CorEnergy Infrastructure: Jumps on buying Crimson's California pipeline assets

Corenergy Infrastructure Trust

05/02/2021 13:10

** Shares in energy assets focused REIT  CORR.N  up 4.1% at
$10.21 premarket
    ** CorEnergy Thursday aftermarket announced acquisition of
Crimson Midstream, a crude oil pipeline operator, for about $350
mln  urn:newsml:reuters.com:*:nBwrFML8a
    ** Acquired assets include four critical infrastructure
pipeline systems spanning about 1,800 miles across northern,
central and southern California, co says
    ** Says incremental cash flow generated will cover an
initial $0.20 annualized dividend increasing to a target of
$0.35 - $0.40 upon return to pre-COVID market conditions in
California
    ** D.A. Davidson says it likes the deal because of a
stronger management, greater diversification with six new
pipeline systems, and probability of future acquisitions
    ** CORR stock up 43.2% YTD

 (Reporting by Arundhati Sarkar in Bengaluru)
 ((Arundhati.Sarkar@thomsonreuters.com;
twitter.com/Arundhati_05; +1 646 223 8780 Ext: 2776))