U.S. Energy Corp. (USEG): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da produção de energia dos EUA, a U.S. Energy Corp. (USEG) surge como uma potência estratégica, tecendo a exploração inovadora, as tecnologias de ponta e um modelo de negócios abrangente que aborda os complexos desafios dos mercados de energia modernos. Ao se posicionar estrategicamente em setores renováveis ​​em petróleo, gás natural e renovável, o USEG demonstra uma abordagem sofisticada ao desenvolvimento energético que equilibra as necessidades de produção doméstica, o valor dos acionistas e os objetivos de sustentabilidade prospectivos. Esta tela de modelo de negócios revela um plano diferenciado que transforma estratégias tradicionais do setor de energia em uma estrutura robusta e adaptável para navegar no mundo intrincado da extração de recursos e dinâmica do mercado de energia.

U.S. Energy Corp. (USEG) - Modelo de Negócios: Principais Parcerias

Parceiros de exploração e produção

Parceiro	Região	Detalhes da parceria
Chevron Corporation	Bacia do Permiano, Texas	Contrato de Exploração Conjunta, compartilhamento de produção de 2023
Marathon Oil Corporation	Bacia de Wyoming	Operações de perfuração colaborativa

Acordos de joint venture

• Acordos totais de joint venture ativos: 4
• Cobertura geográfica: Texas, Wyoming, Colorado
• Valor estimado do investimento: US $ 42,3 milhões em 2023

Fornecedores de equipamentos de tecnologia e perfuração

Fornecedor	Tipo de equipamento	Valor anual do contrato
Schlumberger Limited	Tecnologia de perfuração	US $ 18,7 milhões
Baker Hughes	Equipamento de exploração	US $ 12,5 milhões

Consultores de conformidade ambiental e regulatória

• Gerenciamento de Recursos Ambientais (ERM)
• ICF International
• Orçamento de consultoria de conformidade: US $ 3,2 milhões em 2023

Empresas de investimento e serviço financeiro

Instituição financeira	Tipo de serviço	Valor do relacionamento
Goldman Sachs	Capital capital	Linha de crédito de US $ 75 milhões
Morgan Stanley	Aviso de investimento	US $ 50 milhões em investimento estratégico

U.S. Energy Corp. (USEG) - Modelo de negócios: Atividades -chave

Exploração onshore de petróleo e gás

A partir do quarto trimestre 2023, as atividades de exploração focadas em Energy Corp. dos EUA em:

• Bacia do Permiano do Texas
• Regiões de produção de Wyoming
• Áreas de recursos não convencionais do Colorado

Métrica de exploração	2023 dados
Área de exploração total	12.500 acres líquidos
Poços de exploração ativos	17 poços
Investimento de exploração	US $ 24,3 milhões

Operações de perfuração e produção

Estatísticas de produção para 2023:

Métrica de produção	Quantidade
Produção total de petróleo	1.245 barris por dia
Produção de gás natural	3,2 milhões de pés cúbicos por dia
Platas de perfuração operacional	3 plataformas ativas

Aquisição de ativos e gerenciamento de portfólio

2023 Transações de portfólio:

• Valor total de aquisição de ativos: US $ 41,7 milhões
• Novas adições de propriedade: 4 parcelas estratégicas de terra
• Desinvestido Ativos não-core: US $ 6,2 milhões

Reservatório de engenharia e análise geológica

Categoria de análise	2023 Métricas
Investimentos de pesquisa sísmica	US $ 3,9 milhões
Projetos de mapeamento geológico	7 grandes estudos regionais
Modelos de simulação de reservatório	12 modelos abrangentes

Pesquisa de Desenvolvimento de Energia Sustentável

Alocação de investimentos de pesquisa:

Área de pesquisa	2023 Investimento
Tecnologias de energia renovável	US $ 2,1 milhões
Pesquisa de captura de carbono	US $ 1,5 milhão
Estudos alternativos de viabilidade energética	3 projetos principais

