US Energy Corp (USEG) 2025 Q2 法說會逐字稿

Greetings and welcome to the US Energy Corporation second quarter 2025 results conference call. (Operator Instructions) As a reminder, this concept is being recorded.

問候並歡迎參加美國能源公司 2025 年第二季業績電話會議。（操作員指示）提醒一下，這個概念正在被記錄下來。

It is now my pleasure to introduce your host, Mason McGuire, VP of Finance and Strategy. Thank you. You may begin.

現在我很高興介紹您的主持人，財務和策略副總裁梅森麥奎爾。謝謝。你可以開始了。

Thank you, operator, and good morning, everyone. Welcome to US Energy Corp's second quarter 2025 results conference call. Ryan Smith, our Chief Executive Officer, will provide an overview of our operating results and discuss the company's strategic outlook; and our Chief Financial Officer, Mark Zajac, will give more detailed overview of our financial results.

謝謝接線員，大家早安。歡迎參加美國能源公司 2025 年第二季業績電話會議。我們的執行長 Ryan Smith 將概述我們的營運業績並討論公司的策略前景；我們的財務長 Mark Zajac 將更詳細地概述我們的財務業績。

Before this morning's market opening, US Energy issued a press release summarizing operating and financial results for the quarter ended June 30, 2025. This press release, together with accompanying presentation materials, are available in our Investor Relations section of our website at www.usnrg.com.

在今天早上開市前，美國能源公司發布了一份新聞稿，總結了截至 2025 年 6 月 30 日的季度營運和財務表現。本新聞稿及其隨附的簡報資料可在我們網站 www.usnrg.com 的投資者關係部分找到。

Today's discussion may contain forward-looking statements about the future business and financial expectations. Actual results may differ significantly from those projected in today's forward-looking statements due to the 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.

今天的討論可能包含有關未來業務和財務預期的前瞻性陳述。由於各種風險和不確定性，包括我們向美國證券交易委員會提交的定期報告中所述的風險，實際結果可能與今天的前瞻性陳述中預測的結果有很大差異。除法律要求外，我們不承擔更新前瞻性聲明的義務。

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 our latest quarterly earnings release and conference call presentation.

此外，請注意，本次電話會議期間可能會揭露非公認會計準則財務指標。我們最新的季度收益報告和電話會議報告中提供了 GAAP 與非 GAAP 衡量標準的完整對帳。

With that, I would like to turn the call over to Ryan Smith.

說完這些，我想把電話轉給瑞安史密斯 (Ryan Smith)。

Good morning, everyone, and thank you for joining us today. I'm pleased to walk you through our second quarter results, highlight key milestones and share a strategic update as we continue advancing US Energy's transformation and growth.

大家早安，感謝大家今天加入我們。我很高興向您介紹我們的第二季業績，強調關鍵里程碑並分享策略更新，因為我們將繼續推動美國能源的轉型和成長。

As we've discussed in prior quarters, our primary focus is the development of our Montana-based industrial gas project, an asset we believe is uniquely positioned to meet growing demand, deliver strong economics and achieve meaningful scale in the public markets.

正如我們在前幾個季度所討論的那樣，我們的主要重點是開發位於蒙大拿州的工業天然氣項目，我們相信該資產具有獨特的優勢，可以滿足不斷增長的需求，實現強勁的經濟效益，並在公開市場上實現有意義的規模。

This summer, we completed the initial phase of our development program and remain firmly on track to bring operations online. This first phase included drilling two new development wells, advancing engineering on an acquired already productive well, flow testing all existing producing wells, reaching a final investment decision on infrastructure and making significant progress on our carbon management strategy. I will walk you through these in more detail now.

今年夏天，我們完成了開發計劃的初始​​階段，並繼續穩步推進營運。第一階段包括鑽探兩口新的開發井、推進已收購的已投產井的工程建設、對所有現有生產井進行流量測試、就基礎設施達成最終投資決策以及在碳管理戰略方面取得重大進展。我現在將向您更詳細地介紹這些內容。

Starting with upstream development. In the second quarter, we drilled our second and third industrial gas wells targeting the helium and CO2-rich Duperow formation, both within budget. Including the productive well we acquired earlier this year, peak rates reached approximately 12.2 million cubic feet per day with a premium gas composition of approximately 85% CO2, 5% natural gas and 0.4% helium.

