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U.S. Energy Corp. Reports Financial and Operating Results for Full Year and Fourth Quarter 2024
USEGU.S. Energy (USEG) Newsfilter·2025-03-13 10:00

Core Insights - U.S. Energy Corporation reported significant developments in 2024, focusing on industrial gas assets and achieving a strong financial position with zero debt [4][5][14]. Full Year 2024 Highlights - Total revenue for 2024 was 20.6million,a3620.6 million, a 36% decrease from 2023, with oil sales at 18.2 million and natural gas and liquids sales at 2.5million[14].−Averagedailyproductionwas1,136Boe/d,down342.5 million [14]. - Average daily production was 1,136 Boe/d, down 34% from 2023, with oil production averaging 702 Bbl/d [10][11]. - Lease operating expenses totaled 11.2 million, or 26.83perBoe,reflectinga2726.83 per Boe, reflecting a 27% decrease from 2023 [15]. - Adjusted EBITDA for 2024 was 3.6 million, with a net loss of 25.8million,primarilyduetoassetimpairmentsandlossesonassetsales[17][39].FourthQuarter2024Highlights−RevenueforQ42024was25.8 million, primarily due to asset impairments and losses on asset sales [17][39]. Fourth Quarter 2024 Highlights - Revenue for Q4 2024 was 4.2 million, a 15% decrease from Q3 2024, with oil sales at 3.6millionandnaturalgasandliquidssalesat3.6 million and natural gas and liquids sales at 0.6 million [20]. - Average daily production in Q4 was 971 Boe/d, down 16% from Q3 2024 [18][19]. - Lease operating expenses for Q4 totaled 1.8million,or1.8 million, or 20.58 per Boe, a 40% decrease from Q3 2024 [21]. - Adjusted EBITDA for Q4 was 0.4million[22].ManagementComments−TheCEOhighlightedthestrategicfocusondevelopingnewlyacquiredindustrialgasassetsandemphasizedthecompany′sstrongbalancesheetandzerodebt[4].−Thecompanyplanstoscaleoperations,executenewdrillingprograms,andadvancecarbonsequestrationinitiatives[4].MontanaProjectTimeline−U.S.Energyhasanactivedevelopmentprogramplannedforthefirsthalfof2025,focusingonitsindustrialgasassetsinMontana[5][6].−Thecompanyhasgenerated0.4 million [22]. Management Comments - The CEO highlighted the strategic focus on developing newly acquired industrial gas assets and emphasized the company's strong balance sheet and zero debt [4]. - The company plans to scale operations, execute new drilling programs, and advance carbon sequestration initiatives [4]. Montana Project Timeline - U.S. Energy has an active development program planned for the first half of 2025, focusing on its industrial gas assets in Montana [5][6]. - The company has generated 13.5 million from divesting non-core assets, which will be used for the Montana project and shareholder returns [5]. Shareholder Returns Program - The company has repurchased 1.67 million shares, representing approximately 4.9% of total shares outstanding, as part of its ongoing share repurchase program [8][9]. Reserves Summary - As of year-end 2024, the company's SEC proved reserves were 2.0 MBoe, with 81% classified as oil and 19% as natural gas [24][25].