Select Energy Services Reports Fourth Quarter And Fiscal Year 2019 Financial Results And Operational Updates

Generated operating cash flow of $61.7 million in the fourth quarter of 2019 and $203.9 million for fiscal year 2019

Began operations of new Northern Delaware pipeline system in New Mexico late in the fourth quarter of 2019

Repurchased 0.66 million shares of Class A common stock for $4.9 million in the fourth quarter of 2019 and 2.18 million shares of Class A common stock for $17.5 million during fiscal year 2019

HOUSTON, Feb. 24, 2020 /PRNewswire/ -- Select Energy Services, Inc. (NYSE: WTTR) ("Select" or "the Company"), a leading provider of water management and chemical solutions to the U.S. unconventional oil and gas industry, today announced results for the fourth quarter and fiscal year ended December 31, 2019.

Holli Ladhani, President and CEO, stated, "We advanced our strategy throughout the year by divesting our non-core businesses, paying down our debt balance in full, completing our New Mexico pipeline system, adding incremental chemicals manufacturing capacity in the Permian basin, acquiring a strategic water treatment business and returning cash to shareholders via open market share repurchases, all while continuing to generate and build cash on the balance sheet.

"We finished 2019 with another strong free cash flow quarter and significantly exceeded the top end of our full year free cash flow target. We were disciplined in our approach to capital allocation throughout 2019, generating consistent free cash flow and further enhancing our financial flexibility. With our debt-free balance sheet, we are well positioned to capitalize on opportunities as they arise and navigate the potentially volatile market ahead of us. 

"Looking forward, while we expect full year activity to decline year-over-year, we have already seen activity pick up in the early part of 2020 and expect improvements across all three segments in the first quarter. Absent signals of further increases in activity levels, we will invest our capital judiciously, with a capital expenditure range of $55 million to $70 million expected in 2020. We will continue to target a balanced capital allocation strategy including the evaluation of opportunistic and strategic growth focused on expanding our ability to bring full life-cycle solutions to our customers, as well as in technologies that support our operational efficiency initiatives and service differentiation," concluded Ladhani.

Summary Financial Information

Revenue for fiscal year 2019 was $1.29 billion as compared to $1.53 billion in fiscal year 2018.  Revenue for the fourth quarter of 2019 was $276.1 million as compared to $329.0 million in the third quarter of 2019 and $362.3 million in the fourth quarter of 2018. Revenue in the fiscal year 2019 and fourth quarter of 2019 were impacted by the divestment of certain non-core operations that contributed an incremental $29.4 million of revenue in the fourth quarter of 2018 and an incremental $142.2 million in fiscal year 2018. Net income for fiscal year 2019 was $4.1 million as compared to net income of $54.3 million in fiscal year 2018. Net loss for the fourth quarter of 2019 was $12.5 million compared to net income of $7.2 million in the third quarter of 2019 and net loss of $18.1 million in the fourth quarter of 2018.

Gross profit was $21.8 million in the fourth quarter of 2019 compared to $41.0 million in the third quarter of 2019 and $34.4 million in the fourth quarter of 2018. Total gross margin for Select was 7.9% in the fourth quarter of 2019 as compared to 12.5% in the third quarter of 2019 and 9.5% in the fourth quarter of 2018. Gross margin before depreciation and amortization ("D&A") for the fourth quarter of 2019 was 18.1% compared to 21.1% for the third quarter of 2019 and 19.8% for the fourth quarter of 2018.

Gross profit for fiscal year 2019 was $148.7 million as compared to $198.5 million in fiscal year 2018, and gross margin was 11.5% in fiscal year 2019 as compared to 13.0% in fiscal year 2018.  Gross margin before D&A for fiscal year 2019 was 20.6% as compared to 21.5% for fiscal year 2018.

Adjusted EBITDA was $28.8 million, or 10.4% of revenue in the fourth quarter of 2019, as compared to $48.9 million or 14.9% of revenue in the third quarter of 2019 and $56.1 million or 15.5% of revenue in the fourth quarter of 2018.  Adjusted EBITDA for fiscal year 2019 was $182.7 million as compared to $257.6 million in fiscal year 2018.  Please refer to the end of this release for reconciliations of gross profit before D&A and gross margin before D&A (non-GAAP measures) to gross profit and of Adjusted EBITDA (non-GAAP measure) to net income.

