Tulsa’s Cypress Energy Partners, L.P. reported a 45% increase in second quarter 2019 revenues over the second quarter of 2018. Revenues totaled $111.1 million while the company’s net income of $5.6 million jumped 59% from a year ago.
The company’s adjusted EBITDA attributable to limited partners was $8.7 million for the second quarter which was a 56% increase from the second quarter of 2018.
Peter C. Boylan III, CELP’s Chairman and Chief Executive Officer, stated, “I am pleased to report a great second quarter with strong revenue growth driven by Tulsa Inspection Resources (“TIR”), our Pipeline Inspection segment. Pipeline inspection and integrity services, our primary businesses, represented 98% of our revenue and 86% of our gross margin during the first six months of 2019. We have continued to strengthen our balance sheet, materially reduced our leverage, and have strong distribution coverage.”
The company’s report showed its revenues from pipeline inspection increased from $70.4 million in the second quarter 2018 to $104 million in the second quarter of 2019.
Pipeline and Process Service revenues increased 42% reaching $4.4 million at the end of the second quarter 2019.
Revenues of our Water Services segment decreased from $3.0 million during the three months ended June 30, 2018 to $2.7 million during the three months ended June 30, 2019, a decrease of 11%.
Revenue for the first six months of 2019 totaled $201.5 million, 43% more than the $141.3 million reported a year earlier. Net income for the same time period was $7 million, up 56%.
Adjusted EBITDA for the same time period was up 49% reaching $13.6 million.
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