Cypress Energy Partners, L.P. (NYSE:CELP) today
reported:
- Revenues of $76.5 million for the
second quarter, an increase of 2.5% from the second quarter of
2017, and an increase of 18.0% over the first quarter of 2018;
- Gross margin of $10.9 million for the
second quarter, an increase of 27.1% from the second quarter of
2017, and an increase of 34.6% over the first quarter of 2018;
- $10.5 million of cash as of June 30,
2018;
- Coverage ratio of 1.25x, an increase of
48.8% from the second quarter of 2017; and
- Cash distribution of $0.21 per unit,
consistent with the last five quarters.
Peter C. Boylan III, Cypress Energy Partners, L.P.’s (“CELP”)
Chairman and Chief Executive Officer stated, “We are encouraged by
the sequential improvement in our operating results in the second
quarter of 2018. All three of our business segments continued to
show solid growth during the quarter as anticipated. The strength
of our recovery can be clearly seen with significant improvements
in EBITDA and DCF compared with prior periods. Our Pipeline
Inspection business, Tulsa Inspection Resources (“TIR”), achieved
an important milestone in June, celebrating its 15th anniversary.
TIR has been profitable every year of its history, has proven its
resiliency during the financial crisis and the recent energy
downturn, and has posted an impressive history of growing its
business organically. During the quarter, we completed our
previously announced refinancing, and have significantly reduced
our debt by 44% from the end of 2017. We now enjoy a much stronger
balance sheet with net leverage of 3.09x trailing twelve-month
EBITDA.
“Our customers have recovered nicely from the downturn,
benefitting from the material improvement in commodity prices that
have led to increases in spending on maintenance and growth capital
expenditures which, in turn, has benefited our business. These
fundamental improvements in the energy industry underpin the
confidence we have in our business outlook. The last three years
have been marked by the most significant energy downturn in
generations, and we have capitalized on a number of competitive
opportunities while simultaneously transforming our company to be
even more competitive in the broad-based recovery. We continue to
expand our lines of business organically and have reached new
levels of efficiency in all our activities as demonstrated in all
three of our business segments. We continue to look at some
acquisition and organic growth opportunities and remain ready to
capture these opportunities. Demand for our pipeline inspection and
integrity services has remained strong. Our Pipeline Inspection and
Integrity Services segments represented 96% of our revenues and 81%
of our gross margin during the three months ended June 30,
2018.
“The average pipeline inspector headcount from U.S. operations
of 1,183 during the second quarter of 2018 was a 9.8% increase from
the U.S. inspector headcount during second quarter 2017. Revenues
and gross margins during 2018 have also benefitted from two new
service lines that we developed during 2017. Our Pipeline
Inspection gross margin percentage continues to improve (11.2% in
the second quarter of 2018, compared to 9.5% in the first quarter
of 2018 and 9.7% in the second quarter of 2017) as a result of our
focus on higher-margin services.
“Revenues of our Integrity Services (hydrostatic testing)
segment of $7.4 million during the first six months of 2018 were
considerably higher than revenues of $3.1 million during the first
six months of 2017. Our margin percentage of 29.3% in the first six
months of 2018 was also considerably higher than the margin
percentage of 7.1% in the first six months of 2017.
“Our Water Services segment continues to benefit from higher rig
counts, activity, and oil prices. Revenues from our North Dakota
operations continue to significantly increase ($3.0 million during
second quarter 2018, compared to $2.4 million during first quarter
2018 and $1.5 million during second quarter 2017, an increase of
100% from year-to-year) due to increased customer activity and the
completion in January 2018 of a new pipeline gathering system into
one of our facilities.
“We also sold our two saltwater disposal facilities in West
Texas earlier this year on attractive terms, and now operate our
Water Services segment solely in the Williston Basin region of
North Dakota, where we believe we have better economies of scale.
