Business
U.S. Energy Corp. Announces Full Year and Fourth Quarter 2021 Results; Declares First Quarterly Cash Dividend Payment
HOUSTON, March 28, 2022 (GLOBE NEWSWIRE) -- U.S. Energy Corp. (NASDAQCM: USEG) (“U.S. Energy” or the “Company”) today announced results for the full year and
About this update from U.s. Energy Corp.
[{"type":"text","content":"HOUSTON, March 28, 2022 (GLOBE NEWSWIRE) -- U.S. Energy Corp. (NASDAQCM: USEG) (“U.S. Energy” or the “Company”) today announced results for the full year and fourth quarter ended December 31, 2021. In addition, the Company’s board of directors declared a quarterly cash dividend of $0.0225 per share of common stock, payable on May 2, 2022, to shareholders of record as of April 15, 2022. Highlights Executed Purchase and Sale Agreements for previously announced transformative acquisitions on October 4, 2021, which closed subsequent to year-end on January 5, 2022;Full year 2021 production of 123,165 barrel of oil equivalent (“BOE”), or average daily production of 337 BOEPD, an increase of 55% compared to full year 2020;Full year 2021 revenue of $6.7 million, an increase of 186% compared to full year 2020;4Q2021 production of 31,929 BOE, or average daily production of 347 BOEPD, an increase of 25% compared to 4Q2020;4Q2021 revenue of $2.0 million, an increase of 148% compared to 4Q2020; andCash and cash equivalents of $4.4 million at December 31, 2021. Management Comment “2021 was a transformative year for U.S. Energy and has positioned the Company to continue executing its strategy of opportunistic growth, accretive asset consolidation, and financial discipline,” said Ryan Smith, Chief Executive Officer of U.S. Energy, who continued, “With the January 5, 2022, closing of the Company’s significant acquisitions, U.S. Energy has unquestionably improved the quality and scale of its asset base while further strengthening its balance sheet and liquidity position. As we move into 2022, U.S. Energy has meaningfully grown its free cash flow profile which we believe will allow the Company to continue executing on its strategy of producing asset consolidation while maintaining an attractive and leading shareholder returns program.” Initiating Dividend U.S. Energy’s board of directors declared a $0.0225 per share dividend for shareholders of record as of April 15, 2022, payable on May 2, 2022. Smith continued, “Throughout 2021, U.S. Energy executed on our previously stated strategy of becoming a low-cost PDP consolidator focused on free cash flow and shareholder returns. With the expected sizable cash flow generation associated with the Company’s recent acquisitions that closed in early 2022 and the strength of our balance sheet, the initiation...