從上游開發開始。第二季度，我們鑽探了第二口和第三口工業氣井，目標是富含氦氣和二氧化碳的 Duperow 地層，都是在預算之內。包括我們今年稍早收購的生產井在內，尖峰產量達到每天約 1,220 萬立方英尺，優質氣體成分約為 85% 的二氧化碳、5% 的天然氣和 0.4% 的氦氣。

To optimize reservoir performance and maximize value, we subsequently managed production in the 8 million cubic feet a day range with similar compositions. With three producing industrial gas wells and two injection wells, we are well positioned for near-term cash flow generation. These results validate the quality and scale of our resource, further reinforced by our independent resource report.

為了優化油藏性能並實現價值最大化，我們隨後以類似的成分管理每天 800 萬立方英尺的產量。我們擁有三口生產工業氣井和兩口注入井，為近期產生現金流做好了準備。這些結果驗證了我們資源的品質和規模，並得到了我們獨立資源報告的進一步證實。

Following drilling, we engaged Ryder Scott to prepare a volumetric resource assessment of our Montana asset. The report confirmed net contingent resources of 444 billion cubic feet of CO2 and 1.3 billion cubic feet of helium, among the largest known deposits of its kind. We expect to release a commercial resource report once processing facility development plans are finalized.

鑽探之後，我們聘請了 Ryder Scott 對我們的蒙大拿州資產進行體積資源評估。報告確認，該礦床的淨或有資源量為 4,440 億立方英尺二氧化碳和 13 億立方英尺氦氣，是已知同類礦床中最大的礦床。我們預計，一旦加工設施開發計畫最終確定，就會發布一份商業資源報告。

It's worth emphasizing the unique competitive positioning of the Kevin Dome. While most US helium production is tied to heavy hydrocarbon gas streams, our project is sourced from a limited hydrocarbon stream, delivering a lower environmental footprint and aligning with growing market demand for sustainable solutions.

值得強調的是凱文圓頂體育場獨特的競爭定位。雖然美國大部分氦氣生產都與重質碳氫化合物氣流有關，但我們的專案來自有限的碳氫化合物氣流，對環境的影響較小，並且符合市場對永續解決方案日益增長的需求。

With the initial development program concluding in September, we will break ground on our Kevin Dome processing plant. This facility will separate our upstream gas into helium, natural gas and CO2 streams, each with its own monetization pathway. We expect construction costs of under $10 million funded by our existing balance sheet and a modest strategic use of debt.

隨著初步開發計畫於 9 月結束，我們將破土動工建造 Kevin Dome 加工廠。該設施將把我們上游的氣體分離成氦氣、天然氣和二氧化碳流，每種氣體都有自己的貨幣化途徑。我們預計建設成本將低於 1000 萬美元，資金將來自我們現有的資產負債表和適度的策略性債務使用。

Importantly, this infrastructure will not only serve our operations, but will also provide a platform to support undercapitalized producers in the region.

重要的是，該基礎設施不僅服務於我們的運營，還將為該地區資金不足的生產商提供支援的平台。

With control over the majority of the basin's helium supply, we see multiple opportunities to expand our value capture. Lastly, I would like to touch on US Energy's carbon management front. US Energy controls one of the largest CO2 deposits in the US with geology ideally suited for both permanent storage and enhanced oil recovery.

透過控制盆地的大部分氦氣供應，我們看到了擴大價值獲取的多個機會。最後，我想談談美國能源的碳管理面。美國能源公司控制著美國最大的二氧化碳礦床之一，其地質條件非常適合永久儲存和提高石油採收率。

Our proximity to the Cut Bank oil field just 15 miles away offers a unique and lucrative integration opportunity between CO2 supply and hydrocarbon recovery. We already hold multiple Class II injection permits with additional approvals expected in August.

