U.S. Energy Corp.
- Open
- 1.09
- Day high
- 1.11
- Day low
- 1.07
- Prev close
- 1.11
- Volume
- 10K
- Mkt cap
- $57M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.5
- P/S
- 8.4
- Yield
- —
- Per share
- —
U.S. Energy Corp. (USEG) is a Energy company listed on NASDAQ. The stock is down 23% over the past year.
U.S. Energy Corp. (USEG) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
USEG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $-0.04 | $-0.08 | -100.0% | $2M | -1.7% |
| Mar 13, 2026 | $-0.04 | $-0.06 | -50.0% | $1M | -14.8% |
| Nov 12, 2025 | $-0.09 | $-0.10 | -11.1% | $2M | -16.9% |
| Aug 12, 2025 | $-0.06 | $-0.19 | -216.7% | $2M | -0.4% |
| Mar 13, 2025 | $-0.08 | $-0.25 | -212.5% | $4M | +6.7% |
| May 9, 2024 | $-0.09 | $-0.17 | -88.9% | $5M | -20.1% |
| Nov 13, 2023 | $-0.05 | $-0.35 | -600.0% | $9M | -1.5% |
| Aug 14, 2023 | $-0.09 | $-0.10 | -11.1% | $8M | -3.6% |
| May 11, 2023 | $0.01 | $-0.05 | -600.0% | $8M | -16.5% |
| Nov 10, 2022 | — | $0.16 | — | $12M | +0.6% |
| Aug 11, 2022 | $0.15 | $0.00 | -96.8% | $13M | — |
| May 12, 2022 | $0.14 | $-0.14 | -200.0% | $9M | — |
USEG insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Mar 20, 2026 | Smith Ryan Lewisdirector, officer: CEO | Tax | 19,177 | $1.02 |
| Mar 20, 2026 | Zajac Mark L.officer: CFO | Tax | 21,853 | $1.02 |
| Mar 6, 2026 | King Duane Hdirector, other: Member of 10% owner group | Grant | 230,000 | $1.11 |
| Mar 6, 2026 | Smith Ryan Lewisdirector, officer: CEO | Grant | 1,500,000 | $1.11 |
| Mar 6, 2026 | Zajac Mark L.officer: CFO | Tax | 20,490 | $1.00 |
| Mar 6, 2026 | Zajac Mark L.officer: CFO | Grant | 375,000 | $1.11 |
| Mar 6, 2026 | Weinzierl John Adirector, 10 percent owner, other: Member of 10% owner group | Grant | 460,000 | $1.11 |
| Mar 6, 2026 | Slack Stephendirector | Grant | 230,000 | $1.11 |
| Mar 6, 2026 | DENNY JAMES W IIIdirector | Grant | 230,000 | $1.11 |
| Mar 6, 2026 | Keys Randall Ddirector | Grant | 230,000 | $1.11 |
| Mar 4, 2026 | Batchelor Joshua Lane10 percent owner, other: Member of 10% owner group | Sell | 40,000 | $1.25 |
| Mar 4, 2026 | Batchelor Joshua Lane10 percent owner, other: Member of 10% owner group | Sell | 24,365 | $1.37 |
| Mar 4, 2026 | Batchelor Joshua Lane10 percent owner, other: Member of 10% owner group | Sell | 357,500 | $1.25 |
| Mar 4, 2026 | Batchelor Joshua Lane10 percent owner, other: Member of 10% owner group | Sell | 26,930 | $1.25 |
| Mar 4, 2026 | Batchelor Joshua Lane10 percent owner, other: Member of 10% owner group | Sell | 218,000 | $1.37 |
Source: USEG SEC Form 4 filings, latest Mar 20, 2026. For informational purposes only — not investment advice.
See the full USEG insider & 13F page →U.S. Energy Corp. company profile
Overview
U.S. Energy Corp. (NASDAQ:USEG) is an independent energy company founded in 1966 and headquartered in Houston, Texas. Originally focused on traditional oil and gas exploration and production across multiple U.S. basins, the company has undergone a significant strategic transformation in recent years. While maintaining its legacy oil and gas operations, USEG has pivoted toward developing industrial gas assets, particularly helium production, in Montana's Kevin Dome structure. The company went public in 1980 and currently operates as a small-cap energy company with interests in oil and gas properties across North Dakota's Williston Basin, New Mexico's Permian Basin, and Texas, while simultaneously building what it aims to become a new industrial gas platform.
