ST.
LOUIS, May 25, 2023 /PRNewswire/ -- Spire Inc.
(NYSE: SR) today announced it has entered into an agreement to
acquire MoGas Pipeline (MoGas), an interstate natural gas pipeline,
and Omega Pipeline (Omega), a connected gas distribution system,
from CorEnergy Infrastructure Trust, Inc. (NYSE: CORR), for
$175 million, subject to customary
working capital and other closing adjustments. The transaction is
expected to close in Spire's fiscal fourth quarter, pending
Hart-Scott-Rodino review and subject to customary closing
conditions.
"These businesses fit well with our existing natural gas
midstream businesses and enhance our ability to serve customers in
Missouri," said Steve Lindsey, executive vice president and
chief operating officer of Spire. "We see great value in adding
MoGas and Omega to our natural gas portfolio and expect them to
support Spire's growth."
MoGas owns and operates approximately 263 miles of interstate
natural gas pipelines, primarily in Missouri, and is regulated by the Federal
Energy Regulatory Commission. MoGas interconnects with Spire STL
Pipeline and other regional pipelines to deliver gas to Spire
Missouri's growing customer base in St.
Charles, Franklin, and
western St. Louis counties, among
other utility, municipal, industrial, and commercial customers.
Omega owns and operates an approximately 75-mile natural gas
distribution system within Fort Leonard
Wood in south-central Missouri and is interconnected with the MoGas
system.
About Spire
At Spire Inc. (NYSE: SR), we believe energy exists to help make
people's lives better. It's a simple idea, but one that's at the
heart of our company. Every day we serve 1.7 million homes and
businesses making us one of the largest publicly traded natural gas
companies in the country. We help families and business owners fuel
their daily lives through our gas utilities serving Alabama, Mississippi and Missouri. Our natural gas-related businesses
include Spire Marketing, Spire STL Pipeline and Spire Storage. We
are committed to transforming our business through growing
organically, investing in infrastructure, and advancing through
innovation. Learn more at SpireEnergy.com.
Forward Looking Information
This news release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended. Spire's future operating results may be affected by
various uncertainties and risk factors, many of which are beyond
the company's control, including weather conditions, economic
factors, the competitive environment, governmental and regulatory
policy and action, and risks associated with acquisitions. More
complete descriptions and listings of these uncertainties and risk
factors can be found in the company's annual (Form 10-K) filing
with the Securities and Exchange Commission.
Investor Contact:
Scott W. Dudley Jr.
314-342-0878
Scott.Dudley@SpireEnergy.com
Media Contact:
Jessica B. Willingham
314-342-3300
Jessica.Willingham@SpireEnergy.com
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SOURCE Spire Inc.