U.S.Energy Corp. (USEG): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de la production d'énergie américaine, U.S. Energy Corp. (USEG) émerge comme une puissance stratégique, tissant ensemble une exploration innovante, des technologies de pointe et un modèle commercial complet qui relève les défis complexes des marchés de l'énergie modernes. En se positionnant stratégiquement à travers le pétrole, le gaz naturel et les secteurs renouvelables émergents, USEG démontre une approche sophistiquée du développement de l'énergie qui équilibre les besoins de production intérieure, la valeur des actionnaires et les objectifs de durabilité prospective. Cette toile de modèle commercial révèle un plan nuancé qui transforme les stratégies traditionnelles du secteur de l'énergie en un cadre robuste et adaptable pour naviguer dans le monde complexe de l'extraction des ressources et de la dynamique du marché de l'énergie.

U.S. Energy Corp. (USEG) - Modèle commercial: partenariats clés

Partenaires d'exploration et de production

Partenaire	Région	Détails du partenariat
Chevron Corporation	Basin Permien, Texas	Contrat d'exploration conjoint, partage de production 2023
Marathon Oil Corporation	Bassin du Wyoming	Opérations de forage collaboratif

Accords de coentreprise

• Accords totaux de coentreprise active: 4
• Couverture géographique: Texas, Wyoming, Colorado
• Valeur d'investissement estimée: 42,3 millions de dollars en 2023

Fournisseurs de la technologie et des équipements de forage

Fournisseur	Type d'équipement	Valeur du contrat annuel
Schlumberger Limited	Technologie de forage	18,7 millions de dollars
Baker Hughes	Équipement d'exploration	12,5 millions de dollars

Consultants en conformité environnementale et réglementaire

• Gestion des ressources environnementales (ERM)
• ICF International
• Budget de conseil en conformité: 3,2 millions de dollars en 2023

Sociétés d'investissement et de services financiers

Institution financière	Type de service	Valeur de la relation
Goldman Sachs	Levage de capitaux	CONDITION DE CRÉDIT 75 millions de dollars
Morgan Stanley	Avis d'investissement	Investissement stratégique de 50 millions de dollars

U.S. Energy Corp. (USEG) - Modèle d'entreprise: activités clés

Exploration du pétrole et du gaz à terre

Au quatrième trimestre 2023, U.S.Energy Corp. Activités d'exploration focalisées dans:

• Bassin du Texas Permien
• Régions de production du Wyoming
• Colorado Zones de ressources non conventionnelles

Métrique d'exploration	2023 données
Superficie d'exploration totale	12 500 acres nets
Puits d'exploration actifs	17 puits
Investissement d'exploration	24,3 millions de dollars

Opérations de forage et de production

Statistiques de production pour 2023:

Métrique de production	Quantité
Production totale de pétrole	1 245 barils par jour
Production de gaz naturel	3,2 millions de pieds cubes par jour
Plates-formes de forage opérationnelles	3 plates-formes actives

Acquisition d'actifs et gestion du portefeuille

Transactions de portefeuille 2023:

• Valeur totale d'acquisition d'actifs: 41,7 millions de dollars
• Nouveaux ajouts de propriété: 4 parcelles de terrain stratégiques
• Actifs non essentiels désactivés: 6,2 millions de dollars

Ingénierie des réservoirs et analyse géologique

Catégorie d'analyse	2023 métriques
Investissements d'enquête sismique	3,9 millions de dollars
Projets de cartographie géologique	7 études régionales majeures
Modèles de simulation de réservoir	12 modèles complets

Recherche de développement de l'énergie durable

Attribution de la recherche sur les investissements:

Domaine de recherche	2023 Investissement
Technologies d'énergie renouvelable	2,1 millions de dollars
Recherche de capture de carbone	1,5 million de dollars
Études de faisabilité d'énergie alternative	3 projets majeurs

