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U.S. Energy Corp. (USEG-4.38%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenue to $4,957,000 from $8,741,000 in the same quarter the previous year. This decrease is attributed to a reduction in production quantities and realized commodity pricing.
Lease operating expenses for the quarter were $3,060,000, representing $28.95 per BOE, compared to $26.31 per BOE in the same quarter of the previous year. This increase in cost per BOE is due to lower production volumes.
The company reported a net loss of $2,247,000 for the quarter, compared to a net loss of $8,788,000 in the previous year. The loss is primarily due to lower production and revenue.
Cash provided by operating activities was $2,891,000, while cash used in investing and financing activities was $691,000 and $5,778,000, respectively.
U.S. Energy had a working capital of $3,386,000 as of September 30, 2024. The company continues to focus on developing its helium properties and managing its portfolio of oil and gas assets.
The filing also details the company's acquisition of helium properties from Wavetech Helium and the divestment of several oil and gas properties for net proceeds totaling $5.9 million.
U.S. Energy does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a material weakness in its internal controls over financial reporting due to limitations in its accounting system.
U.S. Energy continues to evaluate strategic alternative opportunities and plans to develop its helium acreage with exploratory wells.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the U.S. Energy Corp. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.