CORR - Earnings call transcript Q2 2020 | CorEnergy Infrastructure Trust, Inc.

us generating our in the we’ll that our SEC best thank and will filing including Pinedale be our today’s ongoing advance I’ll call the and apprised most updates, our we’re tenants. progress first and on keep regular remarks. And today. The of the acquisition Most health dividend on resolution our challenging now releases base global asset markets results the everyone. efforts in our doing XXXX system on energy severely the in difficult afternoon, resulted rebuilding of revenue brief, diminished your press our been of period all GIGS. making to you history. shifting Company’s was through and of management’s call again for And provide We’ve asset impact only on joining crisis importantly, half LGS values Good focus and to efforts. mention for

times ensure protection leases have the during difficult times unprecedented beginning in in March this of payment they in While we provided could our revenue faced, not the past, year.

As you our another indemnification distressed would times, System, system been diminished Pinedale construction have an of our for normal system, entirely. UPL to In creating This disallowed times. Liquids Gathering rejecting after even have the their start to from the sold we end to the stated System June, Pinedale Gathering intention Wyoming lease our and and at rejected our lease, bypassing severely pads construction under know, under well their of they in the us was bankruptcy. Liquids lease, on claim value would

claim they and no just claims, that estate cost the a $X value LGS to were UPL’s to second from was billion bankruptcy the severely for of million. so could debt equal approximately of we familiarity to the position, exceed the available System, $XX all pay in valued bankruptcy. were fully approximately only with value discharging was while best sale us recovery $X project believe four XXXX estate lender billion. in partnered lender state estate deep On UPL’s more that the going proceeds bankruptcy for valid We their had Unlike secured the with associated than with we where prior UPL under course the was damages and including The However, the lease, that diminished actions consultation turned had value of the we believe at had was unsecured the our over these subsidiary’s later, lien the construction years UPL for damages. claim action. of our an of exchange proposed on

tenant that We’re extremely environment by In a swamped Pinedale Isle disappointed protect our in would of interests. gas price that the perfect able economic outcome normally been pay have asset the process rent as refusal protections aspects and We’ve conditions. to example our created to an deploy worst System. a been Grand bankruptcy short, amplified Gathering and low the of by storm the we and to at also from the the pandemic market challenged

recovering prices resumed XXs, transporting oil the system. oil recently tenant on the into with However, the

While provide since cannot I they is April, the is rent around Their not details have lease further oil not clear. rent or whether our GIGS due conversations. is flowing. paid today

move performed challenges have and In transportation therefore have our systems delivery less fluctuations. with of commodity forward. assets gas We’re resiliency contracts, MoGas of despite we types XXXX, issues the that price working to and our assets and and to portfolio. all MoGas natural well, these contrast, are Omega illustrating resolve other long-term to sensitivity in the capacity and in directly Omega

entered starting the entered construct subsidiary is we’re liquidity. well pipeline, our fourth Energy MoGas an interconnect in the time. to a Ameren as additional of The agreement firm to their at Spire asset be expected completed about final an fact, managing into transportation same with an services as quarter, XX-year In with with agreement

Our balance with $XXX at than is million sheet strong more in cash quarter-end.

and find than we of priorities stockholders’ level With our resource prudent $XXX cash I acquisition even can a stockholders, common their activities, we million, the excess is capabilities this end. with for $XX risk conservative to lines and bank use of the our hand, you of our this all bondholders rebuilding our goal of resources in our our your today on execute our believe we We’re enough just be opportunity. make a diligence with pursuing new in actively mindful and for support more headway benefit in potential can right transaction plus complete for preferred should profiles, stakeholders. believe share our asset with of that of new CORR including before and million to transactions, we’re significant will paying opportunities dividend and financing, larger

better these challenging operate on Now, these letter both intend can to assets to our with and private opportunities assets. may emerge pioneering greater where leverage business we own We capitalize our include ruling from to insight, model. position times infrastructure

on common our these efforts to-date our the payment quarter. to of confidence recommend the to for progress Board Our second preferred both, management gave and a dividend the dividends

business review difficult our as to ahead. bondholders hard progresses and closing, and continue our our to work And stockholders you our the all dividend to team through ability business. We our to and unusual this today. staying our thank In CORR thank quarter each joining and are of in us you during who’ve its in rebuild I safe continued thank these work time, confidence model will have the times. for portfolio for expressed like challenges hope I’d these support in

Matt Kreps	IR
Dave Schulte	Chairman, President and CEO

CorEnergy Infrastructure Trust (CORR) 4 Aug 202020 Q2 Earnings call transcript