WTTR - Earnings call transcript Q3 2019 | Select Energy Services, Inc.

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Operator

Greetings, and welcome to Select Energy Services Third Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It's now my pleasure to introduce your host, Chris George, Vice President, Investor Relations and Treasurer. you. Thank Mr. begin. may you George,

Chris George

With you, Officer. Chief operator, joining Call We you Senior and Ladhani, Quarter morning, Webcast our President John Executive Vice Chairman; Officer; and for the and good Holli Results. Second us XXXX Conference President review everyone. today Select are to Schmitz, and appreciate our our Thank Financial me Executive Energy and Swyka, Chief Services Nick

A at note as few Before information of I and over, call speaks information replay will for until items XXXX. as access available this today's reading. a replay the turn will call August today, that cover. of be may on I have accurate of this call and of The was available release. be information time housekeeping accessible the no to included replay a reported telephonic therefore, from only selectenergyservices.com. also X, the by in November also the replay XXXX, yesterday's be XX, time-sensitive transcript longer Please recorded webcast our or There earnings website

In current forward-looking within forward-looking meaning addition, this the management by laws. of securities States views the statements of United federal Select's statements the may call reflect the These made conference comments contain during management.

uncertainties in statements made the our risks, actual differ expressed those results, and cause various contingencies could to by However, from performance or materially achievements management.

those financial report earnings contingencies. yesterday for on to on is reports XX-Q quarter reconciliations quarterly announcement XX-K to our year Form annual and listener Also, our December of read for X-K our Form and our Form uncertainties refer XX, subsequent on non-GAAP released The second understand reports measures. encouraged to please ended the XXXX, risks, current

Holli like would CEO, Ladhani. now, over And and to turn our call President to the I

Holli Ladhani

Water our that of morning, our share strategic and strategy growth service market technologies through relationships. cash opportunities execute differentiate our and and costs, continue Good Integrated that capabilities, services, to us is attractive leader everyone, strengthen our position the differentiate Overall, achieve includes our potential, cash our our broaden and capital We for joining returning shareholders enhance on meaningful and M&A flow. also sheet opportunities, on while our this free offerings, our you reduce this fortifying market and and when delivering to developing to both plan balance core today. all in strategy in Chris. free thank appropriate. customer flow generation solid tenants Chemical investing strategy Solutions, Thanks, we strengthen The finding to while expand organic

More the during strategic lines. market penetration third market million We deployed cash $XX in specifically, as our we water to friction across several revenues grew assets, on reducer to well challenging as infrastructure quarter, operating delivered flow, strong of proprietary performance which product continued a our we initiatives.

a a business and leading complementary acquired capabilities our market that of services that expands we specialized First, chemicals the bridges proven treatment team solutions water offering. further our water with

in costs. to and continue automation technology our differentiates reduces invest services we that Next, our

project, pipeline Delaware is and budget. Northern strategic on which our of on development the continued progressing we Third, time

modest these balance free even finally, to sheet, position all capital increasing strengthening cash share And executed a of our initiatives. this, we We repurchase, after while debt shareholders. our accomplished returning capital

without well performed While to operationally Select the relative wasn't also challenges, third macro quarter its market. the

the unconventional quarter. early U.S. activity third broadly, strong fourth typically more industry the through and levels remain at Looking

point our to for downward activity to completions in on steep many occurring seeing earlier of refocus trajectory decreasing capital cash early operators customers. this year set at modestly with exhaustion discipline, or third as September. specific activity However, quarter, a looking for relative And to and levels QX occur we're the flow budget indications fairly

the X% X% quarter, reduction frac Hughes Our tracking decline internal the horizontal actively rig in indicates an during alongside count. fleet the of of data own in Baker number

otherwise proud market. Given context very backdrop, performance of in was what of macro the I'm team's tough a the that

After overall strong adjusting segments. recent in and in divested business revenue for previously X%, two margins the delivered mitigated sequential increased efforts and These to, services well segment. infrastructure by performance also driven of our growth water guarantee water sites improvement also gross delivered that our services contributed chemical cost segments our we detrimental

shareholders, and As execute flow cash strong allowing act on I balance to mentioned, our free clean returns we building also investment on us Having generate a the cash strategically. sheet the us balance to continue to quarter, think to and during continue priorities, sheet. deliver positions

strategic past, we're in said prioritize and good technologies. strengthen As our always at that looking the bolt-on we unique service offerings

