$USEG
US ENERGY CORP

2023 Q4 Form 10-Q Financial Statement

#000143774923031623 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $8.741M
YoY Change -26.09%
Cost Of Revenue $7.460M
YoY Change -14.2%
Gross Profit $1.280M
YoY Change -59.12%
Gross Profit Margin 14.64%
Selling, General & Admin $2.990M
YoY Change 10.41%
% of Gross Profit 233.59%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.870M
YoY Change 13.53%
% of Gross Profit 224.22%
Operating Expenses $16.95M
YoY Change 48.64%
Operating Profit -$8.208M
YoY Change -2040.43%
Interest Expense -$810.0K
YoY Change -121.36%
% of Operating Profit
Other Income/Expense, Net -$742.0K
YoY Change -119.97%
Pretax Income -$8.950M
YoY Change -316.24%
Income Tax -$162.0K
% Of Pretax Income
Net Earnings -$8.788M
YoY Change -313.82%
Net Earnings / Revenue -100.54%
Basic Earnings Per Share -$0.35
Diluted Earnings Per Share -$0.35
COMMON SHARES
Basic Shares Outstanding 25.51M 25.51M shares
Diluted Shares Outstanding 25.43M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.100M
YoY Change -34.35%
Cash & Equivalents $3.351M $1.974M
Short-Term Investments $200.0K
Other Short-Term Assets $527.0K $817.0K
YoY Change -5.56% 47.74%
Inventory
Prepaid Expenses $88.00K $365.0K
Receivables $2.336M $3.486M
Other Receivables $0.00
Total Short-Term Assets $8.372M $6.671M
YoY Change -0.85% -19.35%
LONG-TERM ASSETS
Property, Plant & Equipment $899.0K $964.0K
YoY Change 38.1% 52.05%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $305.0K $317.0K
YoY Change -13.84% -15.47%
Total Long-Term Assets $72.07M $101.5M
YoY Change -34.41% -8.34%
TOTAL ASSETS
Total Short-Term Assets $8.372M $6.671M
Total Long-Term Assets $72.07M $101.5M
Total Assets $80.44M $108.2M
YoY Change -32.01% -9.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.800M
YoY Change 7.37%
Accrued Expenses $1.000M
YoY Change 15.61%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $11.08M $12.10M
YoY Change -3.62% -8.53%
LONG-TERM LIABILITIES
Long-Term Debt $12.00M
YoY Change -4.0%
Other Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $22.84M $0.00
YoY Change -19.77% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.08M $12.10M
Total Long-Term Liabilities $22.84M $0.00
Total Liabilities $33.92M $41.99M
YoY Change -15.12% 8.56%
SHAREHOLDERS EQUITY
Retained Earnings -$172.1M -$152.3M
YoY Change 24.21% 11.84%
Common Stock $218.7M $218.5M
YoY Change 0.79% 0.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $46.52M $66.17M
YoY Change
Total Liabilities & Shareholders Equity $80.44M $108.2M
YoY Change -32.01% -9.11%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$8.788M
YoY Change -313.82%
Depreciation, Depletion And Amortization $2.870M
YoY Change 13.53%
Cash From Operating Activities $1.570M
YoY Change -67.53%
INVESTING ACTIVITIES
Capital Expenditures $590.0K
YoY Change -104.7%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$590.0K
YoY Change -95.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -180.0K
YoY Change -102.33%
NET CHANGE
Cash From Operating Activities 1.570M
Cash From Investing Activities -590.0K
Cash From Financing Activities -180.0K
Net Change In Cash 800.0K
YoY Change 27.8%
FREE CASH FLOW
Cash From Operating Activities $1.570M
Capital Expenditures $590.0K
Free Cash Flow $980.0K
YoY Change -94.36%

Facts In Submission

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CY2022Q1 useg Shares Withheld To Settle Tax Withholding Obligations For Restricted Stock Awards Value
SharesWithheldToSettleTaxWithholdingObligationsForRestrictedStockAwardsValue
-307000 usd
CY2022Q1 useg Adjustments To Additional Paid In Capital Warrant Exercises
AdjustmentsToAdditionalPaidInCapitalWarrantExercises
213000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-3384000 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
76151000 usd
CY2022Q2 us-gaap Dividends Cash
DividendsCash
578000 usd
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
609000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
122000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
76304000 usd
CY2022Q3 us-gaap Dividends Cash
DividendsCash
578000 usd
CY2022Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 usd
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
485000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
4110000 usd
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
80321000 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
78354000 usd
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
727000 usd
CY2023Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 usd
CY2023Q1 useg Shares Withheld To Settle Tax Withholding Obligations For Restricted Stock Awards Value
SharesWithheldToSettleTaxWithholdingObligationsForRestrictedStockAwardsValue
-150000 usd
CY2023Q1 us-gaap Dividends Cash
DividendsCash
596000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-1247000 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
77088000 usd
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
607000 usd
CY2023Q2 us-gaap Dividends Cash
DividendsCash
596000 usd
CY2023Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
241000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-2515000 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
74343000 usd
CY2023Q3 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
617000 usd
CY2023Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-8788000 usd
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
66172000 usd
us-gaap Net Income Loss
NetIncomeLoss
-12550000 usd
us-gaap Net Income Loss
NetIncomeLoss
848000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
8181000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
6985000 usd
us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
6495000 usd
us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0 usd
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-452000 usd
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-2460000 usd
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
704000 usd
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-4944000 usd
useg Gain Loss On Commodity Derivative
GainLossOnCommodityDerivative
642000 usd
useg Gain Loss On Commodity Derivative
GainLossOnCommodityDerivative
6099000 usd
us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
54000 usd
us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
-85000 usd
