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These agreements provide for minimum annual compensation, adjusted for annual increases as authorized by the Board of Directors.&#160; Certain agreements provide for severance payments in the event of specified termination of employment.&#160; As of June 30, 2014, the aggregate commitment for future compensation and severance was approximately $0.9 million.</div><div><br /></div><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; font-style: italic; text-align: justify;">Compliance Audit Contingencies</div><div><br /></div><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: justify;">Certain customer master service agreements (&#8220;MSA&#8217;s&#8221;) offer our customers the opportunity to perform periodic compliance audits, which include the examination of the accuracy of our invoices.&#160; Should our invoices be determined to be inconsistent with the MSA, or inaccurate, the MSA&#8217;s may offer the customer the right to receive a &#8220;credit or refund&#8221; 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width: 100%;"><tr><td style="width: 45pt;"></td><td style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; vertical-align: top; width: 18pt; align: right;">(a)</td><td style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; vertical-align: top; text-align: justify; width: auto;">Reflects a proration of the targeted minimum quarterly cash distribution of $0.3875 for the period from the closing of the Partnership&#8217;s IPO on January 21, 2014 through March 31, 2014.</td></tr></table></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="width: 45pt;"></td><td style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; vertical-align: top; width: 18pt; align: right;">(b)</td><td style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; vertical-align: top; text-align: justify; width: auto;">Our Board of Directors declared this cash distribution on July 29, 2014 to be paid on August 14, 2014 to unitholders of record at the close of business on August 8, 2014.</td></tr></table></div></div> -39000 0 0.35 10662000 16891000 -3000 0 1073000 9921000 1699000 4967000 903000 816000 4151000 1529000 170000 1425000 8496000 170000 4816000 1999000 75466000 75460000 40638000 3725000 7480000 23723000 12303000 4081000 7098000 382000 7214000 16509000 3343000 8222000 382000 16000 0 8687000 12877000 15109000 5025000 53000 96000 241000 53000 15000000 <div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; font-style: italic; text-align: justify; margin-left: 36pt;">Income Taxes</div><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; font-style: italic; text-align: justify; margin-left: 36pt;">&#160;</div><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: justify; margin-left: 36pt;">As a limited partnership, we generally are not subject to federal, state or local income taxes.&#160; The tax on net income is generally borne by the individual partners.&#160; Net income for financial statement purposes may differ significantly from taxable income of the partners as a result of differences between the tax basis and financial reporting basis of assets and liabilities and the taxable income allocation requirements under our partnership agreement. 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A tax position that meets the more likely than not threshold is measured to determine the amount of benefit to be recognized in the Condensed Consolidated Financial Statements. 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(the &#8220;Partnership&#8221;) is a Delaware limited partnership formed on September 19, 2013 to provide saltwater disposal (&#8220;SWD&#8221;) and other water and environmental services to U.S. onshore oil and natural gas producers and trucking companies and to provide independent pipeline inspection and integrity services to producers and pipeline companies.&#160; On January 21, 2014, we completed the initial public offering (&#8220;IPO&#8221;) of our common units representing limited partner interests. In connection with the IPO, Cypress Energy Holdings II, LLC (&#8220;Holdings II&#8221;), a wholly owned subsidiary of Cypress Energy Holdings, LLC (&#8220;Holdings&#8221;), conveyed a 100% interest in Cypress Energy Partners, LLC (&#8220;CEP LLC&#8221;), our predecessor for accounting purposes, in exchange for (a) an aggregate 47.8% interest in the Partnership comprised of 671,250 common units and 4,983,750 subordinated units, and (b) the right to receive the proceeds of the IPO.&#160; Prior to its contribution to the Partnership, CEP LLC distributed to Holdings its interest in SBG Sheridan Facility, LLC, which owns and operates a SWD facility in Sheridan, Montana as well as its interest in three other non-operating subsidiaries.&#160; In addition, affiliates of Holdings, conveyed an aggregate 50.1% interest in Tulsa Inspection Resources, LLC (&#8220;TIR LLC&#8221;), Tulsa Inspection Resources &#8211; Nondestructive Examination, LLC (&#8220;TIR-NDE&#8221;) and Tulsa Inspection Resources Holdings, LLC (&#8220;TIR Holdings&#8221;) (collectively, the &#8220;TIR Entities&#8221;) to the Partnership in exchange for an aggregate 15.7% ownership in the Partnership comprised of 929,250 common units and 929,250 subordinated units.&#160; Affiliates of Holdings hold the remaining 49.9% interest in the TIR Entities not contributed to the Partnership.&#160; The Partnership subsequently conveyed its interest in the TIR Entities to CEP LLC.&#160; Together CEP LLC and the TIR Entities are hereafter collectively referred to as the &#8220;Contributed Entities&#8221;.</div><div><br /></div><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Our business is organized into the Water and Environmental Services and Pipeline Inspection and Integrity Services reportable segments.&#160; The Water and Environmental Services segment provides services to oil and natural gas producers and trucking companies and consists of the operations of CEP LLC, which owns and operates seven commercial SWD facilities in the Bakken Shale region of the Williston Basin in North Dakota and two in the Permian Basin in Texas.