Yellow at five, red at two or one. Okay, we'll go ahead and get started. Dave Mossberg with Three Part Advisors. Next company is Select Water. This is a really good example of how we curate a list of presenting companies. We literally go out all over the country and go visit companies where they're headquartered, and we met Select Water, I guess, maybe three, four years ago now. They've been doing our conferences, and it's been a great example of a name that when they started with us, I don't want to do the exact number, but it's been a multiple bagger for us, and I still think there's a lot more opportunity for growth in this stock and the valuation. The company's done a great job of creating value for shareholders. I'll turn it over to them. Thank you. Thanks, Dave. Appreciate everybody joining today. Select Water Solutions, obviously, quick disclaimer. Who Select is, we are a fully integrated water management and chemical solutions provider, primarily serving the oil and gas and traditional energy industries. We operate the business across three primary segments. These segments are all integrated in certain capacities, but the largest of them today from a gross profit contribution basis is our Water Infrastructure segment. This has been the fastest-growing for us and the area of the business that's getting the most capital investment, and we'll get into that a bit more, but it's approximately half of the overall gross profit contribution of the business today. Water Services, this is the foundation of what we ultimately built the company on, starting about 15 years ago. I've been with the company about 14 years and have been through the bulk of that strategic growth and how we built the platform on a services basis, talking about temporary logistical solutions, managing water resources, heavily weighted to delivering water to the frac horsepower for well completion activities in oil and gas. Then our Chemical Technologies business. We're a manufacturing company of our own proprietary chemistry. We got a large plant in West Texas, a large plant in East Texas. We're in basin manufacturers, providing chemistry for both the water treatment application of what we do, as well as the chemicals that go into the frac fluid system to complete oil and gas wells. That's about 15% of the gross profit. We're off to a great start this year. We came into the year obviously expecting a different macro environment than we sit in today, so it's been good to have the macro tailwinds of the oil markets. Even absent that, we were set for good, solid growth on a year-over-year basis, heavily weighted to that Water Infrastructure side of the business. We started the year targeting 20+% growth for that segment. We've increased that growth guidance to 25%-30% growth on a year-over-year basis for the Water Infrastructure segment, and we've had a great start to the year, outperforming across each of the segments in the first quarter. This is meant to really reflect how all three components of the business integrate around full lifecycle water management across oil and gas development. This is the full application of a well's lifecycle, both the completion side of sourcing, procuring, storing, treating, and delivering water to the well site for well completions, and then the full lifecycle management of the wastewater that is produced alongside the hydrocarbon. Every barrel of oil that's produced naturally occurring out of the reservoir, water comes with that oil production, and that's the produced water that we manage historically as a waste stream. Now, more importantly, we have been the first company to really build a recycling strategy to reuse that water efficiently for new oil and gas well development. We put the first commercially permitted recycling facility in place back in 2019. We've got 20 of them, and we've really built scale on a recycling-oriented solution to create a fully integrated lifecycle to reuse that produced water to the extent that barrel's not needed for new activity. We also have a large disposal footprint to manage that, as well as integrated solids waste management landfill solutions for that as well. This is really representative of the transition of the business over the last few years. As I said, we built the company on a service-oriented strategy. Going back to 2018, Water Services was 80% of the business. We were heavily weighted to the well completion side of activity in the industry. We had a well site services segment providing more diversified oil field service offerings. We divested of those in 2019. Coming out of the pandemic, we had a debt-free balance sheet. We were quite acquisitive, buying assets out of distress. We added a number of disposal assets into the portfolio across every major U.S. basin at effectively below replacement cost. That gave us the first foothold on really scaled disposal solutions, and then we layered on top of that the recycling growth and the fixed infrastructure required to manage that recycling strategy as well. You see now where we're at in the first quarter with about half the gross profit coming from infrastructure like we talked about. Ultimately, over the next 12 to 24 months, we see that continue. That growth that I talked about this year, we've got capital projects that are coming online in the second quarter and the third quarter, and we've got a backlog of opportunities that we think will provide additional opportunity looking well into 2027 as well. We think that we're looking to have that segment north of 60%, pushing towards two-thirds of the gross profit of the business over the next 24 months. There's a number of things as to why this is important to us. One, Water Infrastructure is higher gross margin, so that segment generally operates