HOUSTON, Sept. 7,
2022 /PRNewswire/ -- Select Energy Services, Inc.
(NYSE: WTTR) ("Select" or the "Company"), a leading provider of
sustainable water and chemical solutions to the energy industry,
today announced that its Board of Directors has approved the
initiation of a dividend program under which the Company intends to
pay an initial quarterly cash dividend of $0.05 per Class A common share, beginning after
the third quarter of 2022. A comparable distribution of
$0.05 per unit has also been approved
to the other unitholder of SES Holdings, LLC, who holds all the
Company's Class B common shares. Select intends to pay regular
quarterly dividends, with all future dividend payments subject to
quarterly review and approval by its Board of Directors. The
Company will announce the record date and payment date for each
future dividend following completion of the relevant fiscal
quarter.
John Schmitz, Chairman of the
Board, President and CEO, stated, "Returning capital to
shareholders, while balancing our growth and investment priorities,
remains a key component of Select's overall capital allocation
strategy. We have returned more than $60
million in capital to shareholders since 2018 through our
tactical share repurchase program and we are happy to institute
this quarterly dividend to further this strategy. The Board's
decision to initiate a regular dividend program reflects our
confidence in Select's operating performance, as well as our
commitment to generate multiple avenues of shareholder value over
time by returning capital to shareholders while maintaining a
disciplined capital structure to support the growth of our
business. Supported by our recent acquisitions, additional
contracted infrastructure projects and full water life cycle
production-oriented business lines, we continue to strengthen and
diversify our revenues, adding enhanced stability around our
pristine balance sheet. Going forward, we believe we are well
positioned to return a portion of our profits to shareholders while
investing in our growth. We strongly believe in the free cash flow
generating capabilities of our business and are excited to have our
shareholders benefit from this cash generation with us," concluded
Schmitz.
Barclays CEO Energy-Power
Conference Investor Presentation & Webcast
Select's Chairman, President and CEO, John Schmitz will present at the Barclays CEO
Energy-Power Investment Conference in New
York City, NY on Wednesday, September
7, 2022 at 3:00 p.m. Eastern
time / 2:00 p.m. Central
time. A live webcast will be available at
https://investors.selectenergy.com/ and the webcast can be accessed
for 90 days following the presentation. The presentation will be
available on this website coincident with the conference
presentation.
About Select Energy Services,
Inc.
Select Energy Services, Inc. (collectively, with its
consolidated subsidiaries, referred to as "Select" or the
"Company") is a leading provider of sustainable water and chemical
solutions to the energy industry. Select develops, manufactures and
delivers a full suite of chemical products for use in oil and gas
well completion and production operations as well as integration
into the full water life-cycle. These solutions are supported by
the Company's critical water infrastructure assets and water
treatment and recycling capabilities. As a leader in sustainable
water and chemical solutions, Select places the utmost importance
on safe, environmentally responsible management of oilfield water
throughout the lifecycle of a well. Additionally, Select believes
that responsibly managing water resources throughout its operations
to help conserve and protect the environment is paramount to the
continued success of the Company. For more information,
please visit Select's website, http://www.selectenergy.com.
Cautionary Statement Regarding
Forward-Looking Statements
All statements in this communication other than statements of
historical facts are forward-looking statements which contain our
current expectations about our future results. We have attempted to
identify any forward-looking statements by using words such as
"could," "believe," "anticipate," "expect," "project," "will,"
"estimate" and other similar expressions. Although we believe that
the expectations reflected, and the assumptions or bases underlying
our forward-looking statements are reasonable, we can give no
assurance that such expectations will prove to be correct. Such
statements are not guarantees of future performance or events and
are subject to known and unknown risks and uncertainties that could
cause our actual results, events or financial positions to differ
materially from those included within or implied by such
forward-looking statements. Factors that could materially impact
such forward-looking statements include, but are not limited to:
the severity and duration of world health events, including the
COVID-19 pandemic, which had a negative impact on our business; the
global macroeconomic uncertainty related to the Russia-Ukraine war; actions by the members of OPEC+
with respect to oil production levels and announcements of
potential changes in such levels, including the ability of the
OPEC+ countries to agree on and comply with supply limitations;
operational challenges relating to the COVID-19 pandemic and
efforts to mitigate the spread of the virus, including logistical
challenges, protecting the health and well-being of our employees,
remote work arrangements, performance of contracts and supply chain
disruptions; the level of capital spending and access to capital
markets by oil and gas companies, trends and volatility in oil and
gas prices, and our ability to manage through such volatility;
sufficient surplus or net profits to pay dividends; and other
factors discussed or referenced in the "Risk Factors" section of
our most recent Annual Report on Form 10-K and those set forth from
time to time in our other filings with the SEC. Investors should
not place undue reliance on our forward-looking statements. Any
forward-looking statement speaks only as of the date on which such
statement is made, and we undertake no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events, changed circumstances or
otherwise, unless required by law.
WTTR-PR
Contacts:
Select Energy Services
Chris George – Senior Vice
President, Corporate
Development, Investor Relations & Sustainability
(713) 296-1073
IR@selectenergyservices.com
Dennard Lascar Investor
Relations
Ken Dennard
(713) 529-6600
WTTR@dennardlascar.com
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SOURCE Select Energy Services, Inc.