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Cypress Environmental Partners Reports Fourth Quarter Results

Today, Cypress Environmental Partners, L.P., (NYSE: CELP) (“Cypress”) reported its financial results for the three months and year ended December 31, 2021.

FINANCING

Cypress continues to work with Deutsche Bank AG, its credit facility Administrative Agent, Lead Arranger and Bookrunner, and the six other banks (“Lenders”) and their financial and legal advisors regarding the credit agreement that matures on May 31, 2022. Because the credit agreement matures within one year, the financial statements in Cypress’s Annual Report on Form 10-K disclose substantial doubt about its ability to continue as a going concern, as defined under U.S. Generally Accepted Accounting Principles. This condition resulted in the auditor’s report on the financial statements including a “going concern” uncertainty paragraph, which is an event of default of the credit agreement.

Cypress, with the support of the Lenders, has engaged Piper Sandler to solicit potential debt and equity investors to submit proposals to recapitalize Cypress and has received several proposals that are currently being evaluated by the board of directors and the Lenders.

Cypress also continues to negotiate with contingent fee plaintiffs’ lawyers to resolve litigation and arbitration exposure regarding Fair Labor Standards Act (“FLSA”) claims and associated indemnification demands from customers against whom some such claims have been asserted. Cypress has entered into a settlement covering more than 60 plaintiffs and resolving all of the claims asserted directly against the Company. The ability to resolve such exposure has been an important factor in Cypress’s ability to obtain a renewal from the current Lenders and remains an important element of successfully raising new capital without an in-court restructuring. Cypress and the Lenders may pursue a number of options, including but not limited to the possibility of i) a sale of the debt to a third party; ii) a sale of the debt to a related party; iii) entering into an agreement with a new investor for a stalking horse bid that would lead to an in-court restructuring and section 363 process; or some combination of these actions which may include a court-supervised restructuring. Cypress has incurred and expects to continue to incur significant legal and advisory fees in developing its financing plans. Under the current credit agreement Cypress is responsible for the Lender-mandated legal and financial advisor expenses, which have now exceeded $2.5 million dollars.

The New York Stock Exchange (the “NYSE”) continues to monitor trading in Cypress’s common units for compliance with the NYSE’s requirement of a $15 million market capitalization over 30 trading days; the failure to satisfy this requirement would result in immediate suspension and commencement of delisting procedures. It is likely that Cypress’s common units would be delisted from the NYSE in the event of any restructuring or liquidation proceeding. Such a proceeding would also likely lead to Cypress’s common and preferred equity (including accrued and unpaid distributions) having no value, given the amount of Cypress’s senior secured debt, which is currently $58.1 million.

Cypress believes that its Lenders are fully aligned on the importance of business continuity and normal operations to ensure ongoing reliable service to Cypress’s customers. Cypress and the Lenders intend to complete the process described above without disruption to customers, inspectors, and other employees.

FINANCIAL HIGHLIGHTS

  • Cash balance of $8.3 million at December 31, 2021.
  • Outstanding borrowings of $54.2 million on the credit facility at December 31, 2021.
  • Net loss attributable to common unitholders of $4.1 million for the three months ended December 31, 2021.
  • Adjusted EBITDA of $(0.3 million) for the three months ended December 31, 2021.
  • Distributable cash flow (“DCF”) of $(1.5 million) for the three months ended December 31, 2021.
  • Common unit and preferred unit distributions remain suspended.

FOURTH QUARTER 2021 SUMMARY FINANCIAL RESULTS

 

 

Three Months Ended

 

December 31,

 

2021

2020

 

(Unaudited)

 

(in thousands)

 

 

 

 

 

Net loss

$

(2,675)

$

(675)

Net loss attributable to common unitholders

$

(4,099)

$

(1,906)

Net loss per common limited partner unit – basic and diluted

$

(0.34)

$

(0.16)

Adjusted EBITDA (1)

$

(284)

$

1,469

Distributable cash flow (1)

$

(1,546)

$

(810)

(1)

This press release includes the following financial measures not presented in accordance with U.S. generally accepted accounting principles, or GAAP: adjusted EBITDA, adjusted EBITDA attributable to limited partners, and distributable cash flow. Each such non-GAAP financial measure is defined below under “Non-GAAP Financial Information”, and each is reconciled to its most directly comparable GAAP financial measure in schedules at the end of this press release.

