Select Water Solutions sees FY24 CapEx $140M-$160M

John Schmitz, Chairman of the Board, President and CEO, stated, “Looking ahead to 2024, we are targeting net capital expenditures of $140M-$160M, including $10M-$20M of asset sales. This includes approximately $50M-$60M of maintenance capex, with the remaining primarily weighted towards high gross margin, long-term contracted growth capital projects within our Water Infrastructure segment. I am very confident in our strong backlog for both greenfield and brownfield infrastructure system projects and am excited about the new projects we announced today, especially the Thompson Pipeline in the Bakken, which has been a multi-year development effort for the team. Despite recent commodity price and activity volatility, we continue to experience increased demand for new infrastructure development opportunities across all basins as water infrastructure constraints remain a significant challenge for our customers. Furthermore, the strength of our recent financial performance, including the strong free cash flow generated from our Water Services and Chemical Technologies segments, positioned us to fund these newly announced infrastructure projects in addition to a trio of additional strategic acquisitions during the early part of the Q1. Each of these projects and recent acquisitions capitalizes on our existing market leading positions, established infrastructure and customer relationships.”