for the twelve months ended June 30, 2026 6. Revenue mix representative of 2027 projections |
| Clear Line of Sight into Additional Near-Term Value Creation Opportunity with Pilot Water Assets 6 1 3 Recently signed MVC contract will provide ~$20mm of annualized EBITDA beginning in 2027 1 Select has identified ~$10 - $15mm of synergies we believe are actionable over the next 12-18 months 2 Reflects Select’s ability to commercialize available system capacity across the pro forma network with existing contracts, routing every barrel of produced water to its highest value outlet, and enhanced optionality around beneficial reuse and mineral extraction 3 (1) 1. Represents Select FY 2026 Pilot Water guidance. Adj. EBITDA is a Non-GAAP financial measure. See Disclaimer Statement on page 2 for important disclosures regarding non-GAAP financial measure Pilot Water Adj. EBITDA Bridge ($mm) Commentary 2 ~$20 ~$10 - $15 $100 - $110 $120 - $130 $135 - $145 2026E Adj. EBITDA 175k bpd MVC 2027E Adj. EBITDA Cost Synergies Pro Forma Adj. EBITDA Future Opportunity Future State |
| $16 $19 $43 $92 $153 $169 $219 - $228 $339 - $363 2020 2021 2022 2023 2024 2025 2026E 2026E PF PWS Select Has Significantly Grown Water Infrastructure Through Organic Investment and Value-Accretive and Tactical Acquisitions 7 14 31 193 248 282 332 420 - 435 425 - 443 2020 2021 2022 2023 2024 2025 2026E 2026E PF PWS $35 $45 $125 $230 $291 $313 $392 - $407 $642 - $677 2020 2021 2022 2023 2024 2025 2026E 2026E PF PWS 12 50 83 96 138 136 141 - 146 436 - 451 2020 2021 2022 2023 2024 2025 2026E 2026E PF PWS Water Infrastructure Gross Profit Before D&A(1) (3) ($ in millions) Water Infrastructure Revenue ($ in millions) Produced Water Recycling Volumes (millions of barrels) Disposed Produced Water Volumes (millions of barrels) +50% CAGR(2) +53% CAGR(2) +76% CAGR(2) +51% CAGR(2) +65%(4) +57%(4) +2%(4) +209%(4) 1. Pro forma to include full year contribution of Pilot Water; 2025A and 1H26E Pilot Water metrics under diligence and subject to change 2. CAGR represents growth from 2020 through 2026E midpoint 3. Gross Profit before D&A is a Non-GAAP financial measure, see Disclaimer on page 2 for important disclosures regarding non-GAAP financial measures 4. Represent % increase from the midpoint of Select 2026E guidance and 2026E Pro Forma guidance |
| Pro Forma 2027E w/ PWS(4) 60% 40% 36% 48% 16% 70% 30% 80% 7% 8% 5% Select’s Evolution to a Leading Water Midstream Company Water Infrastructure Contributes ~70% of Pro Forma Company Gross Profit Before D&A Gross Profit Before D&A(1) 2018(2) Current 2027E Select (3) Water Infrastructure Water Services Chemical Technologies 8 1. Gross Profit before D&A is a Non-GAAP financial measure, see Disclaimer on page 2 for important disclosures regarding non-GAAP financial measures 2. Wellsite Services operations were divested during 2019 3. Reflects results for the twelve months ending June 30, 2026, as reported 4. Pro Forma for Pilot Water acquisition Select has significantly expanded its production-weighting and long-term contract portfolio through a combination of organic growth and strategic acquisitions; Pilot Water further accelerates this expansion |
| Key Metrics Pro Forma % Increase Avg. Daily Produced Water Volumes 1.5 MMbw/d 0.8 MMbw/d(1) 2.3 MMbw/d + 53% MVC Volumes(2) 125 Mbw/d 480 Mbw/d 605 Mbw/d + 384% Dedicated & ROFR Acres 2.7 mm acres 0.8 mm acres 3.6 mm acres + 33% Active Permitted Disposal Capacity 2.1 MMbw/d 2.7 MMbw/d 4.8 MMbw/d + 129% Pipeline Miles(3) ~890 miles ~710 miles ~1,600 miles + 80% Produced Water Storage(3) 55.0 MMbbls 1.9 MMbbls 56.9 MMbbls + 5% Recycling Capacity(3) 3.7 MMbw/d 0.1 MMbw/d 3.8 MMbw/d + 3% Significantly Scaled Water Midstream Platform Existing & Pro Forma Asset Base and Key Operational Metrics 1. Year to date for the six months ending June 30, 2026. Excludes contribution from 175k bpd MVC expected to commence in early 2027 2. Includes contracts in-hand 3. Pro forma for projects currently under contract or under construction Pro forma system additionally provides enhanced capabilities around out of basin disposal, capture of contracted in-network produced water volumes, mineral extraction, and beneficial reuse 9 |
