NYSE:CELP

Peter C. Boylan III – Chairman & CEOLes Austin – Vice President & CFO

NAPTP 2015 MLP Investor Conference

May 21, 2015

2

Legal Information

Some of the statements in this presentation concerning future performance are forward-looking within the meaning ofU.S. securities laws. Forward-looking statements discuss the Company’s future expectations, contain projections ofresults of operations or of financial condition, forecasts of future events or state other forward-looking information.Words such as “may,” “assume,” “forecast,” “position,” “strategy,” “expect,” “intend,” “plan,” “estimate,” “anticipate,”“believe,” “project,” “budget,” “potential,” or “continue,” and similar expressions are used to identify forward-lookingstatements. Forward-looking statements may include statements that relate to, among other things, availability of cashflow 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 orfuture indebtedness and credit facilities; the Company’s liquidity, results of operations and financial condition; futurelegislation 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 andcredit 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; unexpectedenvironmental 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 thispresentation, the matters discussed in this presentation include forward-looking statements that involve risks anduncertainties. The Company does not undertake and specifically declines any obligation to publicly release the results ofany revisions to these forward-looking statements that may be made to reflect any future events or circumstances afterthe date of such statements or to reflect the occurrence of anticipated and unanticipated events. Forward-lookingstatements are not guarantees of future performance or an assurance that the Company’s current assumptions orprojections are valid. Actual results may differ materially from those projected. You are strongly encouraged to closelyconsider the additional disclosures and risk factors contained in the prospectus.

3

Cypress Energy Partners LP – Midstream ServicesOVERVIEW

We strive to be the premier midstream energy services company in markets we serve by building strong relationships with our stakeholders including customers, partners, employees, regulators, and suppliers.

• History: Cypress Energy Partners 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 estimates in our first year.

• Currently We Operate in Two Business Segments in United States & Canada: • Water & Environmental Services (W&ES): Provide midstream services to oil and natural gas producers to dispose

of their energy waste. Currently own & operate eleven commercial salt water disposal (SWD) facilities.• Pipeline Inspection & Integrity Services (PI&IS): Provide midstream services to energy, public utility, and pipeline

/ MLP companies in the United States and Canada. These services are mandated by federal and state laws. Our inspection subsidiary TIR has an impressive 11-year history of double digit growth in revenue and EBITDA.

• IRS PLR : We have an IRS private letter ruling (PLR) that covers additional diversified opportunities and expansion potential into areas that historically have not previously been MLP-eligible.

• Highly Experienced Management: 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.

• Aligned Interests: CELP insiders retain approximately 65% of the limited partner (LP) units and 100% of the general partner (GP), aligning the interests of our executive team and Board of Directors with unitholders.

• Unitholder Distributions: We plan to grow our distributions 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.

• Capital Flexibility: We have an attractive credit facility and will soon file our S-3 shelf registration statement.

4

CELP Timeline and History

Cypress Energy Partners Founded

March 2012

Initial Cypress

Acquisitions of SWDs

December 2012

Cypress Acquires

Control of TIR

June 2013

Cypress IPO January 2014

Acquire SWD Bakken

December 2014

Acquire Remaining 49% of TIR

February 2015

Acquire 51% of Brown Integrity May 2015

Q3’14 dividend of $0.406413

Q2’14 dividend of $0.396844

Q1’14 initial

dividend of $0.3875

Q4’14 dividend of $0.406413

Q1’15 dividend of $0.406413

2012 2013 2014 2015

Q1’14 average closing price:

$23.20

Q2’14 average closing price:

$23.23

Q3’14 average closing price:

$23.97

Q4’14 average closing price:

$19.04

Q1’15 average closing price:

$15.98

5

CELP Growth Opportunities

• Diversification: Plan to diversify into other businesses covered in our PLR over time including:

Additional pipeline & inspection midstream-related activities required by federal and state laws

Other midstream services that are intrinsic activities required to support energy customers

Other traditional MLP activities including midstream, storage, rail & trans-loading facilities, etc.

