Mission Statement, Vision, & Core Values (2024) of Select Energy Services, Inc. (WTTR)

An Overview of Select Energy Services, Inc. (WTTR)

General Summary of Select Energy Services, Inc. (WTTR)

Select Energy Services, Inc. (WTTR) is a leading provider of water solutions, chemical technologies, and water infrastructure services primarily to the oil and gas industry. Established in 2016, the company has rapidly expanded its operations across various regions in the United States, including the Permian Basin, Eagle Ford, and Rockies. As of 2024, Select Energy Services offers a comprehensive suite of services, including water sourcing, transfer, recycling, and disposal, along with chemical solutions for hydraulic fracturing and well completions.

In 2024, Select Energy Services reported total revenue of approximately $1.1 billion, reflecting a diverse revenue stream from its three primary segments: Water Services, Water Infrastructure, and Chemical Technologies. The breakdown of revenue by segments is as follows:

Company's Financial Performance in the Latest Financial Reports

In its most recent financial report for the nine months ended September 30, 2024, Select Energy Services recorded a net income of $37.6 million, a decrease of 27.1% compared to the prior period. Total revenue for this period was approximately $1.1 billion, down from $1.2 billion in the prior period, representing an 8.9% decrease. This decline was primarily attributed to macroeconomic factors leading to lower frac crew deployments and price reductions due to competitive pressures.

Key financial metrics for the period include:

• Adjusted EBITDA: $202.2 million
• EBITDA: $170.0 million
• Gross Profit: $175.3 million
• Free Cash Flow: $61.3 million

Performance by segment for the nine months ended September 30, 2024 is detailed below:

Introduction to Select Energy Services as a Leader in the Industry

Select Energy Services, Inc. has established itself as a leader in the energy services sector, particularly in providing innovative water management and chemical solutions. The company leverages advanced technology and operational expertise to deliver efficient and sustainable solutions to its clients in the oil and gas industry. Its strategic focus on expanding water infrastructure and enhancing chemical technologies positions it favorably in a competitive landscape.

With a commitment to operational excellence and sustainability, Select Energy Services continues to adapt to market demands and grow its footprint in key energy-producing regions. Investors and stakeholders are encouraged to explore further insights into the company's operations and strategic initiatives, which contribute to its success in a challenging market environment.

Mission Statement of Select Energy Services, Inc. (WTTR)

Mission Statement of Select Energy Services, Inc. (WTTR)

Select Energy Services, Inc. (WTTR) is committed to providing comprehensive water solutions to the oil and gas industry, focusing on sustainability and operational excellence. Their mission statement reflects their dedication to delivering high-quality products and services while maintaining safety, integrity, and environmental stewardship. The mission serves as a guiding principle for the company's long-term goals and strategic initiatives, ensuring alignment with stakeholder expectations and industry standards.

Core Components of the Mission Statement

1. Commitment to Quality

Quality is paramount in Select Energy Services' mission. The company emphasizes its commitment to delivering superior water management services that meet or exceed customer expectations. In 2023, the company reported total revenue of $1.1 billion, showcasing its ability to maintain quality while scaling operations. This revenue was generated across various segments, including:

2. Safety and Environmental Stewardship

Safety and environmental responsibility are central to the company's operations. Select Energy Services has implemented rigorous safety protocols, ensuring that all employees are well-trained to minimize risks. The company incurred $134.2 million in labor-related costs, which reflects its investment in workforce safety and training. Furthermore, their sustainability initiatives include:

• Adopting environmentally friendly practices in water sourcing and disposal.
• Investing in technologies that reduce environmental impact.
• Monitoring and reporting on sustainability metrics regularly.

3. Customer-Centric Approach

Select Energy Services places significant emphasis on customer satisfaction, aligning its services with client needs. The company’s ability to adapt to changing market conditions is evident as it reported a gross profit of $175.3 million for the nine months ended September 30, 2024. This adaptability is supported by:

• Regular feedback loops with customers to enhance service delivery.
• Customized solutions tailored to specific client requirements.
• Strategic partnerships that expand service offerings and capabilities.

In summary, the mission statement of Select Energy Services, Inc. encapsulates its core values of quality commitment, safety, environmental stewardship, and a customer-centric approach. This framework not only guides the company's operations but also positions it for sustainable growth in the competitive energy sector.

Vision Statement of Select Energy Services, Inc. (WTTR)

Vision Statement Overview

The vision statement of Select Energy Services, Inc. (WTTR) emphasizes its commitment to providing innovative and sustainable solutions in the water services industry. The company aims to become a leader in the energy sector by focusing on operational excellence and environmental stewardship.

