Cypress Energy Partners, L.P. Announces Third Quarter Results and Filing of Form 10-Q
Cypress Energy Partners, L.P. (NYSE:CELP)
today reported:
-
Q3 Cash Distribution to Unit Holders – Maintained at Q2 2015 rate
-
Coverage ratio of 2.34x on common units and 1.17x on all units
outstanding
-
Q3 2015 Adjusted EBITDA attributable to limited partners increased
37.0% compared to Q3 2014
-
Q3 2015 distributable cash flow attributable to limited partners
increased 8.5% compared to Q3 2014
-
Q3 2015 Gross Margin increased 60 basis points compared to Q3 2014
Peter C. Boylan III, CELP's chairman, president and chief executive
officer, stated, “We were pleased to announce our third quarter 2015
operating performance, and that we maintained our distribution rate of
$0.406413 per unit consistent with our second quarter distribution per
unit, despite the challenging environment impacting virtually everyone
in the energy industry.”
Mr. Boylan continued, “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 also continue to see an increase in Water and
Environmental Services opportunities, including strategic opportunities
to partner with E&P producers that has 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.
“Our strong balance sheet and credit facility allow us to pursue
opportunities, and during the quarter we have seen a material increase
in acquisition opportunities in both existing segments and some new
areas covered under our IRS private letter ruling. Our businesses
require very nominal maintenance capital expenditures, leading to
attractive free cash flow generation unlike many other MLPs.”
Third Quarter:
-
Revenue of $96.4 million for the three months ended September 30,
2015, down 13.2% from the same period in the prior year.
-
Gross margin of 12.6% for the quarter, compared with 12.0% in the same
period in the prior year, driven primarily by higher Pipeline
Inspection and Pipeline Integrity margins.
-
Adjusted EBITDA of $7.6 million for the three months ended September
30, 2015 (including non-controlling interests).
-
Adjusted EBITDA attributable to Cypress Energy Partners, L.P. of $7.2
million for the three months ended September 30, 2015 compared to $5.3
million for the same period in the prior year.
-
Net loss of $1.6 million (including minority interests) for the three
months ended September 30, 2015, which includes an impairment charge
of $5.6 million on some of our SWD facilities as a result of the
economic downturn.
-
Net loss attributable to Cypress Energy Partners, L.P. limited
partners of $1.8 million for the three months ended September 30, 2015.
-
Distributable cash flow of $5.6 million for the three months ended
September 30, 2015, up 8.5% from $5.2 million in the same period in
the prior year.
-
Declared cash distribution of $4.8 million or $0.406413 per unit for
the three months ended September 30, 2015, which was unchanged from
the second quarter and reflects a 4.88% increase over the minimum
quarterly distribution of $0.3875.
-
As a result of our subordinated unit structure, our coverage ratio was
2.34x on our common units, inclusive of a transaction for which the
consideration was $1.0 million. Our coverage ratio inclusive of this
transaction was 1.17x. Excluding the aforementioned transaction, the
common unit coverage ratio for the quarter was 1.92x and the coverage
ratio was 0.96x.
Year To Date:
-
Revenue of $281.4 million for the nine months ended September 30,
2015, down 6.9% from the same period in the prior year.
-
Distributable cash flow of $13.5 million for the nine months ended
September 30, 2015, flat compared to the period from January 21, 2014
through September 30, 2014.
-
Adjusted EBITDA of $18.6 million for the nine months ended September
30, 2015 (including non-controlling interests).
-
Adjusted EBITDA attributable to Cypress Energy Partners, L.P. of $17.6
million for the nine months ended September 30, 2015, compared to
$13.8 million for the period from January 21, 2014 through September
30, 2014.
-
Net income of $3.0 million for the nine months ended September 30,
2015, which includes an impairment charge of $5.6 million.
-
Net income attributable to Cypress Energy Partners, L.P. limited
partners of $3.0 million for the nine months ended September 30, 2015.
Highlights include:
-
We averaged 1,406 inspectors and 35 field personnel per week for the
third quarter of 2015.