Business Segment Information

The Water Services segment generated revenues of $152.9 million in the fourth quarter of 2019, as compared to $196.8 million in the third quarter of 2019 and $211.1 million in the fourth quarter of 2018.  Gross margin before D&A for Water Services was 17.3% in the fourth quarter of 2019 as compared to 21.9% in the third quarter of 2019 and 22.9% in the fourth quarter of 2018. The sequential decline in revenue and gross margin before D&A was largely attributable to meaningful seasonal activity declines in the quarter driven by weather, holidays and our customers having exhausted their capital budgets throughout the quarter. The year over year decline was largely driven by lower completions activity and pricing from our customers in 2019 relative to 2018.

The Water Infrastructure segment generated revenues of $52.3 million in the fourth quarter of 2019 as compared to $64.0 million in the third quarter of 2019 and $54.5 million in the fourth quarter of 2018. Gross margin before D&A for Water Infrastructure was 22.9% in the fourth quarter of 2019 as compared to 26.9% in the third quarter of 2019 and 27.0% in the fourth quarter of 2018.  The decline in revenues and gross margin before D&A in the fourth quarter of 2019 was driven primarily by decreased non-pipeline water sourcing volumes associated with seasonal activity declines as well as increased costs associated with the Company's legacy New Mexico sourcing and logistics operations prior to the Northern Delaware pipeline coming online late in the fourth quarter of 2019.

The Oilfield Chemicals segment generated revenues of $70.9 million in the fourth quarter of 2019, as compared to $67.9 million in the third quarter of 2019 and $67.4 million during the fourth quarter of 2018.  Gross margin before D&A for Oilfield Chemicals was 16.0% in the fourth quarter of 2019 as compared to 15.6% in the third quarter of 2019 and 8.9% in the fourth quarter of 2018.  The revenue growth in the fourth quarter of 2019 was driven primarily by incremental contributions from the Well Chemical Services business ("WCS"), which we acquired from Baker Hughes Company on September 30, 2019. The meaningful year-over-year improvement in margins was driven by continued demand for our higher margin friction reducer product lines combined with the transportation cost savings from our Midland plant expansion.

The "Other" category, which contains the residual wind-down impacts of the non-core businesses that were largely divested and wound down during the first half of 2019, generated no revenues during the fourth quarter of 2019 relative to $0.3 million in the third quarter of 2019 and $29.4 million in the fourth quarter of 2018. The "Other" category contributed gross profit before D&A of $0.1 million in the fourth quarter of 2019 as compared to gross loss before D&A of $1.6 million in the third quarter of 2019 and gross profit before D&A of $2.7 million in the fourth quarter of 2018. The Company does not expect any material contributions from these operations going forward.

Select's consolidated Adjusted EBITDA during the quarter includes $13.1 million of non-recurring or non-cash adjustments, including $4.8 million of loss on sales of subsidiaries and other assets, primarily related to non-cash losses incurred from the sale of certain underutilized assets within the Water Services segment, $2.8 million of asset impairment charges for underutilized assets, $1.6 million of transaction costs, primarily related to a legacy Rockwater liability accrual and deal costs from the acquisition of WCS, and $0.6 million of lease abandonment and impairment costs. Non-cash compensation expense accounted for an additional $3.6 million adjustment and other items produced a net impact of ($0.3) million.

Cash Flow and Balance Sheet

Cash flow from operations for the fourth quarter of 2019 was $61.7 million as compared to $67.5 million in the third quarter of 2019 and $107.8 million in the fourth quarter of 2018.  Cash flow from operations during the fourth quarter of 2019 included a $34.3 million contribution from working capital.  Cash flow from operations for the fiscal year 2019 was $203.9 million compared to $232.4 million during fiscal year 2018. Capital expenditures for the fourth quarter of 2019 were $20.5 million, net of ordinary course asset sales of $3.3 million.  Capital expenditures for the fiscal year 2019 were $98.1 million, net of ordinary course asset sales of $12.0 million, a reduction of 35% as compared to $151.4 million for the fiscal year 2018, net of ordinary course asset sales of $14.0 million.  Cash flow from operations less capex, net of asset sales, was $41.2 million during the fourth quarter and $105.8 million during the fiscal year 2019.

