Welcome to our dedicated page for CorEnergy Infrastructure Trust news (Ticker: CORR), a resource for investors and traders seeking the latest updates and insights on CorEnergy Infrastructure Trust stock.
CorEnergy Infrastructure Trust, Inc. (symbol: CORR) is a specialized asset manager focused on providing capital for the acquisition and development of real property infrastructure assets. The company operates through a unique strategy that revolves around critical infrastructure assets known as 'corridors.' These corridors are essential right-of-ways that facilitate the transportation and distribution of energy resources.
CorEnergy's principal business involves financing operating partners via infrastructure REIT (Real Estate Investment Trust) financing. The goal is to deliver attractive, risk-adjusted total returns to its stockholders, emphasizing both distributions and growth.
Recently, CorEnergy announced the completion of the sale of MoGas Pipeline and Omega Pipeline to Spire Inc. for $175 million, subject to customary closing adjustments. MoGas Pipeline, an interstate natural gas pipeline spreading approximately 263 miles, primarily in Missouri, and Omega Pipeline, a 75-mile gas distribution system primarily serving the Fort Leonard Wood Army Base, are now part of Spire's midstream infrastructure. This transaction enhances Spire's ability to serve its growing customer base in Missouri and strengthens their midstream business.
CorEnergy's approach ensures a steady stream of income and growth opportunities for investors by focusing on long-term, income-generating infrastructure assets. The company maintains a strong financial position through strategic acquisitions, partnerships, and careful asset management. It aims to leverage its expertise in infrastructure financing to create sustainable value for its shareholders.
CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) announced it has engaged an advisor for the potential sale of its MoGas and Omega systems, expecting to close by early Q3 2023. The company anticipates net proceeds will allow for the full repayment of its bank facility and significant reduction of its convertible debt. CorEnergy is also pursuing the sale of underutilized real estate to aid in deleveraging. Additionally, the company has filed for tariff increases to improve profitability amid reduced earnings from its regulated pipelines due to market shifts.
CorEnergy Infrastructure Trust reported Q4 2022 results with total revenue of $36.3 million and a net loss of $553,000. Adjusted EBITDA was $9.4 million with an average transport volume of 164,763 barrels/day. In early 2023, the company filed for significant tariff increases on its pipelines, but suspended dividends on its common and preferred stock due to financial challenges. The company restructured its corporate operations and plans to publish an ESG update. It anticipates Adjusted EBITDA of $33-35 million for 2023, amid rising costs and declining volumes in California.
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