CEO'S PERSPECTIVE

“2021 was another difficult year, however I am proud of how our employees navigated the second straight year of COVID-19. Despite over six months of negotiations, we regret that we have been unable to reach an agreement with our Lenders and therefore face the possibility of restructuring. Insiders (management, board, and individuals that control the general partner) own 76% of our equity (common and preferred units) and remain fully aligned with the minority unitholders. The FLSA wage litigation that swept through the inspection industry over the last several years has been expensive and time consuming for our customers, our competitors, and us. We were successful in negotiating a settlement covering over 60 cases; however, we have been unable to reach a global resolution despite months of negotiations. Regardless of the outcome of the negotiations with our Lenders and the FLSA plaintiffs’ lawyers, we are mutually aligned with our Lenders to avoid any adverse impact with operations so that we can continue to serve our customers and maintain our great employees,” said Peter C. Boylan III, Chairman, President, and CEO.

SEGMENT UPDATE

Inspection Services

  • During the fourth quarter Cypress had an average headcount of approximately 430 inspectors working throughout the United States. Headcount declined in early 2022 as the result of changes to inspector pay practices, which were driven in part by the need to mitigate the risk of needing to defend against future FLSA litigation. In early 2022 competitors offering more aggressive pay practices solicited and hired approximately 65 of Cypress’s inspectors as a result of these changes.
  • Cypress continues to pursue business development. In fourth quarter 2021 Cypress submitted over a dozen bids, and thus far in 2022 Cypress has submitted another 16 new bid proposals.
  • General and administrative expense in 4th quarter 2021 included a $0.7 million accrual related to a settlement Cypress reached in early 2022 with over 60 plaintiffs in FLSA litigation.
  • Other income in 4th quarter 2021 included a gain of $1.6 million upon receipt of proceeds from the settlement of a dispute with another party.

Pipeline & Process Services (“PPS”)

  • Cypress discontinued the operations of its 51%-owned subsidiary Brown Integrity, which provided hydrotesting services. Cypress recorded gains of $1.0 million in 4th quarter 2021 related to asset sales within net income (loss) from discontinued operations, net of tax.

Water & Environmental Services (“Environmental Services”)

  • Cypress’s water treatment facilities generally receive more water when its customers’ oil production increases from the completion of new oil wells in North Dakota. 23 drilling rigs are currently operating in North Dakota.
  • In December 2021, Cypress recorded an impairment of $0.9 million to the fixed assets and lease assets of one of its water treatment facilities.

COMMON UNIT & PREFERRED UNIT DISTRIBUTIONS

In July 2020, Cypress announced that it had suspended common unit distributions. Cypress’s credit facility continues to contain significant restrictions on the payment of distributions. Cypress expects to use available cash for working capital needs including restructuring expenses. Cypress continues the suspension of the distribution payments to an affiliate of the general partner to which he is entitled on his preferred units.

FOURTH QUARTER 2021 OPERATING RESULTS BY BUSINESS SEGMENT

Inspection Services

The Inspection Services segment’s results for the three months ended December 31, 2021 and 2020 were:

  • Revenue - $26.7 million and $32.4 million, respectively.
  • Gross Margin - $3.1 million and $3.9 million, respectively.

Water & Environmental Services (“Environmental Services”)

The Environmental Services segment’s results for the three months ended December 31, 2021 and 2020 were:

  • Revenue - $1.1 million and $1.4 million, respectively.
  • Gross Margin - $0.6 million and $0.9 million, respectively

CAPITAL EXPENDITURES

During the quarter, Cypress had less than $0.1 million in capital expenditures, which is reflective of an attractive business model that requires minimal capital expenditures.

ANNUAL REPORT

Cypress filed its annual report on Form 10-K for the year ended December 31, 2021 with the Securities and Exchange Commission today. Cypress will also post a copy of the Form 10-K on its website at www.cypressenvironmental.biz. Unitholders may request a printed copy of these reports free of charge by contacting Investor Relations at Cypress Environmental Partners, L.P., 5727 S. Lewis Ave., Suite 300, Tulsa, OK 74105 or by e-mailing ir@cypressenvironmental.biz.

NON-GAAP FINANCIAL INFORMATION

This press release and the accompanying financial schedules include the following non-GAAP financial measures: adjusted EBITDA, adjusted EBITDA attributable to limited partners, and distributable cash flow. The accompanying schedules provide reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures. Cypress's non-GAAP financial measures should not be considered in isolation or as an alternative to its financial measures presented in accordance with GAAP, including revenues, net income or loss attributable to limited partners, net cash provided by or used in operating activities, or any other measure of liquidity or financial performance presented in accordance with GAAP as a measure of operating performance, liquidity, or ability to service debt obligations and make cash distributions to unitholders. The non-GAAP financial measures presented by Cypress may not be comparable to similarly-titled measures of other entities because other entities may not calculate their measures in the same manner.

