Select Energy Services, Inc. (NYSE: WTTR) reported Q1 EPS of $0.01, $0.12 worse than the analyst estimate of $0.13. Revenue for the quarter came in at $362.6 million versus the consensus estimate of $357.92 million.

Holli Ladhani, President and CEO, stated, "I'm pleased the team was able to improve overall gross margins for the Company and hold revenue steady in the first quarter even after divesting certain operations from our former Wellsite Services segment during the quarter. As a result of recent divestitures of non-core operations within this segment, and with the intent of providing further transparency into our business, we will report in three operating segments going forward: Water Services, Water Infrastructure and Oilfield Chemicals.

"A key driver behind our decision to reorganize our segments is the opportunity we see to further develop water-related infrastructure around our existing footprint and across the full spectrum of the water solutions supply chain. In connection with this, I\'m pleased today to announce an expansion to the previously announced New Mexico fixed infrastructure system, which is designed to deliver water to our customers in the heart of the northern Delaware Basin. The initial phase of this project, which is currently under construction, is supported by a five-year take-or-pay contract with a major international integrated oil company. Given our ongoing discussions, in addition to our customers\' enthusiasm regarding the development potential of this region, we are expanding the geographic reach of this system to incremental acreage as well as increasing the daily throughput capacity by 50% to 150,000 barrels per day, bringing the overall capital commitment to this project to approximately $40 million," concluded Ladhani.

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