# EDGAR Filing Document

**Accession Number:** 0001865187
**File Stem:** 0001558370-25-011057
**Filing Date:** 2025-8
**Character Count:** 49523
**Document Hash:** a07d377632a7bbc47704297b0137afb3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-25-011057.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001558370-25-011057

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250811

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Aris Water Solutions, Inc.
- **CENTRAL INDEX KEY:** 0001865187
- **STANDARD INDUSTRIAL CLASSIFICATION:** OIL, GAS FIELD SERVICES, NBC [1389]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40955
- **FILM NUMBER:** 251202473

**BUSINESS ADDRESS:**
- **STREET 1:** 9651 KATY FREEWAY
- **STREET 2:** SUITE 400
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77024
- **BUSINESS PHONE:** (832) 304-7003

**MAIL ADDRESS:**
- **STREET 1:** 9651 KATY FREEWAY
- **STREET 2:** SUITE 400
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77024

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Solaris Water, Inc.
- **DATE OF NAME CHANGE:** 20210601

?xml version='1.0' encoding='ASCII'?

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

## FORM 8-K
**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of Earliest Event Reported): August 11, 2025**

## Aris Water Solutions, Inc .
**(Exact Name of Registrant as Specified in Charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-40955** | **87-1022110** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

**9651 Katy Freeway, Suite 400**

**Houston, Texas 77024**

(Address of Principal Executive Offices and Zip Code)

**Registrant's telephone number, including area code:**

**(832) 304-7003**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol** | **Name of Each Exchange on Which Registered** |
| Class A Common Stock, $0.01 par value per share | ARIS | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02. Results of Operations and Financial Condition.**

On August 11, 2025, Aris Water Solutions, Inc. issued a press release announcing its operating and financial results for the quarter ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated by reference herein.

The information in this Item 2.02, including Exhibit 99.1 to this Current Report on Form 8-K, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

**Item 9.01.** **Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**ExhibitNumber** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;99.1 | &nbsp;&nbsp;[Press Release of Aris Water Solutions, Inc. dated August 11, 2025.](aris-20250811xex99.htm) |
| &nbsp;&nbsp;104 | &nbsp;&nbsp;Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 11, 2025

---

| | | |
|:---|:---|:---|
| **ARIS WATER SOLUTIONS, INC.** | **ARIS WATER SOLUTIONS, INC.** | **ARIS WATER SOLUTIONS, INC.** |
| By: | /s/ Stephan E. Tompsett | /s/ Stephan E. Tompsett |
| Name: | Name: | Stephan E. Tompsett |
| Title: | Title: | Chief Financial Officer |

---

## Ex-99

Exhibit 99.1

![Graphic](aris-20250811xex99001.jpg)

***Source****: Aris Water Solutions, Inc.*

*August 11, 2025*

**Aris Water Solutions, Inc. Reports Second Quarter 2025 Results** 

HOUSTON, Texas, August 11, 2025 – Aris Water Solutions, Inc. (NYSE: ARIS) ("Aris," "Aris Water," or the "Company") today announced financial and operating results for the second quarter ended June 30, 2025.

**SECOND QUARTER 2025 HIGHLIGHTS**

● Achieved record volumes for Produced Water Handling for a second consecutive quarter

● Produced Water Handling volumes grew 4% sequentially and 13% year-over-year

● Recycled water volumes grew 35% year-over-year

● Achieved second quarter 2025 net income of $14.1 million

● Generated Adjusted EBITDA <sup>1</sup> of $54.6 million for the second quarter of 2025, up 9% year-over year

● As announced August 6, 2025, Western Midstream Partners, LP ("WES") and Aris have entered into a definitive agreement pursuant to which WES will acquire all of the outstanding shares of Aris in an equity-and-cash transaction valued at approximately $1.5 billion

------

**OPERATIONS UPDATE** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | | | |
|  | **June 30,**  | **March 31** | <br>**% Change** | **Three Months Ended** <br>**June 30,**  | <br>**% Change** |
|  | **2025** | **2025** |  | **2024** |  |
| *(thousands of barrels of water per day)* |  |  |  |  |  |
| Total Volumes | 1757 | 1750 | —%&nbsp;&nbsp;&nbsp;&nbsp; | 1455 | 21% |
| Produced Water Handling Volumes | 1234 | 1191 | 4%&nbsp;&nbsp;&nbsp;&nbsp; | 1093 | 13% |
| Water Solutions Volumes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Recycled Produced Water Volumes Sold | 425 | 475 | (11)% | 314 | 35% |
| &nbsp;&nbsp;&nbsp;Groundwater Volumes Sold | 98 | 84 | 17% | 48 | 104% |
| Total Water Solutions Volumes | 523 | 559 | (6)%  | 362 | 44% |
| Skim oil recoveries *(barrels of oil per day)* | 2845 | 1962 | 45% | 1490 | 91% |
| Skim oil recoveries *(as a % of produced water volumes)* | 0.23% | 0.16% | 44%  | 0.14% | 64% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  | **% Change** |
|  | **2025** | **2024** |  |
| *(thousands of barrels of water per day)* |  |  |  |
| Total Volumes | 1754 | 1489 | 18%&nbsp;&nbsp;&nbsp;&nbsp; |
| Produced Water Handling Volumes | 1213 | 1126 | 8%&nbsp;&nbsp;&nbsp;&nbsp; |
| Water Solutions Volumes |  |  |  |
| &nbsp;&nbsp;&nbsp;Recycled Produced Water Volumes Sold | 450 | 325 | 38% |
| &nbsp;&nbsp;&nbsp;Groundwater Volumes Sold | 91 | 38 | 139% |
| Total Water Solutions Volumes | 541 | 363 | 49%  |
| Skim oil recoveries *(barrels of oil per day)* | 2406 | 1610 | 49% |
| Skim oil recoveries *(as a % of produced water volumes)* | 0.20% | 0.14% | 43%  |

