U.S. Energy Corporation reported its financial and operating results for the fourth quarter and full year ended December 31, 2024, on March 13, 2025. For the full year 2024, total revenue was $20.6 million, a 36% decrease from 2023, primarily driven by asset divestitures and a decline in realized commodity pricing.
The company reported a net loss of $25.8 million, or $0.96 per diluted share, for the full year, largely due to an $11.9 million impairment of oil and natural gas properties and a $5.0 million loss on the sale of East Texas assets. Adjusted EBITDA for 2024 was $3.6 million.
For the fourth quarter of 2024, revenue totaled $4.2 million, a 15% decrease from the third quarter of 2024, with Adjusted EBITDA at $0.4 million. Despite these financial declines from legacy assets, the company highlighted its strategic progress, including eliminating all outstanding debt and acquiring over 160,000 acres in Montana for its industrial gas project. The initial 2025 development activities for the Montana project are planned to begin in April, focusing on workovers and new drilling.
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