TULSA — Cypress Energy Partners LP on Monday launched its initial public offering.
Cypress is selling 3.75 million common units representing limited partner units, with underwriters having the option to purchase up to 562,600 additional units. The anticipated price is between $19 and $21 each.
The units will trade on the New York Stock Exchange under the ticker symbol “CELP.”
Cypress was formed in March 2012 by Charles C. Stephenson Jr. and Peter C. Boylan III, who wanted to build a leading energy services company. It offers pipeline inspection and wastewater disposal services.
The company began field operations in North Dakota's Bakken Shale in December 2012 when it acquired divisions of SBG Energy Services LLC. It also added four newly constructed saltwater disposal wells, two in North Dakota and two in west Texas' Permian Basin.
CEO Boylan leads Cypress. He has executive management experience with public and private companies. He also serves on the boards of BOK Financial Inc. and MRC Global Inc.
Stephenson has more than 50 years of experience in the oil and natural gas industry.
Stephenson was the founder and CEO of Vintage Petroleum before its sale to Occidental Petroleum in 2006. He is also chairman of privately held company Premier Natural Resources.