Cypress Energy Partners, L.P. Announces Fourth Quarter Results and Filing of Form 10-K
Cypress Energy Partners, L.P. (NYSE:CELP)
today reported:
-
Q4 Cash Distribution to Unit Holders – Maintained at Q3 2015 rate
-
Q4 2015 Adjusted EBITDA attributable to limited partners increased 27%
compared to Q4 2014
-
Q4 2015 Gross Margin percentage increased 100 basis points compared to
Q4 2014
-
Over 85% of our customers are investment grade, and approximately 90%
of our inspection services clients are investment grade
Peter C. Boylan III, CELP’s Chairman, President and Chief Executive
Officer, stated, “We were pleased to announce our fourth quarter 2015
operating performance, and that we maintained our distribution rate of
$0.406413 per unit consistent with our third quarter distribution per
unit, despite the challenging environment in the energy industry. As we
stated in our distribution press release, CELP’s low capital expenditure
business model is not typical of the MLP industry, and consequently we
do not have the internal competition between funding infrastructure
build-outs and obligations versus making quarterly cash distributions
with which many other MLPs must contend. We also have ample liquidity
under our credit facility and over $24 million of cash at December 31,
2015. Additionally, the subordinated nature of approximately 50% of our
units from our IPO protects common unitholders who have the right to
first receive available cash up to the minimum quarterly distribution
before the subordinated unitholders would receive any cash distribution.
Our general partner and its affiliates are aligned with our common unit
holders, with an approximate 65% ownership interest in CELP, and have
the ability to support or protect the distribution coverage ratio if
required.”
Mr. Boylan continued, “Pipeline inspection and integrity services are
great businesses that are federally mandated to protect our nation’s
critical energy infrastructure. Our team continues to focus on organic
growth opportunities with our customer relationships in the inspection
industry to cross-sell our new hydrostatic testing services from our
recent acquisition. We have had several significant new customer wins in
our public utility company/local distribution company inspection and
integrity business as well as expansion of our existing customers in
various segments. We also continue to see an increase in Water and
Environmental Services opportunities, including bankruptcy auctions and
strategic opportunities to partner with E&P producers that have led to
new piped water opportunities and may also lead to accretive acquisition
and growth opportunities as producers focus on their core business of
finding and producing hydrocarbons. These acquisition opportunities
include both water and traditional midstream hydrocarbon activities
including gathering, processing, storage, and other related services.”
Fourth Quarter:
-
Revenue of $89.8 million for the three months ended December 31, 2015,
down 12.1% from the same period in the prior year.
-
Gross margin of 12.8% for the quarter, compared with 11.8% in the same
period in the prior year, driven primarily by higher Pipeline
Inspection and Pipeline Integrity margins.
-
Adjusted EBITDA of $6.1 million for the three months ended December
31, 2015 compared to $6.7 million in the same period in the prior year.
-
Adjusted EBITDA attributable to Cypress Energy Partners, L.P. of $5.6
million for the three months ended December 31, 2015 compared to $4.4
million for the same period in the prior year representing an increase
of 27%.
-
Net income of $1.0 million for the three months ended December 31,
2015, which includes a non-cash impairment charge of $1.1 million on
some of our SWD facilities as a result of the economic downturn. This
compares to a net loss of $28.7 million for the same period in the
prior year, which includes a non-cash impairment charge of $32.5
million on several SWD facilities and goodwill.
-
Net income attributable to Cypress Energy Partners, L.P. limited
partners of $1.2 million for the three months ended December 31, 2015
compared to a net loss of $29.6 million for the same period in the
prior year.
-
Distributable cash flow of $3.7 million for the three months ended
December 31, 2015, compared to $4.3 million for the same period in the
prior year, primarily driven by declines in our Water and
Environmental Services segment.
-
Declared cash distribution of $4.8 million or $0.406413 per unit for
the three months ended December 31, 2015, which was unchanged from the
previous quarter and reflects a 4.88% increase over the minimum
quarterly distribution of $0.3875.
-
As a result of our subordinated unit structure from our IPO, our
coverage ratio was 1.52x on our common units. Our coverage ratio was
0.76x on all outstanding units.
Year To Date:
-
Revenue of $371.2 million for the year ended December 31, 2015, down
8.2% from the same period in the prior year.
-
Distributable cash flow of $17.2 million for the year ended December
31, 2015 compared to $17.8 million for the period from January 21,
2014 through December 31, 2014, down 3.4%.
