Tulsa-based Cypress Energy Partners, L.P. announced third quarter revenues of $77.7 million, an increase of more than 4 percent from the second quarter.
The company said the revenue compared to $81.8 million a year ago. Net income for the three months ending Sept. 30 totaled $0.6 million compared to $0.5 million for the three-month period that ended June 30, 2017.
Year to date, revenue was $217 million, down 4.7 percent from the previous year.
The company indicated it is evaluating “several acquisition opportunities in traditional midstream lines of business.” Cypress also reported an expansion of capital expenditures in the first nine months of 2017 totaling $0.8 million. They were primarily related to growth opportunities in Pipeline Integrity Services to purchase new technology.
The company is anticipating more business in the Bakken.
“Private equity investors have been very active acquiring acreage and production in the Bakken this year that will likely lead to increased new drilling activity,” stated the firm. Its research showed an estimated 500 drilled and uncompleted wells within a 15-mile radius of company facilities including those in North Dakota as well as the Permian Basin in Texas.