Select Energy Services (WTTR) 10-K 21 Feb 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Feb. 19, 2024	Jun. 30, 2023
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-38066
Entity Registrant Name	Select Water Solutions, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-4561945
Entity Address, Address Line One	1233 W. Loop South, Suite 1400
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77027
City Area Code	713
Local Phone Number	235-9500
Title of 12(b) Security	Class A common stock, par value $0.01 per share
Trading Symbol	WTTR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Public Float			$ 755.3
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001693256
Amendment Flag	false
Auditor Name	GRANT THORNTON LLP
Auditor Firm ID	248
Auditor Location	Dallas, Texas
Class A common stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		101,943,062
Class B common stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		16,221,101

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 57,083	$ 7,322
Inventories	38,653	41,164
Prepaid expenses and other current assets	35,541	34,380
Total current assets	454,059	517,936
Property and equipment	1,144,989	1,084,005
Accumulated depreciation	(627,408)	(584,451)
Total property and equipment, net	517,581	499,554
Right-of-use assets, net	39,504	47,662
Goodwill	4,683
Other intangible assets, net	116,189	138,800
Deferred tax assets	61,617
Other long-term assets, net	24,557	18,901
Total assets	1,218,190	1,222,853
Current liabilities
Accounts payable	42,582	61,539
Accrued accounts payable	66,182	67,462
Accrued salaries and benefits	28,401	28,686
Accrued insurance	19,720	26,180
Sales tax payable	1,397	3,056
Tax receivable agreements liabilities	469
Accrued expenses and other current liabilities	33,511	23,292
Current operating lease liabilities	15,005	17,751
Current portion of finance lease obligations	194	19
Total current liabilities	211,547	231,290
Tax receivable agreements liabilities	37,718
Long-term operating lease liabilities	37,799	46,388
Long-term debt		16,000
Other long-term liabilities	38,954	45,447
Total liabilities	326,018	339,125
Commitments and contingencies (Note 11)
Preferred stock, $0.01 par value; 50,000,000 shares authorized; no shares issued and outstanding as of December 31, 2023 and December 31, 2022
Additional paid-in capital	1,008,095	1,075,915
Accumulated deficit	(236,791)	(311,194)
Total stockholders' equity	772,488	765,977
Noncontrolling interests	119,684	117,751
Total equity	892,172	883,728
Total liabilities and equity	1,218,190	1,222,853
Nonrelated Party
Current assets
Accounts receivable	322,611	429,983
Related Party
Current assets
Accounts receivable	171	5,087
Current liabilities
Accounts payable and accrued expenses, related parties	4,086	3,305
Class A common stock
Current liabilities
Common stock	1,022	1,094
Class A-2 Common Stock
Current liabilities
Common stock	0	0
Class B common stock
Current liabilities
Common stock	$ 162	$ 162

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Allowance for doubtful accounts	$ 5,318	$ 4,918
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Class A common stock
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	350,000,000	350,000,000
Common Stock, Shares, Issued	102,172,863	109,389,528
Common Stock, Shares, Outstanding	102,172,863	109,389,528
Class A-2 Common Stock
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	40,000,000	40,000,000
Common Stock, Shares, Issued	0	0
Common Stock, Shares, Outstanding	0	0
Class B common stock
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	150,000,000	150,000,000
Common Stock, Shares, Issued	16,221,101	16,221,101
Common Stock, Shares, Outstanding	16,221,101	16,221,101

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue
Total revenue	$ 1,585,353	$ 1,387,420	$ 764,620
Costs of revenue
Depreciation and amortization	138,813	113,507	90,028
Total costs of revenue	1,353,691	1,226,665	743,760
Gross profit	231,662	160,755	20,860
Operating expenses
Selling, general and administrative	155,548	118,935	83,076
Depreciation and amortization	2,276	2,209	2,430
Impairments and abandonments	12,607
Lease abandonment costs	42	449	894
Total operating expenses	170,473	121,593	86,400
Income (loss) from operations	61,189	39,162	(65,540)
Other income (expense)
(Loss) gain on sales of property and equipment and divestitures, net	(210)	2,192	(2,068)
Interest expense, net	(4,393)	(2,700)	(1,711)
Bargain purchase gain		13,352	18,985
Tax receivable agreements expense	(38,187)
Other	2,424	4,718	675
Income (loss) before income tax benefit (expense)	20,823	56,724	(49,659)
Income tax benefit (expense)	60,196	(957)	(147)
Equity in losses of unconsolidated entities	(1,800)	(913)	(279)
Net income (loss)	79,219	54,854	(50,085)
Less: net (income) loss attributable to noncontrolling interests	(4,816)	(6,576)	7,860
Net income (loss) attributable to Select Water Solutions, Inc.	74,403	48,278	(42,225)
Water Services
Revenue
Total revenue	1,032,896	944,497	503,368
Costs of revenue
Costs of revenue	814,609	764,569	436,492
Water Infrastructure
Revenue
Total revenue	229,970	125,284	45,496
Costs of revenue
Costs of revenue	138,191	82,941	26,125
Chemical Technologies
Revenue
Total revenue	322,487	317,639	215,756
Costs of revenue
Costs of revenue	262,078	265,648	191,115
Class A common stock
Other income (expense)
Net income (loss) attributable to Select Water Solutions, Inc.	$ 74,403	$ 48,278	$ (42,225)
Net income (loss) per share attributable to common stockholders (Note 17):
Basic	$ 0.73	$ 0.51	$ (0.48)
Diluted	$ 0.72	$ 0.50	$ (0.48)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ 79,219	$ 54,854	$ (50,085)
Other comprehensive income
Comprehensive income (loss)	79,219	54,854	(50,085)
Less: comprehensive (income) loss attributable to noncontrolling interests	(4,816)	(6,576)	7,860
Comprehensive income (loss) attributable to Select Water Solutions, Inc.	$ 74,403	$ 48,278	$ (42,225)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Class A common stock Total Stockholders' Equity	Class A common stock Common Stock	Class A common stock Additional Paid-In Capital	Class A common stock Noncontrolling Interests.	Class A common stock	Unvested restricted stock Total Stockholders' Equity	Unvested restricted stock Additional Paid-In Capital	Unvested restricted stock Noncontrolling Interests.	Unvested restricted stock	Class B common stock Common Stock	Class B common stock Noncontrolling Interests.	Class B common stock	Total Stockholders' Equity	Additional Paid-In Capital	Accumulated Deficit.	Noncontrolling Interests.	Total
Beginning balance at Dec. 31, 2020		$ 868								$ 162			$ 593,061	$ 909,278	$ (317,247)	$ 112,821	$ 705,882
Beginning balance (in shares) at Dec. 31, 2020		86,812,647								16,221,101
Increase (Decrease) in Stockholders' Equity [Roll Forward]
ESPP shares issued													59	59		(1)	58
ESPP shares issued (in shares)		10,518
Equity-based compensation													8,036	8,036		1,433	9,469
Issuance of restricted shares		$ 22											2,184	2,162		(2,182)	2
Issuance of restricted shares (in shares)		2,154,897
Other													5	5			5
Other (in shares)		738
Issuance of shares for acquisitions		$ 57											32,655	32,598		(532)	32,123
Issuance of shares for acquisition (in shares)		5,713,968
Repurchase of common stock		$ (2)											(1,225)	(1,223)		19	(1,206)
Repurchase of common stock ( in shares)		(199,974)
Restricted shares forfeited		$ (3)											(335)	(332)		335
Restricted shares forfeited (in shares)		(319,874)
Distributions to noncontrolling interests													(140)	(140)		(934)	(1,074)
Purchase of noncontrolling interest																	900
NCI income tax adjustment													21	21		(21)
Net income (loss)													(42,225)		(42,225)	(7,860)	(50,085)
Ending balance at Dec. 31, 2021		$ 942								$ 162			592,096	950,464	(359,472)	103,078	695,174
Ending balance (in shares) at Dec. 31, 2021		94,172,920								16,221,101
Increase (Decrease) in Stockholders' Equity [Roll Forward]
ESPP shares issued													52	52		1	53
ESPP shares issued (in shares)		6,973
Equity-based compensation													13,395	13,395		2,175	15,570
Issuance of restricted shares		$ 29											2,592	2,563		(2,592)
Issuance of restricted shares (in shares)		2,923,073
Stock options exercised		$ 1											584	583		24	608
Stock options exercised (in shares)		70,000
Issuance of shares for acquisitions		$ 152											135,690	135,538		5,269	140,959
Issuance of shares for acquisition (in shares)		15,247,832
Repurchase of common stock		$ (28)											(20,374)	(20,346)		(445)	(20,819)
Repurchase of common stock ( in shares)		(2,822,547)
Restricted shares forfeited		$ (2)											(186)	(184)		186
Restricted shares forfeited (in shares)		(208,723)
Distributions to noncontrolling interests													(1,943)	(1,943)			(1,943)
Contributions from noncontrolling interests																4,797	4,797
Purchase of noncontrolling interest													1,077	1,077		(389)	688
NCI income tax adjustment													53	53		(53)
Dividend and distribution declared	$ (5,143)		$ (5,143)	$ (66)	$ (5,209)	$ (194)	$ (194)	$ 1	$ (193)		$ (811)	$ (811)
Net income (loss)													48,278		48,278	6,576	54,854
Ending balance at Dec. 31, 2022		$ 1,094								$ 162			765,977	1,075,915	(311,194)	117,751	883,728
Ending balance (in shares) at Dec. 31, 2022		109,389,528								16,221,101
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation													15,040	15,040		2,329	17,369
Issuance of restricted shares		$ 16											1,519	1,503		(1,520)	(1)
Issuance of restricted shares (in shares)		1,689,004
Issuance of shares for acquisitions													(401)	(401)		(9)
Issuance of shares for acquisition (in shares)		(48,688)
Repurchase of common stock		$ (86)											(61,707)	(61,621)		(63)	(61,770)
Repurchase of common stock ( in shares)		(8,617,986)
Issuance of shares for acquisition																	(410)
Restricted shares forfeited		$ (2)											(214)	(212)		214
Restricted shares forfeited (in shares)		(238,995)
Distributions to noncontrolling interests																(1,581)	(1,581)
Contributions from noncontrolling interests																1,153	1,153
Dividend and distribution declared	$ (21,274)		$ (21,274)		$ (21,274)	$ (855)	$ (855)		$ (855)		$ (3,406)	$ (3,406)
Net income (loss)													74,403		74,403	4,816	79,219
Ending balance at Dec. 31, 2023		$ 1,022								$ 162			$ 772,488	$ 1,008,095	$ (236,791)	$ 119,684	$ 892,172
Ending balance (in shares) at Dec. 31, 2023		102,172,863								16,221,101

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Class A common stock
Dividends, per share		$ 0.05
Class A common stock | Minimum
Dividends, per share	$ 0.05
Class A common stock | Maximum
Dividends, per share	0.06
Unvested restricted stock
Dividends, per share		0.05
Unvested restricted stock | Minimum
Dividends, per share	0.05
Unvested restricted stock | Maximum
Dividends, per share	0.06
Class B common stock
Dividends, per share		$ 0.05
Class B common stock | Minimum
Dividends, per share	0.05
Class B common stock | Maximum
Dividends, per share	$ 0.06

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net income (loss)	$ 79,219	$ 54,854	$ (50,085)
Adjustments to reconcile net income to net cash used in operating activities
Depreciation and amortization	141,089	115,716	92,458
Deferred taxes	(61,959)	(188)	283
Tax receivable agreements expense	38,187
Loss (gain) on disposal of property and equipment and divestitures	210	(2,192)	2,068
Equity in losses of unconsolidated entities	1,800	913	279
Bad debt expense (recovery)	5,191	2,023	(139)
Amortization of debt issuance costs	489	661	688
Inventory adjustments	2,349	(737)	239
Equity-based compensation	17,369	15,570	9,469
Impairments and abandonments	12,607
Bargain purchase gain		(13,352)	(18,985)
Unrealized loss on short-term investment			2,044
Other operating items, net	(450)	(1,714)	(2,032)
Changes in operating assets and liabilities
Accounts receivable	102,300	(162,257)	(80,127)
Prepaid expenses and other assets	(6,729)	1,229	(15,154)
Accounts payable and accrued liabilities	(46,317)	22,705	42,746
Net cash provided by (used in) operating activities	285,355	33,231	(16,248)
Cash flows from investing activities
Proceeds from sale of securities			730
Proceeds received from divestitures		1,700
Purchase of property and equipment	(135,866)	(71,884)	(39,994)
Investment in note receivable			(1,101)
Purchase of equity-method investments	(500)	(7,667)	(2,200)
Collection of note receivable		184	167
Distribution from cost method investment		60	180
Acquisitions, net of cash and restricted cash received	(17,693)	(6,959)	(34,740)
Proceeds received from sales of property and equipment	16,891	31,320	12,502
Net cash used in investing activities	(137,168)	(53,246)	(64,456)
Cash flows from financing activities
Borrowings from revolving line of credit	105,250	143,000
Payments on revolving line of credit	(121,250)	(127,000)
Payments on current and long-term debt		(22,075)
Payments of finance lease obligations	(98)	(112)	(320)
Payment of debt issuance costs		(2,144)
Dividends and distributions paid	(24,924)	(6,020)
Proceeds from share issuance		53	58
Distributions to noncontrolling interests	(1,581)	(1,943)	(1,074)
Purchase of noncontrolling interests		(22,000)
Contributions from noncontrolling interests	5,950
Repurchase of common stock	(61,770)	(20,210)	(1,206)
Net cash used in financing activities	(98,423)	(58,451)	(2,542)
Effect of exchange rate changes on cash	(3)	(13)	8
Net increase (decrease) in cash and cash equivalents	49,761	(78,479)	(83,238)
Cash and cash equivalents, beginning of period	7,322	85,801	169,039
Cash and cash equivalents, end of period	57,083	7,322	85,801
Supplemental cash flow disclosure:
Cash paid for interest	4,705	1,970	1,488
Cash paid (refunds received) for income taxes, net	1,651	(452)	(887)
Supplemental disclosure of noncash operating activities:
Lease liabilities arising from obtaining right-of-use assets	7,581	14,778	8,665
Supplemental disclosure of noncash investing activities:
(Recoupment) issuance of shares for acquisitions	(410)	133,646	32,123
Conversion of notes receivable to equity-method investment		4,442
Capital expenditures included in accounts payable and accrued liabilities	$ 34,480	17,789	$ 12,120
Supplemental disclosure of noncash financing activities:
Accrued contributions from noncontrolling interests		4,797
Issuance of shares for NCI acquisitions		$ 7,313

