CorEnergy Infrastructure Belief (NYSE:CORR) stated Monday it is going to droop dividend funds on its widespread inventory and its 7.375% Sequence A cumulative redeemable most popular inventory.

The board stated it’s suspending dividends as a result of a mixture of declining volumes and elevated prices in its California programs.

“Because of this, we filed for a 36% charge improve on our SPB line in California primarily based on the regulated cost-of-service tariff construction,” Chairman and CEO Dave Schulte stated.

“Pending the resumption of dividends, we imagine that retained capital finest advantages stockholders by way of the discount of debt,” Schulte additionally stated.

Three months in the past, CorEnergy Infrastructure Belief (CORR) reported a Q3 GAAP lack of $1.17/share.