Other net cash uses during the fourth quarter included $4.9 million to fund the open market repurchase of approximately 0.66 million shares of Class A common stock. For fiscal year 2019, we repurchased approximately 2.18 million of Class A common stock for $17.5 million in the open market.

Total liquidity was $274.0 million as of December 31, 2019, as compared to $221.9 million as of December 31, 2018.  The Company had no outstanding borrowings under the Company's revolving credit facility as of December 31, 2019, compared to $45.0 million as of December 31, 2018.  As of December 31, 2019, the Company had approximately $194.7 million of available borrowing capacity under its revolving credit facility, after giving effect to $19.9 million of outstanding letters of credit.  Total cash and cash equivalents were $79.3 million at December 31, 2019 as compared to $17.2 million at December 31, 2018.

Conference Call

Select has scheduled a conference call on Tuesday, February 25, 2020 at 10:00 a.m. Eastern time / 9:00 a.m. Central time.  Please dial 201-389-0872 and ask for the Select Energy Services call at least 10 minutes prior to the start time of the call, or listen to the call live over the Internet by logging on to the website at the address http://investors.selectenergyservices.com/events-and-presentations.  A telephonic replay of the conference call will be available through March 10, 2020 and may be accessed by calling 201-612-7415 using passcode 13697812#.  A webcast archive will also be available at the link above shortly after the call and will be accessible for approximately 90 days. 

About Select Energy Services, Inc.

Select Energy Services, Inc. ("Select") is a leading provider of comprehensive water management and chemical solutions to the oil and gas industry in the United States.  Select provides for the sourcing and transfer of water, both by permanent pipeline and temporary hose, prior to its use in the drilling and completion activities associated with hydraulic fracturing, as well as complementary water-related services that support oil and gas well completion and production activities, including containment, monitoring, treatment and recycling, flowback, hauling, gathering and disposal.  Select, under its Rockwater Energy Solutions brand, develops and manufactures a full suite of specialty chemicals used in the well completion process and production chemicals used to enhance performance over the producing life of a well.  Select currently provides services to exploration and production companies and oilfield service companies operating in all the major shale and producing basins in the United States.  For more information, please visit Select's website, http://www.selectenergyservices.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 "expect," "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 factors discussed or referenced in the "Risk Factors" section of our most recent Annual Report on Form 10-K and in any subsequently filed quarterly reports on Form 10-Q or current reports on Form 8-K.  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-ER

SELECT ENERGY SERVICES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except share and per share data)





Three Months Ended


Year Ended December 31,



December 31,
2019


September 30,
2019


December 31,
2018


2019


2018

Revenue













Water services

$

152,922

$

196,782

$

211,096


$

772,311


$

896,783

Water infrastructure


52,314


63,953


54,454



221,593



230,115

Oilfield chemicals


70,852


67,932


67,368



268,614



259,791

Other



301


29,400



29,071



142,241

Total revenue


276,088


328,968


362,318



1,291,589



1,528,930

Costs of revenue













Water services


126,392


153,741


162,702



598,405



681,546

Water infrastructure


40,328


46,748


39,768



166,962



160,072

Oilfield chemicals


59,499


57,357


61,397



230,434



233,454

Other


(126)


1,865


26,686



30,239



124,839

Depreciation and amortization


28,185


28,263


37,357



116,809



130,537

Total costs of revenue


254,278


287,974


327,910



1,142,849



1,330,448

Gross profit


21,810


40,994


34,408



148,740



198,482

Operating expenses













Selling, general and administrative


24,669


27,280


25,494



111,622



103,156

Depreciation and amortization


1,002


952


844



3,860



3,176

Impairment of goodwill




17,894



4,396



17,894

Impairment of property and equipment


2,773


49


4,375



3,715



6,657

Impairment of cost-method investment








2,000

Lease abandonment costs


579


238


(217)



2,073



3,925

Total operating expenses


29,023


28,519


48,390



125,666



136,808

(Loss)/income from operations


(7,213)


12,475


(13,982)



23,074



61,674

Other (expense)/income













(Losses) gains on sales of property, equipment and divestitures, net


(3,393)


(2,033)