我們距離 Cut Bank 油田僅 15 英里，為二氧化碳供應和碳氫化合物回收提供了獨特且有利可圖的整合機會。我們已經擁有多份 II 類注入許可證，預計 8 月將獲得更多批准。

Recent injection testing at two disposal wells achieved sustained rates of over 17 million cubic feet a day, supporting a sequestration capacity of approximately 240,000 metric tons of CO2 annually. We've also initiated our EPA monitoring, reporting and verification plan, targeting submission this September and approval by spring 2026, positioning us to potentially access federal carbon credits under Section 45Q.

最近在兩口處置井進行的注入測試實現了每天超過 1700 萬立方英尺的持續注入速率，支持每年約 24 萬公噸二氧化碳的封存能力。我們還啟動了 EPA 監測、報告和驗證計劃，目標是在今年 9 月提交並於 2026 年春季獲得批准，這使我們能夠根據第 45Q 條獲得聯邦碳信用。

We are highly optimistic about the road ahead. The Kevin Dome represents a first-mover opportunity in the industrial gas sector and one that cannot be replicated. Our vision is to build a full cycle platform that spans upstream production, midstream processing and long-term carbon management while maintaining strict capital discipline.

我們對未來的道路充滿樂觀。凱文穹頂代表著工業天然氣領域的先發機會，並且是不可複製的。我們的願景是建立一個涵蓋上游生產、中游加工和長期碳管理的全週期平台，同時保持嚴格的資本紀律。

The data collected to date supports a highly economic development path, both at the wellhead and infrastructure levels. Initial phases have modest funding requirements with a clear and measured capital plan designed to scale returns over time.

迄今為止收集的數據支持井口和基礎設施層面的高度經濟發展路徑。初始階段的資金需求適中，並制定了明確且可衡量的資本計劃，旨在隨著時間的推移擴大回報。

Turning briefly to our legacy oil and gas portfolio. Lower commodity prices have weighed on earnings across the sector, including ours. While these assets are no longer our primary focus, they do remain valuable. Our 2024 monetization program eliminated debt and strengthened liquidity, and we remain opportunistic in pursuing value-maximizing divestitures.

簡單介紹一下我們傳統的石油和天然氣投資組合。大宗商品價格下跌對包括我們在內的整個產業的獲利造成了壓力。雖然這些資產不再是我們的重點，但它們仍然很有價值。我們的 2024 年貨幣化計畫消除了債務並增強了流動性，我們仍會抓住機會追求價值最大化的資產剝離。

As we progress through 2025, our strategy remains clear: invest in our core Montana industrial gas project, monetize non-core legacy assets where appropriate and maintain capital discipline to position 2026 as a breakout year in our transformation.

隨著我們邁向 2025 年，我們的策略仍然清晰：投資我們的核心蒙大拿工業天然氣項目，在適當的情況下將非核心遺留資產貨幣化，並保持資本紀律，將 2026 年定位為我們轉型的突破之年。

We believe US Energy stands apart with a scalable, high-margin development platform supported by legacy assets that require minimal reinvestment. This structure allows us to pursue high-return growth in industrial gases while reducing exposure to commodity volatility.

我們相信，美國能源公司憑藉其可擴展、高利潤的開發平台脫穎而出，該平台由需要極少再投資的遺留資產支持。這種結構使我們能夠追求工業氣體的高回報成長，同時減少商品波動的風險。

In short, US Energy is emerging as a differentiated and growth-oriented industrial gas company with exposure across upstream, midstream and carbon management. Our strong financial position and clean capital structure give us a competitive advantage, and we believe the strategy we're executing today will deliver sustainable long-term shareholder value.

簡而言之，美國能源公司正在成為一家差異化、成長型的工業氣體公司，業務涉及上游、中游和碳管理。我們強大的財務狀況和清晰的資本結構為我們提供了競爭優勢，我們相信我們今天執行的策略將帶來可持續的長期股東價值。

With that, I'll now turn the call over to our Chief Financial Officer, Mark Zajac, who will provide an update on our financial results for the quarter.