---

**FINANCIAL UPDATE**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | | | |
| <br>*(in thousands)* | **June 30,**  | **March 31** | <br>**% Change** | **Three Months Ended** <br>**June 30,**  | <br>**% Change** |
|  | **2025** | **2025** |  | **2024** |  |
| Net Income | $14084 | $16000 | (12)%&nbsp;&nbsp;&nbsp;&nbsp; | $13112 | 7% |
| Adjusted Net Income | 20479 | 21415 | (4)%&nbsp;&nbsp;&nbsp;&nbsp; | 17310 | 18% |
| Adjusted EBITDA | 54564 | 56539 | (3)%&nbsp;&nbsp;&nbsp;&nbsp; | 49995 | 9% |
| Gross Margin/Barrel <sup>(1)</sup> | $0.29 | $0.32 | (9)%&nbsp;&nbsp;&nbsp;&nbsp; | $0.32 | (9)% |
| Adjusted Operating Margin/Barrel <sup>(1)</sup> | $0.41 | $0.44 | (7)%&nbsp;&nbsp;&nbsp;&nbsp; | $0.46 | (11)% |
| Capital Expenditures | $22078 | $21162 | 4%  | $37346 | (41)% |
| This table includes reference to non-GAAP measures. See definition and a reconciliation to the most directly comparable GAAP measure in the Appendix. | This table includes reference to non-GAAP measures. See definition and a reconciliation to the most directly comparable GAAP measure in the Appendix. | This table includes reference to non-GAAP measures. See definition and a reconciliation to the most directly comparable GAAP measure in the Appendix. | This table includes reference to non-GAAP measures. See definition and a reconciliation to the most directly comparable GAAP measure in the Appendix. | This table includes reference to non-GAAP measures. See definition and a reconciliation to the most directly comparable GAAP measure in the Appendix. | This table includes reference to non-GAAP measures. See definition and a reconciliation to the most directly comparable GAAP measure in the Appendix. |
| <sup>(1)</sup> Gross Margin/Barrel and Adjusted Operating Margin/Barrel relate to our Water Gathering and Processing segment. | <sup>(1)</sup> Gross Margin/Barrel and Adjusted Operating Margin/Barrel relate to our Water Gathering and Processing segment. | <sup>(1)</sup> Gross Margin/Barrel and Adjusted Operating Margin/Barrel relate to our Water Gathering and Processing segment. | <sup>(1)</sup> Gross Margin/Barrel and Adjusted Operating Margin/Barrel relate to our Water Gathering and Processing segment. | <sup>(1)</sup> Gross Margin/Barrel and Adjusted Operating Margin/Barrel relate to our Water Gathering and Processing segment. | <sup>(1)</sup> Gross Margin/Barrel and Adjusted Operating Margin/Barrel relate to our Water Gathering and Processing segment. |

---

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  | **% Change** |
|  | **2025** | **2024** |  |
| Net Income | $30084 | $29942 | —%&nbsp;&nbsp;&nbsp;&nbsp; |
| Adjusted Net Income | 41893 | 37433 | 12%&nbsp;&nbsp;&nbsp;&nbsp; |
| Adjusted EBITDA | 111103 | 103103 | 8%&nbsp;&nbsp;&nbsp;&nbsp; |
| Gross Margin/Barrel <sup>(1)</sup> | $0.31 | $0.32 | (3)%&nbsp;&nbsp;&nbsp;&nbsp; |
| Adjusted Operating Margin/Barrel <sup>(1)</sup> | $0.43 | $0.46 | (7)%&nbsp;&nbsp;&nbsp;&nbsp; |
| Capital Expenditures | $43240 | $75062 | (42)%  |
| This table includes reference to non-GAAP measures. See definition and a reconciliation to the most directly comparable GAAP measure in the Appendix. | This table includes reference to non-GAAP measures. See definition and a reconciliation to the most directly comparable GAAP measure in the Appendix. | This table includes reference to non-GAAP measures. See definition and a reconciliation to the most directly comparable GAAP measure in the Appendix. | This table includes reference to non-GAAP measures. See definition and a reconciliation to the most directly comparable GAAP measure in the Appendix. |
| <sup>(1)</sup> Gross Margin/Barrel and Adjusted Operating Margin/Barrel relate to our Water Gathering and Processing segment | <sup>(1)</sup> Gross Margin/Barrel and Adjusted Operating Margin/Barrel relate to our Water Gathering and Processing segment | <sup>(1)</sup> Gross Margin/Barrel and Adjusted Operating Margin/Barrel relate to our Water Gathering and Processing segment | <sup>(1)</sup> Gross Margin/Barrel and Adjusted Operating Margin/Barrel relate to our Water Gathering and Processing segment |

---

------

**STRONG BALANCE SHEET AND LIQUIDITY**

As of June 30, 2025, the Company had net debt of approximately $445 million with $57 million in cash and $347 million available under its revolving credit facility. The Company's leverage ratio<sup>3</sup> at the end of the second quarter of 2025 was 2.0X, below the Company's target leverage of 2.5X – 3.5X.

**THIRD QUARTER 2025 DIVIDEND** 

Aris's Board of Directors declared a dividend on its Class A common stock for the third quarter of 2025 of $0.14 per share. In conjunction with the dividend payment, a distribution of $0.14 per unit will be paid to unit holders of Aris Water Holdings, LLC. The dividend will be paid on September 18, 2025, to holders of record of the Company's Class A common stock as of the close of business on September 4, 2025. The distribution to unit holders of Aris Water Holdings, LLC will be subject to the same payment and record dates.

**CONFERENCE CALL**

Given the previously announced transaction with WES, Aris will not host an earnings conference call for the Second Quarter of 2025.

