CORR - CorEnergy eyes sale of Mogas Omega systems

2023-03-22 07:49:28 ET

CorEnergy Infrastructure Trust ( NYSE: CORR ) said Wednesday it has retained an advisor for the sale its MoGas and Omega systems and that the process has generated "a number of highly interested and qualified participants."

Given the level of interest, CorEnergy ( CORR ) said it expects to close the sale by early Q3.

The company said its regulated pipelines are earning below what the California Public Utilities Commission considers fair and reasonable returns, and it has filed for tariff increases to address the volume changes and begun collection of the first 10% increase, as the balance of proposed increases are reviewed by the CPUC.

"We believe these proposed rate increases will restore our profitability, enabling us to repay any accumulated preferred dividend, resume quarterly preferred dividends and re-start our common dividend," Chairman and CEO Dave Schulte said.

Citing declining volumes and increased costs in its California systems, CorEnergy ( CORR ) recently suspended dividends .

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