WTTR · 10-K filed 18 Feb 2026 · year to 31 Dec 2025

Select Water Solutions

31 named things its latest annual report says its results depend on, each in the company's own words. 21 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Unnamed significant customer

earns from · 10% of our consolidated revenues

There was one customer that accounted for 10% of our consolidated revenues for the year ended December 31, 2025.Business (Item 1)

Suppliers

Chemical raw materials (sole-source suppliers)

depends onnamed as a risk

There are several raw materials for which there are only a limited number of suppliers or a single supplier.Risk factors (Item 1A)

Partners and platforms

AV Farms

$146 million of phased investmentnamed as a risk

Our investment in AV Farms could be materially and adversely affected by our lack of sole decision-making authority, our reliance on our co-investors’ financial condition, and disputes between our co-investors and us.Risk factors (Item 1A)

C&A Rollover Company, LLC

38%named as a risk

Currently, we, C&A and Geneses own approximately 39%, 38% and 23%, respectively, of AV Farms and 25%, 50% and 25%, respectively, of AV GP.Risk factors (Item 1A)

Other companies

OPEC+

exposed to its price · approximately 3.2 million barrels per daynamed as a risk

The actions of OPEC+ with respect to oil production cuts can have a significant impact on crude oil prices.Risk factors (Item 1A)

Also named by APA, CHRD, CPAY, CRC, CRGY, DMLP, KMI, KRP and 9 more

Omni Environmental Solutions

approximately 8 percent of Water Services segment revenue

Approximately 280 fluids-hauling employees moved with those businesses, which together represented approximately 8 percent of Water Services segment revenue in the first half of 2025.Business (Item 1)

Places

China

depends on · Approximately 8% of the raw material feedstocknamed as a risk

Approximately 8% of the raw material feedstock for our chemicals we produced in 2025 originated in China and were sold to us by our supplier partners.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Permian Basin

concentrated in · approximately 51% and 48% of our revenue in 2025 and 2024named as a risk

The Permian Basin of Texas and New Mexico is presently our largest operating region, accounting for approximately 51% and 48% of our revenue in 2025 and 2024, respectively.Risk factors (Item 1A)

Also named by AESI, APA, ARLP, AROC, ATO, CRGY, CVX, DINO and 20 more

Venezuela

approximately 50 million barrels of sanctioned oilnamed as a risk

If the resumption of oil exports from Venezuela depresses global oil prices, certain of our customers’ operations may no longer be economically viable, thereby reducing demand for our services.Risk factors (Item 1A)

Also named by BKR, CL, COP, CRC, CVX, EME, FLS, JNJ and 3 more

Colorado

operates in · 16,300 acre-feet of senior annual water rights

AV Farms consolidated 16,300 acre-feet of senior annual water rights, reservoir storage, and pipeline connectivity, laying the foundation for a commercial water banking and lease-fallow program.Business (Item 1)

Also named by AN, BBSI, BKH, CVX, DMLP, ENSG, FPI, MLM and 4 more

Bakken

operates in · 2.9 million cubic yards of permitted disposal capacity

In the Bakken region, this includes 2.9 million cubic yards of permitted disposal capacity on open cells across four landfills in North Dakota and Montana, with an additional 7.5 million cubic yards of permitted disposal capacity that would require additional cell buildouts at those landfills, which are permitted for specialized oilfield and industrial waste, including technologically enhanced naturally occurring radioactive materials (“TENORM“) and other non-hazardous industrial byproducts.Business (Item 1)

Also named by CVX, HESM, MDU

New Mexico

concentrated innamed as a risk

Similarly, a significant portion of our current business relates to water and water-related services in the New Mexico portion of the Permian Basin.Risk factors (Item 1A)

Also named by AROC, CDRE, DVN, FSUN, LB, PR

Midland, Texas and Tyler, Texas chemical manufacturing

operates innamed as a risk

We manufacture this reactive chemistry in Midland, Texas and Tyler, Texas with regional distribution facilities across the United States.Business (Item 1)

Hazards

Drought

named as a risk

Additionally, extended drought conditions in our operating regions could impact our ability to source sufficient water for our customers or increase the cost for such water.Risk factors (Item 1A)

Also named by AESI, AM, AWK, BF/B, BMI, CEG, EOG, ES and 8 more

Induced seismicity

named as a risk

This disposal process has been linked to increased induced seismicity events in certain areas of the country, particularly in certain counties in Oklahoma, Texas, Colorado, and New Mexico.Risk factors (Item 1A)

Also named by BSM, CRGY, DMLP, DVN, FANG, LB, PR, VNOM and 1 more

Commodities and inputs

WTI crude oil

exposed to its price · average West Texas Intermediate (“WTI”) spot price was $65.39named as a risk

During the year ended December 31, 2025, the average West Texas Intermediate (“WTI”) spot price was $65.39, versus an average price of $76.63 for the year ended December 31, 2024.Risk factors (Item 1A)

Also named by AR, CHRD, CRGY, EPD, EQT, FANG, KRP, OXY and 4 more

Fuel (diesel)

exposed to its pricenamed as a risk

Fuel is one of our significant operating expenses, and a significant increase in fuel prices could result in increased transportation costs.Risk factors (Item 1A)

