U.S. Energy Corp. (NASDAQ:USEG) Q1 2024 Earnings Conference Call May 10, 2024 9:00 AM ET
Company Participants
Mason McGuire - Director, Corporate Development
Ryan Smith - Chief Executive Officer
Mark Zajac - Chief Financial Officer
Conference Call Participants
Charles Meade - Johnson Rice
Tim Moore - EF Hutton
Operator
Greetings. And welcome to the U.S. Energy Corporation First Quarter 2024 Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions]
As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mason McGuire, Director of Corporate Development. Thank you, sir. You may begin.
Mason McGuire
Thank you, Operator, and good morning, everyone. Welcome to U.S. Energy Corp.’s first quarter 2024 results conference call. Ryan Smith, our Chief Executive Officer, will provide an overview of our operating results and discuss the company’s strategic outlook. Our Chief Financial Officer, Mark Zajac, will give a more detailed review of our financial results.
After the market closed yesterday, U.S. Energy issued a press release summarizing the operating and financial results for the quarter ended March 31, 2024. This press release, together with the accompanying presentation materials, are available in the Investor Relations section of our website at www.usnrg.com.
Today’s discussion may contain forward-looking statements about future business and financial expectations. Actual results may differ significantly from those projected in today’s forward-looking statements due to various risks and uncertainties, including the risks described in our periodic reports filed with the Securities and Exchange Commission. Except as required by law, we undertake no obligation to update our forward-looking statements.
Further, please note that non-GAAP financial measures may be disclosed during this call. A full reconciliation of GAAP to non-GAAP measurements are available in the latest quarterly earnings release and conference call presentation.
With that, I’d like to turn the conference call over to Ryan Smith.
Ryan Smith
Good morning, everyone, and thank you for joining us today. I’m pleased to share with you our results from this quarter, as well as provide an update on our strategic outlook. Our quarter end results reflect the hard work and resiliency of our team. We achieved net daily production of greater than 1,200 barrels of oil equivalent per day, representing the first full quarter since our asset divestitures, which closed at various points during the fourth quarter of 2023. Oil production accounted for 62% of our total production, with the remainder consisting of an approximately even split of natural gas and NGLs.