Additional SWDs, pipelines, solids, recycling, oil reclamation, and expanded geography / basins

• W&ES: Plan to grow through focus on piped water. Four facilities currently receive piped volumes from eight pipelines

• Piped water offers a stable volume source and currently represents over 25% of our volumes

• PI: Expand current TIR customer base of 60+ clients

• Increasing government regulations grow demand for outsourced inspection services

• 12% growth projected in pipeline market in 2015(1)

• IS: Expand Brown Integrity services to more states, including the 47 states TIR operates in. Brown is currently operating in six states

• Increasing regulations also grow demand for integrity services

• NDE, pigging, smart pigging, aerial surveillance, etc.

Acquisitions

Organic Growth

(1) Source: Stifel Diversified Industrials Industries Update, February 2015

6

CELP Growth Opportunities - PLR

Removal, treatment, recycling and disposal of flowback and produced water (SWDs transportation, pipelines, etc.)

Removal, treatment, recycling and disposal of completion fluids, drilling mud, drill cuttings, contaminated soil, tank bottoms, pit water and fracturing fluids

Removal, treatment, recycling and 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 or gathering systems, drilling, E&P, mineral and natural resources mining

Transportation and heating of frac water

Design, own, manage and operate oil and rail transportation assets

Communications for remote monitoring of E&P assets

Qualifying Income Under Our PLR

Recently issued IRS guidance on qualifying income should not have an adverse impact on any of our existing segments. There are potential growth opportunities associated with our intrinsic activities essential to the energy industry.

7

Federal and some state regulations require pipeline operators to develop integrity management programs and conduct inspections, with operators outsourcing elements.

End Users

Wellhead Gathering System Processing/Treating Facilities

Pipelines/Transportation Lines/Storage Facilities

Construction and Repair Management

Project supervision and coordination of field activities

Dig site excavation oversight Defect assessments and

mapping/surveying Documentation

Staking Services AGM placement Dig site staking

In-line Inspection Smart pigs Pig tracking

Integrity Assessment• Hydrostatic testing• Pneumatic pressure testing

Other Non-destructive Examination (NDE) Inspection

Visual/aerial X-ray Ultrasonic

Data and Integrity Program Management Services

Smart pig and other NDE inspection data

Anomaly and above ground marker (AGM) reports

Automated dig sheet generation

Pipeline Inspection & Integrity Midstream Services

8

Potential IMP Services:In-line Inspection (ILI) PigClose Interval Surveys (CIS)Maintenance Pigging –SupplyhouseLeak Detection SurveysAerial Patrol ROW

Current IMP Services:Hydrostatic TestingExternal Corrosion Direct Assessment ECDA Pig TrackingDig StakingInspectionNDE

Current Services:Right of Way Acquisitions (limited)

The Life Cycle of a Pipeline

New Construction

Initial Assessment (baseline)

Risk AssessmentIn-line Inspection (ILI) PigHydrotestClose Interval Surveys (CIS)ECDAPig TrackingLeak DetectionData Review

RemediationDig StakingInspectionNDE

Record Retention / Documentation

CartoPacPHMSA Required Testing: • Five years: liquid

pipelines• Seven years: gas

pipelines

40 – 60 year expected pipeline life

Potential Services:Engineering / DesignROWSurvey / DraftingPipeline SupplyBarcode Scanning

Integrity Management Program (IMP)

Pipelines require inspection and integrity services for the entire life cycle.

9

Pipeline Inspection & Integrity Midstream ServicesYou can not deliver oil, natural gas, or other products to end users (refineries, gas plants, homes, factories, storage, etc.) without pipelines that require inspection services. North American infrastructure is aging, requiring more oversight & repairs.

