Cypress Environmental Partners, L.P. provides independent inspection, integrity, and support services in North America. The company operates in three segments: Inspection Services, Pipeline & Process Services (PPS), and Environmental Services. The Inspection Services segment offers inspection and integrity services on various infrastructure assets, including midstream pipelines, gathering systems, and distribution systems. This segment also provides various services, such as nondestructive examination, in-line inspection support, pig tracking, survey, data gathering, and supervision of third-party contractors. The PPS segment offers hydrostatic testing, chemical cleaning, water transfer and recycling, pumping, pigging, flushing, filling, dehydration, caliper runs, in-line inspection tool run support, nitrogen purging, and drying services, as well as test documentation and records retention services. The Environmental Services segment owns and operates 9 water treatment facilities with ten environmental protection agency class II injection wells in the Bakken shale region of the Williston Basin in North Dakota. This segment offers treatment, recovery, separation, and disposal of waste byproducts generated during the lifecycle of an oil and natural gas well to protect the environment and drinking water. The company serves owners and operators of pipelines and other infrastructure, public utility or local distribution, pipeline construction, oil and natural gas exploration and production, and trucking companies, as well as third-party purchasers of residual oil. Cypress Environmental Partners GP, LLC operates as the general partner of the company. The company was formerly known as Cypress Energy Partners, L.P. and changed its name to Cypress Environmental Partners, L.P. in March 2020. Cypress Environmental Partners, L.P. was founded in 2003 and is headquartered in Tulsa, Oklahoma. Cypress Environmental Partners, L.P. is a subsidiary of Cypress Energy Holdings, LLC.
IPO Year: 2014
Exchange: NYSE
Website: cypressenvironmental.biz
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4 - Cypress Environmental Partners, L.P. (0001587246) (Issuer)
4 - Cypress Environmental Partners, L.P. (0001587246) (Issuer)
4 - Cypress Environmental Partners, L.P. (0001587246) (Issuer)
4 - Cypress Environmental Partners, L.P. (0001587246) (Issuer)
4 - Cypress Environmental Partners, L.P. (0001587246) (Issuer)
4 - Cypress Environmental Partners, L.P. (0001587246) (Issuer)
4 - Cypress Environmental Partners, L.P. (0001587246) (Issuer)
4 - Cypress Environmental Partners, L.P. (0001587246) (Issuer)
3 - Cypress Environmental Partners, L.P. (0001587246) (Issuer)
4 - Cypress Environmental Partners, L.P. (0001587246) (Issuer)
15-12B - Cypress Environmental Partners, L.P. (0001587246) (Filer)
8-K - Cypress Environmental Partners, L.P. (0001587246) (Filer)
25-NSE - Cypress Environmental Partners, L.P. (0001587246) (Subject)
8-K - Cypress Environmental Partners, L.P. (0001587246) (Filer)
8-K - Cypress Environmental Partners, L.P. (0001587246) (Filer)
8-K - Cypress Environmental Partners, L.P. (0001587246) (Filer)
10-K - Cypress Environmental Partners, L.P. (0001587246) (Filer)
S-8 POS - Cypress Environmental Partners, L.P. (0001587246) (Filer)
S-8 POS - Cypress Environmental Partners, L.P. (0001587246) (Filer)
8-K - Cypress Environmental Partners, L.P. (0001587246) (Filer)
Today, Cypress Environmental Partners, L.P. (NYSE:CELP) ("Cypress" or the "Company") announced that it filed for Chapter 11 bankruptcy protection and reached a restructuring support agreement with its priority senior secured lender, an affiliate of Argonaut Private Equity ("Argonaut"), that is expected to clear approximately $58 million worth of debt. The petition was filed in the U.S. Bankruptcy Court for the Southern District of Texas, Houston division. Paul Hastings LLP is serving as legal counsel. Judge Isgur entered a series of interim orders on "first day" motions that will facilitate Cypress's continued normal business operations and reorganization efforts, including continuing to p
Today, Cypress Environmental Partners, L.P., (NYSE:CELP) ("Cypress") reported that an affiliate of Argonaut Private Equity, which is headquartered in Tulsa, Oklahoma, has acquired 100% of Cypress's senior secured debt from the seven existing lenders. As previously reported, Cypress, with the support of its lenders, engaged Piper Sandler & Co. to solicit potential debt and equity investors to submit proposals to recapitalize Cypress in advance of the May 31, 2022 maturity date of Cypress's credit facility. Cypress and its lenders worked together to ensure business continuity and normal operations for Cypress's customers and employees. Piper Sandler reported the results of this extensive mar
Today, Cypress Environmental Partners, L.P., (NYSE:CELP) ("Cypress") reported its financial results for the three months and year ended December 31, 2021. FINANCING Cypress continues to work with Deutsche Bank AG, its credit facility Administrative Agent, Lead Arranger and Bookrunner, and the six other banks ("Lenders") and their financial and legal advisors regarding the credit agreement that matures on May 31, 2022. Because the credit agreement matures within one year, the financial statements in Cypress's Annual Report on Form 10-K disclose substantial doubt about its ability to continue as a going concern, as defined under U.S. Generally Accepted Accounting Principles. This condition
