Tulsa-based Cypress Energy Partners, L.P. reported a 28% increase in fourth quarter revenues totaling $88.9 million. The increase was from 2017.
Revenue for 2018 totaled $315 million and increased 10% compared to $286.3 million at the end of 2017. The company said the increase occurred even though two saltwater disposal operations in Texas were sold and the company experienced a significant reduction in its Canadian operations.
Net income for the year totaled $12.1 million compared to a net loss of $1.9 million in 2017.
Cypress indicated its revenues from the North Dakota operations of the Water Services Segment grew by 72% in 2018 compared to 2017. It was driven in part by two new pipelines.
Peter C. Boylan III, Cypress Energy Partners, L.P.’s Chairman and Chief Executive Officer, stated, “All three of our business segments, Pipeline Inspection, Pipeline and Process Services, and Water Services generated increased revenues in the fourth quarter of 2018 relative to the fourth quarter of 2017 with strong gross margins, which reflect not only the diversity and strength of our customers, but also the need for the services we offer.”
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