-
Adjusted EBITDA of $24.7 million for the year ended December 31, 2015
compared to $28.5 million for the year ended December 31, 2014, down
13.3%
-
Adjusted EBITDA attributable to Cypress Energy Partners, L.P. of $23.1
million for the year ended December 31, 2015, compared to $18.2
million for the period from January 21, 2014 through December 31, 2014
representing an increase of 26.9%.
-
Net income of $4.1 million for the year ended December 31, 2015, which
includes non-cash impairment charges totaling $6.6 million, compared
to a net loss of $15.2 million for the same period in the prior year,
which included non-cash impairment charges totaling $32.5 million.
-
Net income attributable to Cypress Energy Partners, L.P. limited
partners of $4.1 million for the year ended December 31, 2015 compared
to a net loss of $20.3 million for the same period in the prior year.
Highlights include:
-
We averaged 1,330 inspectors and 30 field personnel per week for the
fourth quarter of 2015.
-
We disposed 4.3 million barrels of saltwater at an average revenue per
barrel of $0.68 for the fourth quarter of 2015, down 36.4% from the
prior year average revenue per barrel of $1.07. Materially lower oil
prices and a previously disclosed contract dispute on two managed
facilities negatively impacted our average rate per barrel.
-
In May 2015, we announced the acquisition of a 51% controlling
interest in Brown Integrity, LLC (“Brown”) an industry leader in the
hydrostatic testing business. The fourth quarter results include a
full quarter of this business which contributed to the higher
consolidated gross margins.
-
We have approximately $59 million of remaining liquidity under our
senior credit facility and an additional $125 million available under
its accordion feature.
-
Our leverage ratio as calculated under our credit facility was 3.07x
vs. our covenant of 4.0x and our interest coverage ratio was 4.84x vs.
our covenant of 3.0x at December 31, 2015, reflecting a strong balance
sheet with ample available cash and substantial availability.
-
Maintenance capital expenditures for the three months and the year
ended December 31, 2015 were $53 thousand and $502 thousand,
respectively, reflecting our attractive business model and the limited
maintenance capital expenditures required to operate our businesses.
Looking forward:
-
To date we have seen increases in our average inspector headcounts
from the typical holiday lows experienced in December and January. We
have been awarded several new contracts for 2016 including a new
master services agreement for pipeline inspection services with
another investment grade company for which we have not previously
provided services. We have also renewed several sizeable existing
contracts.
-
During the quarter, approximately 98% of total water volumes came from
produced water, and piped water represented approximately 37% of total
water volumes. When commodity prices improve and drilling activity
increases, we will have significant operating leverage with our cost
structure and minimal maintenance capital expenditure requirements as
volumes increase. A substantial number of drilled and uncompleted
wells (“DUC’s”) exist around our various SWD facilities. As prices
improve, we expect to benefit materially from the completion of these
DUC’s.
-
We continue to work collaboratively with our customers to help them
address the downturn in commodity prices and their need to reduce
operating expenses until prices recover. We also continue to carefully
evaluate market pricing on a facility-by-facility basis. Flowback
water pricing in the Bakken has experienced the greatest absolute
change, given it has always been much higher than pricing for produced
water.
-
The market price of crude oil has a direct impact on our revenues
associated with the sale of residual oil. It also has an indirect
impact on our water disposal revenues, depending on the reaction of
oil and gas producers in the vicinity of our facilities to declining
oil prices. We believe the total barrels disposed and the average
price per barrel disposed for the next several quarters will continue
to face pressure from the lack of drilling which could lead to further
impairments if commodity prices and drilling activity do not improve.
-
Revenue per barrel metrics are comprised of five factors: i) disposal
price per barrel; ii) volume of barrels disposed; iii) volume of skim
oil; iv) net realized price per barrel of skim oil; and v) third party
management fees and reimbursement of labor expenses associated with
the same.
-
For 2015, we incurred approximately $0.5 million in maintenance
capital expenditures. We also invested an additional $1.2 million on
expansion capital expenditures in 2015 (focused mainly on organically
growing our Pipeline Inspection Services – NDE, and integrity
business).
-
We also plan to invest in automation technology to further enhance our
water and environmental margins and cash flow.
CELP also announced that it will file its annual report on Form 10-K for
the year ended December 31, 2015 with the Securities and Exchange
Commission later today. CELP will also post a copy of the Form 10-K on
its website at www.cypressenergy.com.
