Celp investor presentation march 2016

1. CYPRESSENERGY PARTNERS
Capital Links MLP Investor Presentation
March 3, 2016
NYSE: CELP

2. 2
Forward Looking Statements
Some of the statements in this presentation concerning future performance are forward-looking within the meaning of U.S. securities laws.
Forward-looking statements discuss the Company’s future expectations, contain projections of results of operations or of financial
condition, forecasts of future events or state of other forward-looking information. Words such as “may,”, “assume,” “forecast,”
“position,” “forecast,” “position,” “strategy,” “except,” “intend,” “plan,” “estimate,” “anticipate,” “believe,” “project,” “budget,”
“potential,” or “continue,” and similar expressions are used to identify forward-looking statements. Forward-looking statements may
include statements that relate to, among other things, availability of cash flow to pay minimum quarterly distributions on the Company’s
common units; the consummation of financing, acquisition or disposition transactions and the effect thereof on the Company’s business;
the Company’s existing or future indebtedness and credit facilities; the Company’s liquidity, results of operations and financial condition,
future legislation and changes in regulations or governmental policies or changes in enforcement or interpretations thereof; changes in
energy policy; increases in energy conservation efforts; technological advances; volatility in the capital and credit markets; the impact of
worldwide economic and political conditions; the impact of wars and acts of terrorism; weather conditions or catastrophic weather-related
damage; earthquakes and other natural disasters; unexpected environmental liabilities; the outcome of pending or future litigation; and
other factors, including those discussed in “Risk Factors” section of our annual report on Form 10-K. Except for historical information
contained in this presentation, the matters discussed in this presentation include forward-looking statements that involve risks and
uncertainties. The Company does not undertake and specifically declines any obligation to publicly release the results of any revisions to
these forward-looking statements that may be made to reflect any future events or circumstances after the date of such statements or to
reflect the occurrence of anticipated and unanticipated events. Forward-looing statements are not guarantees of future performance or an
assurance that the Company’s current assumptions or projects are valid. Actual results may differ materially from those projected. You are
strongly encouraged to closely consider the additional disclosures and risk factors contained in the prospects.

3. 3
Cypress Energy Partners, L.P. (NYSE: CELP) – Overview
Pipeline Inspection (PIS) & Integrity (IS) Services
 Pipelines are an essential part of our energy
infrastructure and required to transport
hydrocarbons from the wellhead to various users
 Pipelines are regulated by DOT and require
inspection and integrity services
 Operated under two controlled subsidiaries
‒ Tulsa Inspection Resources, LLC (TIR) -
Proprietary database of 15,000+ inspectors
‒ Brown Integrity LLC: (Brown) Integrity assessment
hydro testing
‒ Services cover oil, gas, NGLs, refined products,
CO2, LDC/PUC’s, storage, gas plants, compressor
stations, etc.
 Attractive recurring revenue opportunities associated with
maintenance, repair & operations (MRO) activities
 Saltwater is a naturally occurring byproduct of the oil
and gas production process that must be properly
handled to protect the enviroment
 Saltwater disposal is also regulated
 CELP has 11 owned saltwater disposal (SWD) facilities
‒ High quality new construction & well bores
‒ Avg. disposal volume of ~52k1 barrels/day or ~
19MM barrels per year (36% utilized) and annual
injection capacity of ~53 million barrels without any
incremental capital expenditures.
‒ 96% of our volumes are produced and piped water
(not flowback, which is tied to new drilling)1
‒ We receive piped water directly from oil & gas wells
owned by E&P companies via 9 pipelines into 5
facilities
 We also have contracts to manage facilities in the Bakken
Water & Environmental Services (W&ES)
We strive to be the premier midstream energy services company in markets we service by building strong
relationships with our stakeholders including customers, partners, employees, regulators, and suppliers
1 Three months ended September 30, 2015.
Safety is a top priority and CELP enjoys an
excellent rating in all divisions

