Greetings, and welcome to the Select Water Solutions 2023 fourth quarter and year-end earnings conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Chris George, Senior Vice President, Corporate Development, Investor Relations and Sustainability. Thank you. You may begin. Thank you, operator, and good morning, everyone. We appreciate you joining us for Select Water Solutions conference call and webcast to review our financial and operational results for the fourth quarter and full year of 2023. With me today are John Schmitz, our Founder, Chairman, President, and Chief Executive Officer, Nick Swyka, Senior Vice President and Chief Financial Officer, and Michael Skarke, Executive Vice President and Chief Operating Officer. Before I turn the call over to John, I have a few housekeeping items to cover. A replay of today's call will be available by webcast and accessible from our website at selectwater.com. There will also be a recorded telephonic replay available until March 6, 2024. The access information for this replay was also included in yesterday's earnings release. Please note that the information reported on this call speaks only as of today, February 21, 2024, and therefore, time-sensitive information may no longer be accurate as of the time of the replay listening or transcript reading. In addition, the comments made by management during this conference call may contain forward-looking statements within the meaning of the United States federal securities laws. These forward-looking statements reflect the current views of Select's management. However, various risks, uncertainties, and contingencies could cause our actual results, performance, or achievements to differ materially from those expressed in the statements made by management. A listener is encouraged to read our annual report on Form 10-K, our current reports on Form 8-K, as well as our quarterly reports on Form 10-Q to understand those risks, uncertainties and contingencies. Please refer to our earnings announcement released yesterday for reconciliations of non-GAAP financial measures. As a reminder, the company made certain changes to its segment reporting structure during the second quarter of 2023. These changes were driven by several operational and strategic factors. However, the changes in segment reporting have no impact on the company's historical financial position, results of operations or cash flows. Prior periods have been recast to include the water sourcing and temporary water logistics operations within the water services segment and remove these results of operations from the water infrastructure segment. Historical segment information recast to conform to the new reporting structure is available as supplemental financial information in the investor sections of the company's website at www.investors.selectwater.com. Please refer to the company's current report on Form 8-K, filed with the SEC, concurrent with our earnings release for additional information. Now, I'd like to turn the call over to our founder, chairman, president, and CEO, John Schmitz. Thanks, Chris. Good morning, and thank you for joining us. I am pleased to be discussing Select Water Solutions again with you today. Overall, 2023 was a record-setting year for Select. I'd like to start by highlighting some of our key achievements over the past year, and we'll let Nick speak to the fourth quarter in a bit more detail. During 2023, we grew revenues by 14% and adjusted EBITDA by 33% year-over-year, finishing the year with total revenues of approximately $1.6 billion and adjusted EBITDA of $258 million. As importantly, we also finished the year with record net income, earnings per share and free cash flow. Each of our segments saw year-over-year revenue and gross profit gains during 2023. Most critically, we made tremendous progress accelerating the growth and profitability of our water infrastructure segment. With contributions from a number of acquisitions in late 2022 and early 2023, as well as organic projects that came online throughout the year, we grew Water Infrastructure revenue by 84% and gross profit by 162% during 2023 as compared to 2022. Operationally, we significantly exceeded our expectations by growing recycled volumes by more than 100% year-over-year, while disposal volumes and systems utilization increased materially as well. We also continue to find ways to capture market share and improve the efficiency of our capital-light Water Services and Chemical Technologies segments, growing gross margins by more than 200 basis points in each segment during 2023, and generating a significant amount of cash flow from these segments to fund our growth strategy. With record operating cash flow, we were able to fund a diverse capital allocation strategy throughout 2023, including funding our modest maintenance CapEx needs, expediting our growth CapEx plans, particularly around our Water Infrastructure segment, increasing our base dividend by 20% during the year, expanding our share repurchase program, while also executing six small bolt-on acquisitions. Importantly, we were able to execute these capital allocation priorities while also repaying all of our outstanding debt throughout the year and building a substantial $57 million cash position on the balance sheet at year-end. The strength of our recent financial performance, including the strong free cash flow generation from our water services and chemical technology