U.S. Energy Q3 net income $4.1M ($0.16 EPS); revenue $11.8M; production 1,752 Boe/d

US ENERGY CORP

2022-Q3 EPS reported $0.03 revenue$34,178,000

Net income of $4.1M ($0.16 diluted EPS); cash from ops $4.7M; Adjusted EBITDA $3.1M (ex-hedges).
Revenue $11.8M, down from $13.5M in Q2; operating margin 27% vs 40% due to $1.3M one-time maintenance.
Daily production 1,752 Boe/d; closed $11.8M East Texas acquisition July 28 with 1.3M Boe proved reserves.
Debt $12.5M on revolver, cash $3.1M; declared $0.0225/share dividend payable Nov 22 (record Nov 8).
Management expects sequential growth in Q4 production, EBITDA, and free cash flow with no planned maintenance.

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 September 30, 2022 results: revenue approximately $11.8 million, net income $4.1 million, EPS $0.16 per diluted share.

Period: the three months ended September 30, 2022
Revenue: approximately $11.8 million
Net income: $4.1 million
EPS: $0.16 per diluted share
Result: reported results

Exact text from the filing

U.S. Energy reported total oil and gas sales of approximately $11.8 million for the third quarter 2022, compared to $13.5 million in the second quarter 2022. The sequential decline in revenue was primarily due to planned maintenance on newly acquired wells in the West Texas district, which have been brought back online during the fourth quarter 2022. Sales from oil production represented 76% of total revenue during the quarter. The Company recorded lease operating expense (“LOE”) of approximately $5.4 million for the third quarter 2022, compared to $4.6 million in the second quarter. LOE increased due to one-time charges incurred to maximize the operating performance of recently acquired wells in West Texas. Severance and Ad Valorem taxes in the third quarter were approximately $0.8 million, as compared to approximately $0.9 million in the second quarter. On a percentage basis, U.S. Energy paid approximately 6.9% of total oil and natural gas sales revenue in taxes during the quarter. C

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Source: SEC EDGAR

accession 0001493152-22-031414

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