4. 4
Factors Enhancing our Stability
 Produced water focus: Occurs
for the life of a well
 ~ 96% of water in Q3 was
produced water
 Required services: Natural gas,
crude and liquid pipelines must be
regularly inspected pursuant to
various state and federal laws
 Fixed-fee model: We charge a
fixed-fee or daily rate for most
services
 over 80% of revenue was from
investment grade customers
 Piped water growth: Pad
drilling, down spacing
 ~ 37% of Q3 water was piped
 9 pipelines (5 Bakken, 4 Permian)
 Increased oversight: Drives
demand
 High profile incidents encourage
greater investment in integrity
 Potential mandatory hydrotesting
under consideration
 Diversity: Our strategy is to offer
services in all key basins and be
diversified across oil and natural
gas sources
 ~ 200 customers across North
America
 Total volumes: Q3 we disposed
of ~52k barrels per day
 Resilient business: Low
correlation to commodity prices
 Brown acquisition: We own 51%
of a hydrotesting company with a
right to acquire the remaining
49%1
Stable Product Focus
W&ES
Required Services
PIS
Stability, Diversity, Growth
CELP
1 Right to acquire in 2017

5. 5
Conservative & Flexible Balance Sheet
1 Accordion subject to additional commitments from lenders and satisfaction of certain other conditions
2 Leverage covenant excludes certain borrowings per credit
 Total Credit facility capacity of $200 million (amended 10/21/14)
‒ $75 million borrowing base facility & $125 million acquisition facility
‒ Provides for $125 million accordion1
 Total availability after TIR drop and Brown Integrity acquisition of ~$59mm
 All covenants based on 100% adj. EBITDA2
CELP runs a conservative balance sheet profile, offering financial flexibility
75.0 70.0 70.0 75.0 77.6
130.2 140.9 140.9
0
50
100
150
200
250
300
350
Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15
$mm
Debt balance
Debt Capacity
Capacity with Accordion
Debt summary Q4 ’13 Q1 ’14 Q2 ’14 Q3 ’14 Q4 ’14 Q1 ‘15 Q2 ‘15 Q3 ‘15
Interest coverage 4.88x 5.20x 5.78x 6.32x 9.14x 8.21x 6.79x 6.05x
Leverage ratio2
0.80x 0.80x 0.79x 0.82x 0.94x 2.85x 2.51x 2.55x
Facility capacity $45.0 $50.0 $50.0 $45.0 $122.4 $69.8 $59.1 $59.1

6. 6
Our Customers
 125+ customers in the U.S.
 E&P companies
 Trucking companies that serve
oil & gas producers
 Crude oil purchasers
W&ES Pipeline Inspection Pipeline Integrity
PISW&ES
 70+ customers in North America – a majority are investment grade
publicly-traded companies
‒ Midstream companies
‒ Oil & gas producers with gathering systems
‒ LDC/PUCs
 Significant opportunity to leverage recent Brown Integrity acquisition
through expansion of service offering to existing and new customers

7. 7
Investment Highlights
Building a Track
Record
Attractive
IRS PLR
Highly Experienced
Management
Aligned
Interests
Distribution
Growth
Strong Liquidity
Our company was started in 2012 to provide a variety of midstream services
to energy companies in North America. We completed our IPO in January
2014 and exceeded our distribution per unit estimate in our first year
We have an IRS private letter ruling (PLR) that covers additional diversified
opportunities and expansion potential into areas that have not previously
been MLP-eligible
We have assembled a talented, experienced management team and Board of
Directors with 200+ years of energy experience and substantial success
building value for investors
CELP insiders retain approximately 65% of the limited partner (LP) and
100% of the general partner (GP), aligning the interests of our executive
team and Board of Directors with unitholders
When the market stabilizes, our goal remains to grow our distribution per
unit by 10% annually over the long term through a combination of organic
growth and disciplined acquisitions. We have completed three acquisitions
since our IPO
We have an attractive credit facility with over $180 million in availability
(inclusive of the accordion)

8. 8
Timeline of Achievements
2012 201520142013
Cypress Energy
Partners founded
March 2012
Acquired Control of
TIR
June 2013
Acquired SWD
Bakken
December 2014
Acquired Remaining
49.9% of TIR
February 2015
Acquired 51% of
Brown Integrity
May 2015
CELP Quarterly Distribution History
2016
Cypress IPO
January 2014
Initial Cypress
Acquisitions of SWD’s
December 2012
2014 2015
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Distribution $0.39 $0.40 $0.41 $0.41 $0.41 $0.41 $0.41 $0.41
Average Price $23.20 $23.23 $23.97 $19.04 $15.98 $15.63 $12.85 $10.42
Average Yield 6.68% 6.83% 6.78% 8.54% 10.17% 10.40% 12.65% 15.60%