現在，我將把電話轉給我們的財務長馬克‧札賈克 (Mark Zajac)，他將向我們介紹本季的財務表現。

Thank you, Ryan. Hello, everyone. Let's delve into the financial details for the second quarter of 2025. Our operating results reflect the cumulative impact of our divestitures since the fourth quarter of 2023. Revenue was approximately $2 million, down from $6 million same quarter last year, reflecting the impact of divestitures in the second half of 2024. Oil comprised over 90% of the revenue this quarter, reflecting our focus on optimizing our remaining oil assets.

謝謝你，瑞安。大家好。讓我們深入了解 2025 年第二季的財務細節。我們的經營業績反映了自 2023 年第四季以來資產剝離的累積影響。收入約 200 萬美元，低於去年同期的 600 萬美元，反映了 2024 年下半年資產剝離的影響。石油占本季收入的 90% 以上，這反映了我們對優化剩餘石油資產的關注。

Lease operating expense for this quarter was $1.6 million or $32.14 a BOE, compared to $3.1 million or $27.69 per BOE in the same quarter last year.

本季租賃營運費用為 160 萬美元或每桶油當量 32.14 美元，而去年同期為 310 萬美元或每桶油當量 27.69 美元。

The overall decrease reflects our divestitures since first quarter last year and on a BOE basis, the increase is a function of the assets remaining in our portfolio. Cash, general and administrative expense was $1.7 million for the second quarter of 2025, which is in line with our run rate expectations quarterly. We have made significant improvements to our organization and structured the team around our industrial gas development.

整體下降反映了我們自去年第一季以來的資產剝離，而按照英國央行計算，成長則取決於我們投資組合中剩餘的資產。2025 年第二季的現金、一般和行政費用為 170 萬美元，符合我們本季的營運率預期。我們對組織進行了重大改進，並圍繞工業氣體開發建立了團隊。

As for our balance sheet, as of June 30, 2025, there was no debt outstanding on our $20 million revolving credit facility, and our cash position stood at over $6.7 million, reflecting the net proceeds of $10.3 million generated from our successful equity offering during the first quarter.

至於我們的資產負債表，截至 2025 年 6 月 30 日，我們的 2,000 萬美元循環信貸額度中沒有未償還債務，我們的現金狀況超過 670 萬美元，反映了我們第一季成功發行股票所產生的 1,030 萬美元的淨收益。

This was offset by $4.6 million of industrial gas acquisition and capital expenditures. We have agreed on terms on the renewal of our credit agreement, extending it to May 31, 2029. We are completing customary closing activities now and expect to execute the amendment in the coming days. The renewed agreement includes covenant waivers for the first quarter of 2026 as we achieve profitability on our industrial gas operations.

這被 460 萬美元的工業氣體收購和資本支出所抵消。我們已就續簽信貸協議的條款達成一致，將其延長至 2029 年 5 月 31 日。我們目前正在完成例行的結束活動，並預計在未來幾天內執行修訂。續約的協議包括 2026 年第一季的契約豁免，屆時我們的工業氣體業務將實現盈利。

Overall, our operating performance and financial results reflect our recent divestitures as well as the company's new initiatives. We continue to maintain balance sheet discipline and integrity. My objectives continue to ensure that the company's reporting processes maintain a high standard of excellence, and we feel confident in our ability to support the growth initiatives we currently have underway.

總體而言，我們的經營業績和財務表現反映了我們最近的資產剝離以及公司的新舉措。我們繼續保持資產負債表的紀律和完整性。我的目標是繼續確保公司的報告流程保持高標準，並且我們對支援目前正在進行的成長計劃的能力充滿信心。

Thank you for your participation this morning. We are now ready to take your questions.

感謝您今天上午的參與。我們現在準備好回答你們的問題。

(Operator Instructions)

（操作員指示）

Charles Meade, Johnson Rice.

