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U.S. Energy (USEG) - 2025 Q1 - Quarterly Results
USEGU.S. Energy (USEG)2025-05-12 10:03

Production and Sales - U.S. Energy reported total hydrocarbon production of approximately 47,008 BOE in Q1 2025, with oil production accounting for 64% of total output[13] - Total oil and gas sales for Q1 2025 were approximately 2.2million,adecreasefrom2.2 million, a decrease from 5.4 million in Q1 2024, primarily due to divestitures and declining oil prices[13] - Total revenue for Q1 2025 was 2,193,000,adecreaseof59.32,193,000, a decrease of 59.3% compared to 5,391,000 in Q1 2024[26] Reserves and Assets - The company's proved developed producing (PDP) reserves as of March 31, 2025, were approximately 2.0 million BOE, with a present value discounted at 10% of approximately 28.7million[12]−Totalcurrentassetsincreasedto28.7 million[12] - Total current assets increased to 12,091,000 in Q1 2025 from 9,724,000inQ42024,reflectinga24.59,724,000 in Q4 2024, reflecting a 24.5% growth[24] - Total assets rose to 55,835,000 in Q1 2025, up from 49,667,000inQ42024,indicatinga12.549,667,000 in Q4 2024, indicating a 12.5% increase[24] - Total liabilities decreased to 22,277,000 in Q1 2025 from 25,846,000inQ42024,areductionof13.525,846,000 in Q4 2024, a reduction of 13.5%[24] Financial Performance - The company reported a net loss of 3.1 million, or a loss of 0.10perdilutedshare,inQ12025,comparedtoadjustedEBITDAof(0.10 per diluted share, in Q1 2025, compared to adjusted EBITDA of (1.5) million[16] - Net loss for Q1 2025 was 3,111,000,comparedtoanetlossof3,111,000, compared to a net loss of 9,537,000 in Q1 2024, representing a 67.4% improvement[26] - Adjusted EBITDA for Q1 2025 was (1,498,000),adeclinefrom(1,498,000), a decline from 237,000 in Q1 2024[31] - Cash general and administrative expenses for Q1 2025 were approximately 1.9million,reflectingan181.9 million, reflecting an 18% decrease from 2.0 million in Q1 2024[15] - Operating expenses for Q1 2025 totaled 5,281,000,down60.75,281,000, down 60.7% from 13,413,000 in Q1 2024[26] - The company incurred no impairment of oil and natural gas properties in Q1 2025, compared to 5,419,000inQ12024[26]LiquidityandCapitalManagement−U.S.EnergyendedQ12025withapproximately5,419,000 in Q1 2024[26] Liquidity and Capital Management - U.S. Energy ended Q1 2025 with approximately 30.5 million in total liquidity, remaining entirely debt-free[10] - Cash and equivalents at the end of Q1 2025 were 10,502,000,upfrom10,502,000, up from 7,723,000 at the end of Q4 2024, marking a 36.5% increase[28] Future Projects - U.S. Energy achieved a sustained gas injection rate of 17.0 MMcf/d, projected to sequester approximately 240,000 metric tons of CO₂ annually[7] - The company has budgeted 1.3millionforeachoftwonewindustrialgaswellstargetingtheDuperowformation,withcompletionexpectedbyearlyJune2025[8]−Constructionoftheinitialgasprocessingplant,capableofprocessing17.0MMcf/d,isscheduledtobegininJuly2025atacapitalcostofapproximately1.3 million for each of two new industrial gas wells targeting the Duperow formation, with completion expected by early June 2025[8] - Construction of the initial gas processing plant, capable of processing 17.0 MMcf/d, is scheduled to begin in July 2025 at a capital cost of approximately 15 million[8] Shareholder Actions - U.S. Energy repurchased approximately 832,000 shares year-to-date, representing 2.5% of outstanding shares, reflecting strong alignment with shareholders[17]