From GlobeNewswire: 2024-03-26 16:30:00

U.S. Energy Corporation (NASDAQ: USEG) reported strong financial and operating results for the year ended December 31, 2023. Total daily production averaged 1,711 Boe/d, with revenue totaling $32.3 million. The Company ended the year with an outstanding debt balance of $5.0 million and launched a $5.0 million share repurchase program.

In the fourth quarter of 2023, U.S. Energy completed the divestment of non-core assets, generating $7.3 million in sales proceeds. Total daily production averaged 1,509 Boe/d, with revenue totaling $7.3 million. The Company hedged an average of 514 Bbl/d oil production for full year 2024 at a weighted average price of $81.16 per Bbl.

CEO Ryan Smith expressed satisfaction with the Company’s performance in 2023, highlighting efforts to unlock shareholder value. U.S. Energy’s strong balance sheet and production profile position it well for growth initiatives. The ongoing share repurchase program has seen the Company repurchase more than 0.6 million shares of common stock.

For the full year 2023, U.S. Energy produced 624,420 Boe, generating revenue of $32.3 million. Lease operating expense decreased by 8%, while oil sales declined by 22%. The Company reported Adjusted EBITDA of $5.0 million, with a net loss driven by an impairment of oil and natural gas properties.

In the fourth quarter of 2023, the Company produced 138,788 Boe, with revenue totaling $7.3 million. Lease operating expense decreased by 22% from the third quarter, contributing to Adjusted EBITDA of $1.4 million. The Company’s SEC proved reserves at year-end 2023 were valued at $70.1 million.



Read more at GlobeNewswire:: U.S. Energy Corp. Reports Financial and Operating Results