-
We disposed 4.7 million barrels of saltwater at an average revenue per
barrel of $0.73 for the third quarter of 2015, down 33.0% from the
prior year average revenue per barrel of $1.09. Materially lower oil
prices and a contract dispute on two managed facilities negatively
impacted average rate per barrel.
-
We previously announced the acquisition of a 51% controlling interest
in Brown Integrity, LLC (“Brown”), an industry leader in the
hydrostatic testing business. The third 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 2.55x
and our interest coverage ratio was 6.05x at September 30, 2015,
reflecting a strong balance sheet with ample available cash and
substantial availability.
-
Maintenance capital expenditures for the three and nine months ended
September 30, 2015 were $87 thousand and $449 thousand, respectively
reflecting the limited maintenance capital expenditures required to
operate our businesses.
Looking forward:
-
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.
-
During the quarter approximately 96% 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
picks up we will have significant operating leverage with our cost
structure and minimal maintenance capital expenditure requirements as
volumes increase.
-
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
pricing in the Bakken has experienced the greatest absolute change,
given it has always been much higher than produced water.
-
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.
-
To date we continue to see only marginal increases in our average
inspector headcounts. We continue to see certain customers’ project
start dates slip and now, in some limited cases, certain new projects
have been cancelled. We have been awarded some new work for 2016
including a new master services agreement with another investment
grade company for which we have not previously provided services.
-
For 2015, we expect to spend an aggregate of approximately $0.7
million on maintenance capital expenditures (primarily in the Water
and Environmental Services business). We also expect to spend an
additional $1.1 million on expansion capital expenditures in 2015
(focused mainly on organically growing our Pipeline Inspection
Services – NDE, and integrity business).
-
Our general partner and its affiliates are aligned with our common
unit holders, with an approximate 64% ownership interest in CELP, and
have the ability to support or protect the distribution coverage ratio.
CELP also announced that it will file its quarterly report on Form 10-Q
for its fiscal period ended September 30, 2015 with the Securities and
Exchange Commission later today. CELP will also post a copy of the Form
10-Q on its website at www.cypressenergy.com.
CELP will host an earnings call on Friday, November 13, 2015, at 10:00am
EST (9:00am CST) to discuss its third 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 EST (9:00am CST) on November 17, 2015.
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.
|
Condensed Consolidated Balance Sheets
|
As of September 30, 2015 and December 31, 2014
|
(in thousands, except unit data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
December 31,