| 12,779 12,429 7,456 5,568 2,390 6,668 5,031 4,907 3,684 3,244 Lea NM Eddy NM Reeves TX Loving TX Ward TX Midland TX Martin TX Upton TX Reagan TX Glasscock TX 0mm 5mm 10mm 15mm 20mm 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 0mm 100mm 200mm 300mm 400mm 500mm Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 WOR Production WOR Monthly Water Production (MMbw) Monthly Crude Production (MMbbl) Delaware Basin Investment Thesis Pilot Water Significantly Expands Select’s Delaware Basin Footprint Remaining Locations Analysis Key Highlights (1) Industry leading break evens and IRRs in the Delaware Basin Significant remaining inventory in Eddy and Lea County, New Mexico & Loving and Reeves County, TX with more remaining locations relative to the rest of the Permian Elevated water-to-oil ratios require scaled water infrastructure solutions Sustained development in the Delaware Basin promotes secular demand growth for produced water management Select has strategically focused its infrastructure in the highest-return, longest-inventory, largest water volume area in the country Delaware Basin Produced Water (bbl/day)(3) +12% CAGR 1. Source: Enverus Placed Well Intelligence Data as of 9/24/2026 – Excludes counties with less than 2,300 remaining locations 2. Source: Enverus Well Data: Vintage 2021-2025, IRR at $55.00/bbl and $3.00/mcf 3. Source: B3 Insights 4. Source: Enverus Basin IRR(2) Delaware Water-to-Oil Ratio (“WOR”) Over Time(4) 10 91% 63% 42% 31% 30% 29% 24% 21% Delaware Midland Eagle Ford Utica Marcellus DJ Williston Haynesville ~4.0x WOR Delaware Midland |
| Pilot Water Provides Highly Strategic & Synergistic Operational Footprint in the Delaware Basin Delaware Basin Asset Footprint(1) Select Standalone Pilot Water Select Pro Forma Fixed Recycling Capacity 1.7 MMbw/d 0.1 MMbw/d 1.8 MMbw/d Mobile Recycling Capacity 0.4 MMbw/d -- 0.4 MMbw/d Active Permitted Disposal Capacity 0.4 MMbw/d 2.0 MMbw/d 2.4 MMbw/d Undeveloped Permitted Disposal Capacity -- 0.8 MMbw/d 0.8 MMbw/d Pipeline Miles(2) 575 550+ 1,100+ miles Storage Capacity (bbls) 37.2 MMbw 1.9 MMbw 39.1 MMbw Dedicated Acreage 0.8mm acres 0.3mm acres 1.1mm acres ROFR Acreage 1.1mm acres 0.5mm acres 1.6mm acres Minimum Volume Commitments 66 Mbw/d 480 Mbw/d 546 Mbw/d 1. Pro forma for projects currently under contract or under construction; Represents Delaware Basin assets only (Eddy and Lea Counties, NM; Loving, Reeves, Ward, and Winkler Counties, TX) 2. Active and under construction produced water and treated produced water pipelines 11 New Mexico Texas New Mexico Texas Combined Select + PWS Delaware Basin Footprint |
| 66% 34% IG Non-IG 89% 11% IG Non-IG 125 480 605 Select Pilot Water Solutions Select Pro Forma Significant Contract Portfolio Supports Select’s Future Growth and Cash Flow Visibility Minimum Volume Commitments (Mbw/d)(1) Acreage Dedications (Acres in millions) Note: “IG” = Investment Grade 1. Contracts that do not have an explicit MVC in bpd are calculated by taking the Cumulative MVC barrels and dividing it by the Term 2. Investment Grade % of PF Dedications based on Base Dedication acres only 3. Contract tenor as of January 1, 2026 Investment Grade % of Pro Forma Dedications(2) Investment Grade % of Pro Forma MVCs Weighted average remaining acreage dedication contract term of ~9 years (3) Weighted average remaining MVC contract term of ~7 years(3) 12 1.6 0.3 1.9 1.1 0.5 1.7 2.7 0.8 3.6 Select Pilot Water Solutions Select Pro Forma Base Dedications ROFR Dedications |
| 32% 19% 32% 9% 8% Major Integrated (Investment Grade) Other Investment Grade Privates Publics (>$5B Mkt Cap) Other Publics (<$5B Mkt Cap) Pro Forma Customer Base – “Scale Seeks Scale” 2026 YTD Pro Forma Revenue Categorization(1) 2026 YTD Pro Forma Top 10 Customers(1)(2) 1. Based on results for the six months ended June 30, 2026 13 2. Excludes Select’s skim oil sales partner % Public and/or Investment Grade Select's customer base is well-positioned, with ~68% of customers investment grade and/or public based on pro forma YTD 2026 revenue Select’s expertise, technology and financial strength lead to a premier, diversified customer base with no single customer representing more than 7% of our pro forma revenue |
| Strong Balance Sheet Management Select has maintained disciplined leverage in the past and continues to target a more conservative leverage profile than peers Source: FactSet as of 9/16/26 1. Peers include, in no particular order, Deep Blue, NGL, WBI and WES 2. Net debt includes preferred equity 14 2.5x 1.5x Select Target Net Leverage Range 5.7x 3.7x 3.1x 3.1x 1.9x Peer A Peer B Peer C Peer D Capital Allocation Priorities Net Debt / 2026E EBITDA(1)(2) • Sustain a maintenance-light business model, supporting reinvestment and driving capital-efficient growth • Deploy growth capital toward strategic infrastructure investments with durable, contracted cash flows • Scale Delaware Basin infrastructure with long-term contracts, accretive commercialization and utilization enhancements • Tactical bolt-on acquisitions that provide immediate operational and financial synergies Disciplined, capital-efficient growth Shareholder return Leverage • Return capital to shareholders primarily through quarterly dividends supported by long-term contracted cash flows • Opportunistic buybacks supported by excess free cash flow • Manage conservative leverage profile between 1.5x – 2.5x via growing cash flow generation, EBITDA growth and asset rationalization Pro forma |
