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Achieved record consolidated gross margins exceeding 30% for the first time, driven by Water Infrastructure margins reaching 56%.

Leveraged existing network density to secure low-capital commercial wins, including three new Minimum Volume Commitments (MVCs) and eight interruptible agreements.

Attributed Water Infrastructure outperformance to increased recycling and disposal volumes, managing approximately 1.4 million barrels per day.

Integrated tactical acquisitions in the Northern Delaware Basin to add 30,000 barrels per day of disposal capacity and 1.8 thousand acre-feet of annual water rights.

Reported that Chemical Technology demand is shifting toward high-margin specialty surfactants and friction reducers that enhance reservoir production.

Noted that while geopolitical tensions have improved the commodity outlook, customer behavior remains stable with a focus on maintaining existing frac crew counts.

Emphasized the strategic value of 'last-mile' logistics, where integrating water transfer with infrastructure assets captures higher service margins.

Increased full-year 2026 Water Infrastructure revenue growth guidance to 25%-30%, up from the previous 20%-25% range.

Raised 2026 net CapEx guidance to $200 million-$250 million to account for recent acquisitions and accelerated infrastructure project timelines.

Anticipates Q2 2026 adjusted EBITDA between $77 million and $80 million, supported by double-digit growth in the Chemical Technology segment.

Expects significant free cash flow generation in 2027 as major growth capital projects in New Mexico reach maturation.

Projecting a modest low single-digit revenue decline in Water Services for Q2, though margins are expected to remain steady between 20% and 22%.

Closed $29 million in acquisitions subsequent to quarter-end, focusing on surface and mineral rights to reduce right-of-way costs and add royalty streams.

Identified a short-term drag on operating cash flow due to increased accounts receivable, which management expects to normalize later in the year.

Successfully utilized an equity offering to fully repay outstanding revolver borrowings, ending the quarter with $300 million in total liquidity.

Highlighted skim oil pricing as a direct revenue tailwind within the Infrastructure segment if elevated commodity prices persist.

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Management observed that customers are maintaining frac crew counts rather than dropping them as previously planned.

Higher prices are driving conversations regarding increased completion intensity and refracking existing volumes to bring oil to market faster.

Management confirmed active dialogues regarding water supply for evaporative cooling and ancillary services like power and rentals for data centers.

Stated that water availability is a 'gatekeeping item' for these projects, positioning the company's infrastructure as a critical solution provider.

Management has not seen any meaningful change in customer schedules or activity due to gas takeaway concerns or flaring limits.

Operators are exploring alternative uses for gas, such as on-site power generation, rather than slowing down drilling programs.

Reiterated that the business is evolving into a low-maintenance capital model designed to support repeatable dividends.

Indicated that while growth remains the immediate priority, the company will be 'value takers' regarding opportunistic stock buybacks.

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