Select Water Solutions Unveils New 2024 Sustainability Insights
In 2024, Select Water Solutions achieved remarkable advancements in its sustainable water management practices, treating or recycling a staggering 20.0 billion gallons of water. This impressive feat reflects a 9% increase compared to 2023, demonstrating the company's unwavering commitment to enhancing its Water Infrastructure segment. Simultaneously, Select made significant strides in increasing environmentally-responsible disposal volumes by a notable 41% from the previous year.
Outstanding Performance in Sustainability Targets
During 2024, Select Water Solutions didn’t just meet but meaningfully exceeded its annual targets related to water recycling and employee safety. The company surpassed its sustainability-linked credit facility goals by an extraordinary 324% for water recycling and 49% for safety metrics. This level of commitment underscores Select's dedication to setting the bar for environmental and operational standards in the industry.
Greenhouse Gas Reduction Efforts
A key focus for Select has been the reduction of greenhouse gas (GHG) emissions. The company achieved an impressive 8% year-over-year reduction in combined Scope 1 and Scope 2 emissions in 2024. These ongoing efforts demonstrate Select’s commitment to a sustainable future, aligning closely with industry standards and community expectations.
Strategic Expansion and Long-Term Contracts
John Schmitz, Chairman of the Board and CEO, emphasized the company’s strategic growth during the year. Select expanded its recycling operations and its portfolio of infrastructure assets significantly. The signing of long-term contracts for additional facility development positions Select for continued growth into 2025 and 2026. This expansion aligns with Select's ongoing mission to enhance its beneficial reuse solutions, furthering its efforts in repurposing produced water and minimizing the environmental impact on the energy industry.
A Commitment to Stakeholders
Reflecting on the achievements of 2024, Mr. Schmitz expressed enthusiasm about the company's trajectory in sustainability-related performance. He noted the increased bar set in their new sustainability-linked credit facility, which emphasizes sustainability and safety at its core. Mr. Schmitz extended gratitude to employees for their dedication to safe operations, as well as to shareholders and community stakeholders for their support.
Key Highlights from the 2024 Sustainability Report
The company’s comprehensive 2024 Sustainability Report details its policies and performance regarding environmental, social, and governance (ESG) objectives. Here are some notable highlights:
- Reduction of total Scope 1 and 2 emissions by 8%, backed by investments in fleet upgrades and infrastructure improvements.
- Treatment or recycling of 477 million barrels (20 billion gallons) of produced water in 2024, marking a 9% increase year-over-year.
- A 20% increase in recycled water volumes as a percentage of total water sold, leading to decreased freshwater consumption.
- Significant 41% growth in environmentally responsible wastewater disposal volumes.
- A level of outperformance on both TRIR and recycled water targets, achieving 49% and 324% above the set targets, respectively.
- Impressive safety metrics with a lost time incident rate of 0.25 and total recordable incident rate of 0.54.
- Goals established in conjunction with the new sustainability-linked credit facility include a 14% target increase in recycled produced water volumes, aiming to hit a target of 403 million barrels by 2029.
- Reduction of chemical spill incidents by 60% and water spills by 18% since 2023.
- Deployment of 200 miles of proprietary TideLine™ lay-flat water transfer hoses, improving environmental efficiency in fluid transfer.
- Efforts in reducing GHG emissions led to a reduction of 33 thousand metric tons in Scope 1 emissions.
Continued Commitment to ESG Standards
Through the 2024 Sustainability Report, Select Water Solutions demonstrates how its business principles align with leading ESG practices. This comprehensive document includes valuable insights gained through discussions with various stakeholders, ensuring accountability and transparency in its operations. Select adheres to internationally recognized standards such as the Sustainability Accounting Standards Board (SASB) guidelines, reinforcing their commitment to sustainable industry practices.
Frequently Asked Questions
What are the main highlights of Select Water Solutions' 2024 Sustainability Report?
The report highlights significant achievements in water recycling, reduction in GHG emissions, and a strong focus on employee safety, exceeding sustainability targets.
How much water did Select Water Solutions recycle in 2024?
Select recycled approximately 477 million barrels, or 20 billion gallons, marking a 9% increase from the previous year.
What measures did Select take to improve safety?
Select achieved a lost time incident rate of 0.25 and outperformed safety benchmarks significantly, emphasizing employee wellbeing and site safety.
How does Select plan to enhance its sustainability efforts in the future?
Select plans to increase recycled water volumes, reduce spill incidents, and continuously improve safety through strategic goals set in collaboration with their sustainability-linked credit facility.
What commitment does Select Water Solutions have towards environmental stewardship?
Select is committed to minimizing its environmental footprint by prioritizing sustainable practices and innovative solutions in water management.