&#160; All of the facilities currently utilize specialized equipment, full-time attendants, and remote monitoring to minimize downtime and increase efficiency for peak utilization. These facilities also contain oil skimming processes that remove any remaining oil from water delivered to the sites.&#160; In addition to the SWD facilities, our consolidated 51% subsidiary, Cypress Energy Services, LLC (&#8220;CES LLC&#8221;), provides management and staffing services for three additional SWD facilities in the Bakken Shale region, pursuant to management agreements.&#160; CES LLC also owns a 25% member interest in one of the managed wells.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Our Pipeline Inspection and Integrity Services segment provides services to various energy, public utility and pipeline companies in both the United States and Canada and consists of the operations of the TIR Entities. The inspectors perform a variety of inspection and integrity services on midstream pipelines, gathering systems and distribution systems, including data gathering and supervision of third-party construction, inspection, and maintenance and repair projects. Services are provided in Canada through two wholly owned subsidiaries of TIR Holdings &#8211; Tulsa Inspection Resources-Canada, ULC (&#8220;TIR-Canada&#8221;) and Foley Inspection Services, ULC (&#8220;TIR-Foley&#8221;) &#8211; both Canadian unlimited liability corporations.</div></div> 415000 -44000 0 0 0 -260000 -130000 0 0 304000 0 -130000 55000 69000 5000 37000 3000 25000 -208000 22491000 26592000 -713000 82470000 -130632000 0 131345000 -2853000 77360000 80213000 0 0 0 195000 0 229000 0 0 424000 109518000 4816000 0 719000 0 4816000 130012000 0 0 482000 0 0 482000 0 0 27457000 0 4312500 80213000 1597000 392000 314000 0 1293000 0 1343000 1458000 0 80213000 8446000 15056000 12824000 4929000 2028000 0 -6000 0 1092000 0 0 0 -446000 2889000 0 7806000 -446000 2889000 42629000 42529000 36881000 38818000 <div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; text-align: justify;">8.&#160; Related-Party Transactions</div><div style="text-align: justify;"><br /></div><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; font-style: italic; text-align: justify;">Omnibus Agreement</div><div><br /></div><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: justify;">Effective, as of the closing of the IPO, we entered into an omnibus agreement with Holdings and other related parties that govern the following matters, among other things:</div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="width: 36pt;"></td><td style="font-size: 10pt; font-family: Symbol, serif; vertical-align: top; width: 22.5pt; align: right;">&#183;</td><td style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; vertical-align: top; text-align: justify; width: auto;">our payment of an annual administrative fee, initially in the amount of $4.0 million to be paid in quarterly installments (pro-rated in 2014 from the IPO date) to Holdings for providing certain partnership overhead services, including certain executive management services by certain officers of our General Partner, and compensation expense (including equity-based compensation) for all employees required to manage and operate our business. 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text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 4px; width: 64%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left; 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text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left; margin-left: 9pt; 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text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; 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text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top; 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width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 4px; width: 64%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left; margin-left: 9pt; text-indent: -9pt;">Total assets</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;">$</div></td><td valign="bottom" style="vertical-align: bottom; 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text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top; 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font-family: 'Times New Roman', Times, serif;"><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; font-style: italic; text-align: justify; margin-left: 36pt;">Unit-Based Compensation</div><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; font-style: italic; text-align: justify; margin-left: 36pt;">&#160;</div><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: justify; margin-left: 36pt;">Cypress Energy Partners GP, LLC (&#8220;General Partner&#8221;) adopted a long-term incentive plan (&#8220;LTIP&#8221;) in connection with the IPO.&#160;&#160; The cost of employee services received in exchange for equity instruments is measured based on the grant-date fair value of those instruments. That cost is recognized straight-line over the requisite service period (often the vesting period) as discussed in Note 7.</div></div> <div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; text-align: justify;">2.&#160; Basis of Presentation and Summary of Significant Accounting Policies</div><div><br /></div><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; font-style: italic; text-align: justify;">Basis of Presentation</div><div><br /></div><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: justify;">The&#160; Condensed Consolidated Financial Statements for periods prior to the IPO reflect the results of our predecessor and the TIR Entities and were prepared using the historical basis in the assets and liabilities of the predecessor and the TIR Entities. We have recast prior period financial information to reflect the conveyance of the Contributed Entities to the Partnership at the closing of our IPO, as if the contribution of CEP LLC had occurred as of January 1, 2013 and the contribution of the TIR Entities had occurred as of June 26, 2013, as Holdings and its affiliates did not acquire a controlling interest in the TIR Entities until June 26, 2013. All significant intercompany transactions and account balances have been eliminated. We have made certain reclassifications to the prior period financial statements to conform with classification methods used in the current fiscal year. These reclassifications had no impact on previously reported amounts of total assets, total liabilities, owners&#8217; equity, or net income.