Second quarter results will be released later in August by Tulsa’s Cypress Energy Partners, L.P. which also declared a cash distribution of 21 cents a share.
The company’s board of directors approved the cash distribution which will be payable on Aug. 14 to all unitholders of record on Aug. 7, 2018. The 21-cents is the same cash distribution announced for the first quarter earnings.
The earnings report will be released Tuesday, Aug. 14 and a conference call by company management will be held at 9 a.m. Central time.
Cypress Energy’s first quarter earnings report showed $26.1 million of cash by the end of March and a more than 28% increase in the gross margin compared to the first quarter of 2017. The company said its revenues from the Integrity Services segment grew by 51% compared to a year earlier.
It also added six new pipeline inspection and integrity customers in the first quarter of 2018. The company also completed the sale of its Orla, Texas facility which had been struck by lightning and damaged in early 2017.