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U.S. Energy Corp. Reports Financial and Operating Results for Third Quarter 2022
HOUSTON, Nov. 10, 2022 (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, Nov. 10, 2022 (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 nine months ended September 30, 2022. THIRD QUARTER 2022 RESULTS Net cash from operations of $4.7 million.Net income of $4.1 million, or $0.16 per diluted share.Adjusted EBITDA, excluding derivatives impact, of $3.1 million.Daily production of 1,752 barrels of oil equivalent per day (“Boe/d”).Returned $0.6 million to shareholders through quarterly cash dividend; $1.7 million returned YTD 2022.Closed highly accretive acquisition of East Texas operating oil and gas properties. MANAGEMENT COMMENTARY “During the third quarter, U.S. Energy continued to build a strong platform for growth across a diverse portfolio of mature, stable-return producing properties,” stated Ryan Smith, Chief Executive Officer of U.S. Energy. “During the last two years, we have invested approximately $85 million to acquire nearly $175 million proved oil and gas reserves, resulting in more than $6 per share of combined PV-10 per share value. Looking ahead, we remain disciplined acquirors of proven, long-lived reserves within some of the most prolific U.S. basins, while continuing to drive strong free cash flow conversion in support of our stated return of capital priorities.” “As expected, third quarter production levels and lease operating expense were impacted by planned, one-time maintenance costs associated with our recently acquired assets in West Texas,” continued Smith. “These non-recurring maintenance costs amounted to a one-time impact of approximately $1.3 million, or $0.05 per diluted share in the third quarter. Looking ahead to the fourth quarter, we anticipate sequential growth in production volumes, Adjusted EBITDA and free cash flow generation, with no planned maintenance in the period.” “Entering 2023, our approach to capital allocation continues to prioritize further investments in new, producing properties, continue our quarterly cash dividend, together with a focus on maintaining a conservative net leverage profile,” noted Smith. Our team continues to demonstrate a proven ability to source, acquire, integrate, and operate a valuable portfolio of h...