at a 50%-60% gross margin profile for us. We're underwriting these projects with contracts, and we'll get into that a little bit more. That 50%-60% gross margin is compared to the Water Services side of the business, which generally operates in the 20%-25% margin range, as well as Chemicals, which is also in that low 20% margin range. Water Infrastructure is a highly accretive opportunity for us from a margin profile standpoint. We're generally underwriting with contracts, adding stability to the business. Importantly, we're adding much more exposure to the production life of oil and gas development. This is life of well wastewater management that adds a lot more through-cycle stability than solely providing activity for completions. This really just shows the cadence of that growth in Water Infrastructure over the last few years. As I said, coming out of the pandemic, we really had that first recycling facility operating in 2019, and it started to scale in 2021. We added assets via acquisition in 2021 and 2022, and then really started to invest organically in that recycling strategy over the last couple of years. You can see what that growth translated to going from $30 million-$45 million of revenue in 2020 and 2021 to now north of $400 million on the top end of the guide for full year 2026. That's an area where we think you've got continued running room to add onto the asset footprint. What does that footprint look like today? We've got north of 3 million barrels of recycling throughput capacity on a daily basis with both our fixed facility infrastructure as well as modular recycling capabilities. We got over 100 active disposal well locations across the U.S., over 1,000 mi of pipeline infrastructure interconnecting these assets. Importantly, north of $40 million of storage. Storage is becoming an increasingly important component of the footprint. When you think about what you can do from an effective recycling strategy, you're really balancing longs and shorts. You're managing regular daily inflows of volumes to more variable outflows of volumes to meet frac schedules. Having the storage allows that swing capacity to manage the inflow and outflow appropriately. Also helps you manage the longs and the shorts across a broader geographic footprint. We've underwritten this growth with north of 2.5 million acres of long-term dedicated acreage that covers the footprint of these investments. Importantly, as you see on the bottom there, the Permian is the largest part of the business. Over half of our revenue comes out of the Permian Basin. It's where over half the development in the U.S. comes from. Importantly, in the Northern Delaware and New Mexico, that's really where our core asset build-out is taking hold today, where we have the largest, I would say, competitive position in the energy industry in terms of that recycling first strategy, really meeting the needs of where the industry is going. Why is the Northern Delaware important? Why is that the focus? If you look on the two charts here, the top right, that's the number of remaining well inventory locations in the Permian Basin. If you think about where future activity is going to be in the U.S., even if you're talking about holding U.S. production flat, not even growing, where you're going to be replacing current depletion rates is coming out of the Permian, and it's coming out of the northern Delaware. Lea, Eddy County, New Mexico, that are boxed there, those are the two primary counties in New Mexico that the industry operates in, and you have more than effectively two times as many undrilled well locations in each of those two counties than you have in any other Texas county in the Permian Basin. Frankly, we're actually adding new well inventory versus depleting right now. There was a federal lease sale in New Mexico about two weeks ago. You had a number of our customers deploy more than $3 billion buying new federal lease acreage. Record prices more than double what they were paying a year ago. We think that that's an area where you're going to continue to see new inventory added over time, not only from acreage becoming available, but we're also developing new benches and new development windows with a nascent Woodford Shale window on the southeast corner of Lea and into Texas, and a Barnett window coming up the Central Basin as well. We think that you're going to continue to see a proliferation of inventory added to this. Where oil growth is going to come from, it's going to come out here. Why is that important to Select? Not just from an activity standpoint, this is the highest water cut activity in the industry. As you see on the bottom right, that's effectively a flat U.S. oil environment. Even in a flat U.S. oil environment, you're going to grow water volumes in the Delaware Basin by double-digits over the next decade because you're getting six barrels of water for every barrel of oil we produce out of that basin, and that's compared to an area like the Midland Basin where you're getting one to two, and other basins like the Eagle Ford and the Bakken where you're a more mature depleting or declining basin where oftentimes you're less than one barrel per every barrel of oil. The Delaware has really all of the considerations we look for. It has the most activity. It has the most remaining future inventory. It has the biggest challenge around managing the wastewater resource, and it's also short water. This is dry, arid geography. They don't have enough fresh water. The state of New Mexico is a regulatory state that is trying to limit the ability to add new disposal capacity, recycling really is the primary consideration for how that area can grow. This really shows, or demonstrates what that problem looks like. The green line at