U.S. Energy Corp. (USEG) - Modelo de negócios: Recursos -chave

Reservas comprovadas de petróleo e gás

Em 31 de dezembro de 2023, a U.S. Energy Corp. relatou reservas totais comprovadas de:

Tipo de reserva	Quantidade	Localização
Petróleo bruto	1,2 milhão de barris	Texas e Novo México
Gás natural	5,6 bilhões de pés cúbicos	Texas e Novo México

Tecnologias avançadas de perfuração e extração

Os principais recursos tecnológicos incluem:

• Capacidades de perfuração horizontal
• Equipamento de fraturamento hidráulico
• Sistemas de monitoramento de dados em tempo real

Equipes geológicas e de engenharia experientes

Composição da equipe	Número de profissionais
Geólogos	12
Engenheiros de Petróleo	18
Especialistas em perfuração	15

Capital financeiro

Recursos Financeiros a partir do quarto trimestre 2023:

Métrica financeira	Quantia
Caixa e equivalentes de dinheiro	US $ 24,3 milhões
Linha de crédito disponível	US $ 50 milhões
Orçamento total de despesas de capital	US $ 35,6 milhões

Terras estratégicas e direitos de minerais

Localização	Cultura	Direitos minerais
Bacia do Permiano do Texas	15.600 acres	100% de propriedade
Bacia de Delaware do Novo México	8.200 acres	95% de propriedade

U.S. Energy Corp. (USEG) - Modelo de negócios: proposições de valor

Produção de energia doméstica Apoiando a independência energética dos EUA

A U.S. Energy Corp. produz 1.245 barris de petróleo equivalente por dia a partir do quarto trimestre de 2023. As reservas totais comprovadas estão em 4,2 milhões de barris de petróleo equivalente.

Métrica de produção	Quantidade
Produção diária de petróleo	1.245 BOE/DIA
Reservas comprovadas	4,2 milhões de Boe
Regiões operacionais	Texas, Novo México

Portfólio diversificado de ativos de petróleo e gás natural

Redução de ativos a partir de 2024:

• Bacia do Permiano: 65% da produção total
• Bacia de Delaware: 25% da produção total
• Outras regiões: 10% da produção total

Compromisso com a eficiência operacional e o gerenciamento de custos

Métrica de custo	Quantia
Despesas operacionais	US $ 18,5 milhões (2023)
Custos de localização e desenvolvimento	US $ 12,70 por boe
Despesas operacionais de arrendamento	US $ 8,50 por boe

Potencial de crescimento em setores de energia renovável

Investimento de energia renovável atual: US $ 3,2 milhões

• Projetos de exploração solar: 120 acres em avaliação
• Potencial de energia eólica: capacidade estimada de 500 MW

Retornos competitivos para os acionistas

Métrica financeira	2023 valor
Receita	US $ 87,6 milhões
Resultado líquido	US $ 12,3 milhões
Ganhos por ação	$0.75

U.S. Energy Corp. (USEG) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de longo prazo com compradores de energia

A partir do quarto trimestre de 2023, a U.S. Energy Corp. mantém contratos de energia com 17 clientes comerciais e industriais no Texas e no Novo México. As durações do contrato variam de 3 a 7 anos, com um valor médio de contrato de US $ 4,2 milhões anualmente.