Market Dynamics

(1) Source: Pipeline and Hazardous Materials Safety Administration (PHMSA), U.S. Department of Transportation main website(2) Source: Stifel Diversified Industrials Industries Update, February 2015

• Over 2.3 million miles of transmission and distribution pipelines and millions of miles of gathering systems(1)

• Recent accidents and regulations have increased oversight for Local Distribution Companies (LDC), Public Utility Companies (PUC), gathering systems and utility pipelines

• Gathering systems are subject to scrutiny and federal regulations and in some cases state regulations

• ~12% growth projected in the pipeline market in 2015(2)

• Aging pipeline infrastructure will drive demand for pipeline services

• Pipeline inspection and integrity services such as pig tracking, mobile x-ray / ultrasonic testing, and other inspection can identify anomalies before they lead to bigger problems

• Pipelines require substantial recurring maintenance during their lifetimes

• Substantial new pipeline infrastructure is required to support our growth in supply and energy independence

Pipelines

12%

48%

30%

10%

0%

10%

20%

30%

40%

50%

60%

Pre-1950 1950-1969 1970-1999 2000-2009

U.S Pipeline Age Distribution by Date of Installation

10

Pipeline Inspection & Integrity DivisionsW

ho W

e Are

Integrity

Tulsa Inspection Resources (TIR) provides inspection and integrity services to oil and gas pipelines and related facilities

One of the leading providers of independent inspectors to North America pipeline industry

Proprietary database of 12,000+ inspectors

TIR: Provides pipeline integrity field support services. Offers turnkey integrity services from initial AGM site survey and make-ready maintenance through to anomaly remediation and DOT final reporting

Brown Integrity: Industry leader in pipeline integrity assessment hydro testing both on and offshore

Inspects oil, refined fuels, and NGL pipeline systems and associated infrastructureInspects gas gathering systems and related facilitiesInspects public utility distribution systemsInspects storage facilities, compression stations, transfer stations, etc.

Provides professionals for all classifications of inspectors

TIR: Provides full service integrity department, project management, in-line inspection support services, CIS, DOC, GPS combination surveys, maintenance inspection and make-ready

TIR NDE Technologies: FAST, QUEST, Phased Array, OD Anomaly Assessment

Brown: Provides hydrostatic and related services to the pipeline industry, both onshore and offshore

Midstream companies are largest user of services

Over 60+ clients in North America, most are publicly-traded

TIR:

Brown:

Serv

ices

Cus

tom

ers

Inspection

11

Pipeline Inspection & Integrity Midstream ServicesTulsa Inspection Resources (“TIR”) has an excellent history, recently celebrating its 11th anniversary.

• Operators of pipelines and related infrastructure face increasingly stringent government regulations and safety requirements

• 60+ clients in North America, majority are investment grade publicly-traded companies Midstream companies Oil and gas producers with gathering systems Local Distribution Companies (LDC) Public Utility Companies (PUC)

Our Customers

How We Generate Revenue• Pipeline inspection is a growing multi-billion dollar

market• Customers typically pay daily rate per inspector, and

per diem expenses• Results driven by the number and type of inspectors

performing services and the fees they chargeo Inspection services gross margins ~9%o Higher gross margins associated with Non-

Destructive Examinations (NDE) and hydrostatic testing ~25%

• Recurring revenue opportunities with maintenance, repair and operations (MRO) activities

TIR Performance

716

1,153

1,745 1,552

- 200 400 600 800

1,000 1,200 1,400 1,600 1,800 2,000

Average TIR Inspector Headcount per Quarter

$145.3

$233.8

$379.9 $382.0

$89.8

$-

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

$350.0

$400.0

$450.0

2011 2012 2013 2014 Q1'2015

TIR Revenue $ In Millions

12

Water & Environmental Midstream Essential Services

Water Handling And Disposal Is A Growing,

Multi-Billion Dollar Annual Market

Flowback: up to 47% of injected water within 10 days(1)

WaterAcquisition

Fracturing Fluid Mixing

FracturingFluid Injection

Production of Oil/Gas And SaltwaterWell Completion

Produced WaterTransportation

Saltwater Disposal (SWD)

Flowback WaterTransportation

Recycling Saltwater InjectionResidualOil Sales

= Current Cypress Activities

Pipeline

(1) Source: University of North Dakota Study of Bakken wells, April 2010

E&P Companies prefer to pipe water to SWD’s instead of truck water whenever possible.

You can not produce oil or gas without producing water & solids that need to be properly disposed.