segments, positioned us to continue to execute a number of strategic priorities already in 2024, including funding a trio of additional strategic asset acquisitions during the first quarter of 2024, while also announcing a number of additional organic capital projects. The recent acquisitions for Tri-State and Iron Mountain in the Haynesville, as well as additional disposal and recycling assets in the Rockies, provide accretive operations and further development potential for two of our critical regional infrastructure networks. The addition of the slurry and solid treatment facilities also expand the scope of Select capabilities in the Haynesville region, broadening our full lifecycle waste stream management capabilities for our customers and adding incremental value across our pro forma position in the basin. Importantly, each deal fits our near-term strategy to grow and expand our production-based and contracted revenues within our water infrastructure segment. Most significantly, following our latest acquisition, we expect more than 90% of our Haynesville revenues to be production-oriented during 2024, representing stability in the basin that may face near-term drilling and completion activity disruption from recent natural gas price volatility. As a company, we expect to see more than a third of our overall revenues come from production-related activities during 2024. This is a tremendous strategic shift for our business in the span of only a few years, as less than 10% of our revenues were production-weighted during our previous peak revenue years. From an organic project standpoint, I am pleased to get several additional long-term contracts to the finish line in recent months. In the Permian, we were able to add substantial incremental acreage dedication to one of our largest Midland Basin recycling facilities, while we added additional contracted pipeline connections into our recently completed flagship Delaware Basin recycling facility. In the Northeast, we added additional acreage dedication with a targeted minimum volume commitment to supplement the long-term income stream of an existing disposal asset. The largest project, both from a capital spend and long-term value creation standpoint, however, is our Thompson Pipeline system in the Bakken. This project is supported by a 225,000-acre dedication from a blue chip operator in the region. This pipeline will utilize the third and last remaining federal permit we have off of Lake Sakakawea in North Dakota. As many of you may recall, this has been a very lengthy permitting and business development effort, but I am very pleased we've been able to partner with a premier operator in the region to underwrite the development of the system, which should come online late summer of 2024. While the Permian clearly remains the largest portion of our business and the greatest area for additional opportunities, so far this year, we've already announced new projects and acquisitions in the Haynesville, Northeast, Rockies, and Bakken regions, in addition to the Permian. Additionally, these opportunities have encompassed a comprehensive range of Select's capabilities, including water recycling, pipeline distributions, gathering and disposal, water transfer, fluids handling, and solids waste management. Despite recent commodity price and activity volatility, we continue to experience increased demand for new infrastructure development opportunities across all basins, as water infrastructure constraints remain a significant challenge for our customers. I believe Select's operational and geographic diversity is one of our core strengths, providing us with an array of capital allocation prospects that allow us to make the best decisions to drive long-term shareholder value across a portfolio of opportunities. With a very strong backlog of additional greenfield, brownfield, and bolt-on infrastructure, systems, projects, and acquisitions, Select's water infrastructure segment is positioned to be one of the fastest-growing infrastructure franchises in the industry. Accordingly, we expect to see annual water infrastructure segment revenues grow by 30%-40% during 2024, with segment gross profits growing by 40%-50% year-over-year.... We expect about half the segment growth to come from M&A, and the remaining half to come from organic projects. With continued organic growth and other potential strategic efforts, I believe we could potentially see water infrastructure gross profits reach as high as 50% of our consolidated profitability on a standalone basis by the end of 2025. Similar to the growth in our production-weighted revenues, this would represent a significant achievement for a segment that represented a mere 7% of the company's profitability during our previous peak revenue year in 2018. While we maintain a high level of conviction around the continued growth opportunities in our water infrastructure segment, and the oil prices remain attractive at current levels for our customers, recent volatility in the natural gas prices and anticipated declines in our customers' budget on a year-over-year basis are likely to have impacts to the completions-weighted revenues within our water services and chemical technology segments. Though we believe we can continue to find opportunities to improve the margin profile of each segment on a year-over-year basis in 2024. Additionally, as we look for ways to further improve our margins and stabilize our