Cypress Environmental Partners, L.P. Announces Suspension of Cash Distribution
July 28 2020 - 1:34PM
Business Wire
Cypress Environmental Partners, L.P. (“CELP”) (NYSE: CELP)
announced today the board of directors of its general partner
elected to suspend quarterly distributions until further notice. In
response to the energy industry challenges and the COVID-19 crisis,
CELP is temporarily suspending its quarterly distributions to
protect its balance sheet and will continue to evaluate its future
distribution each quarter until it is prudent to resume
distributions. These are unprecedented times that require
extraordinary actions, precautions, and prudence. CELP will report
its 2nd quarter results during the second week of August 2020.
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 several 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 risk and uncertainties that can
affect operations, financial performance, and other factors as
provided in CELP’s filings with the Securities and Exchange
Commission. Other factors which could impact any forward-looking
statements are those risks described in CELP’s Annual Report filed
on Form 10-K and in 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 Environmental Partners, L.P.:
Cypress Environmental Partners, L.P. is a master limited
partnership that provides essential environmental services to the
energy and municipal water industries, including pipeline &
infrastructure inspection, NDE testing, various integrity services,
and pipeline & process services throughout the United States.
CELP also provides environmental services to upstream energy
companies and their vendors in North Dakota, including water
treatment, hydrocarbon recovery, and disposal into EPA Class II
injection wells to protect our groundwater. CELP works closely with
its customers to help them protect people, property, and the
environment, and to assist them with compliance of increasingly
complex and strict rules and regulations. CELP is headquartered in
Tulsa, Oklahoma.
This release is a qualified notice under Treasury Regulation
Section 1.1446-4(b). Brokers and nominees should treat 100% of
Cypress Environmental Partners L.P.’s distributions to foreign
investors as being attributable to income that is effectively
connected with a United States trade or business. Therefore,
distributions to foreign investors are subject to federal income
tax withholding at the highest applicable effective tax rate.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200728005876/en/
Cypress Environmental Partners, L.P. Jeff Herbers – Vice
President & Chief Financial Officer
jeff.herbers@cypressenvironmental.biz or 918-947-5730
Cypress Environmental Pa... (NYSE:CELP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Cypress Environmental Pa... (NYSE:CELP)
Historical Stock Chart
From Jul 2023 to Jul 2024