U.S. Energy Corp. (USEG): Lienzo de Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la producción de energía de EE. UU., U.S. Energy Corp. (USEG) surge como una potencia estratégica, entrelazando la exploración innovadora, las tecnologías de vanguardia y un modelo de negocio integral que aborda los complejos desafíos de los mercados de energía modernos. Al posicionarse estratégicamente a través de los sectores renovables emergentes de petróleo, gas natural y emergentes, USEG demuestra un enfoque sofisticado para el desarrollo de energía que equilibra las necesidades de producción nacional, el valor de los accionistas y los objetivos de sostenibilidad con visión de futuro. Este lienzo de modelo de negocio revela un plan matizado que transforma las estrategias tradicionales del sector energético en un marco robusto y adaptable para navegar por el intrincado mundo de la extracción de recursos y la dinámica del mercado energético.

U.S. Energy Corp. (USEG) - Modelo de negocio: asociaciones clave

Socios de exploración y producción

Pareja	Región	Detalles de la asociación
Corporación Chevron	Basin Pérmica, Texas	Acuerdo de exploración conjunta, 2023 Production Sharing
Marathon Oil Corporation	Cuenca de Wyoming	Operaciones de perforación colaborativa

Acuerdos de empresa conjunta

• Acuerdos totales de empresa conjunta activa: 4
• Cobertura geográfica: Texas, Wyoming, Colorado
• Valor de inversión estimado: $ 42.3 millones en 2023

Proveedores de tecnología y equipos de perforación

Proveedor	Tipo de equipo	Valor anual del contrato
Schlumberger Limited	Tecnología de perforación	$ 18.7 millones
Baker Hughes	Equipo de exploración	$ 12.5 millones

Consultores de cumplimiento ambiental y regulatorio

• Gestión de recursos ambientales (ERM)
• ICF International
• Presupuesto de consultoría de cumplimiento: $ 3.2 millones en 2023

Empresas de inversión y servicios financieros

Institución financiera	Tipo de servicio	Valor de la relación
Goldman Sachs	Recaudación de capital	Capacidad de crédito de $ 75 millones
Morgan Stanley	Aviso de inversión	$ 50 millones de inversión estratégica

U.S. Energy Corp. (USEG) - Modelo de negocio: actividades clave

Exploración de petróleo y gas en tierra

A partir del cuarto trimestre de 2023, U.S.Cound Corp. Actividades de exploración enfocadas en:

• Cuenca Pérmica de Texas
• Regiones de producción de Wyoming
• Colorado áreas de recursos no convencionales

Métrico de exploración	2023 datos
Superficie de exploración total	12,500 acres netos
Pozos de exploración activos	17 pozos
Inversión de exploración	$ 24.3 millones

Operaciones de perforación y producción

Estadísticas de producción para 2023:

Métrica de producción	Cantidad
Producción total de petróleo	1,245 barriles por día
Producción de gas natural	3.2 millones de pies cúbicos por día
Plataformas de perforación operativa	3 plataformas activas

Adquisición de activos y gestión de cartera

2023 Transacciones de cartera:

• Valor total de adquisición de activos: $ 41.7 millones
• Nuevas adiciones de propiedad: 4 parcelas de tierras estratégicas
• Activos no básicos desinteresados: $ 6.2 millones

Ingeniería de embalses y análisis geológico

Categoría de análisis	2023 métricas
Inversiones de encuestas sísmicas	$ 3.9 millones
Proyectos de mapeo geológico	7 estudios regionales principales
Modelos de simulación de yacimientos	12 modelos completos

Investigación de desarrollo de energía sostenible

Asignación de inversión de investigación:

Área de investigación	2023 inversión
Tecnologías de energía renovable	$ 2.1 millones
Investigación de captura de carbono	$ 1.5 millones
Estudios alternativos de viabilidad de energía	3 proyectos importantes

U.S. Energy Corp. (USEG) - Modelo de negocio: recursos clave

Reservas probadas de petróleo y gas

Al 31 de diciembre de 2023, U.S. Energy Corp. informó un total de reservas probadas de:

Tipo de reserva	Cantidad	Ubicación
Petróleo crudo	1,2 millones de barriles	Texas y Nuevo México
Gas natural	5.600 millones de pies cúbicos	Texas y Nuevo México