Business
U.S. Energy Corp. operates in two distinct but related segments within the broader energy sector. The company's business has evolved from a traditional oil and gas exploration and production company to a hybrid operation that combines conventional hydrocarbon production with emerging industrial gas development. **Traditional Oil and Gas Operations (Legacy Business - ~100% of current revenue):** The company's established business involves the acquisition, exploration, development, and production of crude oil and natural gas from onshore properties in the continental United States. Oil and gas exploration and production, commonly known as E&P, involves identifying underground hydrocarbon reserves, drilling wells to extract these resources, and selling the produced oil and gas to refiners, marketers, and other buyers. USEG's traditional operations span multiple prolific U.S. basins including the Williston Basin in North Dakota (known for the Bakken formation), the Permian Basin in New Mexico, and various Texas properties. As of recent reports, the company held interests in 146 gross producing wells across approximately 89,846 gross acres. Oil typically comprises 80-90% of the company's revenue from this segment, with natural gas making up the remainder. **Industrial Gas Development (Emerging Business - 0% of current revenue, targeting future production):** The company's strategic pivot centers on developing non-hydrocarbon industrial gas assets, specifically helium and carbon dioxide (CO2) production from the Kevin Dome structure in Montana. Helium is a critical industrial gas used in semiconductor manufacturing, aerospace applications, medical equipment, and scientific research. Unlike traditional helium production that often occurs as a byproduct of natural gas processing, USEG's Montana project targets helium-rich formations that contain minimal hydrocarbons, resulting in what the company describes as a "low environmental footprint" operation. The company has acquired approximately 160,000 net acres in this area and is constructing a $15 million processing plant capable of handling 17 million cubic feet of raw gas per day. Additionally, the company is developing one of the largest known CO2 deposits in the United States for carbon sequestration, anticipating the ability to sequester 250,000 metric tons of CO2 annually.
Revenue model
U.S. Energy Corp. generates revenue through two primary business models, though currently only one is producing cash flows. **Traditional Oil and Gas Sales (Current Revenue Source):** The company sells crude oil and natural gas produced from its wells to various buyers including refiners, marketers, and pipeline companies. Revenue is generated based on production volumes multiplied by prevailing commodity prices, minus royalty payments to mineral rights owners. Oil sales typically account for 80-90% of total revenue despite representing only about 60% of production volumes, reflecting oil's higher per-unit value compared to natural gas. The company receives payment based on monthly production and current market prices for West Texas Intermediate (WTI) crude oil and regional natural gas pricing. **Future Industrial Gas Sales (Planned Revenue Model):** Once operational in 2026, the Montana helium project will generate revenue by selling helium and CO2 to industrial customers. Helium commands premium pricing around $400-600 per thousand cubic feet (Mcf), significantly higher than natural gas prices. The company plans to target bespoke end-users in aerospace, semiconductor, and medical industries through multi-year offtake agreements typically ranging 2-5 years. Liquefied helium for specialized applications can command 2-3 times higher prices than standard helium. The carbon sequestration component may generate additional revenue through carbon credit sales or CO2 storage fees paid by other industrial emitters. **Margin Influencing Factors:** Several factors significantly impact the company's profitability. Commodity price volatility represents the primary external risk, as oil and gas prices fluctuate based on global supply-demand dynamics, geopolitical events, OPEC decisions, and economic conditions. Operating costs including lease operating expenses, which currently run about $20-35 per barrel of oil equivalent (BOE), directly affect margins and can be influenced by service cost inflation, equipment maintenance needs, and regulatory compliance requirements. For the emerging helium business, factors include helium market pricing (driven by semiconductor industry demand and global supply constraints), processing plant operational efficiency, and competition from other helium producers. The company's margins also benefit from its debt-free status, eliminating interest expense that typically burdens many E&P companies. Geographic concentration in specific basins creates both opportunity and risk, as regional price differentials and infrastructure constraints can impact realized pricing.