BUSINESS AND BASIS OF PRESENTAT

BUSINESS AND BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2023
BUSINESS AND BASIS OF PRESENTATION
BUSINESS AND BASIS OF PRESENTATION	NOTE 1—BUSINESS AND BASIS OF PRESENTATION Description of the business : ​ We are a leading provider of sustainable water-management and chemical solutions to the energy industry in the United States (“U.S.”). As a leader in the water solutions industry, we place the utmost importance on safe, environmentally responsible management of oilfield water throughout the lifecycle of a well. Additionally, we believe that responsibly managing water resources through our operations to help conserve and protect the environment in the communities in which we operate is paramount to our continued success. Class A and Class B common stock: Exchange rights: ​ Basis of presentation : The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”) and pursuant to the rules and regulations of the SEC. The consolidated financial statements include the accounts of the Company and all of its majority-owned or controlled subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. ​ For investments in subsidiaries that are not wholly owned, but where the Company exercises control, the equity held by the minority owners and their portion of net income or loss are reflected as noncontrolling interests. Investments in entities in which the Company exercises significant influence over operating and financial policies are accounted for using the equity method, and investments in entities for which the Company does not have significant control or influence are accounted for using the cost-method or other appropriate basis as applicable. As of December 31, 2023, the Company had three equity method investments. The Company’s investments are reviewed for impairment whenever events or circumstances indicate that the carrying value may not be recoverable. When circumstances indicate that the fair value of its investment is less than its carrying value and the reduction in value is other than temporary, the reduction in value is recognized in earnings. Our investments in unconsolidated entities are summarized below and are included in the assets of our Water Services segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ​ ​ ​ As of December 31, Type of Investment attained Accounting method Balance Sheet Location ​ 2023 2022 ​ ​ ​ ​ ​ (in thousands) 20% minority interest (1) 2020 Equity-method Other long-term assets, net ​ $ 4,314 $ 4,686 39% minority interest (1) 2021 Equity-method Other long-term assets, net ​ ​ 4,174 ​ 4,985 47% minority interest (1) 2021 Equity-method Other long-term assets, net ​ ​ 3,305 ​ ​ 3,446 (1) Ownership percentage decreased during the year ended December 31, 2023 due to contributions from other owners. Minority interest was 21% , 40% and 48% , respectively, as of December 31, 2022. Dividends : Segment reporting : Effective June 1, 2023, our CODM began to strategically view and manage certain water sourcing and transfer operations, previously included in our Water Infrastructure segment, as part of our Water Services segment. These changes were driven by a number of factors, including the preponderance of our water sourcing business that integrates with our water transfer operations, the continued transition of completions water demand from fresh and brackish water to recycled water, as well, we anticipate more efficient sharing and utilization of resources and to realize potential synergies. Prior periods have been recast to include the water sourcing and transfer operations within the Water Services segment and remove the results of those operations from the Water Infrastructure segment. Concurrently, the Company also decided to rename its Oilfield Chemicals segment as Chemical Technologies. This change was based on a number of factors, including the continued success of our chemicals business in delivering customized, specialty chemicals products developed through our own research and development efforts and the de-emphasis of certain traditional commoditized chemistry products within the oil and gas industry, as well as the continued investments in time and resources we make to manufacture and sell our specialty chemical products into non-oilfield industrial-related applications. We believe these segment changes better align the business with the current and future state of the Company’s operations and capital allocation and strategic objectives. This change was a naming convention only change that did not impact any numbers for all years presented. The Water Services segment consists of the Company’s services businesses, including water sourcing, water transfer, flowback and well testing, fluids hauling, water monitoring, water containment and water network automation, primarily serving exploration and production (“E&P”) companies. Additionally, this segment includes the operations of our accommodations and rentals business. The Water Infrastructure segment consists of the Company’s fixed infrastructure assets, including operations associated with our water distribution pipeline infrastructure, our water recycling solutions, and our produced water gathering systems and saltwater disposal wells, as well as solids disposal facilities, primarily serving E&P companies. The Chemical Technologies segment provides technical solutions, products and expertise related to chemical applications in the oil and gas industry. We develop, manufacture, manage logistics and provide a full suite of chemicals used in hydraulic fracturing, stimulation, cementing and well completions for customers ranging from pressure pumpers to major integrated and independent oil and gas producers. This segment also utilizes its chemical experience and lab testing capabilities to customize tailored water treatment solutions designed to optimize the fracturing fluid system in conjunction with the quality of water used in well completions. Reclassifications : Certain reclassifications have been made to the Company’s prior period consolidated financial information to conform to the current year presentation. These presentation changes did not impact the Company’s consolidated net income, consolidated cash flows, total assets, total liabilities or total stockholders’ equity.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2—SIGNIFICANT ACCOUNTING POLICIES Use of estimates : The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its estimates, including those related to the recoverability of long-lived assets and intangibles, useful lives used in depreciation and amortization, uncollectible accounts receivable, inventory reserve, income taxes, self-insurance liabilities, share-based compensation, contingent liabilities, lease-related reasonably certain option exercise assessments, and the incremental borrowing rate for leases. The Company bases its estimates on historical and other pertinent information that are believed to be reasonable under the circumstances. The accounting estimates used in the preparation of the consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Cash and cash equivalents : The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Accounts receivable : Accounts receivable are stated at the invoiced amount, or the earned but not yet invoiced amount, net of an allowance for credit losses. Allowance for credit losses: ​ The change in the allowance for credit losses is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 ​ 2022 2021 ​ ​ (in thousands) Balance at beginning of year ​ $ 4,918 $ 4,401 $ 9,157 Increase to allowance based on a percentage of revenue ​ 3,174 2,750 1,477 Adjustment based on aged receivable analysis ​ ​ 1,515 ​ ​ (801) ​ ​ (1,444) Charge-offs ​ (4,350) (1,562) (4,793) Recoveries ​ ​ 61 130 4 Balance at end of year ​ $ 5,318 $ 4,918 $ 4,401 ​ ​ Concentrations of credit and customer risk : Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and trade accounts receivable. The amounts held in financial institutions periodically exceed the federally insured limit. Management believes that the financial institutions are financially sound and the risk of loss is minimal. The Company minimizes its exposure to counterparty credit risk by performing credit evaluations and ongoing monitoring of the financial stability of its customers. There were Inventories : The Company values its inventories at lower of cost or net realizable value. Inventory costs are determined under the weighted-average method. Inventory costs primarily consist of chemicals and materials available for resale and parts and consumables used in operations. Property and equipment : Property and equipment are stated at cost less accumulated depreciation. ​ Depreciation (and amortization of finance lease assets) is calculated on a straight-line basis over the estimated useful life of each asset as noted below: ​ ​ ​ ​ Asset Classification Useful Life (years) Land Indefinite Buildings and leasehold improvements 30 or lease term Vehicles and equipment 4 - 7 or lease term Machinery and equipment 2 - 12 Recycling facilities ​ 2 - 15 or contract term Pipelines ​ 15 Computer equipment and software 3 - 4 or lease term Office furniture and equipment 7 Gathering and disposal infrastructure 7 - 15 ​ Depreciation expense related to the Company’s property and equipment, including amortization of property under finance leases, was $122.2 million, $103.3 million and $81.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. Change in depreciable lives of property and equipment: Business Combinations: Other intangible assets : Other intangible assets not subject to amortization are tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. Intangible assets with finite useful lives are amortized either on a straight-line basis over the asset’s estimated useful life or on a basis that reflects the pattern in which the economic benefits of the intangible assets are realized. Impairment of long-lived assets and intangible assets : Long-lived assets, such as property and equipment and finite-lived intangible assets, are evaluated for impairment whenever events or changes in circumstances indicate that its carrying value may not be recoverable. Recoverability is measured by a comparison of its carrying amount to the estimated undiscounted cash flows to be generated by those assets. If the undiscounted cash flows are less than the carrying amount, the Company records impairment losses for the excess of its carrying value over the estimated fair value. The development of future cash flows and the estimate of fair value represent its best estimates based on industry trends and reference to market transactions and are subject to variability. The Company considers the factors within the fair value analysis to be Level 3 inputs within the fair value hierarchy. See “Note 4—Abandonments and Other Costs” for further discussion. ​ Asset retirement obligations : The asset retirement obligation (“ARO”) liability reflects the present value of estimated costs of plugging, site reclamation and similar activities associated with the Company’s saltwater disposal wells. The Company utilizes current retirement costs to estimate the expected cash outflows for retirement obligations. The Company also estimates the productive life of the disposal wells, a credit-adjusted risk-free discount rate and an inflation factor in order to determine the current present value of this obligation. The Company’s ARO liabilities are included in accrued expenses and other current liabilities and other long-term liabilities as of December 31, 2023, and 2022. The change in asset retirement obligations is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 2022 ​ ​ (in thousands) Balance as of December 31, 2022 ​ $ 43,576 $ 29,551 Accretion expense, included in depreciation and amortization expense ​ ​ 1,012 ​ 1,115 Acquired AROs ​ ​ 975 ​ 15,879 Divested ​ ​ (646) ​ ​ (1,490) Payments ​ ​ (7,655) ​ ​ (1,479) Balance as of December 31, 2023 ​ $ 37,262 $ 43,576 ​ ​ ​ ​ ​ ​ ​ Short-term ARO liability ​ ​ 8,832 ​ ​ 4,065 Long-term ARO liability ​ ​ 28,430 ​ ​ 39,511 Balance as of December 31, 2023 ​ $ 37,262 ​ $ 43,576 ​ In addition to the obligations described above, the Company may be obligated to remove facilities or perform other remediation upon retirement of certain other assets. However, the fair value of the asset retirement obligation cannot currently be reasonably estimated because the settlement dates are indeterminable. If applicable, the Company will record an asset retirement obligation for these assets in the periods in which settlement dates are reasonably determinable. Retentions : The Company assumes risk of loss through deductibles and self-insured retentions, up to certain levels for losses related to general liability, workers’ compensation and employer’s liability, vehicle liability and health insurance. The Company’s exposure (i.e., the self-insured retention or deductible) per occurrence is Defined Contribution Plan : The Company sponsors a defined contribution 401(k) Profit Sharing Plan (the “401(k) Plan”) for the benefit of substantially all employees of the Company. The 401(k) Plan allows eligible employees to make tax-deferred contributions, not to exceed annual limits established by the Internal Revenue Service. schedule for new hires is 25% for the first year, 50% for the second year, 75% for the third year and 100% for the fourth year. Effective July 1, 2021, the Company matched contributions of 50% of employee contributions, up to 4% of eligible earnings. Effective October 1, 2022, the Company began matching contributions of 100% of employee contributions, up to 4% of eligible earnings. Revenue recognition : The Company follows ASU 2014-09, Revenue from Contracts with Customers (Topic 606). . Water Services and Water Infrastructure The Company’s agreements with its customers are often referred to as “price sheets” and sometimes provide pricing for multiple services. However, these agreements generally do not authorize the performance of specific services or provide for guaranteed throughput amounts. As customers are free to choose which services, if any, to use based on the Company’s price sheet, the Company prices its separate services on the basis of their standalone selling prices. Customer agreements generally do not provide for performance-, cancellation-, termination-, or refund-type provisions. Services based on price sheets with customers are generally performed under separately-issued “work orders” or “field tickets” as services are requested. Multiple service lines of the Company’s Water Services and Water Infrastructure segments are sometimes part of the same arrangement. In these instances, revenue for the applicable service lines are recognized concurrently when delivered. Additionally, asset rentals are recognized on a straight-line basis. Chemical Technologies Product Sales— Chemical Technologies products are generally sold under sales agreements based upon purchase orders or contracts with customers that do not include right of return provisions or other significant post-delivery obligations. The Company’s products are produced in a standard manufacturing operation, even if produced to the customer’s specifications. The prices of products are fixed and determinable and are established in price lists or customer purchase orders. The Company recognizes revenue from product sales when title passes to the customer, the customer assumes risks and rewards of ownership, collectability is reasonably assured and delivery occurs as directed by the customer. Equity-based compensation : The Company accounts for equity-based awards for restricted stock awards, restricted stock units, and stock-settled appreciation awards by measuring the awards at the date of grant and recognizing the grant-date fair value as an expense using either straight-line or accelerated attribution, depending on the specific terms of the award agreements over the requisite service period, which is usually equivalent to the vesting period. The Company expenses awards with graded-vesting service conditions on a straight-line basis and accounts for forfeitures as they occur. The Company accounts for performance share units by remeasuring the awards at the end of each reporting period based on the period-end closing share price, factoring in the percentage expected to vest, and the percentage of the service period completed. Fair value measurements : The Company measures certain assets and liabilities pursuant to accounting guidance, which establishes a three-tier fair value hierarchy and prioritizes the inputs used in measuring fair value. Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 inputs are quoted prices or other market data for similar assets and liabilities in active markets, or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the asset or liability. Level 3 inputs are unobservable inputs based upon the Company’s own judgment and assumptions used to measure assets and liabilities at fair value. See “Note 13—Fair Value Measurement” for further discussion. Income taxes : The Company and its subsidiaries account for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled pursuant to the provisions of Accounting Standards Codification (“ASC”) 740, Income Taxes. The effect on deferred tax assets and liabilities of a change in tax rate is recognized in earnings in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts more likely than not to be realized. The determination of the provision for income taxes requires significant judgment, use of estimates and the interpretation and application of complex tax laws. Significant judgment is required in assessing the timing and amounts of deductible and taxable items and the probability of sustaining uncertain tax positions. The benefits of uncertain tax positions are recorded in the Company’s financial statements only after determining a more likely than not probability that the uncertain tax positions will withstand challenge, if any, from taxing authorities. When facts and circumstances change, the Company reassesses these probabilities and records any changes through the provision for income taxes. The Company recognizes interest and penalties relating to uncertain tax provisions as a component of tax expense. The Company identified no material uncertain tax positions as of December 31, 2023, 2022 and 2021. See “Note 15—Income Taxes” for further discussion. Tax Receivable Agreements : In connection with the Select 144A Offering, the Company entered into two tax receivable agreements (the “Tax Receivable Agreements”) with Legacy Owner Holdco and certain other affiliates of the then holders of SES Holdings LLC Units (each such person and any permitted transferee thereof, a “TRA Holder,” and together, the “TRA Holders”). or deemed acquisition for U.S. federal income tax purposes) of all or a portion of a TRA Holder’s an offset to additional paid-in capital for the amount of expected future payments that are determined to be probable of occurring for amounts that are reasonably estimable. ​ The first of the Tax Receivable Agreements, which the Company entered into with Legacy Owner Holdco and Crestview Partners II GP, L.P. (“Crestview GP”), generally provides for the payment by the Company to such TRA Holders of 85% of the net cash savings, if any, in U.S. federal, state and local income and franchise tax that the Company actually realizes (computed using simplifying assumptions to address the impact of state and local taxes) or is deemed to realize in certain circumstances in periods after the Select 144A Offering as a result of, as applicable to each such TRA Holder, (i) certain increases in tax basis that occur as a result of the Company’s acquisition (or deemed acquisition for U.S. federal income tax purposes) of all or a portion of such TRA Holder’s SES Holdings LLC Units in connection with the Select 144A Offering or pursuant to the exercise of the Exchange Right or the Company’s Call Right and (ii) imputed interest deemed to be paid by the Company as a result of, and additional tax basis arising from, any payments the Company makes under such Tax Receivable Agreement. ​ The second of the Tax Receivable Agreements, which the Company entered into with an affiliate of Legacy Owner Holdco and Crestview GP, generally provides for the payment by the Company to such TRA Holders of 85% of the net cash savings, if any, in U.S. federal, state and local income and franchise tax that the Company actually realizes (computed using simplifying assumptions to address the impact of state and local taxes) or is deemed to realize in certain circumstances in periods after the Select 144A Offering as a result of, as applicable to each such TRA Holder, (i) any net operating losses available to the Company as a result of certain reorganization transactions entered into in connection with the Select 144A Offering and (ii) imputed interest deemed to be paid by the Company as a result of any payments the Company makes under such Tax Receivable Agreement The Company will retain the benefit of the remaining 15% of these cash savings. Based upon the Company’s historical, current and anticipated future earnings trends and other matters described in Note 15 – Income Taxes, as of December 31, 2023, the Company determined that it was in a position to reasonably estimate the amount of the liability associated with the Tax Receivable Agreements and determined that future payments under the terms of the Tax Receivable Agreements were probable, and therefore recorded liabilities of $38.2 million as of December 31, 2023. Prior to this, the Company had determined that it was not in a position to reasonably estimate such amount and that future payments were not probable. See “Note 15 – Income Taxes and Note 14 – Related Party Transactions” for further discussion. ​ Realizability of Deferred Tax Assets: ​ Recent accounting pronouncements: ​ In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. The amendments in this update also expand the interim segment disclosure requirements. ASU 2023-07 will be effective for our fiscal year ending December 31, 2024, and for interim periods starting in our first quarter of 2025. Early adoption is permitted and the amendments in this update are required to be applied on a retrospective basis. We are currently reviewing the impact that the adoption of ASU 2023-07 may have on our consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. ASU 2023-09 will be effective for our fiscal year ending December 31, 2025 with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company’s disclosures.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2023
ACQUISITIONS
ACQUISITIONS	NOTE 3—ACQUISITIONS The following table presents key information connected with our 2023, 2022 and 2021 acquisitions (dollars in thousands, except share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets and Operations Acquired ​ Acquisition Date ​ Shares Issued ​ Cash Consideration ​ Acquisition related costs for Asset Acquisition ​ Contingent Consideration ​ Value of Shares Issued ​ Total Consideration ​ Segments Four Smaller Asset Acquisitions ​ Multiple 2023 Dates ​ — ​ 7,293 ​ - ​ — ​ — ​ 7,293 ​ Water Infrastructure Asset Acquisition ​ April 3, 2023 ​ — ​ 4,000 ​ - ​ — ​ — ​ 4,000 ​ Water Services Asset Acquisition ​ January 31, 2023 ​ — ​ 6,250 ​ 150 ​ — ​ — ​ 6,400 ​ Water Infrastructure Asset Acquisition ​ December 2, 2022 ​ — ​ 6,000 ​ 100 ​ — ​ — ​ 6,100 ​ Water Infrastructure Noncontrolling Interests in Big Spring Recycling System ​ December 2, 2022 ​ 910,612 ​ 22,000 ​ — ​ — ​ 7,313 ​ 29,313 ​ Water Infrastructure Breakwater ​ November 1, 2022 ​ 9,181,144 ​ 16,701 ​ — ​ — ​ 88,188 ​ 104,889 ​ Water Services & Water Infrastructure Cypress ​ November 1, 2022 ​ 952,753 ​ — ​ — ​ — ​ 9,194 ​ 9,194 ​ Water Infrastructure Nuverra ​ February 23, 2022 ​ 4,203,323 ​ — ​ — ​ — ​ 35,854 ​ 35,854 ​ Water Services & Water Infrastructure HB Rentals ​ December 3, 2021 ​ 1,211,375 ​ 2,610 ​ — ​ — ​ 7,135 ​ 9,745 ​ Water Services Agua Libre and Basic ​ October 1, 2021 ​ 902,593 ​ 16,394 ​ — ​ — ​ 4,684 ​ 21,078 ​ Water Services & Water Infrastructure UltRecovery ​ August 2, 2021 ​ — ​ 2,500 ​ — ​ 1,058 ​ — ​ 3,558 ​ Chemical Technologies Complete ​ July 9, 2021 ​ 3,600,000 ​ 14,356 ​ — ​ — ​ 20,304 ​ 34,660 ​ Water Services & Water Infrastructure Total ​ ​ ​ 20,961,800 $ 98,104 $ 250 $ 1,058 $ 172,672 $ 272,084 ​ ​ ​ 2023 Asset Acquisitions During the year ended December 31, 2023, Select acquired certain assets, revenue-producing contracts and associated liabilities, primarily in the Permian Basin, from multiple entities for $17.7 million inclusive of $0.2 million of acquisition-related costs. The allocation of the purchase price for these assets was a combined $15.9 million in property and equipment, $1.0 million in water inventory, $1.9 million in customer relationships and $1.1 million in asset retirement obligations and other liabilities. Many of the assets acquired are adjacent to the Company’s Big Spring Recycling System (“BSRS”), with connectivity into BSRS providing future revenue and cost synergies. ​ Breakwater Acquisition On November 1, 2022, the Company completed the acquisition of Breakwater Energy Services, LLC. (“Breakwater”) in a stock-for-stock transaction for total consideration of $105.3 million based on the closing price of the Company’s shares of Class A common stock on October 31, 2022 (the “Breakwater Acquisition”). The consideration transferred consisted of 9,181,144 shares of Class A common stock, $10.5 million of debt that was paid off at closing as part of consideration exchanged, $3.8 million in change-of-control payments and $2.4 million in seller transaction costs. The acquisition strengthened Select’s geographic footprint with a unique set of water logistics and infrastructure assets, particularly in the Permian region. ​ The Breakwater Acquisition was accounted for as a business combination under the acquisition method of accounting. When determining the fair values of assets acquired and liabilities assumed, management made estimates, judgments and assumptions. The Company engaged third-party valuation experts to assist in the purchase price allocation. These estimates, judgments and assumptions and valuation of the property and equipment acquired, intangible assets, current assets, current liabilities and long-term liabilities were finalized as of September 30, 2023. The total consideration paid exceeded the fair value of the net assets acquired by $4.7 million, with the excess recorded as goodwill. The goodwill recognized was driven primarily by the ability to connect Breakwater’s infrastructure with the Company’s infrastructure and expand revenue-producing capabilities and market share. The acquired goodwill is deductible for tax purposes. The assets acquired and liabilities assumed are included in the Company’s Water Services and Water Infrastructure segments. The Company incurred $2.1 million and $2.9 million of transaction-related costs related to this acquisition during the year ended December 31, 2023, and during the year ended December 31, 2022, respectively, and such costs are included in selling, general and administrative within the consolidated statements of operations. The following table summarizes the consideration transferred and the estimated fair value of identified assets acquired and liabilities assumed as of the date of acquisition: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchase price allocation ​ As Reported as of December 31, 2022 ​ Current Year Adjustment ​ Amount Consideration transferred ​ (in thousands) Class A common stock (9,181,144 shares) (1) ​ $ 88,598 ​ $ (410) ​ $ 88,188 Cash paid ​ ​ 16,701 ​ ​ — ​ ​ 16,701 Total consideration transferred ​ 105,299 ​ ​ (410) ​ ​ 104,889 Less: identifiable assets acquired and liabilities assumed ​ ​ ​ ​ ​ ​ ​ ​ Working capital ​ 22,633 ​ ​ (189) ​ ​ 22,444 Property and equipment ​ 78,912 ​ ​ (9,406) ​ ​ 69,506 Right-of-use assets ​ 180 ​ ​ — ​ ​ 180 Customer relationships ​ ​ 35,558 ​ ​ 4,502 ​ ​ 40,060 Other long-term assets ​ ​ 120 ​ ​ — ​ ​ 120 Long-term debt ​ ​ (1,979) ​ ​ — ​ ​ (1,979) Long-term lease liabilities ​ ​ (125) ​ ​ — ​ ​ (125) Noncontrolling interest (2) ​ ​ (30,000) ​ ​ — ​ ​ (30,000) Total identifiable net assets acquired ​ ​ 105,299 ​ ​ (5,093) ​ ​ 100,206 Goodwill ​ — ​ ​ 4,683 ​ ​ 4,683 Fair value allocated to net assets acquired $ 105,299 ​ $ (410) ​ $ 104,889 (1) During the year ended December 31, 2023, the parties agreed that 46,888 shares of Class A common stock would be returned to Select related to working capital adjustments. These shares were cancelled in 2023. (2) The noncontrolling interests acquired on November 1, 2022 were subsequently purchased on December 2, 2022, thereby giving the Company 100% ownership of BSRS. ​ Big Spring Recycling System Noncontrolling Interests ​ In connection with Select’s acquisition of Breakwater on November 1, 2022, Select acquired all noncontrolling interests in the Big Spring Recycling System (“BSRS”) on December 2, 2022. BSRS includes significant pipeline, storage, recycling and disposal infrastructure assets in the Midland Basin. The consideration paid included $7.3 million based on the closing price of the Company’s shares of Class A common stock on December 1, 2022, and $22.0 million in cash for total consideration of $29.3 million. The consideration transferred included 910,612 shares of Class A common stock. This equity transaction enabled Select to simplify the BSRS operations and decision-making processes and provided potential revenue and cost synergies. This transaction was accounted for primarily as a reduction of noncontrolling interests. ​ 2022 Asset Acquisition ​ On December 2, 2022, Select acquired certain assets and revenue-producing contracts in the Midland Basin from an entity for $6.1 million inclusive of $0.1 million of acquisition-related costs. The asset acquisition allocation was $3.9 million in property and equipment and $2.2 million in customer relationships. Many of the assets acquired are adjacent to the BSRS, with connectivity into the BSRS providing future revenue and cost synergies. ​ Cypress Acquisition On November 1, 2022, the Company completed the acquisition of certain saltwater disposal assets from Cypress Environmental Solutions, LLC (“Cypress”) for total consideration of $9.2 million based on the closing price of the Company’s shares of Class A common stock on October 31, 2022 (the “Cypress Acquisition”). The consideration transferred consisted of 952,753 shares of Class A common stock. The acquired Cypress operations consist of eight saltwater disposal facilities with daily permitted capacity of 85,000 barrels per day across North Dakota. The acquisition strengthened Select’s geographic footprint with a portfolio of strategic wastewater disposal facilities in the Bakken region, with the majority of Cypress’s volumes being delivered through high volume contracted gathering pipeline infrastructure. The Cypress Acquisition was accounted for as a business combination under the acquisition method of accounting. When determining the fair values of assets acquired and liabilities assumed, management made estimates, judgments and assumptions. These estimates, judgments and assumptions and valuation of the property and equipment acquired, current assets, current liabilities and long-term liabilities were finalized as of March 31, 2023. The assets acquired and liabilities assumed are included in the Company’s Water Infrastructure segment. The Company incurred less than $0.1 million and $0.5 million of transaction-related costs related to this acquisition during the year ended December 31, 2023, and during the year ended December 31, 2022, respectively, and such costs are included in selling, general and administrative within the consolidated statements of operations. The following table summarizes the consideration transferred and the estimated fair value of identified assets acquired and liabilities assumed as of the date of acquisition: ​ ​ ​ ​ ​ Purchase price allocation ​ Amount Consideration transferred ​ (in thousands) Class A common stock (952,753 shares) ​ $ 9,194 Total consideration transferred ​ 9,194 Less: identifiable assets acquired and liabilities assumed ​ ​ Working capital ​ (42) Property and equipment ​ 8,192 Customer relationships ​ ​ 3,894 Long-term ARO ​ ​ (2,850) Total identifiable net assets acquired ​ ​ 9,194 Fair value allocated to net assets acquired $ 9,194 ​ Nuverra Acquisition On February 23, 2022, the Company completed the acquisition of Nuverra Environmental Solutions, Inc. (“Nuverra”) for total consideration of $35.9 million based on the closing price of the Company’s shares of Class A common stock on February 23, 2022 (the “Nuverra Acquisition”). The consideration transferred consisted of 4,203,323 shares of Class A common stock. The acquisition strengthened Select’s geographic footprint with a unique set of water logistics and infrastructure assets, particularly in the Bakken, Haynesville and Northeast, while continuing to expand Select’s production-related revenues. Select also acquired a 60-mile underground twin pipeline network in the Haynesville Shale in Texas and Louisiana. This pipeline network is used for the collection of produced water for transport to interconnected disposal wells and the delivery or re-delivery of water from water sources to operator locations for use in well completion activities. Additionally, Nuverra operates a landfill facility in North Dakota located on a 50-acre site. The facility provides a unique opportunity for Select to expand its logistics capabilities into a new service offering. The acquisition resulted in a bargain purchase gain, as Nuverra was experiencing financial distress and actively evaluating strategic alternatives leading up to the transaction. The Nuverra Acquisition was accounted for as a business combination under the acquisition method of accounting. When determining the fair values of assets acquired and liabilities assumed, management made estimates, judgments and assumptions. The Company engaged third-party valuation experts to assist in the purchase price allocation. These estimates, judgments and assumptions and valuation of the property and equipment acquired, current assets, current liabilities and long-term liabilities have been finalized as of December 31, 2022. The Nuverra debt, including accrued interest, totaled $18.8 million, and was repaid during the year ended December 31, 2022, after the acquisition was completed. The assets acquired and liabilities assumed are included in the Company’s Water Services and Water Infrastructure segments. The Company incurred $0.7 million, $4.1 million and $1.0 million of transaction-related costs related to this acquisition during the years ended December 31, 2023, 2022 and 2021, respectively, and such costs are included in selling, general and administrative within the consolidated statements of operations. The Company assumed $1.6 million of severance liabilities in connection with the Nuverra Acquisition and less than $0.1 million is included in accrued salaries and benefits as of December 31, 2022. ​ The following table summarizes the consideration transferred and the estimated fair value of identified assets acquired and liabilities assumed as of the date of acquisition: ​ ​ ​ ​ ​ Purchase price allocation ​ Amount Consideration transferred ​ (in thousands) Class A common stock (4,203,323 shares) ​ $ 35,854 Total consideration transferred ​ 35,854 Less: identifiable assets acquired and liabilities assumed ​ ​ Working capital ​ 6,893 Property and equipment ​ 65,780 Right-of-use assets ​ 2,931 Other long-term assets ​ ​ 100 Long-term debt ​ ​ (18,780) Long-term ARO ​ ​ (12,980) Other long-term liabilities ​ ​ (1,439) Total identifiable net assets acquired ​ ​ 42,505 Bargain Purchase Gain ​ (6,651) Fair value allocated to net assets acquired, net of bargain purchase gain $ 35,854 ​ ​ HB Rentals Acquisition On December 3, 2021, the Company, through its subsidiary Peak Oilfield Services, LLC, completed the acquisition of certain assets of H.B. Rentals, L.C. (“HB Rentals”), an operating subsidiary of Superior Energy Services, Inc. (“Superior”) for total initial consideration of $8.7 million based on the closing price of the Company’s shares of Class A common stock on December 2, 2021 (the “HB Rentals Acquisition”). The consideration transferred consisted of 1,211,375 shares of Class A common stock and $1.5 million in cash. The Company paid $1.1 million on April 1, 2022, representing the final working capital settlement. The Company acquired the U.S. onshore assets of HB Rentals, including working capital. This acquisition strengthened the Company’s accommodations and rentals footprint in the Permian, Haynesville, MidCon, Northeast and Rockies regions and added revenue-producing fixed assets, including a significant number of skid houses and trailer houses. The acquisition resulted in a bargain purchase gain in part due to the seller recently emerging from bankruptcy and deciding to divest domestic assets and operations and focus on international operations. The HB Rentals Acquisition was accounted for as a business combination under the acquisition method of accounting. When determining the fair values of assets acquired and liabilities assumed, management made estimates, judgments and assumptions. These estimates, judgments and assumptions and valuation of the property and equipment acquired, current assets, current liabilities and long-term liabilities were finalized as of June 30, 2022. The assets acquired and liabilities assumed are included in the Company’s Water Services segment. The Company incurred $0.1 million, $0.1 million and less than $0.1 million of transaction-related costs related to this acquisition during the years ended December 31, 2023, 2022, and 2021, respectively, and such costs are included in selling, general and administrative within the consolidated statements of operations. ​ The following table summarizes the consideration transferred and the estimated fair value of identified assets acquired and liabilities assumed as of the date of acquisition: ​ ​ ​ ​ ​ Purchase price allocation ​ Amount Consideration transferred ​ (in thousands) Class A common stock (1,211,375 shares) ​ $ 7,135 Cash paid ​ ​ 1,526 Final working capital settlement ​ ​ 1,084 Total consideration transferred ​ ​ 9,745 Less: identifiable assets acquired and liabilities assumed ​ ​ Working capital ​ ​ 909 Property and equipment ​ ​ 15,020 Right-of-use assets ​ ​ 1,316 Long-term lease liabilities ​ ​ (835) Total identifiable net assets acquired ​ ​ 16,410 Bargain Purchase Gain ​ ​ (6,665) Fair value allocated to net assets acquired, net of bargain purchase gain ​ $ 9,745 ​ Agua Libre Midstream and water-related assets from Basic Energy Services Acquisition On October 1, 2021, the Company completed the acquisition of certain assets of Agua Libre Midstream, LLC (“Agua Libre”) and other water-related assets, operations and assumed liabilities from Basic Energy Services, Inc. (“Basic”) for total initial consideration of $21.1 million based on the closing price of the Company’s shares of Class A common stock on September 30, 2021 (the “Agua Libre and Basic Acquisition”). The consideration transferred consisted of 902,593 shares of Class A common stock and $16.4 million in cash. The Company acquired substantially all of the water-related assets and ongoing operations of Agua Libre and Basic, including working capital. With this acquisition, the Company acquired a solid production services footprint in Texas, New Mexico, Oklahoma and North Dakota, as well as more than 550,000 barrels per day of permitted disposal capacity. The acquisition resulted in a bargain purchase gain as the seller was distressed and decided to divest its assets and operations to multiple buyers as operations were wound down and the business was shuttered. The Agua Libre and Basic Acquisition was accounted for as a business combination under the acquisition method of accounting. When determining the fair values of assets acquired and liabilities assumed, management made estimates, judgments and assumptions. The Company also engaged third-party valuation experts to assist in the purchase price allocation. These estimates, judgments and assumptions and valuation of the property and equipment acquired, current assets, current liabilities and long-term liabilities were finalized as of September 30, 2022. The assets acquired and liabilities assumed are included in the Company’s Water Services and Water Infrastructure segments. The Company incurred $0.2 million, $0.7 million and $2.2 million of transaction-related costs related to this acquisition during the years ended December 31, 2023, 2022 and 2021, respectively, and such costs are included in selling, general and administrative within the consolidated statements of operations. ​ The following table summarizes the consideration transferred and the estimated fair value of identified assets acquired and liabilities assumed as of the date of acquisition: ​ ​ ​ ​ ​ Purchase price allocation ​ Amount Consideration transferred ​ (in thousands) Class A common stock (902,593 shares) ​ $ 4,684 Cash paid ​ ​ 16,394 Total consideration transferred ​ ​ 21,078 Less: identifiable assets acquired and liabilities assumed ​ ​ ​ Working capital ​ ​ (469) Property and equipment ​ ​ 47,330 Right-of-use assets ​ ​ 309 Long-term ARO ​ ​ (15,810) Long-term lease liabilities ​ ​ (271) Total identifiable net assets acquired ​ ​ 31,089 Bargain Purchase Gain ​ ​ (10,011) Fair value allocated to net assets acquired, net of bargain purchase gain ​ $ 21,078 ​ UltRecovery Acquisition ​ On August 2, 2021, the Company acquired substantially all of the assets of UltRecovery Corporation (“UltRecovery”), a provider of sustainable production enhancement applications focused on existing conventional and unconventional oil and gas wells (the “UltRecovery Acquisition”). The Company paid consideration of $2.5 million at closing, and the selling shareholders had the opportunity to earn contingent consideration in the form of an earn-out. The maximum earn-out was $1.6 million, dependent on revenue generated in the first and second 12-month periods following the acquisition, beginning on October 1, 2021. The second 12-month period concluded during 2023 and no earn-out was realized. The estimated liability of the earn-out was zero and $1.1 million as of the years ended December 31, 2022 and December 31, 2021. This acquisition expanded our chemical solution offerings through a patented platform of sustainable novel biotechnologies designed to uplift production decline curves and increase recoverable reserves. ​ The UltRecovery Acquisition was accounted for as a business combination under the acquisition method of accounting. When determining the fair values of assets acquired, management made estimates, judgments and assumptions. These estimates, judgments and assumptions and valuation of the inventory, property and equipment and intellectual property acquired were finalized as of December 31, 2021. The assets acquired are included in the Company’s Chemical Technologies segment. ​ The following table summarizes the consideration transferred and the estimated fair value of identified assets acquired as of the date of acquisition: ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchase price allocation Amount Consideration transferred and estimated earn-out liability (in thousands) Cash paid ​ $ 2,500 Estimated earn-out liability assumed ​ ​ 1,058 Total purchase price ​ 3,558 Less: identifiable assets acquired ​ Inventory ​ 13 Property and equipment ​ 514 Patents and other intellectual property ​ 3,031 Total identifiable net assets acquired ​ 3,558 Fair value allocated to net assets acquired ​ $ 3,558 ​ Complete Energy Services Acquisition ​ On July 9, 2021, the Company completed the acquisition (the “Complete Acquisition”) of Complete Energy Services, Inc. (“Complete”), an operating subsidiary of Superior Energy Services, Inc. (“Superior”) for initial consideration of $34.5 million based on the closing price of the Company’s shares of Class A common stock on July 9, 2021. The consideration transferred consisted of 3.6 million shares of Class A common stock and $14.2 million in cash. In October 2021, the Company paid $0.2 million related to the settlement of the working capital which resulted in a final purchase price of $34.7 million. The Company acquired substantially all of the water-related assets, liabilities and ongoing operations of Complete as well as Superior’s well testing operations, including working capital. Superior retained certain non-core and non-water-related assets that were part of Complete as part of the transaction. This acquisition expanded the Company’s water-related services and infrastructure footprint and strengthened the geographic footprint, particularly in the Mid-Continent, Permian and Rockies. The acquisition resulted in a bargain purchase gain in part due to the seller recently emerging from bankruptcy and deciding to divest domestic assets and operations and focus on international operations. ​ The Complete Acquisition was accounted for as a business combination under the acquisition method of accounting. When determining the fair values of assets acquired and liabilities assumed, management made estimates, judgments and assumptions. The Company also engaged third-party valuation experts to assist in the purchase price allocation. These estimates, judgments and assumptions and valuation of the property and equipment acquired, current assets, current liabilities and long-term liabilities were finalized as of June 30, 2022. The assets acquired and liabilities assumed are included in the Company’s Water Services and Water Infrastructure segments. The Company incurred $0.5 million, $0.4 million and $1.2 million of transaction-related costs related to this acquisition during the years ended December 31, 2023, 2022 and 2021, respectively, and such costs are included in selling, general and administrative within the consolidated statements of operations. ​ ​ The following table summarizes the consideration transferred and the estimated fair value of identified assets acquired and liabilities assumed as of the date of acquisition: ​ ​ ​ ​ ​ ​ ​ ​ Purchase price allocation ​ Amount Consideration transferred ​ (in thousands) Class A common stock (3,600,000 shares) ​ $ 20,304 Cash paid ​ ​ 14,356 Total consideration transferred ​ 34,660 Less: identifiable assets acquired and liabilities assumed ​ ​ Working capital ​ 15,583 Property and equipment ​ 36,560 Right-of-use assets ​ 3,331 Other long-term assets ​ ​ 24 Long-term ARO ​ ​ (9,800) Long-term lease liabilities ​ ​ (2,028) Total identifiable net assets acquired ​ ​ 43,670 Bargain Purchase Gain ​ (9,010) Fair value allocated to net assets acquired, net of bargain purchase gain $ 34,660 ​

ABANDONMENTS AND OTHER COSTS

ABANDONMENTS AND OTHER COSTS	12 Months Ended
	Dec. 31, 2023
ABANDONMENTS AND OTHER COSTS
ABANDONMENTS AND OTHER COSTS	NOTE 4—ABANDONMENTS AND OTHER COSTS ​ On February 21, 2023, the Company announced a rebranding initiative that occurred during the first half of 2023. As a result of this initiative, our existing trademarks are no longer considered indefinite-lived and will be measured for abandonment whenever events or changes in circumstances indicate that its carrying value may not be recoverable. The rebranding announcement qualified as a triggering event, and the Company tested the existing trademarks for abandonment. This evaluation included significant judgment, including discount rates based on our weighted-average cost of capital and the royalty rate. This resulted in $ 11.1 million of abandonment expense to trademarks using the relief-from-royalty method, which was recorded in the Chemical Technologies segment within impairments and abandonments on the accompanying consolidated statements of operations. A summary of impairments to and abandonment of property and equipment for the years ended December 31, 2023, 2022 and 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 ​ 2022 2021 ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Abandonment of property and equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ Water Services ​ $ 1,070 ​ $ — ​ $ — Water Infrastructure ​ ​ 432 ​ ​ — ​ ​ — Total abandonment of property and equipment ​ $ 1,502 ​ $ — ​ $ — ​ A summary of severance and lease abandonment costs for the years ended December 31, 2023, 2022 and 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 ​ 2022 2021 ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Severance ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling, general and administrative ​ ​ — ​ ​ — ​ ​ 3,225 Total severance expense ​ $ — ​ $ — ​ $ 3,225 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease abandonment costs ​ ​ ​ ​ ​ ​ ​ ​ ​ Water Services ​ $ 34 ​ $ 414 ​ $ 888 Water Infrastructure ​ ​ 7 ​ ​ (42) ​ ​ 1 Chemical Technologies ​ ​ 1 ​ ​ 60 ​ ​ — Other ​ ​ — ​ ​ 17 ​ ​ 5 Total lease abandonment costs ​ $ 42 ​ $ 449 ​ $ 894 ​ During the year ended December 31, 2021, the Company incurred $3.2 million of severance cost in connection with the termination of its former chief executive officer, which was paid in full during 2021. ​

