U.S. Energy Corporation reported its financial and operating results for the three months ended September 30, 2024, on November 12, 2024. The company's total revenue for the third quarter was $4.96 million, representing a 39% decrease compared to the third quarter of 2023.
This decline in revenue was primarily attributed to recent divestitures of legacy oil and gas assets, which are part of the company's strategic pivot. Total oil and gas revenue specifically decreased by 43.3% to approximately $5.0 million.
Despite the revenue decline from legacy assets, the company highlighted significant progress in its new strategic direction. U.S. Energy initiated drilling operations on its first industrial gas well, with independent laboratory analysis confirming high-quality helium, validating its new business focus.
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