Select Water Solutions, Inc. · NYSE:WTTR

Select Water Solutions — Merger or Acquisition (September 2026)

14 slides from Select Water Solutions's merger presentation, Sep 24, 2026

  1. Slide 1: Strategic Acquisition of Pilot Water Solutions

    Strategic Acquisition of Pilot Water Solutions September 24th, 2026

  2. Slide 2: Disclaimer Statement

    Disclaimer Statement Cautionary Statement Regarding Forward Looking Statements respect to past or future facts or results or any other matter. Prospective investors & amortization. We define Adjusted EBITDA as EBITDA plus/(minus) loss/(income) are solely responsible for conducting their own diligenc

  3. Slide 3: Pilot Water Solutions Acquisition – Transaction Summary

    Pilot Water Solutions Acquisition – Transaction Summary Transaction Summary  On September 24th, 2026, Select entered into a definitive agreement to acquire Pilot Water Solutions LLC (“Pilot Water” or “PWS”) at a purchase price of $700mm (with an additional $15mm earnout provision)  Select expects

  4. Slide 4: Pilot Water Solutions – Key Highlights

    Pilot Water Solutions – Key Highlights Unlocks Full Capabilities of Select’s Leading Integrated Recycling & Disposal Platform $100mm - $110mm in 2026E Adj. EBITDA(1) and $120 - $130mm in 2027E EBITDA(1) ~480 Mbw/d of MVCs adds predictable, production-levered contracted cash flows ~306,000 dedicated

  5. Slide 5: Pilot Water Solutions – Company Overview

    Pilot Water Solutions – Company Overview Leading Water Midstream Provider to the Energy Industry in the Delaware Basin Core Asset Overview Key Asset Statistics Other Operating Areas Delaware Midland Eagle Ford Other(3) Delaware ~2.7 MMbw/d 2,723 846 100% Basin Disposal Capacity 2% 228 25 16 96 11% 4

  6. Slide 6: Clear Line of Sight into Additional Near-Term Value Creation Opportunity with Pilot Water Assets

    Clear Line of Sight into Additional Near-Term Value Creation Opportunity with Pilot Water Assets Pilot Water Adj. EBITDA Bridge ($mm) Commentary 1 Recently signed MVC contract will provide 3 ~$20mm of annualized EBITDA beginning in 2027 2 Select has identified ~$10 - $15mm of synergies 2 $135 - $145

  7. Slide 7: Select Has Significantly Grown Water Infrastructure

    Select Has Significantly Grown Water Infrastructure Through Organic Investment and Value-Accretive and Tactical Acquisitions Water Infrastructure Revenue Water Infrastructure Gross Profit Before D&A(1) (3) ($ in millions) ($ in millions) +65%(4) +57%(4) $642 - $677 $339 - $363 +50% +53% CAGR(2) $392

  8. Slide 8: Select's Evolution to a Leading Water Midstream Company

    Select’s Evolution to a Leading Water Midstream Company Water Infrastructure Contributes ~70% of Pro Forma Company Gross Profit Before D&A Select has significantly expanded its production-weighting and long-term contract portfolio through a combination of organic growth and strategic acquisitions; P

  9. Slide 9: Significantly Scaled Water Midstream Platform

    Significantly Scaled Water Midstream Platform Existing & Pro Forma Asset Base and Key Operational Metrics Key Metrics Pro Forma % Increase Avg. Daily Produced Water Volumes 1.5 MMbw/d 0.8 MMbw/d(1) 2.3 MMbw/d + 53% MVC Volumes(2) 125 Mbw/d 480 Mbw/d 605 Mbw/d + 384% Dedicated & ROFR Acres 2.7 mm acr

  10. Slide 10: Delaware Basin Investment Thesis

    Delaware Basin Investment Thesis Pilot Water Significantly Expands Select’s Delaware Basin Footprint Key Highlights Remaining Locations Analysis(1) Basin IRR(2) Delaware Midland  Industry leading break evens and IRRs in 91% the Delaware Basin 12,779 12,429 63%  Significant remaining inventory in E

  11. Slide 11: Combined Select + PWS Delaware Basin Footprint

    Combined Select + PWS Delaware Basin Footprint Pilot Water Provides Highly Strategic & Synergistic Operational Footprint in the Delaware Basin New Mexico Delaware Basin Select Pilot Select Texas Asset Footprint(1) Standalone Water Pro Forma Fixed Recycling Capacity 1.7 MMbw/d 0.1 MMbw/d 1.8 MMbw/d M

  12. Slide 12: Significant Contract Portfolio Supports Select's Future Growth and Cash Flow Visibility

    Significant Contract Portfolio Supports Select’s Future Growth and Cash Flow Visibility Minimum Volume Commitments (Mbw/d)(1) Investment Grade % of Pro Forma MVCs 605 11% Weighted average remaining MVC contract 480 term of ~7 years(3) 125 89% Select Pilot Water Solutions Select Pro Forma IG Non-IG A

  13. Slide 13: Pro Forma Customer Base – "Scale Seeks Scale"

    Pro Forma Customer Base – “Scale Seeks Scale” 2026 YTD Pro Forma Revenue Categorization(1) 2026 YTD Pro Forma Top 10 Customers(1)(2) 8% 9% Major Integrated (Investment Grade) 32% Other Investment Grade Privates Publics (>$5B Mkt Cap) 32% Other Publics (<$5B Mkt Cap) 19% % Public and/or Investment Gr

  14. Slide 14: Strong Balance Sheet Management

    Strong Balance Sheet Management Capital Allocation Priorities Net Debt / 2026E EBITDA(1)(2) • Sustain a maintenance-light business model, supporting Select Target Net Leverage Range reinvestment and driving capital-efficient growth • Deploy growth capital toward strategic infrastructure Disciplined,

Select Water Solutions — Merger or Acquisition (September 2026) on 6ix