U.S. Energy Corp reports Q1 net loss of $9.5M; revenue down 35% YoY

US ENERGY CORP

2024-Q1 EPS reported -$0.38 revenue$5,391,000

Net loss of $9.5M ($0.38/diluted share) vs net loss of $1.3M a year ago; includes $5.4M non-cash impairment.
Revenue of $5.4M, down from $8.3M in Q1 2023 due to asset divestiture, weather downtime, and 8% lower realized prices.
Production averaged 1,207 Boe/d; weather-related downtime of 125-150 Boe/d from East Texas/Gulf Coast flooding.
Adjusted EBITDA fell to $0.2M from $1.2M; lease operating expense improved 28% to $3.2M ($29.02/Boe).
Repurchased ~0.3M shares (1.5% of outstanding); ended Q1 with $2M cash, $5M debt, $17M liquidity.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

US ENERGY CORP reported the three months ended March 31, 2024 results: revenue approximately $5.4 million, net income net loss of $9.5 million, or a loss of $0.38 per diluted share, EPS $0.38 per diluted share.

Period: the three months ended March 31, 2024
Revenue: approximately $5.4 million
Net income: net loss of $9.5 million, or a loss of $0.38 per diluted share
EPS: $0.38 per diluted share
Result: reported results

Exact text from the filing

Natural gas and liquids (Mcfe) $ 2.69 $ 3.06 BOE $ 49.10 $ 53.26 First QUARTER 2024 FINANCIAL RESULTS Total oil and gas sales during the first quarter of 2024 were approximately $5.4 million , compared to $8.3 million in the first quarter of 2023 . The decrease in revenue was primarily due to a decrease in our production quantities related to the asset divestiture

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Source: SEC EDGAR

accession 0001437749-24-015701

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