Exhibit 99.1
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CorEnergy Announces Third Quarter 2022 Results
KANSAS CITY, MO - November 10, 2022 - CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) ("CorEnergy" or the "Company") today announced financial results for the third quarter, ended September 30, 2022.
Third Quarter 2022 and Recent Highlights
•Reported Total Revenue of $33.0 million for the three months ended September 30, 2022.
•Generated Net Loss of $15.5 million, inclusive of a $16.2 million impairment to goodwill, and Adjusted EBITDA (a non-GAAP financial measure) of $8.9 million.
•Transported an average of 164,748 barrels per day, versus 159,202 barrels per day the previous quarter.
•Began collecting rate increases at two Crimson subsidiaries.
•Declared a third quarter 2022 Common Stock dividend of $0.05 per share and a 7.375% Series A Cumulative Redeemable Preferred Stock dividend of $0.4609375 per depositary share. Both dividends will be paid on November 30, 2022, to stockholders of record on November 16, 2022.
Management Commentary
“Our third quarter was characterized by steady performance from our predictable MoGas and Omega natural gas operations, where we are also evaluating expansion opportunities. We also reported improved volume on our Crimson assets as we continue to manage through disruptions in the global oil supply chain and operational issues with third-party infrastructure. We have initiated both cost efficiency measures and tariff increases on our California pipelines in response to this increased volatility, while maintaining our 2022 outlook calling for adjusted EBITDA of between $42.0 and $44.0 million,” said Dave Schulte, Chief Executive Officer.

“We are also advancing our work in the new carbon capture and sequestration market, where our California assets are well positioned as a critical linkage between large carbon emission sources and attractive storage reservoirs. CCS has emerged as a particular focus in California due to the California Air Resources Board making it a central pillar in its aggressive greenhouse gas reduction plans and economic incentives from government entities at both the federal and state levels that may be the best in the nation.”

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Exhibit 99.1
Third Quarter Performance Summary
Third quarter financial highlights are as follows:
For the Three Months Ended
September 30, 2022
Per Share
TotalBasicDiluted
Net Loss (Attributable to Common Stockholders)
$(18,490,882)$(1.17)$(1.17)
Net Cash Provided by Operating Activities $26,703,113 
Adjusted Net Income1
$1,096,465 
Cash Available for Distribution (CAD)1
$(1,006,756)
Adjusted EBITDA2
$8,882,866 
Dividends Declared to Common Stockholders$0.05 
1 Non-GAAP financial measure.    Adjusted Net Income excludes special items of $405 thousand, which are transaction costs; however, CAD has not been so adjusted. Reconciliations of Adjusted Net Income and CAD, as presented, to Net Loss and Net Cash Provided by Operating Activities are included at the end of this press release. See Note 1 below for additional information.
2 Non-GAAP financial measure.    Adjusted EBITDA excludes special items of $405 thousand, which are transaction costs. Reconciliation of Adjusted EBITDA, as presented, to Net Loss is included at the end of this press release. See Note 2 below for additional information.
Crimson Rate Increases
During the third quarter, Crimson filed for a tariff increase of 34.9% on its Southern California pipeline system and 10% on its KLM pipeline. Both of these tariff filings were protested by shippers and are proceeding through the CPUC process with resolution expected in second half of 2023. The Company commenced collecting a 10% tariff increase on both systems after filing, subject to refund, as allowed by the CPUC rules. The Company plans to file and begin collecting an additional 10% increase on its Southern California pipeline system in August 2023, for a total effective increase of 21%, which represents the anniversary date of the original filing for that system, assuming the rate case has not been resolved by that time. CorEnergy believes Crimson's cost-of-service fully justifies both requested increases.
Crimson filed for a Tariff increase of 10% increase on its SPB system, but withdrew it due to increased volumes and general volume variability on that line. The Company will continuously monitor its cost-of-service and will file a rate increase on this system if conditions warrant.
Business Development Activities
CorEnergy continues to seek opportunities for negotiated transactions that could expand the Company's market reach or REIT-qualifying revenue sources, including both traditional infrastructure and potential alternative uses for its rights of way. The Company intends to continue to prudently advance these opportunities within our existing
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Exhibit 99.1
footprint or to enhance scale and diversification; however there can be no assurances that any such opportunities will be consummated on terms that are acceptable or advantageous or at all.
Outlook
CorEnergy is maintaining its outlook for 2022:
•Expected Adjusted EBITDA of $42.0-$44.0 million, (see Note 2 below for additional details);
•Maintenance capital expenditures expected to be in the range of $8.0 million to $9.0 million in 2022 (quarterly maintenance costs are not expected to be uniform throughout the year due to project timing); and
•The Company will continue to evaluate dividends, subject to Board approval, on a quarterly basis in line with current practices.
Dividend and Distribution Declarations
The Company currently expects to characterize at least some portion of its 2022 Common Stock and Preferred Stock dividends as Return of Capital for tax purposes.
Common Stock: A third quarter 2022 dividend of $0.05 per share was declared for CorEnergy's common stock. The dividend will be paid on November 30, 2022, to stockholders of record on November 16, 2022.
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 for the third quarter. The preferred stock dividend, which equates to an annual dividend payment of $1.84375 per depositary share, will be paid on November 30, 2022, to stockholders of record on November 16, 2022.
Class A-1 Units: Pursuant to the terms of the Crimson transaction, the holders of Crimson Class A-1 Units will receive a cash distribution of $0.4609375 per unit for the third quarter based on the Company’s declared Series A Preferred dividend for the quarter.
Class A-2 and Class A-3 Units: Pursuant to the terms of the Crimson transaction, the holders of Crimson Class A-2 and Class A-3 Units will not receive a cash distribution for the third quarter, because no dividend was declared on the underlying Class B Common Stock for the quarter.
Third Quarter Results Call
CorEnergy will host a conference call on Thursday, November 10, 2022 at 10:00 a.m. Central Time to discuss its financial results. The call may also include discussion of Company developments, and forward-looking and other material information about business and financial matters. To join the call, dial +1-973-528-0016 and provide access code 977524 at least five 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 corenergy.reit.
A replay of the call will be available until 10:00 a.m. Central Time on December 9, 2022, by dialing +1-919-882-2331. The Conference ID is 46842. A webcast replay of the conference call will also be available on the Company’s website, corenergy.reit.
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Exhibit 99.1
About CorEnergy Infrastructure Trust, Inc.
CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) is a real estate investment trust that owns and operates or leases regulated natural gas transmission and distribution lines and crude oil gathering, storage and transmission pipelines and associated rights-of-way. For more information, please visit corenergy.reit.
Forward-Looking Statements

With the exception of historical information, certain statements contained in this press release 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, such as those pertaining to our guidance, pursuit of growth opportunities, anticipated transportation volumes, expected rate increases, planned capital expenditures, planned dividend payment levels, capital resources and liquidity, 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; a decline in oil production levels; competitive and regulatory pressures; failure to realize the anticipated benefits of the Crimson transaction; the risk that CPUC approval is not obtained, is delayed or is subject to unanticipated conditions that could adversely affect CorEnergy or the expected benefits of the Crimson transaction; risks related to the uncertainty of the projected financial information with respect to Crimson; compliance with environmental, safety and other laws; our continued 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; and other factors 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 dividends 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 and other applicable requirements.

Notes

1 Management uses Adjusted Net Income as a measure of profitability and CAD as a measure of long-term sustainable performance. Adjusted Net Income and CAD are non-GAAP measures. Adjusted Net Income represents net income (loss) adjusted for loss on goodwill impairment, transaction-related costs, and gain on sale of equipment. CAD represents Adjusted Net Income adjusted for depreciation, amortization and ARO accretion (cash flows), stock-based compensation, and deferred tax expense less transaction-related costs, maintenance capital expenditures, preferred dividend requirements, and mandatory debt amortization. Reconciliations of Adjusted Net Income and CAD to Net Income (Loss) and Net Cash Provided By Operating Activities, the most directly comparable corresponding GAAP measures, are included in the additional financial information attached to this press release.

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Exhibit 99.1
2 Management uses Adjusted EBITDA as a measure of operating performance. Adjusted EBITDA represents net income (loss) adjusted for items such as loss on impairment of goodwill, transaction-related costs, depreciation, amortization and ARO accretion expense, stock-based compensation, income tax expense, interest expense and gain on the sale of equipment. The reconciliation of Adjusted EBITDA to Net Income (Loss), the most directly comparable GAAP measure, is included in the additional financial information attached to this press release. Future period non-GAAP guidance includes adjustments for special items not indicative of our core operations, which may include, without limitation, items included in the additional financial information attached to this press release. Such adjustments may be affected by changes in ongoing assumptions and judgments, as well as nonrecurring, unusual or unanticipated charges, expenses or gains or other items that may not directly correlate to the underlying performance of our business operations. The exact amounts of these adjustments are not currently determinable but may be significant. It is therefore not practicable to provide the comparable GAAP measures or reconcile this future period non-GAAP guidance to the most comparable GAAP measures.
Contact Information:
CorEnergy Infrastructure Trust, Inc.
Investor Relations
Debbie Hagen or Matt Kreps
877-699-CORR (2677)
info@corenergy.reit
Source: CorEnergy Infrastructure Trust, Inc.

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Consolidated Balance Sheets
September 30, 2022December 31, 2021
Assets(Unaudited)
Property and equipment, net of accumulated depreciation of $48,864,283 and $37,022,035, respectively (Crimson VIE*: $337,470,077, and $338,452,392, respectively)
$438,249,633 $441,430,193 
Leased property, net of accumulated depreciation of $289,154 and $258,207, respectively
1,236,873 1,267,821 
Financing notes and related accrued interest receivable, net of reserve of $600,000 and $600,000, respectively
904,743 1,036,660 
Cash and cash equivalents (Crimson VIE: $3,125,706 and $1,870,000, respectively)
21,776,263 12,496,478 
Accounts and other receivables (Crimson VIE: $7,654,757 and $11,291,749, respectively)
10,609,744 15,367,389 
Due from affiliated companies (Crimson VIE: $94,994 and $676,825, respectively)
94,994 676,825 
Deferred costs, net of accumulated amortization of $631,408 and $345,775, respectively
510,939 796,572 
Inventory (Crimson VIE: $5,859,262 and $3,839,865, respectively)
6,004,037 3,953,523 
Prepaid expenses and other assets (Crimson VIE: $3,946,389 and $5,004,566, respectively)
5,699,079 9,075,043 
Operating right-of-use assets (Crimson VIE: $4,755,606 and $5,647,631, respectively)
5,082,028 6,075,939 
Deferred tax asset, net 111,681 206,285 
Goodwill— 16,210,020 
Total Assets$490,280,014 $508,592,748 
Liabilities and Equity
Secured credit facilities, net of deferred financing costs of $817,972 and $1,275,244, respectively
$99,182,028 $99,724,756 
Unsecured convertible senior notes, net of discount and debt issuance costs of $1,890,895 and $2,384,170, respectively
116,159,105 115,665,830 
Accounts payable and other accrued liabilities (Crimson VIE: $14,935,627 and $9,743,904, respectively)
19,596,670 17,036,064 
Income tax payable344,630 — 
Due to affiliated companies (Crimson VIE: $276,428 and $648,316, respectively)
276,428 648,316 
Operating lease liability (Crimson VIE: $4,653,594 and $5,647,036, respectively)
4,951,891 6,046,657 
Unearned revenue (Crimson VIE: $205,790 and $199,405, respectively)
5,990,897 5,839,602 
Total Liabilities$246,501,649 $244,961,225 
Equity
Series A Cumulative Redeemable Preferred Stock 7.375%, $129,525,675 liquidation preference ($2,500 per share, $0.001 par value); 10,000,000 authorized; 51,810 issued and outstanding at September 30, 2022 and December 31, 2021
$129,525,675 $129,525,675 
Common stock, non-convertible, $0.001 par value; 15,176,911 and 14,893,184 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively (100,000,000 shares authorized)
15,177 14,893 
Class B Common Stock, $0.001 par value; 683,761 shares issued and outstanding at September 30, 2022 and December 31, 2021, (11,896,100 shares authorized)
684 684 
Additional paid-in capital329,796,049 338,302,735 
Retained deficit(339,752,470)(327,157,636)
Total CorEnergy Equity119,585,115 140,686,351 
Non-controlling interest (Crimson)124,193,250 122,945,172 
Total Equity243,778,365 263,631,523 
Total Liabilities and Equity$490,280,014 $508,592,748 
*Variable Interest Entity (VIE)

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Consolidated Statements of Operations (Unaudited)
For the Three Months Ended
September 30, 2022June 30, 2022
Revenue
Transportation and distribution $31,305,546 $28,112,834 
Pipeline loss allowance subsequent sales1,477,251 3,074,436 
Lease 111,725 30,825 
Other 67,164 303,341 
Total Revenue32,961,686 31,521,436 
Expenses
Transportation and distribution 17,647,673 14,263,677 
Pipeline loss allowance subsequent sales cost of revenue1,385,028 2,438,987 
General and administrative5,743,342 5,276,363 
Depreciation, amortization and ARO accretion 4,028,800 3,992,314 
Loss on impairment of goodwill16,210,020 — 
Total Expenses45,014,863 25,971,341 
Operating Income (loss)$(12,053,177)$5,550,095 
Other Income (expense)
Other income$76,050 $136,023 
Interest expense(3,483,208)(3,342,906)
Total Other Expense(3,407,158)(3,206,883)
Income (loss) before income taxes(15,460,335)2,343,212 
Taxes
Current tax expense 35,187 156,877 
Deferred tax expense 6,182 16,209 
Income tax expense, net41,369 173,086 
Net Income (loss)(15,501,704)2,170,126 
Less: Net income attributable to non-controlling interest601,048 966,671 
Net income (loss) attributable to CorEnergy $(16,102,752)$1,203,455 
Preferred stock dividends 2,388,130 2,388,130 
Net loss attributable to Common Stockholders$(18,490,882)$(1,184,675)
Net Loss Per Common Share:
Basic$(1.17)$(0.08)
Diluted$(1.17)$(0.08)
Weighted Average Shares of Common Stock Outstanding:
Basic15,773,469 15,673,703 
Diluted15,773,469 15,673,703 
Dividends declared per common share$0.050 $0.050 

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Consolidated Statements of Cash Flows (Unaudited)
For the Nine Months Ended
September 30, 2022September 30, 2021
Operating Activities
Net loss$(8,966,821)$(2,346,883)
Adjustments to reconcile net loss to net cash provided by operating activities:
Deferred income tax, net94,604 222,337 
Depreciation, amortization and ARO accretion11,997,781 10,337,639 
Amortization of debt issuance costs1,236,178 1,192,821 
Goodwill impairment16,210,020 — 
Loss on impairment and disposal of leased property— 5,811,779 
Loss on termination of lease— 165,644 
Loss on extinguishment of debt— 861,814 
Gain on sale of equipment(39,678)(16,508)
Stock-based compensation384,383 22,500 
Changes in assets and liabilities:
Accounts and other receivables2,715,207 702,251 
Financing note accrued interest receivable— (8,780)
Inventory (2,050,514)(1,572,534)
Prepaid expenses and other assets4,296,890 (2,409,857)
Due from affiliated companies, net209,943 (188,578)
Management fee payable— (971,626)
Accounts payable and other accrued liabilities1,213,961 1,361,746 
Income tax liability344,630 33,027 
Operating lease liability (1,094,766)(496,900)
Unearned revenue151,295 (439,106)
Net cash provided by operating activities$26,703,113 $12,260,786 
Investing Activities
Acquisition of Crimson Midstream Holdings, net of cash acquired— (69,002,053)
Acquisition of Corridor InfraTrust Management, net of cash acquired— 952,487 
Purchases of property and equipment(7,759,603)(15,024,412)
Proceeds from reimbursable projects2,385,858 — 
Proceeds from sale of property and equipment55,075 97,210 
Proceeds from insurance recovery — 60,153 
Principal payment on financing note receivable131,917 113,595 
  Cash received from third parties for reimbursable projects — 26,849 
Net cash used in investing activities$(5,186,753)$(82,776,171)
Financing Activities
Debt financing costs— (2,735,922)
Dividends paid on Series A preferred stock(7,164,390)(7,007,474)
Dividends paid on Common Stock(1,644,549)(1,799,268)
Distributions to non-controlling interest(2,427,636)(1,446,901)
Advances on revolving line of credit9,000,000 19,000,000 
Payments on revolving line of credit(4,000,000)(16,000,000)
Principal payments on Crimson secured credit facility(6,000,000)(4,000,000)
Net cash used in financing activities$(12,236,575)$(13,989,565)
Net change in Cash and Cash Equivalents9,279,785 (84,504,950)
Cash and Cash Equivalents at beginning of period12,496,478 99,596,907 
Cash and Cash Equivalents at end of period$21,776,263 $15,091,957 
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Supplemental Disclosure of Cash Flow Information
Interest paid$8,802,697 $10,206,280 
Income taxes paid (net of refunds)(12,055)(635,730)
Non-Cash Investing Activities
In-kind consideration for the Grand Isle Gathering System provided as partial consideration for the Crimson Midstream Holdings acquisition $— $48,873,169 
Crimson Credit Facility assumed and refinanced in connection with the Crimson Midstream Holdings acquisition — 105,000,000 
Equity consideration attributable to non-controlling interest holder in connection with the Crimson Midstream Holdings acquisition — 116,205,762 
Purchases of property, plant and equipment in accounts payable and other accrued liabilities 2,249,585 — 
Series A preferred stock issued due to internalization transaction— 4,245,112 
Common Stock issued due to internalization transaction— 7,096,153 
Class B Common Stock issued due to internalization transaction— 3,288,890 
Non-Cash Financing Activities
Change in accounts payable and accrued expenses related to debt financing costs$— $235,198 
Crimson A-2 Units dividends payment-in-kind— 610,353 
Reinvestment of Dividends Paid to Common Stockholders601,184 — 
Dividend equivalents accrued on RSUs34,145 — 