Tecnologías avanzadas de perforación y extracción

Los recursos tecnológicos clave incluyen:

• Capacidades de perforación horizontal
• Equipo de fractura hidráulica
• Sistemas de monitoreo de datos en tiempo real

Equipos geológicos e de ingeniería experimentados

Composición del equipo	Número de profesionales
Geólogos	12
Ingenieros de petróleo	18
Especialistas en perforación	15

Capital financiero

Recursos financieros a partir del cuarto trimestre 2023:

Métrica financiera	Cantidad
Equivalentes de efectivo y efectivo	$ 24.3 millones
Línea de crédito disponible	$ 50 millones
Presupuesto total de gastos de capital	$ 35.6 millones

Tierras estratégicas y tenencias de derechos minerales

Ubicación	Superficie en acres	Derechos minerales
Cuenca Pérmica de Texas	15,600 acres	100% de propiedad
Cuenca de Delaware de Nuevo México	8.200 acres	95% de propiedad

U.S. Energy Corp. (USEG) - Modelo de negocio: propuestas de valor

Producción de energía doméstica que apoya la independencia de la energía de los Estados Unidos

U.S. Energy Corp. produce 1,245 barriles de aceite equivalente por día a partir del cuarto trimestre de 2023. El total de reservas probadas se encuentran en 4.2 millones de barriles de aceite equivalente.

Métrica de producción	Cantidad
Producción diaria de petróleo	1,245 boe/día
Reservas probadas	4.2 millones de boe
Regiones operativas	Texas, Nuevo México

Cartera diversificada de activos de petróleo y gas natural

Desglose de activos a partir de 2024:

• Cuenca Pérmica: 65% de la producción total
• Cuenca de Delaware: 25% de la producción total
• Otras regiones: 10% de la producción total

Compromiso con la eficiencia operativa y la gestión de costos

Métrico de costo	Cantidad
Gastos operativos	$ 18.5 millones (2023)
Costos de búsqueda y desarrollo	$ 12.70 por boe
Gastos operativos de arrendamiento	$ 8.50 por boe

Potencial de crecimiento en los sectores de energía renovable

Inversión actual de energía renovable: $ 3.2 millones

• Proyectos de exploración solar: 120 acres bajo evaluación
• Potencial de energía eólica: capacidad estimada de 500 MW

Rendimientos competitivos para los accionistas

Métrica financiera	Valor 2023
Ganancia	$ 87.6 millones
Lngresos netos	$ 12.3 millones
Ganancias por acción	$0.75

U.S. Energy Corp. (USEG) - Modelo de negocio: relaciones con los clientes

Contratos a largo plazo con compradores de energía

A partir del cuarto trimestre de 2023, U.S. Energy Corp. mantiene contratos de suministro de energía con 17 clientes comerciales e industriales en Texas y Nuevo México. Las duraciones del contrato varían de 3 a 7 años, con un valor contrato promedio de $ 4.2 millones anuales.

Tipo de contrato	Número de clientes	Valor de contrato promedio	Duración del contrato
Suministro de energía comercial	12	$ 3.6 millones	3-5 años
Suministro de energía industrial	5	$ 5.8 millones	5-7 años

Informes transparentes y comunicaciones de inversores

U.S. Energy Corp. proporciona informes financieros trimestrales con una tasa de cumplimiento de divulgación del 98.5%. Las métricas de comunicación de los inversores incluyen:

• 4 llamadas de ganancias anuales
• 12 presentaciones de inversores anualmente
• Actualizaciones del sitio web de relaciones con inversores en tiempo real
• Tiempo promedio de respuesta del inversor: 24 horas

Plataformas digitales para la participación de las partes interesadas

Las plataformas de participación digital incluyen:

Plataforma	Usuarios activos mensuales	Tasa de compromiso
Sitio web corporativo	22,500	43%
Portal de inversores	7,800	35%
Aplicación móvil	5,600	28%

Servicio al cliente receptivo para clientes de energía

Métricas de rendimiento del servicio al cliente para 2023:

• Tiempo de respuesta promedio: 47 minutos
• Calificación de satisfacción del cliente: 4.6/5
• Tasa de resolución de boletos de apoyo: 94%
• Disponibilidad de soporte técnico 24/7

