Hey, everybody. First of all, I'm going to introduce myself. I'm John Schmitz. I'm the Chairman, Chief Executive Officer, and I was the founder of the company, Select Water Solutions. It's a publicly traded company on the New York Stock Exchange. See if we run this properly. Can y'all advance to the next page? Next. Being public, the disclaimer statement, I'm going to discuss the company as it is today. We actually had an announcement this morning. We had an announcement in our quarter a couple of weeks ago. But as we know it today is what I'm going to discuss with you. Could be different tomorrow. That's the disclaimer to the public. Next page, please. Yeah, a little bit about Select. We founded the company in January of 2007. It has always been around a water solutions company to the oil and gas industry. That has evolved, especially with horizontal technology and then the amount of water the industry is using to complete wells as well as the amount of water that is being produced as we produce these oil and gas reserves. This water is life-of-well water. It's sizable. Upper Delaware water now is 6 bbl of water to 1 bbl of oil. So that 2,000 bbl oil well is a 12,000 bbl water well as we think of it. And we really have transitioned alongside the industry as we went forward. The three segments we report on under the highest growth one is the Water Infrastructure business. That is a contracted business. That's life of well because it's the produced water that comes out with the oil and gas. It is the fastest growing segment that we have, but also the industry. It is very much in transition. This company introduced the first recycling application in the Permian Basin, and these are contracted high gross margin sectors for us as we put this capital to work. The second one is Water Services. That's where we really started at. This is a completion service-oriented segment for us. As you complete the well, you use large quantities of water. We provide the mechanism to get that water to the well site, to the frac crew, and frac the well. The third segment is our Chemical Technologies segment. We have technology that we use chemistry to treat water to make it usable to frac with, and then we use chemistry actually with the water to frac the well. And that's how we report under the three segments. You'll go to the next slide, please. This is a very illustrated position of what Water Infrastructure looks like, especially in the Recycle First application. So we introduced Recycle First about six years ago in the Permian, north of Midland, Texas. It was a fixed facility with large containment that took produced water. Instead of disposing of that produced water, it treated the water and made it usable to frac with. This segment continues to grow. It's where all our capital has went in the last six years. The other two segments actually are really high free cash flow conversions, and we used a lot of that profit to invest in this segment. So you can see the growth in Water Infrastructure and the gross margin enhancement that it's bringing to the company. The volumes continue to increase. We're up to about 1.5 MM bbl of produced water that we're managing daily now. The Chemical Technologies, again, when you're using produced recycled water to frac with and you're not using fresh water, you're starting to put chemistry that's specialized chemistry instead of commoditized chemistry. We have a chemical plant in Big Spring, Texas, that we batch up chemistry matched to that water that's been recycled and needs to be reused to complete the well. The EBITDA growth of the company, our quarter that we just announced and had our earnings call around was $93 million. That's a high point for the company. We guided to a stronger quarter in the coming quarter, and then we've announced a project with the quarter, and then we had one this morning that we announced. It's a big project contracted. There's a lot of growth behind these numbers that's still coming as we build these systems out, lay new pipelines, build new plants, and hook up more disposal. We're definitely on track to hit what we guided to as far as the Water Infrastructure growth. We'll get to the slide, but really, we pulled 2027 into 2026. We're where we thought we would be and where we guided to for next year. We've added a considerable amount of backlog now since that point in time. Next slide, please. The company, again, came from water completions. It's really the left side of the page. We sourced water back when the industry was using fresh water. We were the largest fresh water source across the U.S. for frac purposes. We move it, we contain it, we treat it, and we deliver it into the frac horsepower. We deliver our chemistry with it into the frac horsepower. But we introduced about six years ago, really the right side of the page, which is Recycle First, dispose second. So we build recycling facilities, repurpose that water to the upside, and bring it back to the front of the frac job and complete new wells with recycled produced water. We do dispose of water. There's more water produced than water needed to frac with. So there is still a need to dispose. But whereas the industry was disposing only before, six years ago, we introduced this concept of repurposing the water, recycling it, completing new wells with it. But still, there is a need for disposal. You'll see on the top right-hand side of the