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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.
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.