A first-quarter cash distribution has been declared by Tulsa-based Cypress Energy Partners, L.P.
The cash distribution is $0.21 per limited partner unit and will be payable on May 15, 2017 to all unitholders of record.
The declaration was made by the company’s board of directors and came nearly a month after the Board stated its intention to reduce quarter distribution by nearly 48 percent.
The reduction was the first since the company made its initial public offering in January 2014. At the time of the March 15 announcement Cypress executives indicated if the cut in distribution were maintained throughout 2017, the move would provide nearly $9.3 million of internally generated capital. In turn, the additional capital would provide the company with “increased liquidity and reduced leverage, that will enable the Company to invest in selected growth projects.”