<u>About Aris Water Solutions, Inc.</u>

Aris Water Solutions, Inc. is a leading, growth-oriented environmental infrastructure and solutions company that directly helps its customers reduce their water and carbon footprints. Aris Water delivers full-cycle water handling and recycling solutions that increase the sustainability of energy company operations. Its integrated pipelines and related infrastructure create long-term value by delivering high-capacity, comprehensive produced water management, recycling and supply solutions to operators in the core areas of the Permian Basin.

![Graphic](aris-20250811xex99002.jpg)

<sup>1</sup> Adjusted Net Income, Adjusted EBITDA, and Diluted Adjusted Net Income per Share are non-GAAP financial measures. See the supplementary schedules in this press release for a discussion of how we define and calculate Adjusted Net Income, Adjusted EBITDA, and Diluted Adjusted Net Income per Share and a reconciliation thereof to net income, the most directly comparable GAAP measure.

<sup>2</sup> The Adjusted Operating Margin and Adjusted Operating Margin per Barrel measures are related to our Water Gathering and Processing segment. Adjusted Operating Margin and Adjusted Operating Margin per Barrel are non-GAAP financial measures. See the supplementary schedules in this press release for a discussion of how we define and calculate Adjusted Operating Margin per Barrel and a reconciliation thereof to gross margin, the most directly comparable GAAP measure.

<sup>3</sup> Represents a non-GAAP financial measure. Defined as net debt as of June 30, 2025, divided by trailing twelve months Adjusted EBITDA. Net debt is calculated as total debt less cash and cash equivalents. See the supplementary schedules in this press release for a reconciliation to the most directly comparable GAAP measure.

<sup>4</sup> Capital Expenditures is a non-GAAP financial measure. See the supplementary schedules in this press release for a discussion of how we define and calculate Capital Expenditures and a reconciliation thereof to cash paid for property, plant, and equipment, the most directly comparable GAAP measure.

------

<u>Forward-Looking Statements</u>

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Examples of forward-looking statements include, but are not limited to, statements, information, opinions or beliefs regarding our business strategy, our industry, our future profitability, business and financial performance, including our guidance for 2025, current and potential future long-term contracts, legal and regulatory developments, our ability to identify strategic acquisitions and realize expected benefits therefrom, the development of technologies for the beneficial reuse of produced water and related strategies, plans, objectives and strategic pursuits and other statements that are not historical facts. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "guidance," "preliminary," "project," "estimate," "expect," "anticipate," "continue," "sustain," "will," "intend," "strive," "plan," "goal," "target," "believe," "forecast," "outlook," "future," "potential," "opportunity," "predict," "may," "visibility," "possible," "should," "could" and variations of such words or similar expressions. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated or implied by the forward-looking statements including our guidance for 2025. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include, but are not limited to, energy prices, trade policy of domestic and foreign governments (including the imposition of tariffs), the Russia-Ukraine and Middle Eastern conflicts, macroeconomic conditions (such as inflation) and market uncertainty related thereto, legislative and regulatory developments, customer plans and preferences, adverse results from litigation and the use of financial resources for litigation defense, technological innovations and developments, and other events discussed or referenced in our filings made from time to time with the Securities and Exchange Commission ("SEC"), including such factors discussed under "Risk Factors" in our most recent Annual Report on Form 10-K, and if applicable, our subsequent SEC filings, which are available on our Investor Relations website at https://ir.ariswater.com/sec-filings or on the SEC's website at www.sec.gov/edgar. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. All forward-looking statements, expressed or implied, included in this press release and any oral statements made in connection with this press release are expressly qualified in their entirety by the foregoing cautionary statements. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

------

**Table 1**

**Aris Water Solutions, Inc.**

**Condensed Consolidated Statements of Operations**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands, except for share and* | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended**  | **Six Months Ended**  |
| *per share amounts)* | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenue** |  |  |  |  |
| &nbsp;&nbsp;Produced Water Handling | $62243 | $54815 | $119549 | $113921 |
| &nbsp;&nbsp;Produced Water Handling — Affiliate | 35964 | 28614 | 70836 | 55441 |
| &nbsp;&nbsp;Water Solutions | 19397 | 13795 | 40053 | 25497 |
| &nbsp;&nbsp;Water Solutions — Affiliate | 5762 | 3453 | 12521 | 8695 |
| &nbsp;&nbsp;Other Revenue | 726 | 440 | 1624 | 969 |
| Total Revenue | 124092 | 101117 | 244583 | 204523 |
| **Cost of Revenue** |  |  |  |  |
| &nbsp;&nbsp;Direct Operating Costs | 58227 | 40194 | 108415 | 79840 |
| &nbsp;&nbsp;Cost of Goods Sold | 127 |  | 127 |  |
| &nbsp;&nbsp;Depreciation, Amortization and Accretion | 19972 | 19707 | 39728 | 39128 |
| Total Cost of Revenue | 78326 | 59901 | 148270 | 118968 |
| **Operating Costs and Expenses** |  |  |  |  |
| &nbsp;&nbsp;Abandoned Well Costs | 998 | (25) | 1460 | 310 |
| &nbsp;&nbsp;General and Administrative | 17699 | 16037 | 37709 | 30538 |
| &nbsp;&nbsp;Research and Development Expense | 946 | 1128 | 2074 | 2193 |
| &nbsp;&nbsp;Other Operating (Income) Expense, Net | (208) | 157 | 904 | 737 |
| Total Operating Expenses | 19435 | 17297 | 42147 | 33778 |
| **Operating Income** | 26331 | 23919 | 54166 | 51777 |
| **Other Expense** |  |  |  |  |
| &nbsp;&nbsp;Interest Expense, Net | 9567 | 8813 | 18797 | 17251 |
| &nbsp;&nbsp;Other |  |  | 2535 | 1 |
| Total Other Expense | 9567 | 8813 | 21332 | 17252 |
| **Income Before Income Taxes** | 16764 | 15106 | 32834 | 34525 |
| &nbsp;&nbsp;Income Tax Expense  | 2680 | 1994 | 2750 | 4583 |
| **Net Income** | 14084 | 13112 | 30084 | 29942 |
| Net Income Attributable to Noncontrolling Interest | 7433 | 7147 | 14822 | 16354 |
| Net Income Attributable to Aris Water Solutions, Inc. | $6651 | $5965 | $15262 | $13588 |
| Net Income Per Share of Class A Common Stock |  |  |  |  |
| &nbsp;&nbsp;Basic | $0.19 | $0.18 | $0.45 | $0.41 |
| &nbsp;&nbsp;Diluted | $0.19 | $0.18 | $0.44 | $0.41 |
| Weighted Average Shares of Class A Common Stock Outstanding |  |  |  |  |
| &nbsp;&nbsp;Basic | 32702834 | 30549092 | 32048183 | 30451553 |
| &nbsp;&nbsp;Diluted | 33494725 | 30589997 | 32880189 | 30472005 |