Cypress defines adjusted EBITDA as net income or loss exclusive of (i) interest expense, (ii) depreciation, amortization, and accretion expense, (iii) income tax expense or benefit, (iv) equity-based compensation expense, (v) and certain other unusual or nonrecurring items. Cypress defines adjusted EBITDA attributable to limited partners as adjusted EBITDA exclusive of amounts attributable to the general partner and to noncontrolling interests. Cypress defines distributable cash flow as adjusted EBITDA attributable to limited partners less cash interest paid, cash income taxes paid, maintenance capital expenditures, and cash distributions paid or accrued on preferred equity. Management believes these measures provide investors meaningful insight into results from ongoing operations.

These non-GAAP financial measures are used as supplemental liquidity and performance measures by Cypress's management and by external users of its financial statements, such as investors, banks, and others to assess:

  • financial performance of Cypress without regard to financing methods, capital structure or historical cost basis of assets;
  • Cypress's operating performance and return on capital as compared to those of other companies, without regard to financing methods or capital structure;
  • viability and performance of acquisitions and capital expenditure projects and the overall rates of return on investment opportunities; and
  • the ability of Cypress's businesses to generate sufficient cash to pay interest costs, support its indebtedness, and make cash distributions to its unitholders.

ABOUT CYPRESS ENVIRONMENTAL PARTNERS, L.P.

Cypress Environmental Partners, L.P. is a master limited partnership that provides essential environmental services to the utility and energy industries, including pipeline & infrastructure inspection, NDE testing, and in-line integrity support services throughout the United States. Cypress also provides environmental services to upstream and midstream energy companies and their vendors in North Dakota, including water treatment, hydrocarbon recovery, and disposal into EPA Class II injection wells to protect our groundwater. Cypress works closely with its customers to help them protect people, property, and the environment, and to assist their compliance with increasingly complex and strict rules and regulations. Cypress is headquartered in Tulsa, Oklahoma.

CAUTIONARY STATEMENTS

This press release may contain or incorporate by reference forward-looking statements as defined under the federal securities laws regarding Cypress Environmental Partners, L.P., including projections, estimates, forecasts, plans and objectives. Although management believes that expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. In addition, these statements are subject to certain risks, uncertainties and other assumptions that are difficult to predict and may be beyond Cypress's control. If any of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, Cypress's actual results may vary materially from what management forecasted, anticipated, estimated, projected or expected.

The key risk factors that may have a direct bearing on Cypress's results of operations and financial condition are described in detail in the "Risk Factors" section of Cypress's most recently filed annual report and subsequently filed quarterly reports with the Securities and Exchange Commission. Investors are encouraged to closely consider the disclosures and risk factors contained in Cypress's annual and quarterly reports filed from time to time with the Securities and Exchange Commission. The forward-looking statements contained herein speak as of the date of this announcement. Cypress undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Information contained in this press release is unaudited and subject to change.

CYPRESS ENVIRONMENTAL PARTNERS, L.P.

Consolidated Balance Sheets

As of December 31, 2021 and 2020

(in thousands)

 

December 31,

December 31,

2021

2020

 

ASSETS

Current assets:

Cash and cash equivalents

$

8,251

 

$

12,138

 

Trade accounts receivable, net

 

11,541

 

 

16,024

 

Assets of discontinued operations

 

3,176

 

 

 

8,182

 

Prepaid expenses and other

 

1,945

 

 

2,002

 

Debt issuance costs, net

 

444

 

 

 

-

 

Total current assets

 

25,357

 

 

38,346

 

Property and equipment:

Property and equipment, at cost

 

15,759

 

 

23,449

 

Less: Accumulated depreciation

 

9,622

 

 

14,059

 

Total property and equipment, net

 

6,137

 

 

9,390

 

Intangible assets, net

 

12,993

 

 

15,143

 

Goodwill

 

50,392

 

 

50,389

 

Finance lease right-of-use assets, net

 

60

 

 

112

 

Operating lease right-of-use assets

 

1,449

 

 

1,987

 

Debt issuance costs, net

 

-

 

 

242

 

Assets of discontinued operations

 

-

 

 

 

3,807

 

Other assets

 

590

 

 

570

 

Total assets

$

96,978

 

$

119,986

 

 

LIABILITIES AND OWNERS’ EQUITY

Current liabilities:

