Production and Sales - U.S. Energy reported total hydrocarbon production of approximately 47,008 BOE in Q1 2025, with oil production accounting for 64% of total output[13] - Total oil and gas sales for Q1 2025 were approximately $2.2 million, a decrease from $5.4 million in Q1 2024, primarily due to divestitures and declining oil prices[13] - Total revenue for Q1 2025 was $2,193,000, a decrease of 59.3% compared to $5,391,000 in Q1 2024[26] Reserves and Assets - The company's proved developed producing (PDP) reserves as of March 31, 2025, were approximately 2.0 million BOE, with a present value discounted at 10% of approximately $28.7 million[12] - Total current assets increased to $12,091,000 in Q1 2025 from $9,724,000 in Q4 2024, reflecting a 24.5% growth[24] - Total assets rose to $55,835,000 in Q1 2025, up from $49,667,000 in Q4 2024, indicating a 12.5% increase[24] - Total liabilities decreased to $22,277,000 in Q1 2025 from $25,846,000 in Q4 2024, a reduction of 13.5%[24] Financial Performance - The company reported a net loss of $3.1 million, or a loss of $0.10 per diluted share, in Q1 2025, compared to adjusted EBITDA of ($1.5) million[16] - Net loss for Q1 2025 was $3,111,000, compared to a net loss of $9,537,000 in Q1 2024, representing a 67.4% improvement[26] - Adjusted EBITDA for Q1 2025 was $(1,498,000), a decline from $237,000 in Q1 2024[31] - Cash general and administrative expenses for Q1 2025 were approximately $1.9 million, reflecting an 18% decrease from $2.0 million in Q1 2024[15] - Operating expenses for Q1 2025 totaled $5,281,000, down 60.7% from $13,413,000 in Q1 2024[26] - The company incurred no impairment of oil and natural gas properties in Q1 2025, compared to $5,419,000 in Q1 2024[26] Liquidity and Capital Management - U.S. Energy ended Q1 2025 with approximately $30.5 million in total liquidity, remaining entirely debt-free[10] - Cash and equivalents at the end of Q1 2025 were $10,502,000, up from $7,723,000 at the end of Q4 2024, marking a 36.5% increase[28] Future Projects - U.S. Energy achieved a sustained gas injection rate of 17.0 MMcf/d, projected to sequester approximately 240,000 metric tons of CO₂ annually[7] - The company has budgeted $1.3 million for each of two new industrial gas wells targeting the Duperow formation, with completion expected by early June 2025[8] - Construction of the initial gas processing plant, capable of processing 17.0 MMcf/d, is scheduled to begin in July 2025 at a capital cost of approximately $15 million[8] Shareholder Actions - U.S. Energy repurchased approximately 832,000 shares year-to-date, representing 2.5% of outstanding shares, reflecting strong alignment with shareholders[17]
U.S. Energy (USEG) - 2025 Q1 - Quarterly Results