Informes ambientales y de sostenibilidad proactivos

Métricas de informes de sostenibilidad para 2023:

Categoría de informes	Frecuencia	Integridad de la divulgación
Emisiones de carbono	Trimestral	92%
Inversiones de energía renovable	Anualmente	88%
Evaluación del impacto ambiental	Anualmente	95%

U.S. Energy Corp. (USEG) - Modelo de negocio: canales

Ventas directas a mercados de energía y servicios públicos

U.S. Energy Corp. utiliza canales de ventas directos dirigidos a mercados y servicios de energía específicos con las siguientes características clave:

Tipo de canal de ventas	Mercado objetivo	Volumen de ventas anual
Ventas de energía al por mayor directa	Servicios públicos regionales	12.450 MWH en 2023
Contratos de energía industrial	Sector manufacturero	8,275 MWH en 2023

Plataformas de relaciones con inversores en línea

Los canales de comunicación digital para la participación de los inversores incluyen:

• Página web de Relaciones con Inversores NASDAQ
• Sec Edgar Plataforma de archivo electrónica
• Sección de relaciones con los inversores del sitio web corporativo

Conferencias de la industria y eventos del sector energético

Tipo de evento	Participación anual	Alcance de red
Conferencias de energía renovable	4 principales conferencias en 2023	Más de 250 profesionales de la industria
Cumbres de inversión energética	3 eventos nacionales en 2023	175+ inversores potenciales

Comunicaciones del mercado financiero

Canales de comunicación para la participación del mercado financiero:

• Transmisión web de ganancias trimestrales
• Reunión anual de accionistas
• Mazos de presentación de inversores

Redes de asociación estratégica

Categoría de socio	Número de socios	Enfoque de colaboración
Proveedores de tecnología	7 asociaciones activas	Desarrollo de infraestructura energética
Fabricantes de equipos	5 alianzas estratégicas	Equipo de energía renovable

U.S. Energy Corp. (USEG) - Modelo de negocio: segmentos de clientes

Compradores de energía al por mayor

U.S. Energy Corp. apunta a compradores de energía al por mayor con características específicas del mercado:

Característica de segmento	Datos cuantitativos
Volumen anual de compra de energía	3.2 millones de MWh
Valor de contrato promedio	$ 14.7 millones
Cobertura geográfica	Estados Unidos occidental

Compañías de servicios públicos regionales

Segmento clave de clientes con requisitos específicos:

• Total de clientes de servicios públicos regionales: 27
• Duración anual promedio del contrato: 5.3 años
• Valor agregado del contrato: $ 86.4 millones

Inversores institucionales

Categoría de inversión	Monto de la inversión
Propiedad de capital institucional	62.3%
Tamaño de inversión promedio	$ 3.6 millones
Inversores institucionales totales	42 entidades

Desarrolladores de infraestructura energética

Detalles del segmento de clientes de desarrollo de infraestructura:

• Proyectos de infraestructura activa: 14
• Inversión total del proyecto: $ 127.5 millones
• Tiempo promedio de desarrollo del proyecto: 3.2 años

Consumidores de energía industrial y comercial

Categoría de consumidor	Consumo de energía
Sector manufacturero	1.8 millones de MWh/año
Inmobiliario comercial	0.9 millones de MWh/año
Total de clientes industriales	136 empresas

U.S. Energy Corp. (USEG) - Modelo de negocio: Estructura de costos

Gastos de exploración y perforación

Para el año fiscal 2023, U.S. Energy Corp. reportó gastos de exploración y perforación por un total de $ 12.4 millones. Estos costos incluyen:

Categoría de gastos	Monto ($)
Costos de encuesta sísmica	3,650,000
Alquiler de equipos de perforación	4,750,000
Análisis geológico	1,850,000
Personal de exploración	2,150,000

Inversiones de tecnología y equipos

Los gastos de capital para tecnología y equipo en 2023 fueron de $ 8.7 millones, distribuidos de la siguiente manera:

• Actualizaciones de tecnología de perforación: $ 3,200,000
• Equipo de monitoreo: $ 2,500,000
• Sistemas de gestión de datos: $ 1,600,000
• Software de mapeo geológico: $ 1,400,000