844



(11,626)



3,804

Interest expense, net


(318)


(438)


(1,496)



(2,688)



(5,311)

Foreign currency gain (loss), net


5


(59)


(800)



273



(1,292)

Other expense, net


(2,886)


(272)


(3,011)



(2,948)



(2,872)

(Loss) income before income tax expense


(13,805)


9,673


(18,445)



6,085



56,003

Income tax benefit (expense)


1,301


(2,501)


323



(1,949)



(1,704)

Net (loss) income


(12,504)


7,172


(18,122)



4,136



54,299

Less: net loss (income) attributable to noncontrolling interests


2,574


(1,793)


4,622



(1,352)



(17,787)

Net (loss) income attributable to Select Energy Services, Inc.

$

(9,930)

$

5,379

$

(13,500)


$

2,784


$

36,512














Net (loss) income per share attributable to common stockholders:













Class A—Basic

$

(0.12)

$

0.07

$

(0.17)


$

0.03


$

0.49

Class A-1—Basic

$

$

$


$


$

Class A-2—Basic

$

$

$


$


$

0.49

Class B—Basic

$

$

$


$


$














Net (loss) income per share attributable to common stockholders













Class A—Diluted

$

(0.12)


0.07


(0.17)


$

0.03


$

0.49

Class A-1—Diluted

$

$

$


$


$

Class A-2—Diluted

$

$

$


$


$

0.49

Class B—Diluted

$

$

$


$


$
























 

SELECT ENERGY SERVICES, INC.

CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands, except share data)




As of December 31, 



2019


2018

Assets







Current assets







Cash and cash equivalents


$

79,268


$

17,237

Accounts receivable trade, net of allowance for doubtful accounts of $5,773 and $5,329, respectively



267,628



341,711

Accounts receivable, related parties



4,677



1,119

Inventories



37,542



44,992

Prepaid expenses and other current assets



26,486



27,093

Total current assets



415,601



432,152

Property and equipment



1,015,379



1,114,378

Accumulated depreciation



(562,986)



(611,530)

Property and equipment held-for-sale, net



885



Total property and equipment, net



453,278



502,848

Right-of-use assets, net



70,635



Goodwill



266,934



273,801

Other intangible assets, net



136,952



148,377

Other assets, net



4,220



3,427

Total assets


$

1,347,620


$

1,360,605

Liabilities and Equity







Current liabilities







Accounts payable


$

35,686


$

53,847

Accrued accounts payable



47,547



62,536

Accounts payable and accrued expenses, related parties



2,789



5,056

Accrued salaries and benefits



20,079



22,113

Accrued insurance



8,843



14,849

Sales tax payable



2,119



5,820

Accrued expenses and other current liabilities



15,375



14,560

Current operating lease liabilities



19,315



Current portion of finance lease obligations



128



938

Total current liabilities



151,881



179,719

Long-term operating lease liabilities



72,143



16,752

Other long-term liabilities



10,784



8,361

Long-term debt





45,000

Total liabilities



234,808



249,832

Commitments and contingencies







Class A common stock, $0.01 par value; 350,000,000 shares authorized and 87,893,525 shares issued and outstanding as of December 31, 2019; 350,000,000 shares authorized and 78,956,555 shares issued and outstanding as of December 31, 2018



879



790

Class A-2 common stock, $0.01 par value; 40,000,000 shares authorized; no shares issued or outstanding as of December 31, 2019 and December 31, 2018





Class B common stock, $0.01 par value; 150,000,000 shares authorized and 16,221,101 shares issued and outstanding as of December 31, 2019; 150,000,000 shares authorized and 26,026,843 shares issued and outstanding as of December 31, 2018



162



260

Preferred stock, $0.01 par value; 50,000,000 shares authorized; no shares issued and outstanding as of December 31, 2019 and December 31, 2018





Additional paid-in capital



914,699



813,599

Retained earnings



21,437



18,653

Accumulated other comprehensive deficit





(368)

Total stockholders' equity



937,177



832,934

Noncontrolling interests



175,635



277,839

Total equity



1,112,812



1,110,773

Total liabilities and equity


$

1,347,620


$

1,360,605

 

SELECT ENERGY SERVICES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)




