In January 2025, SES Holdings and Select Water Solutions, LLC entered into a new five-year, $550 million senior secured sustainability-linked credit facility, replacing the prior facility. The structure includes $300 million in revolving commitments and $250 million in term loan commitments, enhancing long-term financial flexibility and supporting growth in Select’s Water Infrastructure segment, including produced water recycling initiatives.

The facility incorporates two sustainability performance metrics: total recordable incident rate (TRIR) as the employee health and safety metric and volumes of produced water recycled at Select-owned or operated treatment and recycling facilities as the water stewardship metric. Interest rate margins and facility fees are adjusted based on performance against defined annual thresholds, subject to independent external assurance.

In 2025, Select outperformed targets for both metrics, achieving a TRIR of 0.31 and approximately 246.7 million barrels of produced water recycled, resulting in the maximum downward adjustment to borrowing costs.