查爾斯·米德、約翰遜·賴斯。

Ryan, I wanted to -- you used the word in your press release about the resource report, I guess, you used the word pleased. I wanted to ask a little more detail there. Was there anything in that? So you used the word pleased, it's good. But was there anything in there that surprised you either to the upside or downside, whether it be the total resource that they came up with or the concentrations? Or -- if you could just give us the kind of inside baseball on how that process rolled out to get to that final numbers that you gave us.

瑞安，我想——你在有關資源報告的新聞稿中使用了「高興」這個詞，我想，你使用了「高興」這個詞。我想問得更詳細一些。這其中有什麼嗎？所以你用了「高興」這個詞，很好。但是其中是否有任何讓您感到驚訝或失望的事情，無論是他們提出的總資源量還是濃度？或者—如果您能向我們透露整個過程的內部情況，告訴我們如何得出您給我們的最終數字。

Yes. No, good question. So I am pleased with it. I would say not surprised because those numbers, again -- when you're dealing with the quantum of billions of cubic feet, rounding errors can be pretty big numbers. But since we started this process, I don't know, 18 months ago or so and progressed it, we believe that the resource, both helium, both CO2, there's a 5% or so nat gas cut in that stream, which we didn't have in the resource report.

是的。不，好問題。所以我對此很滿意。我想說這並不奇怪，因為這些數字，再說一次——當你處理數十億立方英尺的量子時，捨入誤差可能是相當大的數字。但自從我們開始這個過程以來，我不知道，大約 18 個月前，並且取得了進展，我們相信資源，包括氦氣和二氧化碳，在該流中都有 5% 左右的天然氣削減，這是我們在資源報告中沒有提到的。

But we believe from the very beginning that the numbers here were very large, and that's why we went after the project. So having Ryder Scott, which for my money is as good and reputable as any reserve firm in the world, verify that and get a formal big company third-party stamp of approval for what we already believed internally, it was very -- I'll use the word again, very pleasing.

但我們從一開始就相信，這裡的數字非常大，這就是我們開展這個計畫的原因。因此，擁有萊德斯科特 (Ryder Scott) 的認可，在我看來，它與世界上任何一家儲備公司一樣優秀和享有盛譽，並且能夠驗證我們內部已經相信的事情並獲得正式的大公司第三方批准，這是非常 - 我再次使用這個詞，非常令人高興。

It wasn't surprising because we thought it was there. And as we start our core development across the structure, and again, just looking at our maps, which we have on our website, et cetera, we think there's more upside to go.

這並不奇怪，因為我們認為它就在那裡。當我們開始在整個結構中進行核心開發時，再看看我們網站上的地圖等等，我們認為還有更多的上升空間。

This is kind of our initial core development area. So I think there's upside to those numbers as we continue to move outward off that structure. But no, we were -- I'm pleased with it. I'm very happy with it. It shows the immense running room of what we have as we continue to develop this going forward across multiple streams of that gas stream.

這是我們最初的核心開發領域。因此，我認為，隨著我們繼續向外擴展該結構，這些數字還有上升空間。但不，我們——我對此很滿意。我對此非常滿意。隨著我們繼續在多個天然氣流中開發這項技術，它顯示出我們擁有的巨大運行空間。

Got it. And that's a good segue to my follow-up question. I recognize it's early, but the question is on the commercial offtake agreements. And you talked a little bit about some CO2 going to the Cut Bank field for EOR and 45Q.

知道了。這很好地引出了我的後續問題。我知道現在還為時過早，但問題是關於商業承購協議。您談到了一些二氧化碳進入 Cut Bank 油田用於 EOR 和 45Q 的情況。

But can you give us a sense of what are your goals for different offtake streams, whether it's the CO2 or the helium or I guess, natural gas is really a rounding error, so that's not important. But what are your goals for those different streams? And what's a time frame to -- that we should be thinking about to -- for some kind of a resolution or sometime additional information on your commercial offtake arrangements?