U.S. Energy Corp. (USEG) - Modèle d'entreprise: Ressources clés

Réserves de pétrole et de gaz éprouvées

Au 31 décembre 2023, U.S. Energy Corp. a déclaré que le total a été prouvé des réserves:

Type de réserve	Quantité	Emplacement
Huile brute	1,2 million de barils	Texas et au Nouveau-Mexique
Gaz naturel	5,6 milliards de pieds cubes	Texas et au Nouveau-Mexique

Technologies de forage et d'extraction avancées

Les ressources technologiques clés comprennent:

• Capacités de forage horizontal
• Équipement de fracturation hydraulique
• Systèmes de surveillance des données en temps réel

Des équipes géologiques et d'ingénierie expérimentées

Composition de l'équipe	Nombre de professionnels
Géologues	12
Ingénieurs pétroliers	18
Spécialistes du forage	15

Capital financier

Ressources financières au quatrième trimestre 2023:

Métrique financière	Montant
Equivalents en espèces et en espèces	24,3 millions de dollars
Ligne de crédit disponible	50 millions de dollars
Budget total des dépenses en capital	35,6 millions de dollars

Constructions stratégiques de droits fonciers et minéraux

Emplacement	Superficie	Droits minéraux
Bassin du Texas Permien	15 600 acres	Propriétaire à 100%
Basin du Nouveau-Mexique Delaware	8 200 acres	Appartenant à 95%

U.S.Energy Corp. (USEG) - Modèle d'entreprise: propositions de valeur

Production d'énergie intérieure soutenant l'indépendance de l'énergie américaine

U.S.Energy Corp. produit 1 245 barils de pétrole équivalent par jour au quatrième trimestre 2023. Les réserves prouvées totales s'élèvent à 4,2 millions de barils d'équivalent de pétrole.

Métrique de production	Quantité
Production quotidienne de pétrole	1 245 Boe / jour
Réserves prouvées	4,2 millions de BOE
Régions opérationnelles	Texas, Nouveau-Mexique

Portfolio diversifié d'huile et d'actifs de gaz naturel

Déchange d'actifs à partir de 2024:

• Basin Permien: 65% de la production totale
• Basin Delaware: 25% de la production totale
• Autres régions: 10% de la production totale

Engagement envers l'efficacité opérationnelle et la gestion des coûts

Métrique coût	Montant
Dépenses d'exploitation	18,5 millions de dollars (2023)
Coûts de recherche et de développement	12,70 $ par Boe
Dépenses d'exploitation de location	8,50 $ par Boe

Potentiel de croissance des secteurs des énergies renouvelables

Investissement actuel des énergies renouvelables: 3,2 millions de dollars

• Projets d'exploration solaire: 120 acres en cours d'évaluation
• Potentiel d'énergie éolienne: 500 MW Capacité estimée

Rendements compétitifs pour les actionnaires

Métrique financière	Valeur 2023
Revenu	87,6 millions de dollars
Revenu net	12,3 millions de dollars
Bénéfice par action	$0.75

U.S.Energy Corp. (USEG) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec les acheteurs d'énergie

Au quatrième trimestre 2023, U.S.Energy Corp. maintient des contrats d'énergie avec 17 clients commerciaux et industriels à travers le Texas et le Nouveau-Mexique. Les durées de contrat varient de 3 à 7 ans, avec une valeur de contrat moyenne de 4,2 millions de dollars par an.

Type de contrat	Nombre de clients	Valeur du contrat moyen	Durée du contrat
Approvisionnement en énergie commerciale	12	3,6 millions de dollars	3-5 ans
Approvisionnement en énergie industrielle	5	5,8 millions de dollars	5-7 ans

Reportage transparent et communications des investisseurs

U.S.Energy Corp. fournit des rapports financiers trimestriels avec un taux de conformité de divulgation de 98,5%. Les mesures de communication des investisseurs comprennent:

• 4 appels de revenus annuels
• 12 présentations des investisseurs chaque année
• Mises à jour du site Web des relations avec les investisseurs en temps réel
• Temps de réponse moyen des investisseurs: 24 heures

