CORR - Earnings call transcript Q3 2018 | CorEnergy Infrastructure Trust, Inc.

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Operator

Greetings and welcome to CorEnergy’s Third Quarter 2018 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to Lesley Schorgl. you. Thank ahead. go Please

Lesley Schorgl

joining am Trust Schulte, joined Rick President for earnings CEO quarter call. and Chairman. Executive I today Green, CorEnergy you third Infrastructure XXXX and Thank by David

which to in for reminder, a as information statements our related the and the available issued not of audio now could presentation be this statements the between The the are from and materials this Safe will purely our you As on historical available documents this on are conference Relations CorEnergy’s results, These Investor of release update forward-looking the press filings Schulte, Reconciliations will CorEnergy’s this with speak website. the non-GAAP and Important discuss subject results those website. and during maybe call Dave our securities discussed and materially events. are can in presentation well President differ call, as quarter We on third release SEC. filing. an under earnings GAAP replay not Wednesday of about call, we CEO, that and the included protection, cause forward-looking section our be statements our Harbor recent to statements. laws. course in do forward-looking made to applicable factors actual available found in XX-Q that are

David Schulte

model us of CorEnergy the today. Lesley. demonstrating at year week, our level a dividends joining times you, market quarterly everyone of its Last this for resilience during dividend fourth consecutive Thank business of We appreciate volatility. $X.XX declare beginning even and

by the the assumed paid our of of lease XX% from baseline. quarter of $XXX is Gathering previously of the Pinedale transaction. recently the has volume as EGC our Oil asset, System, out its over been The held Isle reserves been plans Mexico for Gulf we GIGS announced by announced, Also, Regarding last our sale use Petroleum during EGC. Energy its their also privately owner flat Liquids of of goal held during which and participating with asset announced acquired XXXX. Grand of keeping has largest rents agreement the Coast, served XXXX maturities. as approximately our volumes tenant increases the Cox new million for debt capital increased and Cox and Gulf by in Gathering the a operator Ultra of that quarter approximately lengthening the they exchange stock Oil. total and System liquidity part received an for portfolio, Ultra Ultra

I with comfortable as our slide Moving in to operational our with a feel prior source investors time $X.XX a to our offset assets. stable variance as to of company to well as our performance Slide of quarter-over-quarter the has legacy year business investments sale and last over the to a been The depicted X, valuation of both of as consistency remind on development year-over-year. would dividend like equity main the allowed and in steadiness maintain continue at the larger to some order a REIT. of new currently associated dividend need value reinvest of that given coverage us paying a to depleting assets level converting has terminal The quarter we from

the our below target target our XX%, total structure ratio debt again at conservative to low X, of which remains end range Turning and preferred our total total equity notice capitalization and with our you XX% to range. is flexible capital ratio Slide that to will at our

have end, status Our prudently we this well and which is to today. base we manage in act credit and balance discussed XXXX. XXXX availability cash provide borrowing On driven early X, our our into initiatives transactions Slide liquidity of at of the we ample the our and our to believe for borrowing considering a pipeline remainder million of as we facility base assets $XXX will on we as approximately of quarter number intend had

MoGas will milestones forward in the We update case FERC with as continued are and key we market rate the the that at met. to move process

We initiate base. preferred our materially authorized for the expect our were We stock to last repurchases expect which to including de-leveraging quarter de-leveraging to plan up not million. $XX affect potential do borrowing

potential to to $XX $XXX we target evaluate Finally, within of million million. our continue range acquisitions

and opportunities would several the Although now we by and to announce deals to next we year. that the part to open questions. no today, I follow-on like have diligence line which have to close that early have are potential of

Operator

comes Thank you. first Selman Stifel. with Instructions] Akyol Our of question [Operator from line the

Selman Akyol

afternoon. you. willing of Oil have to to them have have lease. you for those the with you Good any were by acquired I it with conversations Cox am GIGS Thank Cox had some wondering Prior now the anything regarding they calendar? acquisition on that conversations or

David Schulte

nothing whether team a that a in the Lisa acquisition, When announcement we transaction either evaluate new. control since intended had announced to just type expected. and did or No, need the way of, had was of regular have with it none, assumed aware of the proxy conversations on we were Selman, change in and calendar for there the old to any similar be they nothing Cox we that discussed, be nothing has conditions the the management

Selman Akyol

And the just you then milestones what us, case? can remind rate the good. MoGas Okay, are for very looking are you in

David Schulte

conclusion that December in an we there confirming that filed we happen. basically a tend would have to proposed where to procedures process case discovery parties goes questions rates ask so There FERC when had regulated potentially put get of we this reminding we and all haven’t to around the later, bringing and process expect level some FERC it’s be judge our have year months. that just next what to to to are the in process but chance activities do been filing. and and of couple the rate, rebate since time-based of that we in now the That’s And information did that take effect are about activity discovery announced this by high administrative everybody subject overseen does

Selman Akyol

Okay, thanks much. very

Operator

Thank of next our Zuk question the is you. [Operator line Michael from And with Instructions] Oppenheimer.

Michael Zuk

Dave. afternoon, Good

David Schulte

Good afternoon.

Michael Zuk

on being Any that’s Fort made Wood the the with progress Leonard project? update

David Schulte

Michael. I any We this that it not that am remising been announce up, earlier news. And year, material hasn’t bringing did it’s just there

their DoD we expectation been project to have XXXX of timing have working year. projects We to of with partner announcements starting in in on consideration the would with project provide those construction the next to that proposal with an together of approved some and once our expect

Michael Zuk

Fair Okay, well. enough.

to us guess. We will until the bureaucracy gets back I

David Schulte

having customer is we are of bad the timeline. in that their and one good The

Michael Zuk

congratulations good Understand. shareholders. the Otherwise, stewards on being for

David Schulte

Thank you very much.

Operator

And for like no further it floor comments. questions. the to seems management I that would back closing turn we have to

David Schulte

We time do today. shareholders fellow appreciate our

case update than in that again which that, events will basis. in will material the happened again. our course We timely be with annual connection Thanks results you have a informing market sooner we we next early unless of year on

CorEnergy Infrastructure Trust (CORR) 1 Nov 182018 Q3 Earnings call transcript