Aris Water Solutions is a produced water management company operating exclusively in the Permian Basin, primarily the Northern Delaware Basin. Produced water is a byproduct of oil and gas production that operators must continuously manage for the life of a well. The Permian has an unusually high water-to-oil ratio, making large-scale, cost-effective water management critical for operators there. Aris operates two core services: produced water handling, where Aris gathers and transports produced water through its pipeline network for disposal or recycling; and water solutions, where Aris treats and recycles that water, then sells it back to operators for use in hydraulic fracturing. Aris earns fee-based revenue per barrel gathered or delivered, with rates largely fixed by contract and subject to annual CPI escalators. The produced water handling business is anchored by long-term acreage dedication contracts, under which operators commit all produced water from a dedicated block to Aris' system, providing strong volume visibility tied to production rather than drilling activity. Aris operates roughly 790 miles of pipeline, 68 handling facilities, and 20 recycling facilities, and serves approximately 37 customers across ~100 contracts covering ~625,000 dedicated acres. ConocoPhillips and Chevron affiliates together accounted for roughly 53% of FY24 revenue. Beyond its core business, Aris is developing longer-term opportunities in produced water beneficial reuse and mineral extraction, including iodine, magnesium, and lithium, though neither is expected to generate meaningful revenue in the near term.