Aris Water Solutions, Inc. reported significant financial growth in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenue of $112.3 million, a 13% increase from $99.8 million in the same quarter of 2023. For the nine months ended September 30, 2024, revenue reached $316.8 million, up 10% from $288.0 million in the prior year. The increase in revenue was primarily driven by a 24% rise in Produced Water Handling revenue, which totaled $59.0 million for the quarter, compared to $47.6 million in 2023.
Operating income for the third quarter was $28.3 million, reflecting a 27% increase from $22.2 million in the previous year. Net income for the quarter also rose significantly, reaching $16.4 million, a 34% increase from $12.2 million in Q3 2023. For the nine-month period, net income surged to $46.4 million, up 53% from $30.4 million in the same period last year.
The company’s cash position improved markedly, with cash as of September 30, 2024, totaling $32.8 million, compared to $5.1 million at the end of 2023. Total current assets increased to $153.6 million from $108.6 million, while total assets rose to $1.4 billion from $1.3 billion. Total liabilities also increased, reaching $677.9 million, up from $652.6 million at the end of 2023.
Aris Water Solutions has been actively involved in strategic initiatives, including a Joint Industry Project (JIP) with major oil companies to develop technologies for treating produced water. The company also signed a letter of intent to construct an iodine extraction facility, expected to be operational by the end of 2025.
In terms of operational metrics, the company reported a 6% increase in total produced water handling volumes for Q3 2024, totaling 1,118 thousand barrels per day. The gross margin per barrel improved to $0.32, a 23% increase compared to the same period in 2023.
The company declared dividends of $0.105 per share for Q3 2024, marking a 17% increase from the previous year. Additionally, it reported a net cash provided by operating activities of $111.2 million for the nine months ended September 30, 2024, although this was a decrease from $152.5 million in the same period in 2023.
Overall, Aris Water Solutions demonstrated robust financial performance and strategic growth initiatives, positioning itself favorably within the water management sector for oil and gas operations.
About Aris Water Solutions, Inc.
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