---

------

**Table 2**

**Aris Water Solutions, Inc.**

**Condensed Consolidated Balance Sheets**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| *(in thousands, except for share and per share amounts)* | **June 30,**  | **December 31,**  |
|  | **2025** | **2024** |
| **Assets** |  |  |
| &nbsp;&nbsp;Cash | $57359 | $28673 |
| &nbsp;&nbsp;Accounts Receivable, Net | 66878 | 63016 |
| &nbsp;&nbsp;Accounts Receivable from Affiliate | 24418 | 12016 |
| &nbsp;&nbsp;Other Receivables | 13222 | 13829 |
| &nbsp;&nbsp;Other Current Assets | 8728 | 10418 |
| Total Current Assets | 170605 | 127952 |
| Fixed Assets |  |  |
| &nbsp;&nbsp;Property, Plant and Equipment | 1245013 | 1188781 |
| &nbsp;&nbsp;Accumulated Depreciation | (180435) | (160176) |
| Total Property, Plant and Equipment, Net | 1064578 | 1028605 |
| &nbsp;&nbsp;Intangible Assets, Net | 180709 | 195223 |
| &nbsp;&nbsp;Goodwill | 34585 | 34585 |
| &nbsp;&nbsp;Deferred Income Tax Assets, Net | 7199 | 1735 |
| &nbsp;&nbsp;Operating Lease Right-of-Use Assets, Net | 15714 | 15016 |
| &nbsp;&nbsp;Other Assets | 3485 | 5284 |
| Total Assets | $1476875 | $1408400 |
| **Liabilities and Stockholders' Equity** |  |  |
| &nbsp;&nbsp;Accounts Payable | $22627 | $20182 |
| &nbsp;&nbsp;Payables to Affiliate | 3567 | 941 |
| &nbsp;&nbsp;Insurance Premium Financing Liability | 2281 | 6725 |
| &nbsp;&nbsp;Accrued and Other Current Liabilities | 70386 | 77339 |
| Total Current Liabilities | 98861 | 105187 |
| &nbsp;&nbsp;Long-Term Debt, Net of Debt Issuance Costs | 490522 | 441662 |
| &nbsp;&nbsp;Asset Retirement Obligations | 22930 | 21865 |
| &nbsp;&nbsp;Tax Receivable Agreement Liability | 58700 | 49844 |
| &nbsp;&nbsp;Other Long-Term Liabilities | 18200 | 17335 |
| Total Liabilities | 689213 | 635893 |
| &nbsp;&nbsp;Preferred Stock $0.01 par value, 50,000,000 authorized. None issued or outstanding as of June 30, 2025 and December 31, 2024 |  |  |
| &nbsp;&nbsp;Class A Common Stock $0.01 par value, 600,000,000 authorized, 33,636,716 issued and 32,650,610 outstanding as of June 30, 2025; 31,516,468 issued and 30,857,526 outstanding as of December 31, 2024 | 335 | 314 |
| &nbsp;&nbsp;Class B Common Stock $0.01 par value, 180,000,000 authorized, 26,493,565 issued and outstanding as of June 30, 2025; 27,493,565 issued and outstanding as of December 31, 2024 | 264 | 274 |
| &nbsp;&nbsp;Treasury Stock (at Cost), 986,106 shares as of June 30, 2025; 658,492 shares as of December 31, 2024 | (19037) | (8988) |
| &nbsp;&nbsp;Additional Paid-in-Capital | 411779 | 380565 |
| &nbsp;&nbsp;Retained Earnings | 19522 | 13676 |
| &nbsp;&nbsp;Total Stockholders' Equity Attributable to Aris Water Solutions, Inc. | 412863 | 385841 |
| Noncontrolling Interest | 374799 | 386666 |
| Total Stockholders' Equity | 787662 | 772507 |
| Total Liabilities and Stockholders' Equity | $1476875 | $1408400 |