We currently operate nine saltwater disposal facilities with nine
different connected pipelines, with additional pipelines currently
under development. Approximately 43% of our saltwater disposal
volumes in the second quarter of 2018 were received via these
pipelines. During the second quarter of 2018, 90% of our saltwater
was produced saltwater from completed oil wells."
Additionally, Mr. Boylan stated, “We continue to pursue
acquisition opportunities and the previously-announced strategic
alternatives process. The long-term increasing demand for pipeline
inspection and integrity services and water solutions remains
strong due to our nation’s aging pipeline infrastructure, growing
production, and increasing governmental regulations.”
Second Quarter:
- Revenue of $76.5 million for the three
months ended June 30, 2018, compared with $74.6 million for the
three months ended June 30, 2017, representing a 2.5% increase. For
the quarter, revenue increased sequentially by 18% over the three
months ended March 31, 2018 of $64.8 million.
- Gross margin of $10.9 million for the
three months ended June 30, 2018, compared to $8.6 million for the
three months ended June 30, 2017, representing a 27.1% increase.
For the quarter, gross margin increased 34.6% over the three months
ended March 31, 2018, with a gross margin of $8.1 million. The
gross margin percentage was 14.3% for the three months ended June
30, 2018, compared to 11.5% for the three months ended June 30,
2017 and 12.5% for the three months ended March 31, 2018.
- Net income of $3.6 million for the
three months ended June 30, 2018, compared to $0.5 million for the
three months ended June 30, 2017. Net income included gains on
asset sales of $1.6 million and $0.1 million for the three months
ended June 30, 2018 and 2017, respectively. For the three months
ended March 31, 2018, net income was $1.0 million.
- Net income attributable to CELP limited
partners of $3.4 million for the three months ended June 30, 2018,
compared to $1.5 million for the three months ended June 30, 2017,
representing a 133.5% increase. During the three months ended June
30, 2017, income attributable to limited partners included $0.8
million of sponsor support. For the three months ended March 31,
2018, net income attributable to CELP limited partners was $0.7
million.
- Adjusted EBITDA of $5.9 million for the
three months ended June 30, 2018 (including noncontrolling
interests and amounts attributable to our general partner),
compared to $4.8 million for the three months ended June 30, 2017
(including noncontrolling interests and amounts attributable to our
general partner), representing an increase of 21.8%. During the
three months ended June 30, 2017, Adjusted EBITDA included $0.8
million of sponsor support. The second quarter Adjusted EBITDA
increased 81% compared to the three months ended March 31, 2018
Adjusted EBITDA of $3.3 million.
- Adjusted EBITDA attributable to limited
partners of $5.6 million for the three months ended June 30, 2018,
compared to $4.8 million for the three months ended June 30, 2017,
representing an increase of 16.4%. During the three months ended
June 30, 2017, Adjusted EBITDA attributable to limited partners
included $0.8 million of sponsor support. The second quarter
Adjusted EBITDA attributable to limited partners increased 96%
compared to the three months ended March 31, 2018 Adjusted EBITDA
attributable to limited partners of $2.9 million.
- Distributable Cash Flow available to
limited partners of $3.1 million for the three months ended June
30, 2018, compared to $2.1 million for the three months ended June
30, 2017, representing an increase of 48.6%. During the three
months ended June 30, 2017, distributable cash flow included $0.8
million of sponsor support. The second quarter Distributable Cash
Flow increased 236% compared to the three months ended March 31,
2018 Distributable Cash Flow of $0.9 million.
- A coverage ratio of 1.25x in the second
quarter of 2018, compared to a coverage ratio of 0.84x in the
second quarter of 2017 and a coverage ratio of 0.37x in the first
quarter of 2018.
- A leverage ratio of 3.6x compared to a
4.0x covenant maximum and an interest coverage ratio of 5.0x
compared to a 3.0x covenant minimum at June 30, 2018 pursuant to
the terms of our credit facility.
