Pilot Water is a leading, private water midstream company with a core position in the Delaware Basin
Robust contract portfolio with 480,000 barrels per day of minimum volume commitment ("MVC") contracts and 306,000 acres dedicated under long-term agreements
Transaction consideration to consist of a combination of $600 million of cash and $100 million of Class A common stock, with $15 million of potential earnout cash consideration
Adds an estimated $120 - $130 million of 2027E EBITDA, before considering $10 – $15 million of additional targeted cost synergies
Strengthens Select's infrastructure-led business, with Water Infrastructure projected to represent approximately 70% of Select's pro forma profitability by 2027
Expected to preserve a strong balance sheet, with pro forma net leverage of less than 2.0x at closing
GAINESVILLE, Texas, Sept. 24, 2026 /PRNewswire/ -- Select Water Solutions, Inc. (NYSE: WTTR) ("Select," the "Company," "we" or "us") announced today that it has entered into a definitive agreement (the "Purchase Agreement") to acquire Pilot Water Solutions LLC ("Pilot Water"), a leading, private water midstream company with primary operations in the Delaware Basin, for an equity-and-cash transaction valued at $700 million, plus $15 million of additional potential contingent cash consideration. The transaction is currently expected to close in the fourth quarter of 2026, subject to customary closing conditions and regulatory approvals.
Pilot Water's infrastructure platform consists of approximately 2.7 million barrels per day of active permitted disposal capacity, 0.9 million barrels per day of undeveloped permitted disposal capacity, and more than 700 miles of pipeline infrastructure. Pilot Water's revenues are supported by an attractive contract portfolio, with more than 80% of its annual revenue backed by long-term contracts with an average tenor of more than 7 years, including approximately 480,000 barrels per day of minimum volume commitments and 306,000 dedicated acres. Included in this contract portfolio is a new 175,000 barrel per day MVC-based contract, which is expected to increase Pilot Water's daily produced water volumes handled from approximately 850,000 barrels per day during the first half of 2026 to approximately one million barrels per day during 2027. More than 80% of Pilot Water's daily produced water volumes are handled in the core of the Delaware Basin in New Mexico and Texas, with additional operations in the Midland Basin, Eagle Ford, Haynesville, Rockies and Northeast regions.