with believe acquisition advanced largest is water its chemical solutions, leading water will recent exemplifies refer Basin. full Permian WCS the operations chemical major the complimentary strategy provider to or the services all treatment treatment Baker serves This report to our existing life WCS We is is of of area perfectly financial it well it's business of spanning of business cycles our to very We the water plan is this business. industry Hughes basin results an capabilities. being U.S. and

our the our segment continues forward, produced chemistry closely sourcing supply for the from reuse more business and to interplay the continues our customers. continues focus If become frac this water Within will garner the of grow customers. to of behind going each with complex, segments to comprehensive quality between increased work of fluid and provide relationship leaders solutions water the chain to opportunities the chemical the our operational to water system

allow market leading ago. strategy water to We that with began business, believe the technical relationship, merger our further and and couple position differentiating a service Rockwater cross nature existing grow the customer those more our years comprehensive this of expertise effectively chemicals to advancing the of us and capabilities

our acquisition broadening supply and a overall product I'd the development chain. industry, of also entire chemical sourcing preeminent like the manufacturers product to and our with expanding add this strong relationship establishes to one strategic, in offerings our customers

strong the flexibility in and we market, value evaluate it While to growth our will and sheet with our provides disciplined further diligent and opportunities continue we remain balance deployment. the capital M&A

completions the We're quarter their to slowdown planning winter up typical a given industry. for Looking programs early the operators QX decline typical levels, the third quarter from we challenging budget forward, general well activity XX% and capital full-year anticipate schedule. many holiday exhaustion, wrapping of to to for XX% with be ahead the

to critical to program. and seasonal on generation, a structure weakness, the on response In flow cost we're measures taking proactive capital focused and requiring our our cash earnings focus protect

market continued to to $XXX If to $XXX XXXX $XX million previous related million down to budgets $XXX evolve remain XXXX our the lower leading target just of $XXX we million, to which million includes year, New our Mexico reevaluated pipeline. and up has uncertain, for CapEx needs million, to the condition under CapEx

the but us which CapEx. water defer to we impact will return doesn't services This to in light based of at upgrade look maintenance decision grow require rate or asset expectations, of pace, our current

We’re cost prepared actively manage back our to near-term first balancing investments support make up with activity the in need customers to structure the picks being to and as half our XXXX. prudent capital of

to more I'll financial With that, Nick it turn performance walk our in third to detail. quarter over to

Nick Swyka

cash in a and our full quarter pleased good Thank reached free flow $XX third to free target million that the bringing million we of you, flow quarter, year early cash I'm morning, with us $XX announce everyone. Holli, year-to-date.

to flow can be cash of from Well, strong roughly improvements, working continued two-thirds came capital attributed results. one-third operating operating our

acquisition million the cash-on-hand flow, $XX million over With range via we $XX $XX still buybacks, the through we I this returned by funded to our operating just remaining that expect net CapEx targeted year, nearly $XX of cash $XX previously WCS and for shareholders our million, invested of of of cash to the $XX flow million. will free months million the high-end million. exceed XXXX increased

the million the at quarter, impact divestitures. quarter-over-quarter or an $XXX the last increase total generated of $X considering $XX in Select revenue quarters, third million million

during for industry. encouraged growing our and what oilfield demonstrated the water Our a quarter level are resilience continued fourth repeat revenue revenues to in our customers technology We impressive solutions. this preference infrastructure but and expertise, segments and by both was expect people, in the don't challenging quarter, of chemical for margins

at resilient quarter, million down million, the $X net second $XX $X the income Adjusted was from EBITDA of million. similarly leading

focused that As executing costs a and quarter. we fronts, CapEx fourth OpEx, laser And time to activity. remain with the all continue on on are company, into adjusting real effort SG&A we and

million a decline X% Diminishing second. The to quarter segment segments compared impact in the sequentially XX% million amortization margins generated previous reflecting to gross full a second, million completions segment of $XX the September the and third in pricing revenues in to profit in third $XXX in water gross services depreciation million and slight activity in $XXX the $XX from decline the pressures to from lead XX%. quarter before quarter at

due technology quarter, and investments impacts, term with in that when a leadership the picking mid capital action in decisive in With is prior basis the further exercising up to revenue operational our line expected XXXX. percentage in other on should fourth in our our keep high-teens discipline customers efficiencies combined near seasonal activity detrimental traditional our taking improved declines to levels with to back margins from

XX% and of record as saw our in the quarter New XX% Gross to to revenues D&A infrastructure increase Bakken profit quarter. $XX $XX our second and quarter before $XX Gross the from the XX% water infrastructure for D&A, margin utilization, third. existing from The before modestly higher million increased returned segments quarter-on-quarter by infrastructure volume. Mexico in second the from to significantly million million million $XX improved