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 usd
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
75000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
37000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
32000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
1951000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
2594000 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
135000 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
140000 usd
us-gaap Increase Decrease In Unproved Oil And Gas Property
IncreaseDecreaseInUnprovedOilAndGasProperty
292000 usd
us-gaap Increase Decrease In Unproved Oil And Gas Property
IncreaseDecreaseInUnprovedOilAndGasProperty
3587000 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-395000 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-320000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1047000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
5456000 usd
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-294000 usd
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-479000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-145000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-68000 usd
us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
-131000 usd
us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
-289000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2977000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
8497000 usd
us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
-0 usd
us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
12610000 usd
us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
2878000 usd
us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
5369000 usd
useg Payments To Acquire Property Plant And Equipment Excluding Oil And Gas
PaymentsToAcquirePropertyPlantAndEquipmentExcludingOilAndGas
487000 usd
useg Payments To Acquire Property Plant And Equipment Excluding Oil And Gas
PaymentsToAcquirePropertyPlantAndEquipmentExcludingOilAndGas
379000 usd
us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
0 usd
us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
1250000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3365000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-17108000 usd
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
500000 usd
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
15200000 usd
us-gaap Repayments Of Debt
RepaymentsOfDebt
500000 usd
us-gaap Repayments Of Debt
RepaymentsOfDebt
6047000 usd
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
-0 usd
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
207000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
465000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
396000 usd
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
0 usd
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
195000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
151000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
307000 usd
us-gaap Payments Of Dividends
PaymentsOfDividends
1192000 usd
us-gaap Payments Of Dividends
PaymentsOfDividends
1156000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
241000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
-0 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2049000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
7282000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-2437000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1329000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
4411000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
4422000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1974000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
3093000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Use of Estimates</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the fair value of oil and gas properties acquired, oil and natural gas reserves that are used in the calculation of depreciation, depletion, amortization, and impairment of the carrying value of evaluated oil and natural gas properties; realizability of unevaluated properties; production and commodity price estimates used to record accrued oil and natural gas sales receivables; future prices of commodities used in the valuation of commodity derivative contracts; and the cost and timing of future asset retirement obligations. The Company evaluates its estimates on an on-going basis and bases its estimates on historical experience and on various other assumptions the Company believes to be reasonable. Due to inherent uncertainties, including the future prices of oil and natural gas, these estimates could change in the near term and such changes could be material.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"></p>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Reclassifications</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt -9pt 0pt -1pt;">Certain prior year amounts are reclassified to conform to the current year presentation.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt -9pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Historically, the Company included gathering, transportation, and treating costs within lease operating expense on the condensed consolidated statement of operations. Effective <em style="font: inherit;"> July </em><em style="font: inherit;">1,</em> <em style="font: inherit;">2023,</em> the Company began classifying gathering, treating, and transportation costs in a separate line item, titled Gathering, transportation, and treating, on the condensed consolidated statement of operations and recast prior period results for this reclassification. This reclassification had <em style="font: inherit;">no</em> impact on the Company's net income, earnings per share, cash flows, or financial position. The Company revised historical periods to reflect this change in presentation.</p>
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8741000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11799000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
24992000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
34151000 usd
CY2023Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
733000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
868000 usd
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
179000 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
189000 usd