REVENUE

REVENUE	12 Months Ended
	Dec. 31, 2023
REVENUE
REVENUE	NOTE 5—REVENUE The Company follows ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Leases, The following factors are applicable to all three of the Company’s segments for the years 2023, 2022 and 2021, respectively: ● The vast majority of Water Services and Chemical Technologies customer agreements are short-term, lasting less than one year. Water Infrastructure contains both short-term and long-term agreements. ● Contracts are seldom combined together as virtually all of our customer agreements constitute separate performance obligations. Each job is typically distinct, thereby not interdependent or interrelated with other customer agreements. ● Most contracts allow either party to terminate at any time without substantive penalties. If the customer terminates the contract, the Company is unconditionally entitled to the payments for the services rendered and products delivered to date. ● Contract terminations before the end of the agreement are rare. ● Sales returns are rare and no sales return assets have been recognized on the balance sheet. ● There are minimal volume discounts. ● There are no service-type warranties. ● There is no long-term customer financing. ● Taxes assessed by government authorities included on customer invoices are excluded from revenue. In the Water Services and Water Infrastructure segments, performance obligations arise in connection with services provided to customers in accordance with contractual terms, in an amount the Company expects to collect. Services are generally sold based upon customer orders or contracts with customers that include fixed or determinable prices. Revenues are generated by services rendered and measured based on the output generated, which is usually simultaneously received and consumed by customers at their job sites. As a multi-job site organization, contract terms, including the pricing for the Company’s services, are negotiated on a job site level on a per-job basis. Most jobs are completed in a short period of time, usually between one day and one month. Revenue is recognized as performance obligations are completed on a daily, hourly or per unit basis with unconditional rights to consideration for services rendered reflected as accounts receivable trade, net of allowance for credit losses. In cases where a prepayment is received before the Company satisfies its performance obligations, a contract liability is recorded in accrued expenses and other current liabilities. Final billings generally occur once all of the proper approvals are obtained. Mobilization and demobilization are factored into the pricing for services. Billings and costs related to mobilization and demobilization are not material for customer agreements that start in one period and end in another. As of December 31, 2023, the Company had fifteen contracts lasting over one year that include enforceable rights and obligations to fall within the scope of the model in the Topic 606 standard. As of December 31, 2023, the Company had no contract assets or contract liabilities. ​ Accommodations and rentals revenue is included in the Water Services segment and the Company accounts for accommodations and rentals agreements as an operating lease. The Company recognizes revenue from renting equipment on a straight-line basis. Accommodations and rental contract periods are generally daily, weekly or monthly. The average lease term is less than three months and as of December 31, 2023, there were no material rental agreements in effect lasting more than one year. During 2023, 2022 and 2021, approximately $83.3 million, $75.9 million and $31.4 million of accommodations and rentals revenue was accounted for under ASC 842 lease guidance, with the remainder accounted for under ASC 606 revenue guidance. In the Chemical Technologies segment, the typical performance obligation is to provide a specific quantity of chemicals to customers in accordance with the customer agreement in an amount the Company expects to collect. Products and services are generally sold based upon customer orders or contracts with customers that include fixed or determinable prices. Revenue is recognized as the customer takes title to chemical products in accordance with the agreement. Products may be provided to customers in packaging or delivered to the customers’ containers through a hose. In some cases, the customer takes title to the chemicals upon consumption from storage containers on their property, where the chemicals are considered inventory until customer usage. In cases where the Company delivers products and recognizes revenue before collecting payment, the Company usually has an unconditional right to payment reflected in accounts receivable trade, net of allowance for credit losses. Customer returns are rare and immaterial, and there were no material in-process customer agreements for this segment as of December 31, 2023 lasting greater than one year. The following table sets forth certain financial information with respect to the Company’s disaggregation of revenues by geographic location: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 ​ 2022 2021 ​ ​ (in thousands) Geographic Region ​ ​ ​ ​ ​ ​ ​ ​ ​ Permian Basin ​ $ 759,303 ​ $ 646,225 ​ $ 371,067 Rockies ​ ​ 231,306 ​ ​ 155,854 ​ ​ 78,189 Eagle Ford ​ ​ 163,366 ​ ​ 152,467 ​ ​ 99,656 Marcellus/Utica ​ ​ 160,839 ​ ​ 140,859 ​ ​ 62,508 Mid-Continent ​ ​ 100,510 ​ ​ 119,753 ​ ​ 64,912 Bakken ​ ​ 96,338 ​ ​ 78,794 ​ ​ 19,077 Haynesville/E. Texas ​ ​ 84,028 ​ ​ 103,056 ​ ​ 74,797 Eliminations and other regions ​ ​ (10,337) ​ ​ (9,588) ​ ​ (5,586) Total ​ $ 1,585,353 ​ $ 1,387,420 ​ $ 764,620 ​ In the Water Services segment, the most recent top three revenue-producing regions are the Permian Basin, Marcellus/Utica and Rockies, which collectively comprised 70%, 68% and 71% of segment revenue for 2023, 2022 and 2021, respectively. In the Water Infrastructure segment, the most recent top three revenue-producing regions are the Permian Basin, Bakken and Haynesville/E. Texas, which collectively comprised 78%, 82% and 76% of segment revenue for 2023, 2022 and 2021, respectively. In the Chemical Technologies segment, the most recent top three revenue-producing regions are the Permian Basin, Midcon and Rockies, which collectively comprised 86%, 76% and 68% of segment revenue for 2023, 2022 and 2021, respectively.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2023
LEASES
LEASES	NOTE 6—LEASES As of December 31, 2023, the Company was the lessee for 367 operating leases with durations greater than a year, 15 subleases, 76 finance leases, and is the lessor for two owned properties. Most of the operating leases either have renewal options of between one The Company’s operating leases are primarily for (i) housing personnel for operations, (ii) operational yards for storing and staging equipment, (iii) vehicles and equipment used in operations, (iv) facilities used for back-office functions and (v) equipment used for back-office functions. The majority of the Company’s long-term lease expenses are at fixed prices. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets and the Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company has a significant number of short-term leases, including month-to-month agreements, some of which continue in perpetuity until the lessor or the Company terminates the lease agreement. The majority of the Company’s lease expenses are in connection with short-term agreements, including expenses incurred hourly, daily, monthly and for other durations of time of one year or less. Due to the volatility of the price of a barrel of oil and the short-term nature of the vast majority of customer agreements, the Company must have flexibility to continuously scale operations at multiple locations. Consequently, the Company avoids committing to long-term agreements with numerous equipment rentals, vehicle fleet agreements and man-camp agreements, unless a business case supports a longer term agreement. Consequently, the Company’s future lease commitments as of December 31, 2023 do not reflect all of the Company’s short-term lease commitments. Certain short-term and month-to-month vehicle and equipment leases have residual value guarantees if the Company decides to turn in vehicles and equipment before the end of the lease term. Vehicles and equipment turned in early result in sale proceeds, which have historically been equal to or greater than the residual value guarantees. There are no residual value guarantees if the vehicles or equipment is fully paid off. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company estimates the incremental borrowing rate based on what it would pay to borrow on a collateralized basis, over a similar term based on information available at lease commencement. The Company’s lease arrangements may contain both lease and non-lease components. The Company has elected to combine and account for lease and non-lease components as a single lease component for its leases. The Company’s variable lease costs are comprised of variable royalties, variable common area maintenance, and variable reimbursement of lessor insurance and property taxes. Variable lease costs were $1.7 million, $1.3 million and $1.3 million during the years ended December 31, 2023, 2022 and 2021, respectively. Property tax expense of $1.1 million, $0.8 million and $0.8 million for the years ended December 31, 2023, 2022 and 2021, respectively, is included in variable lease costs, but excluded from the lease expense referenced in the table below. The lease disclosures in this “Note 6—Leases” exclude revenue governed by the lease standard associated with the Company’s accommodations and rentals business, as all customer agreements are short-term. See “Note 5—Revenue” for a comprehensive discussion on revenue recognition. The financial impact of leases is listed in the tables below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Balance Sheet Classification 2023 2022 ​ ​ ​ ​ (in thousands) Assets ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets (1) ​ Long-term right-of-use assets ​ $ 39,504 ​ $ 47,662 Finance lease assets ​ Property and equipment, net ​ ​ 724 ​ ​ 23 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities ― ST ​ Current operating lease liabilities ​ $ 15,005 ​ $ 17,751 Operating lease liabilities ― LT ​ Long-term operating lease liabilities ​ ​ 37,799 ​ ​ 46,388 Finance lease liabilities ― ST ​ Current portion of finance lease obligations ​ ​ 194 ​ ​ 19 Finance lease liabilities ― LT ​ Other long-term liabilities ​ ​ 547 ​ ​ 5 ​ (1) Right-of-use asset impairment of zero , $0.1 million and zero for the years ended December 31, 2023, 2022 and 2021, respectively, is recorded within lease abandonment costs in the accompanying consolidated statements of operations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, Statements of Operations and Cash Flows Classification 2023 ​ 2022 ​ 2021 ​ ​ ​ ​ (in thousands) Operating lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease cost ― fixed ​ Cost of revenue and selling, general and administrative ​ $ 14,271 ​ $ 13,975 ​ $ 13,762 Lease abandonment costs ​ Lease abandonment costs ​ ​ 42 ​ ​ 449 ​ ​ 894 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term agreements: ​ Cost of revenue ​ $ 114,143 ​ $ 96,182 ​ $ 54,301 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of leased assets ​ Depreciation and amortization ​ $ 126 ​ $ 110 ​ $ 230 Interest on lease liabilities ​ Interest expense, net ​ ​ 27 ​ ​ 2 ​ ​ 10 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lessor income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sublease income ​ Cost of revenue, selling, general and administrative and lease abandonment costs ​ $ 1,648 ​ $ 1,514 ​ $ 1,080 Lessor income ​ Cost of revenue ​ ​ 251 ​ ​ 317 ​ ​ 335 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statement of cash flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for operating leases ​ Operating cash flows ​ $ 19,904 ​ $ 21,437 ​ $ 19,004 Cash paid for finance leases lease interest ​ Operating cash flows ​ ​ 27 ​ ​ 2 ​ ​ 10 Cash paid for finance leases ​ Financing cash flows ​ ​ 98 ​ ​ 112 ​ ​ 320 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ Lease Term and Discount Rate 2023 2022 Weighted-average remaining lease term (years) ​ ​ ​ ​ ​ ​ Operating leases ​ 4.4 ​ ​ 4.9 ​ Finance leases ​ 3.5 ​ ​ 1.2 ​ Weighted-average discount rate ​ ​ ​ ​ ​ ​ Operating leases ​ 4.9 % ​ 4.3 % Finance leases ​ 7.0 % ​ 4.0 % ​ ​ The Company has the following operating and finance lease commitments as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Period Operating Leases (1) Finance Leases Total ​ ​ (in thousands) 2024 ​ $ 19,388 ​ $ 240 ​ $ 19,628 2025 ​ 14,071 ​ 235 ​ 14,306 2026 ​ 11,539 ​ 235 ​ 11,774 2027 ​ 6,889 ​ 118 ​ 7,007 2028 ​ 4,082 ​ — ​ 4,082 Thereafter ​ 5,476 ​ — ​ 5,476 Total minimum lease payments ​ $ 61,445 ​ $ 828 ​ $ 62,273 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less reconciling items to reconcile undiscounted cash flows to lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease-extension commencing in the future ​ ​ 137 ​ ​ — ​ ​ 137 Short-term leases excluded from balance sheet ​ ​ 2,312 ​ ​ — ​ ​ 2,312 Imputed interest ​ ​ 6,192 ​ ​ 87 ​ ​ 6,279 Total reconciling items ​ ​ 8,641 ​ ​ 87 ​ ​ 8,728 Total liabilities per balance sheet ​ $ 52,804 ​ $ 741 ​ $ 53,545 ​ (1) The table above excludes sublease and lessor income of $1.6 million during 2024, $1.4 million during 2025, $0.9 million during 2026 and $0.1 million during 2027.

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2023
INVENTORIES
INVENTORIES	NOTE 7—INVENTORIES Inventories, which are comprised of chemicals and raw materials available for resale and parts and consumables used in operations, are valued at the lower of cost and net realizable value, with cost determined under the weighted-average method. The significant components of inventory are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ (in thousands) Raw materials ​ $ 25,183 ​ $ 20,518 Finished goods ​ 13,470 ​ 20,646 Total ​ $ 38,653 ​ $ 41,164 ​ During the year ended December 31, 2023, the Company recorded charges to the reserve for excess and obsolete inventory of

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2023
PROPERTY AND EQUIPMENT.
PROPERTY AND EQUIPMENT	NOTE 8—PROPERTY AND EQUIPMENT Property and equipment consists of the following as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ (in thousands) Machinery and equipment ​ $ 608,780 ​ $ 649,152 Buildings and leasehold improvements ​ 111,650 ​ 116,754 Gathering and disposal infrastructure ​ 87,354 ​ 83,556 Recycling facilities ​ ​ 68,875 ​ ​ 59,217 Pipelines ​ ​ 103,171 ​ ​ 72,829 Vehicles and equipment ​ 19,007 ​ 27,492 Land ​ ​ 23,745 ​ ​ 24,159 Computer equipment and software ​ ​ 3,038 ​ ​ 6,740 Office furniture and equipment ​ 772 ​ 1,183 Machinery and equipment - finance lease ​ 519 ​ 519 Vehicles and equipment - finance lease ​ 27 ​ 58 Computer equipment and software - finance lease ​ 883 ​ 56 Construction in progress ​ 117,168 ​ 42,290 ​ ​ 1,144,989 ​ 1,084,005 Less accumulated depreciation (1) ​ (627,408) ​ (584,451) Total property and equipment, net ​ $ 517,581 ​ $ 499,554 ​ (1) Includes $0.7 million and $0.6 million of accumulated depreciation related to finance leases as of December 31, 2023 and December 31, 2022, respectively. Total depreciation and amortization expense related to property and equipment and finance leases presented in the table above, as well as amortization of intangible assets presented in “Note 9—Goodwill and Other Intangible Assets” is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 ​ 2022 2021 ​ ​ (in thousands) Category ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation expense from property and equipment ​ $ 122,078 ​ $ 103,141 ​ $ 81,381 Amortization expense from finance leases ​ ​ 126 ​ ​ 110 ​ ​ 230 Amortization expense from intangible assets ​ ​ 17,873 ​ ​ 11,350 ​ ​ 10,639 Accretion expense from asset retirement obligations ​ ​ 1,012 ​ ​ 1,115 ​ ​ 208 Total depreciation and amortization ​ $ 141,089 ​ $ 115,716 ​ $ 92,458 ​ Long- lived assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. See “Note 4—Abandonments and Other Costs” for impairment and abandonment of property and equipment during the years ended December 31, 2023, 2022 and 2021.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	NOTE 9—GOODWILL AND OTHER INTANGIBLE ASSETS The Company recorded $4.7 million of goodwill in connection with the Breakwater Acquisition during the year ended December 31, 2023. See “Note 3—Acquisitions ” ​ The changes in the carrying amounts of goodwill by reportable segment for the year ended December 31, 2023 and 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Water ​ Water ​ ​ ​ ​ Services Infrastructure Total ​ ​ (in thousands) Balance as of December 31, 2022 ​ $ — ​ $ — ​ $ — Additions ​ ​ 1,438 ​ ​ 3,245 ​ ​ 4,683 Balance as of December 31, 2023 ​ $ 1,438 ​ $ 3,245 ​ $ 4,683 ​ The components of other intangible assets as of December 31, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ As of December 31, 2022 ​ Gross ​ Accumulated Net Gross Accumulated Net ​ ​ Value ​ Abandonment ​ Amortization ​ Value ​ Value ​ Amortization ​ Value ​ ​ (in thousands) ​ (in thousands) Definite-lived ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ $ 164,600 ​ $ — ​ $ (61,216) ​ $ 103,384 ​ $ 158,232 ​ $ (48,123) ​ $ 110,109 Patents and other intellectual property ​ ​ 12,772 ​ ​ — ​ ​ (7,090) ​ ​ 5,682 ​ ​ 12,772 ​ ​ (5,701) ​ ​ 7,071 Trademarks ​ ​ 14,360 ​ ​ (11,106) ​ ​ (3,254) ​ ​ — ​ ​ — ​ ​ — ​ ​ — Other ​ ​ 2,803 ​ ​ — ​ ​ (2,711) ​ ​ 92 ​ 2,803 ​ (2,574) ​ 229 Total definite-lived ​ ​ 194,535 ​ ​ (11,106) ​ ​ (74,271) ​ ​ 109,158 ​ ​ 173,807 ​ ​ (56,398) ​ ​ 117,409 Indefinite-lived ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Water rights ​ ​ 7,031 ​ ​ — ​ ​ — ​ ​ 7,031 ​ ​ 7,031 ​ ​ — ​ ​ 7,031 Trademarks ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 14,360 ​ ​ — ​ ​ 14,360 Total indefinite-lived ​ ​ 7,031 ​ ​ — ​ ​ — ​ ​ 7,031 ​ ​ 21,391 ​ ​ — ​ ​ 21,391 Total other intangible assets, net ​ $ 201,566 ​ $ (11,106) ​ $ (74,271) ​ $ 116,189 ​ $ 195,198 ​ $ (56,398) ​ $ 138,800 ​ For a discussion of the abandonment of the trademark, See “Note 4—Abandonments and Other Costs.” During the year ended December 31, 2023, the Company added $6.4 million in customer relationships in connection with finalizing the Breakwater purchase price allocation and an asset acquisition adjacent to the BSRS facility. During the year ended December 31, 2022, the Company added $41.7 million in customer relationships in connection with the Breakwater, Cypress and asset acquisition adjacent to the BSRS facility (See “Note 3—Acquisitions”). The weighted-average amortization period for customer relationships, patents and other intellectual property and other definite-lived intangible assets as of December 31, 2023 was 9.1 years, 4.6 years and 0.7 years, respectively. The indefinite-lived water trademarks five Amortization expense of $17.9 million, $11.4 million and $10.6 million was recorded for the years ended December 31, 2023, 2022 and 2021, respectively. Annual amortization of intangible assets for the next five years and beyond is as follows: ​ ​ ​ ​ ​ Year Ending December 31, Amount ​ ​ (in thousands) 2024 ​ $ 14,676 2025 ​ 14,513 2026 ​ 14,425 2027 ​ 13,923 2028 ​ 12,194 Thereafter ​ ​ 39,427 Total ​ $ 109,158 ​

DEBT

DEBT	12 Months Ended
	Dec. 31, 2023
DEBT
DEBT	NOTE 10—DEBT Sustainability-linked credit facility and revolving line of credit On March 17, 2022 (the “Restatement Date”), SES Holdings and Select Water Solutions, LLC (“Select LLC”), formerly Select Energy Services, LLC and a wholly-owned subsidiary of SES Holdings, entered into a $270.0 million amended and restated senior secured sustainability-linked revolving credit facility (the “Sustainability-Linked Credit Facility”), by and among SES Holdings, as parent, Select LLC, as borrower, and certain of SES Holdings’ subsidiaries, as guarantors, each of the lenders party thereto and Wells Fargo Bank, N.A., as administrative agent, issuing lender and swingline lender (the “Administrative Agent”) (which amended and restated the Credit Agreement dated November 1, 2017 by and among SES Holdings, as parent, Select LLC, as borrower and certain of SES Holdings’ subsidiaries, as guarantors, each of the lenders party thereto and the Administrative Agent (the “Prior Credit Agreement”)). The Sustainability-Linked Credit Facility also has a sublimit of $40.0 million for letters of credit and $27.0 million for swingline loans, respectively. Subject to obtaining commitments from existing or new lenders, Select LLC has the option to increase the maximum amount under the senior secured credit facility by $135.0 million during the first three years following the Restatement Date. The Sustainability-Linked Credit Facility permits extensions of credit up to the lesser of $270.0 million and a borrowing base that is determined by calculating the amount equal to the sum of (i) 85% of the Eligible Billed Receivables (as defined in the Sustainability-Linked Credit Facility), plus (ii) 75% of Eligible Unbilled Receivables (as defined in the Sustainability-Linked Credit Facility), provided that this amount will not equal more than 35% of the borrowing base, plus (iii) the lesser of (A) the product of 70% multiplied by the value of Eligible Inventory (as defined in the Sustainability-Linked Credit Facility) at such time and (B) the product of 85% multiplied by the Net Recovery Percentage (as defined in the Sustainability-Linked Credit Facility) identified in the most recent Acceptable Appraisal of Inventory (as defined in the Sustainability-Linked Credit Facility), multiplied by the value of Eligible Inventory at such time, provided that this amount will not equal more than 30% of the borrowing base, minus (iv) the aggregate amount of Reserves (as defined in the Sustainability-Linked Credit Facility), if any, established by the Administrative Agent from time to time, including, if any, the amount of the Dilution Reserve (as defined in the Sustainability-Linked Credit Facility). The borrowing base is calculated on a monthly basis pursuant to a borrowing base certificate delivered by Select LLC to the Administrative Agent. Borrowings under the Sustainability-Linked Credit Facility bear interest, at Select LLC’s election, at either the (a) one- or three-month Term SOFR (as defined in the Sustainability-Linked Credit Facility) or (b) greatest of (i) the federal funds rate plus 0.5%, (ii) one-month Term SOFR plus 1% and (iii) the Administrative Agent’s prime rate (the “Base Rate”), in each case plus an applicable margin, and interest shall be payable monthly in arrears. The applicable margin for Term SOFR loans ranges from 1.75% to 2.25% and the applicable margin for Base Rate loans ranges from 0.75% to 1.25%, in each case, depending on Select LLC’s average excess availability under the Sustainability-Linked Credit Facility, as set forth in the table below. During the continuance of a bankruptcy event of default, automatically, and during the continuance of any other default, upon the Administrative Agent’s or the required lenders’ election, all outstanding amounts under the Sustainability-Linked Credit Facility will bear interest at 2.00% plus the otherwise applicable interest rate. The Sustainability-Linked Credit Facility is scheduled to mature on the fifth anniversary of the Restatement Date. ​ ​ ​ ​ ​ ​ ​ ​ Level ​ Average Excess Availability ​ Base Rate Margin ​ SOFR Margin ​ ​ ​ ​ ​ ​ ​ I ​ < 33.33% of the commitments ​ 1.25% ​ 2.25% II ​ < 66.67% of the commitments and ≥ 33.33% of the commitments ​ 1.00% ​ 2.00% III ​ ≥ 66.67% of the commitments ​ 0.75% ​ 1.75% ​ ​ ​ ​ ​ ​ Level ​ Average Revolver Usage ​ Unused Line Fee Percentage ​ ​ ​ ​ ​ I ​ ≥ 50% of the commitments ​ 0.250% II ​ < 50% of the commitments ​ 0.375% ​ Under the Sustainability-Linked Credit Facility, the interest rate margin and the facility fee rates are also subject to adjustments based on Select LLC’s performance of specified sustainability target thresholds with respect to (i) total recordable incident rate, as the Employee Health and Safety Metric and (ii) barrels of produced water recycled at permanent or semi-permanent water treatment and recycling facilities owned or operated, as the Water Stewardship Metric, in each case, subject to limited assurance verification by a qualified independent external reviewer. The adjustment for the interest rate margin is a range of plus and minus 5.0 basis points and the adjustment for the fee margin is a range of plus and minus 1.0 basis point, subject to the mechanics under the Sustainability-Linked Credit Facility. The obligations under the Sustainability-Linked Credit Facility are guaranteed by SES Holdings and certain subsidiaries of SES Holdings and Select LLC and secured by a security interest in substantially all of the personal property assets of SES Holdings, Select LLC and their domestic subsidiaries. The Sustainability-Linked Credit Facility contains certain customary representations and warranties, affirmative and negative covenants and events of default. If an event of default occurs and is continuing, the lenders may declare all amounts outstanding under the Sustainability-Linked Credit Facility to be immediately due and payable. In addition, the Sustainability-Linked Credit Facility restricts SES Holdings’ and Select LLC’s ability to make distributions on, or redeem or repurchase, its equity interests, except for certain distributions, including distributions of cash so long as, both at the time of the distribution and after giving effect to the distribution, no default exists under the Sustainability-Linked Credit Facility and either (a) excess availability at all times during the preceding 30 consecutive days, on a pro forma basis and after giving effect to such distribution, is not less than the greater of (1) 25% of the lesser of (A) the maximum revolver amount and (B) the then-effective borrowing base and (2) $33.75 million or (b) if SES Holdings’ fixed charge coverage ratio is at least 1.0 to 1.0 on a pro forma basis, and excess availability at all times during the preceding 30 The Sustainability-Linked Credit Facility also requires SES Holdings to maintain a fixed charge coverage ratio of at least 1.0 to 1.0 at any time availability under the Sustainability-Linked Credit Facility is less than the greater of (i) 10% of the lesser of (A) the maximum revolver amount and (B) the then-effective borrowing base and (ii) $15.0 million and continuing through and including the first day after such time that availability under the Sustainability-Linked Credit Facility has equaled or exceeded the greater of (i) 10% of the lesser of (A) the maximum revolver amount and (B) the then-effective borrowing base and (ii) $15.0 million for 60 consecutive calendar days. Certain lenders party to the Sustainability-Linked Credit Facility and their respective affiliates have from time to time performed, and may in the future perform, various financial advisory, commercial banking and investment banking services for the Company and its affiliates in the ordinary course of business for which they have received and would receive customary compensation. In addition, in the ordinary course of their various business activities, such parties and their respective affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers, and such investments and securities activities may involve the Company’s securities and/or instruments. The Company had zero and $16.0 million outstanding under the Sustainability-Linked Credit Facility as of December 31, 2023 and December 31, 2022, respectively. As of December 31, 2023 and December 31, 2022, the borrowing base under the Sustainability-Linked Credit Facility was $267.4 million and $245.0 million, respectively. ​ In connection with the entry into the Sustainability-Linked Credit Facility, the Company incurred $2.1 million of debt issuance costs during the year ended December 31, 2022. Debt issuance costs are amortized to interest expense over the life of the debt to which they pertain. Total unamortized debt issuance costs as of December 31, 2023 and December 31, 2022, were $1.6 million and $2.1 million, respectively. As these debt issuance costs relate to a revolving line of credit, they are presented as a deferred charge within other assets on the consolidated balance sheets. Amortization expense related to debt issuance costs was $0.5 million, $0.7 million and $0.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company was in compliance with all debt covenants as of December 31, 2023. ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 11—COMMITMENTS AND CONTINGENCIES Litigation The Company is subject to a number of lawsuits and claims arising out of the normal conduct of its business. The ability to predict the ultimate outcome of such matters involves judgments, estimates and inherent uncertainties. Based on a consideration of all relevant facts and circumstances, including applicable insurance coverage, it is not expected that the ultimate outcome of any currently pending lawsuits or claims against the Company will have a material adverse effect on its consolidated financial position, results of operations or cash flows; however, there can be no assurance as to the ultimate outcome of these matters. ​ ​ Retentions We are self-insured up to certain retention limits with respect to workers’ compensation, general liability and vehicle liability matters, and health insurance. We maintain accruals for self-insurance retentions that we estimate using third-party data and claims history.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2023
EQUITY-BASED COMPENSATION
EQUITY-BASED COMPENSATION	NOTE 12—EQUITY-BASED COMPENSATION The SES Holdings 2011 Equity Incentive Plan (the “2011 Plan”) was approved by the board of managers of SES Holdings in April 2011. In conjunction with the private placement of 16,100,000 shares of the Company’s Class A common stock on December 20, 2016 (the “Select 144A Offering”), the Company adopted the Select Energy Services, Inc. 2016 Equity Incentive Plan (as amended, the “2016 Plan”) for employees, consultants and directors of the Company and its affiliates. Options that were outstanding under the 2011 Plan immediately prior to the Select 144A Offering were cancelled in exchange for new options granted under the 2016 Plan. On May 8, 2020, the Company’s stockholders approved an amendment to the 2016 Plan to increase the number of shares of the Company’s Class A common stock that may be issued under the 2016 Plan by 4,000,000 shares and to make certain other administrative changes. The 2016 Plan includes share recycling provisions that allow shares subject to an award that are withheld or surrendered to the Company in payment of any exercise price or taxes or an award that expires or is cancelled, forfeited or otherwise terminated without actual delivery of the underlying shares of Class A common stock to be considered not delivered and thus available to be granted as new awards under the 2016 Plan. Currently, the maximum number of shares reserved for issuance under the 2016 Plan is approximately 13.3 million shares, with approximately 1.9 million shares available to be issued as of December 31, 2023. For all share-based compensation award types, the Company accounts for forfeitures as they occur. On February 23, 2022, the Company assumed the Nuverra Environmental Solutions, Inc. 2017 Long Term Incentive Plan (the “2017 Plan”), and the Nuverra Environmental Solutions, Inc. 2018 Restricted Stock Plan for Directors (the “2018 Plan” and, together with the 2017 Plan, the “Assumed Plans”) and certain equity awards outstanding under the Assumed Plans in connection with the Nuverra Acquisition. Under the 2017 Plan, the Company may grant to certain eligible participants who were employees, directors or other service providers of Nuverra prior to the Nuverra Acquisition options, stock appreciation rights, restricted stock, restricted stock units, stock awards, dividend equivalents, other stock-based awards, cash awards, substitute awards, performance awards, or any combination of the foregoing, with respect to up to The aggregate number of shares of the Company’s Class A common stock available for issuance under the Assumed Plans will be reduced Stock Option Awards The Company has outstanding stock option awards as of December 31, 2023 but there have been no option grants since 2018. The stock options were granted with an exercise price equal to or greater than the fair market value of a share of Class A common stock as of the date of grant. The Company utilized the Monte Carlo option pricing model to determine fair value of the options granted during 2018, which incorporated assumptions to value equity-based awards. The risk-free interest rate is based on the U.S. Treasury yield curve in effect for the expected term of the option at the time of grant. The expected life of the options at the time of the grant was based on the vesting period and term of the options awarded, which was ten years. ​ A summary of the Company’s stock option activity and related information as of and for the year ended December 31, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average ​ ​ ​ ​ ​ ​ ​ Weighted-average ​ Weighted-average ​ Grant Date Value ​ Aggregate Intrinsic ​ Stock Options Grant Date Value ​ Exercise Price Term (Years) Value (in thousands) (a) Beginning balance, outstanding 1,666,872 ​ $ 10.10 ​ $ 17.10 ​ 4.2 ​ $ 353 Expired ​ (11,920) ​ ​ 4.49 ​ ​ 29.34 ​ ​ ​ ​ ​ Ending balance, outstanding 1,654,952 ​ $ 10.14 ​ $ 17.01 ​ 3.2 ​ $ — Ending balance, exercisable ​ 1,654,952 ​ $ — ​ $ 17.01 ​ 3.2 ​ $ — Nonvested as of December 31, 2023 ​ — ​ ​ N/A ​ $ — ​ ​ ​ ​ ​ (a) Aggregate intrinsic value for stock options is based on the difference between the exercise price of the stock options and the quoted closing Class A common stock price of $7.59 and $9.24 as of December 31, 2023 and 2022, respectively. The Company recognized $0, $0, and a nominal amount of compensation expense related to stock options during the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2021, all equity-based compensation expense related to stock options had been recognized. Restricted Stock Awards The value of the restricted stock awards granted was established by the market price of the Class A common stock on the date of grant and is recorded as compensation expense ratably over the vesting term, which is generally one A summary of the Company’s restricted stock awards activity and related information for the year ended December 31, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ ​ ​ Weighted-average ​ Restricted Stock Awards Grant Date Fair Value Nonvested as of December 31, 2022 ​ 4,237,715 ​ $ 7.36 Granted ​ 1,689,004 ​ ​ 7.46 Vested ​ (1,929,032) ​ ​ 7.53 Forfeited ​ (238,995) ​ ​ 7.37 Nonvested as of December 31, 2023 ​ 3,758,692 ​ $ 7.32 ​ Performance Share Units (“PSUs”) During 2021, 2022 and 2023, the Company approved grants of PSUs that are subject to both performance-based and service-based vesting provisions related to (i) return on asset performance (“ROA”) in comparison to thirteen peer companies and (ii) Adjusted Free Cash Flow (“FCF”) performance percentage. The number of shares of Class A common stock issued to a recipient upon vesting of the PSUs will be calculated based on ROA and FCF performance over the applicable period from either January 1, 2021 through December 31, 2023, January 1, 2022 through December 31, 2024 or January 1, 2023 through December 31, 2025. The target number of shares of Class A common stock subject to each remaining PSU granted in 2021, 2022 and 2023 is one; however, based on the achievement of performance criteria, the number of shares of Class A common stock that may be received in settlement of each PSU can range from zero to 1.75 times the target number. The PSUs become earned at the end of the performance period after the attainment of the performance level has been certified by the compensation committee, which will be no later than June 30, 2024 for the 2021 PSU grants, June 30, 2025 for the 2022 PSU grants, and June 30, 2026, for the 2023 PSU grants, assuming the applicable minimum performance metrics are achieved. The target PSUs granted in 2021, 2022 and 2023 that become earned connected with the ROA in comparison to other companies will be determined based on the Company’s Average Return on Assets (as defined in the applicable PSU agreement) relative to the Average Return on Assets of the peer companies (as defined in the applicable PSU agreement) in accordance with the following table, but the Company must have a positive Total Shareholder Return (as defined in the applicable PSU agreement) over the performance period. As a result of this market condition, the 2021 2022 and 2023 PSUs will be valued each reporting period utilizing a Black-Scholes model. ​ ​ ​ ​ Ranking Among Peer Group ​ Percentage of Target Amount Earned Outside of Top 10 ​ 0% Top 10 ​ 50% Top 7 ​ 100% Top 3 ​ 175% ​ The target PSUs that become earned in connection with the adjusted FCF performance percentage will be determined (as defined in the applicable PSU agreement) in accordance with the following table: ​ ​ ​ ​ Adjusted FCF Performance Percentage ​ Percentage of Target Amount Earned Less than 70% ​ 0% 70% ​ 50% 100% ​ 100% 130% ​ 175% ​ The fair value on the date the PSUs were granted during 2023, 2022 and 2021 was $5.3 million, $5.0 million and $4.4 million, respectively. Compensation expense related to the PSUs is determined by multiplying the number of shares of Class A common stock underlying such awards that, based on the Company’s estimate, are probable to vest by the measurement-date (i.e., the last day of each reporting period date) fair value and recognized using the accelerated attribution method. The Company recognized compensation expense of $0.6 million, $1.3 million, and $1.6 million related to the PSUs for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, the unrecognized compensation cost related to our unvested PSUs is estimated to be $4.4 million and is expected to be recognized over a weighted-average period of 1.8 years. However, this compensation cost will be adjusted as appropriate throughout the applicable performance periods. The following table summarizes the information about the PSUs outstanding as of December 31, 2023: ​ ​ ​ ​ ​ PSUs Nonvested as of December 31, 2022 ​ 1,860,734 Target shares granted ​ 828,514 Target shares forfeited ​ (742,522) Target shares outstanding as of December 31, 2023 ​ 1,946,726 ​ Employee Stock Purchase Plan (ESPP) The Company formerly had an Employee Stock Purchase Plan (“ESPP”) under which employees that have been continuously employed for at least one year On November 3, 2022, our board of directors approved an amendment to the ESPP, which suspended all offerings on or after December 1, 2022. Our board of directors reserves the right to recommence offerings pursuant to its discretion and the terms of the ESPP. Share-repurchases During the years ended December 31, 2023 and 2022, the Company repurchased 8,050,282 and 2,297,985 shares, respectively, of Class A common stock in the open market and repurchased 567,702 and 524,562 shares, respectively, of Class A common stock in connection with employee minimum tax withholding requirements for units vested under the 2016 Plan. All repurchased shares were retired. During the year ended December 31, 2023, the repurchases were accounted for as a decrease to paid in-capital of $61.7 million and a decrease to Class A common stock of approximately $86,000. The IRA 2022”) provides for, among other things, the imposition of a new 1% U.S. federal excise tax on certain repurchases of stock by publicly traded U.S. corporations such as us after December 31, 2022. Accordingly, this excise tax applied to our share repurchase program in 2023 and will apply in subsequent taxable years. The Biden administration has proposed increasing the amount of the excise tax from 1% to 4%; however, it is unclear whether such a change in the amount of the excise tax will be enacted and, if enacted, how soon any such change could take effect.

