U.S. Energy (USEG) - 2024 Q4 - Annual Results

Revenue and Production - U.S. Energy reported total revenue of $20.6 million for 2024, a 36% decrease compared to 2023, with oil sales at$ 18.2 million and natural gas and liquids sales at $2.5 million[14]. - Average daily production for 2024 was 1,136 Boe/d, down 34% from 2023, with total production of 415,887 Boe[12]. - In the fourth quarter of 2024, revenue was$ 4.2 million, a 15% decrease from the previous quarter, with oil sales at $3.6 million[21]. - Total revenue for 2024 was$ 20,619,000, a decrease of 36.5% compared to $32,316,000 in 2023[36]. - Oil revenue decreased to$ 18,165,000 in 2024 from $28,352,000 in 2023, representing a decline of 35.8%[36]. Financial Performance - Adjusted EBITDA for 2024 was$ 3.6 million, while the company reported a net loss of $25.8 million due to impairments and asset sales[17]. - Net loss for 2024 was$ 25,784,000, compared to a net loss of $32,356,000 in 2023, showing an improvement of 20.5%[36]. - Total Adjusted EBITDA decreased to$ 3,596 thousand in 2024 from $4,884 thousand in 2023, reflecting a decline of approximately 26.3%[41]. - The company reported a basic and diluted loss per share of$ 0.96 for 2024, an improvement from a loss of $1.28 per share in 2023[36]. Assets and Liabilities - The company ended 2024 with$ 7.7 million in cash and no outstanding debt, resulting in total liquidity of $27.7 million[5]. - Total current assets increased to$ 9,724,000 in 2024 from $8,372,000 in 2023, reflecting a growth of 16.2%[34]. - Total assets decreased significantly to$ 49,667,000 in 2024 from $80,444,000 in 2023, a decline of 38.3%[34]. - Total liabilities decreased to$ 25,846,000 in 2024 from $33,922,000 in 2023, a reduction of 23.7%[34]. - Cash and equivalents at the end of 2024 were$ 7,723,000, up from $3,351,000 in 2023, indicating a significant increase of 130.9%[38]. Impairments and Expenses - The company incurred impairment of oil and natural gas properties amounting to$ 11,918,000 in 2024, down from $26,680,000 in 2023, a decrease of 55.3%[36]. - The company incurred interest expense of$ 530 thousand in 2024, significantly lower than $1,101 thousand in 2023, representing a decrease of approximately 51.9%[41]. - Non-cash stock-based compensation decreased to$ 1,268 thousand in 2024 from $2,293 thousand in 2023, a reduction of about 44.5%[41]. - The total adjustments for the year were$ 29,380 thousand in 2024, compared to $37,240 thousand in 2023, reflecting a decrease of approximately 21.1%[41]. - The unrealized loss on commodity derivatives was$ 1,844 thousand in 2024, compared to an unrealized gain of $3,538 thousand in 2023[41]. - The company reported a loss on the sale of assets amounting to$ 4,978 thousand in 2024, with no such loss reported in 2023[41]. - The income tax expense for 2024 was $20 thousand, a significant improvement from an income tax benefit of$ 1,191 thousand in 2023[41]. - Transaction-related expenses were recorded at $369 thousand in 2024, with no such expenses reported in 2023[41]. Shareholder Activities - The company repurchased 1.67 million shares, representing approximately 4.9% of total shares outstanding, at an average price of$ 1.73 per share[9]. Future Plans - U.S. Energy plans to initiate development activities for its industrial gas assets in Montana starting April 2025, including drilling new wells and advancing carbon sequestration initiatives[6]. - The company successfully completed a public equity offering in January 2025, raising net proceeds of approximately $12.1 million[8]. Reserves - Year-end 2024 proved reserves were 2.0 MBoe, with a present value of$ 29.1 million discounted at 10%[24][26].