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Dec 31, 2022
Select Water Solutions Q4 2022 Earnings Report
Select Energy Services reported Q4 2022 earnings, announced corporate rebranding initiative and multiple new acquisitions.
Key Takeaways
Select Energy Services, Inc. reported revenue of $381.7 million for the fourth quarter of 2022, a 2% increase sequentially from the third quarter of 2022. Net income for the fourth quarter of 2022 was $7.6 million. The company announced its intent to rebrand as Select Water Solutions, Inc.
Generated revenue of $382 million during the fourth quarter of 2022, up 2% sequentially from the third quarter of 2022.
Acquired strategic portfolio of Permian Basin water infrastructure, including water gathering, disposal, sourcing, storage and distribution assets from multiple parties
Acquired joint venture interests in certain strategic recycling facilities in the Permian Basin from minority partners
Announced significant new Delaware Basin recycling infrastructure project supported by multiple long-term contracts
Revenue by Segment
Forward Guidance
The Company expects to see meaningful revenue, EBITDA and net income growth in 2023. Subject to market conditions and the realization of certain projects, the Company expects to deploy between $90 and $130 million of net capex during 2023, with an objective of converting two-thirds of the Company's EBITDA into free cash flow, supported by substantial working capital improvements.
Positive Outlook
- Expects to see meaningful revenue growth in 2023
- Expects to see meaningful EBITDA growth in 2023
- Expects to see meaningful net income growth in 2023
- Objective of converting two-thirds of EBITDA into free cash flow
- Supported by substantial working capital improvements
Challenges Ahead
- Subject to market conditions
- Subject to the realization of certain projects
- Expects to deploy between $90 and $130 million of net capex during 2023
Historical Earnings Impact
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Avg. Return Before/After Earnings
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