2024 Q4 Form 10-Q Financial Statement

#000143774924034310 Filed on November 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $4.957M $8.741M
YoY Change -43.29% -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 $9.109M $16.95M
YoY Change -46.26% 48.64%
Operating Profit -$4.152M -$8.208M
YoY Change -49.42% -2040.43%
Interest Expense -$810.0K
YoY Change -121.36%
% of Operating Profit
Other Income/Expense, Net $1.885M -$742.0K
YoY Change -354.04% -119.97%
Pretax Income -$2.267M -$8.950M
YoY Change -74.67% -316.24%
Income Tax -$20.00K -$162.0K
% Of Pretax Income
Net Earnings -$2.247M -$8.788M
YoY Change -74.43% -313.82%
Net Earnings / Revenue -45.33% -100.54%
Basic Earnings Per Share -$0.08 -$0.35
Diluted Earnings Per Share -$0.08 -$0.35
COMMON SHARES
Basic Shares Outstanding 27.97M 28.05M 25.51M shares
Diluted Shares Outstanding 28.05M 25.43M

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.100M
YoY Change -34.35%
Cash & Equivalents $1.155M $1.974M
Short-Term Investments $200.0K
Other Short-Term Assets $708.0K $817.0K
YoY Change -13.34% 47.74%
Inventory
Prepaid Expenses $305.0K $365.0K
Receivables $1.416M $3.486M
Other Receivables $0.00
Total Short-Term Assets $3.386M $6.671M
YoY Change -49.24% -19.35%
LONG-TERM ASSETS
Property, Plant & Equipment $725.0K $964.0K
YoY Change -24.79% 52.05%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $441.0K $317.0K
YoY Change 39.12% -15.47%
Total Long-Term Assets $60.69M $101.5M
YoY Change -40.2% -8.34%
TOTAL ASSETS
Total Short-Term Assets $3.386M $6.671M
Total Long-Term Assets $60.69M $101.5M
Total Assets $64.08M $108.2M
YoY Change -40.76% -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 $10.88M $12.10M
YoY Change -10.08% -8.53%
LONG-TERM LIABILITIES
Long-Term Debt $12.00M
YoY Change -4.0%
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.88M $12.10M
Total Long-Term Liabilities $0.00
Total Liabilities $28.34M $41.99M
YoY Change -32.49% 8.56%
SHAREHOLDERS EQUITY
Retained Earnings -$185.9M -$152.3M
YoY Change 22.03% 11.84%
Common Stock $221.6M $218.5M
YoY Change 1.43% 0.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $35.73M $66.17M
YoY Change
Total Liabilities & Shareholders Equity $64.08M $108.2M
YoY Change -40.76% -9.11%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income -$2.247M -$8.788M
YoY Change -74.43% -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

Frame Concept Type Concept / XBRL Key Value Unit
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-2515000 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
74343000 usd
CY2023Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 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 Net Income Loss
NetIncomeLoss
-8788000 usd
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
66172000 usd
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
46522000 usd
CY2024Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
200000 usd
CY2024Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 usd
CY2024Q1 useg Shares Withheld To Settle Tax Withholding Obligations For Restricted Stock Awards Value
SharesWithheldToSettleTaxWithholdingObligationsForRestrictedStockAwardsValue
-105000 usd
CY2024Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
337000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-9537000 usd
CY2024Q1 us-gaap Stockholders Equity
StockholdersEquity
36743000 usd
CY2024Q2 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
2678000 usd
CY2024Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
476000 usd
CY2024Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 usd
CY2024Q2 useg Shares Withheld To Settle Tax Withholding Obligations For Restricted Stock Awards Value
SharesWithheldToSettleTaxWithholdingObligationsForRestrictedStockAwardsValue
-27000 usd
CY2024Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
168000 usd
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
-1974000 usd
CY2024Q2 us-gaap Stockholders Equity
StockholdersEquity
37728000 usd
CY2024Q3 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
274000 usd
CY2024Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 usd
CY2024Q3 useg Shares Withheld To Settle Tax Withholding Obligations For Restricted Stock Awards Value
SharesWithheldToSettleTaxWithholdingObligationsForRestrictedStockAwardsValue
-1000 usd
CY2024Q3 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
20000 usd
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
-2247000 usd
CY2024Q3 us-gaap Stockholders Equity
StockholdersEquity
35734000 usd
us-gaap Net Income Loss
NetIncomeLoss
-13758000 usd
us-gaap Net Income Loss
NetIncomeLoss
-12550000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
6392000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
8181000 usd
us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
6843000 usd
us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
6495000 usd
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-14000 usd
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-452000 usd
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
537000 usd
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
704000 usd
useg Gain Loss On Commodity Derivative
GainLossOnCommodityDerivative
-2381000 usd
useg Gain Loss On Commodity Derivative
GainLossOnCommodityDerivative
642000 usd
us-gaap Marketable Securities Gain Loss Excluding Other Than Temporary Impairments
MarketableSecuritiesGainLossExcludingOtherThanTemporaryImpairments
-57000 usd
us-gaap Marketable Securities Gain Loss Excluding Other Than Temporary Impairments
MarketableSecuritiesGainLossExcludingOtherThanTemporaryImpairments
54000 usd
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
11000 usd
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
37000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
37000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
950000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
1951000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
123000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
135000 usd
us-gaap Increase Decrease In Unproved Oil And Gas Property