Commitment to Innovation

Select Energy Services prioritizes innovation as a core component of its vision. The company invests significantly in technology and research to develop advanced water management solutions. In 2024, Select Energy Services allocated approximately $40 million towards research and development initiatives aimed at enhancing its service offerings.

Sustainability Initiatives

Sustainability is central to the company's vision, as it seeks to minimize environmental impact while maximizing efficiency. As of September 30, 2024, Select Energy Services reported a 30% reduction in water usage per barrel of oil produced through its innovative recycling technologies. This aligns with industry trends where companies are increasingly held accountable for their environmental practices.

Operational Excellence

Select Energy Services aims for operational excellence by optimizing its processes and enhancing service delivery. The company achieved a gross profit of $175.3 million for the nine months ended September 30, 2024, reflecting a focus on efficiency and cost management across its service lines.

Market Leadership Goals

The vision statement articulates a clear goal of becoming a market leader in the energy services sector. Select Energy Services recorded total revenues of $1.1 billion for the nine months ended September 30, 2024, positioning itself strategically in a competitive market. This growth is supported by strategic acquisitions, including $58.3 million for Tri-State Water Logistics in January 2024, enhancing its operational capabilities.

Commitment to Stakeholders

Select Energy Services is dedicated to creating value for all stakeholders, including shareholders, employees, and customers. The company has maintained a quarterly dividend of $0.06 per share, reflecting its commitment to returning value to shareholders while also investing in growth opportunities. In November 2023, the board approved the increase in dividends from $0.05 to $0.06, signaling robust financial health.

Financial Performance Metrics

Conclusion

The vision statement of Select Energy Services, Inc. (WTTR) encapsulates its ambition to lead in the energy services sector through innovation, sustainability, and operational excellence, while also providing value to its stakeholders.

Core Values of Select Energy Services, Inc. (WTTR)

Safety

Select Energy Services, Inc. emphasizes safety as a core value, reflecting its commitment to protecting employees, clients, and the environment. In 2024, the company reported a Total Recordable Incident Rate (TRIR) of 1.8, significantly lower than the industry average of 3.1, showcasing its effective safety protocols.

To uphold its safety standards, Select Energy Services implemented the Safety First Initiative, which includes comprehensive training programs and regular safety audits. In 2024, the company invested $2.5 million in safety training and equipment upgrades, ensuring all employees are equipped with the latest safety gear and knowledge.

Integrity

Integrity is fundamental to Select Energy Services' operations, guiding its interactions with customers and stakeholders. The company has established a Code of Conduct that emphasizes ethical behavior and transparency. In 2024, Select conducted over 30 ethics training sessions, reaching approximately 1,200 employees.

Furthermore, Select Energy Services maintains an open-door policy for reporting unethical behavior. In 2024, the company resolved 95% of reported issues within 30 days, underscoring its dedication to maintaining trust and accountability.

Innovation

Innovation drives Select Energy Services' competitive edge in the energy sector. In 2024, the company allocated $10 million to research and development initiatives aimed at improving water management solutions. This investment led to the launch of a new proprietary software platform designed to optimize water logistics for clients, improving efficiency by 25%.

Additionally, Select partnered with two leading universities to develop environmentally friendly chemical solutions, enhancing its service offerings while reducing environmental impact. The company’s innovation strategy has resulted in a 15% increase in customer satisfaction ratings in 2024.

Customer Focus

Customer focus is central to Select Energy Services' mission, with a commitment to delivering tailored solutions that meet clients' specific needs. In 2024, the company achieved a 90% client retention rate, reflecting its ability to foster long-term relationships.

To enhance customer engagement, Select launched the Customer Success Program, which provides dedicated account managers and regular feedback sessions. This initiative has led to a 20% increase in service inquiries and a 35% rise in upselling opportunities, demonstrating the effectiveness of its customer-centric approach.

Sustainability

Sustainability is a core value that informs Select Energy Services' operational strategies. In 2024, the company reduced its carbon footprint by 18% compared to the previous year, primarily through the implementation of energy-efficient technologies and practices.

Moreover, Select committed to a goal of recycling 75% of produced water by 2025. In 2024, the company successfully recycled 1.2 million barrels of water, contributing to environmental conservation and resource management. This commitment to sustainability has bolstered Select's reputation as a responsible industry leader.

Updated on 16 Nov 2024

Resources:

1. Select Energy Services, Inc. (WTTR) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Select Energy Services, Inc. (WTTR)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View Select Energy Services, Inc. (WTTR)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.