Year-To-Date:
- Revenue of $141.3 million for the six
months ended June 30, 2018, an increase of 1.4% from the same
period in the prior year. This increase was due to increased
customer activity in each of our business segments, despite the
sale during 2018 of two of our saltwater disposal facilities and a
significant reduction in our Canadian operations.
- Net income of $4.5 million for the six
months ended June 30, 2018, compared to net loss of $4.4 million
for the same period in the prior year. Net income included gains on
asset sales of $3.3 million and $0.1 million for the six months
ended June 30, 2018 and 2017, respectively. Net loss for the six
months ended June 30, 2017 included impairment charges of $3.6
million.
- Net income attributable to limited
partners of $4.1 million for the six months ended June 30, 2018,
compared to a net loss of $1.4 million for the same period in the
prior year (including impairment charges of $2.8 million). During
the six months ended June 30, 2017, net loss attributable to
limited partners was reduced by $1.8 million of sponsor
support.
- Adjusted EBITDA of $9.1 million for the
six months ended June 30, 2018 (including non-controlling
interests), compared to $7.6 million for the same period in the
prior year, up 19.7%. During the six months ended June 30, 2017,
Adjusted EBITDA included $1.8 million of sponsor support. Excluding
sponsor support in the prior year period, Adjusted EBITDA increased
55%.
- Adjusted EBITDA attributable to limited
partners of $8.5 million for the six months ended June 30, 2018,
compared to $7.9 million for the same period in the prior year, up
7.7%. During the six months ended June 30, 2017, Adjusted EBITDA
attributable to limited partners included $1.8 million of sponsor
support. Excluding sponsor support in the prior year period,
Adjusted EBITDA attributable to limited partners increased
38%.
- Distributable Cash Flow attributable to
limited partners of $4.1 million for the six months ended June 30,
2018, up 19.0% from the same period in the prior year and 145%
excluding sponsor support in the prior year.
Highlights include:
- A more attractive mix of business
generating higher margins, EBITDA, and distributable cash flow on
less working capital.
- We averaged 1,188 inspectors per week
for the second quarter of 2018, a slight increase compared to 1,186
in the second quarter of 2017 and 1,030 in the first quarter of
2018. Our focus on maintenance and integrity work and
non-destructive examination (“NDE”) continues to benefit our gross
margins in comparison with our basic inspection work.
- We disposed 3.6 million barrels of
saltwater, at an average revenue per barrel of $0.85 for the second
quarter of 2018, compared with the disposal of 3.0 million barrels
of saltwater at an average revenue per barrel of $0.68 for the
second quarter of 2017 and 3.1 million barrels of saltwater at an
average revenue per barrel of $0.82 for the first quarter of
2018.
- Maintenance capital expenditures for
the three months ended June 30, 2018 were $0.1 million, compared to
a nominal amount in the second quarter of 2017.
- Our expansion capital expenditures
during the first six months of 2018 totaled $3.6 million and were
primarily related to new pipelines which expanded our Water
Services segment, the rebuilding of two saltwater disposal
facilities that were struck by lightning in 2017 (one of which was
subsequently sold), and equipment purchases in our Pipeline
Inspection segment to support its growth.
Looking forward:
- We continue to successfully grow our
business organically pursuing new projects, new customers, and
renewing existing contracts. We have solid growth prospects for the
foreseeable future.
- Our Integrity Services business
(hydrostatic testing) second quarter results substantially improved
over the prior year with an increase in average revenue per field
personnel. We continue to see improvements in this segment as the
economy turns and we invest in our senior management team.
- During the second quarter, 90% of total
water volumes came from produced water, and piped water represented
43% of total water volumes. As commodity prices have improved
leading to increased drilling activity, we expect to have operating
leverage with our cost structure and minimal maintenance capital
expenditure requirements as volumes increase. During the second
quarter of 2018, we rebuilt a North Dakota saltwater disposal
facility which was struck by lightning in July 2017.
- Our saltwater disposal facilities have
substantial unused capacity to support growth with current
utilization of approximately 40%.