Accounts payable

$

771

 

$

855

 

Accounts payable – affiliates

 

99

 

 

58

 

Accrued payroll and other

 

5,350

 

 

4,768

 

Income taxes payable

 

55

 

 

268

 

Finance lease obligations

 

49

 

 

51

 

Operating lease obligations

 

429

 

 

439

 

Current portion of long-term debt

 

54,229

 

 

 

-

 

Liabilities of discontinued operations

 

36

 

 

 

1,582

 

Total current liabilities

 

61,018

 

 

8,021

 

Long-term debt

 

-

 

 

62,029

 

Finance lease obligations

 

4

 

 

55

 

Operating lease obligations

 

1,078

 

 

1,549

 

Liabilities of discontinued operations

 

-

 

 

 

245

 

Other noncurrent liabilities

 

318

 

 

182

 

Total liabilities

 

62,418

 

 

72,081

 

 

Owners’ equity:

Partners’ capital:

Common units (12,361 and 12,213 units outstanding at December 31, 2021 and December 31, 2020, respectively)

 

13,472

 

 

27,507

 

Preferred units (5,769 units outstanding at December 31, 2021 and December 31, 2020)

 

48,424

 

 

44,291

 

General partner

 

(25,876

)

 

(25,876

)

Accumulated other comprehensive loss

 

(2,636

)

 

(2,655

)

Total partners’ capital

 

33,384

 

 

43,267

 

Noncontrolling interests

 

1,176

 

 

4,638

 

Total owners’ equity

 

34,560

 

 

47,905

 

Total liabilities and owners’ equity

$

96,978

 

$

119,986

 

CYPRESS ENVIRONMENTAL PARTNERS, L.P.

Consolidated Statements of Operations

For the Three Months and Years Ended December 31, 2021 and 2020

(in thousands, except per unit data)

 

Three Months Ended

December 31,

 

Years Ended

December 31,

2021

2020

2021

2020

(unaudited)

Revenue

$

27,772

 

$

33,809

 

$

117,317

 

$

187,280

 

Costs of services

 

24,016

 

 

28,969

 

 

101,776

 

 

163,741

 

Gross margin

 

3,756

 

 

4,840

 

 

15,541

 

 

23,539

 

 

Operating costs and expense:

General and administrative

 

5,845

 

 

4,554

 

 

17,897

 

 

18,242

 

Depreciation, amortization and accretion

 

1,238

 

 

1,077

 

 

4,535

 

 

4,325

 

Impairments

 

881

 

 

-

 

 

 

881

 

 

-

 

Loss on asset disposals, net

 

23

 

 

-

 

 

32

 

 

5

 

Operating (loss) income

 

(4,231

)

 

(791

)

 

(7,804

)

 

967

 

 

Other (expense) income:

Interest expense

 

(949

)

 

(777

)

 

(3,601

)

 

(3,959

)

Foreign currency (losses) gains

 

(21

)

 

274

 

 

(16

)

 

107

 

Other, net

 

1,712

 

 

129

 

 

2,024

 

 

530

 

Net loss before income tax expense

 

(3,489

)

 

(1,165

)

 

(9,397

)

 

(2,355

)

Income tax expense (benefit)

 

10

 

 

(29

)

 

40

 

 

482

 

Net loss from continuing operations

 

(3,499

)

 

(1,136

)

 

(9,437

)

 

(2,837

)

Net income (loss) from discontinued operations, net of tax

 

824

 

 

461

 

 

(2,642

)

 

2,471

 

Net loss

$

(2,675

)

$

(675

)

$

(12,079

)

$

(366

)

 

Net loss from continuing operations

$

(3,499

)

$

(1,136

)

$

(9,437

)

$

(2,837

)

Net income attributable to noncontrolling interests – continuing operations

 

9

 

 

5

 

 

30

 

 

19

 

Net loss attributable to limited partners – continuing operations

 

(3,508

)

 

(1,141

)

 

(9,467

)

 

(2,856

)

Net income (loss) attributable to limited partners – discontinued operations

 

443

 

 

269

 

 

(1,132

)

 

1,441

 

Net loss attributable to limited partners

$

(3,065

)

$

(872

)

$

(10,599

)

$

(1,415

)

 

Net loss attributable to limited partners – continuing operations

$

(3,508

)

$

(1,141

)

$

(9,467

)

$

(2,856

)

Net income attributable to preferred unitholder

 

1,034

 

 

1,034

 

 

4,133

 

 

4,133

 

