Select Water Solutions

Revenue jumped 28 percent to 412 million dollars, and profit climbed to about 23 million dollars from just 2.3 million a year ago. The pipeline and recycling side hit a record 110 million dollars, up 40 percent, while handling 1.7 million barrels of water a day, up more than 30 percent. It keeps about 57 cents of every dollar before wear and tear, versus about 24 cents in water services.

Select just closed its purchase of Pilot Water Solutions, adding to a network of more than 1,000 miles of pipeline, and sold a 55 percent stake in Peak Rentals. With only part of a quarter from Pilot, the pipeline and recycling side should bring in 150 to 160 million dollars next quarter, about the same as water services. The company expects core earnings of 95 to 100 million dollars, up from 93 million, even with Peak Rentals gone.

To buy Pilot and clear old loans, Select borrowed 900 million dollars at 7.625 percent, compared with about 247 million dollars of debt at the end of September. That works out to about 69 million dollars a year in interest, or roughly 17 million a quarter, when this quarter's entire profit was 23 million dollars. Pilot has to earn its keep for this to pay off.

Water services and chemicals still made up about 73 percent of revenue, and both move with how busy oil companies are. Adding up the company's own forecasts points to fourth quarter revenue of about 375 to 400 million dollars, down from 412 million, as Peak Rentals drops out and chemicals slip to 75 to 80 million. Cash is tight too, since the company spent about 3.6 million dollars more than its operations brought in.