IncreaseDecreaseInUnprovedOilAndGasProperty
-920000 usd
us-gaap Increase Decrease In Unproved Oil And Gas Property
IncreaseDecreaseInUnprovedOilAndGasProperty
292000 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
174000 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-395000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
80000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
120000 usd
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-91000 usd
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-294000 usd
useg Increase Decrease In Revenue And Royalties Payable
IncreaseDecreaseInRevenueAndRoyaltiesPayable
-88000 usd
useg Increase Decrease In Revenue And Royalties Payable
IncreaseDecreaseInRevenueAndRoyaltiesPayable
927000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-136000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-145000 usd
us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
-105000 usd
us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
-131000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2891000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2977000 usd
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
2368000 usd
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
-0 usd
us-gaap Payments To Acquire Oil And Gas Equipment
PaymentsToAcquireOilAndGasEquipment
1599000 usd
us-gaap Payments To Acquire Oil And Gas Equipment
PaymentsToAcquireOilAndGasEquipment
-0 usd
us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
1158000 usd
us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
2878000 usd
useg Payments To Acquire Property Plant And Equipment Excluding Oil And Gas
PaymentsToAcquirePropertyPlantAndEquipmentExcludingOilAndGas
189000 usd
useg Payments To Acquire Property Plant And Equipment Excluding Oil And Gas
PaymentsToAcquirePropertyPlantAndEquipmentExcludingOilAndGas
487000 usd
us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
5866000 usd
us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
0 usd
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
139000 usd
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
0 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
691000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3365000 usd
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
2000000 usd
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
500000 usd
us-gaap Repayments Of Debt
RepaymentsOfDebt
7000000 usd
us-gaap Repayments Of Debt
RepaymentsOfDebt
500000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
62000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
465000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
132000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
151000 usd
us-gaap Payments Of Dividends
PaymentsOfDividends
-0 usd
us-gaap Payments Of Dividends
PaymentsOfDividends
1192000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
584000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
241000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-5778000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2049000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-2196000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-2437000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
3351000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
4411000 usd
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1155000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1974000 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 helium, 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 proved and unproved property; production and commodity price estimates used to record accrued 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 commodity prices, 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>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;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 Statements 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 Statements 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> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt -9pt 0pt -1pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt -9pt 0pt -1pt;">The Company has historically included revenue and royalties payable within accounts payables and accrued liabilities on the Condensed Consolidated Balance Sheets. Effective <em style="font: inherit;"> December </em><em style="font: inherit;">31,</em> <em style="font: inherit;">2023,</em> the Company began classifying revenue and royalties payable as a separate line item on the Condensed Consolidated Balance Sheet.  The Condensed Consolidated Statements of Cash Flows has been updated to separate changes in operating assets and liabilities from revenue and royalties payable and accounts payable and accrued liabilities. This reclassification had <em style="font: inherit;">no</em> impact on the Company's net income (loss), income (loss) per share, cash flows, or financial position. The Company revised historical periods to reflect this change in presentation.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt -9pt 0pt -1pt;"> </p>
CY2023 useg Asset Retirement Obligations Relief Through Disposals
AssetRetirementObligationsReliefThroughDisposals
500000 usd
CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4957000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8741000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
16394000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
24992000 usd
CY2024Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
570000 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
693000 usd
CY2024Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
193000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
182000 usd
CY2024Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
466000 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
611000 usd
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
659000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
793000 usd
CY2024Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
49000 usd
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