page, beneficial reuse. So we put in large quantities of recycle facilities with large quantities of storage. This water is treated to get ready to frac with it again. But we now have actually treating the water on pilot program. We did it last summer with a large E&P partner. We actually grew crops with it. So we're trying to take it to the next step of repurposing a portion of the water instead of disposing of it, to either use it in industrial uses or agriculture uses, instead of disposing of it. Next page, please. This is our journey. As I said, I started the company in 2007. It was always a call-out service business around completion activity in the Lower 48. But we really started to try to transition the company in 2019. Logically, 2020 gave us what the COVID gave us all, and it really ramped up in coming out of COVID, out of the pandemic, and started hitting its strides in 2023. It has really transitioned the company from a heavily weighted 80% call-out service business that is 22%-23% gross margins all the way over to, it says future states, but if you look at the numbers I will show you, our quarter just hit those numbers. This company is now heavily weighted to Water Infrastructure, fully contracted. That gross margin went from the low to mid-20s up to 50%-60% gross margins. It is contracted in its life well because it is the produced water that comes out with the oil and gas. That is the road that we have now traveled. Next page, please. The road keeps getting bigger, really in the Upper Delaware, where I will show you our really number one asset within the company. Water Infrastructure revenue continues to grow. Gross profits continue to enhance themselves. Produced water recycle volumes, how much we can repurpose to reuse, and then the disposal volumes, that is the excess water, continue to grow as well. So, a good growth profile to the business model. Next page, please. This is the size of the catch, if you will. So in that we go across all the U.S. We are in all the major unconventional bases. We have now recycling capacity of about 2.8 MM bpd. We have mobile capacity about 500,000 bpd. We have 118 different disposal sites across the U.S., over 1,000 mi of pipe. Our storage capacity, which is a really important piece of it because you are always solving for water long and water shorts. Some customers could be long water, and they are disposing of that water right now. If they take that water to a recycling company, they can take that water to recycle at about a 30% discount than it is going to cost them to dispose of it. Then you have the other side of that equation, which who is short water, who is completing wells, who needs water. If they get that water from a recycling facility, it is probably going to be way more logistically correct, but most importantly, it is about 30% cheaper than if they source a bbl that is not recycled. So that storage capacity and swing is very important. Our contracts are underwritten with dedication. We do not build projects unless we have a dedicated contract. Usually, we try to get a four-year cash on cash. We use about 50% of the capacity of the plant or the pipe, and then we try to commercialize the other one to improve our payback. Again, that is about a 50%-60% gross margin segment for us. We now have about 2.5 million acres across the U.S. under dedication. If you look at the core asset that I will show you is the Northern Delaware asset. About 1.7 million of that 2.8 million in it, about 400 mi of the pipe is in it, about 1.5 million of the dedication acreage, which is very important in the 29 MM bbl of storage that I described as abilities to actually balance water across the needs of the customers. Next page. Why the Upper Delaware? One, as the U.S. and the shale plays have been developed and continue to produce, but on a depleted basis. A lot of the depletion in the barrels are water ratios that are 1 bbl of water: 1 bbl of oil or 3 bbl of water: 1 bbl of oil. Upper Delaware, which you can see on the left side of the upper right-hand chart, is where all the sticks of undrilled acreage is. That acreage is 6 bbl of water: 1 bbl of oil. In a way, even if you went into a decline in oil, water is still going to continue to grow. We also believe the Upper Delaware acreage, Eddy and Lea County, New Mexico, where those sticks are, our undrilled inventory is some of the best economics in the U.S. as far as return on capital for drilling and completing these wells. It is a growing problem because it is 6 bbl:1 bbl. It is where the inventory is. It is where the drilling rigs are running. The opportunity or the solution needed fits us really well, and our position that we put together in the Upper Delaware is kind of unique. Next page, please. This is the problem. The dark blue and the light blue is disposal capacity and recycling capacity in the Upper Delaware. The green line is the water volumes. Right now, the delta is getting solved by moving water primarily into Texas. You read a lot about seismicity on the New Mexico-Texas state line. That is that wall of water that continues to try to find a home and a solution to it. We believe that our network and our concept of business being Recycle First is a very big solution to the producers to solving what is a pretty big water problem as they drill that acreage and develop those assets. Next slide, please. We think recycling is an economic benefit on both