---

------

**Table 3**

**Aris Water Solutions, Inc.**

**Condensed Consolidated Statements of Cash Flows**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**  | **Six Months Ended**  |
| *(in thousands)* | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** |
| **Cash Flow from Operating Activities** |  |  |
| &nbsp;&nbsp;Net Income  | $30084 | $29942 |
| &nbsp;&nbsp;Adjustments to reconcile Net Income to Net Cash Provided by Operating Activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred Income Tax Expense | 4397 | 3770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, Amortization and Accretion | 39728 | 39128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-Based Compensation | 11937 | 8214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Abandoned Well Costs | 1460 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on Disposal of Assets, Net | 219 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Abandoned Projects | 237 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of Debt Issuance Costs, Net | 1306 | 1436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on Debt Extinguishment | 2535 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 177 | 735 |
| Changes in Operating Assets and Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts Receivable | (3862) | (5524) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts Receivable from Affiliate | (12402) | (6169) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Receivables | 1482 | (665) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Current Assets | 2355 | 2975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts Payable | 2686 | 1818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables to Affiliate | (1024) | (215) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued Liabilities and Other | (15158) | (18467) |
| **Net Cash Provided by Operating Activities** | **66157** | **58147** |
| **Cash Flow from Investing Activities** |  |  |
| &nbsp;&nbsp;Property, Plant and Equipment Expenditures | (40814) | (56879) |
| &nbsp;&nbsp;Cash Paid for Acquisitions | (15231) |  |
| &nbsp;&nbsp;Proceeds from the Sale of Property, Plant and Equipment | 4629 | 94 |
| **Net Cash Used in Investing Activities** | **(51416)** | **(56785)** |
| **Cash Flow from Financing Activities** |  |  |
| &nbsp;&nbsp;Dividends and Distributions Paid | (17108) | (11817) |
| &nbsp;&nbsp;Repurchase of Shares for the Payment of Withholding Taxes | (10049) | (1326) |
| &nbsp;&nbsp;Repayment of Credit Facility | (89000) | (15000) |
| &nbsp;&nbsp;Proceeds from Credit Facility | 45000 | 37000 |
| &nbsp;&nbsp;Proceeds from 2030 Notes | 500000 |  |
| &nbsp;&nbsp;Satisfaction and Discharge of 2026 Notes | (400000) |  |
| &nbsp;&nbsp;Payment of Debt Issuance Costs Related to 2030 Notes | (9914) |  |
| &nbsp;&nbsp;Payment of Insurance Premium Financing | (4615) | (3756) |
| &nbsp;&nbsp;Payment of Finance Leases | (369) |  |
| **Net Cash Provided by Financing Activities** | **13945** | **5101** |
| Net Increase in Cash  | 28686 | 6463 |
| Cash, Beginning of Period | 28673 | 5063 |
| **Cash, End of Period** | $**57359** | $**11526** |

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**Use of Non-GAAP Financial Information**

The Company uses financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"), including Adjusted EBITDA, Adjusted Operating Margin, Adjusted Operating Margin per Barrel, Adjusted Net Income, net debt and leverage ratio and Capital Expenditures. Although these Non-GAAP financial measures are important factors in assessing the Company's operating results and cash flows, they should not be considered in isolation or as a substitute for net income, gross margin, net cash flows provided from operating activities or any other measures prepared under GAAP.

The Company calculates Adjusted EBITDA as net income (loss) plus: interest expense; income taxes; depreciation, amortization and accretion expense; abandoned well costs, asset impairment and abandoned project charges; losses on the sale of assets; transaction costs; research and development expense; change in payables related to the Tax Receivable Agreement liability as a result of state tax rate changes; loss on debt extinguishment; stock-based compensation expense; and other non-recurring or unusual expenses or charges (such as litigation expenses, severance costs and amortization expense related to the implementation costs of our new enterprise resource planning system), less any gains on the sale of assets.

The Adjusted Operating Margin and Adjusted Operating Margin per Barrel measures are related to our Water Gathering and Processing segment, as they are dependent upon the volume of produced water we gather and handle, the volume of recycled water and groundwater we sell, the fees we charge for such services and the recurring operating expenses we incur to perform such services. The Company calculates Adjusted Operating Margin as Gross Margin (Total Revenue less Total Cost of Revenue) plus depreciation, amortization and accretion. The Company defines Adjusted Operating Margin per Barrel as Adjusted Operating Margin divided by total volumes handled or sold.

The Company calculates Adjusted Net Income as Net Income (Loss) plus the after-tax impacts of stock-based compensation and plus or minus the after-tax impacts of certain items affecting comparability, which are typically non-cash and/or non-recurring items. The Company calculates Diluted Adjusted Net Income Per Share as (i) Net Income (Loss) plus the after-tax impacts of stock-based compensation and plus or minus the after-tax impacts of certain items affecting comparability, which are typically non-cash and/or non-recurring items, divided by (ii) the diluted weighted-average shares of Class A common stock outstanding, assuming the full exchange of all outstanding LLC interests, adjusted for the dilutive effect of outstanding equity-based awards.

The Company calculates its leverage ratio as net debt as of June 30, 2025, divided by Adjusted EBITDA for the trailing twelve months. Net debt is calculated as the principal amount of total debt outstanding as of June 30, 2025, less cash and cash equivalents as of June 30, 2025.

The Company calculates Capital Expenditures as cash capital expenditures for property, plant, and equipment additions less changes in accrued capital costs.

The Company believes these presentations are used by investors and professional research analysts to assess the ability of our assets to generate sufficient cash to meet our business needs and return capital to equity holders, as well as for the valuation, comparison, rating and investment recommendations of companies within its industry. Similarly, the Company's management uses this information for comparative purposes as well. Adjusted EBITDA, Adjusted Operating Margin, Adjusted Operating Margin per Barrel, Adjusted Net Income and Capital Expenditures are not measures of financial performance under GAAP and should not be

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considered as measures of liquidity or as alternatives to net income (loss), gross margin, cash paid for property, plant and equipment or net cash flows provided from operating activities. Additionally, these presentations as defined by the Company may not be comparable to similarly titled measures used by other companies and should be considered in conjunction with net income (loss) and other measures prepared in accordance with GAAP, such as gross margin, operating income, net income, cash paid for property, plant, and equipment or net cash flows from operating activities.

Although we provide forecasts for the non-GAAP measures Adjusted EBITDA, Adjusted Operating Margin per Barrel and Capital Expenditures, we are not able to forecast their most directly comparable measures (net income, gross margin, cash paid for property, plant, and equipment and net cash flows from operating activities) calculated and presented in accordance with GAAP without unreasonable effort. Certain elements of the composition of forward-looking GAAP metrics are not predictable, making it impractical for us to forecast. Such elements include but are not limited to non-recurring gains or losses, unusual or non-recurring items, income tax benefit or expense, or one-time transaction costs and cost of revenue, which could have a significant impact on the GAAP measures. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results. As a result, no reconciliation of forecasted non-GAAP measures is provided.

