US Energy Corp. 2024 10-K: Ceiling Test Write-Downs Impact
Ticker: USEG · Form: 10-K · Filed: Mar 13, 2025 · CIK: 101594
| Field | Detail |
|---|---|
| Company | US Energy Corp (USEG) |
| Form Type | 10-K |
| Filed Date | Mar 13, 2025 |
| Risk Level | medium |
| Sentiment | neutral |
Sentiment: neutral
Topics: oil-and-gas, accounting, write-down, sec-filing
TL;DR
US Energy Corp. 2024 10-K: Big write-downs on oil/gas reserves due to falling prices. $11.9M in 2024.
AI Summary
US Energy Corp. filed its 2024 10-K on March 13, 2025, reporting on its fiscal year ending December 31, 2024. The company, primarily involved in crude petroleum and natural gas, incurred significant ceiling test write-downs of $11.9 million for 2024 and $26.7 million for 2023. These write-downs are related to the full-cost accounting method for oil and gas properties, where net book value cannot exceed estimated future net cash flows from proved reserves.
Why It Matters
The ceiling test write-downs indicate that the estimated future value of US Energy Corp.'s oil and gas reserves, based on current commodity prices, is less than their book value, potentially signaling future financial challenges.
Risk Assessment
Risk Level: medium — The company experienced significant ceiling test write-downs in 2023 and 2024, indicating potential overvaluation of assets relative to future cash flows.
Key Numbers
- $11.9 million — Ceiling Test Write-downs (For the year ended December 31, 2024)
- $26.7 million — Ceiling Test Write-downs (For the year ended December 31, 2023)
- 245,000,000 — Total Assets (As of December 31, 2024)
- 27,903,197 — Net Income (For the year ended December 31, 2024)
Key Players & Entities
- US ENERGY CORP (company) — Filer of the 10-K
- 2024 (date) — Fiscal year end
- March 13, 2025 (date) — Filing date of the 10-K
- $11.9 million (dollar_amount) — Ceiling test write-downs for 2024
- $26.7 million (dollar_amount) — Ceiling test write-downs for 2023
- 1311 (other) — Standard Industrial Classification for Crude Petroleum & Natural Gas
FAQ
What is the primary business of US Energy Corp?
US Energy Corp. is primarily engaged in crude petroleum and natural gas extraction, as indicated by its SIC code 1311.
What were the ceiling test write-downs for US Energy Corp. in 2024?
US Energy Corp. incurred ceiling test write-downs of $11.9 million for the year ended December 31, 2024.
What is the significance of the ceiling test write-downs?
Ceiling test write-downs occur under the full-cost accounting method when the net book value of proved oil and gas properties exceeds the estimated after-tax future net cash flows from those reserves.
When did US Energy Corp. file its 2024 10-K?
US Energy Corp. filed its 2024 10-K on March 13, 2025.
What was the net income for US Energy Corp. in 2024?
The net income for US Energy Corp. for the year ended December 31, 2024, was $27,903,197.
Filing Details
This Form 10-K (Form 10-K) was filed with the SEC on March 13, 2025 regarding US ENERGY CORP (USEG).