Select Water Solutions Recycled Volumes Rise 18% to 330M Barrels; 2026 Growth Target 20–25%
In 2025, Select Water Solutions grew recycled produced-water volumes 18% to over 330 million barrels and added nearly one million dedicated acres under MVCs averaging 11-year terms. Management expects Water Infrastructure to deliver 20–25% revenue growth in 2026 and represent over 60% of consolidated gross profit within two years.
1. 2025 Volume and Acreage Growth
Select Water Solutions increased recycled produced-water volumes by 18% in 2025 to over 330 million barrels and surpassed one billion barrels recycled since 2021. The company secured nearly one million new dedicated acres through multiple MVCs with an average term of 11 years and added 55,000 barrels per day of disposal capacity.
2. Water Infrastructure Outlook
Management targets 20–25% year-over-year growth in Water Infrastructure revenue and gross profit for 2026, building on Q1 growth guidance of 7–10% over Q4 2025. They aim to shift the segment to over 60% of consolidated gross profit within the next 24 months by leveraging network expansions and dual-line pipeline interconnections.
3. Financial Highlights
Select generated $1.4 billion of consolidated revenue and record $260 million of Adjusted EBITDA in 2025, with Q4 Adjusted EBITDA of $64.2 million above its $60 million–$64 million guidance. The company plans 2026 net capex of $175 million–$225 million and targets a 5–10% reduction in SG&A year-over-year.
4. Chemical Technologies and Diversification
The Chemical Technologies segment delivered 19% revenue growth and a 45% increase in gross profit in 2025, with Q4 revenue hitting a record $87 million. Select is advancing municipal, industrial and minerals projects, including lithium royalty streams expected by early 2027 and potential iodine updates in H1 2026.