CELP will host an earnings call on Wednesday, March 23, 2016, at 5:00pm
EDT (4:00pm CDT) to discuss its fourth quarter 2015 financial results.
Analysts, investors, and other interested parties may access the
conference call by dialing Toll-Free (US & Canada): (888) 428-7458 or
International Dial-In (Toll): (862) 255-5400. An archived audio replay
of the call will be available on the investor section of our website at www.cypressenergy.com
beginning at 10:00am EDT (9:00am CDT) on March 28, 2016.
CELP defines Adjusted EBITDA as net income, plus interest expense,
depreciation and amortization expenses, income tax expenses,
impairments, offering costs, non-cash allocated expenses and equity
based compensation. CELP defines Distributable Cash Flow as Adjusted
EBITDA attributable to limited partners excluding cash interest paid,
cash income taxes paid and maintenance capital expenditures. Adjusted
EBITDA and Distributable Cash Flow should not be considered an
alternative to net income, income before income taxes, cash flows from
operating activities, or any other measure of financial performance
calculated in accordance with GAAP as those items are used to measure
operating performance, liquidity or the ability to service debt
obligations. CELP believes that the presentation of Adjusted EBITDA will
provide useful information to investors in assessing our financial
condition and results of operations. CELP uses Distributable Cash Flow
as a supplemental financial measure to assess the cash flows generated
by our assets (prior to the establishment of any retained cash reserves
by the general partner) to fund the cash distributions we expect to pay
to unitholders, to evaluate our success in providing a cash return on
investment and whether or not the Partnership is generating cash flow at
a level that can sustain or support an increase in its quarterly
distribution rates and to determine the yield of our units, which is a
quantitative standard used throughout the investment community with
respect to publicly-traded partnerships, as the value of a unit is
generally determined by a unit’s yield (which in turn is based on the
amount of cash distributions the entity pays to a unitholder). Because
adjusted EBITDA and distributable cash flow may be defined differently
by other companies in our industry, our definitions of Adjusted EBITDA
and Distributable Cash Flow may not be comparable to a similarly titled
measure of other companies, thereby diminishing their utility. A
reconciliation of Adjusted EBITDA and Distributable Cash Flow to net
income is shown below.
This press release includes “forward-looking statements.” All
statements other than statements of historical facts included or
incorporated herein may constitute forward-looking statements. Actual
results could vary significantly from those expressed or implied in such
statements and are subject to a number of risks and uncertainties. While
CELP believes its expectations as reflected in the forward-looking
statements are reasonable, CELP can give no assurance that such
expectations will prove to be correct. The forward-looking statements
involve risks and uncertainties that affect operations, financial
performance, and other factors as discussed in filings with the
Securities and Exchange Commission. Other factors that could impact any
forward-looking statements are those risks described in CELP’s Annual
Report filed on Form 10-K and other public filings. You are urged to
carefully review and consider the cautionary statements and other
disclosures made in those filings, specifically those under the heading
“Risk Factors.” CELP undertakes no obligation to publicly update or
revise any forward-looking statements except as required by law.
About Cypress Energy Partners, L.P.
Cypress Energy Partners, L.P. is a growth-oriented master limited
partnership that provides midstream services including pipeline
inspection, integrity and hydrostatic testing services to energy, E&P
and midstream companies and their vendors throughout the U.S. and
Canada. Cypress also provides saltwater disposal and other water and
environmental services to U.S. energy E&P companies and their vendors in
North Dakota in the Williston Basin, and West Texas in the Permian
Basin. In all three of these business segments, Cypress works closely
with its customers to help them comply with increasingly complex and
strict environmental and safety rules and regulations and reduce their
operating costs. Cypress is headquartered in Tulsa, Oklahoma.
|
|
CYPRESS ENERGY PARTNERS, L.P.
