Select Energy Services, Inc. (WTTR) Approves Quarterly Dividend Program

Select Energy Services, Inc. (NYSE: WTTR) announced that its Board of Directors has approved the initiation of a dividend program under which the Company intends to pay an initial quarterly cash dividend of $0.05 per Class A common share, beginning after the third quarter of 2022. A comparable distribution of $0.05 per unit has also been approved to the other unitholder of SES Holdings, LLC, who holds all the Company's Class B common shares. Select intends to pay regular quarterly dividends, with all future dividend payments subject to quarterly review and approval by its Board of Directors. The Company will announce the record date and payment date for each future dividend following completion of the relevant fiscal quarter.

John Schmitz, Chairman of the Board, President and CEO, stated, "Returning capital to shareholders, while balancing our growth and investment priorities, remains a key component of Select's overall capital allocation strategy. We have returned more than $60 million in capital to shareholders since 2018 through our tactical share repurchase program and we are happy to institute this quarterly dividend to further this strategy. The Board's decision to initiate a regular dividend program reflects our confidence in Select's operating performance, as well as our commitment to generate multiple avenues of shareholder value over time by returning capital to shareholders while maintaining a disciplined capital structure to support the growth of our business. Supported by our recent acquisitions, additional contracted infrastructure projects and full water life cycle production-oriented business lines, we continue to strengthen and diversify our revenues, adding enhanced stability around our pristine balance sheet. Going forward, we believe we are well positioned to return a portion of our profits to shareholders while investing in our growth. We strongly believe in the free cash flow generating capabilities of our business and are excited to have our shareholders benefit from this cash generation with us," concluded Schmitz.

Select's Chairman, President and CEO, John Schmitz will present at the Barclays CEO Energy-Power Investment Conference in New York City, NY on Wednesday, September 7, 2022 at 3:00 p.m. Eastern time / 2:00 p.m. Central time. A live webcast will be available at https://investors.selectenergy.com/ and the webcast can be accessed for 90 days following the presentation. The presentation will be available on this website coincident with the conference presentation.

You May Also Be Interested In

• Southern Michigan Bancorp (SOMC) Declares $0.17 Quarterly Dividend; 2.1% Yield
• Prologis makes unsolicited bid for SEGRO, valued at £12.6 billion
• BOSS Zhipin share buybacks reach nearly RMB1.94 billion in 2026