Good afternoon. Thanks for returning after lunch. I am Sandy Martin with Three Part Advisors, and next up we have Select Water Solutions, NYSE traded, ticker WTTR, $2.7 billion market cap approximately. Today we have the pleasure of welcoming Garrett Williams, VP of Corporate Finance and Investor Relations. I will hand it off over to Garrett. Thank you, Sandy. As Sandy mentioned, we will be talking about Select Water Solutions today. Some up-front disclaimers, there might be some forward-looking statements today that could be different tomorrow, especially in our business. Who is Water Solutions and what do we do? Simply put, Select Water Solutions is an all things water solution provider to the energy industry within an emerging platform in industrials and municipals. We operate out of three segments to deliver those solutions. One of those is the Water Infrastructure segment. This is our largest segment by profitability. Our Water Infrastructure segment is comprised of fixed assets and facilities that are contractually supported. The end consumer and customer of these services would be the E&P operators producing the oil and gas hydrocarbons. This segment is comprised of fixed pipelines, fixed disposal facilities, and recycling facilities. We were really the pioneer in the industry of taking produced water that the industry produces in oil and gas production and reusing that. We will talk about that a little bit more in the slide deck here. Our legacy segment, and what built the business originally would be that middle segment there, Water Services in the darker blue. That is primarily a last-mile water transfer logistics business. About 60% of that business is that last-mile delivery of water to the frack site. If you think of a hub and spoke model, it is that spoke that takes that water delivery to the frack site for completion. The oil and gas industry is extremely water intensive, so these wells consume about 500,000 to 600,000 barrels of water, and we are the leading company at delivering that water to the wellhead. Lastly, we have a large-scale chemical business in the portfolio too. That is our Chemical Technologies segment. It is a leading provider of friction reducers and surfactants to the well. These are completion chemistries that go into the proppant load when you are completing a well. It makes up about 16% of our profitability. Looking at these three segments I just referenced and talking about them in the life cycle of oil and gas and how they function, I will start at the top there and with completion. Most everyone here has probably heard about drilling a well or fracking a well to bring new production online. All of our service lines play a part in that completion and fracking phase. As I mentioned, it is a heavily water-intensive business. In a frack, the proppant load is comprised of water, sand, and chemicals. We will be a leading provider of the water and chemical side. We do not participate in the sand side. We do not participate in pressure pumping itself. We are strictly a water solutions and chemicals provider. Once a well is producing, we will go to the bottom of the page there and focus on that production barrel. That is really where our Water Infrastructure business is focused. Our Water Infrastructure business is focused around produced water management and the management of that produced water waste stream that comes out of the oil and gas reservoir with the oil. Water coexists in the reservoir and often coexists at a higher rate in the reservoir than the oil itself. Ironically enough, in the Permian Basin, every oil well produces more produced water than it produces oil. We are a leading company in handling that produced water waste stream, and we are the pioneer and leader in taking that waste stream, repurposing it, and finding a way to use it in the industry. Which brings us to the treatment, recycling, and back to completions bubbles here, where we take that water that was historically disposed down-hole, we repurpose it to be used in the energy industry for completing new wells. Looking at some recent highlights and a picture of one of our Water Infrastructure facilities here. The business does have a lot of momentum across all fronts here. Namely, our Water Infrastructure segment, that is our growth platform. That is where all of our growth capital is dedicated to. It is the segment of our company that is contractually supported and backed. As I mentioned earlier, it is about 50% of the company's profitability. It also has a margin profile different than the other segments. It is about 55%-60% margin business, and it continues to see green shoots and adoption of our thesis and of that recycling platform and those services. We started the year guiding growth in that segment of 20%-25% up off of 2025. We increased that guidance to 25%-30%, and then on our most recent call, we adjusted that guidance once more to note that we expect to land on the high end of that guidance range. On the other end of the spectrum, our Chemical Technologies segment does continue to see green shoots as well, exhibited by 23% sequential growth we saw in Q2 and record high revenue of $96 million in the quarter for that segment. All in all, that combined to provide record adjusted EBITDA for the company of $93 million in Q2, a number we think we can continue to build on as we look ahead. One thing I will just note here on that bottom right here, you see we have recycled over one billion barrels of produced water since 2021. As I mentioned earlier, it is a very water-intensive industry. You see an 18-wheeler going down the road. It is a fluid hauling truck. There is 140 barrels of water or fluid that can be retained in that business, and these wells that we are producing use 500,000 - 600,000 barrels of water. A 2,000-barrel oil