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	12 Months Ended
	Dec. 31, 2023
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT	NOTE 13—FAIR VALUE MEASUREMENT The Company utilizes fair value measurements to measure assets and liabilities in a business combination or assess impairment and abandonment of property and equipment, intangible assets and goodwill or to measure the value of securities marked to market. Fair value is defined as the amount at which an asset (or liability) could be bought (or incurred) or sold (or settled) in an orderly transaction between market participants at the measurement date. Further, ASC 820, Fair Value Measurements ASC 820 establishes a three-level valuation hierarchy for the disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are defined as follows: Level 1 Level 2 Level 3 A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. There were no transfers into, or out of, the three levels of the fair value hierarchy for the years ended December 31, 2023, 2022 and 2021. Assets and liabilities measured at fair value on a recurring and non-recurring basis Nonfinancial assets and liabilities measured at fair value on a non-recurring basis include certain nonfinancial assets and liabilities as may be acquired in a business combination or asset acquisition and measurements of goodwill and intangible impairment. As there is no corroborating market activity to support the assumptions used, the Company has designated these measurements as Level 3. Long-lived assets, such as property and equipment and finite-lived intangible assets, are evaluated for impairment whenever events or changes in circumstances indicate that its carrying value may not be recoverable. The development of future cash flows and the estimate of fair value represent the Company’s best estimates based on industry trends and reference to market transactions and are subject to variability. The Company’s estimates of fair value have been determined at discrete points in time based on relevant information. These estimates involve uncertainty and cannot be determined with precision. There were no significant changes in valuation techniques or related inputs for the years ended December 31, 2023, 2022 and 2021. The following table presents information about the Company’s assets measured at fair value on a recurring and non-recurring basis for the years ended December 31, 2023, 2022 and 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Measurements Using ​ Carrying ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Value (1) ​ Abandonment (2) ​ ​ ​ ​ ​ ​ (in thousands) Year Ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trademark ​ Non-recurring ​ March 31 ​ $ — ​ $ — ​ $ 2,929 ​ $ 14,360 ​ $ 11,106 Year Ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments ​ Recurring ​ March 31 ​ $ 35 ​ $ — ​ $ — ​ $ 35 ​ $ — Investments ​ Recurring ​ June 30 ​ ​ 35 ​ ​ — ​ ​ — ​ ​ 35 ​ ​ — Year Ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments ​ Recurring ​ March 31 ​ $ 1,546 ​ $ — ​ $ — ​ $ 1,546 ​ $ — Investments ​ Recurring ​ June 30 ​ ​ 2,208 ​ ​ — ​ ​ — ​ ​ 2,208 ​ ​ — Investments ​ Recurring ​ September 30 ​ ​ 1,717 ​ ​ — ​ ​ — ​ ​ 1,717 ​ ​ — Investments ​ Recurring ​ December 31 ​ ​ 75 ​ ​ — ​ ​ — ​ ​ 75 ​ ​ — ​ (1) Amount represents carrying value at the date of assessment. (2) See “Note 4—Abandonments and Other Costs for more information on the abandonments reflected above and incurred during the year ended December 31, 2023. ​ Nonmonetary transaction ​ The Company sold most of these securities during 2021 for $2.3 million, and recorded a $1.0 million realized gain during the year ended December 31, 2021 recognized within other income (expense), net on the accompanying consolidated statements of operations. The Company recorded a $2.0 million unrealized loss on the securities during the years ended December 31, 2021, based on the value of the securities as of the end of each reporting period within the year, recognized within other income (expense), net on the accompanying consolidated statements of operations. The remaining securities expired during the third quarter of 2022 resulting in a realized loss of $0.1 million recognized within other income (expense), net on the accompanying consolidated statements of operations. ​ Other fair value considerations Also, see “Note 3—Acquisitions” for a discussion of the fair value incorporated into the purchase price allocation for acquisitions occurring during the years ended December 31, 2023, 2022 and 2021. The carrying values of the Company’s current financial instruments, which include cash and cash equivalents, accounts receivable trade and accounts payable, approximate their fair value as of December 31, 2023 and 2022 due to the short-term nature of these instruments. The Company had no outstanding debt as of December 31, 2023. The carrying value of debt as of December 31, 2022 approximates fair value due to variable market rates of interest. The estimated fair values of the Company’s financial instruments are not necessarily indicative of the amounts that would be realized in a current market exchange.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 14—RELATED PARTY TRANSACTIONS The Company considers its related parties to be those stockholders who are beneficial owners of more than 5.0% of its common stock, executive officers, members of its board of directors or immediate family members of any of the foregoing persons, an investment in a company that is significantly influenced by another related party, and cost-method and equity-method investees. The Company has entered into a number of transactions with related parties. In accordance with the Company’s related persons transactions policy, the audit committee of the Company’s board of directors regularly reviews these transactions. However, the Company’s results of operations may have been different if these transactions were conducted with non-related parties. ​ During the year ended December 31, 2023, sales to related parties were $0.6 million and purchases from related-party vendors were $16.6 million. These purchases consisted of $12.6 million relating to the rental of certain equipment or other services used in operations, $2.6 million related to purchases of property and equipment, $1.3 million relating to management, consulting and other services and $0.1 million related to inventory and other consumables. During the year ended December 31, 2022, sales to related parties were $2.1 million and purchases from related-party vendors were $12.4 million. These purchases consisted of $10.2 million relating to the rental of certain equipment or other services used in operations, $1.2 million relating to management, consulting and other services, $0.9 million related to purchases of property and equipment and $0.1 million related to inventory and other consumables. During the year ended December 31, 2021, sales to related parties were $1.1 million and purchases from related-party vendors were $7.0 million. These purchases consisted of $5.8 million relating to the rental of certain equipment or other services used in operations, $1.0 million relating to management, consulting and other services and $0.2 million related to purchases of property and equipment. Tax Receivable Agreements In connection with the Select 144A Offering, the Company entered into the Tax Receivable Agreements with certain then-affiliates of the then-holders of SES Holdings LLC Units. As of December 31, 2023, certain of the TRA Holders were employed by the Company, on the Company’s board of directors and/or owned shares of the Company’s Class A and/or Class B common stock. The first of the Tax Receivable Agreements, which the Company entered into with Legacy Owner Holdco and Crestview GP, generally provides for the payment by the Company to such TRA Holders of 85% of the net cash savings, if any, in U.S. federal, state and local income and franchise tax that the Company actually realizes (computed using simplifying assumptions to address the impact of state and local taxes) or is deemed to realize in certain circumstances in periods after the Select 144A Offering as a result of, as applicable to each such TRA Holder, (i) certain increases in tax basis that occur as a result of the Company’s acquisition (or deemed acquisition for U.S. federal income tax purposes) of all or a portion of such TRA Holder’s SES Holdings LLC Units in connection with the Select 144A Offering or pursuant to the exercise of the Exchange Right or the Company’s Call Right and (ii) imputed interest deemed to be paid by the Company as a result of, and additional tax basis arising from, any payments the Company makes under such Tax Receivable Agreement. The second of the Tax Receivable Agreements, which the Company entered into with an affiliate of Legacy Owner Holdco and Crestview GP, generally provides for the payment by the Company to such TRA Holders of 85% of the net cash savings, if any, in U.S. federal, state and local income and franchise tax that the Company actually realizes (computed using simplifying assumptions to address the impact of state and local taxes) or is deemed to realize in certain circumstances in periods after the Select 144A Offering as a result of, as applicable to each such TRA Holder, (i) any net operating losses available to the Company as a result of certain reorganization transactions entered into in connection with the Select 144A Offering and (ii) imputed interest deemed to be paid by the Company as a result of any payments the Company makes under such Tax Receivable Agreement. On June 23, 2023, the Tax Receivable Agreements were amended to replace references to one year LIBOR with references to the 12-month term SOFR published by CME Group Benchmark Administration Limited plus 171.513 basis points, which is the benchmark replacement rate and additional margin that, under the Adjustable Interest Rate (LIBOR) Act of 2021, would have otherwise been inserted in place of references to LIBOR in the Tax Receivable Agreements following June 30, 2023. ​ The Company has recognized a liability associated with the Tax Receivable Agreements as of December 31, 2023 of $38.2 million. The liability is based on the actual cash tax savings expected to be realized by the Company, and the likelihood of a payment to be made under the Tax Receivable Agreements has been determined to be probable as of December 31, 2023. See “Note 15 – Income Taxes” below for additional information. ​

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
INCOME TAXES
INCOME TAXES	NOTE 15—INCOME TAXES Select Inc. is subject to U.S. federal and state income taxes as a corporation. SES Holdings and its subsidiaries, with the exception of certain corporate subsidiaries, are treated as flow-through entities for U.S. federal income tax purposes and as such, are generally not subject to U.S. federal income tax at the entity level. Rather, the tax liability with respect to their taxable income is passed through to their members or partners. Select Inc. recognizes a tax liability on its allocable share of SES Holdings’ taxable income. The Company’s effective tax rates for the years ended December 31, 2023, 2022 and 2021 were (316.4%), 1.7% and (0.3%) respectively. The effective tax rates for the years ended December 31, 2023, 2022 and 2021 differ from the statutory rate of 21% for 2023, 2022 and 2021 due to net income allocated to noncontrolling interests, state income taxes and valuation allowances. The components of the federal and state income tax (benefit) expense are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ ​ December 31, ​ 2023 2022 2021 ​ ​ (in thousands) Current tax expense (benefit) ​ ​ ​ Federal income tax expense ​ $ 200 ​ $ 163 ​ $ 126 State and local income tax expense (benefit) ​ 1,563 ​ 982 ​ (262) Total current expense (benefit) ​ 1,763 ​ 1,145 ​ (136) Deferred tax (benefit) expense ​ ​ ​ Federal income tax (benefit) expense ​ (57,807) ​ — ​ 56 State and local income tax (benefit) expense ​ (4,152) ​ (188) ​ 227 Total deferred (benefit) expense ​ (61,959) ​ (188) ​ 283 Total income tax (benefit) expense ​ $ (60,196) ​ $ 957 ​ $ 147 Tax (benefit) expense attributable to controlling interests ​ $ (60,443) ​ $ 838 ​ $ 124 Tax expense attributable to noncontrolling interests ​ 247 ​ 119 ​ 23 Total income tax (benefit) expense ​ $ (60,196) ​ $ 957 ​ $ 147 ​ A reconciliation of the Company’s provision for income taxes as reported and the amount computed by multiplying income before taxes, less noncontrolling interest, by the U.S. federal statutory rate of 21% for 2023, 2022 and 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ ​ (in thousands) ​ Provision calculated at federal statutory income tax rate: ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before equity in losses of unconsolidated entities and taxes ​ $ 20,823 ​ ​ $ 56,724 ​ ​ $ (49,659) ​ Equity in losses of unconsolidated entities ​ ​ (1,800) ​ ​ ​ (913) ​ ​ ​ (279) ​ Income (loss) before taxes ​ ​ 19,023 ​ ​ ​ 55,811 ​ ​ ​ (49,938) ​ Statutory rate ​ 21 % ​ 21 % ​ 21 % Income tax expense (benefit) computed at statutory rate ​ 3,995 ​ ​ 11,720 ​ ​ (10,487) ​ Less: noncontrolling interests ​ (1,011) ​ ​ (1,688) ​ ​ 1,651 ​ Income tax expense (benefit) attributable to controlling interests ​ 2,984 ​ ​ 10,032 ​ ​ (8,836) ​ State and local income taxes, net of federal benefit ​ 1,302 ​ ​ 699 ​ ​ (30) ​ State rate change ​ 644 ​ ​ 488 ​ ​ (2,787) ​ Change in subsidiary tax status ​ ​ — ​ ​ ​ — ​ ​ ​ 679 ​ Deferred tax adjustments ​ ​ 1,665 ​ ​ ​ 122 ​ ​ ​ 4,804 ​ Change in valuation allowance ​ (71,164) ​ ​ (11,042) ​ ​ 6,119 ​ Nondeductible items ​ ​ 4,126 ​ ​ ​ 539 ​ ​ ​ 175 ​ Income tax (benefit) expense attributable to controlling interests ​ (60,443) ​ ​ 838 ​ ​ 124 ​ Income tax expense attributable to noncontrolling interests ​ 247 ​ ​ 119 ​ ​ 23 ​ Total income tax (benefit) expense ​ $ (60,196) ​ ​ $ 957 ​ ​ $ 147 ​ ​ Deferred taxes result from the temporary differences between financial reporting carrying amounts and the tax basis of existing assets and liabilities. As of December 31, 2023, and 2022, the Company had net deferred tax assets of $61.9 million and deferred tax liabilities of $0.3 million, respectively, which are recorded in other long-term liabilities on the consolidated balance sheets. The principal components of the deferred tax assets (liabilities) are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ ​ December 31, ​ 2023 2022 ​ ​ (in thousands) Deferred tax assets ​ ​ Outside basis difference in SES Holdings ​ $ 69,407 ​ $ 62,111 Net operating losses ​ 95,912 ​ 117,493 Credits and other carryforwards ​ 5,363 ​ 4,240 Other ​ ​ 3,526 ​ ​ 91 Total deferred tax assets before valuation allowance ​ 174,208 ​ 183,935 Valuation allowance ​ ​ (112,282) ​ ​ (183,915) Total deferred tax assets ​ ​ 61,926 ​ ​ 20 Deferred tax liabilities ​ ​ Property and equipment ​ 300 ​ 342 Other ​ 9 ​ 20 Total deferred tax liabilities ​ 309 ​ 362 Net deferred tax assets ​ $ 61,617 ​ $ (342) ​ For the year ended December 31, 2023, the Company recorded a net decrease in valuation allowance of $71.6 million against certain deferred tax assets. The net decrease is primarily a result of current year operations and the change in the assessment of realization of deferred tax assets. We regularly review our deferred tax assets for realization and establish a valuation allowance if it is more likely than not that some portion or all of a deferred tax asset will not be realized. Historically, we have maintained a full valuation allowance against our deferred tax assets. The Company considers all available positive and negative evidence in determining whether realization of the tax benefit is more likely than not. This evidence includes historical income / loss, projected future income, the expected timing of the reversal of existing temporary differences and the implementation of tax planning strategies. During the fourth quarter of 2023, the Company evaluated all available positive and negative evidence and determined that $61.9 million of the valuation allowance as of December 31, 2023, associated with deferred tax assets should be released because the Company believed that it had become more likely than not that the deferred tax assets would be realized. In the Company's evaluation of the need for and amount of a valuation allowance on its deferred tax assets, the Company placed the most weight on objectively verifiable direct evidence, including its recent and historical operating results and the significant improvement in its operating profitability. The specific positive factors and evidence considered in the realizability of its deferred tax assets included the cumulative pre-tax income that the Company generated over the past three-year period and the expectation of income in future periods. The release of the valuation allowance resulted in the recognition of certain deferred tax assets and a decrease to deferred income tax expense for the year ended December 31, 2023. As of December 31, 2023, the Company and certain of its corporate subsidiaries had approximately $168.6 million of tax-affected U.S. federal net operating loss carryforwards (“NOLs”), $88.3 million of which the Company expects will expire unused beginning in 2031 due to applicable IRC Section 382 limitations and such NOLs have not been included in the deferred taxes table above. The Company also has tax-affected state NOLs of approximately $24.2 million, $10.4 million of which the Company expects will expire unused due to state law limitations similar to IRC Section 382 and the remaining $13.8 million of which will begin to expire in 2024, and tax-affected non-U.S. NOLs of approximately $1.8 million, which will begin to expire in 2035. Accounting for uncertainty in income taxes prescribes a recognition threshold and measurement methodology for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. As of December 31, 2023 and 2022 there was no liability or expense for the periods then ended recorded for payments of interest and penalties associated with uncertain tax positions or material unrecognized tax positions. Separate U.S. federal and state income tax returns are filed for Select Inc., SES Holdings and certain consolidated affiliates. The tax years 2019 through 2022 remain open to examination by the major taxing jurisdictions in which the Company is subject to income tax. During 2021, the Louisiana Department of Revenue completed its audits of the corporate income and franchise tax returns of Select Inc. and Select Western, a corporate subsidiary of SES Holdings, for the years ended 2016 through 2018. The audits did not result in a material assessment.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2023
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS	NOTE 16—NONCONTROLLING INTERESTS The Company’s noncontrolling interests fall into two categories as follows: ● Noncontrolling interests attributable to joint ventures formed for water-related services. ● Noncontrolling interests attributable to holders of Class B common stock. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2023 2022 ​ ​ (in thousands) Noncontrolling interests attributable to joint ventures formed for water-related services ​ $ 614 $ 4,167 Noncontrolling interests attributable to holders of Class B common stock ​ ​ 119,070 113,584 Total noncontrolling interests ​ $ 119,684 $ 117,751 ​ During the year ended December 31, 2023, the Company received $6.0 million in cash contributions from a noncontrolling interest for business development. Additionally, the Company divested a formerly consolidated joint venture resulting in a $1.6 million reduction to noncontrolling interest. During the year ended December 31, 2022, the Company acquired $30.0 million of noncontrolling interest in connection with the Breakwater Acquisition on November 1, 2022, and purchased these noncontrolling interests on December 2, 2022, for $29.3 million. See Note 3—Acquisitions for more detail. Additionally, the Company made a distribution of $0.05 per unit for holders of units of SES Holdings, LLC totaling $0.8 million. See Note 1 – Business and Basis of Presentation. During the year ended December 31, 2021, the Company initiated the dissolution of one of its water-related services joint ventures and increased its ownership in another joint venture, which combined, eliminated $0.9 million of noncontrolling interest. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 2022 2021 ​ ​ ​ (in thousands) Net income (loss) attributable to Select Water Solutions, Inc. ​ ​ $ 74,403 $ 48,278 $ (42,225) Transfers from (to) noncontrolling interests: ​ ​ ​ ​ ​ ​ Increase in additional paid-in capital due to purchase of noncontrolling interest ​ ​ ​ — ​ ​ 1,077 ​ ​ — Increase (decrease) in additional paid-in capital as a result of issuing shares for business combinations ​ ​ ​ 9 ​ ​ (5,269) ​ ​ 532 Decrease in additional paid-in capital as a result of stock option exercises ​ ​ — (24) — Increase in additional paid-in capital as a result of restricted stock issuance, net of forfeitures ​ ​ 1,306 2,406 1,847 Increase (decrease) in additional paid-in capital as a result of the repurchase of SES Holdings LLC Units ​ ​ 63 445 (19) (Decrease) increase in additional paid-in capital as a result of the Employee Stock Purchase Plan shares issued ​ ​ ​ — ​ ​ (1) ​ ​ 1 Change to equity from net income (loss) attributable to Select Water Solutions, Inc. and transfers from noncontrolling interests ​ ​ $ 75,781 $ 46,912 $ (39,864) ​

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	12 Months Ended
	Dec. 31, 2023
INCOME PER SHARE
INCOME PER SHARE	NOTE 17— INCOME (LOSS) PER SHARE Income (loss) per share is based on the amount of income (loss) allocated to the stockholders and the weighted-average number of shares outstanding during the period for each class of common stock. Outstanding options to purchase 1,654,952, 1,666,872 and 2,074,216 shares of Class A common stock are not included in the calculation of diluted weighted-average shares outstanding for the year ended December 31, 2023, 2022 and 2021 respectively, as their effect is antidilutive. The following tables present the Company’s calculation of basic and diluted earnings per share for the years ended December 31, 2023, 2022 and 2021 (dollars in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Select Water Solutions, Inc. Class A Class B Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 79,219 ​ ​ ​ ​ ​ ​ Net income attributable to noncontrolling interests ​ ​ (4,816) ​ ​ ​ ​ ​ ​ Net income attributable to Select Water Solutions, Inc. — basic ​ $ 74,403 ​ $ 74,403 ​ $ — Add: Reallocation of net income attributable to noncontrolling interests for the dilutive effect of restricted stock ​ ​ 94 ​ ​ 94 ​ ​ — Add: Reallocation of net income attributable to noncontrolling interests for the dilutive effect of performance units ​ ​ 43 ​ ​ 43 ​ ​ — Net income attributable to Select Water Solutions, Inc. — diluted ​ $ 74,540 ​ $ 74,540 ​ $ — Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares of common stock outstanding — basic ​ ​ ​ ​ ​ 101,393,822 ​ ​ 16,221,101 Dilutive effect of restricted stock ​ ​ ​ ​ ​ 1,355,499 ​ ​ — Dilutive effect of performance share units ​ ​ ​ ​ ​ 615,865 ​ ​ — Weighted-average shares of common stock outstanding — diluted ​ ​ ​ ​ ​ 103,365,186 ​ ​ 16,221,101 Income per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ ​ ​ $ 0.73 ​ $ — Diluted ​ ​ ​ ​ $ 0.72 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 ​ ​ Select Water Solutions, Inc. ​ Class A ​ Class B Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 54,854 ​ ​ ​ ​ ​ ​ Net income attributable to noncontrolling interests ​ ​ (6,576) ​ ​ ​ ​ ​ ​ Net income attributable to Select Water Solutions, Inc. — basic ​ $ 48,278 ​ $ 48,278 ​ $ — Add: Reallocation of net income attributable to noncontrolling interests for the dilutive effect of restricted stock ​ ​ 31 ​ ​ 31 ​ ​ — Add: Reallocation of net income attributable to noncontrolling interests for the dilutive effect of performance units ​ ​ 26 ​ ​ 26 ​ ​ — Net income attributable to Select Water Solutions, Inc. — diluted ​ $ 48,335 ​ $ 48,335 ​ $ — Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares of common stock outstanding — basic ​ ​ ​ ​ ​ 95,214,033 ​ ​ 16,221,101 Dilutive effect of restricted stock ​ ​ ​ ​ ​ 416,671 ​ ​ — Dilutive effect of performance share units ​ ​ ​ ​ ​ 357,626 ​ ​ — Dilutive effect of ESPP ​ ​ ​ ​ ​ 349 ​ ​ — Weighted-average shares of common stock outstanding — diluted ​ ​ ​ ​ ​ 95,988,679 ​ ​ 16,221,101 Income per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ ​ ​ $ 0.51 ​ $ — Diluted ​ ​ ​ ​ $ 0.50 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2021 ​ ​ Select Water Solutions, Inc. ​ Class A ​ Class B Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (50,085) ​ ​ ​ ​ ​ ​ Net loss attributable to noncontrolling interests ​ ​ 7,860 ​ ​ ​ ​ ​ ​ Net loss attributable to Select Water Solutions, Inc. — basic ​ $ (42,225) ​ $ (42,225) ​ $ — Net loss attributable to Select Water Solutions, Inc. — diluted ​ $ (42,225) ​ $ (42,225) ​ $ — Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares of common stock outstanding — basic ​ ​ ​ ​ ​ 87,275,467 ​ ​ 16,221,101 Weighted-average shares of common stock outstanding — diluted ​ ​ ​ ​ ​ 87,275,467 ​ ​ 16,221,101 Loss per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ ​ ​ $ (0.48) ​ $ — Diluted ​ ​ ​ ​ $ (0.48) ​ $ — ​

