U.S. Energy Corporation (NASDAQ: USEG, “U.S. Energy” or the
“Company”), a growth-focused energy company engaged in operating a
portfolio of high-quality producing oil and natural gas assets,
today reported financial and operating results for the three months
ended March 31, 2023.
FIRST QUARTER 2023
HIGHLIGHTS
- Net daily production of 1,726
barrels of oil equivalent per day (“Boe/d”), a 29% increase over
first quarter of 2022
- Produced oil volumes of 91,311
barrels, or 59% of total production
- Adjusted EBITDA of $1.2
million
- Returned $0.6 million to
shareholders through quarterly cash dividend
- In April 2023, announced $5.0
million share repurchase program
MANAGEMENT COMMENTARY
“We are pleased with our operational performance
in the first quarter and have continued to carry forward the
momentum created during 2022,” said Ryan Smith, CEO of U.S. Energy
Corp. “Our strategic focus on acquiring and developing mature
producing assets in our core focus areas has positioned us well to
weather industry cycles and generate sustainable returns for our
shareholders. In April, as a recent example of this, we recently
expanded our capital returns program by initiating the Company’s
first share repurchase program, which reflects our confidence in
the underlying business and our firm commitment to making
shareholder returns a key tenet of our capital allocation
strategy.
“Looking ahead, we will continue to pursue
opportunities to optimize our portfolio and enhance shareholder
value. Our experienced team and long-standing relationships with
industry partners give us a competitive edge in identifying and
executing on value-enhancing opportunities. We are committed to
disciplined capital allocation to create and maintain value and
believe that building a diversified, well-balanced portfolio of
producing assets is key to generating reliable cash flows and
delivering consistent returns.”
PRODUCTION UPDATE
During the first quarter of 2023, the Company
produced 155,329 Boe, or an average of 1,726 Boe/d, a 29% increase
compared to 120,712 Boe, or an average of 1,341 Boe/d, during the
first quarter of 2022.
|
|
1Q 2023 |
|
1Q 2022 |
Sales Volume
(Total) |
|
|
|
|
Oil (Bbls) |
|
91,311 |
|
90,821 |
Gas and liquids (Mcfe) |
|
384,106 |
|
179,343 |
Sales volumes (Boe) |
|
155,329 |
|
120,712 |
Average Daily
Production (Boe/d) |
|
1,726 |
|
1,341 |
Average Sales
Prices |
|
|
|
|
Oil (Bbl) |
|
$77.70 |
|
$86.25 |
Gas and liquids (Mcfe) |
|
$3.06 |
|
$5.79 |
Barrel of Oil Equivalent |
|
$53.25 |
|
$73.50 |
|
|
|
|
|
FIRST QUARTER 2023 FINANCIAL
RESULTS
U.S. Energy reported total oil and gas sales of
approximately $8.3 million for the first quarter of 2023, compared
to $8.9 million in the first quarter of 2022. The decline in
revenue was primarily due to a 28% decline in realized prices.
Sales from oil production represented 86% of total revenue during
the quarter, down slightly from 88% in the first quarter of
2022.
The Company recorded lease operating expense
(“LOE”) of approximately $4.5 million, or $29.12 per Boe, for the
first quarter of 2023, as compared to $2.7 million, or $22.66 per
Boe, in the first quarter of 2022. LOE increased due to increased
activity as a result of unplanned maintenance on a portion of the
Company’s South Texas assets. These assets have since been brought
back to production.
Severance and Ad Valorem taxes in the third
quarter were approximately $0.5 million, as compared to
approximately $0.6 million in the second quarter. On a percentage
basis, U.S. Energy paid approximately 6.3% of total oil and natural
gas sales revenue in taxes during the quarter.
Cash general and administrative (“G&A”)
expenses were approximately $2.0 million, or $13.17 per Boe, during
the first quarter of 2023, as compared to approximately $1.4
million, or $11.98 per Boe, during the prior period.
Based on a realized price of $53.25 per Boe, the
Company achieved an operating margin of $7.61 per Boe, or 14% for
the first quarter of 2023, down from $30.48 per Boe, or 41%, from
the first quarter of 2022. Operating costs, including LOE,
production taxes and cash G&A increased by 6% year-over-year
while realized prices declined by 28%, resulting in margin
compression.
Adjusted EBITDA, excluding the impact of hedges,
was $1.2 million. The Company reported a net loss of $1.2 million,
or a loss of $0.05 per diluted share, which includes a $1.3 million
net unrealized gain on the value of derivative contracts.
