[00:00:00] Speaker A: Six miles.
That is six miles of wooden water pipe. Aaron Burr's Manhattan company laid them in 1799, delivering what was planned to be a source of safe water supplies to New York City during a yellow fever outbreak.
But the pipes are only part of the story.
Clause in the charter gave Burr the right to open a bank, a side business that outlived the waterworks and evolved into what is now JP Morgan Chase, the world's largest bank with $4.4 trillion in assets.
Amazingly, though, wooden water pipes like those in New York City still exist today, hidden within America's web of 4 million miles of aging distribution and collection networks.
I am Reese Tisdall. This is the future of water, which we talk about all the ways which companies, utilities and people are addressing the challenges and opportunities in water. This is episode 129, that's 1, 2 9. And as always, have a pretty good feeling. It's going to be a great one. That's because today I'm joined by Bluefield Senior Analyst Sophie Washington, who has recently authored the report U.S. midstream Water for Hydraulic Fracturing Market Trends, Opportunities and forecasts from 2025 to 2030.
I love this. I think it's super interesting. At Bluefield, we've been looking at this since 2013 and this analysis sheds light on what is the midstream water sector, what it is and how it operates, but also highlights why it is one of the most critical and rapidly evolving pieces of the US Hydraulic fracturing industry, let alone the energy industry itself.
So why do I like this? Well, the scale of the market is massive. As I've talked about on this podcast, we're looking at $156 billion through 2030 spent on water management in this space.
So it gives a clear data data backed view of just how consequential midstream water management is in this space. It's real. 156 billion the connection to global energy security and the rising LNG exports from the US to markets like Europe and Asia. This report shows why water management in the US Shale patch has global relevance and how it sort of evolves or changes with the ebbs and flows of that demand, but also the transformation of the sector from as I said in 2013 when it was relatively new, it was purely a cost center to, I think what we could call it is a strategic enabler water that is, and how it demonstrates how things like reuse or recycling of produced water, infrastructure investment into things like water supply, pipelines and collection networks, disposal facilities, and then also how consolidation are all of these things are reshaping the industry. There's a lot happening. There's a core group of players that have emerged through this consolidation. So I like this and I really look forward to talking to Sophie about this. But before we get to her, you're going to have to bear with me just a little bit longer, Tom, because something caught my eye this past week.
On September 23, the day after my birthday. That's a shout out. Day after that is Advanced Drainage Systems, a US Based supplier of stormwater and on site wastewater Solutions announced a $1 billion all cash acquisition of National Diversified Sales, the US water management arm of Germany's Norma Group.
Germany's Norma Group is a global supplier of engineered connectors and fluid systems. The transaction is expected to close in early 2026.
So why is it interesting? Well, one ADS is a bit of a it's the say 800 pound gorilla in some respects in some of the markets in which it operates. And ADS is now breaking into what we see as a $1.5 billion landscape irrigation market.
So it strengthens its exposure to residential repair and remodeling demands.
It improves its channels. So with NDS, it offers 8,300 distribution points from Lowe's and Amazon to Ferguson Site 1. So ADS gets more, you know, gets deeper retail, e commerce and contractor reach.
And there's also a bit of a portfolio shift. The deal is accelerating ADS's pivot from if you want to call it commoditized pipes and hardware and equipment to maybe higher margin Allied and Allied Wastewater products.
So I think it's super interesting to see how ADS is evolving. Then lastly, I would say the stormwater sector, there are some tailwinds, right?
Stormwater is everywhere. I think it's important, you know, based on Bluefield's analysis, stormwater infrastructure alone represents about $42 billion investment opportunity through 2030, underscoring why scale and integrated solutions such as this do matter.
As I talked about with Charlie sue several episodes ago, looking at municipal capital improvement plans, municipal utilities, that is stormwater is taking on a larger share when you look at these capital improvement plans. But the challenge with stormwater is it's non jurisdictional.
So the management of it and the mitigation of it doesn't solely fall on the municipal water utilities. It falls also on Department of Transportation, Parks and Recs department, but also falls on residential or commercial property owners. And that's where ADS does have a play. And it's super interesting to see how this is evolving. So it's a challenge but yet these stormwater events are bigger and larger and more real than we've ever seen and they're coming faster than they ever have. So super interesting. So with that, another billion dollar deal is in the books and or at least expected to be in early 2026.
