*Aris Water* Primarily serving the oil and gas industry, Aris Water (NYSE:ARIS) is a provider of water handling and recycling solutions. Aris Water was founded in 2015 to address the increasing demand for environmentally responsible solutions in the management of produced water, particularly in the oil and gas industry. The company operates in the Permian Basin, located in southwestern United States, which is one of the most prolific oil and gas producing regions in the world. Characterized by its extensive oil reserves and large output of hydrocarbons, the basin plays a crucial role in the U.S. energy sector, driving significant demand for water management solutions. Aris Water specializes in environmentally-friendly water management and recycling services, primarily aiding energy production sectors in the Permian Basin. The company's range of offerings includes the entire lifecycle of produced water management—from treatment and recycling technologies to efficient logistical solutions that ensure sustainable water usage for oil and gas operations. For instance, its produced water recycling services transform water from oil extraction into reusable water for hydraulic fracturing, supporting the industry’s sustainability goals by minimizing freshwater extraction. Moreover, Aris Water develops and operates systems for handling large volumes of produced water, ensuring environmentally responsible disposal and reuse. The company leverages its extensive pipeline network to gather and recycle produced water, which not only conserves natural resources but also reduces operational costs for energy producers. Aris Water generates revenue primarily through long-term contracts with oil and gas operators who are focused on sustainability and minimizing environmental impacts in the Permian Basin. The company's contract structures include long-term agreements such as acreage dedications and minimum volume commitments (MVCs). In acreage dedications, customers commit all produced water from designated areas to the company's management, while MVCs require customers to deliver specified minimum daily volumes or pay a deficiency fee if these volumes are not met. Additionally, Aris Water offers spot arrangements, allowing for the flexible handling of produced water when extra capacity is available, optimizing the use of their system and adapting to fluctuating customer needs.