49000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
146000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
162000 usd
CY2024Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
27000 usd
CY2023Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
312000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
377000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
731000 usd
CY2024Q3 us-gaap Lease Cost
LeaseCost
76000 usd
CY2023Q3 us-gaap Lease Cost
LeaseCost
361000 usd
us-gaap Lease Cost
LeaseCost
523000 usd
us-gaap Lease Cost
LeaseCost
893000 usd
CY2024Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y2M12D
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y2M12D
CY2024Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0425 pure
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0425 pure
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
54000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
218000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
224000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
210000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
706000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
47000 usd
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
659000 usd
useg Oil And Gas Property Ceiling Test Discount Rate
OilAndGasPropertyCeilingTestDiscountRate
0.10 pure
CY2024Q3 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
1400000 usd
us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
6800000 usd
CY2024Q3 useg Gain Loss On Commodity Derivative
GainLossOnCommodityDerivative
1800000 usd
CY2024Q3 us-gaap Gain Loss On Sale Of Commodity Contracts
GainLossOnSaleOfCommodityContracts
1800000 usd
CY2024Q3 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
0 usd
CY2023Q4 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
1844000 usd
CY2024Q3 us-gaap Derivative Assets
DerivativeAssets
0 usd
CY2023Q4 us-gaap Derivative Assets
DerivativeAssets
1844000 usd
CY2024Q3 useg Derivative Settlement Gain Loss
DerivativeSettlementGainLoss
1856000 usd
CY2023Q3 useg Derivative Settlement Gain Loss
DerivativeSettlementGainLoss
-148000 usd
useg Derivative Settlement Gain Loss
DerivativeSettlementGainLoss
2381000 usd
useg Derivative Settlement Gain Loss
DerivativeSettlementGainLoss
-642000 usd
CY2024Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
2030000 usd
CY2023Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-504000 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
537000 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
704000 usd
CY2022Q4 useg Price Per Barrel Of Oil
PricePerBarrelOfOil
65 usd
CY2022Q4 useg Natural Gas Price Per Cubic Foot
NaturalGasPricePerCubicFoot
3.25 usd
CY2024Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
28035613
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
25333870
CY2024Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
245000000
CY2024Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
1000
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
22176
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
30.48
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
23176
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
38.92
CY2024Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
700000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y6M
CY2023Q2 us-gaap Dividends And Interest Paid
DividendsAndInterestPaid
600000 usd
us-gaap Dividends And Interest Paid
DividendsAndInterestPaid
1200000 usd
CY2023Q2 srt Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
5000000 usd
CY2023Q2 srt Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
5000000 usd
CY2024Q3 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
19000
CY2023Q3 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
482500
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
163300
CY2024Q3 useg Share Repurchase Program Weighted Average Price Per Share
ShareRepurchaseProgramWeightedAveragePricePerShare
1.05
CY2023Q3 useg Share Repurchase Program Weighted Average Price Per Share
ShareRepurchaseProgramWeightedAveragePricePerShare
0
useg Share Repurchase Program Weighted Average Price Per Share
ShareRepurchaseProgramWeightedAveragePricePerShare
1.09
useg Share Repurchase Program Weighted Average Price Per Share
ShareRepurchaseProgramWeightedAveragePricePerShare
1.48
CY2024Q3 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
19950 usd
CY2023Q3 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
0 usd
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
525925 usd
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
240793 usd
CY2023Q3 us-gaap Asset Retirement Obligation Legally Restricted Assets Fair Value
AssetRetirementObligationLegallyRestrictedAssetsFairValue
0 usd
CY2023Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
18490000 usd
CY2022Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
15442000 usd
us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
0 usd
CY2023 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
11000 usd
us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
150000 usd
CY2023 us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
-2494000 usd
useg Asset Retirement Obligation Plugged
AssetRetirementObligationPlugged
-105000 usd
CY2023 useg Asset Retirement Obligation Plugged
AssetRetirementObligationPlugged
-215000 usd
us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
1425000 usd
CY2023 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
458000 usd
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
1181000 usd
CY2023 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
1216000 usd
CY2024Q3 us-gaap Asset Retirement Obligation
AssetRetirementObligation
17991000 usd
CY2023Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
18490000 usd
CY2024Q3 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
1000000 usd
CY2023Q4 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
1273000 usd
CY2024Q3 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
16991000 usd
CY2023Q4 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
17217000 usd