Year Ended December 31, 




2019


2018


Cash flows from operating activities








Net income


$

4,136


$

54,299


Adjustments to reconcile net income to net cash provided by operating activities








Depreciation and amortization



120,669



133,713


Net loss (gain) on disposal of property and equipment



7,950



(3,803)


Gain realized on previously held interest in Rockwater






Bad debt expense



2,553



2,210


Amortization of debt issuance costs



688



688


Inventory write-downs



250



442


Equity-based compensation



15,485



10,371


Impairment of goodwill



4,396



17,894


Impairment of property and equipment



3,715



6,657


Impairment of cost-method investment





2,000


Loss on divestitures



3,676




Other operating items, net



240



1,287


Changes in operating assets and liabilities








Accounts receivable



57,908



36,537


Prepaid expenses and other assets



11,321



(9,115)


Accounts payable and accrued liabilities



(29,039)



(20,771)


Net cash provided by operating activities



203,948



232,409


Cash flows from investing activities








Working capital settlement



691




Proceeds received from divestitures



24,872




Purchase of property and equipment



(110,143)



(165,360)


Acquisitions, net of cash received



(10,000)



(16,999)


Proceeds received from sales of property and equipment



17,223



13,998


Net cash used in investing activities



(77,357)



(168,361)


Cash flows from financing activities








Borrowings from revolving line of credit



5,000



60,000


Payments on long-term debt



(50,000)



(90,000)


Payments of finance lease obligations



(883)



(1,881)


Payment of debt issuance costs






Proceeds from initial public offering






Proceeds from share issuance



142



762


Payments incurred for initial public offering






Distributions to noncontrolling interests, net



(349)



(506)


Repurchase of common stock



(18,600)



(16,562)


Contingent consideration





(1,106)


Net cash used in financing activities



(64,690)



(49,293)


Effect of exchange rate changes on cash



130



(292)


Net increase in cash and cash equivalents



62,031



14,463


Cash and cash equivalents, beginning of period



17,237



2,774


Cash and cash equivalents, end of period


$

79,268


$

17,237



Comparison of Non-GAAP Financial Measures

EBITDA, Adjusted EBITDA, gross profit before depreciation and amortization (D&A) and gross margin before D&A are not financial measures presented in accordance with GAAP. We define EBITDA as net income, plus interest expense, taxes and depreciation & amortization. We define Adjusted EBITDA as EBITDA plus/(minus) loss/(income) from discontinued operations, plus any impairment charges or asset write-offs pursuant to GAAP, plus non-cash losses on the sale of assets or subsidiaries, non-recurring compensation expense, non-cash compensation expense, and non-recurring or unusual expenses or charges, including severance expenses, transaction costs, or facilities-related exit and disposal-related expenditures, plus/(minus) foreign currency losses/(gains) and plus any inventory write-downs. The adjustments to EBITDA are generally consistent with such adjustments described in our Credit Facility regarding compliance with covenants thereunder. We define gross profit before D&A as revenue less cost of revenue, excluding cost of sales D&A expense. We define gross margin before D&A as gross profit before D&A divided by revenue. EBITDA, Adjusted EBITDA, gross profit before D&A and gross margin before D&A are supplemental non-GAAP financial measures that we believe provide useful information to external users of our financial statements, such as industry analysts, investors, lenders and rating agencies because it allows them to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization) and non-recurring items outside the control of our management team. We present EBITDA, Adjusted EBITDA, gross profit before D&A and gross margin before D&A because we believe they provide useful information regarding the factors and trends affecting our business in addition to measures calculated under GAAP.

Net income is the GAAP measure most directly comparable to EBITDA and Adjusted EBITDA. Gross profit is the GAAP measure most directly comparable to gross profit before D&A. Our non-GAAP financial measures should not be considered as alternatives to the most directly comparable GAAP financial measure. Each of these non-GAAP financial measures has important limitations as an analytical tool due to exclusion of some but not all items that affect the most directly comparable GAAP financial measures. You should not consider EBITDA, Adjusted EBITDA or gross profit before D&A in isolation or as substitutes for an analysis of our results as reported under GAAP. Because EBITDA, Adjusted EBITDA and gross profit before D&A may be defined differently by other companies in our industry, our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. For further discussion, please see "Item 6. Selected Financial Data" in our Annual Report on Form 10-K for the year ended December 31, 2019, which we expect to file with the SEC on or before the applicable filing deadline.

