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Cypress Environmental Partners, L.P.

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2021 10-K, filed Apr 15, 2022. Its latest SEC filing is a 4 from Jul 7, 2022.

The sections below describe the company as of the FY2021 annual report.

What Did They Do?

Sells pipeline inspection and integrity services, plus water treatment and environmental services, to energy companies, pipeline operators and utilities.

How Did They Make Money?

Energy and utility customers pay for inspection and integrity work, with fees depending on the project and inspectors used. Oil and gas customers pay a fixed fee per barrel of water processed; the partnership also earns fees from water transport and facility management, and sells recovered oil.

FY2015 revenue

Who Were Their Customers?

Pipeline owners and operators and public utilities are inspection customers. Oil and gas producers and trucking companies are environmental-services customers; producers deliver water by truck or pipeline themselves or hire trucking companies to transport it.

Did Revenues Turn Into Profits?

Yes. It kept 1 cent of every revenue dollar as net income in FY2015.

Operating income, FY2015
2% of revenue
▲ Now profitable vs FY2014 (−$11.1M, −3%)
Net income, FY2015
1% of revenue
▲ Now profitable vs FY2014 (−$15.2M, −4%)

How Were They Changing?

Since the FY2021 annual report
  • May 11, 2022 Files for bankruptcy and agrees to a debt-for-equity restructuring; exchange moves to delist units Argonaut is slated to receive all new equity in exchange for the debt, and trading of common units was suspended.

Grew. Revenue grew 599.7x in 3 years, from $619K in FY2012 to $371.2M in FY2015, about 743% a year.

Business lineup The older report described hydrostatic testing and chemical cleaning as Pipeline & Process Services; the latest report describes its segments as inspection services and water and environmental services.

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