CY2024Q3 us-gaap Asset Retirement Obligation
AssetRetirementObligation
17991000 usd
CY2023Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
18490000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.03 pure
CY2024Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2024Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2247000 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-8788000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-13758000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-12550000 usd
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28052000
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25429000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26304000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25266000
CY2024Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2023Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28052000
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25429000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26304000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25266000
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.08
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.35
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.52
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.5
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.35
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.52
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.5
CY2024Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1370000
CY2023Q3 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
1370000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
878000
CY2024Q3 us-gaap Gain Loss On Sale Of Commodity Contracts
GainLossOnSaleOfCommodityContracts
1800000 usd
CY2024Q3 us-gaap Investment Owned Balance Shares
InvestmentOwnedBalanceShares
2421180
CY2023Q4 us-gaap Investment Owned Balance Shares
InvestmentOwnedBalanceShares
2421180
CY2024Q3 useg Investment Owned Market Price
InvestmentOwnedMarketPrice
0.04439
CY2023Q4 useg Investment Owned Market Price
InvestmentOwnedMarketPrice
0.06789
CY2024Q3 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
107474 usd
CY2023Q4 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
164375 usd
CY2024Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
305000 usd
CY2023Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
88000 usd
CY2024Q3 useg Joint Interest Billings Receivable
JointInterestBillingsReceivable
309000 usd
CY2023Q4 useg Joint Interest Billings Receivable
JointInterestBillingsReceivable
265000 usd
CY2024Q3 us-gaap Income Tax Receivable
IncomeTaxReceivable
55000 usd
CY2023Q4 us-gaap Income Tax Receivable
IncomeTaxReceivable
135000 usd
CY2024Q3 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
39000 usd
CY2023Q4 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
39000 usd
CY2024Q3 us-gaap Other Assets Current
OtherAssetsCurrent
708000 usd
CY2023Q4 us-gaap Other Assets Current
OtherAssetsCurrent
527000 usd
CY2024Q3 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
2168000 usd
CY2023Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
1944000 usd
CY2024Q3 useg Operating Expense And Oil And Gas Property Accruals
OperatingExpenseAndOilAndGasPropertyAccruals
1576000 usd
CY2023Q4 useg Operating Expense And Oil And Gas Property Accruals
OperatingExpenseAndOilAndGasPropertyAccruals
1335000 usd
CY2024Q3 us-gaap Interest Payable Current
InterestPayableCurrent
79000 usd
CY2023Q4 us-gaap Interest Payable Current
InterestPayableCurrent
247000 usd
CY2024Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
462000 usd
CY2023Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
454000 usd
CY2024Q3 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
0 usd
CY2023Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
62000 usd
CY2024Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
27000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
22000 usd
CY2024Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
4312000 usd
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
4064000 usd
us-gaap Interest Paid Net
InterestPaidNet
511000 usd
us-gaap Interest Paid Net
InterestPaidNet
832000 usd
useg Cash Received For Income Taxes
CashReceivedForIncomeTaxes
-70000 usd
useg Cash Received For Income Taxes
CashReceivedForIncomeTaxes
-74000 usd
useg Change In Capital Expenditure Accruals
ChangeInCapitalExpenditureAccruals
-287000 usd
useg Change In Capital Expenditure Accruals
ChangeInCapitalExpenditureAccruals
-240000 usd
us-gaap Stock Issued1
StockIssued1
2678000 usd
us-gaap Stock Issued1
StockIssued1
-0 usd
useg Asset Retirement Obligation Assumed
AssetRetirementObligationAssumed
-1680000 usd
useg Asset Retirement Obligation Assumed
AssetRetirementObligationAssumed
2504000 usd
useg Accrual For Repurchase Of Common Stock
AccrualForRepurchaseOfCommonStock
58000 usd
useg Accrual For Repurchase Of Common Stock
AccrualForRepurchaseOfCommonStock
usd
us-gaap Notes Issued1
NotesIssued1
0 usd
us-gaap Notes Issued1
NotesIssued1
654000 usd
CY2024Q3 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
1400000 usd
us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
6800000 usd

Files In Submission

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ex_720681.htm Edgar Link pending
ex_720682.htm Edgar Link pending
ex_720683.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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report.css Edgar Link pending
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useg-20240930.xsd Edgar Link pending
useg-20240930_cal.xml Edgar Link unprocessable
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useg20240930_10q.htm Edgar Link pending
useg-20240930_lab.xml Edgar Link unprocessable
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useg20240930_10q_htm.xml Edgar Link completed
0001437749-24-034310-index-headers.html Edgar Link pending
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0001437749-24-034310.txt Edgar Link pending
0001437749-24-034310-xbrl.zip Edgar Link pending
ex_720680.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable