CORR - CorEnergy stock gains after strong Q1 MOU for carbon sequestration project

CorEnergy Infrastructure Trust (NYSE:CORR) are rising 6.5% after Q1 adjusted EBITDA rose from the previous quarter and Y/Y and the company signed its first agreement to provide a transportation solution for a carbon sequestration project. "Our first quarter results demonstrate the benefit of our reorganized operations and reduced costs. leading to better dividend coverage," CEO Dave Schulte said. CorEnergy (CORR), the owner of pipelines that transport natural gas and crude oil, also announced signing its first non-binding memorandum of understanding to provide the transportation solution for a carbon sequestration project in California. "We believe that carbon sequestration projects could enable us to maximize the utilization of our pipeline assets and rights of ways," Schulte said. The company revised its 2022 guidance for changes in timing on the return of Amplify offshore volumes to CORR's systems and a softer volume outlook, primarily from delayed court proceedings related to drilling permits. It now expects

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CorEnergy stock gains after strong Q1, MOU for carbon sequestration project