9. 9
Significant Growth Opportunities
1 Right to acquire in 2017
Sell Unused
Capacity
(W&ES)
Expand
Inspection
Customer Base
(PIS)
Leverage
Hydrotesting
Acquisition
(IS)
Our broad PLR allows us to diversify into other businesses:
‒ Additional inspection services (ILI, pigging, nitrogen, water &
environmental and chemicals)
‒ Traditional midstream assets
‒ Other MLP activities (storage, rail, trans-loading)
‒ Solids, recycling, oil reclamation, expanded geography
Brown Integrity Drop Down
‒ Potential drop down of remaining 49% Brown interest1
Diversify Our
Business
Offering
Facilities are currently only ~ 36% utilized
‒ Requires no additional capital spend
‒ Infill drilling will increase volumes
‒ Focus on piped water (Represents ~25% of volumes)
Expand TIR inspection customer base of 70+ clients
‒ Growing federal and state regulations
‒ Currently serve small subset of available market including
E&P, midstream, and LDC/PUC
Expand Brown Integrity to more states
‒ Brown operates in six states (vs. TIR in 47 states)
‒ Opportunity to expand breadth of services
AcquisitionsOrganic

10. 10
Broad PLR Enhances Our Growth Opportunities
 Removal, treatment, recycling & disposal of flowback & produced water (SWD’s, transportation, pipelines, etc.)

Removal, treatment, recycling & disposal of completion fluids, drilling mud, drill cuttings, contaminated soil,
tank bottoms, pit water & fracturing fluids
 Removal, treatment, recycling & disposal of fluids from cleaning storage tanks, trucks and equipment
 Marketing and distribution of chemicals and salvaged hydrocarbons

Infrastructure inspection required by law including oil and gas pipelines and gathering systems, drilling, E&P,
mineral and natural resources mining
 Transportation and heating of frac water
 Design, own, manage & operate oil and rail transportation assets
 Remote monitoring and sensoring of E&P assets
Recently proposed IRS rules on qualifying income should not have any adverse impact to our existing business.
Potential growth opportunities exist associated with our intrinsic activities essential to the energy industry.
Qualifying income under our existing private letter ruling (PLR)

11. 11
PIS – Growing Market Dynamics
PipelinesMarket Dynamics
U.S. Pipeline Age Distribution by Installation Date
 Substantial existing infrastructure is aging
‒ 2.3+ million miles of transmission and distribution
pipelines plus millions of miles of gathering systems1
‒ ~60% of U.S. pipelines are over 40 years old. Aging
pipeline infrastructure will drive demand for pipeline
services
‒ Pipelines require substantial recurring maintenance
during their lifetime
 Expanding infrastructure with shifts in energy
production and consumption
‒ $640+ billion will need to be invested in North
American energy infrastructure over the next 20+
years, or an average of ~$30 billion per year2
‒ ~12% pipeline growth projected in 2015
 Increased regulation benefits outsourced services
‒ Recent regulations and accidents have increased
oversight
1 Source: Pipeline and Hazardous Materials Safety Administration (PHMSA), U.S. Department of Transportation.
2 Source: INGAA North American Midstream Infrastructure Through 2035, March 2014.
Pipeline inspection and integrity services (i.e. pig
tracking, mobile x-ray, ultrasonic testing, etc.) can
identify anomalies before they lead to bigger problems
12%
48%
30%
10%
0%
10%
20%
30%
40%
50%
60%
Pre-1950
(65+ yrs)
1950-1969
(46-65 yrs)
1970-1999
(16-45 yrs)
2000-2009
(6-15 yrs)