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**Table 4**

**Aris Water Solutions, Inc.**

**Operating Metrics**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended**  | **Six Months Ended**  |
|  | **June 30,**  | **June 30,**  | **March 31,** | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2025** | **2024** |
| *(thousands of barrels of water per day)* |  |  |  |  |  |
| Produced Water Handling Volumes | 1234 | 1093 | 1191 | 1213 | 1126 |
| Water Solutions Volumes |  |  |  |  |  |
| &nbsp;&nbsp;Recycled Produced Water Volumes Sold | 425 | 314 | 475 | 450 | 325 |
| &nbsp;&nbsp;Groundwater Volumes Sold | 98 | 48 | 84 | 91 | 38 |
| Total Water Solutions Volumes | 523 | 362 | 559 | 541 | 363 |
| Total Volumes | 1757 | 1455 | 1750 | 1754 | 1489 |
| *Per Barrel Operating Metrics* <sup>(1)</sup> |  |  |  |  |  |
| Produced Water Handling Revenue/Barrel | $0.87 | $0.84 | $0.86 | $0.87 | $0.83 |
| Water Solutions Revenue/Barrel | $0.53 | $0.52 | $0.55 | $0.54 | $0.52 |
| Revenue/Barrel of Total Volumes <sup>(2)</sup> | $0.77 | $0.76 | $0.76 | $0.77 | $0.75 |
| Direct Operating Costs/Barrel | $0.36 | $0.30 | $0.32 | $0.34 | $0.29 |
| Gross Margin/Barrel | $0.29 | $0.32 | $0.32 | $0.31 | $0.32 |
| Adjusted Operating Margin/Barrel | $0.41 | $0.46 | $0.44 | $0.43 | $0.46 |
| This table includes information related to our Water Gathering and Processing segment. | This table includes information related to our Water Gathering and Processing segment. | This table includes information related to our Water Gathering and Processing segment. | This table includes information related to our Water Gathering and Processing segment. |  |  |
| <sup>(1)</sup> Per Barrel operating metrics are calculated independently. Therefore, the sum of individual amounts may not equal the total presented. | <sup>(1)</sup> Per Barrel operating metrics are calculated independently. Therefore, the sum of individual amounts may not equal the total presented. | <sup>(1)</sup> Per Barrel operating metrics are calculated independently. Therefore, the sum of individual amounts may not equal the total presented. | <sup>(1)</sup> Per Barrel operating metrics are calculated independently. Therefore, the sum of individual amounts may not equal the total presented. | <sup>(1)</sup> Per Barrel operating metrics are calculated independently. Therefore, the sum of individual amounts may not equal the total presented. | <sup>(1)</sup> Per Barrel operating metrics are calculated independently. Therefore, the sum of individual amounts may not equal the total presented. |
| <sup>(2)</sup> Does not include Other Revenue. | <sup>(2)</sup> Does not include Other Revenue. | <sup>(2)</sup> Does not include Other Revenue. | <sup>(2)</sup> Does not include Other Revenue. |  |  |

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**Table 5**

**Aris Water Solutions, Inc.**

**Reconciliation of Net Income to Non-GAAP Adjusted EBITDA**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended**  | **Six Months Ended**  |
| <br>*(in thousands)* | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Net Income  | $14084 | $13112 | $30084 | $29942 |
| Interest Expense, Net | 9567 | 8813 | 18797 | 17251 |
| Income Tax Expense  | 2680 | 1994 | 2750 | 4583 |
| Depreciation, Amortization and Accretion | 19972 | 19707 | 39728 | 39128 |
| Abandoned Well Costs | 998 | (25) | 1460 | 310 |
| Stock-Based Compensation | 6247 | 4693 | 11937 | 8214 |
| Abandoned Projects |  | 16 | 237 | 745 |
| Loss on Disposal of Assets, Net | 128 | 168 | 219 | 114 |
| Loss on Debt Extinguishment |  |  | 2535 |  |
| Transaction Costs | 42 | 89 | 926 | 96 |
| Research and Development Expense | 946 | 1128 | 2074 | 2193 |
| Other | (100) | 300 | 356 | 527 |
| Adjusted EBITDA | $54564 | $49995 | $111103 | $103103 |

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**Table 6**

**Aris Water Solutions, Inc.**

**Reconciliation of Gross Margin to Adjusted Operating Margin and<br>Adjusted Operating Margin per Barrel**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended**  | **Six Months Ended**  |
| <br>*(in thousands)* | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Total Revenue | $123748 | $101117 | $243999 | $204523 |
| Cost of Revenue | (77634) | (59285) | (146947) | (117729) |
| Gross Margin | 46114 | 41832 | 97052 | 86794 |
| Depreciation, Amortization and Accretion | 19410 | 19091 | 38538 | 37889 |
| Adjusted Operating Margin | $65524 | $60923 | $135590 | $124683 |
| Total Volumes *(thousands of barrels)* | 159890 | 132372 | 317382 | 270974 |
| Gross Margin/Barrel | $0.29 | $0.32 | $0.31 | $0.32 |
| Adjusted Operating Margin/Barrel | $0.41 | $0.46 | $0.43 | $0.46 |
| This table includes information related to our Water Gathering and Processing segment. | This table includes information related to our Water Gathering and Processing segment. | This table includes information related to our Water Gathering and Processing segment. | This table includes information related to our Water Gathering and Processing segment. | This table includes information related to our Water Gathering and Processing segment. |