well gives off about 12,000 barrels of produced water in the Permian Basin. This is a scaled asset, a scaled problem, and a scaled solution that we bring to market that cannot be met with trucks and has to be met with scaled infrastructure that we'll talk about more. Quickly here, this slide is just to show water and chemistry find themselves on all sides and all aspects of oil and gas development, and we play a part in all of those roles. The one white one that we do not play is we are not a pressure pumping company. We don't wish to be. We just wish to do the water and chemicals that goes into that pressure pumping horsepower. The other thing I'll note on this slide is on the top right, you'll see a dotted line around beneficial reuse. I would consider that the next phase of development and in produced water management. We'll talk about that one a little more, but that is taking water and treating it to a spec beyond what we do today and being able to take an industry-agnostic approach and application of that water barrel because it is a potable or distilled quality. Currently, when we treat a barrel, we get it to a spec that could be reused for oil and gas activity. It is still a heavy brine. That would take it to a true distilled quality and unlock future potential. Really, this is the main slide. If I could only do one slide for this entire deck. We are very much a company that has been in transition. We are a legacy service provider to the wellhead focused around Water Services. We also had other business lines that were not water-related, that over a course of the last six to seven years, we have divested and purified the business around a water and chemistry thesis while also scaling that Water Infrastructure business. It's about 50% of the profitability today. We have near-term plans of getting that to 60% of the total profitability. We will do that most likely in the year 2027, and beyond that, we'd like that business to be 70% of the consolidated portfolio. As I mentioned, this business is a different margin profile business, but it also is a different business from a contractual nature. The infrastructure business is largely contracted. The growth is driven by projects that have been contracted with operators with an average contract tenor of 11 years, and we continue to execute at a high level, add contracts, scale that business, and we've already messaged to further growth in 2027 with contracts in hand here. This just shows you that Water Infrastructure progression. We have been able to execute coming out of 2020 and really converting how the market views that produced barrel and its reuse in the energy industry. The industry heavily used fresh water up until about the COVID timeframe. As you think of that era and moves to a more sustainable oil and gas industry, Select Water Solutions was a pioneer in taking that produced water and saying, "Could we use this barrel, treat it to a spec, add chemistry to it, and use a dirtier barrel from completions?" Over time, we were able to get that adoption with operators, E&P customers, so the Chevrons, Exxons of the world, and we were able to help them unlock the use of produced water for their completion needs, displace the use for fresh water, and also take a commercialized approach to water management in the basin. Historically, Chevron wouldn't use a produced water barrel from an Exxon. That is not the case today, and we take a commercial framework to our water recycling business. We also have a scaled disposal business that we have alongside that's integrated together by dual pipeline systems. We've scaled this business. We will continue to scale it, and we continue to see great momentum, particularly in the Northern Delaware and Permian in general, with this recycling application. Looking at what the assets are that comprise infrastructure, as I mentioned earlier, it's a combination of fixed recycling facilities, disposal facilities, pipeline infrastructure, storage assets, and also solids management facilities. These are all integrated together, so your system will have recycling interconnected with disposal. We like to take that produced water barrel that comes from the operators, and our first thing we want to do is take that barrel and become a market maker for that barrel. We want to say, "Who's long producing water? Who needs completion water? Can we make a market across a broad swath of acreage to optimize water management in the industry?" If we can't do that, we send that barrel to disposal, so we have also a scaled disposal platform as well. As I mentioned, storage is a very large component of having an integrated recycling and disposal solution. As you think about completions taking 500,000 barrels per well, multi-well pads could have up to eight wells. You could be looking at four million barrels of water to a pad delivery, so you have to have a very scaled storage component of your business as well. Just to show that in picture form, you can see some of our assets here. On the far right, I'll start and talk about those two pipelines you see there. One differentiator from Select Water Solutions versus our peers' model is when you're running an infrastructure footprint that is both commercialized recycling and disposal, it is important to have a dual pipeline system. The legacy method and the legacy avenue of relief for that produced water barrel was taking that barrel, gathering it from the well, disposing of it, point A to point B. When we introduced this new technology and this new application of that produced water, it became imperative to take gathering pipelines, but also adding distribution lines to send that treated produced water back out to the market. That's what I wanted to highlight there on that far-right picture there. That's one of our pipelines in New