12. Initial
Assessment
(baseline)
Risk
Assessment
Data
Review
Remediation
Record
Retention /
Documentation
12
PIS – The Life Cycle of a Pipeline
40-60 year expected life
------------------------------------------
Require inspection and integrity
services for the entire life cycle
------------------------------------------
PHSMA Required Testing:
Liquids Pipelines: 5 years
Gas Pipelines: 7 years
------------------------------------------
Prudent Operator
------------------------------------------
State requirements continue to
vary and evolve
New Construction
New Construction Services
Integrity Management Program
Current Services
• Right-of-way acquisitions (limited)
Potential Services
• Barcode scanning
• Nitrogen services
• Water & Solid waste services
• Chemical cleaning
Current Services
• Hydrostatic testing
• Chemical cleaning
• External corrosion direct assessment
• Pig tracking
• Dig staking
• Inspection
• NDE
Potential Services
• In-line inspection (ILI) pig
• Close internal surveys (CIS)
• Maintenance pigging – supplyhouse
• Leak detection surveys
• Chemicals and nitrogen services
• Water & Solid waste services

13. 13
PIS – A Large and Growing Service Industry
1 Source: 2015 AOPL Annual Liquids Pipeline Safety Performance Report & Strategic Plan. Note: 2013 is the most recent year for which data is available
Over $2.1 Bn spent on
integrity management
by operators of liquids
pipelines in 20131
--------------------------------
+31%
vs. prior year
Over 47,000-miles of
liquids pipeline
inspected with in-line
smart-pigs in 20131
--------------------------------
+34%
vs. prior year
Over 1,450 in-line
inspection “smart pig”
tool runs on liquid
pipelines in 20131
--------------------------------
+15%
vs. prior year
Over 12,000 digs for
further inspection or
liquid pipeline
maintenance in 20131
--------------------------------
+21%
vs. prior year
> $2.1 billion > 47,000 miles > 12,000 digs> 1,450 runs
Key Customers

14. 14
PIS – Our Midstream Pipeline Services
Federal and some state regulations require pipeline
operators to develop integrity management programs and
conduct inspections, with operators outsourcing elements
Indicates business activity performed by our PI&IS business
Wellhead Gathering
Systems
Processing /
Treating Facilities
End
Users
Pipelines / Transportation
Lines / Storage Facilities
Inspection Service PI&IS
In-line Inspection
Smart pigs & various ILI technologies
Pig tracking 
Integrity Assessment
Hydrostatic testing 
Pneumatic pressure testing 
Other Non-destructive Examination (NDE) Inspection
Visual
X-ray
Ultrasonic 
Data & Integrity Program Management Services
Smart pig and other NDE inspection data 
Anomaly & above ground marker (AGM) reports 
Automated dig sheet generation 
Chemicals 
Staking Services
AGM placement 
Dig site staking 
Construction & Repair Management
Project supervision & coordination of field activities 
Dig site excavation oversight 
Defect assessments & mapping / surveying 
Documentation 
Nitrogen Services
Indicates potential expansion opportunity

15. 15
PIS – Pipeline Integrity Management Growth Opportunities
Documentation
Documentation
Pig
Tracking
Non-Destructive
Examination
Inline
Inspection (ILI)
Tools
Cleaning
Pigs
Excavation
Inspection Repair
Inspection
Hydrostatic
Testing
Solid Waste
Disposal
Source
Hydro Water
Dispose Hydro
Water (Recycle or
SWD)
Nitrogen
Purge Dry
Current Services
Potential Services
Chemical
Cleaning
AGM
Survey
Hydrostatic Testing
Anomaly
Staking
Inline Inspection Support
Open
Valves
Inspection
Pig
Launcher
Smart
Pigs
Chemical
Cleaning
Electronic
Data &
Records

16. 16
PIS – An Overview of Our Midstream Services
How We Generate Revenue
 Customers typically pay a daily or weekly rate per inspector and per diem expenses
 Results driven by the number and type of inspectors performing services and the fees charged
‒ Inspection services gross margins ~10%.
‒ Non-Destructive Examinations (NDE) and hydrostatic testing generates higher gross margins of over 20%
 Recurring revenue opportunities with maintenance, repair and operations (MRO) activities
1 CAGR for period from 2010-2014
Average TIR Inspector Headcount46% CAGR in TIR Revenue1
85
145
234
380 382
261
$0
$100
$200
$300
$400
2010 2011 2012 2013 2014 YTD Q3
'15
Revenue ($mm)
507
716
1,153
1,745
1,552
1,406
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
1Q10
3Q10
1Q11
3Q11
1Q12
3Q12
1Q13
3Q13
1Q14
3Q14
1Q15
3Q15
# inspectors