cash flows, we will continue to evaluate our water services segment, in particular, for underperforming our non-strategic locations for potential consolidation during 2024, which, when combined with the modest declining macro activity outlook, will drive water service segment revenues down on a year-over-year basis. Our water services business remains critical to our overall success, as we must drive free cash flow and strong return on assets out of this segment. If there are yards or components of this segment that we determine cannot achieve these objectives, we will look to redeploy those personnel, resources, and capital into other regions or parts of our business that can. We expect our water services and chemical technology segments to generate more than 70%-80% of their gross profit into free cash flow, providing a very attractive source of capital funding for our water infrastructure growth initiatives. Accordingly, driven by the substantial continued growth in our water infrastructure segment over the course of 2024, we firmly anticipate growing our adjusted EBITDA on a year-over-year basis during 2024, and expect to pull through at least 40% of this adjusted EBITDA into free cash flow after accounting for all maintenance and growth CapEx, providing substantial optionality for additional strategic initiatives or incremental shareholder returns. We will remain attentive to every dollar of capital we deploy, and with this free cash flow, we will prioritize capital allocation to the most strategic areas of our business, especially where we have the most opportunity to grow our production-weighted and long-term contracted revenues, expand our proprietary application of automation, chemistry, or recycling technologies, and integrate full lifecycle water infrastructure and chemistry solutions around our existing water infrastructure asset base. I firmly believe in the infrastructure growth strategy we've undertaken recently, which I believe best positions Select to drive long-term shareholder value. And ultimately, I believe that Select remains uniquely positioned in a competitive energy landscape to advance the integration of water and chemical technology solutions with high margin, long-term contracted infrastructure. I am very excited about what the future holds for Select, and look forward to executing on this vision during 2024. At this point, I'll hand it over to Nick to speak about our financial results and 2024 outlook in a bit more detail. Nick? Thank you, John, and good morning, everyone. As John mentioned, 2023 marked a record year for Select across many annual financial metrics. These include $1.6 billion of revenue, $74.4 million of net income, $0.73 earnings per share, $258 million of adjusted EBITDA, and finally, $285 million of cash provided by operating activities. These record financial results enabled us to provide $87 million of total returns to shareholders over the course of the year, raise our quarterly dividend by 20%, and retire our outstanding debt balance, finishing the year in a strong net cash position and with $307 million of liquidity. Importantly, we achieved this success despite a steady headwind from declining levels of drilling and completions activity over the back half of the year. Select's ongoing transition to a more infrastructure-based, production-levered, full lifecycle water company has aligned our profitability and cash flow generation with critical secular growth drivers unique to our business. Increased water recycling by our customers, infrastructure networks that balance water supply and demand across customers and regions, and industry consolidation that demands high-quality partners with the size, scope, and networks to serve the largest operators,... all continue to benefit Select Water Solutions, even as activity levels have softened with recent commodity price volatility. While the more completions-levered water services and chemical technology segments were ultimately impacted by industry activity declines, the fourth quarter saw continued revenue and profitability gains in the water infrastructure segment. During Q4, the water infrastructure segment increased revenue by more than 4% to $60.8 million, and gross margins, which we customarily provide in terms of prior to depreciation and amortization, increased by over 300 basis points to 43%. The projects we announced yesterday exemplify our ability to add value to our existing infrastructure networks through steady incremental commercialization. We have a long history of unique access and usage agreements across many regions, which, in the case of the Thompson Pipeline, put us in an exclusive position to execute a new greenfield project backed by a long-term contract. For the recycling network expansions on both the Delaware and Midland sides of the Permian, our existing systems, comprising large acreage and multi-customer gathering, recycling, transmission, and disposal, create both optionality and additional contracting opportunities with new and existing infrastructure customers. These expanded networks will see enhanced utilization and water balancing capabilities that make the expansions highly accretive. And finally, even in gas basins like the Marcellus and Utica, long-term water gathering and disposal agreements from steady production sources remain an attractive growth option. In addition to these organic growth opportunities, we also announced three recent