Pipelines are preferred by E&P Companies

13

Water & Environmental Services – CELP Facilities

• Own 11 SWD facilities• 9 North Dakota facilities in Williston

Basin• 2 Texas facilities in Permian Basin

• Annual injection capacity of ~50 million barrels• Serve over 50+ customers including:

SWD facilitySWD facility with piped water

Salt Water Disposal Facility

• Highly fragmented market ripe for consolidation• 15-30% of a well’s cost is due to water handling

issues(1)

• Two methods of saltwater disposal transportation:• Trucking – Historical approach(2)

• Pipeline – E&P Preferred approach(3)

• Industry standard regulated processes require the subsurface injection of wastewater deep into the earth to protect the environment

• A typical facility includes infrastructure for unload, filtration, treatment, storage (water, oil), pumps, disposal wells and associated equipment

• Water is received, treated and stored prior to injection into the well at depths of at least 4,000’ back into the earth where the water originated

• Residual oil is recovered and sold prior to re-injection.

(1) Source: Steven Mueller, Southwestern Energy CEO, Houston Strategy Forum(2) CELP does not own trucks but serves trucking companies(3) CELP has four facilities that currently receive piped water via eight pipelines

Who We Are

14

Water & Environmental Midstream ServicesYou can not produce oil or natural gas without producing saltwater that needs to be properly managed. Saltwater disposal is regulated by various states and the US EPA with Class II injection wells designed to protect the environment.

• Oil and natural gas exploration and production companies

• Trucking companies that serve oil & gas operators• Third party purchasers of residual oil operating in

regions we serve• Serves 50+ customers including dozens of

investment grade publicly-traded E&Ps

Our Customers

How We Generate Revenue• SWD facility charges a fee per barrel of saltwater

disposed. Fees can vary depending upon feedstock

• SWD facility sells residual oil / skim oil usually from recovery during the treatment process

• Management fees for managing 3rd party SWD’s• Transportation fees for pipelines (pending)

(1) 100% owned facilities

Disposed Saltwater Volumes(1)

Average Revenue per Barrel

0

2

4

6

8

10

12

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

5,000,000

5,500,000

6,000,000

Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15

Quarterly Disposed Volumes Of Saltwater In Barrels Average Number of SWD Facilities

Barrels Facilities

$0.00

$0.30

$0.60

$0.90

$1.20

$1.50

Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15

$ per barrel Avg. $1.13

Decline in $/bbl primarily oil related

Our facilities are < 40% utilized today with the downturn and have substantial capacity to generate more revenue & cash flow when activity resumes without any incremental capital

15

Cypress/TIR team has significant

industry experience and connections

High quality new SWD facilities in active U.S.

oil & gas producing regions

Independent inspection & integrity business

serving large pipeline owners of North

America

Provide services throughout long lifeof customers’ assets

Heightened industry focus on regulatory

compliance and safety

Increasing U.S. energy activity – “U.S. Energy

Independence”

Cypress/TIR team has significant industry

experience and connections

Consolidation and growth opportunities in

highly fragmentedmarkets

A Growing & Attractive Midstream Services Company

16

Appendix

17

First Quarter 2015 Highlights• Dividend: $4.8 million or $0.406413 per unit • Revenue: $94.1 million • Distributable Cash Flow: $4.4 million or .91X

coverage• Adj. EBITDA: $5.6 million

o Attributable to CELP - $5.0 million• Net income: $2.8 million

o Attributable to CELP - $2.7 million

PI&IS Summary(1)

Revenue(2) And Adjusted EBITDA(2)

W&ES Summary

RevenueAdj. EBITDA

(1) Includes 100% of PI&IS(2) Includes 100% of W&ES and 100% of PI&IS

Disposal VolumeRevenue

(4)

Avg. # of InspectorsRevenue

Consolidated CELP Financial Performance: Q1’15

4.0 4.6

$5.3 $4.3

$0$1$2$3$4$5$6$7$8$9$10

0123456789

10

3/31/14 3/31/15

Rev

enue

(Dol

lars

in M

illio

ns)

Dis

pose

d Sa

ltwat

er (M

MB

bl)

3 Months Ended

1,506 1,470

$92.3 $89.8

$0

$100

0

500

1,000

1,500

2,000

3/31/14 3/31/15

Rev

enue

(Dol

lars

in M

illio

ns)