While quarter, and in chemical macro anticipated X$ second segment before in of revenue fourth and led new XX% and from $X manufacturing margin. we $XX in The logistics highest manufacturing quarter facilities. this digit segment win $XX volatility, products immune million to to favorable DNA million from of higher margins revenues gross combination higher our the gross with and effectiveness profitability levels, DNA of on continues of improve million to decline throughput nearly revenue quarter. for its quarter proprietary to before outperform the second versus The segment continue up increasing the the expect provide infrastructure margin customers is third our activity percentage not with in-basin profit continued XX%. the oilfield a relative to water our to to quarter's similar the industry single nearly with million This

we While XXXX. pressure expect and temporarily similar teens revenue back margins WCS likely related to a acquisition, seasonal on base, impacts, quarter rebound the into recent for fourth us the will in costs to integration, the low relocation

The addition wider anticipated further We're customer we solutions. into budget opportunities guidance as provide the business the and water of more our with Is range excited XXXX progress will this WCS process. the for new chemicals this all of potential and the lifecycle integration for value full very unlock chain business contribution across furthers group of of the our

on more was higher the corporate and rates the other state based costs, in tax our by expenses we methodology with expect at we mid-teens. tax year Looking along accrual finished quarter activity, full driven follow, the taxes primarily

any We mid-single-digit quarter, don't by the expect material percentage depreciation efforts. cutting our while SG&A cost in through a change fourth ongoing decline and should

have zero We of cash free bank as of continue $XX flow generate will debt a the quarter. and an to additional position net enjoy expectation over that fourth million September substantial XXth, with cash

to or may targeted acquisition us more as in five down compete share our returns months on the period over million over and last well four roughly to growing exploit eliminating be enables to quarter prepared targeted $XX XX of our all opportunities as that acquisition, effectively total while time balance investment This market, brought buybacks emerge to cash a sheet executing balance million, capital third a during our $XX same debt. bolt-on the the organic

manifested free that merger. to services. continue The quarter cash build through since potential wealth generating And flow the remarkable through and was our itself cash a every water we franchise of rock flow stretch expect challenging positive

opportunistic and above flow pursuit prioritize investments, financial will While metrics. balance sheet other continue safeguard to returns high our all on remaining of and we and the return cash capital

some back for it remarks. concluding hand I'll that, With to Holly

Holli Ladhani

in quickly Nick. debt-free leading coming through advantage current Thanks position market marketplace wrap-up of manage in positioned and balance quarters. our the environment the opportunities the uniquely to take sheet To and

costs, discipline things we present coming our we outside capital to challenges control focus control our customer our on allocation. market the and service, our can will the continue the in of Though months,

on and our for generating investors our of take and focused to the remain day. while safe turn cash We Operator? keeping our returns every and back With over consistently strategy operator executing that, free for we'll your employees flow customers it questions. I'll our

you. Thank

with conducting the Our first with from Instructions] now session. be JPMorgan. line will [Operator comes your Sean We Meakim question the proceed question-and-answer please of question.

Sean Meakim

morning. Good Hey,

Holli Ladhani

morning. Good Sean.\

Sean Meakim

in focus on given continued know, you infrastructure the E&Ps that on effort give XXXX. on you're you kind where Holli, there? capital here, a you you produce the sourcing see the impacts both us we heading a The this. about opportunities? that that opportunities. opportunities last outlook is shifted see well And So as few sense from a thinking discipline, lot about of what of side Maybe the have those to part side how of as think terms in you has the know, water investment And, of into that how months out

Holli Ladhani

Yeah, I many and They've we valuation with some definitely the over robust. pretty is years see on deals built those mean, post looking systems recent the some meaningful side. frack of operators fairly market

you And lot how an those between so multiple there's they could they're I think sort of looking or for, there at of they're, the sell know, arbitrage versus are valued. not a know, guys you what those businesses there whether they

perspective, Postgres larger do solutions to a our operators the side. systems So more which we'll focused to bespoke means put I on see an challenge, think I investment be around active discussion they'll smaller from together opportunities. organic can we're on operator's think holiday that continue least

opportunities example. Just the will and it – to those of the the to will us, hurdles we're spot become that because of really work you to we would you you doubles. we kind an size through need those singles for and I find don't to this the is challenged a know, generate start that opportunity and, us what to on and valuations it capital know magnitude focused continue some sweet being meeting see be able these growth call up, on nice returns And of systems and but outside think can is deploy the when large of for add