- We continue to evaluate several
acquisition opportunities that would initially be acquired by our
sponsor with the expectation that they would be offered to CELP in
the future as a drop-down opportunity.
- Our debt interest rate is floating and
LIBOR interest rates have continued to rise over the last quarter
by approximately 22 basis points and by almost 87 basis points
compared to this time last year. The reduction in our outstanding
debt upon amending our Credit Facility will favorably impact our
interest expense.
CELP will file its quarterly report on Form 10-Q for the period
ended June 30, 2018 with the Securities and Exchange Commission on
August 14, 2018. CELP will also post a copy of the Form 10-Q on its
website at www.cypressenergy.com.
CELP will host the Second Quarter Earnings Conference Call on
Tuesday, August 14, 2018, at 10:00 am EDT (9:00 am CDT) to discuss
its second quarter 2018 financial results. Analysts, investors, and
other interested parties may access the conference call by dialing
Toll-Free (US & Canada): (888) 339-2688, Passcode 78286946, or
International Dial-In (Toll): (617) 847-3007, Passcode 78286946. An
archived audio replay of the call will be available on the Investor
section of our website at www.cypressenergy.com beginning at
10:00 am EDT (9:00 am CDT) on August 16, 2018.
Non-GAAP Measures:
CELP defines Adjusted EBITDA as net income (loss), plus interest
expense, depreciation, amortization and accretion expenses, income
tax expenses, impairments, non-cash allocated expenses, and equity
based compensation, plus or minus other extraordinary or
non-recurring items. CELP defines Adjusted EBITDA attributable to
limited partners as net income (loss) attributable to limited
partners, plus interest expense attributable to limited partners,
depreciation, amortization and accretion attributable to limited
partners, impairments attributable to limited partners, income tax
expense attributable to limited partners, and equity based
compensation attributable to limited partners, plus or minus other
extraordinary or non-recurring items attributable to limited
partners. CELP defines Distributable Cash Flow as Adjusted EBITDA
attributable to limited partners excluding cash interest paid, cash
income taxes paid, maintenance capital expenditures, and cash
distributions on preferred equity. These are supplemental, non-GAAP
financial measures used by management and by external users of our
financial statements, such as investors and commercial banks, to
assess our operating performance as compared to those of other
companies in the midstream sector, without regard to financing
methods, historical cost basis or capital structure; the ability of
our assets to generate sufficient cash flow to make distributions
to our unitholders; our ability to incur and service debt and fund
capital expenditures; the viability of acquisitions and other
capital expenditure projects; and the returns on investment of
various investment opportunities. The GAAP measures most directly
comparable to Adjusted EBITDA, Adjusted EBITDA attributable to
limited partners, and Distributable Cash Flow are net income (loss)
and cash flow from operating activities, respectively. These
non-GAAP measures should not be considered as alternatives to the
most directly comparable GAAP financial measure. Each of these
non-GAAP financial measures exclude some, but not all, items that
affect the most directly comparable GAAP financial measure.
