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Mar 31, 2021
Select Water Solutions Q1 2021 Earnings Report
Select Energy Services reported financial results and operational updates for Q1 2021
Key Takeaways
Select Energy Services reported revenue of $143.7 million for the first quarter of 2021, an 8% sequential increase. The company's net loss was $27.4 million. They commenced operations at two water reuse and recycling projects and invested in ICE Thermal Harvesting.
Revenue of $144 million generated during the first quarter of 2021, up 8% sequentially
Commenced operations at two water reuse and recycling projects in the Midland and Delaware basins during the first quarter of 2021
Total available liquidity of $262 million, including $160 million of cash and cash equivalents, and no bank debt outstanding at the end of the first quarter of 2021
Completed investment in ICE Thermal Harvesting ("ICE"), a new venture focused on providing zero-emission geothermal electric power to industrial consumers across multiple sectors
Revenue by Segment
Forward Guidance
The company expects revenues to grow to $160 - $170 million in the second quarter, with Adjusted EBITDA margins recovering to a range of 5 - 7%.
Positive Outlook
- COVID-19 vaccine rollouts expanding
- Governments providing strong economic support
- Oil demand steadily improving
- Steadying commodity prices should support continued constructive activity growth throughout the rest of the year
- Increasing demand for our water treatment chemical solutions and strong demand recovery for completion chemicals following the winter disruptions in the first quarter
Challenges Ahead
- Challenging winter storm weather conditions in February
- Supply chain disruptions
- Roughly a week of lost revenue
- Weather-related compression seen in the first quarter
Historical Earnings Impact
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Avg. Return Before/After Earnings
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