Plateformes numériques pour l'engagement des parties prenantes

Les plateformes d'engagement numérique comprennent:

Plate-forme	Utilisateurs actifs mensuels	Taux d'engagement
Site Web de l'entreprise	22,500	43%
Portail des investisseurs	7,800	35%
Application mobile	5,600	28%

Service client réactif pour les clients de l'énergie

Métriques de performance du service client pour 2023:

• Temps de réponse moyen: 47 minutes
• Évaluation de satisfaction du client: 4.6 / 5
• Taux de résolution des billets de soutien: 94%
• Disponibilité du support technique 24/7

Rapports proactifs de l'environnement et de la durabilité

Métriques de rapport de durabilité pour 2023:

Catégorie de rapport	Fréquence	Exhaustivité de la divulgation
Émissions de carbone	Trimestriel	92%
Investissements en énergie renouvelable	Annuellement	88%
Évaluation de l'impact environnemental	Annuellement	95%

U.S. Energy Corp. (USEG) - Modèle d'entreprise: canaux

Ventes directes vers les marchés de l'énergie et les services publics

U.S.Energy Corp. utilise des canaux de vente directs ciblant les marchés et les services publics d'énergie spécifiques avec les caractéristiques clés suivantes:

Type de canal de vente	Marché cible	Volume des ventes annuelles
Ventes d'énergie en gros direct	Services publics régionaux	12 450 MWh en 2023
Contrats énergétiques industriels	Secteur manufacturier	8 275 MWh en 2023

Plateformes de relations avec les investisseurs en ligne

Les canaux de communication numérique pour l'engagement des investisseurs comprennent:

• Page Web de relations avec les investisseurs nasdaq
• Plateforme de classement électronique Sec Edgar
• Section des relations avec les investisseurs sur le site Web de l'entreprise

Conférences de l'industrie et événements du secteur de l'énergie

Type d'événement	Participation annuelle	Réalisation de réseautage
Conférences d'énergie renouvelable	4 conférences majeures en 2023	250+ professionnels de l'industrie
Sommets d'investissement énergétique	3 événements nationaux en 2023	175+ investisseurs potentiels

Communications du marché financier

Canaux de communication pour l'engagement des marchés financiers:

• Webdication trimestriel
• Réunion des actionnaires annuelle
• Disques de présentation des investisseurs

Réseaux de partenariat stratégiques

Catégorie de partenaire	Nombre de partenaires	Focus de la collaboration
Fournisseurs de technologies	7 partenariats actifs	Développement d'infrastructures énergétiques
Fabricants d'équipements	5 Alliances stratégiques	Équipement d'énergie renouvelable

U.S.Energy Corp. (USEG) - Modèle d'entreprise: segments de clientèle

Acheteurs d'énergie en gros

U.S.Energy Corp. cible les acheteurs d'énergie en gros avec des caractéristiques spécifiques du marché:

Caractéristique du segment	Données quantitatives
Volume annuel d'achat d'énergie	3,2 millions de MWh
Valeur du contrat moyen	14,7 millions de dollars
Couverture géographique	Occidental des États-Unis

Sociétés de services publics régionaux

Segment de clientèle clé avec des exigences spécifiques:

• Total des clients des services publics régionaux: 27
• Durée du contrat annuel moyen: 5,3 ans
• Valeur du contrat global: 86,4 millions de dollars

Investisseurs institutionnels

Catégorie d'investissement	Montant d'investissement
Possession de capitaux propres institutionnels	62.3%
Taille moyenne de l'investissement	3,6 millions de dollars
Investisseurs institutionnels totaux	42 entités

Développeurs d'infrastructures énergétiques

Détails du segment de la clientèle de développement de l'infrastructure:

• Projets d'infrastructure actifs: 14
• Investissement total du projet: 127,5 millions de dollars
• Temps de développement moyen du projet: 3,2 ans