RETURN OF CAPITAL PROGRAM
Consistent with the Company’s long-term return
of capital strategy, the Company’s board of directors paid a
$0.0225 per share dividend to shareholders of record on February
23, 2023.
Subsequent to the end of the first quarter of
2023, the Company announced that its board of directors authorized
a share repurchase program under which the Company may purchase up
to $5.0 million of its outstanding shares of common stock in the
open market, in accordance with all applicable securities laws and
regulations, including Rule 10b-18 of the Securities Exchange Act
of 1934.
Finally, on May 8, 2023, the Company declared a
cash dividend payable on May 30, 2023, to stockholders of record as
of the close of business on May 19, 2023.
STRATEGIC UPDATE
U.S. Energy’s portfolio comprises mature,
producing assets that generate high-margin free cash flow, which we
allocate to maintaining a quarterly cash dividend,
opportunistically repurchasing our common stock, and paying down
the outstanding balance on our revolving credit facility. Our aim
is to achieve greater scale through the acquisition of
high-quality, low-decline assets, which can provide a platform for
sustained profitability. As we add new assets to the portfolio, we
expect cash flows to increase, creating potential for an increased
return of capital program.
HEDGING PROGRAM UPDATE
The following table reflects the hedged volumes
under U.S. Energy’s commodity derivative contracts and the average
fixed, floor and ceiling prices at which production is hedged for
the remainder of 2023:
|
Collars |
Period |
Commodity |
Volume(Bbls) |
Floor($ / Bbl) |
Ceiling($ / Bbl) |
Q2 2023 |
Crude Oil |
53,500 |
$60.00 |
$81.04 |
Q3 2023 |
Crude Oil |
52,600 |
$60.00 |
$81.04 |
Q4 2023 |
Crude Oil |
51,200 |
$60.00 |
$81.04 |
|
Swaps |
Period |
Commodity |
Volume(Bbls | MMBtu) |
Avg Price($/Bbl | $/MMBtu) |
Q2 2023 |
Crude Oil |
6,000 |
$59.02 |
BALANCE SHEET UPDATE
As of March 31, 2023, the Company had debt
outstanding of $12.0 million on its revolving credit facility with
availability of $8.0 million and a cash balance of approximately
$2.4 million.
CONFERENCE CALL AND WEBCAST
U.S. Energy will host an investor conference
call tomorrow at 8:30 a.m. Eastern Time to discuss these operating
and financial results. Interested parties may join the call by
dialing 1-877-407-3982 (U.S.), or 1-201-493-6780 (international),
at least 15 minutes before the call begins and providing the
Conference ID: 13738723. A telephonic replay will be available for
fourteen days following the call by dialing 1-844-512-2921 (U.S.)
or 1-412-317-6671 (international)and providing the replay PIN
number: 13738723.
A webcast of the conference call will be
available in the Investor Relations section of the Company’s
website at www.usnrg.com. To listen to the live broadcast, go to
the site at least 15 minutes prior to the scheduled start time in
order to register, download and install any necessary audio
software.
ABOUT U.S. ENERGY
We are a growth company focused on consolidating
high-quality producing assets in the United States with the
potential to optimize production and generate free cash flow
through low-risk development while maintaining an attractive
shareholder returns program. We are committed to ESG
stewardship and being a leader in reducing our carbon footprint in
the areas in which we operate. More information about U.S. Energy
Corp. can be found at www.usnrg.com.
FORWARD-LOOKING STATEMENTS
Certain of the matters discussed in this
communication which are not statements of historical fact
constitute forward-looking statements within the meaning of the
federal securities laws, including the Private Securities
Litigation Reform Act of 1995, that involve a number of risks and
uncertainties. Words such as “strategy,” “expects,” “continues,”
“plans,” “anticipates,” “believes,” “would,” “will,” “estimates,”
“intends,” “projects,” “goals,” “targets” and other words of
similar meaning are intended to identify forward-looking statements
but are not the exclusive means of identifying these
statements.
Important factors that may cause actual results
and outcomes to differ materially from those contained in such
forward-looking statements include, without limitation, risks
associated with the integration of the recently acquired assets;
the Company’s ability to recognize the expected benefits of the
acquisitions and the risk that the expected benefits and synergies
of the acquisition may not be fully achieved in a timely manner, or
at all; the amount of the costs, fees, expenses and charges related
to the acquisitions; the Company’s ability to comply with the terms
of its senior credit facilities; the ability of the Company to
retain and hire key personnel; the business, economic and political
conditions in the markets in which the Company operates;
fluctuations in oil and natural gas prices, uncertainties inherent
in estimating quantities of oil and natural gas reserves and
projecting future rates of production and timing of development
activities; competition; operating risks; acquisition risks;
liquidity and capital requirements; the effects of governmental
regulation; adverse changes in the market for the Company’s oil and
natural gas production; dependence upon third-party vendors; risks
associated with COVID-19, the global efforts to stop the spread of
COVID-19, potential downturns in the U.S. and global economies due
to COVID-19 and the efforts to stop the spread of the virus, and
COVID-19 in general; economic uncertainty relating to increased
inflation and global conflicts; the lack of capital available on
acceptable terms to finance the Company’s continued growth; and
other risk factors included from time to time in documents U.S.