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2023
SEGMENT INFORMATION
SEGMENT INFORMATION	NOTE 18—SEGMENT INFORMATION Select Inc. is a leading provider of sustainable water-management and chemical solutions to the oil and gas industry in the U.S. The Company’s services are offered through three reportable segments. Reportable segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the CODM in deciding how to allocate resources and assess performance. The Company’s CODM assesses performance and allocates resources on the basis of the three reportable segments. Corporate and other expenses that do not individually meet the criteria for segment reporting are reported separately as Corporate or Other. The Company’s CODM assesses performance and allocates resources on the basis of the following three reportable segments: Water Services Water Infrastructure ​ Chemical Technologies ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ ​ ​ Impairments and Income Depreciation and Capital ​ ​ Revenue ​ abandonments ​ before taxes ​ Amortization ​ Expenditures ​ ​ (in thousands) Water Services ​ $ 1,036,393 ​ $ 1,070 ​ $ 84,258 ​ $ 91,347 ​ $ 52,258 Water Infrastructure ​ ​ 235,290 ​ ​ 432 ​ ​ 41,066 ​ ​ 37,295 ​ ​ 87,583 Chemical Technologies ​ ​ 323,541 ​ ​ 11,105 ​ ​ 21,748 ​ ​ 10,171 ​ ​ 11,048 Other ​ ​ — ​ ​ — ​ ​ (193) ​ ​ — ​ ​ — Eliminations ​ (9,871) ​ — ​ — ​ — ​ — Income from operations ​ ​ ​ ​ ​ 146,879 ​ ​ ​ ​ Corporate ​ — ​ — ​ (85,690) ​ 2,276 ​ 2,495 Interest expense, net ​ — ​ — ​ (4,393) ​ — ​ — Tax receivable agreements expense ​ ​ — ​ ​ — ​ ​ (38,187) ​ ​ — ​ ​ — Other income, net ​ — ​ — ​ 2,214 ​ — ​ — ​ ​ $ 1,585,353 ​ $ 12,607 ​ $ 20,823 ​ $ 141,089 ​ $ 153,384 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ ​ ​ Income Depreciation and Capital ​ ​ Revenue ​ before taxes ​ Amortization ​ Expenditures ​ ​ (in thousands) Water Services ​ $ 947,599 ​ $ 57,239 ​ $ 82,919 ​ $ 40,315 Water Infrastructure ​ ​ 130,422 ​ ​ 13,209 ​ ​ 21,564 ​ ​ 29,860 Chemical Technologies ​ ​ 318,280 ​ ​ 27,504 ​ ​ 9,024 ​ ​ 4,178 Other ​ ​ — ​ ​ (315) ​ ​ — ​ ​ — Eliminations ​ (8,881) ​ — ​ — ​ — Income from operations ​ ​ ​ 97,637 ​ ​ ​ ​ Corporate ​ — ​ (58,475) ​ 2,209 ​ 3,200 Interest expense, net ​ — ​ (2,700) ​ — ​ — Bargain purchase gain ​ ​ — ​ ​ 13,352 ​ ​ — ​ ​ — Other income, net ​ — ​ 6,910 ​ — ​ — ​ ​ $ 1,387,420 ​ $ 56,724 ​ $ 115,716 ​ $ 77,553 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2021 ​ ​ ​ ​ Loss Depreciation and Capital ​ ​ Revenue ​ before taxes ​ Amortization ​ Expenditures ​ ​ (in thousands) Water Services ​ $ 507,681 ​ $ (23,380) ​ $ 69,009 ​ $ 24,192 Water Infrastructure ​ ​ 45,827 ​ ​ (150) ​ ​ 11,725 ​ ​ 16,147 Chemical Technologies ​ ​ 216,410 ​ ​ 1,984 ​ ​ 9,294 ​ ​ 5,010 Other ​ ​ — ​ ​ (19) ​ ​ — ​ ​ — Eliminations ​ (5,298) ​ — ​ — ​ — Loss from operations ​ ​ ​ (21,565) ​ ​ ​ ​ Corporate ​ — ​ (43,975) ​ 2,430 ​ 1,032 Interest expense, net ​ — ​ (1,711) ​ — ​ — Bargain purchase gain ​ ​ — ​ ​ 18,985 ​ ​ — ​ ​ — Other expense, net ​ — ​ (1,393) ​ — ​ — ​ ​ $ 764,620 ​ $ (49,659) ​ $ 92,458 ​ $ 46,381 ​ Total assets by segment as of December 31, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ 2022 ​ ​ (in thousands) Water Services ​ $ 629,815 ​ $ 715,113 Water Infrastructure ​ ​ 364,587 ​ 313,736 Chemical Technologies ​ ​ 152,437 ​ 183,469 Other ​ ​ 71,351 ​ ​ 10,535 ​ ​ $ 1,218,190 ​ $ 1,222,853 ​ Revenue by groups of similar products and services is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 ​ 2021 ​ ​ (in thousands) Water transfer and monitoring ​ $ 404,176 ​ $ 385,720 ​ $ 243,364 Chemical technologies ​ ​ 323,541 ​ ​ 318,280 ​ ​ 216,410 Fluids hauling ​ ​ 287,503 ​ ​ 257,405 ​ ​ 85,355 Flowback and well testing ​ ​ 112,887 ​ ​ 123,825 ​ ​ 75,610 Water recycling and reuse ​ 110,407 ​ 31,376 ​ ​ 5,298 Disposals ​ ​ 83,788 ​ ​ 66,987 ​ ​ 16,331 Accommodations and rentals ​ 83,326 ​ ​ 75,878 ​ ​ 31,194 Water containment ​ ​ 75,326 ​ ​ 56,591 ​ ​ 35,667 Water sourcing ​ ​ 74,693 ​ ​ 50,695 ​ ​ 38,906 Pipelines and logistics ​ ​ 41,095 ​ ​ 32,000 ​ ​ 24,216 Eliminations and other service lines ​ (11,389) ​ (11,337) ​ ​ (7,731) ​ ​ $ 1,585,353 ​ $ 1,387,420 ​ $ 764,620 ​

SUBSEQUENT EVENT

SUBSEQUENT EVENT	12 Months Ended
	Dec. 31, 2023
SUBSEQUENT EVENT
SUBSEQUENT EVENTS	NOTE 19—SUBSEQUENT EVENT ​ On January 29, 2024, we announced the acquisition of strategic water infrastructure assets in the Haynesville Shale and Rockies regions for approximately significant portfolio of interconnected gathering pipelines, strategic surface acreage and right-of-way, and multiple long-term pipeline gathering and dedication contracts.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
SIGNIFICANT ACCOUNTING POLICIES
Use of estimates	Use of estimates : The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its estimates, including those related to the recoverability of long-lived assets and intangibles, useful lives used in depreciation and amortization, uncollectible accounts receivable, inventory reserve, income taxes, self-insurance liabilities, share-based compensation, contingent liabilities, lease-related reasonably certain option exercise assessments, and the incremental borrowing rate for leases. The Company bases its estimates on historical and other pertinent information that are believed to be reasonable under the circumstances. The accounting estimates used in the preparation of the consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes.
Cash and cash equivalents	Cash and cash equivalents : The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.
Accounts receivable	Accounts receivable : Accounts receivable are stated at the invoiced amount, or the earned but not yet invoiced amount, net of an allowance for credit losses.
Allowance for credit losses	Allowance for credit losses: ​ The change in the allowance for credit losses is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 ​ 2022 2021 ​ ​ (in thousands) Balance at beginning of year ​ $ 4,918 $ 4,401 $ 9,157 Increase to allowance based on a percentage of revenue ​ 3,174 2,750 1,477 Adjustment based on aged receivable analysis ​ ​ 1,515 ​ ​ (801) ​ ​ (1,444) Charge-offs ​ (4,350) (1,562) (4,793) Recoveries ​ ​ 61 130 4 Balance at end of year ​ $ 5,318 $ 4,918 $ 4,401
Concentrations of credit and customer risk	Concentrations of credit and customer risk : Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and trade accounts receivable. The amounts held in financial institutions periodically exceed the federally insured limit. Management believes that the financial institutions are financially sound and the risk of loss is minimal. The Company minimizes its exposure to counterparty credit risk by performing credit evaluations and ongoing monitoring of the financial stability of its customers. There were
Inventories	Inventories : The Company values its inventories at lower of cost or net realizable value. Inventory costs are determined under the weighted-average method. Inventory costs primarily consist of chemicals and materials available for resale and parts and consumables used in operations.
Property and equipment	Property and equipment : Property and equipment are stated at cost less accumulated depreciation. ​ Depreciation (and amortization of finance lease assets) is calculated on a straight-line basis over the estimated useful life of each asset as noted below: ​ ​ ​ ​ Asset Classification Useful Life (years) Land Indefinite Buildings and leasehold improvements 30 or lease term Vehicles and equipment 4 - 7 or lease term Machinery and equipment 2 - 12 Recycling facilities ​ 2 - 15 or contract term Pipelines ​ 15 Computer equipment and software 3 - 4 or lease term Office furniture and equipment 7 Gathering and disposal infrastructure 7 - 15 ​ Depreciation expense related to the Company’s property and equipment, including amortization of property under finance leases, was $122.2 million, $103.3 million and $81.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. Change in depreciable lives of property and equipment:
Business Combinations	Business Combinations:
Other intangible assets	Other intangible assets : Other intangible assets not subject to amortization are tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. Intangible assets with finite useful lives are amortized either on a straight-line basis over the asset’s estimated useful life or on a basis that reflects the pattern in which the economic benefits of the intangible assets are realized.
Impairment of long lived assets and intangible assets	Impairment of long-lived assets and intangible assets : Long-lived assets, such as property and equipment and finite-lived intangible assets, are evaluated for impairment whenever events or changes in circumstances indicate that its carrying value may not be recoverable. Recoverability is measured by a comparison of its carrying amount to the estimated undiscounted cash flows to be generated by those assets. If the undiscounted cash flows are less than the carrying amount, the Company records impairment losses for the excess of its carrying value over the estimated fair value. The development of future cash flows and the estimate of fair value represent its best estimates based on industry trends and reference to market transactions and are subject to variability. The Company considers the factors within the fair value analysis to be Level 3 inputs within the fair value hierarchy. See “Note 4—Abandonments and Other Costs” for further discussion. ​
Asset retirement obligations	Asset retirement obligations : The asset retirement obligation (“ARO”) liability reflects the present value of estimated costs of plugging, site reclamation and similar activities associated with the Company’s saltwater disposal wells. The Company utilizes current retirement costs to estimate the expected cash outflows for retirement obligations. The Company also estimates the productive life of the disposal wells, a credit-adjusted risk-free discount rate and an inflation factor in order to determine the current present value of this obligation. The Company’s ARO liabilities are included in accrued expenses and other current liabilities and other long-term liabilities as of December 31, 2023, and 2022. The change in asset retirement obligations is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 2022 ​ ​ (in thousands) Balance as of December 31, 2022 ​ $ 43,576 $ 29,551 Accretion expense, included in depreciation and amortization expense ​ ​ 1,012 ​ 1,115 Acquired AROs ​ ​ 975 ​ 15,879 Divested ​ ​ (646) ​ ​ (1,490) Payments ​ ​ (7,655) ​ ​ (1,479) Balance as of December 31, 2023 ​ $ 37,262 $ 43,576 ​ ​ ​ ​ ​ ​ ​ Short-term ARO liability ​ ​ 8,832 ​ ​ 4,065 Long-term ARO liability ​ ​ 28,430 ​ ​ 39,511 Balance as of December 31, 2023 ​ $ 37,262 ​ $ 43,576 ​ In addition to the obligations described above, the Company may be obligated to remove facilities or perform other remediation upon retirement of certain other assets. However, the fair value of the asset retirement obligation cannot currently be reasonably estimated because the settlement dates are indeterminable. If applicable, the Company will record an asset retirement obligation for these assets in the periods in which settlement dates are reasonably determinable.
Retentions	Retentions : The Company assumes risk of loss through deductibles and self-insured retentions, up to certain levels for losses related to general liability, workers’ compensation and employer’s liability, vehicle liability and health insurance. The Company’s exposure (i.e., the self-insured retention or deductible) per occurrence is
Defined Contribution Plan	Defined Contribution Plan : The Company sponsors a defined contribution 401(k) Profit Sharing Plan (the “401(k) Plan”) for the benefit of substantially all employees of the Company. The 401(k) Plan allows eligible employees to make tax-deferred contributions, not to exceed annual limits established by the Internal Revenue Service. schedule for new hires is 25% for the first year, 50% for the second year, 75% for the third year and 100% for the fourth year. Effective July 1, 2021, the Company matched contributions of 50% of employee contributions, up to 4% of eligible earnings. Effective October 1, 2022, the Company began matching contributions of 100% of employee contributions, up to 4% of eligible earnings.
Revenue recognition	Revenue recognition : The Company follows ASU 2014-09, Revenue from Contracts with Customers (Topic 606). . Water Services and Water Infrastructure The Company’s agreements with its customers are often referred to as “price sheets” and sometimes provide pricing for multiple services. However, these agreements generally do not authorize the performance of specific services or provide for guaranteed throughput amounts. As customers are free to choose which services, if any, to use based on the Company’s price sheet, the Company prices its separate services on the basis of their standalone selling prices. Customer agreements generally do not provide for performance-, cancellation-, termination-, or refund-type provisions. Services based on price sheets with customers are generally performed under separately-issued “work orders” or “field tickets” as services are requested. Multiple service lines of the Company’s Water Services and Water Infrastructure segments are sometimes part of the same arrangement. In these instances, revenue for the applicable service lines are recognized concurrently when delivered. Additionally, asset rentals are recognized on a straight-line basis. Chemical Technologies Product Sales— Chemical Technologies products are generally sold under sales agreements based upon purchase orders or contracts with customers that do not include right of return provisions or other significant post-delivery obligations. The Company’s products are produced in a standard manufacturing operation, even if produced to the customer’s specifications. The prices of products are fixed and determinable and are established in price lists or customer purchase orders. The Company recognizes revenue from product sales when title passes to the customer, the customer assumes risks and rewards of ownership, collectability is reasonably assured and delivery occurs as directed by the customer.
Equity-based compensation	Equity-based compensation : The Company accounts for equity-based awards for restricted stock awards, restricted stock units, and stock-settled appreciation awards by measuring the awards at the date of grant and recognizing the grant-date fair value as an expense using either straight-line or accelerated attribution, depending on the specific terms of the award agreements over the requisite service period, which is usually equivalent to the vesting period. The Company expenses awards with graded-vesting service conditions on a straight-line basis and accounts for forfeitures as they occur. The Company accounts for performance share units by remeasuring the awards at the end of each reporting period based on the period-end closing share price, factoring in the percentage expected to vest, and the percentage of the service period completed.
Fair value measurements	Fair value measurements : The Company measures certain assets and liabilities pursuant to accounting guidance, which establishes a three-tier fair value hierarchy and prioritizes the inputs used in measuring fair value. Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 inputs are quoted prices or other market data for similar assets and liabilities in active markets, or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the asset or liability. Level 3 inputs are unobservable inputs based upon the Company’s own judgment and assumptions used to measure assets and liabilities at fair value. See “Note 13—Fair Value Measurement” for further discussion.
Income taxes	Income taxes : The Company and its subsidiaries account for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled pursuant to the provisions of Accounting Standards Codification (“ASC”) 740, Income Taxes. The effect on deferred tax assets and liabilities of a change in tax rate is recognized in earnings in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts more likely than not to be realized. The determination of the provision for income taxes requires significant judgment, use of estimates and the interpretation and application of complex tax laws. Significant judgment is required in assessing the timing and amounts of deductible and taxable items and the probability of sustaining uncertain tax positions. The benefits of uncertain tax positions are recorded in the Company’s financial statements only after determining a more likely than not probability that the uncertain tax positions will withstand challenge, if any, from taxing authorities. When facts and circumstances change, the Company reassesses these probabilities and records any changes through the provision for income taxes. The Company recognizes interest and penalties relating to uncertain tax provisions as a component of tax expense. The Company identified no material uncertain tax positions as of December 31, 2023, 2022 and 2021. See “Note 15—Income Taxes” for further discussion.
Tax receivable Agreements	Tax Receivable Agreements : In connection with the Select 144A Offering, the Company entered into two tax receivable agreements (the “Tax Receivable Agreements”) with Legacy Owner Holdco and certain other affiliates of the then holders of SES Holdings LLC Units (each such person and any permitted transferee thereof, a “TRA Holder,” and together, the “TRA Holders”). or deemed acquisition for U.S. federal income tax purposes) of all or a portion of a TRA Holder’s an offset to additional paid-in capital for the amount of expected future payments that are determined to be probable of occurring for amounts that are reasonably estimable. ​ The first of the Tax Receivable Agreements, which the Company entered into with Legacy Owner Holdco and Crestview Partners II GP, L.P. (“Crestview GP”), generally provides for the payment by the Company to such TRA Holders of 85% of the net cash savings, if any, in U.S. federal, state and local income and franchise tax that the Company actually realizes (computed using simplifying assumptions to address the impact of state and local taxes) or is deemed to realize in certain circumstances in periods after the Select 144A Offering as a result of, as applicable to each such TRA Holder, (i) certain increases in tax basis that occur as a result of the Company’s acquisition (or deemed acquisition for U.S. federal income tax purposes) of all or a portion of such TRA Holder’s SES Holdings LLC Units in connection with the Select 144A Offering or pursuant to the exercise of the Exchange Right or the Company’s Call Right and (ii) imputed interest deemed to be paid by the Company as a result of, and additional tax basis arising from, any payments the Company makes under such Tax Receivable Agreement. ​ The second of the Tax Receivable Agreements, which the Company entered into with an affiliate of Legacy Owner Holdco and Crestview GP, generally provides for the payment by the Company to such TRA Holders of 85% of the net cash savings, if any, in U.S. federal, state and local income and franchise tax that the Company actually realizes (computed using simplifying assumptions to address the impact of state and local taxes) or is deemed to realize in certain circumstances in periods after the Select 144A Offering as a result of, as applicable to each such TRA Holder, (i) any net operating losses available to the Company as a result of certain reorganization transactions entered into in connection with the Select 144A Offering and (ii) imputed interest deemed to be paid by the Company as a result of any payments the Company makes under such Tax Receivable Agreement The Company will retain the benefit of the remaining 15% of these cash savings. Based upon the Company’s historical, current and anticipated future earnings trends and other matters described in Note 15 – Income Taxes, as of December 31, 2023, the Company determined that it was in a position to reasonably estimate the amount of the liability associated with the Tax Receivable Agreements and determined that future payments under the terms of the Tax Receivable Agreements were probable, and therefore recorded liabilities of $38.2 million as of December 31, 2023. Prior to this, the Company had determined that it was not in a position to reasonably estimate such amount and that future payments were not probable. See “Note 15 – Income Taxes and Note 14 – Related Party Transactions” for further discussion.
Recent accounting pronouncements	Realizability of Deferred Tax Assets: ​ Recent accounting pronouncements: ​ In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. The amendments in this update also expand the interim segment disclosure requirements. ASU 2023-07 will be effective for our fiscal year ending December 31, 2024, and for interim periods starting in our first quarter of 2025. Early adoption is permitted and the amendments in this update are required to be applied on a retrospective basis. We are currently reviewing the impact that the adoption of ASU 2023-07 may have on our consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. ASU 2023-09 will be effective for our fiscal year ending December 31, 2025 with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company’s disclosures.

BUSINESS AND BASIS OF PRESENT_2

BUSINESS AND BASIS OF PRESENTATION (Tables)	12 Months Ended
	Dec. 31, 2023
BUSINESS AND BASIS OF PRESENTATION
Schedule of investments in unconsolidated entities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ​ ​ ​ As of December 31, Type of Investment attained Accounting method Balance Sheet Location ​ 2023 2022 ​ ​ ​ ​ ​ (in thousands) 20% minority interest (1) 2020 Equity-method Other long-term assets, net ​ $ 4,314 $ 4,686 39% minority interest (1) 2021 Equity-method Other long-term assets, net ​ ​ 4,174 ​ 4,985 47% minority interest (1) 2021 Equity-method Other long-term assets, net ​ ​ 3,305 ​ ​ 3,446 (1) Ownership percentage decreased during the year ended December 31, 2023 due to contributions from other owners. Minority interest was 21% , 40% and 48% , respectively, as of December 31, 2022.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
SIGNIFICANT ACCOUNTING POLICIES
Schedule of change in allowance for doubtful accounts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 ​ 2022 2021 ​ ​ (in thousands) Balance at beginning of year ​ $ 4,918 $ 4,401 $ 9,157 Increase to allowance based on a percentage of revenue ​ 3,174 2,750 1,477 Adjustment based on aged receivable analysis ​ ​ 1,515 ​ ​ (801) ​ ​ (1,444) Charge-offs ​ (4,350) (1,562) (4,793) Recoveries ​ ​ 61 130 4 Balance at end of year ​ $ 5,318 $ 4,918 $ 4,401
Schedule of estimated useful life of property and equipment	​ ​ ​ ​ Asset Classification Useful Life (years) Land Indefinite Buildings and leasehold improvements 30 or lease term Vehicles and equipment 4 - 7 or lease term Machinery and equipment 2 - 12 Recycling facilities ​ 2 - 15 or contract term Pipelines ​ 15 Computer equipment and software 3 - 4 or lease term Office furniture and equipment 7 Gathering and disposal infrastructure 7 - 15
Summary of change in asset retirement obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 2022 ​ ​ (in thousands) Balance as of December 31, 2022 ​ $ 43,576 $ 29,551 Accretion expense, included in depreciation and amortization expense ​ ​ 1,012 ​ 1,115 Acquired AROs ​ ​ 975 ​ 15,879 Divested ​ ​ (646) ​ ​ (1,490) Payments ​ ​ (7,655) ​ ​ (1,479) Balance as of December 31, 2023 ​ $ 37,262 $ 43,576 ​ ​ ​ ​ ​ ​ ​ Short-term ARO liability ​ ​ 8,832 ​ ​ 4,065 Long-term ARO liability ​ ​ 28,430 ​ ​ 39,511 Balance as of December 31, 2023 ​ $ 37,262 ​ $ 43,576

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2023
Schedule of consideration transferred and the estimated fair value of identified assets acquired and liabilities	The following table presents key information connected with our 2023, 2022 and 2021 acquisitions (dollars in thousands, except share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets and Operations Acquired ​ Acquisition Date ​ Shares Issued ​ Cash Consideration ​ Acquisition related costs for Asset Acquisition ​ Contingent Consideration ​ Value of Shares Issued ​ Total Consideration ​ Segments Four Smaller Asset Acquisitions ​ Multiple 2023 Dates ​ — ​ 7,293 ​ - ​ — ​ — ​ 7,293 ​ Water Infrastructure Asset Acquisition ​ April 3, 2023 ​ — ​ 4,000 ​ - ​ — ​ — ​ 4,000 ​ Water Services Asset Acquisition ​ January 31, 2023 ​ — ​ 6,250 ​ 150 ​ — ​ — ​ 6,400 ​ Water Infrastructure Asset Acquisition ​ December 2, 2022 ​ — ​ 6,000 ​ 100 ​ — ​ — ​ 6,100 ​ Water Infrastructure Noncontrolling Interests in Big Spring Recycling System ​ December 2, 2022 ​ 910,612 ​ 22,000 ​ — ​ — ​ 7,313 ​ 29,313 ​ Water Infrastructure Breakwater ​ November 1, 2022 ​ 9,181,144 ​ 16,701 ​ — ​ — ​ 88,188 ​ 104,889 ​ Water Services & Water Infrastructure Cypress ​ November 1, 2022 ​ 952,753 ​ — ​ — ​ — ​ 9,194 ​ 9,194 ​ Water Infrastructure Nuverra ​ February 23, 2022 ​ 4,203,323 ​ — ​ — ​ — ​ 35,854 ​ 35,854 ​ Water Services & Water Infrastructure HB Rentals ​ December 3, 2021 ​ 1,211,375 ​ 2,610 ​ — ​ — ​ 7,135 ​ 9,745 ​ Water Services Agua Libre and Basic ​ October 1, 2021 ​ 902,593 ​ 16,394 ​ — ​ — ​ 4,684 ​ 21,078 ​ Water Services & Water Infrastructure UltRecovery ​ August 2, 2021 ​ — ​ 2,500 ​ — ​ 1,058 ​ — ​ 3,558 ​ Chemical Technologies Complete ​ July 9, 2021 ​ 3,600,000 ​ 14,356 ​ — ​ — ​ 20,304 ​ 34,660 ​ Water Services & Water Infrastructure Total ​ ​ ​ 20,961,800 $ 98,104 $ 250 $ 1,058 $ 172,672 $ 272,084 ​ ​
Cypress Environmental Solutions LLC
Schedule of consideration transferred and the estimated fair value of identified assets acquired and liabilities	​ ​ ​ ​ ​ Purchase price allocation ​ Amount Consideration transferred ​ (in thousands) Class A common stock (952,753 shares) ​ $ 9,194 Total consideration transferred ​ 9,194 Less: identifiable assets acquired and liabilities assumed ​ ​ Working capital ​ (42) Property and equipment ​ 8,192 Customer relationships ​ ​ 3,894 Long-term ARO ​ ​ (2,850) Total identifiable net assets acquired ​ ​ 9,194 Fair value allocated to net assets acquired $ 9,194
Nuverra
Schedule of consideration transferred and the estimated fair value of identified assets acquired and liabilities	​ ​ ​ ​ ​ Purchase price allocation ​ Amount Consideration transferred ​ (in thousands) Class A common stock (4,203,323 shares) ​ $ 35,854 Total consideration transferred ​ 35,854 Less: identifiable assets acquired and liabilities assumed ​ ​ Working capital ​ 6,893 Property and equipment ​ 65,780 Right-of-use assets ​ 2,931 Other long-term assets ​ ​ 100 Long-term debt ​ ​ (18,780) Long-term ARO ​ ​ (12,980) Other long-term liabilities ​ ​ (1,439) Total identifiable net assets acquired ​ ​ 42,505 Bargain Purchase Gain ​ (6,651) Fair value allocated to net assets acquired, net of bargain purchase gain $ 35,854
HB Rentals
Schedule of consideration transferred and the estimated fair value of identified assets acquired and liabilities	​ ​ ​ ​ ​ Purchase price allocation ​ Amount Consideration transferred ​ (in thousands) Class A common stock (1,211,375 shares) ​ $ 7,135 Cash paid ​ ​ 1,526 Final working capital settlement ​ ​ 1,084 Total consideration transferred ​ ​ 9,745 Less: identifiable assets acquired and liabilities assumed ​ ​ Working capital ​ ​ 909 Property and equipment ​ ​ 15,020 Right-of-use assets ​ ​ 1,316 Long-term lease liabilities ​ ​ (835) Total identifiable net assets acquired ​ ​ 16,410 Bargain Purchase Gain ​ ​ (6,665) Fair value allocated to net assets acquired, net of bargain purchase gain ​ $ 9,745
Aqua Libre and Basic
Schedule of consideration transferred and the estimated fair value of identified assets acquired and liabilities	​ ​ ​ ​ ​ Purchase price allocation ​ Amount Consideration transferred ​ (in thousands) Class A common stock (902,593 shares) ​ $ 4,684 Cash paid ​ ​ 16,394 Total consideration transferred ​ ​ 21,078 Less: identifiable assets acquired and liabilities assumed ​ ​ ​ Working capital ​ ​ (469) Property and equipment ​ ​ 47,330 Right-of-use assets ​ ​ 309 Long-term ARO ​ ​ (15,810) Long-term lease liabilities ​ ​ (271) Total identifiable net assets acquired ​ ​ 31,089 Bargain Purchase Gain ​ ​ (10,011) Fair value allocated to net assets acquired, net of bargain purchase gain ​ $ 21,078
UltRecovery
Schedule of consideration transferred and the estimated fair value of identified assets acquired and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ Purchase price allocation Amount Consideration transferred and estimated earn-out liability (in thousands) Cash paid ​ $ 2,500 Estimated earn-out liability assumed ​ ​ 1,058 Total purchase price ​ 3,558 Less: identifiable assets acquired ​ Inventory ​ 13 Property and equipment ​ 514 Patents and other intellectual property ​ 3,031 Total identifiable net assets acquired ​ 3,558 Fair value allocated to net assets acquired ​ $ 3,558
Complete Energy Services, Inc.
Schedule of consideration transferred and the estimated fair value of identified assets acquired and liabilities	​ ​ ​ ​ ​ ​ ​ ​ Purchase price allocation ​ Amount Consideration transferred ​ (in thousands) Class A common stock (3,600,000 shares) ​ $ 20,304 Cash paid ​ ​ 14,356 Total consideration transferred ​ 34,660 Less: identifiable assets acquired and liabilities assumed ​ ​ Working capital ​ 15,583 Property and equipment ​ 36,560 Right-of-use assets ​ 3,331 Other long-term assets ​ ​ 24 Long-term ARO ​ ​ (9,800) Long-term lease liabilities ​ ​ (2,028) Total identifiable net assets acquired ​ ​ 43,670 Bargain Purchase Gain ​ (9,010) Fair value allocated to net assets acquired, net of bargain purchase gain $ 34,660 ​