Tipo de contrato	Número de clientes	Valor médio do contrato	Duração do contrato
Fornecimento de energia comercial	12	US $ 3,6 milhões	3-5 anos
Fornecimento de energia industrial	5	US $ 5,8 milhões	5-7 anos

Relatórios transparentes e comunicações de investidores

A U.S. Energy Corp. fornece aos relatórios financeiros trimestrais uma taxa de conformidade de divulgação de 98,5%. As métricas de comunicação dos investidores incluem:

• 4 chamadas de ganhos anuais
• 12 apresentações de investidores anualmente
• Atualizações do site em tempo real de relações com investidores
• Tempo médio de resposta do investidor: 24 horas

Plataformas digitais para o envolvimento das partes interessadas

As plataformas de engajamento digital incluem:

Plataforma	Usuários ativos mensais	Taxa de engajamento
Site corporativo	22,500	43%
Portal de investidores	7,800	35%
Aplicativo móvel	5,600	28%

Atendimento ao cliente responsivo para clientes de energia

Métricas de desempenho de atendimento ao cliente para 2023:

• Tempo médio de resposta: 47 minutos
• Classificação de satisfação do cliente: 4.6/5
• Taxa de resolução de ingressos de suporte: 94%
• Disponibilidade de suporte técnico 24/7

Relatórios ambientais e de sustentabilidade proativos

Métricas de relatórios de sustentabilidade para 2023:

Categoria de relatório	Freqüência	Divulgação completa
Emissões de carbono	Trimestral	92%
Investimentos de energia renovável	Anualmente	88%
Avaliação de impacto ambiental	Anualmente	95%

U.S. Energy Corp. (USEG) - Modelo de Negócios: Canais

Vendas diretas para mercados de energia e serviços públicos

A U.S. Energy Corp. utiliza canais de vendas diretos direcionando mercados e serviços públicos específicos com as seguintes características -chave:

Tipo de canal de vendas	Mercado -alvo	Volume anual de vendas
Vendas de energia por atacado diretas	Utilitários regionais	12.450 MWh em 2023
Contratos de energia industrial	Setor de manufatura	8.275 MWh em 2023

Plataformas de relações com investidores online

Os canais de comunicação digital para o envolvimento dos investidores incluem:

• Página de Relações com Investidores da NASDAQ
• Plataforma de arquivamento eletrônico da SEC Edgar
• Seção de Relações com Sites Corporativos

Conferências do setor e eventos do setor de energia

Tipo de evento	Participação anual	Alcance de rede
Conferências de energia renovável	4 grandes conferências em 2023	Mais de 250 profissionais do setor
Cúpulas de investimento energético	3 eventos nacionais em 2023	175+ investidores em potencial

Comunicações de mercado financeiro

Canais de comunicação para envolvimento do mercado financeiro:

• Webcast trimestral de ganhos
• Reunião Anual dos Acionistas
• Decks de apresentação do investidor

Redes de parceria estratégica

Categoria de parceiro	Número de parceiros	Foco de colaboração
Provedores de tecnologia	7 parcerias ativas	Desenvolvimento de infraestrutura energética
Fabricantes de equipamentos	5 alianças estratégicas	Equipamento de energia renovável

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

Compradores de energia por atacado

A U.S. Energy Corp. tem como alvo compradores de energia atacadista com características específicas de mercado:

Característica do segmento	Dados quantitativos
Volume anual de compra de energia	3,2 milhões de MWh
Valor médio do contrato	US $ 14,7 milhões
Cobertura geográfica	Oeste dos Estados Unidos

Empresas de serviços públicos regionais

Principal segmento de clientes com requisitos específicos:

• Total de clientes de utilidade regional: 27
• Duração média anual do contrato: 5,3 anos
• Valor do contrato agregado: US $ 86,4 milhões

Investidores institucionais

Categoria de investimento	Valor do investimento
Propriedade institucional da equidade	62.3%
Tamanho médio de investimento	US $ 3,6 milhões
Total de investidores institucionais	42 entidades

Desenvolvedores de infraestrutura de energia

Detalhes do segmento de cliente de desenvolvimento de infraestrutura:

• Projetos de infraestrutura ativa: 14
• Investimento total do projeto: US $ 127,5 milhões
• Tempo médio de desenvolvimento do projeto: 3,2 anos

Consumidores de energia industrial e comercial

Categoria de consumidor	Consumo de energia
Setor de manufatura	1,8 milhão de mwh/ano
Imóveis comerciais	0,9 milhão de MWh/ano
Total de clientes industriais	136 empresas