During to completion them customer their their small use allow the the to maximize of know, we a were programs a manage third to water. in Permian, negotiate where, dollars able connect spent million quarter, for to water you produced a the we produce line to fields and few

has we want. But the systems big And have think, to and is associated for us a us. those some by is And nice think contract fit to return. of it organically, and the we sizes go doing not be with it investment give to returns I right it, going smaller I attack going the trying

Sean Meakim

Got it.

and Could Chemicals Now, see helpful. feedback. acquisition talk you that's very have push I into like What of, a pull WCS just little Kind genesis? the was how we or a well? I lot of that maybe, was just don't it a maybe as impacting of appreciate good the about necessarily think transaction that Maybe, what the type -- investors of just, looks business? visibility bit a that kind market

see maybe And versus Chem? be in business in of opportunities fleshing so for how are giving you pieces but better that plentiful there, of sense out, the on of that a bolt us acquisitions M&A opportunities So and would how think, kind lot organic I a helpful.

Holli Ladhani

Sure.

organic miss and Chemicals. they're I both that think, I bolt-on in So, -- opportunities

have had on and quarter. product on we line You FR based impact proprietary the our certainly volumes in growth saw the a that

our up, those we our then get costs. means market which line, in additional can cost structure there, we we hitting absorb that manufacturing see As we're volumes acceptance

well things organically, are there. So, playing really out

-- actually with job produce complicated the up our water that's the good needs. team's done used the to to we new particularly, across products and Permian, two capacity of test. -- being And to able full third plants. in And touching the in of fairly a the meet develop been were It's those our quarter being they've amount volume capacity

volumes because demand system, Not news. indication roofline. see for enough under good opportunities into some was But further the if can actually We add there. we looking the now the we're that right at it. big dollars, it that's So expansion expand

interest for, And that WCS, say, that specifically months. we've particular that probably an back, certainly one guess, go was more on then, in have had business I I'd XX XX,

stayed we whether understand be so that going hoop And to to was or the core. around not

that maybe convince business because with being we it able ended solution, treatment Hughes were really them Baker over it really to up we more know great it earlier brought that and XXX than a almost as And turned this well. the were year, employees we they could do out,

have into then And chemical the really, I business separated. by the been And to – so had, really important and opportunity, you importantly, and and fluid it with think it's I think that services that to going helping the that things, is historically, important, connect water quality there's as more our treatment we is system the you But value the that two choose. the what business. because that frac particular frac is connect refer fluid decision blender, those we decision mean we it bridge this our and

proprietary we can ends logistics, more when fairly both can from So all now a fall all treatment our the the I management the water WCS do the know, regard. for And more customers you complicated a in do there, effectively of that and is take in producers will water our pretty that then thing. more you think, quality multiple put addition services, we our friction it, know, add attack think that we capability. But And capabilities, powerful equation. you robust with work you in conversations us

strategically us small I relatively way it acquisition, positions is its important. it's think So but pretty the

Sean Meakim

Very Holli. helpful. Thanks,

Holli Ladhani

Sure.

Operator

Thank you.

from Hallead Kurt with proceed with question. Please line question of the RBC Capital. your next Our comes

Kurt Hallead

Hey, good morning.

Holli Ladhani

Good morning, Kurt.

Kurt Hallead

you and given, the seeing know, what's on just latest we're this exhaustion of about curious there's are the still for. that pipeline budgets as -- year you and fill is look the business dynamics So XX% pipeline, company to get that extended going prospects whether and you of the kind gauge water the oil pipeline some Holli, major the at to I'm other because appetite wanted XXXX of some into just get volume dynamics robust kind to at and customer there interest, is looking the that pipeline of

You you know, budget XXXX? know, some limited into growth,

Holli Ladhani

that that's rig When still and to is at XXXX, I'll active, activities, Sure, still good be current in about feel the the that good you really it a Northern question. look is, of level expect you Delaware we positioning look into to you, we tell part system. of and active XXXX.