Mexico that is while it's getting put in the ground, that is a subsurface line, so it'd be buried. That is right before it was buried. These are large-diameter pipelines traversing hundreds of miles. We have 1,000+ miles of pipelines delivering treated produced water and also gathering produced water. Top left there, that would be one of our disposal facilities. The other three photos there are various aspects of recycling facility. We recycle using a combination of mechanical and chemical processes to knock out the solids, knock out the organics, get it to a quality that is reusable for the industry, but is still a brine at that point. As I have noted, all interconnected with large diameter pipelines. It is a scaled platform and a growing platform that currently manages about 1.5 million barrels per day of produced water. About 1.1 million of that is recycled, 400,000 of that is disposed on a daily basis. We have line of sight to scaling that over the next 18 months to getting something closer to two million barrels per day. When you look at where we are focusing this growth, where we are focusing this scaled interconnected network, the Northern Delaware Basin, and specifically New Mexico, is where we are doing that. New Mexico, if you look at the inventory position of the U.S., about half of the remaining well inventory locations reside in the Permian Basin. In the Permian Basin, about half those remaining locations exist in two counties, Eddy and Lea County, New Mexico. That is where the majority of our growth CapEx goes, and that is where our most scaled system is. One of the reasons it is there, it is a basin that is begging and hungry for the solution we bring to market. New Mexico is a state that is challenged at times from a regulatory perspective when it comes to oil and gas operations. It is a state where it is harder to add incremental disposal capacity. They do not want you using fresh water for the oil and gas industry. At the same time, New Mexico has the highest water cuts across the U.S. It also has the best geology. You have the best reservoir rock, but when you produce a barrel of oil, it comes with 5 - 8 barrels of produced water. You have a very large produced water challenge that Select is a ripe solution to apply to it, and this really shows you why. If you look at the green line here, the green line captures produced water in the state of New Mexico. As you see, there is a large gap between that green line and the light blue shade and the dark blue shade. Those are the two in-basin solutions for produced water management. Dark blue being disposal, so that legacy disposal we talked about, injecting that produced water into subsurface reservoirs. The light blue would be recycling. That is primarily Select's operations in the state of New Mexico. The big gap you see there is currently being piped into the state of Texas on the state line where you are seeing pressure-related issues, seismic issues, and general disposal capacity impairment because you have subsurface pore space that is consuming both high volumes of produced water from New Mexico, but also Texas at the same time being nearby production. It has created a challenged environment where you have a challenged disposal capacity situation. At the same time, you have a wall of produced water coming at you. When you think about a flat U.S. production environment, you are going to be displacing production from other basins that have a one-to-one oil-to-water ratio with New Mexico, Northern Delaware production that has 5-8 barrels of produced water. You have more produced water barrels than you have avenues for relief right now. The leading solution to answer that would be recycling, and that is why we have been able to take market share, but there are a few other solutions coming to bear that we expect to participate in. As I mentioned, recycling is where Select's leader in. We are probably the largest recycler by a factor of 2X or more. We also are a large local disposal player, but candidly, we have competitors who are larger than us on that local disposal model. The next two items on that list are going to be part of those next avenues of relief the industry demands. One of those is distant disposal. That is taking that produced water, piping it far away into areas of Texas that do not have prolific oil and gas development, are not dense from an oil and gas perspective, and have pore space that is not as pressurized. Large projects, large capital deployments of $100+ million. We have looked at plans for this, but the one that we are more so focused on would be the bottom one there, which is beneficial reuse, which I mentioned as well. That is taking that produced water stream and treating it to a spec that is reusable in other industries, or being able to surface discharge it, stream discharge it, recharge aquifers. It is taking that produced water waste stream that has historically not been introduced to the above-ground water life cycle and introducing that to that water life cycle that we conventionally all understand and use daily. We are running pilots. We have successfully done pilots of larger scale in watered crops and done various studies around this beneficial reuse. We expect to be a leading participant and player in this industry. We are still waiting on some regulatory specs from the state of Texas that allows us to do this at scale and discharge it on the surface or in streams or anything along those lines. We do think we get that, but we are still in the waiting phase for that. Here is a map here showing that Northern Delaware infrastructure footprint I talked about. It is a scaled platform. When we think about what we are seeing here, you are seeing a system that can what we call water balance across the basin. As you think of the basin there, you