The board of directors at CorEnergy Infrastructure Trust Inc., the real estate investment trust that owns midstream and downstream assets, authorized a share buyback program for up to $10 million of common stock, the company said Dec. 31.
The shares will be repurchased through privately negotiated transactions, and purchases may be made through Dec. 31, 2016.
Dave Schulte, president and CEO, said the current price of the company’s stock is discounted compared with the value of assets and dividends, and that the buyback is a good investment opportunity for shareholders.
General corporate funds will finance the repurchase of shares.
Also, Pinedale Corridor LP extended its current secured credit facility with KeyBank NA through March 2016. With the execution of the agreement, a $1 million principal reduction payment was made, resulting in an outstanding balance of about $62.5 million.
Recommended Reading
Keeping it Simple: Antero Stays on Profitable Course in 1Q
2024-04-26 - Bucking trend, Antero Resources posted a slight increase in natural gas production as other companies curtailed production.
NOV Announces $1B Repurchase Program, Ups Dividend
2024-04-26 - NOV expects to increase its quarterly cash dividend on its common stock by 50% to $0.075 per share from $0.05 per share.
Initiative Equity Partners Acquires Equity in Renewable Firm ArtIn Energy
2024-04-26 - Initiative Equity Partners is taking steps to accelerate deployment of renewable energy globally, including in North America.
Repsol to Drop Marcellus Rig in June
2024-04-26 - Spain’s Repsol plans to drop its Marcellus Shale rig in June and reduce capex in the play due to the current U.S. gas price environment, CEO Josu Jon Imaz told analysts during a quarterly webcast.
Ithaca Deal ‘Ticks All the Boxes,’ Eni’s CFO Says
2024-04-26 - Eni’s deal to acquire Ithaca Energy marks a “strategic move to significantly strengthen its presence” on the U.K. Continental Shelf and “ticks all of the boxes” for the Italian energy company.