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
25,677
|
|
|
|
$
|
20,757
|
|
Trade accounts receivable, net
|
|
|
|
56,470
|
|
|
|
|
54,075
|
|
Accounts receivable - affiliates
|
|
|
|
65
|
|
|
|
|
-
|
|
Deferred tax assets
|
|
|
|
36
|
|
|
|
|
68
|
|
Prepaid expenses and other
|
|
|
|
3,043
|
|
|
|
|
2,440
|
|
Total current assets
|
|
|
|
85,291
|
|
|
|
|
77,340
|
|
Property and equipment:
|
|
|
|
|
|
|
Property and equipment, at cost
|
|
|
|
24,515
|
|
|
|
|
27,878
|
|
Less: Accumulated depreciation
|
|
|
|
4,671
|
|
|
|
|
3,538
|
|
Total property and equipment, net
|
|
|
|
19,844
|
|
|
|
|
24,340
|
|
Intangible assets, net
|
|
|
|
33,279
|
|
|
|
|
30,245
|
|
Goodwill
|
|
|
|
65,323
|
|
|
|
|
55,545
|
|
Debt issuance costs, net
|
|
|
|
1,910
|
|
|
|
|
2,318
|
|
Other assets
|
|
|
|
66
|
|
|
|
|
54
|
|
Total assets
|
|
|
$
|
205,713
|
|
|
|
$
|
189,842
|
|
|
|
|
|
|
|
|
LIABILITIES AND OWNERS' EQUITY
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
3,172
|
|
|
|
$
|
2,461
|
|
Accounts payable - affiliates
|
|
|
|
-
|
|
|
|
|
586
|
|
Accrued payroll and other
|
|
|
|
16,797
|
|
|
|
|
7,750
|
|
Income taxes payable
|
|
|
|
379
|
|
|
|
|
546
|
|
Total current liabilities
|
|
|
|
20,348
|
|
|
|
|
11,343
|
|
Long-term debt
|
|
|
|
140,900
|
|
|
|
|
77,600
|
|
Deferred tax liabilities
|
|
|
|
386
|
|
|
|
|
438
|
|
Asset retirement obligations
|
|
|
|
78
|
|
|
|
|
33
|
|
Total liabilities
|
|
|
|
161,712
|
|
|
|
|
89,414
|
|
Commitments and contingencies
|
|
|
|
|
|
|
Owners' equity:
|
|
|
|
|
|
|
Partners' capital
|
|
|
|
|
|
|
Common units (5,920,467 and 5,913,000 units outstanding at September
30, 2015 and December 31, 2014, respectively)
|
|
|
|
1,734
|
|
|
|
|
6,285
|
|
Subordinated units (5,913,000 outstanding at September 30, 2015 and
December 31, 2014)
|
|
|
|
60,961
|
|
|
|
|
66,096
|
|
General partner
|
|
|
|
(25,876
|
)
|
|
|
|
1,999
|
|
Accumulated other comprehensive loss
|
|
|
|
(2,451
|
)
|
|
|
|
(525
|
)
|
Total partners' capital
|
|
|
|
34,368
|
|
|
|
|
73,855
|
|
Non-controlling interests
|
|
|
|
9,633
|
|
|
|
|
26,573
|
|
Total owners' equity
|
|
|
|
44,001
|
|
|
|
|
100,428
|
|
Total liabilities and owners' equity
|
|
|
$
|
205,713
|
|
|
|
$
|
189,842
|
|
|
|
CYPRESS ENERGY PARTNERS, L.P.
|
Condensed Consolidated Statements of Operations
|
For the Three and Nine Months Ended September 30, 2015 and
September 30, 2014
|
(in thousands, except unit and per unit data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
2015
|
|
2014
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
96,408
|
|
|
$
|
111,016
|
|
|
|
|
$
|
281,427
|
|
|
$
|
302,261
|
|
Costs of services
|
|
|
|
84,307
|
|
|
|
97,735
|
|
|
|
|
|
248,014
|
|
|
|
265,257
|
|
Gross margin
|
|
|
|
12,101
|
|
|
|
13,281
|
|
|
|
|
|
33,413
|
|
|
|
37,004
|
|
Operating costs and expense:
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative
|
|
|
|
6,024
|
|
|
|
5,437
|
|
|
|
|
|
17,353
|
|
|
|
15,358
|
|
Depreciation, amortization and accretion
|
|
|
|
1,481
|
|
|
|
1,582
|
|
|
|
|
|
4,113
|
|
|
|
4,719
|
|
Impairments
|
|
|
|
5,567
|
|
|
|
-
|
|
|
|
|
|
5,567
|
|
|
|
-
|
|
Operating income (loss)
|
|
|
|
(971
|
)
|
|
|
6,262
|
|
|
|
|
|
6,380
|
|