the top is the amount of produced water that comes out of the ground every day in New Mexico. The blue and the light or dark blue and light blue shaded areas, that's the amount of recycling and disposal activity that occurs in New Mexico today. The gap between those currently is addressed by transporting produced water to Texas to dispose of it. New Mexico does not have enough disposal capacity, they're not interested in permitting more. It's a big problem. That barrel is getting transported to Texas, largely at the state line area just south of New Mexico. That's creating a lot of problems around pore pressure issues, seismicity. You're getting induced seismicity, creating earthquakes in some of these areas. Both Texas and New Mexico are very focused on how do we solve this problem. We think that over the next couple of years, you're going to have to have really an all-of-the-above strategy to solve this because Texas doesn't want any more coming into the state causing those issues. They're limiting permitted capacity on existing wells, and New Mexico is really incentivizing recycling as a way to solve that problem locally because frankly, they need the water to keep up with development. Obviously, the stewardship aspect of what we do with recycling is great, but from our opinion, it's really successful because it's the intersection of good stewardship with good economics. When we can recycle a barrel of produced water locally and redeploy that into new well development, it is a better economic value proposition to the customer base, and it helps them save anywhere from 20%-40% on their cost structure. That's whether they're talking about procuring a new barrel of fresh or brackish water for their well development that reduces their CapEx, or on the OpEx side, their lease operating expenditures. This is their life-of-well OpEx. We can similarly save meaningful cost structure on that OpEx. Historically, water is generally going to be your first or second most costly aspect of managing oil production on a life-of-well basis. If you can reduce that LOE in a meaningful way, not only does that extend the useful life of that well's production, but it also helps you increase the reserve base of your inventory to actually increase your total oil barrels in reserve, which is how upstream companies borrow. It's how they collateralize. It's how they get paid. On the bottom here, I'll hit on quickly, if you can't recycle a barrel, there's not a demand. Local disposal is the traditional means of getting rid of that barrel. Because local disposal is becoming a bigger challenge, the alternatives are long-distant disposal, so building long-haul pipelines to transport these barrels out of basin effectively to where there's less concern around that pore space consumption or seismicity, which is a more expensive proposition, or what we think is ultimately going to be the core component of how we think the problem can be solved is beneficial reuse. What we mean by that is, as opposed to what we're doing in the oil field today, where we're recycling barrels for new well development, that's not a fresh water barrel that we're redeploying. We're taking the ions, the sulfides out. We're killing the bugs, but we're not taking the salt content out. It's still a heavy brine in terms of the salt content. Beneficial reuse is a full desal solution to create distilled water out of the backside of the treatment. When you do that, you have a fresh water equivalent quality barrel. You have a heavy brine that still needs to be disposed of, but you've probably cut your disposal needs in half, and now you have a usable resource on the backside that can be redeployed into other non-oil and gas activities, things like agriculture, things like mining, gas plants, or more interestingly recently, data centers. That's something that's well underway in terms of the treatment technology side. The regulatory side of this is still in development, and we'll get into that in a little bit more detail. This is the map of New Mexico. The dark black line going through the middle of the page, that's the Texas-New Mexico state line. As you can see, our asset footprint heavily concentrated in the New Mexico side of the basin. This has been a significant asset build for us the last couple of years. What you see in the outlined area in green, the dark green is the leasehold dedication that we've contracted to underwrite the build-out. The lighter green is our right of first refusal areas where we can add incremental dedications as customers add inventory. That's how we've underwritten the build-out of this. Just on this map, you've got north of 1.5 million barrels of daily recycling capacity. You've got 26 million barrels of storage, and 1.5 million total acres underwriting this asset footprint. Importantly, if you look here, most of this has been developed over the last 24 months. That 1.5 million acres under dedication is still pretty nascent from an activity and a growth standpoint of actually developing this well inventory. The build-out here over the last 24 months has been quite prolific. There's a number of things that we're going to bring online in the middle part of this year into Q3. Some of these other shaded areas on the far right are areas where we have line of sight to a backlog of additional expansion opportunities with further dedicated growth. We're pretty excited about this footprint. We've really just started to see the ramp and the uplift of that in the latter part of last year and into the first part of this year, and that's going to drive growth in Q2 and further growth into the back part of the year as we look for that 30% year-over-year growth. One thing I'd add to this that's an important consideration, there is a meaningful