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
658000 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
794000 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
837000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
983000 usd
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
49000 usd
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
77000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
162000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
177000 usd
CY2023Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
312000 usd
CY2022Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
2000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
731000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
6000 usd
CY2023Q3 us-gaap Sublease Income
SubleaseIncome
-0 usd
CY2022Q3 us-gaap Sublease Income
SubleaseIncome
21000 usd
us-gaap Sublease Income
SubleaseIncome
-0 usd
us-gaap Sublease Income
SubleaseIncome
54000 usd
CY2023Q3 us-gaap Lease Cost
LeaseCost
361000 usd
CY2022Q3 us-gaap Lease Cost
LeaseCost
58000 usd
us-gaap Lease Cost
LeaseCost
893000 usd
us-gaap Lease Cost
LeaseCost
129000 usd
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y2M12D
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0425 pure
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0447 pure
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
52000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
213000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
218000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
224000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
210000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
917000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
80000 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
837000 usd
us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
0 usd
us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
1200000 usd
useg Oil And Gas Property Ceiling Test Discount Rate
OilAndGasPropertyCeilingTestDiscountRate
0.10 pure
CY2023Q3 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
6500000 usd
CY2022Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
3100000 usd
CY2023Q3 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
58000 usd
CY2022Q4 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
0 usd
CY2023Q3 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
16000 usd
CY2022Q4 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
0 usd
CY2023Q3 us-gaap Derivative Assets
DerivativeAssets
74000 usd
CY2022Q4 us-gaap Derivative Assets
DerivativeAssets
0 usd
CY2023Q3 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
422000 usd
CY2022Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
1694000 usd
CY2023Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
422000 usd
CY2022Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
1694000 usd
CY2023Q3 useg Derivative Settlement Gain Loss
DerivativeSettlementGainLoss
-148000 usd
CY2022Q3 useg Derivative Settlement Gain Loss
DerivativeSettlementGainLoss
-1612000 usd
useg Derivative Settlement Gain Loss
DerivativeSettlementGainLoss
-642000 usd
useg Derivative Settlement Gain Loss
DerivativeSettlementGainLoss
-6099000 usd
CY2023Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-504000 usd
CY2022Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
4025000 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
704000 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-4944000 usd
CY2023Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
25506570
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
245000000
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
241000 usd
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
163300
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
23176
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
38.92
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
28122
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
54.03
us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
7.2
us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
226.2
CY2023Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
38.92
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P3Y2M12D
CY2023Q3 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
23176
CY2023Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
38.92
CY2023Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.0225
us-gaap Dividends And Interest Paid
DividendsAndInterestPaid
1200000 usd
us-gaap Dividends And Interest Paid
DividendsAndInterestPaid
1200000 usd
CY2023Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
5000000 usd
CY2023Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
5000000 usd
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
200000 usd
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
163300
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
1.48
CY2022Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
15442000 usd
CY2021Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
1461000 usd
us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
10000 usd
CY2022 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
11811000 usd
us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
-2494000 usd
CY2022 us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
-1825000 usd
useg Asset Retirement Obligation Plugged
AssetRetirementObligationPlugged
-131000 usd
CY2022 useg Asset Retirement Obligation Plugged
AssetRetirementObligationPlugged
-407000 usd
us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
-0 usd
CY2022 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
189000 usd
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
812000 usd
CY2022 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
941000 usd
CY2023Q3 us-gaap Asset Retirement Obligation
AssetRetirementObligation
18627000 usd
CY2022Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
15442000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.03 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.55 pure
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-2400000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-8788000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
4110000 usd
us-gaap Net Income Loss
NetIncomeLoss
-12550000 usd
us-gaap Net Income Loss
NetIncomeLoss
848000 usd
CY2023Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-0 usd