So, that I connect rate in some saw we solutions to there be able would gap high that line, on and demand operations. to volumes put coming you the prior we some that quarter to to expand thing temporary sources to on our third on in permanent enough is the fill one know,

we right bridge we leverage completion and the had, the sources so the ways construction. high were our to And rate of that able essentially to

And it'll what part will we that to quarter. online, benefits of you be operating will from our get will up But And this the amount which now volumes an happen was on - schedule, now is system fair know, it those help cost again, on and then budget, something that a that to as third of the quarter. us, pipeline. And transition perspective. operating

we So, the not into are pay play. and associated take that these they're largely, with put volumes, or we

So look and permanent getting a good commercialization rate we're sources, the across high system. opportunities moving those forward finding water for of near-term to

in to feel to are our more with start really XXXX positioning now our customers really conversations needs. the about we all-in-all But commercialize And solution thinking pipeline. ability good to holistic about water and their the

Kurt Hallead

up follow basis. an Maybe Great, What WCS the appreciate acquisition of that. on are annualized to you revenue make? that contribution expecting kind on on

Holli Ladhani

accretive that trade budget. in our expect going on you on more Kurt, out go XXXX we that be to similar saw are fair that, to do an certainly I is, And the be improved would as the to lot you that we we'll you margins business assume to a know, we it's Chemicals transaction today. where tell what Yeah, fairly it relative to margins QX.

Kurt Hallead

Okay. Thanks, Appreciate it. Holli.

Holli Ladhani

Thanks. Sure.

Operator

you. Thank

question. with Tommy with next comes Our Please proceed line of Moll from Stephens. question your

Tommy Moll

questions. Good taking morning, and my thanks for

John Schmitz

Good morning.

Tommy Moll

stick I wanted a on WCS second. to for

I'm hearing for this think, you term water I longer your that produced recycling. correctly ties into strategy

I'm bring are up a speed pretty in and So that still on come us, is my to days. if sense inning assumption, It's there? you up that's also we could lot. early if a theme what articulate that then us for But correct it's in

you. helpful be in would where know that it to we are so process? And Thank

Holli Ladhani

with the starting I'm latter. Sure.

challenge know, else. the I'll the early is the big It's it you're completion where to there’s conversations in You Tommy Permian, to days. one relatively those place and this program. water support there's of right. And Permian, next the right every have we're still seeing is be there in the And location transition the and you producing is call enough

the put in water, the it line most produced customers of was and example fields to I for a Permian. relatively that out produce some cost could to to water short It the the gave example, one to permanent infrastructure utilizing So balance was was in. on they doing that that so do the way of connect effective our

I’d can so And say, and acreage able certain sense. become some tight. use quickly the disposal caught going moving to particular, in major just of The lot operators to economic water, is produced with it’s to those up in as the being areas more making as are, it a they cost

the so it. fluid because to advancements can the we chemistry, frac design range And costs deal water. of And water to any the with. that's very of we in with And work a can't really Permian not systems avoided not wide an there's that in dispose having by of

the helps I just us WCS do said table at as it, we're customers. what with And is,

the have the then robust system with completion. an but produce a are that need could get what dealing a have and you're then really you dealing frac conversation to spend fairly only that treatment, to have fluid it the of frac on or of stack we right with treatment, formation? it to fluid the because up match particular you system do awful limit the then the track cost Delaware, chemistry, low Basin amount the to a need you And an part more performance opportunity lot you'll could best more but and optimize treatment, do of think what of now changes we'll What I of, with. part do so to Midland of by because that not versus water here's

it that allow knowledge of And our sides I of have will for more create so efficient the think both equation, customers. to fact that solutions us the we

Tommy Moll

That's to gears shifting offer helpful. range And us peek for CapEx what Holli. XXXX give might a then allocation. you, you be of Would Thank be able to at and a the decide deploy. leftover cash flow as the free to to for comments to will share there's free how repurchases? extent I Thanks. any What's suspect significant flow appetite cash there continued capital be

John Schmitz

Sure. our at come have we'd that Mexico more if we that next did XXX XXXX, our on budget. about CapEx I’d million. that that at call not around New this year, you say, looking a for obviously, if look obviously, detail lot But our with where project, by would Today, would XXX. in XX we've to reduce have would said

And a projects. is think underlying start for XXXX barring to so there infrastructure total I additional from range new that decent probably

that flow leads number. a correctly point out So to robust cash that you you pretty

when microcosm about I we approach quarter third think we Now, think cash that flow. of is our a good how

How allocate singles strategy. be always to positive substantial it, tenet doubles that There'll all, that about. core it's want we investing we And So doing those not our of cash first to in Holli but just talked goes portion generating it? flow. business, maintaining the and a only free of a be

makes sense and forward. practice think continue a those. returning that's capital perspective, on the or of whether and like execute both other to WCS, from buyback. that currently, find to then acquisitions we'll something like going would about when we a to shareholders, strategic it's We we'll Then that's buyback continue accretive our through But tuck-in means,

about but that how putting think philosophy for will more all flow our I think and that's together certainly XXXX and cash for details, we operate have So today.

