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 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.
CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) announced it will report its financial results for Q4 and the full year ended December 31, 2022, on March 7, 2023. The company will hold a conference call on the same day at 10:00 a.m. Central Time to discuss these results, which will also include updates on business developments and financial matters. Interested parties can join the call by dialing +1-973-528-0011 and using access code 423263. A replay will be available until April 6, 2022, and will also be accessible through the company's website.
CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORR-PA) has announced the suspension of dividends on its 7.375% Series A Cumulative Redeemable Preferred Stock and common stock. The decision is attributed to declining volumes and increased costs in California systems.
The company has filed for a 36% rate increase on its SPB line in California. To address near-term debt maturities, CorEnergy focuses on monetizing assets and reducing leverage. The company will reassess dividend payments quarterly. Information on full-year 2022 results and a 2023 outlook is scheduled for release on March 7, 2023.
CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) announced the tax characterization of its 2022 distributions. The total distributions for common shareholders amounted to $0.2000 per share, with all being classified as non-dividend distributions. For the 7.375% Series A Cumulative Redeemable Preferred Stock, total distributions were $1.8436 per share, including ordinary dividends of $0.6612 and qualified dividends of $0.1653. The company emphasizes that the information should not be construed as tax advice and recommends consulting a tax advisor.
CorEnergy Infrastructure Trust reported its third-quarter financial results for 2022, showing total revenue of $33.0 million but a net loss of $15.5 million, which includes a $16.2 million impairment of goodwill. Adjusted EBITDA was $8.9 million, and average daily transport rose to 164,748 barrels, up from 159,202 barrels the prior quarter. The company declared a common stock dividend of $0.05 per share and a preferred stock dividend of $0.4609375 per share, both payable on November 30, 2022. CorEnergy maintains its 2022 adjusted EBITDA outlook of $42.0 million to $44.0 million.
CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORR-PA) declared a third quarter 2022 dividend of $0.05 per share, consistent with the previous quarter, payable on November 30, 2022, to shareholders of record by November 16, 2022. Additionally, a cash dividend of $0.4609375 per depositary share for its 7.375% Series A Preferred Stock will also be distributed on the same date. The company will announce its financial results for Q3 on November 10, 2022, followed by a conference call at 10:00 a.m. CT.
CorEnergy Infrastructure Trust (NYSE: CORR, CORR-PA) reported Q2 2022 financial results, achieving consolidated revenue of $31.5 million and a net income of $2.2 million. Adjusted EBITDA reached $10.0 million. Transportation volumes were lower than anticipated but were offset by stronger crude oil revenue. The company announced a 10% rate increase proposal to the California Public Utilities Commission to support earnings amid declining oil production. A dividend of $0.05 per share was declared, alongside a $0.4609375 preferred stock dividend, both payable on August 31, 2022.
CorEnergy Infrastructure Trust (NYSE: CORR, CORRPrA) declared a Q2 2022 dividend of
CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) reported consolidated revenue of $32.9 million for Q1 2022, with a net income of $4.4 million and adjusted EBITDA of $12.0 million. The company announced its first carbon sequestration project in California and published its inaugural ESG report, highlighting a lower emission profile compared to average oil and gas pipelines. A dividend of $0.05 per share for common stock and $0.4609375 for preferred stock was declared, payable on May 31, 2022.
CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORR-PA) declared a first quarter 2022 dividend of $0.05 per share for its common stock, consistent with the previous quarter. This dividend is payable on May 31, 2022 to shareholders of record by May 17, 2022. Additionally, a cash dividend of $0.4609375 per depositary share for the 7.375% Series A Preferred Stock was declared, equating to an annual payment of $1.84375. The company will announce its first quarter results on May 12, 2022.
FAQ
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What is the MoGas Pipeline?
What is the Omega Pipeline?
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What does SPRE Inc.'s acquisition of MoGas and Omega Pipelines signify?
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