Select Water Solutions Announces Release of 2023 Sustainability Report
Select's focus on reducing greenhouse gas ("GHG") emissions resulted in a 9% reduction in combined Scope 1 and Scope 2 emissions intensity from 2022
Select treated or recycled 18.4 billion gallons of water, a 37% increase from 2022
Select recycled 6.6 billion gallons of water at our fixed facilities, a 47% increase from 2022, reflecting the continued expansion of our Water Infrastructure segment
Select meaningfully exceeded the annual water recycling and employee safety targets embedded in the Company's sustainability-linked credit facility for 2023 by 319% and 57%, respectively
"As we move through 2024, our enthusiasm for Select's future is stronger than ever. We are committed to advancing our growth mission with precise operational execution, significant infrastructure investments, consistent earnings growth, and returning capital to our shareholders, all underpinned by our steadfast dedication to sustainability. We owe immense thanks to our team of talented and committed employees, whose steadfast support of these goals continues to propel us forward," concluded
Select's 2023 Sustainability Report outlines the policies, processes, procedures, and performance by which
Highlights of Select's 2023 sustainability report include:
- Reported key ESG performance metrics guided by multiple external disclosure frameworks
- Disclosed Scope 1 and Scope 2 emissions and intensity data utilizing
Environmental Protection Agency (EPA ) guidance and calculation methods, along with progress on the Company's emissions reduction initiatives - Efforts to reduce GHG emissions resulted in a 10% reduction in Scope 1 emissions intensity and a 2% reduction in Scope 2 emissions intensity for a combined 9% reduction in overall emissions intensity
- Meaningfully surpassed the annual threshold and target levels for both total recordable incident rate ("TRIR") (57% outperformance) and recycled produced water via fixed facilities (319% outperformance) as outlined in Select's sustainability-linked credit facility
- Reported a 47% year-over-year increase in barrels of produced water recycled at our fixed recycling facilities
- Achieved a 176% year-over-year increase in recycled produced water as a percent of total barrels of water sold
- Increased wastewater disposal volumes by 18% year-over-year
- Maintained a diverse workforce with 53% of the total employee base represented by traditionally underrepresented ethnic groups and 48% of employees in management represented by underrepresented ethnic and gender groups
- Achieved a lost time incident rate ("LTIR") of 0.16 and a TRIR of 0.44
- Sourced 99% of chemicals from companies with active or partially implemented ESG or sustainability programs
The 2023 Sustainability Report reviews the application of Select's business principles and supporting policies across its operations. It includes comprehensive discussions with internal and external stakeholders, supplemented by consultations with third-party experts. This report follows the recommended disclosures of the
About
Select is a leading provider of sustainable water and chemical solutions to the energy industry. These solutions are supported by the Company's critical water infrastructure assets, chemical manufacturing and water treatment and recycling capabilities. As a leader in sustainable water and chemical solutions, Select places the utmost importance on safe, environmentally responsible management of water throughout the lifecycle of a well. Additionally, Select believes that responsibly managing water resources throughout its operations to help conserve and protect the environment is paramount to the Company's continued success. For more information, please visit Select's website, https://www.selectwater.com.
Cautionary Statement Regarding Forward-Looking Statements
All statements in this communication other than statements of historical facts are forward-looking statements which contain our current expectations about our future results. We have attempted to identify any forward-looking statements by using words such as "could," "believe," "anticipate," "expect," "intend," "project," "will," "estimates," "preliminary," "forecast" and other similar expressions. Examples of forward-looking statements include, but are not limited to, the expectations of plans, business strategies, objectives and growth, projected financial results and future financial and operational performance, expected capital expenditures, our share repurchase program and future dividends. Although we believe that the expectations reflected, and the assumptions or bases underlying our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause our actual results, events or financial positions to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include the risks that the benefits contemplated from our recent acquisitions may not be realized, the ability of Select to successfully integrate the acquired businesses' operations, including employees, and realize anticipated synergies and cost savings and the potential impact of the consummation of the acquisitions on relationships, including with employees, suppliers, customers, competitors and creditors. Factors that could materially impact such forward-looking statements include, but are not limited to: the global macroeconomic uncertainty related to the
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