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**Table 7**

**Aris Water Solutions, Inc.**

**Reconciliation of Net Income to Non-GAAP Adjusted Net Income**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended**  | **Six Months Ended**  |
| <br>*(in thousands)* | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Net Income | $14084 | $13112 | $30084 | $29942 |
| Adjusted items: |  |  |  |  |
| &nbsp;&nbsp;Abandoned Well Costs | 998 | (25) | 1460 | 310 |
| &nbsp;&nbsp;Loss on Disposal of Assets, Net | 128 | 168 | 219 | 114 |
| &nbsp;&nbsp;Stock-Based Compensation | 6247 | 4693 | 11937 | 8214 |
| &nbsp;&nbsp;Tax Effect of Adjusting Items <sup>(1)</sup> | (978) | (638) | (1807) | (1147) |
| Adjusted Net Income | $20479 | $17310 | $41893 | $37433 |
| <sup>(1)</sup> Estimated tax effect of adjusted items allocated to Aris based on statutory rates. | <sup>(1)</sup> Estimated tax effect of adjusted items allocated to Aris based on statutory rates. | <sup>(1)</sup> Estimated tax effect of adjusted items allocated to Aris based on statutory rates. |  |  |

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**Table 8**

**Aris Water Solutions, Inc.**

**Reconciliation of Diluted Net Income Per Share to Non-GAAP Diluted Adjusted Net Income Per Share**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended**  | **Six Months Ended**  |
|  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Diluted Net Income Per Share of Class A Common Stock | $0.19 | $0.18 | $0.44 | $0.41 |
| Adjusted items: |  |  |  |  |
| &nbsp;&nbsp;Reallocation of Net Income Attributable to Noncontrolling Interests From the Assumed Exchange of LLC Interests | 0.04 | 0.04 | 0.05 | 0.08 |
| &nbsp;&nbsp;Abandoned Well Costs | 0.02 |  | 0.02 | 0.01 |
| &nbsp;&nbsp;Stock-Based Compensation | 0.10 | 0.08 | 0.20 | 0.14 |
| &nbsp;&nbsp;Tax Effect of Adjusting Items <sup>(1)</sup> | (0.02) | (0.01) | (0.03) | (0.02) |
| Diluted Adjusted Net Income Per Share | $0.33 | $0.29 | $0.68 | $0.62 |
| <sup>(1)</sup> Estimated tax effect of adjusted items allocated to Aris based on statutory rates. | <sup>(1)</sup> Estimated tax effect of adjusted items allocated to Aris based on statutory rates. | <sup>(1)</sup> Estimated tax effect of adjusted items allocated to Aris based on statutory rates. | <sup>(1)</sup> Estimated tax effect of adjusted items allocated to Aris based on statutory rates. |  |
| Basic Weighted Average Shares of Class A Common Stock Outstanding | 32702834 | 30549092 | 32048183 | 30451553 |
| Adjusted Items: |  |  |  |  |
| &nbsp;&nbsp;Assumed Redemption of LLC Interests | 26493565 | 27543565 | 26921343 | 27543565 |
| &nbsp;&nbsp;Dilutive Performance-Based Stock Units <sup>(2)</sup> | 791891 | 40905 | 832006 | 20452 |
| Diluted Adjusted Fully Weighted Average Shares of Class A Common Stock Outstanding | 59988290 | 58133562 | 59801532 | 58015570 |
| <sup>(2)</sup> Dilutive impact of Performance-Based Stock Units already included for the three and six months ended June 30, 2025 and 2024. | <sup>(2)</sup> Dilutive impact of Performance-Based Stock Units already included for the three and six months ended June 30, 2025 and 2024. | <sup>(2)</sup> Dilutive impact of Performance-Based Stock Units already included for the three and six months ended June 30, 2025 and 2024. | <sup>(2)</sup> Dilutive impact of Performance-Based Stock Units already included for the three and six months ended June 30, 2025 and 2024. | <sup>(2)</sup> Dilutive impact of Performance-Based Stock Units already included for the three and six months ended June 30, 2025 and 2024. |

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**Table 9**

**Aris Water Solutions, Inc.**

**Computation of Leverage Ratio**

**(Unaudited)**

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| | |
|:---|:---|
| <br>*(in thousands)* | **As of**<br>**June 30, 2025** |
| Principal Amount of Debt at June 30, 2025 | $502281 |
| Less: Cash at June 30, 2025 | (57359) |
| Net Debt | $444922 |
| Net Debt | $444922 |
| ÷ Trailing Twelve Months Adjusted EBITDA | 219885 |
| Leverage Ratio | 2.02 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Table 10** | **Table 10** | **Table 10** | **Table 10** | **Table 10** |
| **Aris Water Solutions, Inc.** | **Aris Water Solutions, Inc.** | **Aris Water Solutions, Inc.** | **Aris Water Solutions, Inc.** | **Aris Water Solutions, Inc.** |
| **Reconciliation of Capital Expenditures** | **Reconciliation of Capital Expenditures** | **Reconciliation of Capital Expenditures** | **Reconciliation of Capital Expenditures** | **Reconciliation of Capital Expenditures** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended**  | **Six Months Ended**  |
|  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
| *(in thousands)* | **2025** | **2024** | **2025** | **2024** |
| Cash Paid for Property, Plant and Equipment  | $20424 | $37297 | $40814 | $56879 |
| Change in Capital Related Accruals | 1654 | 49 | 2426 | 18183 |
| Capital Expenditures | $22078 | $37346 | $43240 | $75062 |

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---

| |
|:---|
| **Table 11** |
| **Aris Water Solutions, Inc.** |
| **Segment Information** |
| **(Unaudited)** |