infrastructure acquisitions across multiple basins in January. These are not economically distressed entities similar to our previous acquisition wave, but rather discrete, underutilized, or highly contracted assets located within the footprint of two of our regional infrastructure networks. While the first quarter will see some expenses related to integration and standardization of these newly acquired assets, pushing the expected gross margin water infrastructure down slightly to 39%-42%, we expect revenues to move higher by mid-single-digit percentages. As we move through the year, we expect gross margins to resume their upward trajectory into the mid- to high 40s% as we connect these acquired assets to our network to boost utilization, bring on new projects like the ones announced yesterday, and continue to execute on our backlog of additional projects currently under discussion. We may also elect to move forward with additional acquisitions where we see discrete assets with the ability to provide accretive economics to our existing networks. As John mentioned, we believe an aspirational but achievable goal for this segment is to reach 50% of our overall corporate gross profit contribution by the end of 2025, underpinned by repeatable, predictable, high-margin revenue streams. The growing weight of these higher-margin revenue streams allows us to provide additional certainty around return of capital to shareholders. We returned nearly 10% of our current market cap in cash to shareholders in 2023 in the form of dividends, distributions, and buybacks. In the fourth quarter, we raised our quarterly dividend by 20% to $0.06 a share, while completing another $12 million of share buybacks. While we remain open to tactical buybacks from within cash flow and a strong balance sheet, in the near term, we are prioritizing execution on infrastructure projects and potential incremental asset bolt-ons as a use of capital, while we maintain our commitment to the recently increased regular dividend. To fund these investments alongside capital returns, our water services and chemical technology segments each provide strong cash flow at low capital intensity, returning 70%-80% of profits and cash flows after CapEx, as John noted. In the fourth quarter, the Water Services segment outperformed overall industry activity data, with revenues declining by 4% against a decline in completions activity of about 8% per the EIA, while margins increased by nearly 200 basis points with our cost management and margin enhancement efforts. With continued activity volatility and some operational consolidation underway, we expect a modest mid-single-digit percentage step back in first quarter revenue, with margins in the 19%-21% range, followed by additional margin improvement later in the year. Chemical Technologies revenue declined by a bit over 8% sequentially in Q4, relatively in line with activity levels, with margins down 6 points to 14%. The business was impacted by a bit over $2 million of legacy production chemicals inventory write-downs and year-end insurance adjustments, accounting for about 3 percentage points of the gross margin decline. Even so, the results here came in below our expectations for the fourth quarter, even after accounting for the items I referenced. We expect both revenue and margins to improve modestly for this segment in the first quarter due to certain key customer activity increases and cost realignments to match manufacturing throughput. While fourth quarter SG&A increased by $7.4 million to $46 million, the majority of this, or $6.2 million, related to higher transaction and rebranding costs in the fourth quarter relative to the third. We expect SG&A to decline to the low $40 million range in the first quarter as our rebranding initiative winds down, though transaction costs related to our recent acquisitions will remain. Altogether, for the first quarter of 2024, we expect consolidated Adjusted EBITDA of $52 million-$56 million as customer activity and operational consolidation activities impact our water services segment and short-term integration related costs from our new acquisitions affect the quarter as well. However, driven by the substantial continued growth in our water infrastructure segment over the course of 2024 and anticipated margin improvement in our services and chemical segments,... We firmly anticipate growing our Adjusted EBITDA on a year-over-year basis during 2024. The fourth quarter also saw multiple sizable tax-related impacts. Select's growing and sustained profitability in recent years has triggered an assessment that our long-standing net operating loss carryforwards, covered by our tax receivable agreements, or TRA, is likely to provide a benefit to the company under reasonably evaluated forward-looking projections in the next few years. Currently, we have recognized a deferred tax asset related to future tax savings and a TRA liability into our quarterly and annual financial statements. These adjustments reflect forward-looking assessments informed by independent third-party advisors and may change as time progresses and company financial performance and capital spending evolves. They also may be impacted by changes to the U.S. tax code. I encourage all listeners to review our 2022 annual 10-K financial report, found on our website, as well as our 2023 10-K, which should be made available this week, to understand our tax attributes and the TRA in