Business
U.S. Energy Corp. Reports Financial and Operating Results for Second Quarter 2023
HOUSTON, Aug. 14, 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, Aug. 14, 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 June 30, 2023. SECOND QUARTER 2023 HIGHLIGHTS Record net daily production of 1,959 barrels of oil equivalent per day (“Boe/d”), a 10% increase over second quarter of 2022Oil production of 114,900 barrels, or 64% of total productionLease Operating Expense of $3.9 million, or $21.75 per Boe, a 17% and 24% decrease, respectively, from second quarter of 2022Initiated share repurchase program and repurchased 163,300 shares of common stock for $0.2 million (at a weighted price of $1.48 per share) MANAGEMENT COMMENTARY Ryan Smith, U.S. Energy’s Chief Executive Officer, commented \"We are pleased to report strong operational performance during the second quarter of 2023, reflecting the dedication and hard work of the U.S. Energy team. Our focus on increased efficiency resulted in solid production growth, demonstrating our commitment to delivering value to our shareholders. Sequentially, compared to first quarter 2023, oil volumes were up 26% and lease operating expenses per unit were down 24%, providing further evidence that the Company has successfully integrated its previous acquisitions and is benefitting from earlier capital allocation decisions across its asset base. “The U.S. Energy platform continues to provide geographic and commodity price diversity, enabling us to navigate various market conditions. Further, the low decline rates of our assets allow us to allocate capital flexibly, investing both in asset-level projects that offer strong economic returns as well as expanded shareholder returns. We are pleased with the initial results of our newly implemented share repurchase program and going forward see immediate value in allocating a higher portion of the Company’s free cash flow towards accelerating the program. As we move forward, we maintain our commitment to prudent capital allocation and disciplined investment, both in our day-to-day operations and potential M&A opportunities.” PRODUCTION UPDATE During the second quarter of 2023, the Company produced 178,303 Boe, or an average of 1,959 Boe/d, a 10% increase compared t...