ABANDONMENTS AND OTHER COSTS (T

ABANDONMENTS AND OTHER COSTS (Tables)	12 Months Ended
	Dec. 31, 2023
ABANDONMENTS AND OTHER COSTS
Schedule of impairments and severance costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 ​ 2022 2021 ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Abandonment of property and equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ Water Services ​ $ 1,070 ​ $ — ​ $ — Water Infrastructure ​ ​ 432 ​ ​ — ​ ​ — Total abandonment of property and equipment ​ $ 1,502 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 ​ 2022 2021 ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Severance ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling, general and administrative ​ ​ — ​ ​ — ​ ​ 3,225 Total severance expense ​ $ — ​ $ — ​ $ 3,225 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease abandonment costs ​ ​ ​ ​ ​ ​ ​ ​ ​ Water Services ​ $ 34 ​ $ 414 ​ $ 888 Water Infrastructure ​ ​ 7 ​ ​ (42) ​ ​ 1 Chemical Technologies ​ ​ 1 ​ ​ 60 ​ ​ — Other ​ ​ — ​ ​ 17 ​ ​ 5 Total lease abandonment costs ​ $ 42 ​ $ 449 ​ $ 894

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Dec. 31, 2023
REVENUE
Schedule of disaggregation of revenue by geographic location	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 ​ 2022 2021 ​ ​ (in thousands) Geographic Region ​ ​ ​ ​ ​ ​ ​ ​ ​ Permian Basin ​ $ 759,303 ​ $ 646,225 ​ $ 371,067 Rockies ​ ​ 231,306 ​ ​ 155,854 ​ ​ 78,189 Eagle Ford ​ ​ 163,366 ​ ​ 152,467 ​ ​ 99,656 Marcellus/Utica ​ ​ 160,839 ​ ​ 140,859 ​ ​ 62,508 Mid-Continent ​ ​ 100,510 ​ ​ 119,753 ​ ​ 64,912 Bakken ​ ​ 96,338 ​ ​ 78,794 ​ ​ 19,077 Haynesville/E. Texas ​ ​ 84,028 ​ ​ 103,056 ​ ​ 74,797 Eliminations and other regions ​ ​ (10,337) ​ ​ (9,588) ​ ​ (5,586) Total ​ $ 1,585,353 ​ $ 1,387,420 ​ $ 764,620

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2023
LEASES
Schedule of financial impact of leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Balance Sheet Classification 2023 2022 ​ ​ ​ ​ (in thousands) Assets ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets (1) ​ Long-term right-of-use assets ​ $ 39,504 ​ $ 47,662 Finance lease assets ​ Property and equipment, net ​ ​ 724 ​ ​ 23 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities ― ST ​ Current operating lease liabilities ​ $ 15,005 ​ $ 17,751 Operating lease liabilities ― LT ​ Long-term operating lease liabilities ​ ​ 37,799 ​ ​ 46,388 Finance lease liabilities ― ST ​ Current portion of finance lease obligations ​ ​ 194 ​ ​ 19 Finance lease liabilities ― LT ​ Other long-term liabilities ​ ​ 547 ​ ​ 5 ​ (1) Right-of-use asset impairment of zero , $0.1 million and zero for the years ended December 31, 2023, 2022 and 2021, respectively, is recorded within lease abandonment costs in the accompanying consolidated statements of operations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, Statements of Operations and Cash Flows Classification 2023 ​ 2022 ​ 2021 ​ ​ ​ ​ (in thousands) Operating lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease cost ― fixed ​ Cost of revenue and selling, general and administrative ​ $ 14,271 ​ $ 13,975 ​ $ 13,762 Lease abandonment costs ​ Lease abandonment costs ​ ​ 42 ​ ​ 449 ​ ​ 894 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term agreements: ​ Cost of revenue ​ $ 114,143 ​ $ 96,182 ​ $ 54,301 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of leased assets ​ Depreciation and amortization ​ $ 126 ​ $ 110 ​ $ 230 Interest on lease liabilities ​ Interest expense, net ​ ​ 27 ​ ​ 2 ​ ​ 10 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lessor income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sublease income ​ Cost of revenue, selling, general and administrative and lease abandonment costs ​ $ 1,648 ​ $ 1,514 ​ $ 1,080 Lessor income ​ Cost of revenue ​ ​ 251 ​ ​ 317 ​ ​ 335 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statement of cash flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for operating leases ​ Operating cash flows ​ $ 19,904 ​ $ 21,437 ​ $ 19,004 Cash paid for finance leases lease interest ​ Operating cash flows ​ ​ 27 ​ ​ 2 ​ ​ 10 Cash paid for finance leases ​ Financing cash flows ​ ​ 98 ​ ​ 112 ​ ​ 320 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ Lease Term and Discount Rate 2023 2022 Weighted-average remaining lease term (years) ​ ​ ​ ​ ​ ​ Operating leases ​ 4.4 ​ ​ 4.9 ​ Finance leases ​ 3.5 ​ ​ 1.2 ​ Weighted-average discount rate ​ ​ ​ ​ ​ ​ Operating leases ​ 4.9 % ​ 4.3 % Finance leases ​ 7.0 % ​ 4.0 %
Schedule of operating and finance lease commitments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Period Operating Leases (1) Finance Leases Total ​ ​ (in thousands) 2024 ​ $ 19,388 ​ $ 240 ​ $ 19,628 2025 ​ 14,071 ​ 235 ​ 14,306 2026 ​ 11,539 ​ 235 ​ 11,774 2027 ​ 6,889 ​ 118 ​ 7,007 2028 ​ 4,082 ​ — ​ 4,082 Thereafter ​ 5,476 ​ — ​ 5,476 Total minimum lease payments ​ $ 61,445 ​ $ 828 ​ $ 62,273 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less reconciling items to reconcile undiscounted cash flows to lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease-extension commencing in the future ​ ​ 137 ​ ​ — ​ ​ 137 Short-term leases excluded from balance sheet ​ ​ 2,312 ​ ​ — ​ ​ 2,312 Imputed interest ​ ​ 6,192 ​ ​ 87 ​ ​ 6,279 Total reconciling items ​ ​ 8,641 ​ ​ 87 ​ ​ 8,728 Total liabilities per balance sheet ​ $ 52,804 ​ $ 741 ​ $ 53,545 ​ (1) The table above excludes sublease and lessor income of $1.6 million during 2024, $1.4 million during 2025, $0.9 million during 2026 and $0.1 million during 2027.

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2023
INVENTORIES
Schedule of inventory	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ (in thousands) Raw materials ​ $ 25,183 ​ $ 20,518 Finished goods ​ 13,470 ​ 20,646 Total ​ $ 38,653 ​ $ 41,164

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2023
PROPERTY AND EQUIPMENT.
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ (in thousands) Machinery and equipment ​ $ 608,780 ​ $ 649,152 Buildings and leasehold improvements ​ 111,650 ​ 116,754 Gathering and disposal infrastructure ​ 87,354 ​ 83,556 Recycling facilities ​ ​ 68,875 ​ ​ 59,217 Pipelines ​ ​ 103,171 ​ ​ 72,829 Vehicles and equipment ​ 19,007 ​ 27,492 Land ​ ​ 23,745 ​ ​ 24,159 Computer equipment and software ​ ​ 3,038 ​ ​ 6,740 Office furniture and equipment ​ 772 ​ 1,183 Machinery and equipment - finance lease ​ 519 ​ 519 Vehicles and equipment - finance lease ​ 27 ​ 58 Computer equipment and software - finance lease ​ 883 ​ 56 Construction in progress ​ 117,168 ​ 42,290 ​ ​ 1,144,989 ​ 1,084,005 Less accumulated depreciation (1) ​ (627,408) ​ (584,451) Total property and equipment, net ​ $ 517,581 ​ $ 499,554 ​ (1) Includes $0.7 million and $0.6 million of accumulated depreciation related to finance leases as of December 31, 2023 and December 31, 2022, respectively.
Schedule of amortization of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 ​ 2022 2021 ​ ​ (in thousands) Category ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation expense from property and equipment ​ $ 122,078 ​ $ 103,141 ​ $ 81,381 Amortization expense from finance leases ​ ​ 126 ​ ​ 110 ​ ​ 230 Amortization expense from intangible assets ​ ​ 17,873 ​ ​ 11,350 ​ ​ 10,639 Accretion expense from asset retirement obligations ​ ​ 1,012 ​ ​ 1,115 ​ ​ 208 Total depreciation and amortization ​ $ 141,089 ​ $ 115,716 ​ $ 92,458

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS
Schedule of changes in the carrying amounts of goodwill by reportable segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Water ​ Water ​ ​ ​ ​ Services Infrastructure Total ​ ​ (in thousands) Balance as of December 31, 2022 ​ $ — ​ $ — ​ $ — Additions ​ ​ 1,438 ​ ​ 3,245 ​ ​ 4,683 Balance as of December 31, 2023 ​ $ 1,438 ​ $ 3,245 ​ $ 4,683
Summary of components of other intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ As of December 31, 2022 ​ Gross ​ Accumulated Net Gross Accumulated Net ​ ​ Value ​ Abandonment ​ Amortization ​ Value ​ Value ​ Amortization ​ Value ​ ​ (in thousands) ​ (in thousands) Definite-lived ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ $ 164,600 ​ $ — ​ $ (61,216) ​ $ 103,384 ​ $ 158,232 ​ $ (48,123) ​ $ 110,109 Patents and other intellectual property ​ ​ 12,772 ​ ​ — ​ ​ (7,090) ​ ​ 5,682 ​ ​ 12,772 ​ ​ (5,701) ​ ​ 7,071 Trademarks ​ ​ 14,360 ​ ​ (11,106) ​ ​ (3,254) ​ ​ — ​ ​ — ​ ​ — ​ ​ — Other ​ ​ 2,803 ​ ​ — ​ ​ (2,711) ​ ​ 92 ​ 2,803 ​ (2,574) ​ 229 Total definite-lived ​ ​ 194,535 ​ ​ (11,106) ​ ​ (74,271) ​ ​ 109,158 ​ ​ 173,807 ​ ​ (56,398) ​ ​ 117,409 Indefinite-lived ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Water rights ​ ​ 7,031 ​ ​ — ​ ​ — ​ ​ 7,031 ​ ​ 7,031 ​ ​ — ​ ​ 7,031 Trademarks ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 14,360 ​ ​ — ​ ​ 14,360 Total indefinite-lived ​ ​ 7,031 ​ ​ — ​ ​ — ​ ​ 7,031 ​ ​ 21,391 ​ ​ — ​ ​ 21,391 Total other intangible assets, net ​ $ 201,566 ​ $ (11,106) ​ $ (74,271) ​ $ 116,189 ​ $ 195,198 ​ $ (56,398) ​ $ 138,800
Summary of future estimated amortization expense for other intangible assets	​ ​ ​ ​ ​ Year Ending December 31, Amount ​ ​ (in thousands) 2024 ​ $ 14,676 2025 ​ 14,513 2026 ​ 14,425 2027 ​ 13,923 2028 ​ 12,194 Thereafter ​ ​ 39,427 Total ​ $ 109,158 ​

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2023
DEBT
Summary of Company's leverage ratio	​ ​ ​ ​ ​ ​ ​ ​ Level ​ Average Excess Availability ​ Base Rate Margin ​ SOFR Margin ​ ​ ​ ​ ​ ​ ​ I ​ < 33.33% of the commitments ​ 1.25% ​ 2.25% II ​ < 66.67% of the commitments and ≥ 33.33% of the commitments ​ 1.00% ​ 2.00% III ​ ≥ 66.67% of the commitments ​ 0.75% ​ 1.75%
Schedule of fee Percentage on unused credit facility	​ ​ ​ ​ ​ ​ Level ​ Average Revolver Usage ​ Unused Line Fee Percentage ​ ​ ​ ​ ​ I ​ ≥ 50% of the commitments ​ 0.250% II ​ < 50% of the commitments ​ 0.375% ​

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2023
Schedule of equity option activity and related information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average ​ ​ ​ ​ ​ ​ ​ Weighted-average ​ Weighted-average ​ Grant Date Value ​ Aggregate Intrinsic ​ Stock Options Grant Date Value ​ Exercise Price Term (Years) Value (in thousands) (a) Beginning balance, outstanding 1,666,872 ​ $ 10.10 ​ $ 17.10 ​ 4.2 ​ $ 353 Expired ​ (11,920) ​ ​ 4.49 ​ ​ 29.34 ​ ​ ​ ​ ​ Ending balance, outstanding 1,654,952 ​ $ 10.14 ​ $ 17.01 ​ 3.2 ​ $ — Ending balance, exercisable ​ 1,654,952 ​ $ — ​ $ 17.01 ​ 3.2 ​ $ — Nonvested as of December 31, 2023 ​ — ​ ​ N/A ​ $ — ​ ​ ​ ​ ​ (a) Aggregate intrinsic value for stock options is based on the difference between the exercise price of the stock options and the quoted closing Class A common stock price of $7.59 and $9.24 as of December 31, 2023 and 2022, respectively.
Summary of activity related to the units outstanding	​ ​ ​ ​ ​ PSUs Nonvested as of December 31, 2022 ​ 1,860,734 Target shares granted ​ 828,514 Target shares forfeited ​ (742,522) Target shares outstanding as of December 31, 2023 ​ 1,946,726
Restricted Stock
Schedule of restricted stock activity	​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ ​ ​ Weighted-average ​ Restricted Stock Awards Grant Date Fair Value Nonvested as of December 31, 2022 ​ 4,237,715 ​ $ 7.36 Granted ​ 1,689,004 ​ ​ 7.46 Vested ​ (1,929,032) ​ ​ 7.53 Forfeited ​ (238,995) ​ ​ 7.37 Nonvested as of December 31, 2023 ​ 3,758,692 ​ $ 7.32
Performance share units
Schedule of percentage of target PSUs earned	​ ​ ​ ​ Ranking Among Peer Group ​ Percentage of Target Amount Earned Outside of Top 10 ​ 0% Top 10 ​ 50% Top 7 ​ 100% Top 3 ​ 175% ​ ​ ​ ​ Adjusted FCF Performance Percentage ​ Percentage of Target Amount Earned Less than 70% ​ 0% 70% ​ 50% 100% ​ 100% 130% ​ 175%

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	12 Months Ended
	Dec. 31, 2023
FAIR VALUE MEASUREMENT
Summary of assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Measurements Using ​ Carrying ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Value (1) ​ Abandonment (2) ​ ​ ​ ​ ​ ​ (in thousands) Year Ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trademark ​ Non-recurring ​ March 31 ​ $ — ​ $ — ​ $ 2,929 ​ $ 14,360 ​ $ 11,106 Year Ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments ​ Recurring ​ March 31 ​ $ 35 ​ $ — ​ $ — ​ $ 35 ​ $ — Investments ​ Recurring ​ June 30 ​ ​ 35 ​ ​ — ​ ​ — ​ ​ 35 ​ ​ — Year Ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments ​ Recurring ​ March 31 ​ $ 1,546 ​ $ — ​ $ — ​ $ 1,546 ​ $ — Investments ​ Recurring ​ June 30 ​ ​ 2,208 ​ ​ — ​ ​ — ​ ​ 2,208 ​ ​ — Investments ​ Recurring ​ September 30 ​ ​ 1,717 ​ ​ — ​ ​ — ​ ​ 1,717 ​ ​ — Investments ​ Recurring ​ December 31 ​ ​ 75 ​ ​ — ​ ​ — ​ ​ 75 ​ ​ — ​ (1) Amount represents carrying value at the date of assessment. (2) See “Note 4—Abandonments and Other Costs for more information on the abandonments reflected above and incurred during the year ended December 31, 2023.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
INCOME TAXES
Summary of components of the federal and state income tax (benefit) expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ ​ December 31, ​ 2023 2022 2021 ​ ​ (in thousands) Current tax expense (benefit) ​ ​ ​ Federal income tax expense ​ $ 200 ​ $ 163 ​ $ 126 State and local income tax expense (benefit) ​ 1,563 ​ 982 ​ (262) Total current expense (benefit) ​ 1,763 ​ 1,145 ​ (136) Deferred tax (benefit) expense ​ ​ ​ Federal income tax (benefit) expense ​ (57,807) ​ — ​ 56 State and local income tax (benefit) expense ​ (4,152) ​ (188) ​ 227 Total deferred (benefit) expense ​ (61,959) ​ (188) ​ 283 Total income tax (benefit) expense ​ $ (60,196) ​ $ 957 ​ $ 147 Tax (benefit) expense attributable to controlling interests ​ $ (60,443) ​ $ 838 ​ $ 124 Tax expense attributable to noncontrolling interests ​ 247 ​ 119 ​ 23 Total income tax (benefit) expense ​ $ (60,196) ​ $ 957 ​ $ 147
Summary of reconciliation of the provision for income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ ​ (in thousands) ​ Provision calculated at federal statutory income tax rate: ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before equity in losses of unconsolidated entities and taxes ​ $ 20,823 ​ ​ $ 56,724 ​ ​ $ (49,659) ​ Equity in losses of unconsolidated entities ​ ​ (1,800) ​ ​ ​ (913) ​ ​ ​ (279) ​ Income (loss) before taxes ​ ​ 19,023 ​ ​ ​ 55,811 ​ ​ ​ (49,938) ​ Statutory rate ​ 21 % ​ 21 % ​ 21 % Income tax expense (benefit) computed at statutory rate ​ 3,995 ​ ​ 11,720 ​ ​ (10,487) ​ Less: noncontrolling interests ​ (1,011) ​ ​ (1,688) ​ ​ 1,651 ​ Income tax expense (benefit) attributable to controlling interests ​ 2,984 ​ ​ 10,032 ​ ​ (8,836) ​ State and local income taxes, net of federal benefit ​ 1,302 ​ ​ 699 ​ ​ (30) ​ State rate change ​ 644 ​ ​ 488 ​ ​ (2,787) ​ Change in subsidiary tax status ​ ​ — ​ ​ ​ — ​ ​ ​ 679 ​ Deferred tax adjustments ​ ​ 1,665 ​ ​ ​ 122 ​ ​ ​ 4,804 ​ Change in valuation allowance ​ (71,164) ​ ​ (11,042) ​ ​ 6,119 ​ Nondeductible items ​ ​ 4,126 ​ ​ ​ 539 ​ ​ ​ 175 ​ Income tax (benefit) expense attributable to controlling interests ​ (60,443) ​ ​ 838 ​ ​ 124 ​ Income tax expense attributable to noncontrolling interests ​ 247 ​ ​ 119 ​ ​ 23 ​ Total income tax (benefit) expense ​ $ (60,196) ​ ​ $ 957 ​ ​ $ 147 ​
Summary of principal components of the deferred tax assets (liabilities)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ ​ December 31, ​ 2023 2022 ​ ​ (in thousands) Deferred tax assets ​ ​ Outside basis difference in SES Holdings ​ $ 69,407 ​ $ 62,111 Net operating losses ​ 95,912 ​ 117,493 Credits and other carryforwards ​ 5,363 ​ 4,240 Other ​ ​ 3,526 ​ ​ 91 Total deferred tax assets before valuation allowance ​ 174,208 ​ 183,935 Valuation allowance ​ ​ (112,282) ​ ​ (183,915) Total deferred tax assets ​ ​ 61,926 ​ ​ 20 Deferred tax liabilities ​ ​ Property and equipment ​ 300 ​ 342 Other ​ 9 ​ 20 Total deferred tax liabilities ​ 309 ​ 362 Net deferred tax assets ​ $ 61,617 ​ $ (342)

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2023
NONCONTROLLING INTERESTS
Schedule of non controlling interests categories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2023 2022 ​ ​ (in thousands) Noncontrolling interests attributable to joint ventures formed for water-related services ​ $ 614 $ 4,167 Noncontrolling interests attributable to holders of Class B common stock ​ ​ 119,070 113,584 Total noncontrolling interests ​ $ 119,684 $ 117,751
Summary of the effects of changes in noncontrolling interests	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 2022 2021 ​ ​ ​ (in thousands) Net income (loss) attributable to Select Water Solutions, Inc. ​ ​ $ 74,403 $ 48,278 $ (42,225) Transfers from (to) noncontrolling interests: ​ ​ ​ ​ ​ ​ Increase in additional paid-in capital due to purchase of noncontrolling interest ​ ​ ​ — ​ ​ 1,077 ​ ​ — Increase (decrease) in additional paid-in capital as a result of issuing shares for business combinations ​ ​ ​ 9 ​ ​ (5,269) ​ ​ 532 Decrease in additional paid-in capital as a result of stock option exercises ​ ​ — (24) — Increase in additional paid-in capital as a result of restricted stock issuance, net of forfeitures ​ ​ 1,306 2,406 1,847 Increase (decrease) in additional paid-in capital as a result of the repurchase of SES Holdings LLC Units ​ ​ 63 445 (19) (Decrease) increase in additional paid-in capital as a result of the Employee Stock Purchase Plan shares issued ​ ​ ​ — ​ ​ (1) ​ ​ 1 Change to equity from net income (loss) attributable to Select Water Solutions, Inc. and transfers from noncontrolling interests ​ ​ $ 75,781 $ 46,912 $ (39,864) ​

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2023
INCOME PER SHARE
Summary of calculation of basic and diluted earnings per share	The following tables present the Company’s calculation of basic and diluted earnings per share for the years ended December 31, 2023, 2022 and 2021 (dollars in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Select Water Solutions, Inc. Class A Class B Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 79,219 ​ ​ ​ ​ ​ ​ Net income attributable to noncontrolling interests ​ ​ (4,816) ​ ​ ​ ​ ​ ​ Net income attributable to Select Water Solutions, Inc. — basic ​ $ 74,403 ​ $ 74,403 ​ $ — Add: Reallocation of net income attributable to noncontrolling interests for the dilutive effect of restricted stock ​ ​ 94 ​ ​ 94 ​ ​ — Add: Reallocation of net income attributable to noncontrolling interests for the dilutive effect of performance units ​ ​ 43 ​ ​ 43 ​ ​ — Net income attributable to Select Water Solutions, Inc. — diluted ​ $ 74,540 ​ $ 74,540 ​ $ — Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares of common stock outstanding — basic ​ ​ ​ ​ ​ 101,393,822 ​ ​ 16,221,101 Dilutive effect of restricted stock ​ ​ ​ ​ ​ 1,355,499 ​ ​ — Dilutive effect of performance share units ​ ​ ​ ​ ​ 615,865 ​ ​ — Weighted-average shares of common stock outstanding — diluted ​ ​ ​ ​ ​ 103,365,186 ​ ​ 16,221,101 Income per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ ​ ​ $ 0.73 ​ $ — Diluted ​ ​ ​ ​ $ 0.72 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 ​ ​ Select Water Solutions, Inc. ​ Class A ​ Class B Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 54,854 ​ ​ ​ ​ ​ ​ Net income attributable to noncontrolling interests ​ ​ (6,576) ​ ​ ​ ​ ​ ​ Net income attributable to Select Water Solutions, Inc. — basic ​ $ 48,278 ​ $ 48,278 ​ $ — Add: Reallocation of net income attributable to noncontrolling interests for the dilutive effect of restricted stock ​ ​ 31 ​ ​ 31 ​ ​ — Add: Reallocation of net income attributable to noncontrolling interests for the dilutive effect of performance units ​ ​ 26 ​ ​ 26 ​ ​ — Net income attributable to Select Water Solutions, Inc. — diluted ​ $ 48,335 ​ $ 48,335 ​ $ — Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares of common stock outstanding — basic ​ ​ ​ ​ ​ 95,214,033 ​ ​ 16,221,101 Dilutive effect of restricted stock ​ ​ ​ ​ ​ 416,671 ​ ​ — Dilutive effect of performance share units ​ ​ ​ ​ ​ 357,626 ​ ​ — Dilutive effect of ESPP ​ ​ ​ ​ ​ 349 ​ ​ — Weighted-average shares of common stock outstanding — diluted ​ ​ ​ ​ ​ 95,988,679 ​ ​ 16,221,101 Income per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ ​ ​ $ 0.51 ​ $ — Diluted ​ ​ ​ ​ $ 0.50 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2021 ​ ​ Select Water Solutions, Inc. ​ Class A ​ Class B Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (50,085) ​ ​ ​ ​ ​ ​ Net loss attributable to noncontrolling interests ​ ​ 7,860 ​ ​ ​ ​ ​ ​ Net loss attributable to Select Water Solutions, Inc. — basic ​ $ (42,225) ​ $ (42,225) ​ $ — Net loss attributable to Select Water Solutions, Inc. — diluted ​ $ (42,225) ​ $ (42,225) ​ $ — Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares of common stock outstanding — basic ​ ​ ​ ​ ​ 87,275,467 ​ ​ 16,221,101 Weighted-average shares of common stock outstanding — diluted ​ ​ ​ ​ ​ 87,275,467 ​ ​ 16,221,101 Loss per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ ​ ​ $ (0.48) ​ $ — Diluted ​ ​ ​ ​ $ (0.48) ​ $ — ​

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2023
SEGMENT INFORMATION
Summary of financial information by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ ​ ​ Impairments and Income Depreciation and Capital ​ ​ Revenue ​ abandonments ​ before taxes ​ Amortization ​ Expenditures ​ ​ (in thousands) Water Services ​ $ 1,036,393 ​ $ 1,070 ​ $ 84,258 ​ $ 91,347 ​ $ 52,258 Water Infrastructure ​ ​ 235,290 ​ ​ 432 ​ ​ 41,066 ​ ​ 37,295 ​ ​ 87,583 Chemical Technologies ​ ​ 323,541 ​ ​ 11,105 ​ ​ 21,748 ​ ​ 10,171 ​ ​ 11,048 Other ​ ​ — ​ ​ — ​ ​ (193) ​ ​ — ​ ​ — Eliminations ​ (9,871) ​ — ​ — ​ — ​ — Income from operations ​ ​ ​ ​ ​ 146,879 ​ ​ ​ ​ Corporate ​ — ​ — ​ (85,690) ​ 2,276 ​ 2,495 Interest expense, net ​ — ​ — ​ (4,393) ​ — ​ — Tax receivable agreements expense ​ ​ — ​ ​ — ​ ​ (38,187) ​ ​ — ​ ​ — Other income, net ​ — ​ — ​ 2,214 ​ — ​ — ​ ​ $ 1,585,353 ​ $ 12,607 ​ $ 20,823 ​ $ 141,089 ​ $ 153,384 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ ​ ​ Income Depreciation and Capital ​ ​ Revenue ​ before taxes ​ Amortization ​ Expenditures ​ ​ (in thousands) Water Services ​ $ 947,599 ​ $ 57,239 ​ $ 82,919 ​ $ 40,315 Water Infrastructure ​ ​ 130,422 ​ ​ 13,209 ​ ​ 21,564 ​ ​ 29,860 Chemical Technologies ​ ​ 318,280 ​ ​ 27,504 ​ ​ 9,024 ​ ​ 4,178 Other ​ ​ — ​ ​ (315) ​ ​ — ​ ​ — Eliminations ​ (8,881) ​ — ​ — ​ — Income from operations ​ ​ ​ 97,637 ​ ​ ​ ​ Corporate ​ — ​ (58,475) ​ 2,209 ​ 3,200 Interest expense, net ​ — ​ (2,700) ​ — ​ — Bargain purchase gain ​ ​ — ​ ​ 13,352 ​ ​ — ​ ​ — Other income, net ​ — ​ 6,910 ​ — ​ — ​ ​ $ 1,387,420 ​ $ 56,724 ​ $ 115,716 ​ $ 77,553 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2021 ​ ​ ​ ​ Loss Depreciation and Capital ​ ​ Revenue ​ before taxes ​ Amortization ​ Expenditures ​ ​ (in thousands) Water Services ​ $ 507,681 ​ $ (23,380) ​ $ 69,009 ​ $ 24,192 Water Infrastructure ​ ​ 45,827 ​ ​ (150) ​ ​ 11,725 ​ ​ 16,147 Chemical Technologies ​ ​ 216,410 ​ ​ 1,984 ​ ​ 9,294 ​ ​ 5,010 Other ​ ​ — ​ ​ (19) ​ ​ — ​ ​ — Eliminations ​ (5,298) ​ — ​ — ​ — Loss from operations ​ ​ ​ (21,565) ​ ​ ​ ​ Corporate ​ — ​ (43,975) ​ 2,430 ​ 1,032 Interest expense, net ​ — ​ (1,711) ​ — ​ — Bargain purchase gain ​ ​ — ​ ​ 18,985 ​ ​ — ​ ​ — Other expense, net ​ — ​ (1,393) ​ — ​ — ​ ​ $ 764,620 ​ $ (49,659) ​ $ 92,458 ​ $ 46,381 ​ Total assets by segment as of December 31, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ 2022 ​ ​ (in thousands) Water Services ​ $ 629,815 ​ $ 715,113 Water Infrastructure ​ ​ 364,587 ​ 313,736 Chemical Technologies ​ ​ 152,437 ​ 183,469 Other ​ ​ 71,351 ​ ​ 10,535 ​ ​ $ 1,218,190 ​ $ 1,222,853 ​
Revenue from External Customers by Products and Services	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 ​ 2021 ​ ​ (in thousands) Water transfer and monitoring ​ $ 404,176 ​ $ 385,720 ​ $ 243,364 Chemical technologies ​ ​ 323,541 ​ ​ 318,280 ​ ​ 216,410 Fluids hauling ​ ​ 287,503 ​ ​ 257,405 ​ ​ 85,355 Flowback and well testing ​ ​ 112,887 ​ ​ 123,825 ​ ​ 75,610 Water recycling and reuse ​ 110,407 ​ 31,376 ​ ​ 5,298 Disposals ​ ​ 83,788 ​ ​ 66,987 ​ ​ 16,331 Accommodations and rentals ​ 83,326 ​ ​ 75,878 ​ ​ 31,194 Water containment ​ ​ 75,326 ​ ​ 56,591 ​ ​ 35,667 Water sourcing ​ ​ 74,693 ​ ​ 50,695 ​ ​ 38,906 Pipelines and logistics ​ ​ 41,095 ​ ​ 32,000 ​ ​ 24,216 Eliminations and other service lines ​ (11,389) ​ (11,337) ​ ​ (7,731) ​ ​ $ 1,585,353 ​ $ 1,387,420 ​ $ 764,620 ​

