Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income

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Consolidated Statements of Income - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenue        
Lease revenue $ 16,984,903 $ 18,391,983 $ 50,338,489 $ 54,259,701
Total Revenue 21,081,244 22,636,705 64,236,085 66,331,559
Expenses        
Transportation and distribution expenses 1,116,194 2,241,999 3,866,092 5,349,419
General and administrative 2,494,240 3,046,481 8,104,502 8,881,314
Depreciation, amortization and ARO accretion expense 5,645,342 6,289,459 16,935,688 18,868,871
Provision for loan losses 0 0 0 500,000
Total Expenses 9,255,776 11,577,939 28,906,282 33,599,604
Operating Income 11,825,468 11,058,766 35,329,803 32,731,955
Other Income (Expense)        
Net distributions and other income 360,182 5,627 902,056 65,292
Net realized and unrealized loss on other equity securities 0 (930,147) 0 (1,797,281)
Interest expense (2,777,122) (3,183,589) (7,582,199) (9,590,427)
Loss on extinguishment of debt (28,920,834) 0 (33,960,565) 0
Total Other Expense (31,337,774) (4,108,109) (40,640,708) (11,322,416)
Income (loss) before income taxes (19,512,306) 6,950,657 (5,310,905) 21,409,539
Taxes        
Current tax expense (benefit) (1,270) (8,393) 352,474 (54,727)
Deferred tax expense (benefit) (91,436) (738,274) 64,854 (1,751,615)
Income tax expense (benefit), net (92,706) (746,667) 417,328 (1,806,342)
Net Income (loss) attributable to CorEnergy Stockholders (19,419,600) 7,697,324 (5,728,233) 23,215,881
Preferred dividend requirements 2,313,780 2,396,875 6,941,688 7,190,625
Net Income (loss) attributable to Common Stockholders $ (21,733,380) $ 5,300,449 $ (12,669,921) $ 16,025,256
Earnings (Loss) Per Common Share:        
Basic (in dollars per share) $ (1.65) $ 0.44 $ (0.98) $ 1.34
Diluted (in dollars per share) $ (1.65) $ 0.44 $ (0.98) $ 1.34
Weighted Average Shares of Common Stock Outstanding:        
Basic (in shares) 13,188,546 11,939,360 12,870,357 11,928,929
Diluted (in shares) 13,188,546 11,939,360 12,870,357 11,928,929
Dividends declared per share (in dollars per share) $ 0.750 $ 0.750 $ 2.25 $ 2.25
Transportation and distribution revenue        
Revenue        
Revenue $ 4,068,338 $ 4,244,722 $ 13,808,064 $ 12,071,858
Financing revenue        
Revenue        
Revenue $ 28,003 $ 0 $ 89,532 $ 0