但是您能否讓我們了解一下您對不同排放流的目標是什麼，無論是二氧化碳還是氦氣，或者我猜，天然氣真的是一個舍入誤差，所以這並不重要。但是您對這些不同流的目標是什麼？我們應該考慮在什麼時間範圍內做出某種決議，或取得有關您的商業承購安排的附加資訊？

Yes. No, good question. So there's a few ways -- there's a few parts to that question. I think from a high level, you have your gaseous helium, you have your CO2, which can really be kind of a three-pronged monetization via permanent sequestration via EOR use and via merchant retail market sales.

是的。不，好問題。所以有幾種方法——這個問題有幾個部分。我認為從高層次來看，你有氣態氦，有二氧化碳，這實際上可以透過永久封存、透過 EOR 使用和透過商家零售市場銷售來實現三管齊下的貨幣化。

Probably an obvious comment, but I would like to control the offtakes as much as possible. And what I mean by that is with the recent Big Beautiful Bill passage and the value for CO2 EOR use equaling permanent sequestration use, the fact that our Montana assets going back literally 100 years ago to Chevron, Unicol owning them was always targeted for CO2 tertiary flood.

這可能是一個顯而易見的評論，但我想盡可能地控制產量。我的意思是，隨著最近《美麗大法案》的通過和二氧化碳 EOR 使用價值等於永久封存使用價值，事實上，我們的蒙大拿州資產可以追溯到 100 年前雪佛龍和 Unicol 擁有的資產，這些資產一直是二氧化碳三次驅的目標。

And economics are always a little bit stretched based on oil prices and the expense of CO2. And now that, that expense has turned into an extremely significant revenue stream, we started looking at the EOR uses for the CO2 a whole lot more, one, because of the economics; two, because we're on both sides of the table in negotiating that use. So that gives us a very doable economic use for that CO2. I think on the -- and as well as the permanent sequestration side, right?

而受油價和二氧化碳成本的影響，經濟總是有點捉襟見肘。現在，這筆開支已經變成了極其重要的收入來源，我們開始更專注於二氧化碳的 EOR 用途，一是因為經濟原因；二是因為我們在該用途的談判中站在雙方的立場。這為我們提供了非常可行的二氧化碳經濟用途。我認為——以及永久性封存方面，對嗎？

Like we don't need to get third-party approvals for that because we're agreeing to both sides of that because we own all the assets. I think on the helium side, I'll say, I think we enter into something by the end of the year. I'll caveat that by saying we're probably in a position to be able to do it now. We have some stuff in front of us. The offtake helium agreement market is pretty opaque. And when you go to market with something and you're not a massive company, the counterparties know that, and we'll reflect that in price.

就像我們不需要獲得第三方的批准一樣，因為我們同意雙方的意見，因為我們擁有所有資產。我認為在氦氣方面，我想說，我們將在今年年底前取得一些進展。我要提醒的是，我們現在可能已經能夠做到這一點了。我們面前有一些東西。氦氣承購協議市場相當不透明。當你將某種產品推向市場，而你又不是一家大公司時，交易對手就會知道這一點，我們會在價格上反映這一點。

So I think between now and the end of the year, we'll kind of pick our spot, but you'll see something on that front as well. And then kind of sprinkles on the ice cream would be us being able to sell merchant retail CO2 into the West Coast markets. I can't give a time frame on that just because it's -- you deal with very specific parties, but that's something that we're working on actively as well.

所以我認為從現在到年底，我們會選擇我們的位置，但你也會在這方面看到一些東西。然後，我們就可以把零售二氧化碳賣到西岸市場，這真是錦上添花。我無法給出一個時間框架，因為這需要與非常特定的當事人打交道，但這也是我們正在積極努力的事情。

So I think in summary, you'll see intercompany agreements on sequestration and EOR use for the CO2 in the relatively near term; helium offtake, which would basically be offtake agreements with the owner of helium liquefaction equipment by the end of the year; and proactively merchant CO2 sales into the retail market. TBD, but something we're working on actively.

所以我認為總而言之，您將在相對較短的時間內看到公司間就二氧化碳封存和 EOR 使用達成的協議；氦氣承購，基本上是與氦氣液化設備所有者在年底前達成的承購協議；並積極地將二氧化碳銷售到零售市場。有待確定，但我們正在積極努力。

Tom Kerr, Zacks.