|
Consolidated Balance Sheets
|
As of December 31, 2015 and 2014
|
(in thousands, except unit data)
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
2015
|
|
|
|
|
2014
|
|
ASSETS
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
24,150
|
|
|
|
$
|
20,757
|
|
Trade accounts receivable, net
|
|
|
|
48,265
|
|
|
|
|
54,075
|
|
Deferred tax assets
|
|
|
|
34
|
|
|
|
|
68
|
|
Prepaid expenses and other
|
|
|
|
2,329
|
|
|
|
|
2,440
|
|
Total current assets
|
|
|
|
74,778
|
|
|
|
|
77,340
|
|
Property and equipment:
|
|
|
|
|
|
|
Property and equipment, at cost
|
|
|
|
23,706
|
|
|
|
|
27,878
|
|
Less: Accumulated depreciation
|
|
|
|
5,369
|
|
|
|
|
3,538
|
|
Total property and equipment, net
|
|
|
|
18,337
|
|
|
|
|
24,340
|
|
Intangible assets, net
|
|
|
|
32,486
|
|
|
|
|
30,245
|
|
Goodwill
|
|
|
|
65,273
|
|
|
|
|
55,545
|
|
Debt issuance costs, net
|
|
|
|
1,771
|
|
|
|
|
2,318
|
|
Other assets
|
|
|
|
42
|
|
|
|
|
54
|
|
Total assets
|
|
|
$
|
192,687
|
|
|
|
$
|
189,842
|
|
|
|
|
|
|
|
|
LIABILITIES AND OWNERS' EQUITY
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
2,205
|
|
|
|
$
|
2,461
|
|
Accounts payable - affiliates
|
|
|
|
913
|
|
|
|
|
586
|
|
Accrued payroll and other
|
|
|
|
7,095
|
|
|
|
|
7,750
|
|
Deferred tax liabilities
|
|
|
|
42
|
|
|
|
|
-
|
|
Income taxes payable
|
|
|
|
350
|
|
|
|
|
546
|
|
Total current liabilities
|
|
|
|
10,605
|
|
|
|
|
11,343
|
|
Long-term debt
|
|
|
|
140,900
|
|
|
|
|
77,600
|
|
Deferred tax liabilities
|
|
|
|
363
|
|
|
|
|
438
|
|
Asset retirement obligations
|
|
|
|
117
|
|
|
|
|
33
|
|
Total liabilities
|
|
|
|
151,985
|
|
|
|
|
89,414
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners' equity:
|
|
|
|
|
|
|
Partners’ capital:
|
|
|
|
|
|
|
Common units (5,920,467 and 5,913,000 units outstanding at December
31, 2015 and 2014, respectively)
|
|
|
|
253
|
|
|
|
|
6,285
|
|
Subordinated units (5,913,000 units outstanding at December 31, 2015
and 2014)
|
|
|
|
59,143
|
|
|
|
|
66,096
|
|
General partner
|
|
|
|
(25,876
|
)
|
|
|
|
1,999
|
|
Accumulated other comprehensive loss
|
|
|
|
(2,791
|
)
|
|
|
|
(525
|
)
|
Total partners' capital
|
|
|
|
30,729
|
|
|
|
|
73,855
|
|
Non-controlling interests
|
|
|
|
9,973
|
|
|
|
|
26,573
|
|
Total owners' equity
|
|
|
|
40,702
|
|
|
|
|
100,428
|
|
Total liabilities and owners' equity
|
|
|
$
|
192,687
|
|
|
|
$
|
189,842
|
|
|
|
CYPRESS ENERGY PARTNERS, L.P.
|
Consolidated Statements of Operations
|
For the Three Months and Years Ended December 31, 2015 and 2014
|
(in thousands, except unit and per unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Year Ended December 31,
|
|
|
|
|
2015
|
|
|
|
|
2014
|
|
|
|
|
2015
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
89,764
|
|
|
|
$
|
102,157
|
|
|
|
$
|
371,191
|
|
|
|
$
|
404,418
|
|
Costs of services
|
|
|
|
78,247
|
|
|
|
|
90,098
|
|
|
|
|
326,261
|
|
|
|
|
355,355
|
|
Gross margin
|
|
|
|
11,517
|
|
|
|
|
12,059
|
|
|
|
|
44,930
|
|
|
|
|
49,063
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative
|
|
|
|
6,442
|
|
|
|
|
5,963
|
|
|
|
|
23,795
|
|
|
|
|
21,321
|
|
Depreciation, amortization and accretion
|
|
|
|
1,314
|
|
|
|
|
1,626
|
|
|
|
|
5,427
|
|
|
|
|
6,345
|
|
Impairments
|
|
|
|
1,078
|
|
|
|
|
32,546
|
|
|
|
|
6,645
|
|
|
|
|
32,546
|
|
Operating income (loss)