Competitive moat
U.S. Energy Corp. operates in a commodity business with limited traditional competitive moats, though its strategic pivot toward industrial gas production may provide some differentiation. In the traditional oil and gas segment, the company faces the typical challenges of a commodity producer with minimal pricing power and high competition. The company's small scale relative to major oil producers limits its ability to achieve significant cost advantages or operational efficiencies that larger competitors enjoy. However, the company's Montana helium project represents a potentially stronger competitive position. Helium is a specialty industrial gas with limited global supply sources and high barriers to entry for new production. The company's control of approximately 160,000 net acres in the Kevin Dome structure, described as containing one of the largest known CO2 deposits in the United States, provides a geographic advantage that cannot be easily replicated. The non-hydrocarbon nature of their helium resource creates operational advantages including lower environmental impact and reduced regulatory complexity compared to traditional natural gas-associated helium production. The industrial gas business typically involves longer-term customer relationships through multi-year offtake agreements, providing more revenue stability than spot commodity sales. Additionally, the company's planned processing infrastructure could potentially serve other producers in the region, creating a potential toll-processing revenue stream. **Competitive Threats:** The primary risks include potential new helium discoveries by competitors, technological advances in helium recycling or synthetic alternatives, and the possibility of major industrial gas companies entering the Montana market. The company's small size also limits its financial resources for competing against larger, better-capitalized competitors in both asset acquisitions and development activities. In the traditional oil and gas business, the company remains a price-taker in highly competitive commodity markets with no sustainable competitive advantages.
Risks & safety
The company presents a mixed margin of safety profile with both strengths and concerns: **Overall Assessment:** Moderate to high financial risk due to negative cash flows and execution risk on unproven helium project, partially offset by strong balance sheet position. **Liquidity and Solvency:** - Cash position: $10.5 million (Q1 2025) - No outstanding debt on $20 million revolving credit facility - Current ratio: 1.38 (Q1 2025), improved from 0.79 (Q4 2024) - Negative operating cash flow: -$4.5 million (Q1 2025) - Free cash flow: -$7.0 million (Q1 2025) - Cash burn rate concerning given current operational losses **Valuation Metrics:** - Price-to-book ratio: 1.17 (Q1 2025) - Negative earnings and EBITDA make traditional valuation metrics less meaningful - Enterprise value reflects significant discount to asset base - Market cap of ~$44 million versus total assets of ~$56 million **Other Considerations:** - Unproven helium project represents significant execution risk with $15 million processing plant investment - Traditional oil and gas operations currently unprofitable at recent production levels - Small scale limits operational flexibility and cost absorption capacity - Commodity price exposure creates ongoing volatility risk
Recent development
Over the past several years, U.S. Energy Corp. has executed a dramatic strategic transformation from a traditional oil and gas producer to a company positioning itself as an industrial gas platform. The most significant development has been the company's entry into the Montana helium market through the acquisition of approximately 160,000 net acres in the Kevin Dome structure, representing one of the largest known CO2 deposits in the United States. The company has systematically divested legacy assets to fund this transition, selling South Texas and East Texas properties for a combined $12.8 million and eliminating all outstanding debt. This strategic repositioning accelerated in 2024 with the successful drilling of the first industrial gas well, which confirmed helium concentrations up to 1.5% in non-hydrocarbon formations. Management has committed to constructing a $15 million processing plant capable of handling 17 million cubic feet of raw gas per day, with completion targeted for early 2026. Concurrent with the helium development, the company has been developing carbon sequestration capabilities, completing successful injection tests at disposal wells and working toward sequestering 250,000 metric tons of CO2 annually. This dual-purpose approach leverages the same geological formations for both helium extraction and CO2 storage, potentially creating multiple revenue streams from the same asset base. The company has also maintained disciplined capital allocation through an ongoing share repurchase program, buying back over 2.5 million shares in recent periods while maintaining a debt-free balance sheet. Management has indicated plans to continue monetizing remaining legacy oil and gas assets to fund the industrial gas development, representing a clear strategic focus on the higher-margin, specialty gas business rather than traditional commodity production.
USEG company profile · for informational purposes only — not investment advice.
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