US ENERGY CORP
For the period ended Sep 30, 2024. Filed Nov 12, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 12, 2024
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Condensed Consolidated Statements of Cash Flows (unaudited)
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THEnine months ended September 30, 2024 and 2023
(in thousands)
| 2024 | 2023 | |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income (loss) | $(13,758) | $(12,550) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
| Depreciation, depletion, accretion, and amortization | 6,392 | 8,181 |
| Impairment of oil and natural gas properties | 6,843 | 6,495 |
| Deferred income taxes | (14) | (452) |
| Total commodity derivatives (gains) losses, net | (537) | (704) |
| Commodity derivative settlements received (paid) | 2,381 | (642) |
| (Gains) losses on marketable equity securities | 57 | (54) |
| Impairment and loss on real estate held for sale | 11 | - |
| Amortization of debt issuance costs | 37 | 37 |
| Stock-based compensation | 950 | 1,951 |
| Right of use asset amortization | 123 | 135 |
| Changes in operating assets and liabilities: | ||
| Oil and natural gas sales receivable | 920 | (292) |
| Other assets | (174) | 395 |
| Accounts payable and accrued liabilities | 80 | 120 |
| Accrued compensation and benefits | (91) | (294) |
| Revenue and royalties payable | (88) | 927 |
| Payments on operating lease liability | (136) | (145) |
| Payments of asset retirement obligations | (105) | (131) |
| Net cash provided by operating activities | 2,891 | 2,977 |
| Cash flows from investing activities: | ||
| Acquisition of helium properties | (2,368) | - |
| Helium capital expenditures | (1,599) | - |
| Oil and natural gas capital expenditures | (1,158) | (2,878) |
| Property and equipment expenditures | (189) | (487) |
| Proceeds from sale of oil and natural gas properties, net | 5,866 | - |
| Proceeds from sale of real estate assets | 139 | - |
| Net cash provided by (used in) investing activities | 691 | (3,365) |
| Cash flows from financing activities: | ||
| Borrowings on credit facility | 2,000 | 500 |
| Payments on credit facility | (7,000) | (500) |
| Payments on insurance premium finance note | (62) | (465) |
| Shares withheld to settle tax withholding obligations for restricted stock awards | (132) | (151) |
| Dividends paid | - | (1,192) |
| Repurchases of common stock | (584) | (241) |
| Net cash provided by (used in) financing activities | (5,778) | (2,049) |
| Net (decrease) increase in cash and equivalents | (2,196) | (2,437) |
| Cash and equivalents, beginning of period | 3,351 | 4,411 |
| Cash and equivalents, end of period | $1,155 | $1,974 |
The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements. Please seeNote-15- Supplemental Disclosures of Cash Flow Information.
U.S. ENERGY CORP. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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