U.S. Energy ( (USEG) ) has released its Q3 earnings. Here is a breakdown of the information U.S. Energy presented to its investors.
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U.S. Energy Corporation is a growth-focused energy company engaged in the development and operation of high-quality producing energy and industrial gas assets in the United States. The company recently reported its financial and operating results for the third quarter of 2024, highlighted by strategic asset divestitures and the initiation of new industrial gas operations.
In the third quarter of 2024, U.S. Energy made significant strides in its strategic initiatives, including the launch of its first industrial gas well in Montana, which revealed promising helium concentrations. The company also completed the divestiture of non-core properties in South Texas and Kansas, generating $7.2 million in proceeds. These actions allowed U.S. Energy to fully repay its outstanding debt, positioning the company as debt-free and enhancing its financial flexibility.
Key financial metrics for the quarter include a net daily production of 1,149 barrels of oil equivalent per day, with adjusted EBITDA of $1.8 million. Despite a decrease in total revenue to $5.0 million due to asset sales, the company maintained a positive adjusted EBITDA compared to the previous year. U.S. Energy’s share repurchase program also continued, with 0.9 million shares repurchased to date.
Looking ahead, U.S. Energy’s management remains optimistic about future growth, focusing on maximizing resource development and operational efficiency within its industrial gas assets. The company’s commitment to capital discipline and strategic growth initiatives positions it well to capitalize on emerging opportunities in the sector.
