TULSA, Okla.--(BUSINESS WIRE)--Cypress Environmental Partners, L.P. (“CELP”) (NYSE: CELP) announced today the board of directors of its general partner elected to suspend quarterly distributions until further notice. In response to the energy industry challenges and the COVID-19 crisis, CELP is temporarily suspending its quarterly distributions to protect its balance sheet and will continue to evaluate its future distribution each quarter until it is prudent to resume distributions. These are unprecedented times that require extraordinary actions, precautions, and prudence. CELP will report its 2nd quarter results during the second week of August 2020.
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 several 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 risk and uncertainties that can affect operations, financial performance, and other factors as provided in CELP’s filings with the Securities and Exchange Commission. Other factors which could impact any forward-looking statements are those risks described in CELP’s Annual Report filed on Form 10-K and in 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 Environmental Partners, L.P.:
Cypress Environmental Partners, L.P. is a master limited partnership that provides essential environmental services to the energy and municipal water industries, including pipeline & infrastructure inspection, NDE testing, various integrity services, and pipeline & process services throughout the United States. CELP also provides environmental services to upstream 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. CELP works closely with its customers to help them protect people, property, and the environment, and to assist them with compliance of increasingly complex and strict rules and regulations. CELP is headquartered in Tulsa, Oklahoma.
This release is a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100% of Cypress Environmental Partners L.P.’s distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Therefore, distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate.