Exhibit 99.1
CorEnergy Announces First Quarter 2023 Results
KANSAS CITY, MO - May 11, 2023 - CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) ("CorEnergy" or the "Company") today announced financial results for the first quarter, ended March 31, 2023.
First Quarter 2023 and Recent Highlights
Reported Total Revenue of $29.3 million for the three months ended March 31, 2023.
Generated Net Loss of $3.2 million and Adjusted EBITDA (a non-GAAP financial measure) of $7.4 million.
Transported an average of 150,738 barrels per day, versus 164,763 barrels per day the previous quarter.
In response to lower volumes and higher operating costs from regulatory actions, the Company undertook restructuring activities, resulting in a first-quarter charge of $1.7 million, which is expected to partially mitigate increases in operating costs in California.
Filed the following proposed cost-of-service based tariff increases:
In February 2023, a 36% tariff increase on Crimson's SPB system and began collection of a 10% increase in March 2023.
In March 2023, a 107% increase on Crimson’s KLM system, in addition to the 10% tariff increase filed Q3 2022 that is currently being collected.
Maintained the suspension of dividends on CorEnergy's 7.375% Series A Cumulative Redeemable Preferred Stock and the Company’s Common Stock.
Amended the Company's credit facility, extending maturity to May 2024, and deferred the step down in certain covenant ratios from Q1 2023 to Q3 2023, providing additional time to manage near-term debt maturities and pursue asset monetization and leverage cost reduction initiatives as previously announced, inclusive of the proposed sale of CorEnergy's MoGas and Omega systems.
Subsequent to quarter end, the Company completed the sale of PLA inventory, generating approximately $6.3 million in additional cash proceeds.
Management Commentary
“We made significant progress in our turnaround plans during the first quarter, including the completion of an announced corporate restructuring that we believe will reduce operating costs by approximately $2.5 million per year, the filing and initial collection of appropriate cost-of-service tariff increases on our California systems, revisions to extend the maturity and improve the terms of our credit facility, and the initiation of an asset divestiture program to reduce leverage," said Dave Schulte, Chairman and Chief Executive Officer.

“We believe that the combination of our new proposed tariff rates and reduced leverage will enable us to return to profitability on our pipeline operations and facilitate the opportunities we are pursuing in carbon capture and

Exhibit 99.1
sequestration in California, where our Crimson systems and rights-of-way represent a critical linkage that we believe would be difficult, or even impossible, to replicate today.”
First Quarter Performance Summary
First quarter financial highlights are as follows:
For the Three Months Ended
March 31, 2023
Per Share
Net Loss
Net Cash Used in Operating Activities $(3,107,631)
Adjusted Net Loss1
Cash Available for Distribution (CAD)1
Adjusted EBITDA2
Dividends Declared to Common Stockholders$— 
1 Non-GAAP financial measure.    Adjusted Net Loss excludes special items of $496 thousand and $1.7 million, which are transaction costs and restructuring costs, respectively; however, CAD has not been so adjusted. Reconciliations of Adjusted Net Loss and CAD, as presented, to Net Loss and Net Cash Used in Operating Activities are included at the end of this press release. See Note 1 below for additional information. Cash available for distribution represents cash available to common stockholders after the effect of the preferred dividend requirement.
2 Non-GAAP financial measure.    Adjusted EBITDA excludes special items of $496 thousand and $1.7 million, which are transaction costs and restructuring costs, respectively. 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 of 2022, Crimson filed for a tariff increase of 35% on its Southern California pipeline system and 10% on its KLM pipeline. Both of the third quarter tariff filings were protested by shippers and are proceeding through the CPUC approval process, with resolution expected in 2024. The Company commenced collecting a 10% tariff increase on both systems 30 days after the respective third quarter filings, subject to refund, as allowed by the CPUC rules.
During the first quarter of 2023, Crimson filed for a 36% rate increase on its SPB pipeline and 107% increase on its KLM pipeline, additive to the 10% increase filed in 2022, based on the regulated cost-of-service tariff structure. Both tariff filings were protested by shippers and will proceed through the CPUC approval process. The Company commenced collecting a 10% tariff increase on the SPB system in March 2023.

The Company plans to file and begin collecting an additional 10% increase on its Southern California, KLM and SPB systems on the anniversary dates of their initial filings until the matters are resolved. CorEnergy believes Crimson's cost-of-service justifies all requested increases.
Business Development Activities

CorEnergy continues to seek opportunities for negotiated transactions; however, the Company's priorities in the more immediate term during 2023 are preserving liquidity in light of declining volumes and increased costs in its

Exhibit 99.1
California systems, as well as near-term debt maturities, which may include continued suspension of dividends, monetizing assets and reducing total leverage.
2023 Outlook
CorEnergy reaffirmed its previously provided outlook for 2023, calling for:
Adjusted EBITDA of $33.0 to $35.0 million, inclusive of maintenance expense of $9.0 to $10.0 million, reflecting reduced volumes and delays in tariff processes (see Note 2 for additional details);

Capital expenditures in the range of $10.0 to $11.0 million, incurred at periodic times throughout the year based on project timing.
An expectation that the Company’s Class B Common Stock will mandatorily convert to Common Stock at a ratio of 0.68:1, as opposed to 1:1, during Q1 2024.
Dividend and Distribution Declarations
CorEnergy's Board of Directors maintained the suspension of dividend payments on its 7.375% Series A Cumulative Redeemable Preferred Stock and the Company’s Common Stock due to lower operating outlook. The Company's Board will continue to evaluate dividends on a quarterly basis.
CorEnergy’s 7.375% Series A Cumulative Redeemable Preferred Stock will accrue dividends during any period in which dividends are not paid. Any accrued Series A Cumulative Redeemable Preferred dividends must be paid prior to the Company resuming common dividend payments.
Based on the suspension of dividend payments to CorEnergy’s public equity holders, the Crimson Class A-1, Class A-2, and Class A-3 Units and CorEnergy’s Class B Common Stock will not receive dividends. The Crimson Class A-1 Units will accumulate a preferred distribution based on the CorEnergy Series A Cumulative Redeemable Preferred Shares, which would be paid prior to the Company resuming common dividend payments.
The unpaid and accumulated preferred dividend amounts are included in the financial statements and notes.
First Quarter Results Call
CorEnergy will host a conference call on Thursday, May 11, 2023 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 +1-973-528-0011 and provide access code 482386 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 June 10, 2023, by dialing +1-919-882-2331. The Conference ID is 48258. A webcast replay of the conference call will also be available on the Company’s website, corenergy.reit.

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
The financial results in this press release reflect preliminary, unaudited results, which are not final until the Company’s Quarterly Report on Form 10-Q is filed. 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, planned cost reductions, potential asset sales, 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; a decline in oil production levels; competitive and regulatory pressures; failure to realize the anticipated benefits of requested tariff increases; 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.

1 Management uses Adjusted Net Loss as a measure of profitability and CAD as a measure of long-term sustainable performance. Adjusted Net Loss and CAD are non-GAAP measures. Adjusted Net Loss represents net loss adjusted for transaction costs, restructuring costs, less gain on sale of equipment. CAD represents Adjusted Net Loss adjusted for depreciation and amortization, amortization of debt issuance costs, stock-based compensation, and deferred tax expense (benefit) less transaction costs, restructuring costs, maintenance capital expenditures, preferred dividend requirements, and mandatory debt amortization.

Exhibit 99.1
2 Management uses Adjusted EBITDA as a measure of operating performance. Adjusted EBITDA represents net loss adjusted for items such as transaction costs, restructuring costs, depreciation and amortization, stock-based compensation, income tax expense (benefit), net, interest expense less gain on the sale of equipment. 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. Accordingly, we are not providing such comparable GAAP measures or reconciliations in reliance on the "unreasonable efforts" exception for forward-looking non-GAAP measures set forth in SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated without unreasonable effort and expense.
Contact Information:
CorEnergy Infrastructure Trust, Inc.
Investor Relations
Matt Kreps or Jeff Teeven
877-699-CORR (2677)
Source: CorEnergy Infrastructure Trust, Inc.



March 31, 2023December 31, 2022
Property and equipment, net of accumulated depreciation of $26,828,668 and $52,908,191, respectively (Crimson VIE: $339,362,408, and $340,205,058, respectively)
$339,386,557 $440,148,967 
     Leased property, net of accumulated depreciation of $0 and $299,463, respectively
— 1,226,565 
Financing notes and related accrued interest receivable, net of reserve of $50,000 and $600,000, respectively
760,002 858,079 
Cash and cash equivalents (Crimson VIE: $1,357,594 and $1,874,319, respectively)
8,500,377 17,830,482 
Accounts and other receivables (Crimson VIE: $8,378,442 and $10,343,769, respectively)
8,381,158 14,164,525 
Due from affiliated companies (Crimson VIE: $85,259 and $167,743, respectively)
85,259 167,743 
     Deferred costs, net of accumulated amortization of $827,763 and $726,619, respectively
385,779 415,727 
Inventory (Crimson VIE: $8,734,990 and $5,804,776, respectively)
8,734,990 5,950,051 
Prepaid expenses and other assets (Crimson VIE: $2,817,082 and $3,414,372, respectively)
6,303,301 9,478,146 
Operating right-of-use assets (Crimson VIE: $4,147,085 and $4,452,210, respectively)
4,281,136 4,722,361 
Deferred tax asset, net (Crimson VIE: $119,960 and $0, respectively)119,960 — 
Assets held for sale107,716,203 — 
Total Assets$484,654,722 $494,962,646 
Liabilities and Equity
Secured credit facilities, net of deferred financing costs of $513,123 and $665,547, respectively
$101,486,877 $100,334,453 
Unsecured convertible senior notes, net of discount and debt issuance costs of $1,562,045 and $1,726,470, respectively
116,487,955 116,323,530 
Accounts payable and other accrued liabilities (Crimson VIE: $12,448,678 and $16,889,980, respectively)
17,125,948 26,316,216 
Income tax payable (Crimson VIE: $85,437 and $85,437, respectively)
184,641 174,849 
Due to affiliated companies (Crimson VIE: $175,025 and $209,750, respectively)
175,025 209,750 
Operating lease liability (Crimson VIE: $3,830,463 and $4,454,196, respectively)
3,964,513 4,696,410 
Deferred tax liability, net— 1,292,300 
Unearned revenue (Crimson VIE: $689,085 and $203,725, respectively)
689,085 5,948,621 
Liabilities held for sale8,192,552 — 
Total Liabilities$248,306,596 $255,296,129 
Series A Cumulative Redeemable Preferred Stock 7.375%, $131,913,805 liquidation preference at March 31, 2023 and 129,525,675 liquidation preference at December 31, 2022 ($2,500 per share, $0.001 par value); 69,367,000 authorized; 51,810 issued and outstanding at March 31, 2023 and December 31, 2022
$129,525,675 $129,525,675 
Common stock, non-convertible, $0.001 par value; 15,350,883 and 15,253,958 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively (100,000,000 shares authorized)
15,351 15,254 
Class B Common Stock, $0.001 par value; 683,761 shares issued and outstanding at March 31, 2023 and December 31, 2022 (11,896,100 shares authorized)
684 684 
Additional paid-in capital326,948,418 327,016,573 
Retained deficit(337,844,642)(333,785,097)
Total CorEnergy Equity118,645,486 122,773,089 
Non-controlling interest 117,702,640 116,893,428 
Total Equity236,348,126 239,666,517 
Total Liabilities and Equity$484,654,722 $494,962,646 



For the Three Months Ended
March 31, 2023March 31, 2022
Transportation and distribution $29,343,386 $29,761,354 
Pipeline loss allowance subsequent sales— 2,731,763 
Lease and other revenue(1,214)379,234 
Total Revenue29,342,172 32,872,351 
Transportation and distribution 17,481,063 13,945,843 
Pipeline loss allowance subsequent sales cost of revenue— 2,192,649 
General and administrative6,771,582 5,142,865 
Depreciation and amortization4,031,627 3,976,667 
Total Expenses28,284,272 25,258,024 
Operating Income$1,057,900 $7,614,327 
Other Income (expense)
Other income $141,813 $120,542 
Interest expense(4,404,565)(3,146,855)
Total Other Expense(4,262,752)(3,026,313)
Income (Loss) before income taxes(3,204,852)4,588,014 
Current tax expense 7,076 151,044 
Deferred tax expense (benefit)(11,595)72,213 
Income tax expense (benefit), net(4,519)223,257 
Net Income (Loss)(3,200,333)4,364,757 
Less: Net income attributable to non-controlling interest809,212 809,212 
Net Income (Loss) attributable to CorEnergy Infrastructure Trust, Inc.$(4,009,545)$3,555,545 
Preferred dividend requirements2,388,130 2,388,130 
Net Income (Loss) attributable to Common Stockholders$(6,397,675)$1,167,415 
Common Stock
Basic weighted average shares outstanding15,272,267 14,917,165 
Basic net income (loss) per share$(0.40)$0.08 
Diluted weighted average shares outstanding15,737,224 15,382,122 
Diluted net income (loss) per share$(0.41)$0.08 
Class B Common Stock
Basic and diluted weighted average shares outstanding683,761 683,761 
Basic and diluted net income (loss) per share$(0.40)$0.03 
Dividends declared per common share$— $0.050 



For the Three Months Ended
March 31, 2023March 31, 2022
Operating Activities
Net income (loss)$(3,200,333)$4,364,757 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred income tax, net(11,595)72,213 
Depreciation and amortization4,031,627 3,976,667 
Amortization of debt issuance costs417,993 412,260 
Gain on sale of equipment(1,074)— 
Stock-based compensation(10,374)— 
Changes in assets and liabilities:
Accounts and other receivables2,488,218 1,020,985 
Inventory (2,930,215)(14,712)
Prepaid expenses and other assets2,275,824 1,255,475 
Due from affiliated companies, net47,759 282,032 
Accounts payable and other accrued liabilities(6,414,000)(4,274,956)
Income tax payable9,792 141,226 
Unearned revenue513,243 46,019 
Other changes, net(324,496)(312,060)
Net cash provided by (used in) operating activities$(3,107,631)$6,969,906 
Investing Activities
Purchases of property and equipment(4,102,119)(1,191,364)
Proceeds from reimbursable projects742,537 1,478,042 
Other changes, net(130,439)42,666 
Net cash provided by (used in) investing activities$(3,490,021)$329,344 
Financing Activities
Dividends paid on Series A preferred stock— (2,388,130)
Dividends paid on Common Stock— (744,659)
Reinvestment of Dividends Paid to Common Stockholders— 207,053 
Distributions to non-controlling interest— (809,212)
Advances on the Crimson Revolver4,000,000 2,000,000 
Payments on the Crimson Revolver(1,000,000)(3,000,000)
Principal payments on the Crimson Term Loan(2,000,000)(2,000,000)
Dividends paid on Vested RSUs(6,332)— 
Payments on financing arrangement(881,499)(862,754)
Net cash provided by (used in) financing activities$112,169 $(7,597,702)
Net change in Cash and Cash Equivalents(6,485,483)(298,452)
Cash and Cash Equivalents at beginning of period17,830,482 11,540,576 
Cash and Cash Equivalents at end of period$11,344,999 $11,242,124 
Supplemental Disclosure of Cash Flow Information
Interest paid$5,467,817 $4,500,333 
Income taxes paid (net of refunds)— (716)
Non-Cash Investing Activities
Purchases of property, plant and equipment in accounts payable and other accrued liabilities $1,174,225 $1,178,271 
Non-Cash Financing Activities
Change in accounts payable and accrued expenses related to debt financing costs$71,196 $— 
Assets acquired under financing arrangement— 647,130 

Non-GAAP Financial Measurements (Unaudited)

The following table presents a reconciliation of Net Loss, as reported in the Consolidated Statements of Operations, to Adjusted Net Loss and CAD:

For the Three Months Ended
March 31, 2023December 31, 2022
Net Loss$(3,200,333)$(552,849)
Transaction costs495,579 495,892 
Restructuring costs1,683,777 — 
Gain on the sale of equipment1,074 — 
Adjusted Net Loss, excluding special items $(1,022,051)$(56,957)
Depreciation and amortization 4,031,627 4,078,545 
Amortization of debt issuance costs 417,993 412,064 
Stock-based compensation(10,374)227,734 
Deferred tax expense (benefit)(11,595)1,403,981 
Transaction costs495,579 495,892 
Restructuring costs1,683,777 — 
Maintenance capital expenditures2,222,948 3,184,699 
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)$(6,194,046)$(2,812,566)


The following table reconciles net cash provided by (used in) operating activities, as reported in the Consolidated Statements of Cash Flows to CAD:
For the Three Months Ended
March 31, 2023December 31, 2022
Net cash provided by (used in) operating activities$(3,107,631)$2,881,450 
Changes in working capital 4,333,875 2,688,025 
Maintenance capital expenditures (2,222,948)(3,184,699)
Preferred dividend requirements (2,388,130)(2,388,130)
Preferred dividend requirements - non-controlling interest(809,212)(809,212)
Mandatory debt amortization included in financing activities (2,000,000)(2,000,000)
Cash Available for Distribution (CAD)$(6,194,046)$(2,812,566)
Other Special Items:
Transaction costs$495,579 $495,892 
Restructuring costs1,683,777 — 
Other Cash Flow Information:
Net cash used in investing activities$(3,490,021)$(5,950,207)
Net cash provided by financing activities112,169 250,598 

The following table presents a reconciliation of Net Loss, as reported in the Consolidated Statements of Operations, to Adjusted EBITDA:
For the Three Months Ended
March 31, 2023December 31, 2022
Net Loss$(3,200,333)$(552,849)
Transaction costs495,579 495,892 
Restructuring costs1,683,777 — 
Depreciation and amortization4,031,627 4,078,545 
Stock-based compensation(10,374)227,734 
Income tax expense (benefit), net(4,519)1,234,200 
Interest expense, net4,404,565 3,955,470 
Gain on the sale of equipment1,074 — 
Adjusted EBITDA$7,399,248 $9,438,992