Also named by ASO, CARR, COR, CPNG, CPRT, DDS, DKS, DY and 16 more

Henry Hub natural gas

exposed to its pricenamed as a risk

During 2025, the West Texas Intermediate spot price for oil ranged from a low of $55.44 per barrel in December to a high of $80.73 per barrel in January, and the Henry Hub spot price for natural gas ranged from a low of $2.65 per MMBtu in June and October to a high of $9.86 per MMBtu in January.Business (Item 1)

Also named by AM, AR, ATI, BSM, BTU, CNX, CRGY, DVN and 13 more

Regulators

Texas Railroad Commission

subject to · 23 deep disposal wellsnamed as a risk

For example, in December 2023 the Texas Railroad Commission suspended the permits of 23 deep disposal wells in a seismic response area in Culberson and Reeves Counties.Risk factors (Item 1A)

Also named by ARLP, CRGY, ET, FANG, L, LB, VNOM, WES and 1 more

U.S. Department of Transportation

subject tonamed as a risk

In connection with the services we provide, we operate as a motor carrier and therefore are subject to regulation by the DOT and analogous state agencies, which govern such activities as the authorization to engage in motor carrier operations and regulatory safety.Risk factors (Item 1A)

Also named by ACHR, AESI, ALK, BLDR, CHRW, CTAS, DAL, EXPE and 19 more

Bureau of Land Management

subject tonamed as a risk

For example, the BLM has finalized new rules that limit flaring from well sites on federal lands and add additional methane-related provisions to the permit application process, although litigation challenging these rules is held in abeyance while the Trump Administration reconsiders the rules.Risk factors (Item 1A)

Also named by AESI, BTU, CHRD, CRC, CRGY, DC, DMLP, DVN and 7 more

Colorado Energy and Carbon Management Commission

subject tonamed as a risk

In January 2024, the Colorado Energy and Carbon Management Commission (formerly the Colorado Oil and Gas Conservation Commission) adopted final rules that would apply increased scrutiny to the cumulative impacts of GHG emissions of oil and gas development and set GHG emissions intensity targets for oil and gas operators.Business (Item 1)

Also named by BSM

Laws and programs

U.S. tariffs on Chinese imports

subject to · approximately 48%named as a risk

Though a comprehensive trade agreement was signed in 2020 between the U.S. and China, a trade war has rapidly escalated in the first half of 2025, with current tariffs on goods imported from China into the U.S. at a blended average tariff rate of approximately 48% and goods from the U.S. imported into China at an average tariff rate of approximately 32%.Risk factors (Item 1A)

Also named by CGNX, CSGP, EXPD, LZB, ROST, SSD

Sustainability-Linked Credit Facility

$320.0 million in outstanding borrowingsnamed as a risk

As of December 31, 2025, we had $320.0 million in outstanding borrowings and $145.5 million of available borrowing capacity under our Sustainability-Linked Credit Facility.Market risk (Item 7A)

Tax Receivable Agreements

approximately $79.1 millionnamed as a risk

For example, if the TRAs were terminated on December 31, 2025, the estimated termination payments would have been approximately $79.1 million (calculated using a 5.49% discount rate, applied against an undiscounted liability of approximately $107.3 million, based upon the last reported closing sale price of our Class A common stock on December 31, 2025) in the aggregate.Risk factors (Item 1A)

Resource Conservation and Recovery Act (RCRA)

subject tonamed as a risk

Any loss of the RCRA exclusion for drilling fluids, produced waters and related wastes could result in an increase in our and our oil and gas producing customers’ costs to manage and dispose of generated wastes, which could have a material adverse effect on our and our customers’ results of operations and financial position.Business (Item 1)

Also named by AN, CDE, CLH, CTAS, ESI, HL, LB, MLM and 7 more

Clean Water Act (WOTUS)

subject tonamed as a risk

To the extent that any new final rule or future rules issued by the EPA and Corps expand the scope of the CWA’s jurisdiction in areas where we or our customers conduct operations, such developments could increase compliance expenditures or mitigation costs, contribute to delays, restrictions, or cessation of the development of projects, and also reduce the rate of production of natural gas or crude oil from operators with whom we have a business relationship and, in turn, have a material adverse effect on our business, results of operations and cash flows.Business (Item 1)

Also named by CLH, CNX, CTAS, DC, ELS, EQT, HL, STLD and 2 more

Toxic Substances Control Act (TSCA)

subject tonamed as a risk

These laws and regulations change frequently and have the potential to limit or ban altogether the types of chemicals we may use in our products, as well as result in increased costs related to testing, storing, and transporting our products prior to providing them to our customers.Risk factors (Item 1A)

Also named by A, ALB, CLH, ECL, EMN, ESI, IFF, OLN and 1 more

Underground Injection Control program (Safe Drinking Water Act)

subject tonamed as a risk

A change in UIC disposal well regulations or the inability to obtain permits for new disposal wells in the future may affect our ability to dispose of produced waters and other substances, which could affect our business.Business (Item 1)

Also named by LB, PR

Texas v. New Mexico and Colorado

subject tonamed as a risk

However, the future availability of, and/or access to, water in New Mexico will be affected by the results of a case, Texas v. New Mexico and Colorado, which is currently stayed pending further order by a special master.Risk factors (Item 1A)

Inflation Reduction Act of 2022 Waste Emissions Charge

subject tonamed as a risk

To the extent similar initiatives or other air pollution control and permitting requirements are implemented in the future, such initiatives could increase our customers’ operating costs and adversely affect their businesses, thereby reducing demand for our services.Risk factors (Item 1A)