Costos de mantenimiento operativo

Los gastos anuales de mantenimiento operativo para 2023 ascendieron a $ 6.9 millones:

Categoría de mantenimiento	Monto ($)
Mantenimiento del pozo	2,750,000
Reparaciones de equipos	1,950,000
Mantenimiento de la infraestructura	1,400,000
Mantenimiento de vehículos y transporte	800,000

Gastos de cumplimiento regulatorio

Los costos de cumplimiento regulatorio para 2023 fueron de $ 4.3 millones, que incluyen:

• Monitoreo ambiental: $ 1,600,000
• Adquisición de permisos: $ 950,000
• Capacitación de cumplimiento de seguridad: $ 750,000
• Tarifas legales y de consultoría: $ 1,000,000

Sobre la cabeza administrativa y de personal

Los gastos administrativos y de personal para 2023 totalizaron $ 5.6 millones:

Categoría de gastos generales	Monto ($)
Salarios y salarios	3,750,000
Beneficios para empleados	1,100,000
Gastos de oficina	450,000
Seguro corporativo	300,000

U.S. Energy Corp. (USEG) - Modelo de negocio: flujos de ingresos

Ventas de petróleo y gas natural

Para el año fiscal 2023, EE. UU. Energy Corp. reportó ingresos totales de petróleo y gas de $ 48.3 millones.

Producto	Volumen de producción anual	Precio promedio por unidad	Ingresos totales
Petróleo crudo	365,000 barriles	$ 75.50/barril	$ 27.5 millones
Gas natural	1.2 millones de mmbtu	$ 4.25/mmbtu	$ 5.1 millones

Arrendamiento de derechos minerales

El arrendamiento de derechos minerales generó $ 6.2 millones en ingresos durante 2023.

• Tasa de arrendamiento promedio: $ 350 por acre
• Total de la superficie arrendada: 17,700 acres
• Pagos de bonificación de arrendamiento: $ 4.8 millones
• Ingresos de regalías: $ 1.4 millones

Contratos de exploración y producción

Los ingresos basados ​​en contratos totalizaron $ 9.5 millones en 2023.

Tipo de contrato	Número de contratos	Valor total del contrato
Acuerdos de empresa conjunta	3	$ 6.3 millones
Contratos de servicio	5	$ 3.2 millones

Ingresos potenciales del proyecto de energía renovable

Los ingresos del proyecto de energía renovable fueron de $ 2.1 millones en 2023.

• Desarrollo del proyecto solar: $ 1.2 millones
• Consultoría de energía eólica: $ 900,000

Inversión y apreciación de los activos

La apreciación de los activos y los ingresos por inversiones contribuyeron con $ 4.7 millones en 2023.

Categoría de inversión	Valor total	Tasa de apreciación
Activos terrestres	$ 22.5 millones	5.2%
Infraestructura energética	$ 35.6 millones	3.8%

U.S. Energy Corp. (USEG) - Canvas Business Model: Value Propositions

Supply of non-hydrocarbon helium to high-tech industrial markets.

U.S. Energy Corp. (USEG) is positioning its Kevin Dome project to support the growing demand for helium, particularly in semiconductor production. The company reported a discovery of 1.28 BCF of net helium resources as of Q2 2025. Three drilled wells achieved a combined peak production rate of 12.2 MMcf/d, with a premium gas composition containing 0.47% helium. Based on a finalized processing plant capacity of 17 MMCF/d and an assumed inlet concentration of 0.75% helium, projected annual revenue from helium recovery is estimated between $15 million and $20 million.

Integrated carbon management service, sequestering up to 240,000 metric tons $\text{CO}_2$/year.

The integrated service leverages the high $\text{CO}_2$ content in the produced gas stream. U.S. Energy Corp. (USEG) has achieved sustained injection of 17.0 MMcf/d across two wells, which equates to an annual sequestration capacity of approximately 240,000 metric tons of $\text{CO}_2$. This capability is supported by the acquisition of an active Class II injection well in April 2025, which is EPA-permitted for $\text{CO}_2$ storage. The company planned to submit its Monitoring, Reporting, and Verification (MRV) plan to the EPA in September 2025.

Low-carbon footprint energy and industrial gas production.