greater detail. Our fourth quarter net income of $27.6 million was positively benefited by a $61.9 million release of a valuation allowance associated with deferred tax assets, partially offset by tax receivable agreements expense of $38.2 million. While we anticipate cash tax payments in 2024 to be a relatively modest $4 million-$6 million, including state taxes, our book tax expense percentage applied to pre-tax operating income is likely to increase to the low 20% range. From an accounting perspective, this forecasted tax expense would primarily impact existing deferred tax assets in 2024, prior to becoming a cash outlay in future years. Depreciation and amortization, I expect, will continue in the mid- to high $30 million range quarterly, modestly increased from recent acquisitions and organic infrastructure development. Quarterly interest expense should increase to $2 million-$3 million per quarter as we employ our sustainability-linked lending facility to execute our recent acquisitions. This facility provides an attractive cost of capital for us, and we will continue to see the interest rate reduction benefits of outperforming our sustainability KPIs for water recycling and employee safety targets for the second consecutive year since the facility's initiation. With fourth quarter net CapEx of $28 million, we finished the year at $118 million, just below our previous guidance of $120 million-$130 million. We are entering 2024 with a healthy ongoing project backlog and additional development opportunities related to the recent acquisitions and expect $140 million-$160 million of net CapEx in 2024. We anticipate $50 million-$60 million of this CapEx going towards ongoing maintenance and about $15 million going towards margin improvement initiatives. The remaining largest component of this overall spend is for growth CapEx, which is heavily weighted towards infrastructure growth projects. Additionally, we anticipate generating $10 million-$20 million of proceeds from asset sales to net against this gross CapEx spend during the year in 2024. As we've outlined, we expect to exceed our 2023 adjusted EBITDA in 2024 and convert more than 40% of those dollars into free cash flow from operations after CapEx. As we move forward with our vision of growing long-lived, high-return water infrastructure and shareholder value in 2024, I'd like to conclude with a couple of our accomplished financial goals from 2023. We reduced our accounts receivable balances over the course of the year by over $110 million, or $170 million from the end of Q1, and ended the year not just debt-free, but with $57 million of cash on hand. During 2023, we converted nearly two-thirds of our Adjusted EBITDA into Free Cash Flow to the bottom line, while investing the dollars needed to grow water and infrastructure profitability by over 160% year-on-year. This success is due to sustained, dedicated performance across many Select teams, both support and operations, to integrate and realize value from our investments and translate that value to dollars in the door. I'd like to thank them for their hard work, and with that, open it up to questions. Operator? Thank you. Ladies and gentlemen, at this time, we will be conducting a question-and-answer session. If you'd like to ask a question, you may press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. Our first question comes from the line of Jim Rollyson with Raymond James. Please proceed with your question. Guys, certainly a great year from a free cash flow and capital return perspective. John, on your comments, when I look at water infrastructure, which is clearly the growth driver here, with a lot of outlook for incremental capital projects, that's all backed by contract. You're kind of talking about, you know, mid-single-digit growth in the first quarter for revenues, but 30%-40% growth for the full year. Can you maybe just kind of lay out the timeline of how, you know, the combination of M&A that you recently completed, plus growth projects, you know, how that kind of drives revenues throughout the course of the year? Just trying to think about how we step up from modest growth in Q1 to getting to the 30%-40% for the full year. Yeah. So, Jim, it's a combination. You know, some of these M&A things that we've done or assets that are being utilized and are- are performing well within the guidance that we're applying here and has an effect. Some of the M&A or assets that once they're in our system, they will provide that kind of margin improvement and stability as well. But we have to, you know, lay pipe to hook them up or to make them part of the system, if you will. If you just look at our general, you know, organic application, it's all gonna be from 4 months to 8 months, the time you, you know, approve the AFE, get the right to start building the facility, laying the pipe, and then, you know, bringing that system online, and then getting the utilization fully up to speed. So it's gonna be a progression across the whole year to get the margin improvement that we're looking for. But we think shorter period, we think that we can get that up in the 40%-45%, and head it toward our goal of 50% as we walk through this period of development and interconnection. But I'm gonna let Michael speak on it a little bit too, Jim, to make sure he is direct with me on the operational side of the company. Yeah. Thank you, John. So Jim, as an example, the Thompson Pipeline that