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 $0.05 per share for common stock, payable on August 31, 2022. The preferred stock dividend is $0.4609375 per depositary share, also payable on August 31, 2022. The joint venture with Crimson Midstream reported unexpected volume declines due to global oil supply disruptions, although a recovery is expected in July. The Company maintains adjusted EBITDA guidance of $42 million to $44 million, with potential benefits from upcoming refinery conversions.
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.
CorEnergy Infrastructure Trust reported its financial results for the fourth quarter and fiscal year 2021. Total revenue for Q4 was $35.8 million, despite a 3.7% decrease in crude oil volumes. The company declared a $0.05 common stock dividend and a 7.375% preferred stock dividend, both paid on February 28, 2022. Management expects to maintain a $0.20 annual common dividend in 2022, with projected adjusted EBITDA between $44.0 million and $46.0 million. Inaugural ESG report published, confirming responsible operational practices.
CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) announced a fourth quarter 2021 dividend of $0.05 per share for common stock, payable on February 28, 2022. Shareholders on record by February 14, 2022 will receive this dividend. Additionally, a cash dividend of $0.4609375 per depositary share for the 7.375% Series A Preferred Stock will be paid on the same date to record shareholders. The Company will report its fourth quarter and full year 2021 results on March 14, 2022.