Today, Cypress Environmental Partners, L.P., (NYSE:CELP) ("Cypress") reported that it has filed a Form 12b-25 with the Securities and Exchange Commission to provide notice of the late filing of its Annual Report on Form 10-K ("Form 10-K"). Cypress expects to file the Form 10-K on or before April 15, 2022. Cypress continues to work with its lenders and their financial and legal advisors regarding the credit agreement that matures on May 31, 2022. As disclosed in Cypress's most recent Quarterly Report on Form 10-Q in November 2021, Cypress can make no assurances that it will be able to successfully extend the credit agreement beyond the May 2022 maturity date on favorable terms, if at all. I
Today, Cypress Environmental Partners, L.P. (NYSE:CELP) ("Cypress") reported its financial results for the three months ended September 30, 2021. HIGHLIGHTS Revenue of $32.4 million increased 6% from second quarter 2021 Gross margin of $4.3 million increased 5% from second quarter 2021 Basic and diluted loss per unit of $(0.33), inclusive of loss from discontinued operations Adjusted EBITDA of $0.5 million Distributable cash flow ("DCF") of $(1.2 million) Common unit and preferred unit distributions remain suspended as Cypress focuses on reducing debt THIRD QUARTER 2021 SUMMARY FINANCIAL RESULTS (in thousands, except for per unit data) Three Months Ended Chan
Today, Cypress Environmental Partners, L.P., (NYSE:CELP) ("Cypress") reported its financial results for the three months ended June 30, 2021. HIGHLIGHTS Consolidated revenue of $31.9 million for second quarter 2021, an increase of 18% compared to first quarter 2021. Consolidated gross margin of $4.4 million for second quarter 2021, an increase of 52% compared to first quarter 2021. Net loss attributable to common unitholders of $2.9 million for the three months ended June 30, 2021. Adjusted EBITDA of $0.5 million for the three months ended June 30, 2021. Distributable cash flow (DCF) of ($1.4 million) for the three months ended June 30, 2021. Common unit and preferred unit dist
Today, Cypress Environmental Partners, L.P., (NYSE:CELP) ("Cypress") reported its financial results for the three months ended March 31, 2021. HIGHLIGHTS Cypress reduced debt by $20.2 million during the first quarter of 2021. Net loss attributable to common unitholders of $3.7 million for the three months ended March 31, 2021. Adjusted EBITDA of ($0.8 million) for the three months ended March 31, 2021. Distributable cash flow (DCF) of ($3.1 million) for the three months ended March 31, 2021. Our common unit and preferred unit distributions remain suspended as we focus on reducing debt. Received first award for inspection services on non-energy municipal infrastructure. FIRS
TULSA, Okla.--(BUSINESS WIRE)--Today, Cypress Environmental Partners, L.P. (NYSE: CELP) (“Cypress”) reported its financial results for the three months ended December 31, 2020. HIGHLIGHTS Closed an amended credit facility extension in March 2021. The amendment extends the maturity date through May 2022, increases the allowable leverage ratio for several quarters, and reduces the total capacity to $75.0 million. The amended credit agreement contains significant restrictions on Cypress’s ability to pay distributions during the term of the agreement. Cash balance increased to $17.9 million at December 31, 2020, with a net debt leverage ratio of 4.1x. Fourth quarter 2020 results
Cypress Environmental Partners, L.P. (NYSE:CELP) ("Cypress" or the "Company") announced that it filed for Chapter 11 bankruptcy protection and reached a restructuring support agreement with its priority senior secured lender, an affiliate of Argonaut Private Equity ("Argonaut"), that is expected to clear approximately $58 million worth of debt. The petition was filed in the U.S. Bankruptcy Court for the Southern District of Texas, Houston division. Paul Hastings LLP is serving as legal counsel. Judge Isgur entered a series of interim orders on "first day" motions that will facilitate Cypress's continued normal business operations and reorganization efforts, including continuing to pay emplo
TULSA, Okla.--(BUSINESS WIRE)-- Today, Cypress Environmental Partners, L.P. (NYSE:CELP) (“Cypress” or the “Company”) announced the next step in its previously announced plan to pursue a court-supervised restructuring. On May 8, 2022, Cypress entered into a Restructuring Support Agreement (the “RSA”) with Argonaut Private Equity (“Argonaut”), a Tulsa-based private equity firm and the sole senior secured lender of the Company, pursuant to which Argonaut agreed to vote in favor of a joint pre-packaged plan of reorganization of the Company and its subsidiaries (the “Plan”) under Chapter 11 of the U.S. Bankruptcy Code (“Chapter 11”). The Plan was filed with the U.S. Bankruptcy Court for the So
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