湯姆·克爾，Zacks。

The helium concentration on the drilled wells, I think in the Texas at 0.47, but we had always talked about 0.6 in the last several quarters. Was there anything there or what happened there?

我認為德州鑽井中的氦濃度為 0.47，但過去幾季我們一直在談論的是 0.6。那裡有什麼東西嗎或發生了什麼事？

Yes. I mean it's less than our initial well that we acquired and did more work on. And I would love to have like a very dignified reason answer for you. I think the honest answer is when you're dealing with basis points on a gas stream, sometimes it comes in more, sometimes it comes in less. And the numbers were what kind of what they were, right?

是的。我的意思是，它比我們最初收購並做了更多工作的油井要少。我很想給你一個非常有尊嚴的合理答案。我認為誠實的回答是，當你處理氣流的基點時，有時會多一些，有時會少一些。這些數字是什麼樣的，對嗎？

We think that if we drill another well to get the overall volumes up a little bit more, we have some ideas and some locations to where we think that, that composition is a little bit higher than what some of our subsequent wells produced in.

我們認為，如果我們再鑽一口井，總產量會再增加一點，我們有一些想法和一些位置，我們認為，這種成分會比我們後續的一些井的產量略高一些。

But again, we go after the areas we think are prolific enough to defend processing economics, et cetera. We always expected some variation potentially to the upside potentially to the downside. Unfortunately, it was a little bit to the downside. I would say that those numbers are still highly economic for us as part of our full cycle program. But they kind of are what they are. So I don't know if that's what the answer you're looking for, but I think that's what I got.

但再次強調，我們追求的是那些我們認為足夠豐富的領域，可以捍衛加工經濟等等。我們總是預期會出現一些變化，既可能出現上行，也可能出現下行。不幸的是，情況有點不太好。我想說，作為我們全週期計劃的一部分，這些數字對我們來說仍然非常經濟。但它們就是它們本身。所以我不知道這是否是您想要的答案，但我認為這就是我得到的答案。

Yes, you just answered my second question, which is still economically viable level in terms of economics and cash flow and that sort of stuff.

是的，你剛剛回答了我的第二個問題，從經濟、現金流等方面來看，這仍然處於經濟可行的水平。

Yes, absolutely, right? Like we look at it starting off each economic driver kind of in its own silo and standing on its own two feet, right? Like we don't want to have an uneconomic process in one pocket and then depend on the other pocket to defend activity.

是的，絕對是如此，對吧？就像我們看到的那樣，每個經濟驅動力都從自己的筒倉開始，獨立發展，對嗎？就像我們不想在一個地方進行不經濟的流程，然後依賴另一個地方來保護活動。

So the helium concentrations on our current flows, and so much of it depends on processing and infrastructure, and that goes into the planning as well, right? Like the size and et cetera. What works for us and then layering on, I'll call it, revenues and incentives from CO2 sequestration, EOR usage really juices those economics very extensively on top of what we already have on the helium side.

因此，我們目前流動的氦氣濃度很大程度上取決於加工和基礎設施，而這也納入了規劃中，對嗎？例如尺寸等等。對我們有用的是，然後分層疊加，我稱之為來自二氧化碳封存的收入和激勵，EOR 使用確實在我們現有的氦氣基礎上非常廣泛地促進了這些經濟的發展。

Got it. All right. That makes sense. And then just on the processing plant, any sort of changes in the complications of developing that or cost levels or changes since we last talked?

知道了。好的。這很有道理。那麼就加工廠而言，自我們上次談話以來，其開發複雜性或成本水準有任何變化嗎？

I think there's a few changes. I won't -- we're still going through I'll say, a few design options right now. And the reason for that isn't for difficulty. It's really the incentives on the recent bill evening out EOR and sequestration dollars really kind of change the proverbial calculus for us.