17. 17
W&ES – Strategic Footprint Enhances our Position
Bakken
SWD facility
1 Source: Oil and Gas Facilities, Halliburton 2014. 2 Percentage of hydraulic frac fluid that returns as flowback.
We own 11 SWD facilities
 9 in the Bakken
 2 in the Permian
Permian
SWD facility with piped water
The Bakken and Permian
are strategic basins that
benefit from high volumes of
produced water and flowback
and long-life production

18. 18
W&ES – Essential Midstream Services
Water
acquisition
Fracturing
fluid mixing
Fracturing
fluid injection
Well
completion
Production of
oil/gas and
saltwater
Flowback water
transportation
Produced water
transportation
Saltwater disposal (SWD)
Current CELP activity
and/
or
Recycling
Saltwater injection
Residual oil sales
E&P companies prefer to pipe
water to SWD’s instead of
trucking water whenever
possible
Oil & gas production produces water & solids that require proper disposal
Water Handling And
Disposal Is A Growing,
Multi-Billion Dollar Annual Market
*
*

19. 19
W&ES – Facilities
Crew
quartersContainment
Basics of a SWD Facility…
 Regulations require subsurface injection
of wastewater deep into the earth. EPA
Class II injection wells have multiple
layers of protection in design to
safeguard the environment
 A typical facility includes infrastructure
for unload, filtration, treatment, storage
(water, oil), oil recovery, pumps, disposal
wells & associated equipment
Process Overview…
 Wastewater arrives to SWD facilities by:
‒ Trucking – historical approach1
‒ Pipeline – E&P preferred approach2
 Residual (skim) oil may remain in saltwater
upon delivery. We remove residual oil
through a recovery process and sell the oil
 Saltwater is eventually injected back into
the earth at depths of at least 4,000’
1804
Ross Mountrail County, ND
Gun barrel
tank
Saltwater
tank
Skim oil
tanks
Injection
pump house
Salt Water Disposal Facility
Unload
facility
Office &
lounge
Saltwater
transportation
truck
Note: SWD wells regulated by U.S. EPA as Class II Injection wells. 1 CELP does not own trucks but serves trucking companies. 2 CELP has 5 facilities that currently receive piped water via 9 pipelines
Chemical
Process
Injection
Well
PW Pipeline

20. 20
W&ES – Business Overview & Opportunity
Significant
Unused
Capacity
How We
Generate
Revenue
 We charge a fee per barrel
 Management fees for third party
SWD
 Transportation fees for pipelines
(future)
 Selling residual/skim oil recovered
 15-30% of an oil and gas wells
operating cost is associated with
water handling1
 Annual injection capacity of ~53 million
barrels
 Our facilities have more than 64% of
available capacity today
 Represents substantial capacity to generate
more revenue and cash flow
 Utilization of existing capacity does not
require any incremental capital needs
CELP SWD Facility Utilization
1 Source: Steven Mueller, Southwestern Energy CEO, Houston Strategy Forum
Unused
capacity,
>64%
Utilized
capacity,
<36%
$1.17
$1.06
$1.19
$1.13
$1.31 $1.27
$1.09 $1.07
$0.92 $0.77
$0.73
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
0
1
2
3
4
5
6
7
8
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
mm barrels $/bbl
Revenue per Barrel (right axis) Disposal Volumes (left axis)
Decline in $/bbl
primarily oil
related