And maybe in the next couple episodes we can talk about all the billion dollar deals we're seeing. It feels like we're seeing more of them. So I need to do a little bit of analysis of that and maybe we could talk about that. But that being said, speaking of billion dollar deals and what's happening, let's get to Sophie Washington talk about midstream water and what the scale of that market looks like.
Sophie, welcome to the podcast. How are things?
[00:07:02] Speaker B: Great, thanks for having me, Rhys. Things are doing well in New York. We have great fall weather here. Finally, it's getting a little bit cooler. But to be honest, it was a very warm September, so we're leaning in. We love it.
[00:07:15] Speaker A: It's October 2nd, and I was talking to some people in the office this morning and I think today may be the first frost, at least west of the city where I live.
And the questions were people were saying like you're embracing it. And I woke up this morning saying, why do I still live here?
But I don't know. That's after 20 plus years of being in New England and it being cold. But that being said, let's doesn't have to be entirely south, what we're talking about. But today we're going to talk about midstream water. So as I said in the introduction, it's become critical. The water piece of the energy discussion we think is critical. Right? It's essential.
And I don't want to say often overlooked, but I think if you talk to most people, people, even though it's called hydraulic fracturing, a lot of people don't really think of the water piece of the US Energy puzzle or equation. So we're going to talk about it midstream water for oil and gas. So let's just start with the basics.
What is midstream water?
[00:08:23] Speaker B: Yeah, so midstream water actually refers to the supply, transportation, storage, treatment and disposal of water in oil and gas, well completion. So we're really talking about moving both fresh water and produced water, which is the industry term for wastewater that comes out of the wellhead. This can be by truck or pipeline.
And managing the water across this value chain for hydraulic fracturing is no small task. It is extremely expensive for the energy companies that are involved in extraction and Production of shale, oil and natural gas. So just moving the water around, you know, whether it's hauling via trucks or transfer via pipelines, it is the largest lease operating expense for loe. And I want to clarify actually on this point that the lease operating expense. So a lot of these oil and gas majors are talking about in the context of their operating expenses. This can be anything associated, any costs associated with running and maintaining an active well.
This could be land or property costs, equipment maintenance, you name it. Water is a huge piece of loe. It's really taking center stage and it's what the industry is telling us when we talk to experts. And then in our own analysis, it's very data backed. We found that actually the water transport piece is accounting for up to 43% of total spend in shale production, total water spend and shale production. So we're starting to get to the market size. But that's just an overview here on what midstream water is.
[00:10:04] Speaker A: Yeah, I think it's really interesting and I think also not to be overlooked. And I just thought of this because I think, you know, I also maybe we make assumptions about how much people know. But basically in a nutshell, and correct me if I'm wrong, you know, and we'll say the Permian Basin and covers Texas and New Mexico or at least part of them, a well is drilled, it's excavated, it's fracked, and then water is basically with other chemicals and other surfactants and sand and things like that are poured into the well and then that flushes out the oil and or gas that comes out. And then so some of that water comes back, that flow back water, as it's called. But produce water is, is different, right? Diff. Produce water is the water that is pre existing in the underlying geology and that comes out not just in one event, it comes out over time, Correct?
[00:11:04] Speaker B: Exactly. Yes. You've got the water going in and then that's in the form of the proppant with the sand, the chemicals. And that's, you know, when we talk about water use and water demand on the podcast, that's what we're going to talk about. And then there's the produced water which is coming out of the geologic formations. And that actually will come out over an extended period of time, as you mentioned, Reese.
[00:11:26] Speaker A: Okay, and so the next question is. All right, so that's what we're talking about.
And as I said in the intro, it's huge.
So how big is the market? Can you put it in dollar terms?
[00:11:39] Speaker B: Yeah, so it's a really sizable market. And now I want to step back and think about the sheer size of oil and gas too, which, you know, just last year it represented about 8% of US GDP. So if you're like me and you really need that in tangible terms, There are over 10 million people employed by oil and gas. So on the water side, which is really what we want to talk about, this is a huge expense and it's a huge market.
The US midstream water management market is forecasted total about US$156 billion from 2025 to 2030.
That is on average about 26 billion annually at a 2.1% compound annual growth rate. So this is huge. It's a lot of growth. It's tied to strong domestic demand for the commodities.