CY2022Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
101000 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-0 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-0 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-8788000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
4009000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-12550000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
848000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25429000
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24390000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25266000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24548000
CY2023Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2022Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
292000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
343000
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25429000
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24682000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25266000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24891000
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.35
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.16
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.5
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.35
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.16
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.5
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
878000
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
28000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
878000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
28000
CY2023Q3 us-gaap Investment Owned Balance Shares
InvestmentOwnedBalanceShares
2421180
CY2022Q4 us-gaap Investment Owned Balance Shares
InvestmentOwnedBalanceShares
2421180
CY2023Q3 useg Investment Owned Market Price
InvestmentOwnedMarketPrice
0.06665
CY2022Q4 useg Investment Owned Market Price
InvestmentOwnedMarketPrice
0.04429
CY2023Q3 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
161381 usd
CY2022Q4 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
107234 usd
useg Other Assets And Liabilities Fair Value Measurement Discount Rate
OtherAssetsAndLiabilitiesFairValueMeasurementDiscountRate
0.10 pure
CY2023Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
87700000 usd
CY2023Q3 useg Fair Value Measurement Estimated Cash Flows
FairValueMeasurementEstimatedCashFlows
7300000 usd
CY2023Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
365000 usd
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
138000 usd
CY2023Q3 useg Joint Interest Billings Receivable
JointInterestBillingsReceivable
309000 usd
CY2022Q4 useg Joint Interest Billings Receivable
JointInterestBillingsReceivable
332000 usd
CY2023Q3 us-gaap Income Tax Receivable
IncomeTaxReceivable
104000 usd
CY2022Q4 us-gaap Income Tax Receivable
IncomeTaxReceivable
50000 usd
CY2023Q3 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
39000 usd
CY2022Q4 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
38000 usd
CY2023Q3 us-gaap Other Assets Current
OtherAssetsCurrent
817000 usd
CY2022Q4 us-gaap Other Assets Current
OtherAssetsCurrent
558000 usd
CY2023Q3 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
2540000 usd
CY2022Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
2566000 usd
CY2023Q3 useg Operating Expense And Oil And Gas Property Accruals
OperatingExpenseAndOilAndGasPropertyAccruals
1357000 usd
CY2022Q4 useg Operating Expense And Oil And Gas Property Accruals
OperatingExpenseAndOilAndGasPropertyAccruals
1378000 usd
CY2023Q3 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
4430000 usd
CY2022Q4 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
3503000 usd
CY2023Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
244000 usd
CY2022Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
319000 usd
CY2023Q3 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
244000 usd
CY2022Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
54000 usd
CY2023Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
21000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
12000 usd
CY2023Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
8836000 usd
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
7832000 usd
us-gaap Interest Paid Net
InterestPaidNet
832000 usd
us-gaap Interest Paid Net
InterestPaidNet
259000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
74000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-0 usd
useg Change In Capital Expenditure Accruals
ChangeInCapitalExpenditureAccruals
-240000 usd
useg Change In Capital Expenditure Accruals
ChangeInCapitalExpenditureAccruals
244000 usd
useg Change In Accrual For Acquisition Costs
ChangeInAccrualForAcquisitionCosts
0 usd
useg Change In Accrual For Acquisition Costs
ChangeInAccrualForAcquisitionCosts
-546000 usd
us-gaap Stock Issued1
StockIssued1
0 usd
us-gaap Stock Issued1
StockIssued1
64694000 usd
us-gaap Liabilities Assumed1
LiabilitiesAssumed1
0 usd
us-gaap Liabilities Assumed1
LiabilitiesAssumed1
3152000 usd
us-gaap Loans Assumed1
LoansAssumed1
0 usd
us-gaap Loans Assumed1
LoansAssumed1
3347000 usd
useg Suspense Accounts Assumed
SuspenseAccountsAssumed
0 usd
useg Suspense Accounts Assumed
SuspenseAccountsAssumed
1619000 usd
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
0 usd
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
953000 usd
useg Asset Retirement Obligation Assumed
AssetRetirementObligationAssumed
2504000 usd
useg Asset Retirement Obligation Assumed
AssetRetirementObligationAssumed
11889000 usd
us-gaap Notes Issued1
NotesIssued1
654000 usd
us-gaap Notes Issued1
NotesIssued1
588000 usd
CY2023Q3 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
6500000 usd

Files In Submission

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useg-20230930_def.xml Edgar Link unprocessable
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0001437749-23-031623-index.html Edgar Link pending
0001437749-23-031623.txt Edgar Link pending
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useg-20230930.xsd Edgar Link pending
useg20230930_10q.htm Edgar Link pending
useg20230930_10qimg001.jpg Edgar Link pending
useg-20230930_lab.xml Edgar Link unprocessable
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useg20230930_10q_htm.xml Edgar Link completed