CorEnergy Announces Business Update and Reduces Dividend Outlook
CorEnergy Infrastructure Trust, Inc. (CORR)
Last corenergy infrastructure trust, inc. earnings: 2/26 05:00 pm
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US:NYSE Investor Relations:
investors.corenergy.reit/investors/investor-relations/default.aspx
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Source: Business Wire
KANSAS CITY, Mo.--(BUSINESS WIRE)--CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) ("CorEnergy" or the "Company") today announced that Cox Oil has provided notification of its intent to suspend payment of rent, beginning with the April payment, on the Grand Isle Gathering System (GIGS) owned by CorEnergy. Cox attributed the decision to its plan to shut in production on all of its wells in the Gulf of Mexico due to the reduction in the price of oil in the current global economic and health crisis.Dave Schulte, Chief Executive Officer, said, “We are in discussions with Cox regarding their plans while also taking steps to protect CorEnergy’s interests under the lease on behalf of our stockholders. Rent continues to accrue whether or not oil is being shipped."Commenting on dividend paying capacity, Schulte said, “We continue to closely monitor the challenging market conditions for potential impact to our upstream producer tenants. Ultra Petroleum delayed the filing of its m
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