Net loss attributable to common unitholders – continuing operations

 

(4,542

)

 

(2,175

)

 

(13,600

)

 

(6,989

)

Net income (loss) attributable to common unitholders – discontinued operations

 

443

 

 

269

 

 

(1,132

)

 

1,441

 

Net loss attributable to common unitholders

$

(4,099

)

$

(1,906

)

$

(14,732

)

$

(5,548

)

 

Net (loss) income per common limited partner unit:

Basic and diluted – continuing operations

$

(0.37

)

$

(0.18

)

$

(1.11

)

$

(0.58

)

Basic and diluted - discontinued operations

 

0.04

 

 

0.02

 

 

(0.09

)

 

0.12

 

Basic and diluted

$

(0.33

)

$

(0.16

)

$

(1.20

)

$

(0.46

)

 

Weighted average common units outstanding:

 

 

 

 

 

 

Basic and diluted

 

12,350

 

 

12,211

 

 

12,318

 

 

12,181

 

Reconciliation of Net Loss to Adjusted EBITDA

and Distributable Cash Flow

 

 

Three Months Ended

December 31,

 

Years Ended December 31,

 

 

2021

 

2020

 

2021

 

2020

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

Net loss

 

$

(2,675

)

 

$

(675

)

 

$

(12,079

)

 

$

(366

)

Add:

 

 

 

 

 

 

 

 

Interest expense

 

 

949

 

 

 

777

 

 

 

3,601

 

 

 

3,959

 

Depreciation, amortization and accretion

 

 

1,190

 

 

 

1,183

 

 

 

4,721

 

 

 

4,775

 

Income tax expense (benefit)

 

 

10

 

 

 

(29

)

 

 

40

 

 

 

482

 

Equity-based compensation

 

 

329

 

 

 

232

 

 

 

1,152

 

 

 

961

 

Impairments

 

 

881

 

 

 

-

 

 

 

881

 

 

 

-

 

Foreign currency losses

 

 

21

 

 

 

-

 

 

 

16

 

 

 

-

 

Discontinued operations (a)

 

 

(989

)

 

 

255

 

 

 

1,609

 

 

 

1,169

 

Less:

 

 

 

 

 

 

 

 

Foreign currency gains

 

 

-

 

 

 

274

 

 

 

-

 

 

 

107

 

Adjusted EBITDA

 

$

(284

)

 

$

1,469

 

 

$

(59

)

 

$

10,873

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA attributable to noncontrolling interests

 

 

(100

)

 

 

314

 

 

 

(715

)

 

 

1,588

 

Adjusted EBITDA attributable to limited partners

 

$

(184

)

 

$

1,155

 

 

$

656

 

 

$

9,285

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

Preferred unit distributions paid or accrued

 

 

1,034

 

 

 

1,034

 

 

 

4,133

 

 

 

4,133

 

Cash interest paid, cash taxes paid, and maintenance capital expenditures

 

 

328

 

 

 

931

 

 

 

3,863

 

 

 

5,394

 

Distributable cash flow

 

$

(1,546

)

 

$

(810

)

 

$

(7,340

)

 

$

(242

)

(a)

Amounts include net loss on asset disposals, depreciation, amortization, and accretion expense, interest expense, and income tax expenses that were previously reported within the Pipeline & Process Services segment, prior to that segment being reported as a discontinued operation.

Reconciliation of Net Loss Attributable to

Limited Partners to Adjusted EBITDA Attributable

to Limited Partners and Distributable Cash Flow

 

 

Three Months Ended December 31,

 

Years Ended December 31,

 

 

2021

 

2020

 

2021

 

2020

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

Net loss attributable to limited partners

 

$

(3,065

)

 

$

(872

)

 

$

(10,599

)

 

$

(1,415

)

Add:

 

 

 

 

 

 

 

 

Interest expense

 

 

949

 

 

 

777

 

 

 

3,601

 

 

 

3,959

 

Depreciation, amortization and accretion

 

 

1,190

 

 

 

1,183

 

 

 

4,721

 

 

 

4,775

 

Income tax expense (benefit)

 

 

10

 

 

 

(29

)

 

 

40

 

 

 

482

 

Equity-based compensation

 

 

329

 

 

 

232

 

 

 

1,152

 

 

 

961

 

Impairments

 

 

881

 

 

 

-

 

 

 

881

 

 

 

-

 

Foreign currency losses

 

 

21

 

 

 

-

 

 

 

16

 

 

 

-

 

Discontinued operations (a)

 

 

(499

)

 

 

138

 