Ave

rage

Num

ber

of In

spec

tors

3 Months Ended

97.5 $94.1

$6.5 $5.6

$0

$2

$4

$6

$8

$10

$0

$20

$40

$60

$80

$100

$120

$140

3/31/14 3/31/15

Adj

. EB

ITD

A (D

olla

rs in

M

illio

ns)

Rev

enue

(Dol

lars

in M

illio

ns)

3 Months Ended

18

Full Year 2014 Highlights• Revenue: $404.4 million • Distributable Cash Flow: $17.8 million • Adj. EBITDA: $28.5 million

o Attributable to CELP - $18.2 million • Net income: $17.4 million (excl. impairment charges of

$32.5MM)o Attributable to CELP - $12.2 million

(excluding impairment charges of $32.5MM)

PI&IS Summary(1)

Revenue(2) And Adjusted EBITDA(2)

W&ES Summary

RevenueAdj. EBITDA

(1) Includes 100% of PI&IS (Since 6/26/13 for 12/31/13)(2) Includes 100% of W&ES and 100% of PI&IS (Since 6/26/13 for 12/31/13)

Disposal VolumeRevenue

(4)

Avg. # of InspectorsRevenue

Consolidated CELP Financial Performance: 2014 FY

19.5 19.1

$22.2 $22.4

$0

$5

$10

$15

$20

$25

$30

0

5

10

15

20

25

30

12/31/13 12/31/14

Rev

enue

(Dol

lars

in M

illio

ns)

Dis

pose

d Sa

ltwat

er (M

MB

bl)

3 Months Ended

1,706 1,535

$226.9

$382.0

$0

$100

$200

$300

$400

$500

0

500

1,000

1,500

2,000

12/31/13 12/31/14

Rev

enue

(Dol

lars

in M

illio

ns)

Ave

rage

Num

ber

of In

spec

tors

12 Months Ended

$249.1

$404.4

$23.1

$28.5

$0$3$6$9$12$15$18$21$24$27$30

$0

$50

$100

$150

$200

$250

$300

$350

$400

12/31/13 12/31/14

Adj

. EB

ITD

A (D

olla

rs in

M

illio

ns)

Rev

enue

(Dol

lars

in M

illio

ns)

12 Months Ended

19

• Per our Omnibus Agreement, the 49.9% owners previously absorbed additional costs (“subsidies”) benefiting CELP, including:

1) Incremental interest expense for credit facility use2) 100% of the non-cash amortization fees associated with the CELP credit facility that supports TIR3) 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 42% DCF) in February 2015.

2014 CELP EBITDA to DCF Reconciliation

(U.S. Dollars In Thousands)

Less :Attributable to 49.9% TIR

Interest

Less: Attributable to GP & Other Non-

ControllingAttributable to

Partners

YE Period from IPO YE YE

12/31/14 To 12/31/2014 12/31/14 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. Cap-ex 3,833 3,006 446 381

Distributable Cash Flow 24,666$ 5,322$ 1,535$ 17,809$

~ 40%

20

Financial Flexibility – Credit Facility

• Credit Facility of $200 MM (Amended 10/21/14)− Arrangers: Deutsche Bank, BMO− $75 MM Borrowing Base Facility &

$125 MM Acquisition Facility− Also provides for $125 MM Accordion(1)

• Total Availability after TIR Drop and Brown Integrity acquisition of ~ $59 MM

• All covenants based on 100% Adj. EBITDA rather than Adj. EBITDA Attributable To Controlling Interests

Debt Outstanding and Capacity by Quarter

(1) Accordion subject to additional commitments from lenders and satisfaction of certain other conditions(2) Does not included an additional $11 million borrowed on May 2015 to fund the Brown Integrity acquisition(3) Leverage covenant excludes Borrowing Base Facility outstanding per credit agreement

Credit Facility CELP Debt

75.0 70.0 70.0 75.0 77.6

130.2

-

50.0

100.0

150.0

200.0

250.0

300.0

350.0

-

50.0

100.0

150.0

200.0

250.0

300.0

350.0

Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15

Outstanding Debt Debt Capacity Capacity with Accordion

(2)

(3)