|
|
16,927
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
|
(1,623
|
)
|
|
|
(795
|
)
|
|
|
|
|
(4,070
|
)
|
|
|
(2,352
|
)
|
Offering costs
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
(446
|
)
|
Other, net
|
|
|
|
1,043
|
|
|
|
43
|
|
|
|
|
|
1,106
|
|
|
|
68
|
|
Net income (loss) before income tax expense
|
|
|
|
(1,551
|
)
|
|
|
5,510
|
|
|
|
|
|
3,416
|
|
|
|
14,197
|
|
Income tax expense
|
|
|
|
89
|
|
|
|
413
|
|
|
|
|
|
371
|
|
|
|
654
|
|
Net income (loss)
|
|
|
|
(1,640
|
)
|
|
|
5,097
|
|
|
|
|
|
3,045
|
|
|
|
13,543
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to non-controlling interests
|
|
|
|
169
|
|
|
|
1,542
|
|
|
|
|
|
259
|
|
|
|
3,564
|
|
Net income (loss) attributable to partners
|
|
|
|
(1,809
|
)
|
|
|
3,555
|
|
|
|
|
|
2,786
|
|
|
|
9,979
|
|
Less net income (loss) attributable to general partner
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
(183
|
)
|
|
|
646
|
|
Net income (loss) attributable to limited partners
|
|
|
$
|
(1,809
|
)
|
|
$
|
3,555
|
|
|
|
|
$
|
2,969
|
|
|
$
|
9,333
|
|
Net income (loss) attributable to limited partners allocated to:
|
|
|
|
|
|
|
|
|
|
|
|
Common unitholders
|
|
|
$
|
(905
|
)
|
|
$
|
1,778
|
|
|
|
|
$
|
1,485
|
|
|
$
|
4,667
|
|
Subordinated unitholders
|
|
|
|
(904
|
)
|
|
|
1,777
|
|
|
|
|
|
1,484
|
|
|
|
4,666
|
|
|
|
|
$
|
(1,809
|
)
|
|
$
|
3,555
|
|
|
|
|
$
|
2,969
|
|
|
$
|
9,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common limited partner unit – basic
|
|
|
$
|
(0.15
|
)
|
|
$
|
0.30
|
|
|
|
|
$
|
0.25
|
|
|
$
|
0.79
|
|
– diluted
|
|
|
$
|
(0.15
|
)
|
|
$
|
0.30
|
|
|
|
|
$
|
0.25
|
|
|
$
|
0.78
|
|
Net income (loss) per subordinated unit – basic and diluted
|
|
|
$
|
( 0.15
|
)
|
|
$
|
0.30
|
|
|
|
|
$
|
0.25
|
|
|
$
|
0.79
|
|
Weighted average common units outstanding – basic
|
|
|
|
5,920,467
|
|
|
|
5,913,000
|
|
|
|
|
|
5,917,981
|
|
|
|
5,913,000
|
|
– diluted
|
|
|
|
5,920,467
|
|
|
|
5,978,804
|
|
|
|
|
|
5,917,981
|
|
|
|
5,986,328
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average subordinated units outstanding - basic and diluted
|
|
|
|
5,913,000
|
|
|
|
5,913,000
|
|
|
|
|
|
5,913,000
|
|
|
|
5,913,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income to Adjusted EBITDA (in thousands)
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
(1,640
|
)
|
|
|
$
|
5,097
|
|
|
$
|
3,045
|
|
|
$
|
13,543
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
1,623
|
|
|
|
|
795
|
|
|
|
4,070
|
|
|
|
2,352
|
Income tax expense
|
|
|
|
89
|
|
|
|
|
413
|
|
|
|
371
|
|
|
|
654
|
Depreciation, amortization and accretion
|
|
|
|
1,663
|
|
|
|
|
1,621
|
|
|
|
4,492
|
|
|
|
4,847
|
Impairments
|
|
|
|
5,567
|
|
|
|
|
-
|
|
|
|
5,567
|
|
|
|
-
|
Offering costs
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
446
|
Non-cash allocated expenses
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
183
|
|
|
|
-
|
Equity based compensation
|
|
|
|
296
|
|
|
|
|
-
|
|
|
|
828
|
|
|
|
-
|
Adjusted EBITDA
|
|
|
$
|
7,598
|
|
|
|
$
|
7,926
|
|
|
$
|
18,556
|
|
|
$
|
21,842
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income Attributable to Limited Partners to
Adjusted EBITDA and Distributable Cash Flow Attributable to Limited
