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Back to 2023 Sustainability Report

Sustainability-Linked Credit
Facility Update

In a continuation of our commitment to leading health and safety as well as water sustainability practices, Select surpassed KPI thresholds for TRIR (total recordable incident rate) and recycled produced water vital to our Sustainability-Linked Credit Facility initiated in Q1 2022. In doing so, Select is reinforcing its mission of water stewardship, employee health and safety, and generating value for stakeholders by setting key sustainability metrics for which it can both hold itself accountable to and execute on. As the first company in the energy services industry to enter into a sustainability-linked credit facility, we hope to encourage other companies to follow suit.

As a refresher, the goals that we have committed to as well as the updated metrics for 2023 are outlined below. Select’s 2023 performance against the threshold and target levels for the key sustainability metrics was reviewed by Grant Thornton LLP, an independent certified public accounting firm, based on limited assurance standards established by the AICPA. Grant Thornton’s letter of limited assurance with regards to the key sustainability metrics can be found on page 53 of this report.

Total Recordable Incident Rate

Total Recordable Incident Rate (TRIR) includes full-time employees, regular part time, temporary employees,
and non-employee contractors (collectively, “employees”).

Select’s employees are the heart of what we do, and their safety and our team’s well-being is our first priority. All of our employees are trained in best-in-class worksite safety procedures as well as how to work safely with certified, properly maintained equipment. We believe that our customers select their operational partners based in part on the quality of their safety performance and compliance records. We will continue to make investments to be a market leader in this area.

The target is to achieve performance that is lower than the product of (i) the three year trailing average of the following subsectors classifications as reported by the Bureau of Labor Statistics: Support Activities for Oil and Gas operations, Chemical Manufacturing, Truck Transportation, & Administrative and Support Services and (ii) 0.75 (1.01 Target for the year ended December 31, 2023).

Barrels of Recycled Produced Water

As a leader in the water solutions industry, Select places the utmost importance on safe, environmentally responsible management of oilfield water throughout the lifecycle of a well. Additionally, we believe that responsibly managing water resources through our operations to help conserve and protect the environment in the communities in which we operate benefits all stakeholders.

The criteria for the credit facility establishes certain growth targets and thresholds for increasing the total barrels of produced water that Select recycles based upon the objective to more than double the total recycled volumes by 2025 relative to our 2021 baseline volumes. In 2023, we recycled 157.2 million barrels (6.60 billion gallons) of produced water at fixed facilities against our target of 37.5 million barrels (1.58 billion gallons).

1. Pro forma to include full year contribution of Breakwater acquisition, which closed November 1, 2022
2. Recycled produced water target and results represent volumes through fixed recycling facilities only in accordance with the terms of the sustainability-linked credit facility agreement.

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