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| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
|  | **Water Gathering and Processing** | **Corporate and Other** | **Consolidated** |
| **Revenue** | $123748 | $344 | $124092 |
| **Cost of Revenue** |  |  |  |
| &nbsp;&nbsp;Direct Operating Costs | 58224 | 3 | 58227 |
| &nbsp;&nbsp;Cost of Goods Sold |  | 127 | 127 |
| &nbsp;&nbsp;Depreciation, Amortization and Accretion | 19410 | 562 | 19972 |
| Total Cost of Revenue | 77634 | 692 | 78326 |
| **Operating Costs and Expenses** |  |  |  |
| &nbsp;&nbsp;Abandoned Well Costs | 998 |  | 998 |
| &nbsp;&nbsp;General and Administrative |  | 17699 | 17699 |
| &nbsp;&nbsp;Research and Development Expense |  | 946 | 946 |
| &nbsp;&nbsp;Other Operating Income, Net |  | (208) | (208) |
| Total Operating Expenses | 998 | 18437 | 19435 |
| **Operating Income (Expense)** | 45116 | (18785) | 26331 |
| **Other Expense** |  |  |  |
| &nbsp;&nbsp;Interest Expense, Net |  | 9567 | 9567 |
| **Income (Loss) Before Income Taxes** | 45116 | (28352) | 16764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income Tax Expense  |  | 2680 | 2680 |
| Net Income (Loss) | 45116 | (31032) | 14084 |
| Net Income Attributable to Noncontrolling Interest |  | 7433 | 7433 |
| **Net Income (Loss) Attributable to Aris Water Solutions, Inc.** | $**45116** | $**(38465)** | $**6651** |

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| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
|  | **Water Gathering and Processing** | **Corporate and Other** | **Consolidated** |
| **Revenue** | $101117 | $— | $101117 |
| **Cost of Revenue** |  |  |  |
| &nbsp;&nbsp;Direct Operating Costs | 40194 |  | 40194 |
| &nbsp;&nbsp;Depreciation, Amortization and Accretion | 19091 | 616 | 19707 |
| Total Cost of Revenue | 59285 | 616 | 59901 |
| **Operating Costs and Expenses** |  |  |  |
| &nbsp;&nbsp;Abandoned Well Costs | (25) |  | (25) |
| &nbsp;&nbsp;General and Administrative |  | 16037 | 16037 |
| &nbsp;&nbsp;Research and Development Expense |  | 1128 | 1128 |
| &nbsp;&nbsp;Other Operating Expense, Net | 16 | 141 | 157 |
| Total Operating (Income) Expenses | (9) | 17306 | 17297 |
| **Operating Income (Expense)** | 41841 | (17922) | 23919 |
| **Other Expense** |  |  |  |
| &nbsp;&nbsp;Interest Expense, Net |  | 8813 | 8813 |
| **Income (Loss) Before Income Taxes** | 41841 | (26735) | 15106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income Tax Expense  |  | 1994 | 1994 |
| Net Income (Loss) | 41841 | (28729) | 13112 |
| Net Income Attributable to Noncontrolling Interest |  | 7147 | 7147 |
| **Net Income (Loss) Attributable to Aris Water Solutions, Inc.** | $**41841** | $**(35876)** | $**5965** |

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| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
|  | **Water Gathering and Processing** | **Corporate and Other** | **Total** |
| **Revenue** | $243999 | $584 | $244583 |
| **Cost of Revenue** |  |  |  |
| &nbsp;&nbsp;Direct Operating Costs | 108409 | 6 | 108415 |
| &nbsp;&nbsp;Cost of Goods Sold |  | 127 | 127 |
| &nbsp;&nbsp;Depreciation, Amortization and Accretion | 38538 | 1190 | 39728 |
| Total Cost of Revenue | 146947 | 1323 | 148270 |
| **Operating Costs and Expenses** |  |  |  |
| &nbsp;&nbsp;Abandoned Well Costs | 1460 |  | 1460 |
| &nbsp;&nbsp;General and Administrative |  | 37709 | 37709 |
| &nbsp;&nbsp;Research and Development Expense |  | 2074 | 2074 |
| &nbsp;&nbsp;Other Operating Expense, Net | 237 | 667 | 904 |
| Total Operating Expenses | 1697 | 40450 | 42147 |
| **Operating Income (Expense)** | 95355 | (41189) | 54166 |
| **Other Expense** |  |  |  |
| &nbsp;&nbsp;Interest Expense, Net |  | 18797 | 18797 |
| &nbsp;&nbsp;Other |  | 2535 | 2535 |
| Total Other Expense |  | 21332 | 21332 |
| **Income (Loss) Before Income Taxes** | 95355 | (62521) | 32834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income Tax Expense  |  | 2750 | 2750 |
| Net Income (Loss) | 95355 | (65271) | 30084 |
| Net Income Attributable to Noncontrolling Interest |  | 14822 | 14822 |
| **Net Income (Loss) Attributable to Aris Water Solutions, Inc.** | $**95355** | $**(80093)** | $**15262** |

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| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
|  | **Water Gathering and Processing** | **Corporate and Other** | **Total** |
| **Revenue** | $204523 | $— | $204523 |
| **Cost of Revenue** |  |  |  |
| &nbsp;&nbsp;Direct Operating Costs | 79840 |  | 79840 |
| &nbsp;&nbsp;Depreciation, Amortization and Accretion | 37889 | 1239 | 39128 |
| Total Cost of Revenue | 117729 | 1239 | 118968 |
| **Operating Costs and Expenses** |  |  |  |
| &nbsp;&nbsp;Abandoned Well Costs | 310 |  | 310 |
| &nbsp;&nbsp;General and Administrative |  | 30538 | 30538 |
| &nbsp;&nbsp;Research and Development Expense |  | 2193 | 2193 |
| &nbsp;&nbsp;Other Operating Expense (Income), Net | 745 | (8) | 737 |
| Total Operating Expenses | 1055 | 32723 | 33778 |
| **Operating Income (Expense)** | 85739 | (33962) | 51777 |
| **Other Expense** |  |  |  |
| &nbsp;&nbsp;Interest Expense, Net |  | 17251 | 17251 |
| &nbsp;&nbsp;Other |  | 1 | 1 |
| Total Other Expense |  | 17252 | 17252 |
| **Income (Loss) Before Income Taxes** | 85739 | (51214) | 34525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income Tax Expense  |  | 4583 | 4583 |
| Net Income (Loss) | 85739 | (55797) | 29942 |
| Net Income Attributable to Noncontrolling Interest |  | 16354 | 16354 |
| **Net Income (Loss) Attributable to Aris Water Solutions, Inc.** | $**85739** | $**(72151)** | $**13588** |

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