US Energy Corp. Q3 2024 10-Q Filed

TL;DR

US Energy Q3 2024: $245M assets, $28M liabilities, $25.3M net income YTD.

AI Summary

US Energy Corp. filed its Q3 2024 10-Q report on November 12, 2024, for the period ending September 30, 2024. The company reported total assets of $245,000,000 and total liabilities of $28,035,613. Net income for the nine months ended September 30, 2024, was $25,333,870.

Why It Matters

This filing provides a quarterly financial snapshot of US Energy Corp., detailing its assets, liabilities, and net income, which is crucial for investors to assess the company's performance and financial health.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks disclosed.

Key Numbers

• $245.0M — Total Assets (As of September 30, 2024)
• $28.0M — Total Liabilities (As of September 30, 2024)
• $25.3M — Net Income (YTD) (For the nine months ended September 30, 2024)

Key Players & Entities

• US ENERGY CORP (company) — Filer
• 20240930 (date) — Reporting period end date
• 20241112 (date) — Filing date
• $245,000,000 (dollar_amount) — Total assets
• $28,035,613 (dollar_amount) — Total liabilities
• $25,333,870 (dollar_amount) — Net income for the nine months ended September 30, 2024

FAQ

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 USEG NASDAQ Stock Market LLC (Nasd
• $0.0225 — 149 ) - ( 150 ) Cash dividends, $0.0225 per share - - - ( 596 ) ( 596

Filing Documents

• useg20240930_10q.htm (10-Q) — 1392KB
• ex_720680.htm (EX-31.1) — 12KB
• ex_720681.htm (EX-31.2) — 13KB
• ex_720682.htm (EX-32.1) — 5KB
• ex_720683.htm (EX-32.2) — 5KB
• logolg.jpg (GRAPHIC) — 12KB
• 0001437749-24-034310.txt ( ) — 6739KB
• useg-20240930.xsd (EX-101.SCH) — 64KB
• useg-20240930_cal.xml (EX-101.CAL) — 52KB
• useg-20240930_def.xml (EX-101.DEF) — 380KB
• useg-20240930_lab.xml (EX-101.LAB) — 342KB
• useg-20240930_pre.xml (EX-101.PRE) — 420KB
• useg20240930_10q_htm.xml (XML) — 1094KB

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 24 Item 4.

Controls and Procedures

Controls and Procedures 24 Part II. OTHER INFORMATION 25 Item 1.

Legal Proceedings

Legal Proceedings 25 Item 1A.

Risk Factors

Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 3. Defaults Upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 27 Item 6. Exhibits 28

Signatures

Signatures 29 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 helium, 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 helium, oil and natural gas approximating third-party estimates; anticipated changes in oil and natural gas and future helium 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 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 helium, oil and gas

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) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and equivalents $ 1,155 $ 3,351 Oil and natural gas sales receivables 1,416 2,336 Marketable equity securities 107 164 Commodity derivative asset - 1,844 Other current assets 708 527 Real estate assets held for sale, net of selling costs - 150 Total current assets 3,386 8,372 Oil, natural gas and helium properties under full cost method: Proved oil and natural gas properties 163,554 176,679 Less accumulated depreciation, depletion and amortization ( 111,531 ) ( 106,504 ) Net oil and natural gas properties 52,023 70,175 Unproved helium properties, not subject to amortization 6,931 - Net oil, natural gas and helium properties 58,954 70,175 Other Assets: Property and equipment, net 725 899 Right-of-use asset 570 693 Other assets 441 305 Total assets $ 64,076 $ 80,444 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 4,312 $ 4,064 Accrued compensation and benefits 610 702 Revenue and royalties payable 4,769 4,857 Asset retirement obligations 1,000 1,273 Current lease obligation 193 182 Total current liabilities 10,884 11,078 Noncurrent liabilities: Credit facility - 5,000 Asset retirement obligations 16,991 17,217 Long-term lease obligation, net of current portion 466 611 Deferred tax liability 1 16 Total liabilities 28,342 33,922 Commitments and contingencies (Note 8) Shareholders' equity: Common stock, $ 0.01 par value; 245,000,000 shares authorized; 28,035,613 and 25,333,870 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 280 253 Additional paid-in capital 221,346 218,403 Accumulated deficit ( 185,892 ) ( 172,134 ) Total shareholde

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View this 10-Q filing on SEC EDGAR