 

 

844

 

 

 

630

 

Less:

 

 

 

 

 

 

 

 

Foreign currency gains

 

 

-

 

 

 

274

 

 

 

-

 

 

 

107

 

Adjusted EBITDA attributable to limited partners

 

$

(184

)

 

$

1,155

 

 

$

656

 

 

$

9,285

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

Preferred unit distributions paid or accrued

 

 

1,034

 

 

 

1,034

 

 

 

4,133

 

 

 

4,133

 

Cash interest paid, cash taxes paid, and maintenance capital expenditures

 

 

328

 

 

 

931

 

 

 

3,863

 

 

 

5,394

 

Distributable cash flow

 

$

(1,546

)

 

$

(810

)

 

$

(7,340

)

 

$

(242

)

(a)

Amounts include net loss on asset disposals, depreciation, amortization, and accretion expense, interest expense, and income tax expenses attributable to limited partners that were previously reported within the Pipeline & Process Services segment, prior to that segment being reported as a discontinued operation.

Reconciliation of Net Cash Provided by Operating Activities to

Adjusted EBITDA and Distributable Cash Flow

 

 

Years Ended December 31,

 

 

2021

 

2020

 

 

(in thousands)

 

 

 

 

 

Cash flows provided by operating activities

 

$

3,317

 

 

$

27,922

 

Changes in trade accounts receivable, net

 

 

(4,512

)

 

 

(30,481

)

Changes in prepaid expenses and other

 

 

(409

)

 

 

897

 

Changes in accounts payable and accounts payable - affiliates

 

 

64

 

 

 

366

 

Changes in accrued payroll and other

 

 

(499

)

 

 

9,614

 

Change in income taxes payable

 

 

213

 

 

 

747

 

Interest expense (excluding non-cash interest)

 

 

2,646

 

 

 

3,379

 

Income tax expense (excluding deferred tax benefit)

 

 

40

 

 

 

482

 

Bad debt expense, net of recoveries

 

 

29

 

 

 

(470

)

Other

 

 

(14

)

 

 

(44

)

Discontinued operations (a)

 

 

(934

)

 

 

(1,539

)

Adjusted EBITDA

 

$

(59

)

 

$

10,873

 

 

 

 

 

 

Adjusted EBITDA attributable to noncontrolling interests

 

 

(715

)

 

 

1,588

 

Adjusted EBITDA attributable to limited partners

 

$

656

 

 

$

9,285

 

 

 

 

 

 

Less:

 

 

 

 

Preferred unit distributions paid or accrued

 

 

4,133

 

 

 

4,133

 

Cash interest paid, cash taxes paid, and maintenance capital expenditures

 

 

3,863

 

 

 

5,394

 

Distributable cash flow

 

$

(7,340

)

 

$

(242

)

(a)

Amounts include changes in working capital, interest expense, income tax expense, and other amounts that were previously reported within the Pipeline & Process Services segment, prior to that segment being reported as a discontinued operation.

Operating Data

 

 

Three Months

 

Years

 

 

Ended December 31,

 

Ended December 31,

 

 

2021

2020

 

2021

2020

 

 

 

 

 

 

 

Inspection Services Segment:

 

 

 

 

 

 

Average number of inspectors

 

 

431

 

 

546

 

 

 

456

 

 

730

 

Average revenue per inspector per week

 

$

4,711

 

$

4,520

 

 

$

4,752

 

$

4,769

 

Inspection Services gross margins

 

 

11.8

%

 

12.0

%

 

 

11.5

%

 

10.9

%

 

 

 

 

 

 

 

Environmental Services Segment:

 

 

 

 

 

 

Total barrels of saltwater processed (000's)

 

 

1,322

 

 

1,863

 

 

 

5,233

 

 

7,932

 

Average revenue per barrel

 

$

0.82

 

$

0.74

 

 

$

0.83

 

$

0.73

 

Environmental Services gross margins

 

 

56.9

%

 

68.6

%

 

 

58.9

%

 

65.0

%

 

 

 

 

 

 

 

Capital expenditures (inclusive of discontinued operations) (000's)

 

$

30

 

$

268

 

 

$

347

 

$

1,950

 

Common unit distributions (000's)

 

$

-

 

$

-

 

 

$

-

 

$

5,098

 

Preferred unit distributions paid (000's)

 

$

-

 

$

1,034

 

 

$

-

 

$

4,133

 

Preferred unit distributions accrued (000's)

 

$

1,034

 

$

-

 

 

$

4,133

 

$

-

 

 

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