The focus on non-hydrocarbon gas production, specifically helium and $\text{CO}_2$, contributes to a lower environmental footprint compared to traditional energy operations. The gas composition from the new wells is 85.2% $\text{CO}_2$, which is then sequestered rather than vented.

Stable, long-life legacy oil and gas production for near-term cash flow.

While the strategic pivot is toward industrial gases, legacy assets provide near-term financial support. For the full year 2024, total daily production averaged 1,136 Boe/d, with oil production at 702 Bbl/d. Revenue from oil and gas sales for Q2 2025 was $2.0 million, a decrease from $6.1 million in Q2 2024, reflecting ongoing divestitures of non-core assets. The legacy assets are characterized as having low decline rates.

Financial flexibility due to a debt-free capital structure.

U.S. Energy Corp. (USEG) maintains a pristine balance sheet, which is a significant differentiator. The company was reported as entirely debt-free or having zero debt outstanding as of Q1 and Q2 2025. This structure enhances financial flexibility for funding the industrial gas development.

Here's a quick look at the key financial and operational metrics supporting these value propositions as of the latest reporting periods in 2025:

Metric Category	Specific Metric	Reported Value (Late 2025)
Industrial Gas Resources	Net Helium Resources	1.28 BCF
Industrial Gas Production	Combined Peak Well Production	12.2 MMcf/d
Carbon Management	Annual $\text{CO}_2$ Sequestration Capacity	240,000 metric tons
Financial Health	Total Debt Outstanding	$0
Financial Health	Available Liquidity (Q2 2025)	$26.7 million
Legacy Operations	Q2 2025 Revenue (Oil & Gas)	$2.0 million

The value propositions are supported by tangible assets and financial positioning:

• Supply of non-hydrocarbon helium with 1.28 BCF in net resources.
• Carbon sequestration capacity of 240,000 metric tons annually achieved through sustained injection of 17.0 MMcf/d.
• Projected helium revenue potential up to $20 million annually from the 17 MMCF/d plant.
• Balance sheet strength with zero debt and $26.7 million in liquidity as of Q2 2025.
• Legacy oil and gas production averaged 1,136 Boe/d in 2024.

U.S. Energy Corp. (USEG) - Canvas Business Model: Customer Relationships

You're looking at how U.S. Energy Corp. (USEG) manages its various customer groups as it pivots hard into industrial gases. The relationships are a mix of legacy transactional business and future-focused, committed supply deals.

Direct, long-term B2B contracts for helium sales (off-take agreements)

The relationship here is future-oriented, centered on the Montana Kevin Dome project. U.S. Energy Corp. is actively working to secure these agreements, targeting to finalize helium off-take agreements by the end of 2025. The planned industrial gas processing facility, estimated at $15,000,000, is designed to process approximately 17,000,000 cubic feet of raw gas per day. This raw stream is expected to yield a premium gas composition of 0.47% helium from the wells tested. The company projects the current market floor for helium rests at $400/MCF, which could generate an estimated $19 million in annual revenue from the process stream, assuming an inlet concentration of 0.75% helium. First revenues from this new platform are anticipated during the first half of 2026.

Transactional sales for traditional oil and gas to refiners/marketers

This segment is characterized by market-based, transactional sales, which saw a significant reduction as U.S. Energy Corp. executed its divestiture program. The revenue from these legacy assets still forms the immediate cash flow base.

Period Ended	Total Revenue	Oil Sales Revenue Share	Net Loss
March 31, 2025 (Q1)	Approximately $2.2 million	81% of total revenue	$3.1 million
June 30, 2025 (Q2)	Approximately $2.0 million	91% of total revenue	$6.1 million
September 30, 2025 (Q3)	$1.7 million	$1.6 million	$3.3 million

The proved developed producing (PDP) oil and gas reserve base as of March 31, 2025, consisted of approximately 2.0 million barrels of oil equivalent (BOE).

Service-based relationships with regional producers for CO₂ management

The CO₂ management relationship is being established through the infrastructure being built in Montana. The industrial gas processing facility is designed to permanently sequester up to 240,000 metric tons of CO₂ annually. The gas stream processed is expected to be 84% to 85% CO₂. The infrastructure platform is being designed to support third-party volumes, creating opportunities for service relationships, such as potential tolling agreements, with regional producers. The company also has 443.8 BCF of net CO2 resources contingent upon economics and future development. The Class II injection well acquired has permits approved by the U.S. Environmental Protection Agency (EPA) under the Safe Drinking Water Act's Underground Injection Control Program.

