CorEnergy Successfully Completes Financial Restructuring

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Company Emerges from Chapter 11 with Significantly Less Debt and a Simplified Capital Structure

KANSAS CITY, Mo.--(BUSINESS WIRE)-- CorEnergy Infrastructure Trust, Inc. (“CorEnergy” or the “Company”) today announced the successful completion of its reorganization process and emergence from Chapter 11 protection effective June 12, 2024 (the “Effective Date”).

CorEnergy emerges with significantly less debt and a simplified capital structure which is better aligned to current market conditions and its go-forward objectives. The Company expects that the successful restructuring, combined with the resolution of its San Pablo Bay rate case, will enable it to return to positive cash flow beginning in 2025, while also providing increased flexibility to pursue opportunities tied to energy transition.

“We are pleased to have achieved the goals we set at the beginning of this process,” said Robert Waldron, Chief Executive Officer of CorEnergy. “We are also encouraged by the progress in our cases for rate relief before the California Public Utilities Commission. We look forward to building on the momentum in our business as we continue to provide safe, efficient and reliable transportation for the oil and gas industry in California, return our crude oil business to profitability, and capitalize on energy transition opportunities.”

Shares of CorEnergy’s prior common and preferred equity (the “Shares”) have been cancelled as of the Effective Date, with no action required by shareholders. There will be no post-Effective Date trading of the Shares. There will be no exchange of the Shares, and the Shares do not need to be surrendered. The Company plans to pursue an over-the-counter listing for the new shares in the reorganized CorEnergy in the future. In addition, as of the Effective Date, CorEnergy’s board of directors is comprised of five new members appointed by its new equity holders.

More information on the Company and the restructuring can be found in the investor presentation posted on the Company's website at https://corenergy.reit/.

About CorEnergy Infrastructure Trust, Inc.

CorEnergy Infrastructure Trust, Inc. is a real estate investment trust that owns and operates regulated crude oil pipelines and associated rights-of-way. For more information, please visit https://corenergy.reit/.

Forward-Looking Statements

With the exception of historical information, certain statements contained in this presentation may include "forward-looking statements," which are statements other than statements of historical facts, such as those pertaining to our guidance, targeted leverage ratios, pursuit of growth and energy transition opportunities, anticipated transportation volumes, expected rate increases, expected capital expenditures and other costs, plans to pursue an over-the-counter listing, expected valuation and capital structure upon emergence from bankruptcy, financial projections, expected cost reductions, expected ESG program updates and developments, capital resources and liquidity, and our planned acts relating thereto, and results of operations and financial condition. You can identify forward-looking statements by use of words such as "will," "may," "should," "could," "believes," "expects," "anticipates," "estimates," "intends," "projects," "goals," "objectives," "targets," "predicts," "plans," "seeks," or similar expressions or other comparable terms or discussions of strategy, plans or intentions. 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, among others, changes in economic and business conditions; our ability to realize anticipated benefits of the financial restructuring from our bankruptcy; our ability to successfully execute on our strategy upon emergence from bankruptcy, including our pursuit of growth and energy transition opportunities; our ability to meet applicable requirements for an over-the-counter listing of our shares; our ability to achieve expected cost savings; a decline in oil production levels; competitive and regulatory pressures; failure to realize the anticipated benefits of requested tariff increases; compliance with environmental, safety and other laws; our ability to access debt and equity markets and comply with existing debt covenants; risks associated with climate change; risks associated with changes in tax laws and our ability to continue to qualify as a REIT; among other factors. Such factors and other risks and uncertainties, which could impact the Company and the forward-looking statements contained herein are included in the Company’s public filings and other disclosures. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Other than as required by law, CorEnergy does not assume a duty to update any forward-looking statement.

Source: CorEnergy Infrastructure Trust, Inc.

Media Contact
Teneo
US-CorEnergy-Comms@teneo.com

Investor Relations Contact
Matt Kreps
mkreps@corenergy.reit

Source: CorEnergy Infrastructure Trust, Inc.

Released June 13, 2024