we announced, you know, that's not gonna contribute in the first half of this year, but we do expect it to be a meaningful contributor in the back half of the year. And that's not to say that's the difference, but that's just an example, 'cause we have a number of other projects that we're, you know, working on and expect to come to fruition that we think would be contributing in the back half of the year as well. So it's really just kind of a steady ramp as we integrate the assets we've acquired. We increase the utilization and expand upon the assets we acquired, and then we're successful in executing the construction projects that we've already announced, as well as some that we hope to announce in future quarters. Got it. So it sounds like it's a pretty ratable step up throughout the course of the year as that stuff hits. And with all the new kind of project announcements, that it's kind of an ongoing growth story from that perspective, I presume the contracting strategy that you guys have had for some time on payback periods is still in place as you talk about things like the Thompson Pipeline project and, you know, the Delaware Basin Recycling Project, et cetera. That kind of contracting strategy and implied margin and payback period embedded there is still something we should expect? That's correct. It's the same, it's the same investment thesis we've had. You know, all of the projects we're bringing on are accretive from a margin standpoint. And, and you're seeing us kind of, you know, bounce around our footprint, 'cause we, we really have asset optionality between recycling and distribution, and gathering and disposal. We've got geographic, you know, geographic diversification across our footprint. So we're really looking for, you know, the right project, the right investment, the right strategic fit, and, and we'll do it organically or inorganically. And so it's, it's really trying to make sure that we have the right solution across a pretty wide arrangement of investment opportunities. And, Jim, I'd add that on an expansion opportunity, those are even more accretive. So you have the Thompson Greenfield, large dollars, great margin, living within those contracting guidelines we set. But when we talk about the Midland Basin expansion, the Delaware Basin network expansion, those are very quick paybacks because you have a smaller capital outlay, but, higher utilization on the system from that. Right. And then just one last question. Nick, last year, you obviously got a lot of benefit from getting your working capital efficiency kind of down to where you wanted and certainly contributed a lot to the free cash flow. Maybe as you switch into 2024, I think you mentioned in the press release, you know, you won't get those same incremental working capital benefits. So, you know, how are you thinking about free cash flow in absolute or maybe relative to your 2023 levels? I know you gave the 40% flow through from EBITDA, but you didn't give us full year EBITDA. So I'm just kind of trying to understand how you're thinking about year-over-year free cash flow. Good observation, Jim. So, certainly cash flow and returns to shareholders are a core priority to us. Did not give the full-year EBITDA guidance, but I think from that trajectory, you can assume that we are indicating a higher Adjusted EBITDA through the quarters, and that's backed by the infrastructure projects that we listed, as well as Michael said, the ones that are currently on discussion, and the incremental investments we're making in the acquisitions that take those assets we've acquired at a very reasonable prices, and then boost the utilization through connecting them to our network. So, correct, we don't have the same working capital opportunity this year. That's a positive reflection on the overall health and efficiency of the company. But we do see continued opportunity to generate substantial free cash flow. With our strong balance sheet, we'll have multiple options to not just invest that free cash flow in highly accretive infrastructure, long-lived, contracted investments there, but also continue our legacy of nearly $90 million in 2023 of shareholder returns through regular dividend and through tactical share buybacks. So, that's all on the table, and we'll continue progressing that. Got it. Thanks for entertaining my questions, guys. Thanks, Jim. Thank you, Jim. ... Our next question comes from the line of Tom Curran with Seaport Research Partners. Please proceed with your question. Good morning, guys. Dollars in the door, indeed. A few questions on your water infrastructure operation in the Bakken. Is the anchor tenant behind this contracted build-out of the Thompson branch a historical user of either of the other pipelines, so Charleston or Iverson Branch? And then, would you expect any of the customers on that Bakken sourcing and pre-frac water transfer network to lead to produced water handling or recycling opportunities in the Bakken? And just, you know, where are you at in the Bakken in general, on the produced water handling and recycling side in terms of opportunities? Sure, Tom, this is Michael. I'll take the first cut at it. So very astute question. You're showing your tenure with the company by this question. The short answer is yes. The customer that we're contracting that's gonna underwrite the Thompson for us, is one of the legacy customers under our Charleston system and is a long-term relationship