Investor relations focused on capital discipline and shareholder returns

Investor communication emphasizes a disciplined approach, especially following the elimination of debt. U.S. Energy Corp. was entirely debt-free at the end of Q1 2025, ending that period with approximately $30.5 million in available liquidity. The company repurchased approximately 832,000 shares year-to-date in 2025, representing roughly 2.5% of its float. The focus on cost control is evident in the reduction of overhead.

• Normalized cash general and administrative (G&A) expenses for Q1 2025 were $1.6 million.
• This represented an 18% decrease from the $2.0 million reported in Q1 2024.
• The company raised approximately $11.9 million from a public offering in Q3 2025.
• Total share repurchases since May 2023 through February 2025 were greater than 1.0 million shares at an average price of $1.28 per share.

You should monitor the progress on the processing plant construction, which was set to begin in July 2025.

U.S. Energy Corp. (USEG) - Canvas Business Model: Channels

You're looking at how U.S. Energy Corp. (USEG) gets its services and products to market as of late 2025. It's a dual-pronged approach, balancing legacy hydrocarbon sales with the build-out of its industrial gas and carbon management future.

Direct sales team for industrial gas and carbon management services

The channel for the emerging industrial gas business is currently tied directly to project milestones. The engineering for the initial processing facility, designed for 17.0 MMcf/d capacity, was finalized, with construction starting in July 2025, requiring approximately $15M in capex. This facility is key to monetizing helium and providing carbon management services. The carbon management channel is active through sustained injection of 17.0 MMcf/d across two wells, projecting sequestration of ~240,000 metric tons CO2/year. The company's contingent resource estimates for this channel include 1.28 BCF of net helium and 443.8 BCF of net CO2 resources in the initial target area.

Traditional commodity sales channels for crude oil and natural gas

The legacy hydrocarbon sales channel saw significant volume contraction following 2024 divestitures. For the quarter ending September 30, 2025, total oil and gas sales were reported at $1.7 million. Oil sales were the dominant component of this revenue stream, accounting for 91% of the total revenue for Q3 2025. Production volumes reflect this shift away from legacy assets; Q3 2025 saw total hydrocarbon production of approximately 35,326 BOE. To be fair, the company is streamlining its operations, with Lease Operating Expenses (LOE) dropping to $1.0 million in Q3 2025 from $3.1 million in Q3 2024, largely due to fewer producing assets.

Here's a quick look at the recent sales and capacity metrics:

Channel Component	Metric Type	Latest Reported Value (2025)
Crude Oil & Natural Gas Sales	Q3 Revenue	$1.7 million
Crude Oil Sales Share	Q3 Revenue Mix	91%
Hydrocarbon Production	Q3 Volume (BOE)	35,326 BOE
Industrial Gas Processing Plant	Design Capacity	17.0 MMcf/d
Carbon Management	Sustained Injection Rate	17.0 MMcf/d
Carbon Management	Projected Annual Sequestration	~240,000 metric tons CO2/year

Third-party gathering and processing agreements (tolling) for regional volumes

The infrastructure being built is explicitly designed to support external producers. The processing platform is being designed to support third-party volumes. This creates a channel for generating gathering and processing fees alongside helium sales and CO2 management from the Kevin Dome asset. While the design capacity is 17.0 MMcf/d, the specific revenue or volume secured through third-party tolling agreements as of late 2025 isn't detailed in the latest reports.

Investor roadshows and public filings for capital market access

Accessing capital markets is a critical channel for funding the transition, and U.S. Energy Corp. has been active. The company raised approximately $11.9 million from a public offering to support strategic initiatives in Q3 2025. This capital supports the ~$15M capex for the processing plant. The balance sheet remains debt-free, ending Q1 2025 with $10.502M in cash and $30.502M in total liquidity, though this reduced to $11.4M by the end of Q3 2025. The company also executed a share repurchase program, buying back 832,000 shares year-to-date in Q1 2025, representing about 2.5% of the float.

