Tulsa-based Cypress Energy Partners, L.P. reported first quarter 2018 revenue of $64.8 million, slightly higher than a year ago. It also indicated its saltwater business is growing, thanks to well completions in North Dakota.
Leadership blamed the “seasonally low first quarter” on a low margin Canadian customer that the company elected to cease serving.
Still, net income totaled $1 million for the first three months of the year compared to a net loss of $4.9 million one year earlier. And the adjusted earnings before interest, depreciation and amortization was $3.3 million, up from the $2.8 million reported at the end of March 31, 2017.
The company used the first quarter report to announce the completion of the sale of its Orla, Texas facility, one that was struck and damaged by lightning in early 2017 and “contributed very minimally” to the company cash flow over the last 15 months.
“After the sale of both our Pecos and Orla SWD facilities in the Permian Basin, we are now solely operating our Water Services segment in the Bakken region of North Dakota,” stated Peter C. Boylan III, Chairman and Chief Executive Officer.
The company has nine facilities in the Bakken getting saltwater from seven different pipelines. Two others are under development.
The company reported disposing of 3.1 million barrels of saltwater in the first quarter of 2018 at an average revenue per barrel of 82 cents compared to 2.8 million and 68 cents one year ago.