Energy files with the Securities and Exchange Commission,
including, but not limited to, its Form 10-Ks, Form 10-Qs and Form
8-Ks. Other important factors that may cause actual results and
outcomes to differ materially from those contained in the
forward-looking statements included in this communication are
described in the Company’s publicly filed reports, including, but
not limited to, the Company’s Annual Report on Form 10-K for the
year ended December 31, 2021. These reports and filings are
available at www.sec.gov.
The Company cautions that the foregoing list of
important factors is not complete. All subsequent written and oral
forward-looking statements attributable to the Company or any
person acting on behalf of any Sale Agreement Parties are expressly
qualified in their entirety by the cautionary statements referenced
above. Other unknown or unpredictable factors also could have
material adverse effects on U.S. Energy’s future results. The
forward-looking statements included in this press release are made
only as of the date hereof. U.S. Energy cannot guarantee future
results, levels of activity, performance or achievements.
Accordingly, you should not place undue reliance on these
forward-looking statements. Finally, U.S. Energy undertakes no
obligation to update these statements after the date of this
release, except as required by law, and takes no obligation to
update or correct information prepared by third parties that are
not paid for by U.S. Energy. If we update one or more
forward-looking statements, no inference should be drawn that we
will make additional updates with respect to those or other
forward-looking statements.
U.S. ENERGY CORP. AND SUBSIDIARIESUNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands, except
share and per share amounts) |
|
|
March 31,2023 |
|
|
December 31,2022 |
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and equivalents |
|
$ |
2,421 |
|
|
$ |
4,411 |
|
Oil and natural gas sales receivable |
|
|
2,048 |
|
|
|
3,193 |
|
Marketable equity securities |
|
|
107 |
|
|
|
107 |
|
Other current assets |
|
|
1,160 |
|
|
|
558 |
|
Real estate assets held for sale, net of selling costs |
|
|
175 |
|
|
|
175 |
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
5,911 |
|
|
|
8,444 |
|
|
|
|
|
|
|
|
|
|
Oil and natural gas
properties under full cost method: |
|
|
|
|
|
|
|
|
Unevaluated properties |
|
|
1,584 |
|
|
|
1,584 |
|
Evaluated properties |
|
|
204,282 |
|
|
|
203,144 |
|
Less accumulated depreciation, depletion, amortization and
impairment |
|
|
(98,825 |
) |
|
|
(96,725 |
) |
|
|
|
|
|
|
|
|
|
Net oil and natural gas properties |
|
|
107,041 |
|
|
|
108,003 |
|
|
|
|
|
|
|
|
|
|
Property and equipment,
net |
|
|
861 |
|
|
|
651 |
|
Right-of-use asset |
|
|
813 |
|
|
|
868 |
|
Other assets |
|
|
343 |
|
|
|
354 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
114,969 |
|
|
$ |
118,320 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
7,641 |
|
|
$ |
7,832 |
|
Accrued compensation and benefits |
|
|
357 |
|
|
|
1,111 |
|
Commodity derivative liability-current |
|
|
369 |
|
|
|
1,694 |
|
Asset retirement obligations-current |
|
|
657 |
|
|
|
668 |
|
Current lease obligation |
|
|
174 |
|
|
|
189 |
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
9,198 |
|
|
|
11,494 |
|
|
|
|
|
|
|
|
|
|
Credit facility |
|
|
12,000 |
|
|
|
12,000 |
|
Asset retirement obligations-
noncurrent |
|
|
15,091 |
|
|
|
14,774 |
|
Long-term lease obligation,
net of current portion |
|
|
750 |
|
|
|
794 |
|
Deferred tax liability |
|
|
836 |
|
|
|
898 |
|
Other noncurrent
liabilities |
|
|
6 |
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
37,881 |
|
|
|
39,966 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies (Note 8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’
equity: |
|
|
|
|
|
|
|
|
Common stock, $0.01 par value; 245,000,000 shares authorized;
25,234,672 and 25,023,812 shares issued and outstanding at March
31, 2023 and December 31, 2022, respectively |
|
|
252 |
|
|
|
250 |
|
Additional paid-in capital |
|
|
217,265 |
|
|
|
216,690 |
|
Accumulated deficit |
|
|
(140,429 |
) |
|
|
(138,586 |
) |
|
|
|
|
|
|
|
|
|
Total shareholders’ equity |
|
|
77,088 |
|
|
|
78,354 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
$ |
114,969 |
|
|
$ |
118,320 |
|
The accompanying notes are an integral part of these unaudited
