CorEnergy Announces Second Quarter 2018 Results

CorEnergy Infrastructure Trust, Inc. (“CorEnergy” or the “Company”)
today announced financial results for the second quarter, ended June 30,

Second Quarter Performance Summary

Second quarter financial highlights are as follows:

1 Management uses AFFO as a measure of long-term sustainable
operational performance. NAREIT FFO, FFO, and AFFO are non-GAAP
measures. Reconciliations of NAREIT FFO, FFO and AFFO, as presented, to
Net Income Attributable to CorEnergy Stockholders are included at the
end of this press release. See Note 1 for additional information.

Recent Developments

“The CorEnergy team was focused on portfolio management activities
during the second quarter. We filed a general rate case with the FERC
for our MoGas Pipeline and engaged in the evaluation of prospects for
the Grand Isle Gathering System,” said CorEnergy President and CEO Dave
Schulte. “Success of our stewardship is exhibited in the $1.1 million of
participating rents CorEnergy received in the second quarter from the
utilization of our Pinedale Liquids Gathering System. We expect to use
excess cash flows such as these to reduce our leverage profile, and plan
to implement repurchases of preferred shares to accomplish that goal.”

Portfolio Update

Grand Isle Gathering System: On June 18,
2018, the tenant of our GIGS asset, Energy XXI Gulf Coast, announced a
definitive agreement to be acquired by the privately held Gulf of Mexico
operator, Cox Oil, for approximately $322 million. The transaction is
expected to close in the third quarter 2018 and is subject to
stockholder approval. Since the announcement of the acquisition, the
Company and EGC have had no further discussions about CorEnergy
assisting EGC in its efforts to generate adequate liquidity to fund
further development.

Pinedale LGS: Despite actual and forward
Rockies gas prices pressuring Ultra Petroleum’s earnings and market
capitalization, UPL continues to see promising results from its
horizontal drilling program in the Pinedale field. The company plans to
temporarily pause vertical well development and focus drilling on
horizontal wells, due to their superior economic returns, and
anticipates the development and drilling of 25 to 30 wells in 2018.
Success in production resulted in utilization of the Pinedale LGS at
levels which resulted in $1.1 million of participating rents in the
second quarter.

MoGas Pipeline: On May 31, 2018, MoGas
filed a general rate case before the FERC. The proposed change in rates
seeks to recover increases in capital, operating and maintenance
expenditures incurred, mitigate decreased revenues from certain customer
contracts and reflect changes in the corporate tax rate. The case is
progressing as expected. MoGas anticipates the proposed revenue
requirements would be approximately $20 million annually, and that the
requested rates will go into effect on December 1, 2018, subject to a
refund upon final ruling.


CorEnergy regularly assesses its ability to pay and grow its dividend to
common stockholders above the current level of $0.75 per quarter. The
Company targets long-term revenue growth of 1-3% annually from existing
contracts, through inflation-based and participating rent adjustments,
and additional growth from acquisitions. There can be no assurance that
any potential acquisition opportunities will result in consummated

Dividend Declaration

Common Stock: A second quarter 2018
dividend of $0.75 per share was declared for CorEnergy’s common stock.
The dividend is payable on August 31, 2018, to stockholders of record on
August 17, 2018.

Preferred Stock: For the Company’s 7.375%
Series A Cumulative Redeemable Preferred Stock, a cash dividend of
$0.4609375 per depositary share was declared. The preferred stock
dividend, which equates to an annual dividend payment of $1.84375 per
depositary share, is payable on August 31, 2018, to stockholders of
record on August 17, 2018.

Second Quarter Earnings Call

CorEnergy will host a conference call on Thursday, August 2, 2018,
at 1:00 p.m. Central Time to discuss its financial results. Please dial
into the call at 877-407-8035 (for international, 1-201-689-8035)
approximately five to ten minutes prior to the scheduled start time. The
call will also be webcast in a listen-only format. A link to the webcast
will be accessible at

A replay of the call will be available until 1:00 p.m. Central Time on
November 2, 2018 by dialing 877-481-4010 (for international,
1-919-882-2331). The Conference ID is 34308. A replay of the conference
call will also be available on the Company’s website.

About CorEnergy Infrastructure Trust, Inc.

CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA), is a real
estate investment trust (REIT) that owns essential energy assets, such
as pipelines, storage terminals, and transmission and distribution
assets. We receive long-term contracted revenue from operators of our
assets, primarily under triple-net participating leases. For more
information, please visit

Forward-Looking Statements

This press release contains certain statements that may include
“forward-looking statements” within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. All statements, other than statements of historical fact, included
herein are “forward-looking statements.” Although CorEnergy believes
that the expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties, and
these expectations may prove to be incorrect. Actual results could
differ materially from those anticipated in these forward-looking
statements as a result of a variety of factors, including those
discussed in CorEnergy’s reports that are filed with the Securities and
Exchange Commission. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. Other than as required by law, CorEnergy does not assume
a duty to update any forward-looking statement. In particular, any
distribution paid in the future to our stockholders will depend on the
actual performance of CorEnergy, its costs of leverage and other
operating expenses and will be subject to the approval of CorEnergy’s
Board of Directors and compliance with leverage covenants.


1NAREIT FFO represents net income (computed in accordance
with GAAP), excluding gains (or losses) from sales of depreciable
operating property, impairment losses of depreciable properties, real
estate-related depreciation and amortization (excluding amortization of
deferred financing costs or loan origination costs) and other
adjustments for unconsolidated partnerships and non-controlling
interests. Adjustments for non-controlling interests are calculated on
the same basis. FFO as we have presented it here, is derived by further
adjusting NAREIT FFO for distributions received from investment
securities, income tax expense (benefit) from investment securities, net
distributions and dividend income and net realized and unrealized gain
or loss on other equity securities. CorEnergy defines AFFO as FFO
Adjusted for Securities Investment plus (gain) loss on extinguishment of
debt, provision for loan losses, net of tax, transaction costs,
amortization of debt issuance costs, amortization of deferred lease
costs, accretion of asset retirement obligation, income tax expense
(benefit) unrelated to securities investments, non-cash costs associated
with derivative instruments, and certain costs of a nonrecurring nature,
less maintenance, capital expenditures (if any), amortization of debt
premium, and other adjustments as deemed appropriate by Management.
Reconciliations of NAREIT FFO, FFO Adjusted for Securities Investments
and AFFO to Net Income Attributable to CorEnergy Stockholders are
included in the additional financial information attached to this press


There is no noncontrolling interest outstanding for the three
and six months ended June 30, 2018.


Diluted per share calculations include dilutive adjustments for
convertible note interest expense, discount amortization and
deferred debt issuance amortization.


Diluted per share calculations include a dilutive adjustment
for convertible note interest expense.

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