Adjusted EBITDA, Adjusted EBITDA attributable to limited partners
and Distributable Cash Flow should not be considered an alternative
to net income, income before income taxes, net income attributable
to limited partners, cash flows from operating activities, or any
other measure of financial performance calculated in accordance
with GAAP as those items are used to measure operating performance,
liquidity, or the ability to service debt obligations. CELP
believes that the presentation of Adjusted EBITDA, Adjusted EBITDA
attributable to limited partners and Distributable Cash Flow will
provide useful information to investors in assessing our financial
condition and results of operations. CELP uses Adjusted EBITDA,
Adjusted EBITDA attributable to limited partners and Distributable
Cash Flow as a supplemental financial measure to both manage our
business and assess the cash flows generated by our assets (prior
to the establishment of any retained cash reserves by the general
partner) to fund the cash distributions we expect to pay to
unitholders, to evaluate our success in providing a cash return on
investment, and whether or not the Partnership is generating cash
flow at a level that can sustain or support an increase in its
quarterly distribution rates and to determine the yield of our
units, which is a quantitative standard used throughout the
investment community with respect to publicly-traded partnerships,
as the value of a unit is generally determined by a unit’s yield
(which in turn is based on the amount of cash distributions the
entity pays to a unitholder). Because Adjusted EBITDA, Adjusted
EBITDA attributable to limited partners and Distributable Cash Flow
may be defined differently by other companies in our industry, our
definitions of Adjusted EBITDA, Adjusted EBITDA attributable to
limited partners and Distributable Cash Flow may not be comparable
to similarly titled measures of other companies, thereby
diminishing their utility. Reconciliations of (i) Net Income (Loss)
to Adjusted EBITDA and Distributable Cash Flow, (ii) Net Income
(Loss) attributable to limited partners to Adjusted EBITDA
attributable to limited partners and Distributable Cash Flow and
(iii) Net Cash Provided by Operating Activities to Adjusted EBITDA
and Distributable Cash Flow are provided below.
This press release includes “forward-looking statements.”
All statements, other than statements of historical facts included
or incorporated herein, may constitute forward-looking statements.
Actual results could vary significantly from those expressed or
implied in such statements, and are subject to a number of risks
and uncertainties. While CELP believes its expectations, as
reflected in the forward-looking statements, are reasonable, CELP
can give no assurance that such expectations will prove to be
correct. The forward-looking statements involve risks and
uncertainties that affect operations, financial performance, and
other factors as discussed in filings with the Securities and
Exchange Commission. Other factors that could impact any
forward-looking statements are those risks described in CELP’s
Annual Report filed on Form 10-K and other public filings. You are
urged to carefully review and consider the cautionary statements
and other disclosures made in those filings, specifically those
under the heading “Risk Factors.” CELP undertakes no obligation to
publicly update or revise any forward-looking statements except as
required by law.
About Cypress Energy Partners, L.P.
Cypress Energy Partners, L.P. is a master limited partnership
that provides essential midstream services, including pipeline
inspection, integrity, and hydrostatic testing services to various
energy companies and their vendors throughout the U.S. and Canada.
Cypress also provides saltwater disposal and environmental services
to upstream energy companies and their vendors in North Dakota in
the Bakken region of the Williston Basin. In all of these business
segments, Cypress works closely with its customers to help them
