WASHINGTON (dpa-AFX) - U.S. Energy Corp. (USEG) reported Monday narrower net loss in its first quarter, despite weak revenues.
In the quarter, net loss was $3.11 million or $0.10 per share, compared to prior year's loss of $9.54 million or $0.38 per share.
Adjusted EBITDA was negative $1.5 million, compared to prior year's positive adjusted EBITDA of $0.2 million.
Total oil and gas sales for the quarter were $2.19 million, down from $5.39 million in the same quarter of 2024.
Total hydrocarbon production for the first quarter of 2025 was approximately 47,008 BOE consisting of 64% oil production.
The decrease in production and revenue primarily reflected the effects of the company's divestiture program throughout 2024 and the decline in oil pricing.
Oil sales accounted for 81%of total revenue this quarter, compared to 88% in the first quarter of 2024.
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