21. 21
Rig Count – as of 2/19/16

22. 22
Consolidated Financial Performance (3Q15)
Third Quarter 2015 Highlights
Revenue & Adjusted EBITDA1
W&ES Summary
PIS Summary
 Distribution: Q3 distribution of $0.406413 ($1.63
annualized), total distribution of $4.8 million
‒ Increase of +4.9% vs. MQD of $0.3875
 EBITDA: Adjusted EBITDA of $7.2 million
 Coverage: ~1.17x based on DCF of $5.6 million
 Leverage: Conservative leverage of 2.55x
5.5 4.7
6.0
3.5
$0
$1
$2
$3
$4
$5
$6
$7
0
1
2
3
4
5
6
7
Q3 '14 Q3 '15
MM Bbls $mmDisposal volumes (Ieft axis)
Revenue (right axis)
1,648 1,406
105.0
87.8
$70
$80
$90
$100
$110
0
500
1,000
1,500
2,000
Q3 '14 Q3 '15
$mm# inspectors Avg. # of inspectors (left axis)
Revenue (right axis)
111.0 96.4
5.3
7.2
$0
$2
$4
$6
$8
$10
$0
$30
$60
$90
$120
Q3 '14 Q3 '15
$mm $mmRevenue (left axis)
Adj. EBITDA (right axis)
1 Includes 51% of IS (since 5/1/15)

23. 23
Consolidated Financial Performance (9 Months ‘15)
9 Months ‘15 Highlights
Revenue & Adjusted EBITDA1
W&ES Summary
PIS Summary
 Distributions: Completed three distributions ~4.9%
above our MQD
 EBITDA: Achieved +13% growth in Adj. EBITDA, to
$17.6 million
 Balance sheet: Maintained strong liquidity with ~$25.7
million in cash & +180 million debt capacity with
accordion
 Operational: Increased disposal volumes to ~14.5
million bbl (+2.1% YoY) for W&ES
1 Includes 51% of IS (since 5/1/15)
14.2 14.5
17.2
11.7
$0
$5
$10
$15
$20
$25
$30
0
5
10
15
20
YTD Q3 '14 YTD Q3 '15
MM Bbls $mmDisposal volumes (Ieft axis)
Revenue (right axis)
1,530 1,412
285.0
261.1
$0
$75
$150
$225
$300
$375
$450
0
500
1,000
1,500
2,000
YTD Q3 '14 YTD Q3 '15
# inspectors $mmAvg. # of inspectors (left axis)
Revenue (right axis)
302.3 281.4
15.5
17.6
$10
$15
$20
$25
$30
$270
$275
$280
$285
$290
$295
$300
$305
YTD Q3 '14 YTD Q3 '15
$mm $mmRevenue (left axis)
Adj. EBITDA (right axis)

24. 24
2014 CELP EBITDA to DCF Reconciliation
U.S. Dollars in Thousands
YE
12/31/14
Less: Attributable to
49.9% TIR Interest
(Period from IPO to
12/31/14)
Less: Attributable to
GP & Other Non-
Controlling
(YE 12/31/14)
Attributable to
Partners
(YE 12/31/14)
Net Income (15,179)$ 4,682$ 440$ (20,301)$
Plus:
D&A expense 6,513 1,276 388 4,849
Impairments 32,546 - - 32,546
Income Tax Expense 468 205 28 235
Interest Expense 3,208 2,165 182 861
Offering Costs / GP Costs 943 - 943 -
Adjusted EBITDA 28,499 8,328 1,981 18,190
Less:
Cash Interest, Taxes & Maint. Capex 3,833 3,006 446 381
Distributable Cash Flow 24,666$ 5,322$ 1,535$ 17,809$
~40%
 Per our Omnibus Agreement, the 49.9% owners previously absorbed additional costs (“subsidies”) benefiting CELP,
including:
1) Incremental interest expense for credit facility use
2) 100% of the non-cash amortization fees associated with the CELP credit facility that supports TIR
3) 100% of the cash non-use fees on the credit facility
 The net impact is that CELP – through it’s 50.1% interest – enjoyed ~ 58% of TIR’s distributable cash flow (“DCF”)
prior to the acquisition of the remaining 49.9% interest (and ~ 40% DCF) in February 2015.

25. 25
CELP – An Attractive Investment Opportunity
Geographic diversity
Independent
inspection
Significant
industry
experience
Fragmented
markets
Long life assets
Growing
regulatory focus
U.S. energy
independence
Water & Environmental Services
Pipeline Inspection & Integrity
Services
CYPRESS
ENERGY PARTNERS