amount of historical infrastructure in this area. A lot of it is undersized, and importantly, it is not suitable for a recycling-oriented strategy. Gathering and disposal infrastructure is built for gathering and disposal. It is point A to point B transportation via pipeline network, and it is meant to take those barrels to a disposal location and to permanently get rid of that barrel through injection. What we are building here, all of this is dual-lined infrastructure. It's two pipes running parallel in the ditch for both the gathering aspect of the produced water and then centrally treating that and then redistributing that to where it's needed across that entire geographic footprint. The ability to redeploy these barrels across that full geographic reach really helps us balance the longs and the shorts over a very broad geographic footprint. The commercial application of being able to do that over time is very meaningful, and it's very different from a competitive position versus some of the historical infrastructure that's been built solely for a gathering to disposal basis. I mentioned the acreage dedications and the underwriting framework that we take to underwrite these projects. Generally, we're targeting a four-year cash-on-cash return for that anchor tenant dedicated contract that underwrites the initial investment. As you see here, we've continued to add a steady cadence of new acres under dedication over the last few quarters. We added over 200,000 new dedicated acres in the first quarter, and that was across multiple basins, including the Permian, but importantly, an average contract length of about 11 years for those dedications. Not only are we executing a transition to a higher margin, more production-oriented, stable business offering with the infrastructure growth, but we're also underwriting it with contracts and we think that that's going to add obviously much more stability through cycle here. We do operate in every major U.S. basin, the Northern Delaware and the Permian in particular is the largest area of opportunity for us. It's where a lot of the growth capital's going, but we do have market-leading footprints in some of the other basins. The Northeast, for instance, we are the largest traditional disposal provider in the Northeast Basin. The Haynesville is not on here, but we also are the largest traditional disposal provider in the Haynesville. If you're thinking about long-term growth around natural gas supporting LNG offtake, we're the largest traditional disposal provider in each of those gas basins where that's likely going to come from. We've also built a more nascent, but I think very interesting part of the business around solids management. In the Bakken, we've got four landfill facilities providing full waste stream management around not only the fluids, but the solids that come out of that activity as well. Particularly as we transition towards beneficial reuse as an opportunity set, that heavy brine I mentioned earlier that comes out of the backside of those solutions, that's a waste stream that still has to be managed and the solids extracted from, and that solids business can create further enhanced revenue synergies for us. We've talked obviously about the transition the business has undertaken, but that future state potential around where we can take it. Over the last two years, we've seen the gross margins on a consolidated basis of the company go from 20% to north of 30% now with the EBITDA margins along the way going to north of 20% now as well. As we continue to grow infrastructure, that should be margin accretive over time. Importantly, we're adding long-term contract stability, like I said. We've got other nascent opportunities for diversification into the municipal, industrial, and agricultural markets, especially if that beneficial reuse opportunity set takes hold. Now you have a freshwater barrel out the backside of your waste stream that can then be redeployed into these new end user markets. Similarly, we also have a lot of freshwater resources that we own within the current portfolio. We used to be the largest provider of freshwater into the frac horsepower in the U.S. Now we've transitioned to a recycling first strategy. What can we do with that freshwater differently than we've done in the past? We've got opportunities to go contract lease that out to municipalities and other industrial needers. As we look at the last couple of years of the transition here, one of the interesting things is over the last three years, we've had flat corporate level profitability. What that hides, if you don't look underneath, is the rapid pace of growth in Water Infrastructure, the light blue here. Over that same time period as well, we've made rationalization choices to divest of certain non-core assets in the blue segment, the Water Services. We've made some choices to decrease the size of that segment. A lot of that was legacy trucking operations that we acquired through some of those infrastructure asset purchases in 2021 and 2022. We're obviously looking to get volumes onto pipe and off a truck. We've rationalized that part of the business. What you see here in the future state, and really taking into consideration that base guidance, is we're going to see meaningful corporate level consolidated profit growth this year, and we think that's going to drive into 2024 as well over the next 24 months. The shaded area here, not part of our base 2026 guidance, but reflects the earnings potential of some of the other opportunities that we have for diversification into those municipal and industrial spaces, as well as certain areas around royalty potential. This really just highlights the municipal water rights opportunity. We have a large resource position in