Welcome to our dedicated page for U.S. Energy news (Ticker: USEG), a resource for investors and traders seeking the latest updates and insights on U.S. Energy stock.
U.S. Energy Corp., founded in 1966 and based in Houston, Texas, is an independent energy company with a core focus on the acquisition, exploration, and development of oil and natural gas properties within the United States. The company holds significant interests in various oil and gas properties, primarily in North Dakota's Williston Basin and South Texas.
The company's business operations revolve around developing and producing oil and natural gas, generating revenue from its interests in these valuable resources. U.S. Energy Corp. is committed to sustainable development and responsible resource management, ensuring minimal environmental impact while maximizing output and profitability.
Recently, as of September 30, 2023, the company reported a debt of $12.0 million on its revolving credit facility, with an availability of $8.0 million and a cash balance of approximately $2.0 million. Moving forward, by March 31, 2024, U.S. Energy Corp. successfully managed to reduce the outstanding debt to $5.0 million, improving its financial health and operational flexibility.
The company's strategic approach involves forging partnerships and leveraging industry expertise to optimize the discovery and production processes. These collaborations support U.S. Energy Corp.'s ongoing projects and contribute to its recognition as a reliable entity in the energy sector.
For those seeking detailed financial performance, U.S. Energy Corp. offers transparency through regular updates and comprehensive reports. Stakeholders can contact Mason McGuire for investor relations at IR@usnrg.com or via phone at (303) 993-3200. Further information is available on their website, www.usnrg.com.
U.S. Energy Corp. (USEG) announced a $5.0 million share repurchase program, authorized by its Board of Directors. The program aims to buy back shares in the open market, depending on capital needs, stock market conditions, and other factors. CEO Ryan Smith stated this move reflects the company's belief in the undervaluation of its assets and offers a tax-efficient method to return capital to shareholders while potentially increasing earnings per share. As of December 31, 2022, USEG held $4.46 million in cash with 25,023,812 shares outstanding. The program may be modified or halted based on market conditions and management discretion.
U.S. Energy Corp. (USEG) reported strong financial results for 2022, highlighting a record production of 1,700 Boe/d and adjusted EBITDA of $15.0 million. During Q4 2022, production reached 1,918 Boe/d, and net cash from operations totaled $2.3 million. A quarterly cash dividend of $1.7 million was returned to shareholders. The company’s oil and gas capital expenditures were $6.2 million, with year-end debt standing at $12.0 million. Proved reserves increased by 24% to 7.9 MMBoe, with a present value of $174.2 million. Notably, revenue decreased by 20% in Q4 due to falling realized prices. Despite these challenges, U.S. Energy is focused on disciplined acquisitions and maintaining strong cash flow.
U.S. Energy Corp. (NASDAQ: USEG) reported a 24% increase in year-end 2022 proved developed producing (PDP) reserves, totaling 7.8 million barrels of oil equivalent (MMBoe). The increase was attributed to two asset acquisitions, adding approximately 1.6 MMBoe of PDP reserves. The PV-10 value of these reserves was reported at $173.1 million, based on an average crude oil price of $90.67 per barrel. Production reached an average of 1,918 barrels of oil equivalent per day in Q4 2022, representing a dramatic 453% increase compared to Q4 2021. The company ended the year with $12 million in debt and $4.1 million in cash, totaling $12.1 million in liquidity.
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