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Non-GAAP Financial Measurements (Unaudited)

The following table presents a reconciliation of Net Income (Loss), as reported in the Consolidated Statements of Operations, to Adjusted Net Income and CAD:
For the Three Months Ended
September 30, 2022June 30, 2022
Net Income (loss)$(15,501,704)$2,170,126 
Add:
Loss on goodwill impairment16,210,020 — 
Transaction costs405,149 221,241 
Less:
Gain on the sale of equipment17,000 22,678 
Adjusted Net Income, excluding special items $1,096,465 $2,368,689 
Add:
Depreciation, amortization and ARO accretion (Cash Flows)4,440,858 4,404,174 
Stock-based compensation233,024 151,359 
Deferred tax expense6,182 16,209 
Less:
Transaction costs405,149 221,241 
Maintenance capital expenditures1,180,794 1,475,433 
Preferred dividend requirements - Series A2,388,130 2,388,130 
Preferred dividend requirements - Non-controlling interest809,212 809,212 
Mandatory debt amortization2,000,000 2,000,000 
Cash Available for Distribution (CAD)$(1,006,756)$46,415 

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The following table reconciles net cash provided by operating activities, as reported in the Consolidated Statements of Cash Flows to CAD:
For the Three Months Ended
September 30, 2022June 30, 2022
Net cash provided by operating activities$8,051,926 $10,070,603 
Changes in working capital (2,680,546)(3,351,413)
Maintenance capital expenditures (1,180,794)(1,475,433)
Preferred dividend requirements (2,388,130)(2,388,130)
Preferred dividend requirements - non-controlling interest(809,212)(809,212)
Mandatory debt amortization included in financing activities (2,000,000)(2,000,000)
Cash Available for Distribution (CAD)$(1,006,756)$46,415 
Other Special Items:
Transaction costs$405,149 $221,241 
Other Cash Flow Information:
Net cash used in investing activities$(3,275,513)$(857,208)
Net cash used in financing activities(752,405)(4,749,222)

The following table presents a reconciliation of Net Income (Loss), as reported in the Consolidated Statements of Operations, to Adjusted EBITDA:
For the Three Months Ended
September 30, 2022June 30, 2022
Net Income (loss)$(15,501,704)$2,170,126 
Add:
Loss on goodwill impairment16,210,020 — 
Transaction costs405,149 221,241 
Depreciation, amortization and ARO accretion 4,028,800 3,992,314 
Stock-based compensation233,024 151,359 
Income tax expense, net41,369 173,086 
Interest expense, net3,483,208 3,342,906 
Less:
Gain on the sale of equipment17,000 22,678 
Adjusted EBITDA$8,882,866 $10,028,354 



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