It's tied to the rise of growing international export market, including for liquefied natural gas or LNG and then also industrial users like data centers. Reece and I were at Climate Week here in New York last week and we had a lot of conversations about water for data centers which are really powered by natural gas and fossil fuel. Today with more production happening across these major US shale basins and we specifically looked at Anadarko, Appalachian, Bakken, Eagle Ford, Haynesville, Niobrara and the Permian. There's just much more water needed for both that, you know, water in the demand for production. And then there's a lot of water coming out of the geologic formations during this extraction process. So this is a really big market size and it's very capital intensive business as well. So you need a lot of infrastructure to support these operations.
And we're Looking at about $15.7 billion in capital expenditures or capex over that same forecast period through 2030.
And the Permian is going to really represent a sizable share of that. About two thirds.
[00:13:50] Speaker A: Yeah. And so while we talk about this and there's a fire alarm drill going on in the background.
[00:13:56] Speaker B: Can't hear it.
[00:13:57] Speaker A: I know it's a drill for the record, for all the listeners. But then also, I don't know if you knew this, but I used to be a fireman and didn't know. So I'm all about fire safety and I know it's happening. So that being said, well, we will leave it at that. Back to midstream water. So the Permian basin. So that's huge, right? That's 102 billion. So that's two thirds. But there are some dynamics and we can get into this. But I'll just take this opportunity. Now how does the Permian, as far as production differ from, let's say, the Appalachian, which is Pennsylvania. And so that would be what historically or traditionally people call the Marcellus or the Utica.
[00:14:39] Speaker B: Yeah. So what's interesting is that the Appalachian has just been the natural gas growth driver very consistently. But actually what we're seeing now is the Permian is inching up and really taking more of the share in natural gas production as well. So in recent years, you know, this basin, the Permian, has really become a dual play across both oil and gas. And that means that there's a lot of action on the ground happening for water as well. So the Permian is really dominating the market with about 46 billion gallons annually required through 2030 for new well completions. This is huge. You know, we're talking in massive scale when we're talking about water use in these basins, how much water is coming out of the basins.
And even though, you know, the Appalachian is a much more mature basin, as you mentioned it, it's got the Utica and Marcellus shales.
It's really critical still. And it's got these interesting constraints from topography, transportation, side disposal of water issues.
So you've got a very mature market in Appalachian here. It's translating to higher water recycling rates. So the opportunity is really there for more based on the trends. But it's really interesting to think about the Permian emerging as this dual play across. And you've got some secondary basins as well that are inching up, especially in the size of the water management market as well.
[00:16:13] Speaker A: Yeah, the Permian is really well established. The footprint, the topography is pretty straightforward. It's Texas, Right?
[00:16:19] Speaker B: Right.
[00:16:20] Speaker A: It's open for oil and gas in many respects. So. So let's sort of turn it towards water a little bit. Like, why should we care about this in terms of sort of water volumes, water management, and what's happening?
[00:16:33] Speaker B: Yeah, I think there are two main reasons why we should care. And the first is global energy demand trends. It's hot topic. We're talking about it.
And we should care about this midstream water management specifically, because when we step back, water is really underpinning energy security. So even with the energy transition away from coal, we're bringing on more renewables into our domestic. And then also the global energy mix, we're seeing there's rising natural gas exports to Europe, to Asia, with growing consumer classes. And so natural gas is really critical for global energy security. And because of this energy demand that's only rising, it's multiplying, the water plays are not going away and they're actually growing. So water, I like to think of water as this unsung unlock to the whole market because you can't have the energy, security and growth in some of the commodities and natural gas oil production without the water to make it happen.
And the second reason why we should care is because of scale and volume. So this is a story that is involving a lot of water across a large geographic expanse. There's, on the water use side, there's so much water used in hydraulic fracturing, as we mentioned, and today actually in numbers. We know that a typical well is requiring about 7.8 million gallons of water.
And this is actually even greater for some of the extended laterals, which can get up to 20 million gallons in water demanded. This is really raising the bar and the benchmarks for water use. And that's only going to grow. So in 2030, in about five years in our forecast, this average is jumping up to 8.6 million gallons per well. So these are huge volumes of water.
And a lot of the newer drilling technologies are actually going to increase the water intensity required at the wellhead.
[00:18:36] Speaker A: But we're just talking about supply so that we're not talking about produced water yet, right?
[00:18:41] Speaker B: Exactly. On that produced water side, there's even more water coming out of the wells. So those produced water volumes will average about 46.2 million barrels per day between 2025 and 2030.