sides, whether you are drilling, more important to the completion cycle, where you need large quantities of water. Using a produced recycle barrel is about a 30% enhancement to their AFE cost. If you are disposing or just producing the well, you can Recycle First, dispose second, at about a 30% discount as well. We think it is really important because we bring both sides, so you can extend the economic life of the well, lower the lease operating expense, at the same time, have an effect to the positive of their cost to drill and complete the well. Next slide, please. This is Eddy and Lea County, New Mexico. The lower, darker black line is the state line of New Mexico and Texas. That is our system. We have a very unique system. The industry really built itself on laying large gathering and disposal. This is a dual line system that water balances. It collects water in large quantities. It can manage recycling storage and distribute that water back out to another piece of pipe in the same ditch to get it back to be able to use it for the completion. This is the only dual system that was put in place because the industry evolved to this. We introduced it about six years ago. There are 20+ recycling facilities across the Permian. This is our map in the New Mexico position that we put together. This is the dedicated of the 1.5 million. I will point out that this morning we had a release that is a large quantity of acres that went from our ROFR acres into our dedication. It extended the life of one of our best customers by 12 years under contract. It gave us another 800,000 acres in the dedication ROFR program that we have. It also gave us opportunity to take disposal capacity out of these customers. The one that we announced during our quarter, they actually conveyed 14 of their disposal wells to us as part of the negotiation. The reason they are doing that is we started recycling from them six years ago, and we have made it where they do not need as much disposal capacity, so it is underutilized asset. They can contribute it to us as part of the negotiations. We put it in our network. We can fill it back up and use it and make money out of it. It is a very good testament of how valuable the system or the business model is to the oil and gas companies. Next page, please. This is how it evolved. You can see this is Eddy and Lea County. Our first system was actually a freshwater system right down the county line. We converted that into a produced water system. We started introducing dual systems, laying two pipes in one ditch. Then I showed you the map of the current state. It does show you the relationship to Texas. If you Recycle First, but you still have capacity that needs to be dealt with on the disposal side, then out-of-basin disposal comes into an important application of it, or alternative disposal like evaporation or beneficial reuse. The network connectivity and the large quantities of storage, and then they already treat it to make it usable to frac, which takes about half the OpEx out of it, gives you real opportunity to deal with the water across multiple locations in multiple states. Next page, please. The contracted nature and the cash flow. The company always had really good free cash flow conversion in its Water Services and Chemical Technologies. That is a 70%-80% free cash flow conversion. We used that cash to really put it in infrastructure. We have invested a lot of dollars to build that position in New Mexico. But with it, we got dedication, we got life of well, we got high gross margins. So we really think we got something that is very unique. It does take a lot of capital, and we put a lot of capital into Eddy and Lea County. Most all of our capital that we have announced has went into them two counties and into this development. We also would point out that when we get these contracts, we do not build anything spec. We get a contract. It uses about 50%. It is a 50%-60% gross margins business off of the contracted volumes only. Then we try to build the network where we can commercialize the rest of the opportunity and bring down that payback and extend the life of the asset base. Next page, please. This is an important slide to us because Recycle First was my description of our business thesis. But inside of Water Infrastructure, we have four segments that we do. Disposal, the recycling plants that we have. We manage water and solids, so we have surface facilities that separate solids from waters, extract residual oil, get water in a manner that you can dispose of it, and the solids go to landfills that we own. It's a growing business for us, and it also is that 50%- 60% gross margins, up to 70%. Then we have the pipelines to move the water from what area to another, balance storage, and that business, in total, is a 50%- 60% gross margins business. Next page, please. The future state, we'll get to it, but Chemical Technologies and Water Services is low to mid-20s percent gross margins. The capital and the growth is coming in the Water Infrastructure. So the gross margins across the whole company keeps pulling itself up, because that's where our capital and our growth is. We are seeing the gross margins improve by meaningful positions. We actually expect that we can get this company, as we build out the new projects in the backlog or convert some of the backlog to new contracts, that we could create a company that looks like a 35% EBITDA