U.S. Energy Corp. (USEG) - Modelo de negócios: estrutura de custos

Despesas de exploração e perfuração

Para o ano fiscal de 2023, a U.S. Energy Corp. relatou despesas de exploração e perfuração totalizando US $ 12,4 milhões. Esses custos incluem:

Categoria de despesa	Valor ($)
Custos de pesquisa sísmica	3,650,000
Aluguel de equipamentos de perfuração	4,750,000
Análise geológica	1,850,000
Pessoal de exploração	2,150,000

Investimentos de tecnologia e equipamentos

As despesas de capital para tecnologia e equipamento em 2023 foram de US $ 8,7 milhões, distribuídos da seguinte forma:

• Atualizações de tecnologia de perfuração: US $ 3.200.000
• Equipamento de monitoramento: US $ 2.500.000
• Sistemas de gerenciamento de dados: US $ 1.600.000
• Software de mapeamento geológico: US $ 1.400.000

Custos de manutenção operacional

As despesas anuais de manutenção operacional para 2023 totalizaram US $ 6,9 milhões:

Categoria de manutenção	Valor ($)
Manutenção do poço	2,750,000
Reparos de equipamentos	1,950,000
Uportagem de infraestrutura	1,400,000
Manutenção de veículos e transporte	800,000

Despesas de conformidade regulatória

Os custos de conformidade regulatória para 2023 foram de US $ 4,3 milhões, incluindo:

• Monitoramento ambiental: US $ 1.600.000
• Aquisição da licença: US $ 950.000
• Treinamento de conformidade de segurança: US $ 750.000
• Taxas legais e de consultoria: US $ 1.000.000

Administrativo e de pessoal no alto

A sobrecarga administrativa e de pessoal para 2023 totalizou US $ 5,6 milhões:

Categoria de sobrecarga	Valor ($)
Salários e salários	3,750,000
Benefícios dos funcionários	1,100,000
Despesas do escritório	450,000
Seguro corporativo	300,000

U.S. Energy Corp. (USEG) - Modelo de negócios: fluxos de receita

Vendas de petróleo e gás natural

Para o ano fiscal de 2023, a U.S. Energy Corp. registrou receitas totais de petróleo e gás de US $ 48,3 milhões.

Produto	Volume anual de produção	Preço médio por unidade	Receita total
Petróleo bruto	365.000 barris	US $ 75,50/barril	US $ 27,5 milhões
Gás natural	1,2 milhão de MMBTU	US $ 4,25/MMBTU	US $ 5,1 milhões

Leasing de Direitos Minerais

O leasing de direitos minerais gerou US $ 6,2 milhões em receita durante 2023.

• Taxa média de arrendamento: US $ 350 por acre
• Learda Total Leited Learda: 17.700 acres
• Pagamentos de bônus de arrendamento: US $ 4,8 milhões
• Renda de royalties: US $ 1,4 milhão

Contratos de exploração e produção

As receitas baseadas em contratos totalizaram US $ 9,5 milhões em 2023.

Tipo de contrato	Número de contratos	Valor total do contrato
Acordos de joint venture	3	US $ 6,3 milhões
Contratos de serviço	5	US $ 3,2 milhões

Potenciais receitas de projeto de energia renovável

As receitas do projeto de energia renovável foram de US $ 2,1 milhões em 2023.

• Desenvolvimento de projetos solares: US $ 1,2 milhão
• Consultoria de Energia eólica: US $ 900.000

Investimento e apreciação de ativos

A apreciação de ativos e a receita do investimento contribuíram com US $ 4,7 milhões em 2023.

Categoria de investimento	Valor total	Taxa de valorização
Ativos terrestres	US $ 22,5 milhões	5.2%
Infraestrutura energética	US $ 35,6 milhões	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.