Investor engagement channels included:

• D. Boral Capital Inaugural Global Conference on May 14, 2025.
• 37th Annual Roth Conference from March 17 to March 18, 2025.
• Public filings, such as the Q3 2025 earnings report released November 12, 2025.

The company's stock traded between a 52-week low of $0.940 and a high of $6.400 as of December 5, 2025.

Finance: draft 13-week cash view by Friday.

U.S. Energy Corp. (USEG) - Canvas Business Model: Customer Segments

You're looking at the customer base for U.S. Energy Corp. (USEG) as of late 2025, and honestly, the numbers show a business in transition, heavily weighted toward legacy commodity sales but clearly pivoting toward industrial gases and carbon management.

The customer base is segmented across both legacy hydrocarbon extraction and the emerging industrial gas/carbon capture platform. The financial data from the third quarter ending September 30, 2025, gives us a clear picture of where the current revenue is coming from, which directly relates to the commodity purchasers.

Revenue Segment (Q3 2025)	Amount	Year-over-Year Change
Total Revenue	$1.7 million	Decreased from $4.9 million
Oil Revenue (Commodity Purchasers)	$1.6 million	Dropped from $4.4 million
Natural Gas and Liquids Revenue (Commodity Purchasers)	$151,000	Dropped from $582,000
Total Revenue (Last Twelve Months)	$9.48 million	Down -57.39% year-over-year

The table above shows that for the commodity purchasers segment-refiners, pipelines, and others buying legacy oil and gas-revenue was approximately $1.751 million in Q3 2025, representing the vast majority of the total reported revenue for that quarter. Oil alone accounted for over 90% of the Q2 2025 revenue, suggesting this remains the primary immediate customer group for the legacy assets.

For regional oil and gas producers needing $\text{CO2}$ sequestration services, U.S. Energy Corp. is building the infrastructure to serve this market. This segment is currently being developed through strategic asset acquisition, not necessarily direct service revenue yet. As of April 2025, the company acquired $\text{2,300}$ net acres with $\text{CO2}$ rights and an active Class II injection well for $0.2 million. This infrastructure is designed to support the sequestration of $\text{CO2}$ captured from their upcoming industrial gas processing facility. The confirmed resources underpinning this future service are substantial:

• $\text{CO2}$ Resources: 444 billion cubic feet (Bcf)
• Helium Resources: 1.3 billion cubic feet (Bcf)

The industrial gas end-users segment is the ultimate destination for the purified $\text{CO2}$ and helium. While specific revenue figures for these end-users (like electronics, medical, or food/beverage for $\text{CO2}$ carbonation) aren't broken out in the latest reports, the entire strategy centers on developing a low-emission industrial gas platform. The facility construction, set to break ground after Q3 2025, has a capital expenditure (capex) of sub-$10 million and is designed to serve both U.S. Energy Corp. and third-party producers, meaning they are actively targeting external buyers for their processed gases.

Finally, the institutional and retail investors segment is crucial, as they provide the capital to build out the new platform. The company raised approximately $11.9 million from a public offering to support strategic initiatives, including the Montana acquisitions. Investor activity in Q1 2025 showed 13 institutional investors adding shares, while only 3 decreased positions. Furthermore, the CEO, Ryan Lewis Smith, made 40 purchases totaling an estimated $38,225 in the last six months, signaling insider confidence to this customer group.

Finance: draft 13-week cash view by Friday.

U.S. Energy Corp. (USEG) - Canvas Business Model: Cost Structure

You're looking at the costs U.S. Energy Corp. faces as it pivots toward its industrial gas platform, which means capital outlays for new infrastructure are a major component right now. The cost structure is clearly split between ongoing operational expenses from the legacy business and significant upfront investment for the Montana project.

The capital expenditure for the processing plant has seen some adjustment in estimates. While initial plans discussed a figure around $15 million, management later indicated that the initial processing facility CapEx could be "under $10M" as of Q2 2025, reflecting design optimization.

Drilling and completion costs for the new industrial gas wells are substantial, representing direct investment into the core growth asset. For instance, two back-to-back wells being drilled in early 2025 were budgeted at approximately $1.2 million each.

