PWI Original Projects
The Produced Water Index
PWX follows the closing price performance of seven companies with produced water exposure.
Why We Track It
PWX gives us a consistent way to follow how public markets are valuing seven companies exposed to that business.
Comparing PWX with WTI, the energy-sector XLE fund, and the S&P 500 helps put its movement in context. Is the basket moving with oil prices, with energy companies generally, or with the broader market? A widening gap gives us a question to investigate in company results, transactions, regulation, and field activity. Price movement alone does not establish the cause or measure water volumes.
How Does the PWX Work?
Follow the companies
PWX follows seven companies: WBI, WTTR, WES, NGL, TPL, LB and TTI. Their closing prices drive a basket designed to track the produced water equities market.
Each company receives one seventh of the basket at inception and every quarterly reset. Weights drift with prices between resets.
Read the movement
The dollar figure is the basket value per initial $1 at September 1, 2026 close. Daily change compares the latest close with the previous market session; since-inception change compares it with September 1.
Switch between dollar value and percentage change, and compare PWX with WTI, XLE and the S&P 500.
One close, one date
The sticky quote, mini dashboard, full chart and history use the same verified daily data, labeled with the market-close date. Each update checks all seven companies and all three comparisons.
PWX measures price returns, excluding ordinary dividends and distributions. Missing required data retains the last verified close. PWX is a research benchmark for information.
The Seven Companies
The launch basket. Open any company’s name or logo to visit its PWI listing.
WaterBridge Infrastructure LLC
Integrated gathering, transportation, recycling, handling and disposal network focused on produced water in the Delaware Basin, Eagle Ford and Arkoma.
$24.81 As of market close Nov 6, 2026Company listing →
Select Water Solutions, Inc.
Large oilfield-water platform spanning infrastructure, water logistics, recycling, disposal, treatment and specialty chemistry.
$16.18 As of market close Nov 6, 2026Company listing →
Western Midstream Partners, LP
Diversified midstream partnership whose acquired Aris network provides produced water gathering, transport, recycling and handling in the Permian Basin.
$39.85 As of market close Nov 6, 2026Company listing →
NGL Energy Partners LP
Large-scale produced water disposal and pipeline operator with treatment and recycling capabilities in major U.S. basins.
$14.95 As of market close Nov 6, 2026Company listing →
Texas Pacific Land Corporation
Permian land and royalty owner earning produced water royalties and operating water sourcing, handling and related infrastructure activities.
$272.36 As of market close Nov 6, 2026Company listing →
LandBridge Company LLC
Permian landowner with water-handling, disposal and pore-space opportunities that may enable produced water reuse and resource recovery.
$65.10 As of market close Nov 6, 2026Company listing →
TETRA Technologies, Inc.
Oilfield services and materials company with produced water management, treatment, desalination and reuse initiatives.
$6.00 As of market close Nov 6, 2026Company listing →Historical Closes
48 verified sessions since September 1, 2026. Open a month to review its closes; the column headings stay visible while you scroll through the table.
November 20265 sessions
| Market close | PWX basket value | Daily change | Since inception | WTI | XLE | S&P 500 |
|---|---|---|---|---|---|---|
| $0.8043 | +2.49% | −19.57% | +0.13% | −4.86% | −3.34% | |
| $0.7847 | −7.00% | −21.53% | +0.33% | −4.85% | −3.64% | |
| $0.8438 | −6.51% | −15.62% | −2.33% | −1.93% | +0.75% | |
| $0.9025 | +1.12% | −9.75% | +6.51% | +2.95% | −0.82% | |
| $0.8925 | −4.61% | −10.75% | +6.92% | +3.83% | −1.18% |
October 202622 sessions
| Market close | PWX basket value | Daily change | Since inception | WTI | XLE | S&P 500 |
|---|---|---|---|---|---|---|
| $0.9357 | +0.07% | −6.43% | +15.41% | +8.11% | −0.67% | |
| $0.9351 | +0.33% | −6.49% | +13.06% | +6.08% | +1.17% | |
| $0.9320 | +1.81% | −6.80% | +13.92% | +5.68% | +1.47% | |
| $0.9154 | +1.68% | −8.46% | +10.73% | +5.31% | +1.19% | |
| $0.9003 | +0.78% | −9.97% | +12.79% | +7.52% | +0.59% | |
| $0.8933 | +2.51% | −10.67% | +14.46% | +7.04% | −0.10% | |
| $0.8714 | −3.34% | −12.86% | +10.25% | +4.32% | +0.42% | |
| $0.9015 | +0.72% | −9.85% | +7.68% | +5.23% | +1.65% | |
| $0.8951 | +0.82% | −10.49% | +8.42% | +4.94% | +1.06% | |
| $0.8878 | −0.77% | −11.22% | +9.22% | +4.68% | +0.78% | |
| $0.8946 | +0.94% | −10.54% | +9.75% | +5.36% | +0.37% | |
| $0.8863 | −1.72% | −11.37% | +6.96% | +2.76% | +1.48% | |
| $0.9017 | −3.46% | −9.83% | +5.40% | +4.42% | +1.15% | |