comply with increasingly complex and strict environmental and
safety rules and regulations, and reduce their operating costs.
Cypress is headquartered in Tulsa, Oklahoma.
CYPRESS ENERGY PARTNERS, L.P. Unaudited Condensed
Consolidated Balance Sheets As of June 30, 2018 and December
31, 2017 (in thousands, except unit data)
June
30, December 31, 2018
2017 ASSETS Current
assets: Cash and cash equivalents $ 10,499 $ 24,508 Trade accounts
receivable, net 47,692 41,693 Prepaid expenses and other 1,040
2,294 Assets held for sale - 2,172
Total current assets 59,231 70,667 Property and equipment: Property
and equipment, at cost 23,057 22,700 Less: Accumulated depreciation
9,991 9,312 Total property and
equipment, net 13,066 13,388 Intangible assets, net 24,114 25,477
Goodwill 50,344 53,435 Debt issuance costs, net 1,498 - Other
assets 266 236 Total assets $ 148,519
$ 163,203
LIABILITIES AND OWNERS'
EQUITY Current liabilities: Accounts payable $ 3,404 $ 3,757
Accounts payable - affiliates 3,966 3,173 Accrued payroll and other
11,163 9,109 Liabilities held for sale - 97 Income taxes payable
346 646 Current portion of long-term debt -
136,293 Total current liabilities 18,879 153,075 Long-term
debt 76,129 - Asset retirement obligations 142
143 Total liabilities 95,150 153,218 Owners' equity:
Partners’ capital: Common units (11,933,522 and 11,889,958 units
outstanding at June 30, 2018 and December 31, 2017, respectively)
33,852 34,614 Preferred units (5,769,231 units outstanding at June
30, 2018) 43,636 - General partner (25,876 ) (25,876 ) Accumulated
other comprehensive loss (2,545 ) (2,677 ) Total
partners' capital 49,067 6,061 Noncontrolling interests
4,302 3,924 Total owners' equity 53,369
9,985 Total liabilities and owners' equity $
148,519 $ 163,203
CYPRESS ENERGY PARTNERS,
L.P. Unaudited Condensed Consolidated Statements of
Operations For the Three and Six Months Ended June 30, 2018
and 2017 (in thousands, except unit and per unit data)
Three Months Ended June 30, Six
Months Ended June 30, 2018 2017 2018
2017 Revenue $ 76,468 $ 74,567 $ 141,294 $ 139,289
Costs of services 65,525 65,958 122,222 124,351 Gross margin 10,943
8,609 19,072 14,938 Operating costs and expense: General and
administrative 5,822 5,329 11,277 10,439 Depreciation, amortization
and accretion 1,110 1,206 2,244 2,377 Impairments - - - 3,598 Gain
on asset disposals, net (1,606) (113) (3,315) (113) Operating
income (loss) 5,617 2,187 8,866 (1,363) Other (expense)
income: Interest expense, net (1,668) (1,795) (3,624) (3,504) Debt
issuance cost write-off (114) - (114) - Foreign currency gains
(losses) (117) 267 (451) 267 Other, net 125 60 207 105 Net income
(loss) before income tax expense 3,843 719 4,884 (4,495) Income tax
expense (benefit) 287 222 368 (71) Net income (loss) 3,556 497
4,516 (4,424) Net income (loss) attributable to
noncontrolling interests 149 (133) 384 (1,298) Net income (loss)
attributable to partners / controlling interests 3,407 630 4,132
(3,126) Net loss attributable to general partner - (829) - (1,750)
Net income (loss) attributable to limited partners 3,407 1,459
4,132 (1,376) Net income attributable to preferred unitholders 367
- 367 - Net income (loss) attributable to common unitholders $
3,040 $ 1,459 $ 3,765 $ (1,376) Net income (loss) per common
limited partner unit: Basic $ 0.25 $ 0.12 $ 0.32 $ (0.13) Diluted $
0.24 $ 0.12 $ 0.31 $ (0.13) Weighted average common units
outstanding: Basic 11,933,390 11,880,452 11,916,127 10,404,026
Diluted 14,298,409 12,002,538 13,323,692 10,404,026 Weighted
average subordinated units outstanding - basic and diluted - - -
1,470,083
Reconciliation of Net Income (Loss) to
Adjusted EBITDA toDistributable Cash Flow
Three Months ended June 30,
Six Months ended June 30, 2018
2017 2018 2017 (in
thousands) Net income (loss) $ 3,556 $ 497 $ 4,516 $ (4,424
) Add: Interest expense 1,668 1,795 3,624 3,504 Debt issuance cost
write-off 114 - 114 - Depreciation, amortization and accretion
1,375 1,481 2,793 2,913 Impairments - - - 3,598 Income tax expense