我認為有一些變化。我不會——我現在仍在討論一些設計方案。而其原因並不在於困難。最近的法案確實對平衡 EOR 和封存資金提供了激勵，這確實為我們改變了眾所周知的計算方式。

I mean, we have an extensive EOR asset in Montana. It's very large. It's very close. The geography couldn't be any better. And some of the equipment and processes to, call it, strip out helium, sell helium, strip out nat gas, sell nat gas, get the CO2 to a level where it's getting used for EOR purposes is actually a little more simple and a little bit cheaper than what we were originally planning for.

我的意思是，我們在蒙大拿州擁有豐富的 EOR 資產。它非常大。非常接近了。地理位置再好不過了。而一些設備和流程，即所謂的提煉氦氣、出售氦氣、提煉天然氣、出售天然氣，將二氧化碳轉化為可用於 EOR 目的的水平，實際上比我們最初計劃的要簡單一些，也便宜一些。

So obvious comment, if there's something that we can do that results in the same economics and do it at a cheaper cost, we're going to pursue that route. So, that's probably the main reason why we haven't started on the plant.

所以顯而易見的是，如果我們能做某件事，產生同樣的經濟效益，而且成本更低，我們就會走這條路。所以，這可能是我們尚未啟動該工廠的主要原因。

We're just -- we're fine-tuning our economic model, our strategy, construction planning and exactly the lowest cost within reason that we can spend on the processing infrastructure side to access these multiple value chains as soon as possible.

我們只是——我們正在微調我們的經濟模式、策略、建設規劃，並在合理範圍內以最低的成本投入處理基礎設施方面，以便盡快進入這些多重價值鏈。

Got it. All right. Last question, a financial one on the cash SG&A slightly elevated because of some business development in Montana. I think you said it will stabilize. Does that mean we're going to see that level probably in the next two quarters of $1.7 million? Or does that drift down because you don't have some of those Montana costs in there?

知道了。好的。最後一個問題是關於財務的問題，由於蒙大拿州的一些業務發展，現金銷售、一般及行政費用略有增加。我認為您說過它會穩定下來。這是否意味著我們可能會在接下來的兩個季度看到 170 萬美元的水平？還是因為沒有包含蒙大拿州的部分成本，所以價格下降了？

I think it's the latter. It should drift down. We've spent, I'd say, a fair amount of capital getting the project off the ground. And again, we're not a huge company. So one-time hits show up a lot more than they would with other larger entities.

我認為是後者。它應該會飄落下來。我想說，我們已經花了相當多的資金來啟動這個計畫。再說一遍，我們不是一家大公司。因此，一次性點擊的次數比其他大型實體的次數多得多。

Consultants, both internal and third-party, a fair amount of legal work just on the landowner right away, other ancillary charges, getting permits, getting disposal permits, all of that stuff. It's added up over the last couple of quarters. And it will continue to some extent just as we keep pushing stuff forward, but it definitely should lessen here in the very, very near term. It's probably already started to lessen a little bit as we go forward.

內部和第三方顧問會立即為土地所有者提供大量法律工作、其他附加費用、獲取許可證、獲取處置許可證等所有這些東西。在過去的幾個季度裡，這一數字一直在增加。隨著我們不斷推動事情向前發展，這種情況還會在一定程度上持續下去，但在短期內肯定會有所減弱。隨著我們不斷前進，這種情況可能已經開始減輕。

Thank you. At this time, I would like to turn the call back over to management for closing comments.

謝謝。現在，我想將電話轉回給管理階層，徵求他們的最後意見。

Great. I appreciate everybody for joining this morning and listening to what we have going on. We're excited about our project. We continue to move it forward. We're set up for 2026 to be a stellar year for US Energy as we get this project off the ground and online. I appreciate your time. Thank you.

偉大的。我感謝大家今天早上的參與和傾聽我們的討論。我們對我們的項目感到很興奮。我們將繼續推動這項進程。隨著該計畫的啟動和上線，我們預計 2026 年將成為美國能源輝煌的一年。感謝您抽出時間。謝謝。

Thank you. This does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

謝謝。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與，祝您有個愉快的一天。