Colorado. We've aggregated that across more than 10 or so acquisitions to really establish a scaled resource position. We're in active discussions with municipal offtakers here to lease those water rights long-term to them. This might have a longer payback timeline than the traditional oil field, but we're talking about 30+ year contracts with these municipal offtakers and other industrial consumers like greenhouse, dairy, et cetera. What we said is we expect to have contracts in hand by the end of 2027, and that would be a high margin lease rate revenue stream for us, and obviously provide long-term stable growing cash flows with escalators. On the mineral side, I mentioned briefly we've added partnerships across three basins now for mineral extraction for lithium. We actually had one of our partners, LibertyStream, announce we sold our first metric ton of lithium carbonate out of one of our recycling facilities in the Midland Basin about a month ago. We got our first royalty check there. The way we're approaching this market is to partner with technology providers for the direct lithium extraction out of our produced water. That water that we manage every day, we've got over 1.5 million barrels going through the system every day. That water has naturally occurring mineral concentrations of various minerals just naturally occurring. We extract oil out of that every day. There's other things, lithium, iodine, magnesium, that all have potential for extraction. When you have centrally located collection points for these high volumes of produced water, it creates a great opportunity. We think this could add another $10 million-$15 million of effectively no-cost pure royalty revenue for us, which is a great opportunity to just maximize the yield potential off of our invested capital and provide margin appreciation over time. I mentioned beneficial reuse a bit earlier. We did undertake a number of pilot projects over the last couple of years, most recently out at one of our recycling facilities in Martin County in partnership with Occidental and with the Texas Produced Water Consortium and Texas Tech. This was a crop-growing study, processing 1,000 barrels of produced water a day, all the way down to a distilled water quality. We got great results from that pilot. One of the interesting things is that if you can co-locate beneficial reuse with existing recycling solutions, what we are already doing for the oil field today has effectively reduced the OpEx required to take it all the way to fresh water quality in half. Whether you're talking about mineral extraction or beneficial reuse, our existing infrastructure that's already processing water on effectively a pre-treatment basis is significantly reducing the cost structure of taking it a step further to fresh water quality. Right now we're working with the regulators on the right standards and frameworks to allow for discharge back into the environment or other alternative use. We do think that, especially in Texas, you'll probably get there over the next 12-24 months, then once you're established and developing these solutions in Texas, I think New Mexico will come shortly thereafter. Obviously that's another just great way to limit the need for disposal capacity growth and create actually an economic resource potential of adding fresh water to the water lifecycle in these areas, versus being a net consumer. Generally speaking, who are we working for? I mentioned Oxy a second ago. We like to say scale like scale. We're the largest integrated water solutions platform in the industry. The top customers that we work for are generally going to be the consolidators in the industry and those that are the most focused on not only the stewardship application of this, but the growth and the resource potential of how we solve their 10-20-year development planning. Over half of the revenue base comes from investment-grade customers. Balance sheet, we have less than a turn of net leverage on the balance sheet, 0.7x at the end of the first quarter. Good, strong, robust balance sheet. We like the diversification of the business platform because that services offering and the chemicals offerings that we have generate good, strong, free cash flow for us, 70%-80% free cash flow generation out of the gross profit of the business. That's allowed us to really build a robust growth framework around Water Infrastructure, but maintain a very clean balance sheet. We raised about $200 million of equity capital earlier this year. First time we'd raised equity capital since the IPO. Really helped with the pace of build-out here on an accelerated basis, both with a heavy CapEx program in the back half of last year, first half of this year, and we think there's more opportunities to come in the back half of this year. That gave us a chance to continue to have flexibility in the balance sheet approach. As we add more long-term contracted cash flows to the business and grow that over time, we've got a lot more flexibility to look at using the balance sheet differently over time. We do have a base dividend, about $35 million a year of total gross distributions. We historically had an active share repurchase program as well. We've deployed over $250 million into capital allocation towards shareholder returns over the last eight or so years since implementing the program at scale. Right now, we're really focused on how do we grow that base dividend over time The share buybacks, we generally look at more as a tactical application of excess free cash flow deployment. It's going to compete with our other options to reinvest or acquire growth as well. Right now, we think we're building a platform that's going to allow for increased shareholder returns over time, excess free cash flow