type company, contracted. Next slide. The right bar, it says future state, and as I said, we kind of pulled 2027 up into 2026. We just announced a $93 million quarter. We got it to something greater than that in the next quarter. This chart shows you the things that we have under contract or that we announced, and now that we've even converted more capital opportunity and earnings power growth. So we're at the future state today, and we've still got a couple of hundred million dollars plus going in the ground that's not contributing yet today. Then we just announced another two. That brings that up to another $160 million. So there is room to grow, and we are hitting these numbers today. Next page, please. We've learned a little bit about it as we continue to Recycle First and build out our business thesis. One of it is when you recycle water and you treat it, you get it into a state that you can extract minerals out of it. So we announced three contracts with three different companies where they use their capital, put their plant next to our recycling facility, our disposal capacity. They extract lithium out of the water. They pay us a royalty on that lithium. We've actually got our first royalty check. Then they hand the water back to us to continue our process. This one is in Joaquin, Texas. It's in the Haynesville. That system we have in the Haynesville is the biggest system down there, and it was with Mariana Minerals. We did one with Liberty Stream. The second one, that's in Big Spring, Texas. It's right there with one of our recycling facilities. It actually was our first royalty check. Then we just announced one up in Oklahoma, where we're going to take a company that has been extracting iodine out of produced water for many, many years. It's a 100-year-old Japanese company, but they've been taking iodine out of water in Oklahoma for almost 50 years now, and we announced a deal with them. So as we concentrate the water, we're trying to figure out, is it beneficial reuse? What's the best application? To use it for fracking purpose, or what can we get out of the water and make a profit out of it? Next page, please. This is the first beneficial reuse pilot project. When I call it pilot, there is not a long-term permit, high volume that has been given out by This one is in the state of Texas. There are not standards in which you can get a permit for any length of time in large quantities that tells you what quality you have got to get the water back to before you reintroduce it into the environment. We grew crops with this one. It was with one of the big majors. It was actually next to our first recycling facility that we put in six years ago, right north of Midland, Texas. Next page, please. We work for primarily the oil and gas operators. That is who we bring the value to, that is who we partner with, that is who we sign the contracts with. You will see there could be a frac horsepower company on there. We sell chemistry into the frac horsepower, so Patterson-UTI or Halliburton or somebody could buy our chemistry. Primarily our business is contracted through the operators or the upstream players in the Lower 48. We think that size likes size. As I said, we are the biggest recycling company, really the only dual-line network that has been developed. Our contracts are with the likes of large integrated public as well as large public independents, and we do a lot of business within private companies as well, but good quality balance sheets as customers. Next please. Our balance sheet is unique in the industry as far as where we are with our competitors, our peers. We are less than a turn of debt. We did sell some stock into the market in the last six months or so, well received. It is the first time there has any stock been issued since we took the company public in April of 2017. It was primarily because of that front-end investment this year. So that $200 million-$250 million that is going in the ground in capital in Eddy and Lea County was front-end loaded the first six months, and we thought it was the proper thing to do. But the balance sheet is in really good shape. Liquidity is in good shape. Next page. We do have a regular base dividend. We did some share buybacks. Most of the share buybacks, it got really active when the banking crisis happened out on the West Coast. When the stock market got really hit, we took advantage of it and bought some of our stock back. But we have bought stock back in fairly large quantities. But we do believe that as we continue to ramp up repeatable, predictable life of well type revenue that is contracted, that it will be a company that will grow its dividend over time. Next page. Just in summary, we have got a lot of running room in our Water Infrastructure oil and gas platform. We think of ourself as a free cash flow. Our maintenance CapEx, if we were not spending money on the growth side of the business, is about a $50 million-$60 million maintenance capital. So it is a really good growth vehicle that does create cash flows. It has got a strong balance sheet. And we believe we have got characteristics of how you find water, how you move it, how you store it, how you treat it, how you deliver it. We love waste streams and conversion to usable streams, and we do that for the oil and gas. We think we can take it into other industries and the municipality as well. I thank you all, appreciate it very much.