|
|
|
|
2,683
|
|
|
|
|
(28,076
|
)
|
|
|
|
9,063
|
|
|
|
|
(11,149
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense) income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
|
(1,586
|
)
|
|
|
|
(856
|
)
|
|
|
|
(5,656
|
)
|
|
|
|
(3,208
|
)
|
Offering costs
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(446
|
)
|
Gain on waiver of right of purchase and other, net
|
|
|
|
30
|
|
|
|
|
24
|
|
|
|
|
1,136
|
|
|
|
|
92
|
|
Net income (loss) before income tax expense
|
|
|
|
1,127
|
|
|
|
|
(28,908
|
)
|
|
|
|
4,543
|
|
|
|
|
(14,711
|
)
|
Income tax expense (benefit)
|
|
|
|
81
|
|
|
|
|
(186
|
)
|
|
|
|
452
|
|
|
|
|
468
|
|
Net income (loss)
|
|
|
|
1,046
|
|
|
|
|
(28,722
|
)
|
|
|
|
4,091
|
|
|
|
|
(15,179
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to non-controlling interests
|
|
|
|
340
|
|
|
|
|
1,409
|
|
|
|
|
599
|
|
|
|
|
4,973
|
|
Net income (loss) attributable to partners / controlling interests
|
|
|
|
706
|
|
|
|
|
(30,131
|
)
|
|
|
|
3,492
|
|
|
|
|
(20,152
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to general partner
|
|
|
|
(465
|
)
|
|
|
|
(497
|
)
|
|
|
|
(648
|
)
|
|
|
|
149
|
|
Net income (loss) attributable to limited partners
|
|
|
$
|
1,171
|
|
|
|
$
|
(29,634
|
)
|
|
|
$
|
4,140
|
|
|
|
$
|
(20,301
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to limited partners allocated to:
|
|
|
|
|
|
|
|
|
|
|
|
|
Common unitholders
|
|
|
$
|
586
|
|
|
|
$
|
(14,817
|
)
|
|
|
$
|
2,071
|
|
|
|
$
|
(10,150
|
)
|
Subordinated unitholders
|
|
|
|
585
|
|
|
|
|
(14,817
|
)
|
|
|
|
2,069
|
|
|
|
|
(10,151
|
)
|
|
|
|
$
|
1,171
|
|
|
|
$
|
(29,634
|
)
|
|
|
$
|
4,140
|
|
|
|
$
|
(20,301
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common limited partner unit - basic and diluted
|
|
|
$
|
0.10
|
|
|
|
$
|
(2.51
|
)
|
|
|
$
|
0.35
|
|
|
|
$
|
(1.72
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per subordinated limited partner unit - basic and
diluted
|
|
|
$
|
0.10
|
|
|
|
$
|
(2.51
|
)
|
|
|
$
|
0.35
|
|
|
|
$
|
(1.72
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common units outstanding - basic and diluted
|
|
|
|
5,920,467
|
|
|
|
|
5,913,000
|
|
|
|
|
5,918,608
|
|
|
|
|
5,913,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average subordinated units outstanding - basic and diluted
|
|
|
|
5,913,000
|
|
|
|
|
5,913,000
|
|
|
|
|
5,913,000
|
|
|
|
|
5,913,000
|
|
|
|
Reconciliation of Net Income (Loss) to Adjusted EBITDA
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Year Ended December 31,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (loss)
|
|
|
$
|
1,046
|
|
|
$
|
(28,722
|
)
|
|
|
$
|
4,091
|
|
|
$
|
(15,179
|
)
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
1,586
|
|
|
|
856
|
|
|
|
|
5,656
|
|
|
|
3,208
|
|
Depreciation, amortization and accretion
|
|
|
|
1,512
|
|
|
|
1,666
|
|
|
|
|
6,004
|
|
|
|
6,513
|
|
Impairments
|
|
|
|
1,078
|
|
|
|
32,546
|
|
|
|
|
6,645
|
|
|
|
32,546
|
|
Income tax expense
|
|
|
|
81
|
|
|
|
(186
|
)
|
|
|
|
452
|
|
|
|
468
|
|
Non-cash allocated expenses
|
|
|
|
465
|
|
|
|
497
|
|
|
|
|
648
|
|
|
|
497
|
|
Offering costs
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
446
|
|
Equity based compensation
|
|
|
|
339
|
|
|
|
-
|
|
|
|
|
1,167
|
|
|
|
-
|
|
Adjusted EBITDA
|
|
|
$
|
6,107
|
|
|
$
|