The following tables present a reconciliation of EBITDA and Adjusted EBITDA to our net income (loss), which is the most directly comparable GAAP measure for the periods presented:


Three Months Ended

Year Ended December 31,

(unaudited) (in thousands)

December 31,
2019

September 30,
2019

December 31,
2018

 

2019

2018

Net income (loss)

$

(12,504)

$

7,172

$

(18,122)

$

4,136

$

54,299


Interest expense, net


318


438


1,496


2,688


5,311


Income tax expense


(1,301)


2,501


(323)


1,949


1,704


Depreciation and amortization


29,187


29,215


38,201


120,669


133,713


EBITDA


15,700


39,326


21,252


129,442


195,027


     Impairment of goodwill




17,894


4,396


17,894


Impairment of property and equipment


2,773


49


4,375


3,715


6,657


Impairment of cost-method investment






2,000


Lease abandonment costs


579


238


(217)


2,073


3,925


Non-recurring severance expenses


11



725


1,691


1,220


Non-recurring transaction costs


1,598


2,025


(11)


4,697


7,809


Non-cash compensation expenses


3,611


3,566


2,341


15,485


10,371


Non-cash loss on sale of assets or subsidiaries


4,811


3,648


1,696


21,679


3,775


Foreign currency (gain) loss, net


(5)


59


800


(273)


1,292


Inventory write-down




12


75


442


Non-recurring change in vacation policy




2,894



2,894


Other non-recurring charges


(248)



4,313


(248)


4,313


Adjusted EBITDA

$

28,830

$

48,911

$

56,074

$

182,732

$

257,619


















The following tables present a reconciliation of gross profit before D&A to total gross profit, which is the most directly comparable GAAP measure, and a calculation of gross margin before D&A for the periods presented: 



Three Months Ended

Year Ended December 31,

(unaudited) (in thousands)

 


December 31,
2019


September 30,
2019


December 31,
2018

2019


2018

Gross profit by segment











Water services


$7,571


$23,622


$23,345


$93,242


$132,362

Water infrastructure


4,892


10,796


7,860


28,966


47,001

Oilfield chemicals


9,222


8,140


3,328


29,414


15,841

Other


125


(1,564)


(125)


(2,882)


3,278

As reported gross profit


21,810


40,994


34,408


148,740


198,482












Plus depreciation and amortization











Water services


18,960


19,419


25,049


80,664


82,875

Water infrastructure


7,094


6,409


6,826


25,665


23,042

Oilfield chemicals


2,131


2,435


2,643


8,766


10,496

Other




2,839


1,714


14,124

Total depreciation and amortization


28,185


28,263


37,357


116,809


130,537












Gross profit before D&A


49,995


69,257


71,765


265,549


329,019












Gross Profit before D&A by segment











Water services


26,531


43,041


48,394


173,906


215,237

Water infrastructure


11,986


17,205


14,686


54,631


70,043

Oilfield chemicals


11,353


10,575


5,971


38,180


26,337

Other


125


(1,564)


2,714


(1,168)


17,402

Total gross profit before D&A


$49,995


$69,257


71,765


$265,549


329,019












Gross Margin before D&A by segment











Water services


17.3%


21.9%


22.9%


22.5%


24.0%

Water infrastructure


22.9%


26.9%


27.0%


24.7%


30.4%

Oilfield chemicals


16.0%


15.6%


8.9%


14.2%


10.1%

Other


-12500%


-520%


9.2%


-4.0%


12.0%

Total gross margin before D&A


18.1%


21.1%


19.8%


20.6%


21.5%












 

Contacts:

Select Energy Services 


Chris George - VP, Investor Relations & Treasurer


(713) 296-1073


IR@selectenergyservices.com




Dennard Lascar Investor Relations


Ken Dennard / Lisa Elliott


713-529-6600


WTTR@dennardlascar.com

 

Cision View original content:http://www.prnewswire.com/news-releases/select-energy-services-reports-fourth-quarter-and-fiscal-year-2019-financial-results-and-operational-updates-301010096.html

SOURCE Select Energy Services, Inc.

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