CorEnergy sees Ultra Petroleum asset acquisition accretive to distribution CorEnergy Infrastructure Trust (CORR) announced that it has closed its previously announced acquisition of a Liquids Gathering System from Ultra Petroleum (UPL). The LGS will continue to be operated by UPL under a long-term triple net lease. Located in the Pinedale field in Wyoming, the LGS is a vital component of natural gas production in one of the top five natural gas fields in the U.S. "We are pleased to have completed our largest acquisition of REIT-qualifying assets to-date," said CEO, David Schulte. "This is a mission-critical asset, with a high-quality tenant, and it represents a cornerstone for our energy infrastructure REIT strategy. The acquisition is accretive to our distribution and our Board of Directors has indicated that it intends to approve an increase in our quarterly distribution from 11c to 12.5c for the first full quarter following the acquisition. The REIT structure provides our investors direct access to U.S. energy infrastructure in an attractive vehicle with transparent cash flow."
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Ultra Petroleum reports Q2 production of 58.5 Bcfe of natural gas and oil This takes into account unforeseen pipeline disruptions resulting in 1.1 Bcfe of deferred production. The company's production for the second quarter was comprised of 54.0 billion cubic feet of natural gas and 758.8 thousand barrels of oil. Oil production increased 154% from the same period last year.