BUSINESS AND BASIS OF PRESENT_3

BUSINESS AND BASIS OF PRESENTATION (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Feb. 23, 2022	Dec. 31, 2023 USD ($) Vote segment item $ / shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($)
Number of vote per share | Vote		1
Number of equity method investee | item		3
Number of operating segments | segment		3
Ratio		1
Payments of Dividends		$ 24,924	$ 6,020
Distributions to noncontrolling interests, net		1,581	$ 1,943	$ 1,074
Dividends payable		800
Dividend reduction to accrued expenses and other current liabilities		$ 200
Class A common stock
Par value | $ / shares		$ 0.01	$ 0.01
Ratio	1
Dividends		$ 21,274	$ 5,209
Class B common stock
Par value | $ / shares		$ 0.01	$ 0.01
Dividends		$ 3,406	$ 811
Additional Paid-In Capital
Distributions to noncontrolling interests, net			1,943	$ 140
Additional Paid-In Capital | Class A common stock
Payments of Dividends		21,300
Dividends		$ 21,274	$ 5,143

BUSINESS AND BASIS OF PRESENT_4

BUSINESS AND BASIS OF PRESENTATION - Investments in Unconsolidated (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investment in Joint Venture One
Percentage of interest in a joint venture	20%	21%
Investment in Joint Venture One | Other long-term assets, net
Equity method investment	$ 4,314	$ 4,686
Investment in Joint Venture Two
Percentage of interest in a joint venture	39%	40%
Investment in Joint Venture Two | Other long-term assets, net
Equity method investment	$ 4,174	$ 4,985
Investment In Joint Venture Three
Percentage of interest in a joint venture	47%	48%
Investment In Joint Venture Three | Other long-term assets, net
Equity method investment	$ 3,305	$ 3,446

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - Allowance activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) customer	Dec. 31, 2022 USD ($) customer	Dec. 31, 2021 USD ($) customer
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of the period	$ 4,918	$ 4,401	$ 9,157
Increase to allowance based on a percentage of revenue	3,174	2,750	1,477
Adjustment based on aged receivable analysis	1,515	(801)	(1,444)
Charge-offs	(4,350)	(1,562)	(4,793)
Recoveries	61	130	4
Balance at end of the period	$ 5,318	$ 4,918	$ 4,401
Concentrations of credit and customer risk
Number of customers accounting for more than 10% of consolidated revenues | customer	0	0	0

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Asset retirement obligations and Lessor Income (Details) - USD ($) $ in Thousands		12 Months Ended
	Feb. 21, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
PROPERTY AND EQUIPMENT.
Depreciation and amortization		$ 2,276	$ 2,209	$ 2,430
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period		43,576	29,551
Accretion expense, included in depreciation and amortization expense		1,012	1,115
Acquired AROs		975	15,879
Divested		(646)	(1,490)
Payments		(7,655)	(1,479)
Balance at end of period		37,262	43,576	29,551
Short-term ARO liability		8,832	4,065
Long-term ARO liability		$ 28,430	39,511
Goodwill and Intangible Asset Impairment
Impairment of trademark	$ 11,100
Buildings and leasehold improvements
PROPERTY AND EQUIPMENT.
Estimated useful lives of the assets		30 years
Vehicles and equipment | Minimum
PROPERTY AND EQUIPMENT.
Estimated useful lives of the assets		4 years
Vehicles and equipment | Maximum
PROPERTY AND EQUIPMENT.
Estimated useful lives of the assets		7 years
Machinery and equipment
PROPERTY AND EQUIPMENT.
Depreciation and amortization		$ 122,200	$ 103,300	$ 81,600
Machinery and equipment | Minimum
PROPERTY AND EQUIPMENT.
Estimated useful lives of the assets		2 years
Machinery and equipment | Maximum
PROPERTY AND EQUIPMENT.
Estimated useful lives of the assets		12 years
Recycling facilities | Minimum
PROPERTY AND EQUIPMENT.
Estimated useful lives of the assets		2 years
Recycling facilities | Maximum
PROPERTY AND EQUIPMENT.
Estimated useful lives of the assets		15 years
Pipelines
PROPERTY AND EQUIPMENT.
Estimated useful lives of the assets		15 years
Computer equipment and software | Minimum
PROPERTY AND EQUIPMENT.
Estimated useful lives of the assets		3 years
Computer equipment and software | Maximum
PROPERTY AND EQUIPMENT.
Estimated useful lives of the assets		4 years
Office furniture and equipment
PROPERTY AND EQUIPMENT.
Estimated useful lives of the assets		7 years
Gathering and disposal infrastructure | Minimum
PROPERTY AND EQUIPMENT.
Estimated useful lives of the assets		7 years
Gathering and disposal infrastructure | Maximum
PROPERTY AND EQUIPMENT.
Estimated useful lives of the assets		15 years

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES - Defined Contribution Plan and Payroll Tax Deferral (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Self insurance reserve towards deductible for general liability			$ 500
Self insurance reserve towards deductible for workers compensation and employers liability			250
Self insurance reserve towards deductible for vehicle liability			250
Self insurance reserve towards deductible for health liability			300
Excess loss policy limit			100,000
Workers' Compensation Liability, Current			17,300
Accrued general insurance			1,300
Accrued health insurance			6,700
Employee benefit plans
Matching contribution as a percentage of employee contributions		50%
Percentage of Employee compensation in matching contribution	4%	4%
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent	100%
Company 401k contribution			$ 6,200	$ 3,100	$ 100
Percentage of remaining cash savings			15%
Tax Receivable Agreements, Liabilities			$ 38,200
Valuation allowance	$ 183,915		$ 112,282	$ 183,915
Tax Receivable Agreement | Legal Owner Holdco and Crestview GP.
Employee benefit plans
Percentage of net tax savings for payment to TRA Holders			85%
Tax Receivable Agreement | Contributing Legacy Owners
Employee benefit plans
Percentage of net tax savings for payment to TRA Holders			85%
First year
Employee benefit plans
Annual vesting matching contribution as a percentage of employee compensation			25%
Second year
Employee benefit plans
Annual vesting matching contribution as a percentage of employee compensation			50%
Third year
Employee benefit plans
Annual vesting matching contribution as a percentage of employee compensation			75%
Fourth year
Employee benefit plans
Annual vesting matching contribution as a percentage of employee compensation			100%
Minimum
Class of Stock [Line Items]
Estimated exposure amount of workers compensation claims			$ 16,200
Maximum
Class of Stock [Line Items]
Estimated exposure amount of workers compensation claims			$ 19,200

ACQUISITIONS - Business combina

ACQUISITIONS - Business combinations (Details) - USD ($) $ in Thousands

12 Months Ended

18 Months Ended

Apr. 03, 2023

Jan. 31, 2023

Dec. 02, 2022

Nov. 01, 2022

Feb. 23, 2022

Dec. 03, 2021

Oct. 01, 2021

Aug. 02, 2021

Jul. 09, 2021

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2022

ACQUISITION

Shares issued

20,961,800

Cash Consideration

$ 153,384

$ 77,553

$ 46,381

$ 98,104

Contingent Consideration

1,058

Value of Shares Issued

172,672

Total Consideration

272,084

Asset Acquisition

ACQUISITION

Acquisition-related costs

$ 100

$ 250

Total Consideration

6,100

Water Infrastructure | Four Smaller Asset Acquisitions

ACQUISITION

Cash Consideration

7,293

Total Consideration

$ 7,293

Water Infrastructure | Big Spring Recycling System

ACQUISITION

Shares issued

910,612

Cash Consideration

$ 22,000

Value of Shares Issued

7,313

Total Consideration

29,313

Water Infrastructure | Cypress Environmental Solutions LLC

ACQUISITION

Shares issued

952,753

Value of Shares Issued

$ 9,194

Total Consideration

$ 9,194

Water Infrastructure | Asset Acquisition

ACQUISITION

Cash Consideration

$ 6,250

6,000

Acquisition-related costs

150

100

Total Consideration

$ 6,400

$ 6,100

Water Services | HB Rentals

ACQUISITION

Shares issued

1,211,375

Cash Consideration

$ 2,610

Value of Shares Issued

7,135

Total Consideration

$ 9,745

Water Services | Asset Acquisition

ACQUISITION

Cash Consideration

$ 4,000

Total Consideration

$ 4,000

Water Services And Water Infrastructure | Breakwater Energy Services LLC

ACQUISITION

Shares issued

9,181,144

Cash Consideration

$ 16,701

Value of Shares Issued

88,188

Total Consideration

$ 104,889

Water Services And Water Infrastructure | Nuverra

ACQUISITION

Shares issued

4,203,323

Value of Shares Issued

$ 35,854

Total Consideration

$ 35,854

Water Services And Water Infrastructure | Aqua Libre and Basic

ACQUISITION

Shares issued

902,593

Cash Consideration

$ 16,394

Value of Shares Issued

4,684

Total Consideration

$ 21,078

Water Services And Water Infrastructure | Complete Energy Services, Inc.

ACQUISITION

Shares issued

3,600,000

Cash Consideration

$ 14,356

Value of Shares Issued

20,304

Total Consideration

$ 34,660

Oilfield Chemicals | UltRecovery

ACQUISITION

Cash Consideration

$ 2,500

Contingent Consideration

1,058

Total Consideration

$ 3,558

ACQUISITIONS - 2023 Asset Acqui

ACQUISITIONS - 2023 Asset Acquisitions (Details) - USD ($) $ in Thousands	12 Months Ended	18 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Total Consideration		$ 272,084
Assets acquired from multiple entities
Business Acquisition [Line Items]
Total Consideration	$ 17,700
Acquisition-related costs	200
Property and equipment	15,900
Water inventory	1,000
Customer relationships	1,900
Asset retirement obligations and other liabilities	$ 1,100

ACQUISITIONS - Breakwater Acqui

ACQUISITIONS - Breakwater Acquisition (Details) - USD ($) $ in Thousands		12 Months Ended
	Nov. 01, 2022	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Less: identifiable assets acquired and liabilities assumed
Goodwill		$ 4,683
Big Spring Recycling System
Less: identifiable assets acquired and liabilities assumed
Percentage of ownership	100%
Breakwater Energy Services LLC
ACQUISITION
Debt paid off amount	$ 10,500
Change-of-control payments	3,800
Transaction-related costs		2,100	$ 2,900
Transaction cots	2,400
Consideration transferred
Common stock issued		88,188
Cash paid		16,701
Total consideration transferred	105,300	104,889
Less: identifiable assets acquired and liabilities assumed
Working capital		22,444
Property and equipment		69,506
Right-of-use assets		180
Customer relationships		40,060
Other long-term assets		120
Long-term debt		(1,979)
Long-term lease liabilities		(125)
Noncontrolling interest		(30,000)
Total identifiable net assets acquired		100,206
Goodwill		4,683		$ 4,700
Fair value allocated to net assets acquired		104,889
Breakwater Energy Services LLC | As Reported
Consideration transferred
Common stock issued	88,598
Cash paid	16,701
Total consideration transferred	105,299
Less: identifiable assets acquired and liabilities assumed
Working capital	22,633
Property and equipment	78,912
Right-of-use assets	180
Customer relationships	35,558
Other long-term assets	120
Long-term debt	(1,979)
Long-term lease liabilities	(125)
Noncontrolling interest	(30,000)
Total identifiable net assets acquired	105,299
Fair value allocated to net assets acquired	$ 105,299
Breakwater Energy Services LLC | Restatement Adjustment
Consideration transferred
Common stock issued		(410)
Total consideration transferred		(410)
Less: identifiable assets acquired and liabilities assumed
Working capital		(189)
Property and equipment		(9,406)
Customer relationships		4,502
Total identifiable net assets acquired		(5,093)
Goodwill		4,683
Fair value allocated to net assets acquired		$ (410)
Breakwater Energy Services LLC | Class A common stock
ACQUISITION
Number of shares issued in acquisition	9,181,144
Less: identifiable assets acquired and liabilities assumed
Number of shares of equity interests returned and canceled		46,888

ACQUISITIONS - Big Spring Recyc

ACQUISITIONS - Big Spring Recycling System (Details) - USD ($) $ in Thousands			12 Months Ended
	Dec. 02, 2022	Dec. 01, 2022	Dec. 31, 2022
ACQUISITION
Value of shares as consideration			$ 7,313
Big Spring Recycling System
ACQUISITION
Cash consideration	$ 22,000
Total consideration	$ 29,300
Big Spring Recycling System | Class A common stock
ACQUISITION
Value of shares as consideration		$ 7,300
Noncontrolling Interest Number Of Shares Transferred	910,612

ACQUISITION - Asset Acquisition

ACQUISITION - Asset Acquisition (Details) - USD ($) $ in Thousands		18 Months Ended
	Dec. 02, 2022	Dec. 31, 2022	Dec. 31, 2023
ACQUISITION
Acquisition costs		$ 272,084
Property and equipment, net		499,554	$ 517,581
Other intangible assets, net		138,800	$ 116,189
Asset Acquisition
ACQUISITION
Acquisition costs	$ 6,100
Acquisition-related costs	100	$ 250
Property and equipment, net	3,900
Asset Acquisition | Customer relationships
ACQUISITION
Other intangible assets, net	$ 2,200

ACQUISITION - Cypress Acquisiti

ACQUISITION - Cypress Acquisition (Details) - Cypress Environmental Solutions LLC $ in Thousands		12 Months Ended
	Nov. 01, 2022 USD ($) item shares bbl	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
ACQUISITION
Transaction-related costs		$ 100	$ 500
Number of saltwater disposal facilities acquired | item	8
Water related asset, production capacity acquired | bbl	85,000
Consideration transferred
Total consideration transferred	$ 9,194
Less: identifiable assets acquired and liabilities assumed
Working capital	(42)
Property and equipment	8,192
Customer relationships	3,894
Long-term ARO	(2,850)
Total identifiable net assets acquired	9,194
Fair value allocated to net assets acquired	$ 9,194
Class A common stock
Consideration transferred
Number of shares issued in acquisition | shares	952,753
Common stock issued	$ 9,194

ACQUISITIONS - Nuverra Acquisit

ACQUISITIONS - Nuverra Acquisition (Details) $ in Thousands		12 Months Ended
	Feb. 23, 2022 USD ($) a shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Feb. 23, 2023 USD ($)
Less: identifiable assets acquired and liabilities assumed
Bargain Purchase Gain			$ (13,352)	$ (18,985)
Business Combination Bargain Purchase Gain Recognized Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag		false
Landfill Facility, North Dakota
ACQUISITION
Area of land | a	50
Nuverra
ACQUISITION
Transaction-related costs		$ 700	4,100	$ 1,000
Severance liabilities					$ 1,600
Cash payment of acquiree's debt			18,800
Consideration transferred
Total consideration transferred	$ 35,854
Less: identifiable assets acquired and liabilities assumed
Working capital	6,893
Property and equipment	65,780
Right-of-use assets	2,931
Other long-term assets	100
Long-term debt	(18,780)
Long-term ARO	(12,980)
Other long-term liabilities	(1,439)
Total identifiable net assets acquired	42,505
Bargain Purchase Gain	(6,651)
Fair value allocated to net assets acquired, net of bargain purchase gain	35,854
Nuverra | Accrued salaries and benefits | Maximum
ACQUISITION
Severance liabilities			$ 100
Nuverra | Class A common stock
Consideration transferred
Common stock issued	$ 35,854
Number of shares issued in acquisition | shares	4,203,323

ACQUISITIONS - HB Rentals Acqui

ACQUISITIONS - HB Rentals Acquisition (Details) - USD ($) $ in Thousands				12 Months Ended
	Apr. 01, 2022	Dec. 03, 2021	Dec. 02, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Less: identifiable assets acquired and liabilities assumed
Bargain Purchase Gain					$ (13,352)	$ (18,985)
HB Rentals
ACQUISITION
Transaction-related costs				$ 100	$ 100
Consideration transferred
Cash paid	$ 1,100	$ 1,526
Final working capital settlement		1,084
Total consideration transferred		9,745	$ 8,700
Less: identifiable assets acquired and liabilities assumed
Working capital		909
Property and equipment		15,020
Right-of-use assets		1,316
Long-term lease liabilities		(835)
Total identifiable net assets acquired		16,410
Bargain Purchase Gain		(6,665)
Fair value allocated to net assets acquired, net of bargain purchase gain		$ 9,745
HB Rentals | Maximum
ACQUISITION
Transaction-related costs						$ 100
HB Rentals | Class A common stock
Consideration transferred
Number of shares issued in acquisition		1,211,375
Common stock issued		$ 7,135

ACQUISITIONS - Agua Libre Midst

ACQUISITIONS - Agua Libre Midstream (Details) $ in Thousands		12 Months Ended
	Oct. 01, 2021 USD ($) shares bbl	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Less: identifiable assets acquired and liabilities assumed
Bargain Purchase Gain			$ (13,352)	$ (18,985)
Aqua Libre and Basic
ACQUISITION
Transaction-related costs		$ 200	$ 700	$ 2,200
Water related asset, production capacity acquired | bbl	550,000
Consideration transferred
Cash paid	$ 16,394
Total consideration transferred	21,078
Less: identifiable assets acquired and liabilities assumed
Working capital	(469)
Property and equipment	47,330
Right-of-use assets	309
Long-term ARO	(15,810)
Long-term lease liabilities	(271)
Total identifiable net assets acquired	31,089
Bargain Purchase Gain	(10,011)
Fair value allocated to net assets acquired, net of bargain purchase gain	$ 21,078
Aqua Libre and Basic | Class A common stock
Consideration transferred
Number of shares issued in acquisition | shares	902,593
Common stock issued	$ 4,684

ACQUISITIONS - UltRecovery Acqu

ACQUISITIONS - UltRecovery Acquisition (Details) - UltRecovery - USD ($) $ in Thousands		12 Months Ended
	Aug. 02, 2021	Dec. 31, 2022	Dec. 31, 2021
Consideration transferred
Cash paid	$ 2,500
Total consideration transferred	3,558
Estimated earn-out liability assumed	1,058	$ 0	$ 1,100
Maximum earn-out based on revenue generated	1,600
Less: identifiable assets acquired and liabilities assumed
Inventory	13
Property and equipment	514
Patents and other intellectual property	3,031
Total identifiable net assets acquired	3,558
Fair value allocated to net assets acquired	$ 3,558

ACQUISITIONS - Complete Energy

ACQUISITIONS - Complete Energy Services Acquisition (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Jul. 09, 2021	Oct. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Less: identifiable assets acquired and liabilities assumed
Bargain Purchase Gain				$ (13,352)	$ (18,985)
Bargain purchase gain				(13,352)	(18,985)
Complete Energy Services, Inc.
ACQUISITION
Payment of working capital		$ 200
Transaction-related costs			$ 500	$ 400	$ 1,200
Consideration transferred
Cash paid	$ 14,356
Total consideration transferred	34,660	$ 34,700
Initial payment	14,200
Less: identifiable assets acquired and liabilities assumed
Working capital	15,583
Property and equipment	36,560
Right-of-use assets	3,331
Other long-term assets	24
Long-term ARO	(9,800)
Long-term lease liabilities	(2,028)
Total identifiable net assets acquired	43,670
Bargain Purchase Gain	(9,010)
Fair value allocated to net assets acquired, net of bargain purchase gain	34,660
Complete Energy Services, Inc. | Class A common stock
Consideration transferred
Common stock issued	20,304
Total consideration transferred	$ 34,500
Number of shares issued in acquisition	3,600,000

ABANDONMENTS AND OTHER COSTS (D

ABANDONMENTS AND OTHER COSTS (Details) - USD ($) $ in Thousands		12 Months Ended
	Feb. 21, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Exit and disposal activities
Impairment of trademark	$ 11,100
Impairment of Fixed Assets		$ 1,502
Severance Costs				$ 3,225
Lease abandonment costs		42	$ 449	894
Water Services
Exit and disposal activities
Impairment of Fixed Assets		1,070
Water Infrastructure
Exit and disposal activities
Impairment of Fixed Assets		432
Selling, general and administrative | Other
Exit and disposal activities
Severance Costs				3,225
Lease abandonment costs
Exit and disposal activities
Lease abandonment costs		42	449	894
Lease abandonment costs | Water Services
Exit and disposal activities
Lease abandonment costs		34	414	888
Lease abandonment costs | Water Infrastructure
Exit and disposal activities
Lease abandonment costs		7	(42)	1
Lease abandonment costs | Oilfield Chemicals
Exit and disposal activities
Lease abandonment costs		$ 1	60
Lease abandonment costs | Other
Exit and disposal activities
Lease abandonment costs			$ 17	$ 5

REVENUE (Details)

REVENUE (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) region item segment	Dec. 31, 2022 USD ($) region segment	Dec. 31, 2021 USD ($) region segment
REVENUE
Number of reportable segments | segment	3	3	3
Contract liability	$ 0
Revenue	$ 1,585,353,000	$ 1,387,420,000	$ 764,620,000
Number of long-term contracts | item	15
Accommodations and rentals
REVENUE
Revenue	$ 83,326,000	75,878,000	31,194,000
Accommodations and rentals | ASC 842
REVENUE
Revenue	83,300,000	75,900,000	31,400,000
Permian Basin
REVENUE
Revenue	759,303,000	646,225,000	371,067,000
Rockies
REVENUE
Revenue	231,306,000	155,854,000	78,189,000
Eagle Ford
REVENUE
Revenue	163,366,000	152,467,000	99,656,000
Marcellus/Utica
REVENUE
Revenue	160,839,000	140,859,000	62,508,000
Mid-Continent
REVENUE
Revenue	100,510,000	119,753,000	64,912,000
Bakken
REVENUE
Revenue	96,338,000	78,794,000	19,077,000
Haynesville/E. Texas
REVENUE
Revenue	84,028,000	103,056,000	74,797,000
Eliminations and other regions
REVENUE
Revenue	$ (10,337,000)	$ (9,588,000)	$ (5,586,000)
Permian Basin, Bakken and Haynesville/E. Texas | Water Infrastructure
REVENUE
Number of revenue producing regions | region	3	3	3
Percentage of revenue	78%	82%	76%
Permian Basin, Marcellus/Utica and Rockies | Water Services
REVENUE
Number of revenue producing regions | region	3	3	3
Percentage of revenue	70%	68%	71%
Permian Basin, Midcon and Rockies | Oilfield Chemicals
REVENUE
Number of revenue producing regions | region	3	3	3
Percentage of revenue	86%	76%	68%

LEASES - Description (Details)

LEASES - Description (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) item lease	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
LEASES
Number of facility leases | lease	367
Number of subleases | lease	15
Number of finance leases | lease	76
Number of lessor owned properties | item	2
Operating lease liabilities | $	$ 37,799	$ 46,388
Variable Lease, Cost | $	1,700	1,300	$ 1,300
Property tax expense | $	$ 1,100	$ 800	$ 800
Minimum
LEASES
Lessee operating lease renewal term	1 year
Maximum
LEASES
Lessee operating lease renewal term	5 years

LEASES - Financial Impact of Le

LEASES - Financial Impact of Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position
Right-of-use assets	$ 39,504	$ 47,662
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Right-of-use assets	Right-of-use assets
Finance lease assets	$ 724	$ 23
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Operating lease liabilities	$ 15,005	$ 17,751
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Operating lease liabilities	Operating lease liabilities
Operating lease liabilities	$ 37,799	$ 46,388
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Operating lease liabilities	Operating lease liabilities
Finance lease liabilities	$ 194	$ 19
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Finance lease liabilities	Finance lease liabilities
Finance lease liabilities	$ 547	$ 5
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Right-of-use asset impairment	$ 0	$ 100	$ 0
Operating lease cost:
Operating lease cost - fixed	14,271	13,975	13,762
Lease abandonment costs	42	449	894
Short-term agreements:	114,143	96,182	54,301
Finance lease cost:
Amortization of leased assets	126	110	230
Interest on lease liabilities	27	2	10
Sublease income	1,648	1,514	1,080
Lessor income	251	317	335
Statement of cash flows
Cash paid for operating leases	19,904	21,437	19,004
Cash paid for finance leases lease interest	27	2	10
Cash paid for finance leases	$ 98	$ 112	$ 320

LEASES - Lease Term and Discoun

LEASES - Lease Term and Discount Rate (Details)	Dec. 31, 2023	Dec. 31, 2022
LEASES
Operating leases, weighted average remaining lease term	4 years 4 months 24 days	4 years 10 months 24 days
Finance leases, weighted average remaining lease term	3 years 6 months	1 year 2 months 12 days
Operating Leases, Weighted-average discount rate	4.90%	4.30%
Finance leases, Weighted average discount rate	7%	4%

LEASES - Lease Commitments (Det

LEASES - Lease Commitments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Operating Leases
2024	$ 19,388
2025	14,071
2026	11,539
2027	6,889
2028	4,082
Thereafter	5,476
Total minimum lease payments	61,445
Operating lease, Less reconciling items to reconcile undiscounted cash flows to lease liabilities:
Lease-extension commencing in the future	137
Short-term leases excluded from balance sheet	2,312
Imputed interest	6,192
Total reconciling items	8,641
Total liabilities per balance sheet	$ 52,804
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Total liabilities per balance sheet
Finance Leases
2024	$ 240
2025	235
2026	235
2027	118
Total minimum lease payments	828
Finance Lease, Less reconciling items to reconcile undiscounted cash flows to lease liabilities:
Imputed interest	87
Total reconciling items	87
Total liabilities per balance sheet	741
Total
2024	19,628
2025	14,306
2026	11,774
2027	7,007
2028	4,082
Thereafter	5,476
Total minimum lease payments	62,273
Leases Total , Less reconciling items to reconcile undiscounted cash flows to lease liabilities:
Leases commencing in the future	137
Short-term leases excluded from balance sheet	2,312
Imputed interest	6,279
Total reconciling items	8,728
Total liabilities per balance sheet	53,545
2024	1,600
2025	1,400
2026	900
2028	$ 100

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Significant components of inventory
Raw materials	$ 25,183	$ 20,518
Finished goods	13,470	20,646
Total	38,653	41,164
Inventory adjustments	2,349	(737)	$ 239
Inventory valuation reserves	$ 5,500	$ 3,100

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property and equipment
Property and equipment	$ 1,144,989	$ 1,084,005
Less accumulated depreciation	(627,408)	(584,451)
Total property and equipment, net	517,581	499,554
Accumulated depreciation related to finance leases	700	600
Depreciation and amortization expense
Depreciation expense from property and equipment	122,078	103,141	$ 81,381
Amortization expense from finance leases	126	110	230
Amortization expense from intangible assets	17,873	11,350	10,639
Accretion expense from asset retirement obligations	1,012	1,115	208
Total depreciation and amortization	141,089	115,716	$ 92,458
Machinery and equipment
Property and equipment
Property and equipment	608,780	649,152
Buildings and leasehold improvements
Property and equipment
Property and equipment	111,650	116,754
Gathering and disposal infrastructure
Property and equipment
Property and equipment	87,354	83,556
Recycling facilities
Property and equipment
Property and equipment	68,875	59,217
Pipelines
Property and equipment
Property and equipment	103,171	72,829
Vehicles and equipment
Property and equipment
Property and equipment	19,007	27,492
Land
Property and equipment
Property and equipment	23,745	24,159
Computer equipment and software
Property and equipment
Property and equipment	3,038	6,740
Office furniture and equipment
Property and equipment
Property and equipment	772	1,183
Machinery and equipment - finance lease
Property and equipment
Property and equipment	519	519
Vehicles and equipment - finance lease
Property and equipment
Property and equipment	27	58
Computer equipment and software - finance lease
Property and equipment
Property and equipment	883	56
Construction in progress
Property and equipment
Property and equipment	$ 117,168	$ 42,290