So that's around 1.9 billion gallons per day, which in a real world context is 2 times the amount of water that New York City, where I'm right now, where I live, consumes per day. And we're a city with 8.5 million people. So that's huge scale on the produced water side.
So that's really indicative of, you know, we should care about it because there's so much spend happening in this market and there's a lot of opportunity to tap into, whether it's from a recycling facility, engineering and design perspective to developing and treating the water itself, or contaminated water.
And this has historically been considered a waste product. But there's a lot of innovation happening to capitalize on how big this market is.
[00:19:45] Speaker A: All right, so sorry about the beeping in the background if you hear that, because still in fire drill territory here, but we're going to finish this. We're going to land the plane. So let's talk about change or market growth. Right. So that's sort of the framework of where we are. Demand is high because of, you know, like you said, Europe, Asia, AI data centers, data to power, demand is growing and then obviously just the baseline, 7.8 million gallons of water per well.
Let's talk about change.
So how are things changing or how are they evolving and what does it look like at least in the near to medium term?
[00:20:25] Speaker B: Yeah. So when we speak to the industry, we hear this story about rising costs, liabilities and risks. And I think that there are three growth drivers really that are pushing the change to exemplify that story and why it's happening. So first up is environmental drivers. A really good example of these rising costs is coming in with fresh water scarcity, which is growing from droughts in the West Midwest. We've got a lot of drilling operations. It's driving up the price of fresh water.
You know, if you don't have enough water, you're risking production impacts. Another great example is seismic activity. So we saw a lot of news this summer about how seismic activity, especially in the Permian Basin, remember one of our big growth drivers in water management has grown Significantly so about 1500% since 2017.
The second driver I want to talk about is the policy one so we can think about disposal limits and fees in the Permian across Texas and New Mexico. It stretches across both states. There have actually been some new measures to limit permitting for water disposal and introduce some new fee structures. So that's really going to be very impactful for the space and it's shift how much water is actually disposed. So now we've actually got this problem of too much water. What do we do with it? And this is a point that we heard from experts. It's also something that you highlighted on a panel last week in Climate Week, Rhys. And so these oil and gas majors have too much water. So that's on the policy side. And some of the drivers going to push for water reuse to grow in the future.
But the last driver I think is really important to highlight is a technological one. So this is linked to increasing water intensity. There's a growing trend of longer wells and denser frac pads that are actually demanding much, much more water today than even five, 10 years ago. So even though the drilling techniques have gotten more efficient, more advanced, they're just upping the water demand.
The average horizontal well is stretching over 12,000ft today. Some are pushing into beyond 20,000ft. This is what we call an extreme reach wellbore. But these technological advancements are really, really increasing the water intensity required. So those three drivers, you know, on the environmental side, the policy side, the technology side, they're creating a lot of this growth. And the water managers are responding. They're jumping on the drivers, they're jumping on the growth areas because they're the ones who can mitigate the risks, bring down the costs for the oil and gas majors facing a lot of these pressures.
[00:23:23] Speaker A: Yeah, I mean, there is a lot of technology change that's happening within the space, and then that's obviously influencing water demand, water supplies, but also the produce water side of it as well. So we talked a little bit about this. So just because it is, you know, I don't want to overlook it.
There are regional hotspots. Right. So let's just quick, maybe kind of look at that. And I don't know if that you can give us some idea of, like, size of markets, but how does the US Differ? How many basins did we look at? And then where are those hotspots?
[00:23:58] Speaker B: Yeah, absolutely. So we looked at seven basins.
And the seven basins are the Anadarko, Appalachian, Bakken, Eagle Ford, Haynesville, Niobrara, and the Permian.
And really what we're looking at is, as you mentioned, the Permian is just making up a large share of this market, about two thirds of total oil and gas spend, which is basically coming out to about 102 billion in spend over our forecast period. So this is really, really significant in terms of the spend, in terms of the size, the volume, and the scale, as we mentioned, of the water in those plays. So Permian, we know, is the largest market in our forecast, but we have these interesting secondary basins that I don't want us to forget about because Eagle ford is about 14 billion in total projected spend over that forecast period.
And the Bakken formation, similarly, at about 13 billion.
These secondary basins, they have these unique logistical and infrastructure challenges, but at this type of scale, even though I'm calling them a secondary basin, they're huge opportunities for water management.
We're talking about just a little over 1 billion gallons of water will be produced every day in the Bakken formation in 2030.
I talked about New York City's water use earlier.