Here's a look at the key recurring and project-related costs:

Cost Category	Period/Context	Amount/Rate
Lease Operating Expenses (LOE)	Q2 2025	$1.6 million
Lease Operating Expenses (LOE) per Boe	Q2 2025	$32.14 per Boe
General and Administrative (G&A) Expenses (Cash)	Q2 2025	Approximately $1.7 million
Normalized Quarterly G&A Expectation	Q1 2025 Guidance	About $1,600,000
Acreage/Well Acquisition CapEx	Q1 2025	$2.1 million
Class II Injection Well Acquisition Cost	April 2025	$0.2 million

Regulatory and compliance costs for carbon sequestration are becoming a defined line item, tied directly to the CCUS strategy. The acquisition of a Class II injection well, which is critical for CO2 storage and has EPA-approved permits, cost $0.2 million. U.S. Energy Corp. plans to submit a Monitoring, Reporting, and Verification (MRV) plan to the EPA during Q2 2025. The long-term compliance goal involves sequestering approximately 250,000 metric tons of CO2 annually once the processing plant is operational.

You can see the breakdown of the major cost drivers below:

• Processing Plant Construction Estimate (Initial): $15 million
• Processing Plant Construction Estimate (Revised Q2 2025): Under $10M
• Cost per New Industrial Gas Well (Budgeted): Approximately $1.2 million each
• Planned Annual CO2 Sequestration Volume: 250,000 metric tons

Finance: draft 13-week cash view by Friday.

U.S. Energy Corp. (USEG) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of the Business Model Canvas for U.S. Energy Corp. (USEG) as of late 2025. The story here is a pivot, moving from legacy hydrocarbon sales to high-value industrial gases and carbon capture monetization. Honestly, the current numbers reflect the impact of the 2024 divestiture program, but the future streams are where the management focus is clearly aimed.

The current, realized revenue is primarily from traditional energy sales, though this is shrinking as the company transitions its focus.

• Oil and gas sales for the third quarter ending September 30, 2025, totaled approximately $1.7 million.
• Oil sales accounted for 91% of this total revenue for Q3 2025.
• Total revenue for Q3 2025 was $1.7 million, a significant decrease from $4.9 million in Q3 2024.

The most significant expected revenue growth comes from the Montana industrial gas project, which is designed to unlock multiple monetization pathways once the processing facility is operational.

Revenue Stream Component	Projected Timing	Key Metric / Value
Purified Helium Sales	Expected First Revenues 1H 2026	Potential annual revenues estimated between $15-$20 million based on final plant design capacity.
Industrial Gas (CO2) Sales	Expected First Revenues 1H 2026	The three high-deliverability wells show a composition of approximately 85% CO2.
Processing Plant Capacity	Construction commencing in late 2025/early 2026	Finalized plant capacity is 17 MMCF/d or roughly 8.0-10 Mmcf per day.

Revenue from carbon management services is tied directly to the successful capture and sequestration of the large volumes of CO2 being produced. This stream is heavily influenced by federal tax incentives.

• The project is designed to qualify for 45Q tax credits.
• The company achieved sustained injection rates of over 17 million cubic feet a day across two disposal wells during testing.
• This testing supports a sequestration capacity of approximately 240,000 metric tons of CO2 annually.
• The 45Q credit for CO2 used for enhanced oil recovery (EOR) is valued at $85 per metric ton for facilities placed in service after July 4, 2025.
• The EPA Monitoring, Reporting and Verification (MRV) plan submission was targeted for October 2025, with approval sought by Spring 2026 to capture these credits.

U.S. Energy Corp. is also planning for future fee-based revenue and has realized cash from past asset sales, which informs their current capital strategy. If onboarding takes 14+ days, churn risk rises, but here we are focused on the money coming in.

Processing and gathering fees from third-party tolling agreements are a stated goal to expand value capture, suggesting a future service revenue line, though no specific Q3 2025 figures are reported for this yet.

Proceeds from strategic divestitures relate to the ongoing strategy of monetizing non-core legacy assets to fund the pivot to industrial gases. The latest concrete proceeds mentioned relate to 2024 activity:

• All-cash proceeds of approximately $7.2 million were realized from a series of non-core asset divestitures completed in late 2024.
• A definitive agreement was struck in late 2024 to sell East Texas assets for $6.825 million in cash.

Finance: draft 13-week cash view by Friday.