Business
U.S. Energy Corp. Reports Financial and Operating Results for First Quarter 2023
HOUSTON, May 11, 2023 (GLOBE NEWSWIRE) -- U.S. Energy Corporation (NASDAQ: USEG, “U.S. Energy” or the “Company”), a growth-focused energy company engaged in
About this update from U.s. Energy Corp.
[{"type":"text","content":"HOUSTON, May 11, 2023 (GLOBE NEWSWIRE) -- U.S. Energy Corporation (NASDAQ: USEG, “U.S. Energy” or the “Company”), a growth-focused energy company engaged in operating a portfolio of high-quality producing oil and natural gas assets, today reported financial and operating results for the three months ended March 31, 2023. FIRST QUARTER 2023 HIGHLIGHTS Net daily production of 1,726 barrels of oil equivalent per day (“Boe/d”), a 29% increase over first quarter of 2022Produced oil volumes of 91,311 barrels, or 59% of total productionAdjusted EBITDA of $1.2 millionReturned $0.6 million to shareholders through quarterly cash dividendIn April 2023, announced $5.0 million share repurchase program MANAGEMENT COMMENTARY “We are pleased with our operational performance in the first quarter and have continued to carry forward the momentum created during 2022,” said Ryan Smith, CEO of U.S. Energy Corp. “Our strategic focus on acquiring and developing mature producing assets in our core focus areas has positioned us well to weather industry cycles and generate sustainable returns for our shareholders. In April, as a recent example of this, we recently expanded our capital returns program by initiating the Company’s first share repurchase program, which reflects our confidence in the underlying business and our firm commitment to making shareholder returns a key tenet of our capital allocation strategy. “Looking ahead, we will continue to pursue opportunities to optimize our portfolio and enhance shareholder value. Our experienced team and long-standing relationships with industry partners give us a competitive edge in identifying and executing on value-enhancing opportunities. We are committed to disciplined capital allocation to create and maintain value and believe that building a diversified, well-balanced portfolio of producing assets is key to generating reliable cash flows and delivering consistent returns.” PRODUCTION UPDATE During the first quarter of 2023, the Company produced 155,329 Boe, or an average of 1,726 Boe/d, a 29% increase compared to 120,712 Boe, or an average of 1,341 Boe/d, during the first quarter of 2022. 1Q 2023 1Q 2022Sales Volume (Total) Oil (Bbls) 91,311 90,821Gas and liquids (Mcfe) 384,106 179,343Sales volumes (Boe) 155,329 120,712Average Daily Production (Boe/d) 1,726 1,341Average Sales Prices Oil (Bbl) $77.70 $...