see Eddy County on the left and you see Lea County, New Mexico on the right. A lot of the existing production in the state of New Mexico resides on the right side of the page in Lea County. The left side is very immature from an infrastructure standpoint, and a lot of new development there. At the same time, Eddy County, New Mexico, is a desert, and it does not have a lot of fresh water available for oil and gas completions. We take a broad geographic management framework and what we call water balance across the state of New Mexico. We are able to manage the barrels remotely, see the flows from our remote operating center in Gainesville, Texas, and understand best how to manage the long and short water positions across the basin to optimize water. That water is logistically correct, but most importantly, it is cheaper than the alternative solutions. A recycled barrel is 20%-30% cheaper than the fresh water barrel alternative. Fresh water produced water recycling is 20%-30% cheaper than disposal. I would love to tell you the reason that our operators use us so much and why we are taking market share is because it is a more sustainable approach. The real reason is it is the best economics you can find in the basin. We continue to add onto this portfolio with contracts. We just announced two of our largest contracts in company history in the last month. We have further growth in this segment that should build on an already record adjusted EBITDA of $93 million this last quarter. We are pretty optimistic where we can continue to scale this platform too. This just shows that kind of market adoption and how this basin is hungry for the solutions we are bringing to bear. As you see, just about two years ago, not a whole lot of pipelines and footprint to show there. We have scaled this business because we have a better mousetrap, and the industry dynamics demand a solution that we bring to market. As you think about growing development and energy security as we look ahead, a lot of that production we expect to come from the Northern Delaware Basin, and we think Select will be ripe to benefit from that. As I mentioned, this is a contractually backed business, so that infrastructure business is supported by projects that we build on a contracted basis only. We do not build on spec. We have a contract portfolio that amasses over two million acres of dedication and has an average contract tenure of 11 years. What that acreage dedication will look like is we will partner with an operator to contract an acreage position that says every barrel of produced water that comes out of this dedicated acreage position comes to Select. Every barrel of treated produced water needed for completions comes from Select as well. We take an acreage dedication framework when we do a greenfield development, and we will do a minimum volume commitment structure when we are looking at a more brownfield or tie-in basis. That way we have assurance those produced water volumes. We talked a lot about the Permian Basin here, and specifically the Northern Delaware, but one of our differentiators is we are a scaled infrastructure platform in all major lower 48 basins, each one having a little bit of a flavor of their own. As you look across the board, the Haynesville, we are the leading infrastructure and disposal provider. We are also the largest disposal provider in the Northeast. We are the largest disposal footprint in each of those gas basins with good exposure to natural gas. We also have a scaled footprint in the Midland Basin. As I mentioned earlier, we manage about 1.1 million of recycled barrels per day, about 400,000 - 500,000 of disposed barrels per day. The Midland Basin, we handle about 500,000- 600,000 barrels per day of produced water. Still a scaled position there with a strong recycling and disposal footprint. Look at the rest of the page, we do have a scaled Bakken disposal footprint, and we also have a solids management business that is primarily focused in the Bakken. Solid separation, mud facilities, landfills, stuff that ties in nicely with that infrastructure business that is primarily in the Bakken. Market-leading positions in all basins we operate, and that is a kind of a threshold for us. If we are going to operate in a service line or a basin, it must be a market-leading position with scaled advantage. You take all that I have said, and you say, "Where have we been? Where are we going?" We are in the middle of the page right now. We have taken this business from a 20% gross margin business, heavily weighted to oil and gas activity, to a gross margin business north of 30%, 50% of it backed by infrastructure profitability, which is more tied to the production stream of the oil and gas. That production stream is more resilient. Once a well is producing, the least economic thing you can do is shut in a producing well. It is a more stable earning stream, and it has that contracted nature I talked about. As you look ahead, we continue to build this infrastructure footprint. We want to scale it to 70% of the portfolio. We additionally have an emerging municipal and industrial footprint. We have a $75 million investment in Colorado buying water rights off the Arkansas River Valley that we will aim to structure contracts with municipalities and industrial companies in Colorado to serve that market. As you know, there is a large drought in the Colorado. There is a lot of water law in the news, so we feel like we are a pretty ripe solution for a market that is hungry for it there in Colorado. That should help diversify our company, increase the contract tenure of our business, and all in all, lead to a higher margin profile. Ultimately, we have a goal of getting to adjusted EBITDA margins north of 30%. Tying off that last slide, as I mentioned, we just did $93 