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U.S. Energy Corp. Reports Financial and Operating Results for Full Year and Fourth Quarter 2023
HOUSTON, March 26, 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, March 26, 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 and twelve months ended December 31, 2023. FULL YEAR 2023 HIGHLIGHTS Total daily production in 2023 averaged 1,711 Boe/d; oil production averaged 1,073 Bbl/d.Revenue totaled $32.3 million with oil sales of $28.4 million and natural gas and liquids sales of $4.0 million.Lease operating expense of $15.3 million, or $24.43 per Boe, a 8% and 9% decrease, respectively, from 2022.Oil and gas related capital expenditures of $3.4 million compared to $6.2 million in 2022.Generated Adjusted EBITDA, a non-GAAP measure, of $5.0 million for 2023.Ended the year with an outstanding debt balance of $5.0 million, $3.4 million of cash, total liquidity of $18.4 million, and net debt to Adjusted EBITDA of 0.3x.Launched a $5.0 million share repurchase program, repurchasing more than 0.6 million shares of common stock, representing greater than 2% of outstanding shares, for approximately $0.7 million, from program initiation through February 2024. FOURTH QUARTER 2023 HIGHLIGHTS Completed the divestment of legacy non-core assets in the fourth quarter, generating $7.3 million of sales proceeds used for debt repayment and an accelerated shareholder returns program.Hedged an average of 514 Bbl/d oil production for full year 2024 at a weighted average price of $81.16 per Bbl for oil.Total daily production averaged 1,509 Boe/d; oil production averaged 928 Bbl/d.Revenue totaled $7.3 million with oil sales of $6.4 million and natural gas and liquids sales of $0.9 million.Lease operating expense of $3.1 million, or $22.38 per Boe, a 22% and 15% decrease, respectively, from the third quarter 2023.Oil and gas related capital expenditures of $0.5 million, equivalent to the spend in the third quarter 2023.Generated Adjusted EBITDA of $1.4 million for the fourth quarter 2023. MANAGEMENT COMMENTS \"I am pleased with our team’s performance during 2023, efforts which continue advancing the Company’s daily goal of unlocking shareholder value,” said Ryan Smith, U.S. Energy’s Chief Executive Officer. “U.S. Energy’s track record of successfully integrating the Company’s previous a...