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in the Carrying Amounts of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023
Goodwill
Goodwill	$ 4,683
Additions	4,683
Balance at the end of the period	4,683
Breakwater Energy Services LLC
Goodwill
Goodwill	4,683	$ 4,700
Balance at the end of the period	4,683
Water Services
Goodwill
Goodwill	1,438
Additions	1,438
Balance at the end of the period	1,438
Water Infrastructure
Goodwill
Goodwill	3,245
Additions	3,245
Balance at the end of the period	$ 3,245

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Value, definite-lived	$ 194,535	$ 173,807
Abandonment	(11,106)
Accumulated Amortization, definite-lived	(74,271)	(56,398)
Total	109,158	117,409
Gross Value, Indefinite-lived	7,031	21,391
Net Value, Indefinite-lived	7,031	21,391
Intangible Assets, Gross (Excluding Goodwill)	201,566	195,198
Intangible Assets, Net (Excluding Goodwill)	116,189	138,800
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Value, definite-lived	164,600	158,232
Accumulated Amortization, definite-lived	(61,216)	(48,123)
Total	103,384	110,109
Gross Value, Indefinite-lived	$ 6,400	41,700
Weighted average amortization period	9 years 1 month 6 days
Patents and other intellectual property
Finite-Lived Intangible Assets [Line Items]
Gross Value, definite-lived	$ 12,772	12,772
Accumulated Amortization, definite-lived	(7,090)	(5,701)
Total	$ 5,682	7,071
Weighted average amortization period	4 years 7 months 6 days
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross Value, definite-lived	$ 2,803	2,803
Accumulated Amortization, definite-lived	(2,711)	(2,574)
Total	$ 92	229
Weighted average amortization period	8 months 12 days
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Value, definite-lived	$ 14,360
Abandonment	(11,106)
Accumulated Amortization, definite-lived	(3,254)
Water rights
Finite-Lived Intangible Assets [Line Items]
Gross Value, Indefinite-lived	7,031	7,031
Net Value, Indefinite-lived	$ 7,031	7,031
Water rights | Minimum
Finite-Lived Intangible Assets [Line Items]
Renewal term	5 years
Water rights | Maximum
Finite-Lived Intangible Assets [Line Items]
Renewal term	10 years
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Value, Indefinite-lived		14,360
Net Value, Indefinite-lived		$ 14,360
Trademarks | Minimum
Finite-Lived Intangible Assets [Line Items]
Renewal term	5 years
Trademarks | Maximum
Finite-Lived Intangible Assets [Line Items]
Renewal term	10 years

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Annual Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Annual amortization of intangible assets
Amortization expense	$ 17,873	$ 11,350	$ 10,639
2024	14,676
2025	14,513
2026	14,425
2027	13,923
2028	12,194
Thereafter	39,427
Total	$ 109,158	$ 117,409

DEBT (Details)

DEBT (Details) - USD ($)		12 Months Ended
	Mar. 17, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
DEBT
Variable interest rate (as a percent)	0.05%
Unused line fee (as a percent)	0.01%
Debt issuance costs			$ 2,144,000
Debt outstanding		$ 0
Amortization of debt issuance costs		$ 489,000	661,000	$ 688,000
Average excess availability, less than 33% of the commitments | Base Rate Advances
DEBT
Variable interest rate (as a percent)		1.25%
Average excess availability, less than 33% of the commitments | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
DEBT
Variable interest rate (as a percent)		2.25%
Average excess availability, less than 66.67% of the commitments and more than or equal to 33.33% of the commitments | Base Rate Advances
DEBT
Variable interest rate (as a percent)		1%
Average excess availability, less than 66.67% of the commitments and more than or equal to 33.33% of the commitments | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
DEBT
Variable interest rate (as a percent)		2%
Average excess availability, more than or equal to 66.67% of the commitments | Base Rate Advances
DEBT
Variable interest rate (as a percent)		0.75%
Average excess availability, more than or equal to 66.67% of the commitments | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
DEBT
Variable interest rate (as a percent)		1.75%
Average excess availability more than or equal to fifty percent
DEBT
Unused line fee (as a percent)		0.25%
Average excess availability less than fifty percent
DEBT
Unused line fee (as a percent)		0.375%
Eligible unbilled receivables
DEBT
Borrowing base (as a percent)	75%
Letter of credit
DEBT
Amount outstanding		$ 0	16,000,000
Revolving line of credit
DEBT
Maximum borrowing capacity	$ 270,000,000
Revolving line of credit | Letter of credit
DEBT
Maximum borrowing capacity		267,400,000	245,000,000
Senior secured credit facility
DEBT
Additional borrowing capacity	$ 135,000,000
Percentage of borrowing base allowed	35%
Margin (as a percent)	2%
Reduction in borrowing capacity		17,100,000	22,900,000
Unused portion of available borrowing		250,300,000
Debt issuance costs			2,100,000
Unamortized Debt issuance Costs		$ 1,600,000	$ 2,100,000
Senior secured credit facility | Minimum
DEBT
Percentage of borrowing base allowed	30%
Variable interest rate (as a percent)		1.75%
Senior secured credit facility | Maximum
DEBT
Variable interest rate (as a percent)		2.25%
Senior secured credit facility | Base Rate Advances | Minimum
DEBT
Margin (as a percent)	0.75%
Senior secured credit facility | Base Rate Advances | Maximum
DEBT
Margin (as a percent)	1.25%
Senior secured credit facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
DEBT
Margin (as a percent)	1%
Senior secured credit facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum
DEBT
Margin (as a percent)	1.75%
Senior secured credit facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum
DEBT
Margin (as a percent)	2.25%
Senior secured credit facility | Federal Funds Rate
DEBT
Margin (as a percent)	0.50%
Senior secured credit facility | Eligible billed receivables
DEBT
Borrowing base (as a percent)	85%
Senior secured credit facility | Eligible inventory
DEBT
Borrowing base (as a percent)	70%
Senior secured credit facility | Net recovery percentage
DEBT
Borrowing base (as a percent)	85%
Senior secured credit facility | Criteria for distributions, scenario one
DEBT
Lookback period	30 days
Percentage outstanding	25%
Base amount	$ 33,750,000
Senior secured credit facility | Criteria for distributions, scenario two
DEBT
Lookback period	30 days
Percentage outstanding	20%
Base amount	$ 27,000,000
Fixed charge coverage ratio	1%
Senior secured credit facility | Coverage Ratio Criteria
DEBT
Lookback period	60 days
Percentage outstanding	10%
Base amount	$ 15,000,000
Fixed charge coverage ratio	1%
Senior secured credit facility | Letter of credit
DEBT
Maximum borrowing capacity	$ 40,000,000
Senior secured credit facility | Swingline loan
DEBT
Maximum borrowing capacity	$ 27,000,000

EQUITY-BASED COMPENSATION (Deta

EQUITY-BASED COMPENSATION (Details)			12 Months Ended
	Feb. 23, 2022 shares	Dec. 20, 2016 shares	Dec. 31, 2023 shares	Dec. 31, 2022 shares	May 08, 2020 shares	Nov. 01, 2017 shares
EQUITY-BASED COMPENSATION
Ratio			1
Class A common stock
EQUITY-BASED COMPENSATION
Ratio	1
Class A-1 Common Stock | Private Placement
EQUITY-BASED COMPENSATION
Shares issued		16,100,000
Nuverra
EQUITY-BASED COMPENSATION
Number of shares converted	1
Nuverra | Class A common stock
EQUITY-BASED COMPENSATION
Conversion of common stock for resale	0.2551
2016 plan
EQUITY-BASED COMPENSATION
Maximum number of shares			1,900,000			13,300,000
2016 plan | Maximum
EQUITY-BASED COMPENSATION
Equity options term			10 years
Second Amendment to the 2016 Plan | Class A common stock
EQUITY-BASED COMPENSATION
Maximum number of shares					4,000,000
2017 Plan | Class A common stock
EQUITY-BASED COMPENSATION
Ratio	1
Number of shares available for grant			55,769
2017 Plan | Nuverra
EQUITY-BASED COMPENSATION
Maximum number of shares	1,772,058
2017 Plan | Nuverra | Class A common stock
EQUITY-BASED COMPENSATION
Number of shares available for grant	131,110
2018 Plan | Class A common stock
EQUITY-BASED COMPENSATION
Ratio	1
Number of shares available for grant			14,736
2018 Plan | Nuverra | Class A common stock
EQUITY-BASED COMPENSATION
Number of shares available for grant	24,984
Restricted Stock Awards
EQUITY-BASED COMPENSATION
Non-vested at end of period (in shares)			3,758,692	4,237,715
Restricted Stock Awards | 2018 Plan | Nuverra
EQUITY-BASED COMPENSATION
Maximum number of shares	100,000
Performance share units
EQUITY-BASED COMPENSATION
Non-vested at end of period (in shares)			1,946,726	1,860,734

EQUITY-BASED COMPENSATION - Equ

EQUITY-BASED COMPENSATION - Equity Options Changed During Period (Details) - Employee Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Equity Options
Beginning balance (in shares)	1,666,872
Granted (in shares)	0
Expired (in shares)	(11,920)
Ending balance (in shares)	1,654,952	1,666,872
Ending balance, exercisable (in shares)	1,654,952
Weighted-average Grant Date Value
Beginning balance (in dollars per share)	$ 10.10
Expired (in dollars per share)	4.49
Ending balance (in dollars per share)	10.14	$ 10.10
Weighted-average Exercise Price
Beginning balance (in dollars per share)	17.10
Expired (in dollars per share)	29.34
Ending balance (in dollars per share)	17.01	$ 17.10
Ending balance, exercisable	$ 17.01
Weighted-average Remaining Contractual Term (Years)
Outstanding	3 years 2 months 12 days	4 years 2 months 12 days
Ending balance, exercisable	3 years 2 months 12 days
Aggregate Intrinsic Value
Beginning balance, outstanding	$ 353
Ending balance, outstanding		$ 353

EQUITY-BASED COMPENSATION - E_2

EQUITY-BASED COMPENSATION - Equity Options (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Class A common stock | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Price	$ 7.59	$ 9.24

EQUITY-BASED COMPENSATION - Res

EQUITY-BASED COMPENSATION - Restricted stock (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended			24 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022
EQUITY-BASED COMPENSATION
Equity-based compensation	$ 17,369	$ 15,570	$ 9,469
Repurchase of common stock	(61,770)	(20,210)	(1,206)
Restricted Stock
EQUITY-BASED COMPENSATION
Compensation expense	16,800	14,300	$ 7,900
Unrecognized compensation expense	$ 13,100
Weighted-average remaining life	1 year 8 months 12 days
Repurchase of common stock	$ (4,300)	$ (4,400)
Restricted Stock | Minimum
EQUITY-BASED COMPENSATION
Offering period	1 year
Restricted Stock | Maximum
EQUITY-BASED COMPENSATION
Offering period	3 years
Restricted Stock Awards
Restricted stock
Beginning balance (in shares)	4,237,715
Granted (in shares)	1,689,004
Vested (in shares)	(1,929,032)
Forfeited (in shares)	(238,995)
Ending balance (in shares)	3,758,692	4,237,715		4,237,715
Grant Date Fair Value
Beginning balance (in dollars per share)	$ 7.36
Granted (in dollars per share)	7.46
Vested (in dollars per share)	7.53
Forfeited (in dollars per share)	7.37
Ending balance (in dollars per share)	$ 7.32	$ 7.36		$ 7.36
Employee Stock Option [Member]
EQUITY-BASED COMPENSATION
Equity-based compensation	$ 0
Compensation expense				$ 0

EQUITY-BASED COMPENSATION - Per

EQUITY-BASED COMPENSATION - Performance share units (Details) - Performance share units $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($) item
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of times shares issued for each performance share settlement | item	1	1	1
Grant date fair value of PSUs	$ 5.3	$ 5	$ 4.4
Compensation expense	0.6	$ 1.3	$ 1.6
Unrecognized compensation expense	$ 4.4
Weighted-average remaining life	1 year 9 months 18 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Target PSUs that can be earned	0%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Target PSUs that can be earned	1.75%
Peer Group Outside of Top 10
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Target Amount Earned	0%
Peer Group Top 10
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Target Amount Earned	50%
Peer Group Top 7
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Target Amount Earned	100%
Peer Group Top 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Target Amount Earned	175%
Adjusted FCF Performance Percentage Less than 70%
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Target Amount Earned	0%
Adjusted FCF Performance Percentage 70%
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Target Amount Earned	50%
Adjusted FCF Performance Percentage 100%
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Target Amount Earned	100%
Adjusted FCF Performance Percentage 130%
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Target Amount Earned	175%

EQUITY-BASED COMPENSATION - P_2

EQUITY-BASED COMPENSATION - Performance share units outstanding (Details) - Performance share units	12 Months Ended
	Dec. 31, 2023 shares
Performance share units
Beginning balance (in shares)	1,860,734
Target shares granted	828,514
Target shares forfeited	(742,522)
Ending balance (in shares)	1,946,726

EQUITY-BASED COMPENSATION - Emp

EQUITY-BASED COMPENSATION - Employee Stock Purchase Plan (ESPP) (Details)	12 Months Ended
	Dec. 31, 2023
Minimum | ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee service period	1 year

EQUITY-BASED COMPENSATION - Sha

EQUITY-BASED COMPENSATION - Share-repurchases (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Decrease in paid-in capital	$ 61,770,000	$ 20,819,000	$ 1,206,000
Class A common stock | 2016 plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase of common stock ( in shares)	8,050,282	2,297,985
Number of shares repurchased with employee minimum tax withholding requirements	567,702	524,562
Decrease in paid-in capital	$ 61,700,000
Decrease in Class A common stock	$ 86,000

FAIR VALUE MEASUREMENT (Details

FAIR VALUE MEASUREMENT (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers into or out of all levels of the fair value hierarchy	$ 0	$ 0	$ 0
Debt outstanding	0
Recurring | March 31 | Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		35,000	1,546,000
Recurring | June 30 | Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		35,000	2,208,000
Recurring | September 30 | Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments			1,717,000
Recurring | December 31 | Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments			75,000
Nonrecurring | March 31 | Abandonment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trademark	11,106,000
Nonrecurring | March 31 | Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trademark	14,360,000
Level 1 | Recurring | March 31 | Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		35,000	1,546,000
Level 1 | Recurring | June 30 | Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		$ 35,000	2,208,000
Level 1 | Recurring | September 30 | Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments			1,717,000
Level 1 | Recurring | December 31 | Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments			$ 75,000
Level 3 | Nonrecurring | March 31 | Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trademark	$ 2,929,000

FAIR VALUE MEASUREMENT - Nonmon

FAIR VALUE MEASUREMENT - Nonmonetary transaction (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Exchange for accounts receivable			$ 1.6
sale of securities		$ 2.3
Other Nonoperating Income (Expense)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gains/(losses)		(2)
Realized gains/(losses)		$ 1
Realized gain/(loss) on expiration of securities	$ 0.1

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions		12 Months Ended
	Jun. 23, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
RELATED PARTY TRANSACTIONS
Tax Receivable Agreements, Liabilities		$ 38.2
Minimum | Related Parties
RELATED PARTY TRANSACTIONS
Beneficial ownership (as a percent)		5%
Related Party
RELATED PARTY TRANSACTIONS
Revenue		$ 0.6	$ 2.1	$ 1.1
Purchases from related party vendors		$ 16.6	12.4	7
Tax Receivable Agreement | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
RELATED PARTY TRANSACTIONS
Basis points	1.71513%
Tax Receivable Agreement | Legacy Owner Holdco and Crestview GP
RELATED PARTY TRANSACTIONS
Percentage of net tax savings for payment to TRA Holders		85%
Tax Receivable Agreement | Contributing Legacy Owners
RELATED PARTY TRANSACTIONS
Percentage of net tax savings for payment to TRA Holders		85%
Property and equipment | Related Party
RELATED PARTY TRANSACTIONS
Purchases from related party vendors		$ 2.6	0.9	0.2
Inventory and consumables | Related Party
RELATED PARTY TRANSACTIONS
Purchases from related party vendors		0.1	0.1
Rent of certain equipment or other services | Related Party
RELATED PARTY TRANSACTIONS
Purchases from related party vendors		12.6	10.2	5.8
Management, consulting and other services | Related Party
RELATED PARTY TRANSACTIONS
Purchases from related party vendors		$ 1.3	$ 1.2	$ 1

INCOME TAXES - Income tax benef

INCOME TAXES - Income tax benefits (expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current tax expense (benefit)
Federal income tax expense (benefit)	$ 200	$ 163	$ 126
State and local income tax expense (benefit)	1,563	982	(262)
Total current expense (benefit)	1,763	1,145	(136)
Deferred tax (benefit) expense
Federal income tax expense (benefit)	(57,807)		56
State and local income tax (benefit) expense	(4,152)	(188)	227
Total deferred (benefit) expense	(61,959)	(188)	283
Total income tax expense (benefit)	(60,196)	957	147
Tax expense (benefit) attributable to controlling interests	(60,443)	838	124
Tax expense (benefit) attributable to noncontrolling interests	247	119	23
Provision calculated at federal statutory income tax rate:
Income (loss) before equity in losses of unconsolidated entities and taxes	20,823	56,724	(49,659)
Equity in losses of unconsolidated entities	(1,800)	(913)	(279)
Income (loss) before taxes	$ 19,023	$ 55,811	$ (49,938)
Statutory rate	21%	21%	21%
Income tax expense (benefit) computed at statutory rate	$ 3,995	$ 11,720	$ (10,487)
Less: noncontrolling interests	(1,011)	(1,688)	1,651
Income tax expense (benefit) attributable to controlling interests	2,984	10,032	(8,836)
State and local income taxes, net of federal benefit	1,302	699	(30)
State rate change	644	488	(2,787)
Change in subsidiary tax status			679
Deferred tax adjustments	1,665	122	4,804
Change in valuation allowance	(71,164)	(11,042)	6,119
Nondeductible items	4,126	539	175
Income tax expense (benefit) attributable to controlling interests	(60,443)	838	124
Income tax expense (benefit) attributable to noncontrolling interests	247	119	23
Total income tax expense (benefit)	$ (60,196)	$ 957	$ 147

INCOME TAXES - Deferred tax ass

INCOME TAXES - Deferred tax assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Outside basis difference in SES Holdings	$ 69,407	$ 62,111
Net operating losses	95,912	117,493
Credits and other carryforwards	5,363	4,240
Other	3,526	91
Total deferred tax assets before valuation allowance	174,208	183,935
Valuation allowance	(112,282)	(183,915)
Total deferred tax assets	61,926	20
Deferred tax liabilities
Property and equipment	300	342
Other	9	20
Total deferred tax liabilities	309	362
Net deferred tax assets (liabilities)	300	$ 342
Net deferred tax assets	$ 61,617

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Valuation Allowance [Line Items]
Effective Tax Rate (as percent)	(316.40%)	1.70%	(0.30%)
Statutory tax rate (as a percent)	21%	21%	21%
Tax Reconciliation Not Required	true
Change in valuation allowance
Change during the year	$ 71,600
Valuation allowance	112,282	$ 183,915
Income tax benefit (expense)	60,196	(957)	$ (147)
State NOLs	24,200
Foreign NOLs	1,800
Liability or expense	0	$ 0
Federal
Change in valuation allowance
Federal NOLs	168,600
Federal net operating loss carryforward expires	88,300
State
Change in valuation allowance
Federal net operating loss carryforward expires	10,400
State | Tax expiry in 2023
Change in valuation allowance
Federal net operating loss carryforward expires	$ 13,800

NONCONTROLLING INTERESTS (Detai

NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
NONCONTROLLING INTERESTS
Noncontrolling interests attributable to joint ventures formed for water-related services	$ 614	$ 4,167
Noncontrolling interests attributable to holders of Class B common stock	119,070	113,584
Total noncontrolling interests	$ 119,684	$ 117,751

NONCONTROLLING INTERESTS - Effe

NONCONTROLLING INTERESTS - Effect of Changes (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Dec. 02, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Nov. 01, 2022
Effects of changes in noncontrolling interests on equity
Net income (loss) attributable to Select Water Solutions, Inc.		$ 74,403	$ 48,278	$ (42,225)
Transfers from (to) noncontrolling interests:
Increase in additional paid-in capital due to purchase of noncontrolling interest			1,077
Increase (decrease) in additional paid-in capital as a result of issuing shares for business combinations		9	(5,269)	532
Decrease in additional paid-in capital as a result of stock option exercises			(24)
Increase in additional paid-in capital as a result of restricted stock issuance, net of forfeitures		1,306	2,406	1,847
Increase (decrease) in additional paid-in capital as a result of the repurchase of SES Holdings LLC Units		63	445	(19)
(Decrease) increase in additional paid-in capital as a result of the Employee Stock Purchase Plan shares issued			(1)	1
Change to equity from net income (loss) attributable to Select Water Solutions, Inc. and transfers from noncontrolling interests		75,781	46,912	(39,864)
Value of noncontrolling interests		614	4,167
Noncontrolling interest in subsidiary			$ 688	$ 900
Breakwater Energy Services, LLC
Transfers from (to) noncontrolling interests:
Value of noncontrolling interests					$ 30,000
Purchase of noncontrolling interests	$ 29,300
SES Holdings, LLC
Transfers from (to) noncontrolling interests:
Common Stock, Dividends, Per Share, Cash Paid			$ 0.05
Dividends paid			$ (800)
Cash consideration from minority interest		6,000
Reduction to noncontrolling interest		$ 1,600

EARNINGS (LOSS) PER SHARE (Deta

EARNINGS (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Calculation of basic and diluted earnings per share:
Antidilutive shares	1,654,952	1,666,872	2,074,216
Net income (loss)	$ 79,219	$ 54,854	$ (50,085)
Less: net (income) loss attributable to noncontrolling interests	(4,816)	(6,576)	7,860
Net income (loss) attributable to Select Water Solutions, Inc.	74,403	48,278	(42,225)
Add: Reallocation of net income attributable to noncontrolling interests for the dilutive effect of restricted stock	94	31
Add: Reallocation of net income attributable to noncontrolling interests for the dilutive effect of performance units	43	26
Net income attributable to Select Water Solutions, Inc. - diluted	74,540	48,335	(42,225)
Class A common stock
Calculation of basic and diluted earnings per share:
Net income (loss) attributable to Select Water Solutions, Inc.	74,403	48,278	(42,225)
Add: Reallocation of net income attributable to noncontrolling interests for the dilutive effect of restricted stock	94	31
Add: Reallocation of net income attributable to noncontrolling interests for the dilutive effect of performance units	43	26
Net income attributable to Select Water Solutions, Inc. - diluted	$ 74,540	$ 48,335	$ (42,225)
Weighted-average shares of common stock outstanding - basic	101,393,822	95,214,033	87,275,467
Weighted-average shares of common stock outstanding - diluted	103,365,186	95,988,679	87,275,467
Income per share, Basic (in dollars per share)	$ 0.73	$ 0.51	$ (0.48)
Income per share, Diluted (in dollars per share)	$ 0.72	$ 0.50	$ (0.48)
Class A common stock | Restricted Stock
Calculation of basic and diluted earnings per share:
Dilutive effect	1,355,499,000	416,671,000
Class A common stock | Performance share units
Calculation of basic and diluted earnings per share:
Dilutive effect	615,865,000	357,626,000
Class A common stock | ESPP
Calculation of basic and diluted earnings per share:
Dilutive effect		349,000
Class B common stock
Calculation of basic and diluted earnings per share:
Weighted-average shares of common stock outstanding - basic	16,221,101	16,221,101	16,221,101
Weighted-average shares of common stock outstanding - diluted	16,221,101	16,221,101	16,221,101

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	12 Months Ended			18 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($) segment	Dec. 31, 2022 USD ($)
SEGMENT INFORMATION
Number of reportable segments | segment	3	3	3
Segment information
Revenue	$ 1,585,353	$ 1,387,420	$ 764,620
Impairments and abandonments	12,607
Income before taxes	20,823	56,724	(49,659)
Depreciation and Amortization	141,089	115,716	92,458
Capital Expenditures	153,384	77,553	46,381	$ 98,104
Income (loss) from operations	61,189	39,162	(65,540)
Bargain purchase gain		13,352	18,985
Tax receivable agreements expense	38,187
Operating segment | Water Services
Segment information
Revenue	1,036,393	947,599	507,681
Impairments and abandonments	1,070
Income before taxes	84,258	57,239	(23,380)
Depreciation and Amortization	91,347	82,919	69,009
Capital Expenditures	52,258	40,315	24,192
Operating segment | Water Infrastructure
Segment information
Revenue	235,290	130,422	45,827
Impairments and abandonments	432
Income before taxes	41,066	13,209	(150)
Depreciation and Amortization	37,295	21,564	11,725
Capital Expenditures	87,583	29,860	16,147
Operating segment | Chemical Technologies
Segment information
Revenue	323,541	318,280	216,410
Impairments and abandonments	11,105
Income before taxes	21,748	27,504	1,984
Depreciation and Amortization	10,171	9,024	9,294
Capital Expenditures	11,048	4,178	5,010
Operating segment | Other
Segment information
Income before taxes	(193)	(315)	(19)
Eliminations
Segment information
Revenue	(9,871)	(8,881)	(5,298)
Corporate or Other
Segment information
Income before taxes	(85,690)	(58,475)	(43,975)
Depreciation and Amortization	2,276	2,209	2,430
Capital Expenditures	2,495	3,200	1,032
Material reconciling items
Segment information
Income (loss) from operations	146,879	97,637	(21,565)
Interest expense, net	(4,393)	(2,700)	(1,711)
Other expense, net			$ (1,393)
Other income, net	2,214	$ 6,910
Tax receivable agreements expense	$ (38,187)

SEGMENT INFORMATION - Total Ass

SEGMENT INFORMATION - Total Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Assets	$ 1,218,190	$ 1,222,853
Operating segment | Water Services
Segment Reporting Information [Line Items]
Assets	629,815	715,113
Operating segment | Water Infrastructure
Segment Reporting Information [Line Items]
Assets	364,587	313,736
Operating segment | Chemical Technologies
Segment Reporting Information [Line Items]
Assets	152,437	183,469
Corporate or Other
Segment Reporting Information [Line Items]
Assets	$ 71,351	$ 10,535

SEGMENT INFORMATION - Revenue b

SEGMENT INFORMATION - Revenue by product (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 1,585,353	$ 1,387,420	$ 764,620
Water transfer and monitoring
Segment Reporting Information [Line Items]
Revenue	404,176	385,720	243,364
Chemical technologies
Segment Reporting Information [Line Items]
Revenue	323,541	318,280	216,410
Fluid hauling
Segment Reporting Information [Line Items]
Revenue	287,503	257,405	85,355
Flowback and well testing
Segment Reporting Information [Line Items]
Revenue	112,887	123,825	75,610
Accommodations and rentals
Segment Reporting Information [Line Items]
Revenue	83,326	75,878	31,194
Disposals
Segment Reporting Information [Line Items]
Revenue	83,788	66,987	16,331
Water containment
Segment Reporting Information [Line Items]
Revenue	75,326	56,591	35,667
Water Sourcing
Segment Reporting Information [Line Items]
Revenue	74,693	50,695	38,906
Pipelines and logistics
Segment Reporting Information [Line Items]
Revenue	41,095	32,000	24,216
Water recycling and reuse
Segment Reporting Information [Line Items]
Revenue	110,407	31,376	5,298
Eliminations and other service lines
Segment Reporting Information [Line Items]
Revenue	$ (11,389)	$ (11,337)	$ (7,731)

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) $ in Thousands		12 Months Ended
	Jan. 29, 2024 USD ($) item bbl	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Subsequent Event [Line Items]
Acquisition of assets | $		$ 17,693	$ 6,959	$ 34,740
Subsequent Event [Member] | Water Infrastructure
Subsequent Event [Line Items]
Acquisition of assets | $	$ 90,000
Subsequent Event [Member] | Strategic Water Infrastructure Assets [Member] | Water Infrastructure
Subsequent Event [Line Items]
Asset Acquisitions, Additional Barrels Per Day Of Permitted Capacity Added | bbl	450,000
Asset Acquisition, Number Of Slurry Injection Wells Over Which Permitted Disposal Capacity Added | item	21
Asset Acquisition, Number Of Saltwater Disposal Wells Over Which Permitted Disposal Capacity Added | item	2

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 74,403	$ 48,278	$ (42,225)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false