Business
U.S. Energy Corp. Reports Financial and Operating Results for First Quarter 2024
HOUSTON, May 09, 2024 (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 09, 2024 (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, 2024. FIRST QUARTER 2024 HIGHLIGHTS Net daily production of 1,207 barrels of oil equivalent per day (“Boe/d”);Oil production of 68,599 barrels, or 62% of total production;Lease Operating Expense of $3.2 million, or $29.02 per Boe, a 28% and 2% decrease, respectively, from first quarter of 2023;Adjusted EBITDA of $0.2 million;Repurchased approximately 0.3 million shares of common stock, representing nearly 1.5% of outstanding shares, for approximately $0.3 million;Ended the quarter with an outstanding debt balance of $5.0 million, $2.0 million of cash, and total liquidity of $17.0 million. MANAGEMENT COMMENTS \"I’m pleased with U.S. Energy’s first quarter, with our operations team rebounding quickly against highly adverse weather conditions while the Company continues to uphold its balance sheet strength and actively executes our stock repurchase plan,” said Ryan Smith, U.S. Energy’s Chief Executive Officer. “While the heavy rains and flooding significantly affected our East Texas and Gulf Coast operations during the quarter, much of the production was brought back online without any negative long-term effects in late March and early April. As we continue through 2024, U.S. Energy’s balance sheet and liquidity position affords the Company a high degree of optionality as we continue to pursue value enhancing initiatives with a clear focus of maximizing total returns for our shareholders.\" PRODUCTION UPDATE During the first quarter of 2024, the Company produced 109,800 Boe, or an average of 1,207 Boe/d. Weather related downtime, primarily attributed to heavy flooding throughout East Texas and the Gulf Coast, caused an estimated of 125-150 boe/d of temporarily shut-in production during the quarter. The first quarter of 2024 was the first period since the Company divested substantially all of its non-operated assets during the fourth quarter of 2023. Three months ended March 31, 2024 2023 Sales volume Oil (Bbls) 68,599 91,311 Natural gas and liquids (Mcfe) 247,209 384,031 BOE 109,800 155,316 Average daily production (BOE/...