million in the quarter, and we have inked our two largest contracts since then, and we have a growing Chemicals business with the real upside in surfactants. We really think we have brought the future state forward into the 2027. We think we are well-poised to what was a future state a couple of years ago. I think you can change that future state to 2027 with the momentum we currently have and the recent contracts we have got awarded. We do have that strong growth in 2027, but we also have on top of that potential future contributions that come from that municipal industrial business, and additionally from stuff like mineral extraction. We have inked four deals in mineral extraction. These four mineral extraction deals require zero capital from Select and is all margin, all cash flow to Select on a royalty basis. What happens with that is when you have concentrated and high volumes of produced water, trace minerals all of a sudden become of significance and can be monetized when partnered with an operator and technical operator at that who can harvest some of these trace minerals. The two that we have focused on are lithium and iodine. We have three deals on the lithium side, one in the Haynesville, one in the Midland Basin, one in the Delaware. We also have an iodine deal with the partner across Oklahoma, Texas, and New Mexico. As I mentioned, this is just a royalty base to Select. We run our produced water through their system. They co-locate on our locations, no capital. We just collect a royalty check. We think the deals we have signed today result in $20 million- $30 million of cash flow when fully ramped up. That ramp should occur between now and 2030. We have already produced our first royalty check, and we should continue to scale that across 2027 and grow that in the years ahead. But this is all margin upside to some of those numbers we talked about earlier. I talked about beneficial reuse a little bit as well and what we are doing on that front to take that produced water stream and reuse it in other industries. We expect to be a big player in this, and we expect that this is a kind of a next phase of Select that can kind of be a call option upside for additional value if we can monetize these barrels in other industries. Just quickly looking at the customer set. We work for the top customers. Half of our customer base is going to be investment-grade or public customers. We like to say scale seeks scale, and we are the scaled water solutions provider in the industry. I will quickly go through these next few so we can give a little time for Q&A here. But we do have a clean balance sheet. We are less than one turn levered, about 0.7 levered right now compared to an industry that is more 2.5x to 3 x levered. So a strong balance sheet that should allow us to be opportunistic through cycle. A part of that balance sheet and capital deployment framework, we are paying a base dividend. We do think shareholder returns are core to our thesis. We look to do that mostly through that base dividend, but we also do buy back shares on a tactical basis and can look to do that in downturns or at times of dislocation, such as we did in 2023 when the Silicon Bank Valley crisis, if you will, happened, and the energy markets dropped 30%, but our business was not impaired. We were active buyer of shares in that market. We will continue to be tactical while doing a dividend. In summary, you have with Select the fastest growing infrastructure platform, one that supports substantial free cash flow generation. We have $60 million of maintenance capital in this business, so a very strong discretionary free cash flow, and we should be a strong free cash flowing business in 2027 ahead. That business is supported by a growing contract portfolio with upside in industrial and emerging mineral extraction markets. We should be able to scale that business, create an infrastructure platform that yields higher shareholder returns, and ultimately, we think a valuation unlock that still has a ways to go. With that, you kind of happy to open up the Q&A here. Yes, please. You had mentioned some, I guess, policy headwinds with New Mexico around water disposal. Can you give an update on what the regulatory environment looks like right now in New Mexico? Then if you think there is going to be any major changes in the future? Yeah. Really, the challenge in New Mexico is there are disposal permits, but you cannot get those across the finish line to actually drill those disposal wells. We do not expect that to change. We expect that to be a challenge to get incremental disposal capacity in the state of New Mexico. What the state of New Mexico will do is they will grant you surface permits for recycling. They will play ball with you, if you are a solution that, I guess, is friendly to the regime, if you will. Recycling is one that is able to be scaled in that basin, but we do not anticipate large disposal additions that are incremental. Now you can still dispose there, and you can inorganically grow that disposal footprint. We have added about 250,000 barrels of disposal capacity over the last 18 - 24 months. A lot of that was in New Mexico, but that was done inorganically. It seems like you are very contracts focused, with maybe Colorado and water rights. I guess I am just curious on what you guys are actively doing to get more contracts through. Specifically on the municipal industrial side? Just overall. Yeah. Contracts on the newer end markets. Yeah. Overall, we do not build on spec. If you want our services, we demand a contract in return for that build-out. If you want to get onto our system, we can do it. We kind of look at it and we say, "Hey, you got three frameworks you can fit under." You can be guaranteed access to our system, and you have a preferred rate because you