| $0.9341 | −0.51% | −6.59% | +4.34% | +3.75% | +2.28% | |
| $0.9388 | +0.24% | −6.12% | +3.90% | +1.91% | +2.30% | |
| $0.9366 | −0.44% | −6.34% | +1.81% | +0.48% | +2.36% | |
| $0.9407 | +1.35% | −5.93% | +1.41% | +0.73% | +1.75% | |
| $0.9282 | −1.86% | −7.18% | −2.15% | −2.18% | +2.23% | |
| $0.9458 | +1.55% | −5.42% | −0.86% | −1.57% | +2.46% | |
| $0.9314 | +0.24% | −6.86% | −0.88% | −2.04% | +1.87% | |
| $0.9292 | +2.18% | −7.08% | +0.99% | −3.01% | +1.20% | |
| $0.9094 | +1.31% | −9.06% | +2.94% | −3.20% | +0.46% |
September 202621 sessions
| Market close | PWX basket value | Daily change | Since inception | WTI | XLE | S&P 500 |
|---|---|---|---|---|---|---|
| $0.8976 | +0.10% | −10.24% | +0.22% | −5.05% | +0.26% | |
| $0.8966 | −1.75% | −10.34% | −0.93% | −4.99% | +0.52% | |
| $0.9126 | −1.08% | −8.74% | +2.64% | −4.12% | +0.68% | |
| $0.9225 | +0.08% | −7.75% | +2.43% | −4.21% | +1.47% | |
| $0.9218 | +0.42% | −7.82% | +4.87% | −3.35% | +0.95% | |
| $0.9179 | −3.11% | −8.21% | +2.15% | −3.71% | +0.98% | |
| $0.9474 | −1.41% | −5.26% | +0.33% | −4.62% | +1.75% | |
| $0.9610 | +0.28% | −3.90% | +2.38% | −3.57% | +1.75% | |
| $0.9583 | −0.05% | −4.17% | +6.50% | −0.71% | +0.25% | |
| $0.9587 | +0.59% | −4.13% | +12.96% | −0.45% | +0.08% | |
| $0.9531 | −3.74% | −4.69% | +13.53% | −1.14% | −1.04% | |
| $0.9901 | +0.74% | −0.99% | +11.67% | +1.79% | −0.60% | |
| $0.9829 | −2.13% | −1.71% | +7.67% | −0.37% | −0.15% | |
| $1.0043 | +0.36% | +0.43% | +10.90% | +0.57% | +0.33% | |
| $1.0007 | −1.50% | +0.07% | +13.59% | +0.25% | −0.52% | |
| $1.0160 | −0.68% | +1.60% | +6.46% | +0.83% | +0.06% | |
| $1.0230 | +2.12% | +2.30% | +3.11% | +0.00% | +0.55% | |
| $1.0017 | −0.47% | +0.17% | +1.40% | −1.10% | +1.14% | |
| $1.0065 | +0.69% | +0.65% | +1.20% | −0.23% | +1.52% | |
| $0.9996 | −0.04% | −0.04% | +0.88% | +0.51% | +0.46% | |
| $1.0000 | +0.00% | +0.00% | +0.00% | +0.00% | +0.00% |
PWX Methodology
The launch universe
WaterBridge Infrastructure LLC (WBI), Select Water Solutions, Inc. (WTTR), Western Midstream Partners, LP (WES), NGL Energy Partners LP (NGL), Texas Pacific Land Corporation (TPL), LandBridge Company LLC (LB), TETRA Technologies, Inc. (TTI)
The fixed launch basket is back-calculated to September 1, 2026. This is pre-launch historical performance. PWXv1 remains a separate historical record; its 30-stock arithmetic average is not spliced into this series.
Basket value and price return
Allocate one seventh of an initial $1 to each constituent at September 1 close. Holdings drift with prices until the last U.S. trading-session close of each calendar quarter, when the weights reset to one seventh for the next session. The reset does not alter that day’s return.
Daily return is the sum of each prior-close weight multiplied by its constituent’s daily price return. Compound those daily returns to obtain basket value per initial $1. Percentage performance is the change in that value since inception. Ordinary dividends and distributions are excluded.
Splits and other corporate actions require documented continuity treatment. If the designated market-data source later revises a historical close, PWI records the revised value, logs the old and new values with its source, and recalculates every dependent result. PWI reports market data; it does not independently determine a market close.
Market comparisons
XLE uses closing share prices; S&P 500 uses its price index; WTI uses a front-month futures settlement-price series. All comparisons share September 1 as the reference and display common U.S. equity sessions. The dollar view scales each comparison to an initial $1 for readability.
WTI is a commodity-price comparison. A fallback is accepted only when it identifies the same contract and settlement basis; contract changes may affect the series, which does not measure a rolled futures investment return.
Closing data and publication
The nightly process checks all seven company closes and all three comparisons. Each series follows an ordered primary, secondary and tertiary source. The first valid date-matched equivalent field wins; sources are not averaged and lower-ranked sources do not overrule a valid higher-ranked close.
If all three sources lack a required close, PWI records a null observation and its verified market status internally. A confirmed halt or suspension is recorded as a market event; an unexplained absence remains a source gap. Neither is converted to zero or inserted into PWX arithmetic. The public chart retains its last complete “As of close” date.
Company closes and XLE: Stock Analysis → Nasdaq Historical Quotes → Yahoo Finance Historical Data. S&P 500: ChartExchange → Yahoo Finance Historical Data → FRED / S&P Dow Jones Indices. WTI: Investing.com → CME Group Daily Settlements → Yahoo Finance Historical Data.