</div><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: justify;">The accompanying&#160; Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (&#8220;GAAP&#8221;) for interim consolidated financial information and in accordance with the rules and regulations of the Securities and Exchange Commission. The&#160; Condensed Consolidated Financial Statements include all adjustments considered necessary for a fair presentation of the financial position and results of operations for the interim periods presented. Such adjustments consist only of normal recurring items, unless otherwise disclosed herein. Accordingly, the&#160; Condensed Consolidated Financial Statements do not include all the information and notes required by GAAP for complete consolidated financial statements. However, we believe that the disclosures made are adequate to make the information not misleading. These interim&#160; Condensed Consolidated Financial Statements should be read in conjunction with our audited financial statements as of December 31, 2013 and for the period from September 19, 2013 through December 31, 2013, the audited consolidated financial statements of CEP LLC as of December 31, 2013 and 2012 and for the years ended December 31, 2013 and 2012 and for the period from June 1, 2011 (Inception) to December 31, 2011, the audited combined financial statements of the TIR Entities as of and for the year ended December 31, 2013, and the audited consolidated financial statements of Tulsa Inspection Resources, Inc. as of and for the years ended December 31, 2012 and 2011 included in our Annual Report on Form 10-K for the year ended December 31, 2013. 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font-family: ''Times New Roman'', Times, serif;">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.91%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;">4,693</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1.07%; background-color: #ffffff;">&#160;</td></tr></table><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="width: 45pt;"></td><td style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; vertical-align: top; width: 18pt; align: right;">(a)</td><td style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; vertical-align: top; text-align: justify; width: auto;">Reflects a proration of the targeted minimum quarterly cash distribution of $0.3875 for the period from the closing of the Partnership&#8217;s IPO on January 21, 2014 through March 31, 2014.</td></tr></table></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="width: 45pt;"></td><td style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; vertical-align: top; width: 18pt; align: right;">(b)</td><td style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; vertical-align: top; text-align: justify; width: auto;">Our Board of Directors declared this cash distribution on July 29, 2014 to be paid on August 14, 2014 to unitholders of record at the close of business on August 8, 2014.</td></tr></table></div><div><br /></div><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: justify;">Currently, approximately 63.5% of the Partnership&#8217;s outstanding units are held by affiliates.&#160; As such, $2.3 million and $3.0 million of the distributions paid on May 15 and August 14 (see note (b) above), respectively, were distributed to affiliates of the Partnership.</div><div><br /></div><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: justify;">In addition, the TIR Entities made cash distributions totaling $3.0 million during the second quarter of 2014, of which $1.7 million was distributed to the Partnership and the remaining $1.3 million distributed to non-controlling members of the TIR Entities.</div></div> 0.635 2300000 3000000 3000000 1700000 1300000 21380000 33990000 2080000 10850000 19756000 36748000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; text-align: left;">5.&#160; Contingent Consideration</div><div><br /></div><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: justify;">On December 31, 2012, CEP LLC acquired 100% of the membership interests in six operating commercial SWD facilities and other businesses and assets from SBG Energy.&#160; The purchase agreement called for contingent consideration to be paid to SBG Energy based on the acquired wells meeting certain profitability thresholds in 2013.&#160; CEP LLC initially recorded a liability for the contingent consideration totaling $11.25.&#160; The acquired wells did not meet the profitability thresholds and the contingent liability was reversed in full during the quarter ended June 30, 2013 and was recorded in the Condensed Consolidated Statements of Income as a <font style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-style: italic;">Gain on reversal of contingent consideration</font>.</div></div> 6 Recast - Note 2 Three month period ended June 30, 2013 for the Pipeline Inspection and Integrity Services segment represents activity from June 26, 2013 (date of acquisition of the TIR Entities) through June 30, 2013 (4 days). Six month period ended June 30, 2013 for the Pipeline Inspection and Integrity Services segment represents activity from June 26, 2013 (date of acquisition of the TIR Entities) through June 30, 2013 (4 days). Reflects a proration of the targeted minimum quarterly cash distribution of $0.3875 for the period from the closing of the Partnership’s IPO on January 21, 2014 through March 31, 2014. Our Board of Directors declared this cash distribution on July 29, 2014 to be paid on August 14, 2014 to unitholders of record at the close of business on August 8, 2014.