Holli Ladhani

so general Tommy, to CapEx we our the cash that, know, built and free third support about of a business you of a to only strategy, our is typically core on EBITDA. running think And because that thing a would to as thumb, model I add flow rule we maintenance

leave it cash to meaningful described. flow put to is other does that So isn't us uses

the XX think, But powder. of things know dry We opportunities next of we're now is I some don't that months right building -- us. do what hold what in they comfortable up doing might one the for sort

really really to do make allocation And is valuable. in kind I this commitments. optionality market, capital of so not today we're position in a think But creating broad

so be then two flow. we're be cash is going to what see step is And we'll present themselves little then to that. maybe step opportunities go And But on generating from and a patient focused and one there. doing

Tommy Moll

much. turn it I'll you Thank back. very Okay.

Holli Ladhani

Thanks.

Operator

Thank you.

Thomas comes your next line B. question. of with the Please Our proceed with Riley Curran FBR. question from

Thomas Curran

Good assets, morning. And that for three please for using correct how us the name sheets have rate if Nick, would the and just non-current assets thanks balance last there. divisions, total you don't the goodwill across tell assets. XQ and for intangibles of Piney pronunciation perhaps in assets, breakdown you total the another

Nick Swyka

more after we’ll there. call little Tom to Yeah. probably relatively But the a get the follow-up detail it translates to current revenue.

we fair not New currently chemicals. categories transfer, amount project. breakout. it's You're going of In the those have in equipment into have our and get how Mexico of and then It's obviously but will be there, can in a offline so of shortly. assets But spread online PPNE you to we built array water and fixed services manufacturing have details infrastructure, a And course infrastructure of blowback, wide more talk out.

Holli Ladhani

side, because the would -- deliver of deliver imagine, example. nice the limited it robust can us As for on investment you even margins asset, lower say, on return still chemical has a it though

Thomas Curran

get attractiveness, in And that And is Holli stage set call, and across last line? to one bespoke those this number since of wheelhouse of opportunity the to for you'd the of fall evolved expect has do into point, returning those Great. when discussions? at then the that organic How investment. maturation terms infrastructure that projects earliest finish

Holli Ladhani

a it's robust list. fairly say, would I Yeah,

literally day the for versus and success creating And nail. that folks looking the that solutions of that's our we team again, a a find always have we’ll hammer is -- We their out to every most where be for that's found customers. job

go out be is? their Let's then it. able find And how for problem solve what we might to

obviously I get And the it opportunity we of those But and the it's of very third a have about is that's we'll the quarter, active. a those their customer, and robust a the of away it in said, one small we finish them lead keep opportunities. But it, very in time over so, at set as enough we line. did quarter. it big -- say problems plugging could third to opportunities. And further did would That's each it's -- take interestingly to get

the in might And accelerate opportunities. future so once you're door that

keep it's to us could continue give looking the believe to so, deliver working predict going for to and an I is hard will and better give But Tom but absolutely that number on guidance in opportunity approach wish that there and really that. that And of to you those on we'll we sufficient returns organic clarity hard, have those XXXX. are we're we that

obviously won't And work it's about thoughtful going meet return not if really to thresholds our to project. the then and on be we putting be will capital executing this

Thomas Curran

my for taking you Thank questions.

Holli Ladhani

Sure.

Operator

the question the back portion concludes call. for like floor and answer of I over the turn This to closing would remarks. management to any

Holli Ladhani

we've softer But, of do But near our least most and those manage costs we've And top time hit to the -- view become we are I us a our for guess morning. you with that's that rebound the somewhat our three will priorities? wanted Thanks. on again, this And to term. taking capital XXXX. And only the thing leave at as already to expect what it's join customary, thanks this in in QX, morning. I obviously got is, our

be quarter looking cash We're maintain proud focused we're free activity match and that. of at product very free We're sizing levels. flow flow. positive to laser track to on right we're seven to going So delivering cash record of the going our

meeting And technology just needs. leveraging our that then we customer’s our and our and do folks the way is,

So in day is that last the field just priority. executing every

great thanks, everybody, day. a have and So

Operator

your today's and This participation. for you gentlemen, Ladies thank conclude does teleconference.

You a day. and disconnect your may lines have wonderful

Select Energy Services (WTTR) 7 Nov 192019 Q3 Earnings call transcript