have a long-term contract. You can be that middle bucket where you get second rights to that after the anchor tenant. You get a little better economics, but not as good as the anchor tenant. Then you got that third bucket, which is you can get on here if we got capacity. We are getting more leverage, not less. There's a produced water issue with more produced water, but less avenues of relief for that produced water barrel. We're getting more comfortable using that leverage to get people out of that third bucket and into the second and first bucket. Are there patents or licenses on this technology or on anything? Yes, I forgot to repeat the question. The question is, are there patents around our technology? On the recycling side, we do a combination of mechanical and chemical processes. It is not a patented treatment process. Really, the secret sauce is having a scaled solution that provides produced water flow assurance to operators. The worst thing you can do as a midstream or service provider is jeopardize that incremental production barrel. The only way you can operate a scaled recycling facility is one that has high scale, high throughput capacity, integrated disposal, and covers a broad swath of acreage that allows you to manage it across a basin-wide focus. Those mechanical and chemical processes don't have patents. Now, we do have a lot of patents in our Chemical business and around technology we develop in-house, but it is not a proprietary recycling solution on all of those locations. One of the reasons why I asked that was because the data centers are using so much water, and people are saying that maybe the produced water or whatever, they could run it in through their systems. I do not know if you think it is, build these recycling centers that the city treatment centers could. Yeah. To be honest, I am shocked that that question did not come sooner. That has been topic du jour for us. Every meeting we get it, and so I was waiting for it. We think that is an opportunity for us. There is a lot of development and talks about data center development in West Texas, where our recycling and our infrastructure footprint is prevalent. What do you need for a data center? You need land, water, power, and gas or some other power solution, and that area certainly has it. We are in talks with data centers. Our Chief Technology and Strategy Officer here, Mike Lyons, leads that effort. We are in talks with the FANG stock companies of the world and hyperscalers around these solutions. What I would tell you is there is not a homogenous need for high volumes of water for these data centers. Some are air-cooled systems. There are anecdotes that a water-cooled system would be cheaper, so we are doing the right things in getting in those conversations early to be a water solution provider, partnering with land brokers who can package water, land, power together to go market to hyperscalers. We did do $6 million of data center work in Q2. We will have more in Q3. That is largely out of our Water Services platform. In short, it is an opportunity. How big? I really do not know, but we will pursue it. You mentioned the opportunistic buybacks with the Silicon Valley Bank back in 2023, but I might have missed this. What's happened about it? I'm seeing substantial share. We did an equity offering in February. February 18th, we issued equity. We raised a net $192 million, largely to fund that infrastructure growth. This year, we will do about $250 million-$290 million of growth capital. $200 million of that is going to be growth. We also have another strong opportunity set in front of us that probably leads to a growth capital figure around $200 million in 2027. I will note that we raised equity February 18th, and Operation Epic Fury happened February 22nd. When we raised equity, we were talking about a $55 - $60 oil world, so we wanted to be defensive through cycle. We ultimately are really glad because we've been able to be very opportunistic, accept some projects we previously did not have in the portfolio, including two of our largest projects in company history, along with some really strategic bolt-on acquisitions. That was that increased share count in February. Excuse me. I'd like to squeeze this in. My question is about counterparty risk. You had a slide up that showed some pretty marquee names, blue-chip names. What level of those are you contracting with when you put CapEx in the ground? When you say what level, what level in the organization? Yes. For example, whose credit risk are you facing? Are you facing a local LLC that is owned ultimately by one of the majors or some other—that level of the company? We are contracting directly with those operators. Often these conversations are at a high level in those organizations. As I mentioned, 50% is with majors or large public investment-grade companies, and it is directly with those entities. Right here, sir. Two things. The chart that you said was so important with your futures thing. Yeah, I'll get there. I know we're close on time. I'll be fast. Yes. So you go from three products to what's the 40% growth? It is a combination of services and chemicals. The growth is and the structural growth that really comes from that Water Infrastructure segment. We just kind of combine the Chemical Technologies and Water Services segment in that far right bar. They're both part of our portfolio and core, but we just blended them together there. Okay. When you go through the recycling process, do you actually end up with solids? If so, where do you put them? You do. We have a solids management part of our business as well that handles some of those solids. As part of that process, you knock out the solids, fill up bins, and they are taken to specialized landfills for handling oil field waste. All right. Thank you.