generation, especially as we get to a maturity phase in that New Mexico build-out cycle. With that really covers it. We think we're well-positioned for continued growth over the course of 2026, well into 2027. A good opportunity set for additional capital allocation choices thereafter. We'll continue to look at that opportunity. I just have a quick question on the capital intensity of the recycling facilities. Is it kind of lumpy where you get your capacity in an existing facility and have to build a new one, or can you add incremental The initial cost is kind of pretty intense then? Yeah. For individual recycling facilities, generally, when we build these, we have a base throughput capacity we're targeting. These can be anywhere from $5 million-$15 million investments on a single facility basis. Your bigger deployment of capital is going to be in your pipeline infrastructure, depending upon how much of that is needed. Recycling facilities are modular in some respect. You can chain additional treatment capabilities at a facility, and we generally structure them for that ability to scale. For instance, our first recycling facility that we did that beneficial reuse pilot at, that facility started as a 60,000 barrel a day facility, and we expanded that a couple of times up to 300,000 barrels a day. That's pretty modest incremental investment to continue to manage that growth if needed. Generally speaking, those capital choices are going to be pretty modest on the grand scheme of things. [inaudible] Yeah. From a competitive landscape standpoint, where we do have meaningful competition in, we're going to be the largest provider of Water Services across pretty much the full scope of what we do by a factor of two or three. In the Water Infrastructure side, there are a couple of scaled platforms, a couple in the public market as well. That said, most of the other competitors in this space are focused on a traditional gathering and disposal model. We have not seen anybody really build at the same level of scale, a recycling-oriented strategy. One of our larger competitors in the New Mexico region, their focus is building long distance pipeline transportation to take barrels out of New Mexico into Texas for disposal on a distant transport basis, where we are very focused on keeping those barrels locally. It is a different model, but it's somewhat based on what I mentioned earlier. Traditional gathering infrastructure is just not well suited to do this efficiently, so it would require new capital. Building pipe over pipe is almost always an inefficient capital allocation choice. We do partner with other commercial water midstream companies. We tie into them, they tie into us. We also tie into customers' owned infrastructure as well. Our customers own quite a bit of infrastructure themselves, more in the Midland Basin side than the Delaware Basin side. We're always looking at opportunities to partner with the customer base as well, and we've actually seen multiple customers directly convey assets to us over the last 24 months. One of the interesting things about recycling is if you do recycling efficiently, you can displace the need for current disposal. We've had customers directly convey their existing disposal wells to us because by recycling the barrels, they no longer needed the disposal capacity, so you effectively have a dormant asset. If we can tie that into our system and create commercial opportunity out of that can be a rate benefit for them and a commercial growth benefit for us. What about hyperscalers? Are you similar to the strategy around basins? It seems like the future looks like strategy around data centers and hyperscalers. Yeah. Have you got a point of view on that? It's something we get asked about a lot. Water is a very topical issue for data center development. It's something we have a number of ongoing discussions around, both with hyperscalers directly as well as with project developers. Water can be a gating item for these projects outright. We've seen large data center projects effectively killed at a local vote level because of water concerns. These guys know that there's big considerations around water. It needs to be solved. It's not going to be the biggest check they write for these projects. We are seeing these guys focused on solutions. They're less focused on how. We can be a solutions provider to them, both whether that's fresh water resource opportunities to supply them, looking at beneficial reuse solutions over time, or also supporting through the services side of the business, the two, three, four-year build construction cycle of these projects as well. Do they need clean water or brackish water? It needs to be clean. You've got to prevent scaling, corrosion. I mean, generally, this water is going into the cooling. It's evaporative cooling, primarily for the power solutions. You're talking about how do you cool large multi-megawatt turbine power solutions. That's the primary use. Is there any legislation at the state level that's going to enforce the increased use of recycling? Because you mentioned the sizing problems. Yeah. [inaudible] You have seen legislation in Colorado that is driving a mandatory requirement towards recycling as how you source your frac water. We put in place the first commercially permitted recycling facility in Colorado, in the industry. That is going to be another area for growth potential. In New Mexico, they don't want you using fresh water. They also don't want you disposing. They haven't directly mandated recycling, but if you can't use fresh and you can't dispose, recycling is the alternative. The state is definitely supportive in that regard, though not on a formal statutory basis. With that, I think we're out of time, guys. Appreciate it