Select Water Solutions to Acquire Pilot Water in $700 Million Delaware Basin Deal

Select Water Solutions agreed to buy Pilot Water Solutions for $700 million, consisting of $600 million in cash and $100 million in stock. The deal adds about 2.7 million barrels per day of permitted disposal capacity, more than 700 miles of pipelines and contracted volumes projected to reach 1 million barrels per day in 2027. Pilot is expected to contribute $120 million to $130 million in 2027 adjusted EBITDA, with $10 million to $15 million in annual cost synergies.

Select Water Solutions agreed to buy Pilot Water Solutions for $700 million—$600 million cash and $100 million in Select Class A stock. The deal should close in Q4 2026, pending approvals. Pilot adds about 2.7 million barrels per day of active permitted disposal capacity, nearly 900,000 barrels per day undeveloped, and over 700 miles of pipelines.

In first-half 2026, Pilot handled roughly 850,000 barrels per day of produced water, with over 80% from the Delaware Basin in Texas and New Mexico. A new 175,000-barrel-per-day minimum-volume commitment is expected to lift volumes to 1 million barrels per day in 2027. Pilot's projected adjusted EBITDA is $100 million-$110 million for 2026 and $120 million-$130 million for 2027.