6,657
|
|
|
|
$
|
24,663
|
|
|
$
|
28,499
|
|
|
|
Reconciliation of Net Income Attributable to Limited Partners
to Adjusted EBITDA and Distributable Cash Flow Attributable to
Limited Partners (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 21,
|
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
|
through
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to limited partners
|
|
|
$
|
1,171
|
|
|
$
|
(29,634
|
)
|
|
|
$
|
4,140
|
|
|
$
|
(20,301
|
)
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense attributable to limited partners
|
|
|
|
1,525
|
|
|
|
247
|
|
|
|
|
5,290
|
|
|
|
861
|
|
Income tax expense attributable to limited partners
|
|
|
|
66
|
|
|
|
(94
|
)
|
|
|
|
383
|
|
|
|
235
|
|
Depreciation, amortization and accretion attributable to limited
partners
|
|
|
|
1,378
|
|
|
|
1,320
|
|
|
|
|
5,522
|
|
|
|
4,849
|
|
Impairments attributable to limited partners
|
|
|
|
1,078
|
|
|
|
32,546
|
|
|
|
|
6,645
|
|
|
|
32,546
|
|
Equity based compensation attributable to limited partners
|
|
|
|
339
|
|
|
|
-
|
|
|
|
|
1,167
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA attributable to limited partners
|
|
|
|
5,557
|
|
|
|
4,385
|
|
|
|
|
23,147
|
|
|
|
18,190
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash interest paid, cash taxes paid & maintenance capital
expenditures
|
|
|
|
1,898
|
|
|
|
109
|
|
|
|
|
5,940
|
|
|
|
381
|
|
Distributable cash flow attributable to limited partners
|
|
|
$
|
3,659
|
|
|
$
|
4,276
|
|
|
|
$
|
17,207
|
|
|
$
|
17,809
|
|
|
|
Operating Data
|
|
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
2015
|
|
|
|
|
2014
|
|
|
|
|
2015
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total barrels of saltwater disposed (in thousands)
|
|
|
|
4,332
|
|
|
|
|
4,861
|
|
|
|
|
18,864
|
|
|
|
|
19,066
|
|
Average revenue per barrel
|
|
|
$
|
0.68
|
|
|
|
$
|
1.07
|
|
|
|
$
|
0.78
|
|
|
|
$
|
1.18
|
|
Water and environmental services gross margins
|
|
|
|
53.1
|
%
|
|
|
|
59.8
|
%
|
|
|
|
57.1
|
%
|
|
|
|
61.6
|
%
|
Average number of inspectors
|
|
|
|
1,330
|
|
|
|
|
1,552
|
|
|
|
|
1,392
|
|
|
|
|
1,535
|
|
Average revenue per inspector per week
|
|
|
$
|
4,626
|
|
|
|
$
|
4,754
|
|
|
|
$
|
4,711
|
|
|
|
$
|
4,773
|
|
Pipeline inspection services gross margins
|
|
|
|
9.8
|
%
|
|
|
|
9.2
|
%
|
|
|
|
9.5
|
%
|
|
|
|
9.2
|
%
|
Integrity Services average number of field personnel
|
|
|
|
30
|
|
|
|
|
-
|
|
|
|
|
33
|
|
|
|
|
-
|
|
Average revenue per field personnel per week
|
|
|
$
|
15,124
|
|
|
|
$
|
-
|
|
|
|
$
|
20,261
|
|
|
|
$
|
-
|
|
Pipeline integrity services gross margins
|
|
|
|
33.6
|
%
|
|
|
|
-
|
|
|
|
|
28.8
|
%
|
|
|
|
-
|
|
Maintenance capital expenditures (in thousands)
|
|
|
$
|
53
|
|
|
|
$
|
82
|
|
|
|
$
|
502
|
|
|
|
$
|
157
|
|
Expansion capital expenditures (in thousands)
|
|
|
$
|
-
|
|
|
|
$
|
1,792
|
|
|
|
$
|
1,165
|
|
|
|
$
|
2,094
|
|
Distributions (in thousands)
|
|
|
$
|
4,809
|
|
|
|
$
|
4,806
|
|
|
|
$
|
19,235
|
|
|
|
$
|
17,870
|
|
Coverage ratio
|
|
|
0.76x
|
|
|
|
0.89x
|
|
|
|
0.89x
|
|
|
|
1.00x
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160323006469/en/ Copyright Business Wire 2016
Source: Business Wire
(March 23, 2016 - 4:01 PM EDT)
News by QuoteMedia
www.quotemedia.com
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