Consommateurs d'énergie industrielle et commerciale

Catégorie de consommation	Consommation d'énergie
Secteur manufacturier	1,8 million de MWh / an
Immobilier commercial	0,9 million de MWh / an
Total des clients industriels	136 entreprises

U.S. Energy Corp. (USEG) - Modèle d'entreprise: Structure des coûts

Frais d'exploration et de forage

Pour l'exercice 2023, U.S.Energy Corp. a déclaré des dépenses d'exploration et de forage totalisant 12,4 millions de dollars. Ces coûts comprennent:

Catégorie de dépenses	Montant ($)
Coûts d'enquête sismique	3,650,000
Location d'équipement de forage	4,750,000
Analyse géologique	1,850,000
Personnel d'exploration	2,150,000

Investissements technologiques et équipements

Les dépenses en capital pour la technologie et l'équipement en 2023 étaient de 8,7 millions de dollars, distribuées comme suit:

• Mises à niveau de la technologie de forage: 3 200 000 $
• Équipement de surveillance: 2 500 000 $
• Systèmes de gestion des données: 1 600 000 $
• Logiciel de cartographie géologique: 1 400 000 $

Coûts de maintenance opérationnelle

Les frais de maintenance opérationnelle annuels pour 2023 s'élevaient à 6,9 millions de dollars:

Catégorie de maintenance	Montant ($)
Entretien bien	2,750,000
Réparations de l'équipement	1,950,000
Entretien des infrastructures	1,400,000
Entretien des véhicules et des transports	800,000

Dépenses de conformité réglementaire

Les coûts de conformité réglementaire pour 2023 étaient de 4,3 millions de dollars, notamment:

• Surveillance environnementale: 1 600 000 $
• Acquisition de permis: 950 000 $
• Formation sur la conformité en matière de sécurité: 750 000 $
• Frais juridiques et de conseil: 1 000 000 $

Administrative et au-dessus du personnel

Les frais généraux administratifs et de personnel pour 2023 ont totalisé 5,6 millions de dollars:

Catégorie aérienne	Montant ($)
Salaires et salaires	3,750,000
Avantages sociaux	1,100,000
Dépenses de bureau	450,000
Assurance corporative	300,000

U.S. Energy Corp. (USEG) - Modèle d'entreprise: Strots de revenus

Ventes de pétrole et de gaz naturel

Pour l'exercice 2023, U.S.Energy Corp. a déclaré un chiffre d'affaires total de pétrole et de gaz de 48,3 millions de dollars.

Produit	Volume de production annuel	Prix ​​moyen par unité	Revenus totaux
Huile brute	365 000 barils	75,50 $ / baril	27,5 millions de dollars
Gaz naturel	1,2 million de MMBTU	4,25 $ / MMBTU	5,1 millions de dollars

Location de droits minéraux

La location des droits minéraux a généré 6,2 millions de dollars de revenus en 2023.

• Taux de location moyen: 350 $ par acre
• Total de superficie louée: 17 700 acres
• Paiements de bonus de location: 4,8 millions de dollars
• Revenu des redevances: 1,4 million de dollars

Contrats d'exploration et de production

Les revenus contractuels ont totalisé 9,5 millions de dollars en 2023.

Type de contrat	Nombre de contrats	Valeur totale du contrat
Accords de coentreprise	3	6,3 millions de dollars
Contrats de service	5	3,2 millions de dollars

Revenus potentiels du projet d'énergie renouvelable

Les revenus du projet des énergies renouvelables se sont élevés à 2,1 millions de dollars en 2023.

• Développement du projet solaire: 1,2 million de dollars
• Conseil d'énergie éolienne: 900 000 $

Investissement et appréciation des actifs

L'appréciation des actifs et les revenus de placement ont contribué 4,7 millions de dollars en 2023.

Catégorie d'investissement	Valeur totale	Taux d'appréciation
Actifs terrestres	22,5 millions de dollars	5.2%
Infrastructure énergétique	35,6 millions de dollars	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.