condensed consolidated financial statements. |
U.S. ENERGY CORP. AND SUBSIDIARIESUNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONSFOR THE
THREE MONTHS ENDED MARCH 31, 2023 AND 2022(In
thousands, except share and per share amounts) |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
Oil |
|
$ |
7,095 |
|
|
$ |
7,833 |
|
Natural gas and liquids |
|
|
1,177 |
|
|
|
1,039 |
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
8,272 |
|
|
|
8,872 |
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Lease operating expense |
|
|
4,523 |
|
|
|
2,735 |
|
Production taxes |
|
|
520 |
|
|
|
572 |
|
Depreciation, depletion, accretion and amortization |
|
|
2,417 |
|
|
|
1,886 |
|
General and administrative expenses |
|
|
2,772 |
|
|
|
2,946 |
|
Total operating expenses |
|
|
10,232 |
|
|
|
8,139 |
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
|
|
(1,960 |
) |
|
|
733 |
|
|
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
|
Commodity derivative gain (loss) |
|
|
919 |
|
|
|
(6,837 |
) |
Marketable equity securities gain |
|
|
- |
|
|
|
81 |
|
Interest expense, net |
|
|
(268 |
) |
|
|
(50 |
) |
Total other income (expense) |
|
|
651 |
|
|
|
(6,806 |
) |
|
|
|
|
|
|
|
|
|
Net loss before income
taxes |
|
|
(1,309 |
) |
|
|
(6,073 |
) |
Income tax benefit |
|
|
62 |
|
|
|
2,689 |
|
Net loss |
|
$ |
(1,247 |
) |
|
$ |
(3,384 |
) |
|
|
|
|
|
|
|
|
|
Basic and diluted weighted
average shares outstanding |
|
|
25,178,565 |
|
|
|
23,717,240 |
|
Basic and diluted net loss per
share |
|
$ |
(0.05 |
) |
|
$ |
(0.14 |
) |
The accompanying notes are an integral part of these unaudited
condensed consolidated financial statements. |
U.S. ENERGY CORP. AND SUBSIDIARIESUNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWSFOR THE
THREE MONTHS ENDED MARCH 31, 2023 AND 2022(in
thousands) |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(1,247 |
) |
|
$ |
(3,384 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
Depreciation, depletion, accretion, and amortization |
|
|
2,417 |
|
|
|
1,886 |
|
Deferred income taxes |
|
|
(62 |
) |
|
|
(2,689 |
) |
Unrealized (gain) loss on commodity derivatives |
|
|
(1,325 |
) |
|
|
5,193 |
|
Gain on marketable equity securities |
|
|
- |
|
|
|
(81 |
) |
Amortization of debt issuance costs |
|
|
12 |
|
|
|
10 |
|
Stock-based compensation |
|
|
727 |
|
|
|
1,500 |
|
Right of use asset amortization |
|
|
55 |
|
|
|
24 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Oil and natural gas sales receivable |
|
|
1,145 |
|
|
|
(3,337 |
) |
Other assets |
|
|
52 |
|
|
|
(212 |
) |
Accounts payable and accrued liabilities |
|
|
(715 |
) |
|
|
2,594 |
|
Accrued compensation and benefits |
|
|
(754 |
) |
|
|
(990 |
) |
Payments on operating lease liability |
|
|
(58 |
) |
|
|
(27 |
) |
Payments for asset retirement obligations |
|
|
(11 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
|
236 |
|
|
|
487 |
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
Acquisition of properties |
|
|
- |
|
|
|
(783 |
) |
Oil and natural gas capital expenditures |
|
|
(1,106 |
) |
|
|
(855 |
) |
Expenditures for cash calls |
|
|
- |
|
|
|
(1,456 |
) |
Property and equipment expenditures |
|
|
(261 |
) |
|
|
(159 |
) |
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
|
(1,367 |
) |
|
|
(3,253 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
Borrowings on credit facility |
|
|
- |
|
|
|
4,000 |
|
Repayment of debt |
|
|
- |
|
|
|
(3,847 |
) |
Payment of fees for credit facility |
|
|
- |
|
|
|
(172 |
) |
Repayments of insurance premium finance note payable |
|
|
(112 |
) |
|
|
(78 |
) |
Exercise of warrant |
|
|
- |
|
|
|
195 |
|
Shares withheld to settle tax withholding obligations for
restricted stock awards |
|
|
(151 |
) |
|
|
(307 |
) |
Dividends paid |
|
|
(596 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities |
|
|
(859 |
) |
|
|
(209 |
) |
|
|
|
|
|
|
|
|
|
Net decrease in cash and equivalents |
|
|
(1,990 |
) |
|
|
(2,975 |
) |
|
|
|
|
|
|
|
|
|
Cash and equivalents, beginning of period |
|
|
4,411 |
|
|
|
4,422 |
|
|
|
|
|
|
|
|
|
|
Cash and equivalents, end of period |
|
$ |
2,421 |
|
|
$ |
1,447 |
|
|
The accompanying notes are an integral part of
these unaudited condensed consolidated financial statements. Please
see Note-15- Supplemental Disclosures of Cash Flow Information.