(benefit) 287 222 368 (71 ) Non-cash allocated expenses - 829 -
1,750 Equity based compensation 335 409 547 766 Foreign currency
losses 117 - 451 - Less: Foreign currency gains - 267 - 267 Gain on
asset disposals, net 1,561 131 3,270
131 Adjusted EBITDA $ 5,891 $ 4,835 $ 9,143 $ 7,638
Adjusted EBITDA attributable to noncontrolling interests
278 12 664 (236 ) Adjusted EBITDA
attributable to limited partners / controlling interests $ 5,613 $
4,823 $ 8,479 $ 7,874 Less: Cash interest paid, cash
taxes paid, maintenance capital expenditures 2,492
2,723 4,428 4,470 Distributable cash flow $
3,121 $ 2,100 $ 4,051 $ 3,404
Reconciliation of
Net Income (Loss) Attributable to Limited Partners to Adjusted
EBITDA Attributable to Limited Partners and Distributable
Cash Flow Three Months ended June 30, Six
Months ended June 30, 2018 2017
2018 2017 (in thousands)
Net income (loss) attributable to limited partners $ 3,407 $ 1,459
$ 4,132 $ (1,376 ) Add: Interest expense attributable to limited
partners 1,668 1,795 3,624 3,504 Debt issuance cost write-off
attributable to limited partners 114 - 114 - Depreciation,
amortization and accretion attributable to limited partners 1,252
1,340 2,527 2,630 Impairments attributable to limited partners - -
- 2,823 Income tax expense attributable to limited partners 281 218
354 (75 ) Equity based compensation attributable to limited
partners 335 409 547 766 Foreign currency losses attributable to
limited partners 117 - 451 - Less: Foreign currency gains
attributable to limited partners - 267 - 267 Gain on asset
disposals attributable to limited partners, net 1,561
131 3,270 131 Adjusted EBITDA attributable to
limited partners 5,613 4,823 8,479 7,874 Less: Cash interest
paid, cash taxed paid and maintenance capital expenditures
attributable to limited partners 2,492 2,723
4,428 4,470 Distributable cash flow $ 3,121 $ 2,100 $
4,051 $ 3,404
Reconciliation of Net Cash Provided
by Operating Activities to Adjusted EBITDA to Distributable Cash
Flow Attributable to Limited Partners
Six Months ended June 30,
2018 2017 (in thousands)
Cash flows provided by operating activities $ 2,059 $ 1,712
Changes in trade accounts receivable, net 6,059 4,727 Changes in
prepaid expenses and other (1,358 ) 586 Changes in accounts payable
and accrued liabilities (1,744 ) (3,920 ) Change in income taxes
payable 300 802 Interest expense (excluding non-cash interest)
3,377 3,210 Income tax expense (excluding deferred tax benefit) 368
287 Other 82 234 Adjusted EBITDA $
9,143 $ 7,638 Adjusted EBITDA attributable to
noncontrolling interests 664 (236 ) Adjusted
EBITDA attributable to limited partners / controlling interests $
8,479 $ 7,874 Less: Cash interest paid, cash
taxes paid, maintenance capital expenditures 4,428
4,470 Distributable cash flow $ 4,051 $ 3,404
Operating Data Three
Months Six Months Ended June 30, Ended June
30, 2018 2017
2018 2017 Total barrels
of saltwater disposed (in thousands) 3,577 2,966 6,652 5,739
Average revenue per barrel $ 0.85 $ 0.68 $ 0.83 $ 0.68 Water and
environmental services gross margins 68.3 % 70.0 % 63.5 % 61.7 %
Average number of inspectors 1,188 1,186 1,109 1,135 Average number
of U.S. inspectors 1,183 1,077 1,102 968 Average revenue per
inspector per week $ 4,556 $ 4,550 $ 4,475 $ 4,508 Pipeline
inspection services gross margins 11.2 % 9.7 % 10.4 % 9.3 % Average
number of field personnel 22 18 22 17 Average revenue per field
personnel per week $ 10,755 $ 10,244 $ 13,054 $ 7,036 Pipeline
integrity services gross margins 32.0 % 17.9 % 29.3 % 7.1 %
Maintenance capital expenditures (in thousands) $ 139 $ 14 $ 263 $
88 Expansion capital expenditures (in thousands) $ 1,725 $ 67 $
3,632 $ 291 Distributions (in thousands) $ 2,506 $ 2,495 $ 5,012 $
4,990 Coverage ratio 1.25x 0.84x 0.81x 0.68x
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180813005703/en/
Cypress Energy Partners, L.P.Jeff Herbers, 918-947-5730Chief
Accounting Officerjeff.herbers@cypressenergy.com
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