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GAINESVILLE, Texas - Select Water Solutions, Inc. (NYSE:WTTR), a provider of water solutions to the energy sector, announced the appointment of Bruce E. Cope and Timothy A. Roberts to its Board of Directors. The appointments are effective immediately, aligning with the terms of existing Board members. Concurrently, the company disclosed that Troy W. Thacker will not seek re-election at the next Annual Meeting, marking the end of his nearly five-year tenure. The company, currently valued at $1.33 billion, has demonstrated strong market performance with a 74.74% return over the past year, according to InvestingPro data.
Bruce Cope brings over three decades of experience in the oil and gas industry, including senior roles at Hunt Consolidated, Inc. and its affiliates. He also serves as a lead director for a large family trust and is an active Certified Public Accountant in Arkansas. Timothy Roberts has a two-decade track record in the oil and gas sector, focusing on the midstream segment. He is currently the CEO and Partner of Iron Horse Midstream, LLC, and has held significant financial positions at American Capital, Ltd. and Wachovia Energy Investment Banking.
John Schmitz, Chairman, President, and CEO of Select, expressed confidence in the new appointees’ ability to contribute to the company’s growth and strategic execution, citing their extensive experience in accounting, finance, and operational expertise in the energy industry. Schmitz also acknowledged Thacker’s contributions to the company’s development and strategic initiatives during his tenure.
Select Water Solutions specializes in sustainable water and technology solutions for the energy industry, emphasizing environmentally responsible management of water resources. The company’s services are supported by its water infrastructure assets, chemical manufacturing, and water treatment and recycling capabilities.
The announcement is based on a press release statement and contains forward-looking statements regarding the company’s future results and performance. These statements are subject to risks and uncertainties, and actual results may differ materially. Select Water Solutions has not provided any assurances that the expectations reflected in these statements will be achieved.
In other recent news, Select Water Solutions, a key player in the water management industry, has been making significant financial strides. The company recently secured a $550 million sustainability-linked credit facility, led by Bank of America, N.A., with JPMorgan Chase (NYSE:JPM) Bank, N.A., Bank OZK (NASDAQ:OZK), and MUFG Bank, LTD. as co-arrangers. This credit facility will support growth plans and fund contracted infrastructure projects.
Select Water Solutions also reported robust third-quarter earnings, with an impressive 20% revenue increase and a 33% rise in gross profit before depreciation and amortization compared to the previous quarter. Year-over-year figures were noteworthy, with revenue up by 40% and gross profit surging by 99% compared to the same quarter in 2023.
Furthermore, the company’s board of directors announced a dividend of $0.07 per share for Class A common stock, marking a consistent increase for the third consecutive year. This decision reflects the company’s financial health and its ability to generate cash flow while maintaining its operations and growth strategies. These are among the recent developments for Select Water Solutions.
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