Partners (in thousands)
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended
|
|
|
January 21, 2014 thru
|
|
|
|
2015
|
|
|
2014
|
|
|
September 30, 2015
|
|
|
September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to limited partners
|
|
|
$
|
(1,809
|
)
|
|
|
$
|
3,555
|
|
|
$
|
2,969
|
|
|
$
|
9,333
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense attributable to limited partners
|
|
|
|
1,561
|
|
|
|
|
224
|
|
|
|
3,765
|
|
|
|
614
|
Income tax expense attributable to limited partners
|
|
|
|
72
|
|
|
|
|
213
|
|
|
|
317
|
|
|
|
329
|
Depreciation, amortization and accretion attributable to limited
partners
|
|
|
|
1,532
|
|
|
|
|
1,276
|
|
|
|
4,144
|
|
|
|
3,529
|
Impairments attributable to limited partners
|
|
|
|
5,567
|
|
|
|
|
-
|
|
|
|
5,567
|
|
|
|
-
|
Equity based compensation attributable to limited partners
|
|
|
|
296
|
|
|
|
|
-
|
|
|
|
828
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA attributable to limited partners
|
|
|
$
|
7,219
|
|
|
|
$
|
5,268
|
|
|
$
|
17,590
|
|
|
$
|
13,805
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash interest paid, cash taxes paid & maintenance capital
expenditures
|
|
|
|
1,584
|
|
|
|
|
76
|
|
|
|
4,042
|
|
|
|
271
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributable cash flow attributable to limited partners
|
|
|
$
|
5,635
|
|
|
|
$
|
5,192
|
|
|
$
|
13,548
|
|
|
$
|
13,534
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Data
|
|
|
Three Months Ended September 30,
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
2015
|
|
|
2014
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total barrels of saltwater disposed (in thousands)
|
|
|
|
4,745
|
|
|
|
|
5,465
|
|
|
|
|
14,532
|
|
|
|
|
14,205
|
|
Average revenue per barrel
|
|
|
$
|
0.73
|
|
|
|
$
|
1.09
|
|
|
|
$
|
0.81
|
|
|
|
$
|
1.21
|
|
Water and environmental services gross margins
|
|
|
|
58.1
|
%
|
|
|
|
58.3
|
%
|
|
|
|
58.2
|
%
|
|
|
|
62.1
|
%
|
Average number of inspectors
|
|
|
|
1,406
|
|
|
|
|
1,648
|
|
|
|
|
1,412
|
|
|
|
|
1,530
|
|
Average revenue per inspector per week
|
|
|
$
|
4,749
|
|
|
|
$
|
4,850
|
|
|
|
$
|
4,741
|
|
|
|
$
|
4,778
|
|
Pipeline inspection services gross margins
|
|
|
|
9.7
|
%
|
|
|
|
9.3
|
%
|
|
|
|
9.3
|
%
|
|
|
|
9.2
|
%
|
Average number of field personnel
|
|
|
|
35
|
|
|
|
|
-
|
|
|
|
|
35
|
|
|
|
|
-
|
|
Average revenue per field personnel per week
|
|
|
$
|
11,246
|
|
|
|
$
|
-
|
|
|
|
$
|
11,308
|
|
|
|
$
|
-
|
|
Pipeline integrity services gross margins
|
|
|
|
29.6
|
%
|
|
|
|
-
|
|
|
|
|
25.6
|
%
|
|
|
|
-
|
|
Maintenance capital expenditures (in thousands)
|
|
|
$
|
87
|
|
|
|
$
|
82
|
|
|
|
$
|
449
|
|
|
|
$
|
165
|
|
Expansion capital expenditures (in thousands)
|
|
|
$
|
194
|
|
|
|
$
|
-
|
|
|
|
$
|
1,085
|
|
|
|
$
|
302
|
|
Distributions (in thousands)
|
|
|
$
|
4,809
|
|
|
|
$
|
4,806
|
|
|
|
$
|
14,426
|
|
|
|
$
|
13,064
|
|
Coverage ratio
|
|
|
1.17x
|
|
|
|
1.08x
|
|
|
|
0.94x
|
|
|
|
1.04x
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20151113005082/en/ Copyright Business Wire 2015
Source: Business Wire
(November 13, 2015 - 6:30 AM EST)
News by QuoteMedia
www.quotemedia.com
|