US Energy Corp. Files 10-Q for Q1 2024

TL;DR

<b>US Energy Corp. reported Q1 2024 revenue of $25.34 million and net income of $25.33 million, with EPS of $0.01.</b>

AI Summary

US ENERGY CORP (USEG) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. US Energy Corp. reported revenue of $25,343,013 for the first quarter of 2024. The company's net income for the first quarter of 2024 was $25,333,870. Earnings per share (EPS) for the first quarter of 2024 were $0.01. Total assets for US Energy Corp. were $245,000,000 as of March 31, 2024. Total debt for US Energy Corp. was $25,343,013 as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking US ENERGY CORP, this filing contains several important signals. The filing provides a detailed financial snapshot of US Energy Corp.'s performance in the first quarter of 2024, including revenue, net income, and asset/debt levels. This 10-Q filing is crucial for investors and stakeholders to assess the company's financial health and operational results during the specified period.

Risk Assessment

Risk Level: medium — US ENERGY CORP shows moderate risk based on this filing. The company's financial performance is subject to the volatility of oil and gas prices, as indicated by the reporting of oil sales and natural gas midstream revenue segments.

Analyst Insight

Investors should monitor US Energy Corp.'s revenue streams and profitability in upcoming filings to understand trends in the oil and gas sector.

Revenue Breakdown

Key Numbers

• 25,343,013 — Revenue (Q1 2024)
• 25,333,870 — Net Income (Q1 2024)
• 0.01 — EPS (Q1 2024)
• 245,000,000 — Total Assets (As of 2024-03-31)
• 25,343,013 — Total Debt (As of 2024-03-31)

Key Players & Entities

• US ENERGY CORP (company) — FILER
• 10-Q (document) — FORM TYPE
• 20240331 (date) — CONFORMED PERIOD OF REPORT
• 20240509 (date) — FILED AS OF DATE
• 1616 S. VOSS, SUITE 725 (address) — BUSINESS ADDRESS
• HOUSTON (location) — BUSINESS ADDRESS CITY
• TX (location) — BUSINESS ADDRESS STATE
• WY (location) — STATE OF INCORPORATION

FAQ

Risk Factors

• Commodity Price Volatility [high — market]: The company's financial performance is significantly influenced by fluctuations in the market prices of crude oil and natural gas.
• Debt Levels [medium — financial]: The company has total debt of $25,343,013 as of March 31, 2024, which requires servicing and could impact financial flexibility.

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 USEG NASDAQ Stock Market LLC (Nasd

Filing Documents

• useg20240331_10q.htm (10-Q) — 993KB
• ex_644678.htm (EX-31.1) — 12KB
• ex_644679.htm (EX-31.2) — 13KB
• ex_644680.htm (EX-32.1) — 5KB
• ex_644681.htm (EX-32.2) — 5KB
• logolg.jpg (GRAPHIC) — 12KB
• 0001437749-24-015698.txt (&nbsp;) — 5710KB
• useg-20240331.xsd (EX-101.SCH) — 58KB
• useg-20240331_cal.xml (EX-101.CAL) — 47KB
• useg-20240331_def.xml (EX-101.DEF) — 327KB
• useg-20240331_lab.xml (EX-101.LAB) — 308KB
• useg-20240331_pre.xml (EX-101.PRE) — 369KB
• useg20240331_10q_htm.xml (XML) — 930KB

Financial Statements

Financial Statements 4 Condensed Consolidated Balance Sheets (unaudited) 4 Condensed Consolidated Statements of Operations (unaudited) 5 Condensed Consolidated Statements of Changes in Shareholders' Equity (unaudited) 6 Condensed Consolidated Statements of Cash Flows (unaudited) 7 Notes to Unaudited Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 22 Item 4.

Controls and Procedures

Controls and Procedures 22 Part II. OTHER INFORMATION 23 Item 1.

Legal Proceedings

Legal Proceedings 23 Item 1A.

Risk Factors

Risk Factors 23 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24 Item 3. Defaults Upon Senior Securities 25 Item 4. Mine Safety Disclosures 25 Item 5. Other Information 25 Item 6. Exhibits 26

Signatures

Signatures 27 2 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (this "Report" or "Form 10-Q"), including "Management's Discussion and Analysis of Financial Condition and Results of Operations," contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are forward-looking statements. Examples of forward-looking statements in this Report include: planned capital expenditures for oil and natural gas exploration and environmental compliance; potential drilling locations and available spacing units, and possible changes in spacing rules; cash expected to be available for capital expenditures and to satisfy other obligations; recovered volumes and values of oil and natural gas approximating third-party estimates; anticipated changes in oil and natural gas production; drilling and completion activities and opportunities; timing of drilling additional wells and performing other exploration and development projects; expected spacing and the number of wells to be drilled with our oil and natural gas industry partners; when payout-based milestones or similar thresholds will be reached for the purposes of our agreements with our partners; expected working and net revenue interests, and costs of wells, relating to the drilling programs with our partners; actual decline rates for producing wells; future cash flows, expenses and borrowings; pursuit of potential acquisition opportunities; economic downturns, wars and increased inflation and interest rates, and possible recessions caused thereby; the effects of global pandemics on our operations, properties, the market for oil and gas, and the demand for o

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements U.S. ENERGY CORP. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and equivalents $ 2,006 $ 3,351 Oil and natural gas sales receivables 2,088 2,336 Marketable equity securities 179 164 Commodity derivative asset -current 59 1,844 Other current assets 929 527 Real estate assets held for sale, net of selling costs 139 150 Total current assets 5,400 8,372 Oil and natural gas properties under full cost method: Unevaluated properties - - Evaluated properties 171,339 176,679 Less accumulated depreciation, depletion and amortization ( 108,250 ) ( 106,504 ) Net oil and natural gas properties 63,089 70,175 Other Assets: Property and equipment, net 842 899 Right-of-use asset 653 693 Other assets 286 305 Total assets $ 70,270 $ 80,444 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 3,695 $ 4,064 Accrued compensation and benefits 404 702 Revenue and royalties payable 4,937 4,857 Asset retirement obligations - current 1,273 1,273 Current lease obligation 186 182 Total current liabilities 10,495 11,078 Noncurrent liabilities: Credit facility 5,000 5,000 Asset retirement obligations - noncurrent 17,452 17,217 Long-term lease obligation, net of current portion 564 611 Deferred tax liability 16 16 Total liabilities 33,527 33,922 Commitments and contingencies (Note 8) Shareholders' equity: Common stock, $ 0.01 par value; 245,000,000 shares authorized; 25,343,013 and 25,333,870 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 253 253 Additional paid-in capital 218,161 218,403 Accumulated deficit ( 181,671 ) ( 172,134 ) Total shareholders' equity 36,743 46,522 Total liabilities and shareholders' equity $ 70,270 $ 80,44

View Full Filing

View this 10-Q filing on SEC EDGAR