ADJUSTED EBITDA
RECONCILIATION
In addition to our results calculated under
generally accepted accounting principles in the United States
(“GAAP”), in this earnings release we also present Adjusted EBITDA.
Adjusted EBITDA is a “non-GAAP financial measure” presented as
supplemental measures of the Company’s performance. It is not
presented in accordance with accounting principles generally
accepted in the United States, or GAAP. The Company defines
Adjusted EBITDA as net income (loss), plus net interest expense,
net unrealized loss (gain) on change in fair value of derivatives,
income tax (benefit) expense, deferred income taxes, depreciation,
depletion, accretion and amortization, one-time costs associated
with completed transactions and the associated assumed derivative
contracts, non-cash share-based compensation, transaction related
expenses, transaction related acquired realized derivative loss
(gain), and loss (gain) on marketable securities. Company
management believes this presentation is relevant and useful
because it helps investors understand U.S. Energy’s operating
performance and makes it easier to compare its results with those
of other companies that have different financing, capital and tax
structures. Adjusted EBITDA is presented because we believe it
provides additional useful information to investors due to the
various noncash items during the period. Adjusted EBITDA has
limitations as an analytical tool, and you should not consider it
in isolation, or as a substitute for analysis of our operating
results as reported under GAAP. Some of these limitations are:
Adjusted EBITDA does not reflect cash expenditures, or future
requirements for capital expenditures, or contractual commitments;
Adjusted EBITDA does not reflect changes in, or cash requirements
for, working capital needs; Adjusted EBITDA does not reflect the
significant interest expense, or the cash requirements necessary to
service interest or principal payments, on debt or cash income tax
payments; although depreciation and amortization are noncash
charges, the assets being depreciated and amortized will often have
to be replaced in the future, and Adjusted EBITDA does not reflect
any cash requirements for such replacements; and other companies in
this industry may calculate Adjusted EBITDA differently than the
Company does, limiting its usefulness as a comparative measure.
The Company’s presentation of this measure
should not be construed as an inference that future results will be
unaffected by unusual or nonrecurring items. We compensate for
these limitations by providing a reconciliation of this non-GAAP
measure to the most comparable GAAP measure, below. We encourage
investors and others to review our business, results of operations,
and financial information in their entirety, not to rely on any
single financial measure, and to view this non-GAAP measure in
conjunction with the most directly comparable GAAP financial
measure.
|
|
Three Months Ended |
|
|
March 31, |
|
March 31, |
|
|
2023 |
|
2022 |
|
|
|
|
|
Net Income |
|
$(1,247) |
|
$(3,384) |
|
|
|
|
|
Depreciation, depletion,
accretion and amortization |
|
2,417 |
|
1,886 |
Unrealized loss (gain) on
commodity derivatives |
|
(1,325) |
|
5,193 |
Interest Expense, net |
|
268 |
|
50 |
Deferred income taxes |
|
(62) |
|
(2,689) |
Non-cash stock-based
compensation |
|
726 |
|
1,500 |
Transaction related
expenses |
|
- |
|
406 |
Transaction related acquired
realized derivative losses |
|
405 |
|
1,220 |
Loss (gain) on marketable
securities |
|
- |
|
(81) |
Total
Adjustments |
|
2,429 |
|
7,485 |
|
|
|
|
|
Total Adjusted
EBITDA |
|
$1,182 |
|
$4,101 |
|
|
|
|
|
INVESTOR RELATIONS CONTACT
U.S. Energy Corp.IR@usnrg.com(303)
993-3200www.usnrg.com
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