That is the same volume of water that New York City consumes every day. So this scale is massive. And, you know, even though recycling rates are low in the Bakken, it's still a $35 million opportunity for water treatment for reuse in just 2030 alone. So, again, the scale is just really impacting what the opportunity here is.
And then last but not least, of course, you've got the Appalachian, which we talked about earlier.
It's a more mature basin, and Stretching across the Utica and Marcellus shales.
So it's really going to be a big player, especially knowing the ramp up in US LNG exports and the international market. So where the growth is in these commodities is where the water is as well, because the water follows, the water flows because it's again that unlock for production.
[00:26:20] Speaker A: All right, so now the. I don't know if there's a 64 million dollar question, but it's really who are the key players and how has that landscape changed? I think as I said in the intro, we were looking at this, you know, as far back as 2013 and it seemed a little, well, it was immature. Right? I mean fracking as a whole kind of hit the market or became commercially viable, I don't know, early 2000 and tens.
And then it ramped up from there and there's been a lot of ups and downs because partly driven by oil prices, partly driven by or resulting impacts have been highly leveraged firms, wildcatters going out and just being crushed because of demand decline. So who are the key players and how is that landscape changing from your perspective?
[00:27:18] Speaker B: Yeah, this is a really interesting one because I want to highlight three major operators in this space. So first up you've got Select Water Solutions, They've got a very broad geographic reach across the basins.
You've also got Aris Water Solutions, they were recently acquired by natural gas player Western Midstream just in August and then Waterbridge, they actually recently debuted their IPO last month on September 17th.
There are a lot of players in this space and collectively all these midstream water managers, they're actually operating and managing more than 14,000 miles of pipelines, hundreds of produced water treatment facilities. So they're really on the front of innovating how to partner with the energy companies, how to manage the growing volumes of water, how to keep their operating costs down.
And as you mentioned, Reese, the market has really matured. There have been spells of volatility over the last decade. We can see that one of the biggest trends that we've been talking about at Bluefield is this recent consolidation. There's been vertical integration, it's happening through M and a merger and acquisition activity, IPO activity.
And I think that this consolidation has created some interesting patterns. So it's created basin specialists, they have end to end water management solutions. But it's also really created a playing field where energy and water companies are coming together because their collaboration or their partnership or their merging, it's competitive and it's a cost strategy and a Lot of this trend is signaling economic efficiency, as you mentioned. It's driven by oil and gas, oil and gas prices, but it's a really heavily indebted sector. So, you know, here at Bluefield, we're, we're tracking all this momentum because it's going to continue shaping how our clients and the water managers across the water sector are responding, how they're future proofing their businesses to be competitive and how they can thrive in the long run. Because it's a long flight, it's a long business. And, you know, even though we can't predict what's going to happen, we certainly can prepare for it.
[00:29:34] Speaker A: So this is all super interesting. And I know, I think by the time this hits the street, the report will be out and about.
I really like this. I've said this to you a million times. I really like this sector.
I mean, I'm. People have heard me enough. I just think it's. There's a lot happening, both. There's a lot of volatility, which makes it interesting. It's global in nature, at least as far as drivers. Is there anything we've missed or anything that you found interesting in your analysis of this sector worth bringing up?
[00:30:06] Speaker B: Yeah, I would say one thing too is, you know, back to that problem of having too much water. It's not really something that we think about in terms of managing water as having too much water.
And I think that we're seeing some interesting signals in the market right now on what to do with it. And, you know, even though it's still on a smaller scale and there's some pilot projects, this beneficial reuse piece is something that we definitely heard from the industry.
And a lot of the oil and gas companies and partnering with their water management partners, they are figuring out what to do with it. And there are potential interesting business models and streams to manage that water and bring it into other industrial applications through reusing it, let's say in a data center or for power. So I think that's actually a signal that might ladder up to a larger trend in the future that we want to pay attention to. And I think it's going to indicate where some of this industry momentum is going.
[00:31:10] Speaker A: Yeah, it'll be interesting to see how that evolves. I think one of the challenges, and we've talked about this is the, you know, a lot of these sites are remote, right. I was telling someone the other day, I was flying from Boston to Seattle a while back, and you sort of, if you fly along sort of the northern, the U.S. canada, border. You can kind of look down on all the fracking pads in the Bakken once you get to that part of the country. So it's interesting to see, you know. Well, I get, what I'm getting at is they're remote and so what else is around? Their water's heavy, it's hard to move around. So I think there are a number of discussions happening. One, how do you re treat. Reuse that water like you said for data centers and things like that. The other is, is there other value in that water that could be captured like lithium or other. Can you extract other things? Perhaps, I'm not sure, but yeah, that's a longer term play. But in the meantime, I know there are ups and downs in terms of demand and you know, particular on the oil side. You know, oil is more commoditized than let's say natural gas. Natural gases were regional even as it opens up with lng.
So the prices really do swing, you know, in oil and gas. You know, that can have an impact. And when you look at rig counts, and with this one thing we didn't talk about, it's amazing how much that just the, the number itself has changed over time over the last decade. It used to be a lot of rigs.
You know, I, I can't remember then or did it get to 1200 at one point? I'm testing my memory here, but that has come down dramatically. Do you know offhand what the most recent drill rig count is?
[00:32:55] Speaker B: Yeah, give me a second, I can take a look at it.
[00:32:59] Speaker A: 350. Well, while you're doing that, you know, my, the point is it demonstrates that the sectors become more efficient, they are drilling longer laterals, they are taking less. It's not a, hey, drill baby drill. Let's, you know, try to manage this market. And as a result the water demand is stabilizing and water management demand is stabilizing as well.
So and even when you know these rigs are contracted over time so they have these agreements and they want to keep them in the field. So they don't want to overextend themselves. And even if they do, if there is a pullback on price, there are a number of drilled but uncompleted wells out there that can just be, you know, so to speak, uncorked as needed. So they're not in production until they're fracked. So I think that's interesting. So I don't know if you came up with the number yet. It's a big spreadsheet.
[00:33:54] Speaker B: I know it's A big spreadsheet. Yeah. So there are, you know, there was a real high peak in rig counts in 2014, and it's just really came down. We had approximately 500 five rigs in 2025.
And that was, you know, in comparison to over 2,000 during that peak in 2014. So you can see a lot of that, as you mentioned, Reese, is due to the drilling efficiencies and advanced drilling techniques. But as we know and as we talked about, that just means more water, greater water intensity. A lot of these techniques are actually upping that water demand. And so it might be efficiency for drilling, but it just means the opportunity for midstream water management has grown exponentially.
[00:34:42] Speaker A: Yeah. And I would say, you know what is also interesting, I know you talked about select and Arris and Waterbridge. Those are three companies. But it still is pretty frightening. There are a lot of contractor service providers throughout the industry. And there have been, like you said, there have been pipelines, but a lot of these pipelines, they've been acquired partly water supply tracks for water rights and supplies have been acquired over time.
So there's a lot happening. I really like it. So I like the report. It's pretty dense.
So I would recommend anybody, if you're interested in midstream oil and gas or water for hydraulic fracturing, then I think Sophie's the person to talk to. So.
All right, with that being said, why don't you, as I oftentimes do, what's, what's next on your plate, what are you working on? And then we can wrap it up.
[00:35:33] Speaker B: Yeah. So we actually had a lot of conversations last week at Climate Week around the data center and power and water nexus. So that's really on tap. And then also exploring some trends in resource extraction water use in Canada. So I think an interesting story is coming together across water use for a lot of these different heavy industry verticals. It's not just one story. They overlap. So we're going to keep exploring it and think about what's next across power, data centers, mining, and, you know, how it's really underpinning a lot of this economic activity that we're seeing in the news.
[00:36:11] Speaker A: Yeah, I don't think people can get enough data centers, whether it be the media or. Or our clients for that matter, so. All right, well, Sophie, I will set you free into the streets of New York. So thanks a million for jumping on and glad you didn't hear the fire drill. Maybe everybody else did.
[00:36:30] Speaker B: Thanks for having me. Happy to join today.
[00:36:32] Speaker A: Thanks, man. Take care.
All right. So there you have it. Lots of good data, good information, and just a good conversation with Sophie about what's happening with midstream water. And once again, apologies for the fire drill that I hid in the corner while recording this.
Uh, so they didn't come get me. But that being said, before we sign off, I want to recognize the team that makes this, these conversations possible. All of them, all 129of them. That's Mike Gaylor, who's behind the scenes, Ryan Sullivan, Kelly Talbott, Steph Aldock, and certainly there are plenty more of you, including all the analysts and guests that join me in sharing their insights. Because without them, this podcast wouldn't make it past my own desk.
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