for us in North Dakota. You know, we're excited about the opportunity. It's been in the works for a very long time. It's the right solution for them. It's gonna allow them to unlock a lot of the acreage north of the river or the lake. And we're gonna be able to provide the water and provide the water transfer. So it's an infrastructure service solution that we're excited about. And we think that we'll have the opportunity to continue to expand it beyond, you know, that anchor tenant. In terms of the second question around produced water, you know, North Dakota, as I think we've talked in the past, is one of the more challenging basins to migrate towards produced water. Part of it is the constituents of the flowback and produced water. Part of it is state regulations on transferring that water. But we do expect to see produced water reuse occur in North Dakota like we're seeing, frankly, in every other basin. And I think despite this, you know, contracted position, we are well positioned to serve our customers there, just like we're doing everywhere else. So it—I would still say it's an opportunity for us to help these customers on those in North Dakota. Got it. And then, Michael, I'll stick with you for my second one as well. A bit of a step out here to a longer-term topic. But, you know, on the topic of surface water discharge, staying to rivers and creeks and potential beneficial reuse, such as for agriculture, you know, the states of Colorado, New Mexico, and Texas have each formed a produced water consortium to study where the science and technology are at, and consider whether it's become sufficiently viable to propose regulatory changes, you know, as the time has started to arrive. I know that Select has been involved in several aspects of this R&D, including, you know, multiple smaller scale pilot projects. Would you just update us on, you know, when and where you might see the first meaningful commercial opportunities related to surface water discharge and/or beneficial reuse? And then, what Select is currently focused on to help the industry reach the point at which that necessary level of treatment and filtration can be done economically in its scale? No, great, great question, Tom. So we're aware of all the organizations and consortiums that you mentioned. We're active members in all of them. We have a very strong and seasoned technical team that's participating in those commissions to try to make sure that, you know, Select and the industry arrives at the right spot. You know, we've got an R&D team that's invested $ millions over the last, you know, couple of years to try to make sure that we're aware of the leading solutions in the market and working to drive the cost down. It really has not been a technical issue, it's been a cost issue and a reliability issue. So we've been working hard to try to bring the capital costs as well as the operating costs down to something that, that might not necessarily compete with disposal, but provides a certainty. And so if you think about an insurance premium on top of disposal, it could be viewed as somewhat economic. We're working with a number of operators on that. We, we haven't done many press releases, and I, I don't think you will because it, it still is kind of in the R&D phase for us. But we're, we're, you know, very active. We're a participant. I think we'll be, you know, one of the leaders in the space that, that brings the solutions to, to the market. We're looking at, you know, multiple, and there's, there's really three technologies that people believe are viable, and we're, we're participating in studies in all three. In terms of your, your last question, where we will see that first? I, I still think it'll be the Permian Basin. That's where you have the largest amount of produced water coming out per barrel of oil. You've got the most benches. You know, as of recently, you've had the most induced seismicity. And so for a number of reasons, and, and from an economic standpoint, it's gonna be one of the most competitive areas. So from a number of reasons, I think that's gonna be where you'll see the majority of the pilots, and they will be a first mover to this solution, much like they were a first mover around produced water reuse. Very helpful, thorough answer, Michael. Thank you. I'll, I'll turn it back. Our next question comes from the line of Jeff Robertson with Water Tower Research. Please proceed with your question. Thank you. Good morning. John, you talked about the notion that Select's business will transition over time to more and more long-term revenue backed by contracts. Can you talk about how the system integrations that you all have in various producing basins really underpin that idea of being able to help operators balance their supply-demand needs? Sure. You know, the way I think about it and where the value is really driven toward the sustainability or reduced cost to the operator, is when it becomes a system with optionality. So, you know, a system of gathering large quantities with effective choice of where that volume could be driven to, whether it's disposal, recycle, out of basin, you know, movement across other asset bases, it becomes part of the system. And when it does, it really brings in a real value to either lease operating expense or through, you know, authority for expenditure on the drilling completion side of the business on it. So that's the way that we really have been