Energy Prospectus

In the segment of water sourcing and logistics for shale drilling, this company might be worth a look. "Select Energy Services" (WTTR). Appears to have a good position in the Bakken play.
Below is a partial quote from a SeekingAlpha article on the company:

"... Currently, WTTR has permits or long-term access rights to approximately 1.5 billion gallons of water annually from hundreds of sources, along with their associated rights-of-way for transporting that water to where it is needed. Its franchise was cobbled together over many years and is now virtually impossible to replicate.

Many of those water and easement rights are exclusive. By way of example, WTTR has a dominant presence in the Bakken, which produces 1.2 million barrels per day (bpd), or about 12% of daily U.S. production. Water for fracking in the Bakken comes from Lake Sakakawea in North Dakota. This water from Lake Sakakawea cannot be obtained without a permit and it has been decided that no new permits will be granted within 25 miles of an intake location associated with an existing permit. There are five permits and WTTR owns three of those permits."

So that gives the broad-brush idea behind their business.
Caveat Emptor - I only learned of Select Energy Services a few days ago and do not know much about it, so work your own due diligence. I have no idea if it is a good or bad buy.

Select Energy Services is based in Houston, Texas
It has a market-cap of over $2 Billion.

First Quarter Results were very good.

– Net Income of $16.1 million and Adjusted EBITDA(1) of $59.6 million
– Operating Cash Flow of $35.2 million which fully funded capital expenditures
– Total liquidity of $166.9 million, including cash and cash equivalents of $6.1 million

HOUSTON, May 10, 2018 /PRNewswire/ — Select Energy Services, Inc. (NYSE: WTTR) (“Select” or “the Company”), a leading provider of total water management and chemical solutions to the North American unconventional oil and gas industry, today announced results for the first quarter ended March 31, 2018.

Revenue for the first quarter of 2018 was $376.4 million as compared to $304.2 million in the fourth quarter of 2017 and $99.9 million in the first quarter of 2017.

Net income for the first quarter of 2018 was $16.1 million as compared to a net loss of $14.9 million in the fourth quarter of 2017 and a net loss of $12.3 million in the first quarter of 2017. Adjusted EBITDA was $59.6 million in the first quarter of 2018 as compared to $43.9 million in the fourth quarter of 2017 and $13.8 million in the first quarter of 2017. Due to the timing of Select’s merger with Rockwater Energy Solutions, Inc. (“Rockwater”) that closed on November 1, 2017, results in the fourth quarter of 2017 do not include Rockwater’s operating results for the month of October, which included approximately $70.1 million in revenue, $0.7 million in net income and $7.7 million in Adjusted EBITDA.

Holli Ladhani, President and CEO, stated, “We are very encouraged by how the company progressed during the first quarter. The integration of Rockwater has gone well and is reflected in our first quarter results with solid net income and cash flow. With a supportive backdrop of rising oil prices and overall strong market fundamentals, we will continue to remain focused on further improving our margins in the second quarter.”

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(1) “Adjusted EBITDA” is not presented in accordance with generally accepted accounting principles in the United States (“GAAP”). Please see the supplemental financial information in the table under “Comparison of Non-GAAP Financial Measures” at the end of this earnings release for a reconciliation of the non-GAAP financial measure of Adjusted EBITDA to its most directly comparable GAAP financial measure.

Cash Flow and Balance Sheet

Cash Flow from Operations for the first quarter was $35.2 million. Capital expenditures for the quarter were $32.6 million, which were fully funded with Cash Flow from Operations, which also included $18.2 million of working capital build. Total cash during the quarter increased $3.3 million and, at March 31, 2018, cash and cash equivalents totaled $6.1 million and outstanding borrowings under our revolving credit facility of $75.0 million. In addition to cash and cash equivalents, the Company had approximately $160.8 million of available borrowing capacity under our revolving credit facility after giving effect to $19.8 million of outstanding letters of credit, providing total liquidity of $166.9 million.