CorEnergy Infrastructure Trust, Inc. Stock Price, News & Analysis

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 $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.