Tulsa’s Cypress Energy Partners, L.P. not only reported increased revenues for the fourth quarter of 2019 and for the entire year, but also announced a name change.
As of March 16, 2020, the firm will be known as Cypress Environmental Partners, L.P., reflecting the fact that Cypress has “always been an environmental services company helping its customers protect the environment with its essential services.”
In making the announcement, the company explained the name change should eliminate confusion that the “energy” name created with prospective investors. As part of the change, shares will continue to be traded on the New York Stock Exchange under the ticker symbol of CELP.
Cypress reported an 87% increase of fourth quarter net income which totaled $4.9 million. Revenue for the quarter was up 3% to $91.2 million.
Peter C. Boylan III, CELP’s Chairman and Chief Executive Officer called it an excellent 2019, saying the strong fourth quarter was driven by the broad and growing suite of environmental services offered by the company.
“Last fall, one of our investors suggested that our current name is confusing, because we have never been a fossil fuel or oilfield services company and suggested that we change our name to better reflect the services we have always provided to our customers, he explained.
For the year that ended Dec. 31, 2019, Cypress reported revenue of $401.6 million, up from the $315 million reported at the end of 2018 which made for a 28% increase. Net income was $17.4 million which was 44% higher than the $12.1 million reported at the end of 2018.
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