able to come up with these ideas, opportunities, conversations that turn into contracts, as we've taken all these assets out of these different transactions and started building systems out of them with real value add or choices to be made with that volume of water. Maybe just to expand on that, Jeff, a little bit. I mean, we really like the infrastructure, the contracted cash flow, the production-related cash flow from infrastructures. That's why it's been a strategic initiative of ours to grow that. We like the ability to provide that along with the service, to provide the full solution. So it's an infrastructure service solution. And we've had a really strong service business historically, but as John mentioned, you know, here a few minutes ago, at our previous revenue peak, infrastructure was 7% of gross profit. And this year, we expect infrastructure chemicals to be north of 50% and infrastructure alone to be 50%. So we're really looking to expand that. And then once we have that built out, it'll just provide the optionality that Nick spoke to earlier, as well as the ability for us to have kind of contracted and uncontracted volumes flowing through our system. So that's really the archetype of what we're working on. Michael, does the- What's that, Jeff? Sorry. I was gonna say, does the pricing volatility, you know, you mentioned pricing volatility and obviously affecting operator budgets. But does pricing volatility and consolidation, is it having an impact on the type of conversations Select has with its customers over the duration of contracts or how contracts are structured? Not necessarily. I don't think that's the case. I mean, there, there are implications for consolidations, for sure. You know, we're-- if you look at our customer base, we, we work for everyone, but we have a bias towards the larger operators. And so consolidation is something that, that, you know, we certainly welcome because we, we believe scale seeks out scale. And a lot of times, the larger operators are ones that are really looking ahead, kind of at a long-term solution. And so it allows us to have a very productive conversation around, you know, an expansive or extensive economic or asset expansion, excuse me, or an existing or expansion of our existing assets. And when we do that, we obviously need a, a partner to underwrite it. So, we're having those conversations. I think with more consolidation, there will be more of those to be had. Yeah, Jeff, one, one thing that I'd add to, to Michael's, I mean, there is consolidation, there is movement. We're all watching it. We're feeling it. But what we're very focused on is how we can do something that'll bring value. And when we bring value, we want to make sure that we share in that value properly. We, we believe there's value in these systems, and we prove that and continue to find opportunity to prove it. And we also bring there, we believe there's real value in being able to bring, pull those services through that contract, just like Michael talked about in, you know, the system we're putting on the north side of Lake Sakakawea. Water transfer will be part of that overall solution, which is a value to that acreage and that customer. Thanks. The last question—you just on some of the Adjusted EBITDA outlook for 2024 that you mentioned, does that outlook only include the 3 acquisitions you announced in the first quarter, or are you factoring in the expectation of other acquisitions in how you're talking about 2024 Adjusted EBITDA? No, Jeff, that's purely the acquisitions we've made, and then the projects we've given here. Now, in our overall growth CapEx for water infrastructure, we have a number of projects under discussion. If they all come to fruition, that CapEx number would move higher. If none of them do, then that would move lower. Certainly don't expect either of those outcomes there. But we do anticipate that a number of conversions of new infrastructure projects that we look forward to announcing in the next few quarters, and most of those that are announced over the next quarter or two will have some impact in 2024. Thank you. Our next question comes from the line of John Daniel with Daniel Energy Partners. Please proceed with your question. Can you hear me okay? Hey, John. Just one question. I'm curious if you're starting to see any signs of distressed opportunities from a consolidation perspective, particularly in places like the Haynesville? Yeah, this is John. This, you know, I would say there's the acquisitions and the opportunities have ingredients in them in various ways. But, you know, the downturn or the activity traction that we're seeing right now has definitely had a positive effect on those conversations, Yeah ... as we go forward. But we'd also tell you that a lot of these assets that you're watching us do, they really fit into our system extremely well, and their value is either getting diluted by these systems or their value could be enhanced, but they got to be part of the system, and that's driving these conversations as well, John. Okay. That's all I had. Thank you for including me. Hey, bud. There are no further questions at this time. I'd like to hand the call back to John Schmitz for closing remarks. Yeah. Thanks to everyone for joining the call and your interest in learning more about Select Water Solutions. I look forward to speaking with you again next quarter. Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.