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OFFON

U.S. ENERGY CORP.

(USEG)
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Uptick in prices lifts the mood in U.S. oil patch

06/23/2021 | 11:44am EDT

June 23 (Reuters) - U.S. energy company executives polled by the Federal Reserve Bank of Dallas have an optimistic outlook driven by upticks in activity and a jump in oil prices, according to a survey released on Wednesday.

Oil and gas producers are spending more money on projects and expect to raise that amount again next year, according to executives contacted by the Dallas Fed. The rosier outlook comes as oil prices on Wednesday climbed to the highest levels since late 2018 on crude inventory declines and shares in oil and gas companies traded higher.

The Dallas Fed survey includes executives from Texas, Louisiana and New Mexico.

Three-quarters of executives said they believe there will be a global crude oil supply gap in the next two to four years.

Oilfield services firms reported improvement in equipment use, operating margins and the prices received for services.

Most executives - 82% - do not think a carbon tax should be used to reduce carbon emissions, according to the survey.

(Reporting by Jennifer Hiller)


ę Reuters 2021
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Financials (USD)
Sales 2020 2,16 M - -
Net income 2020 -6,44 M - -
Net cash 2020 2,52 M - -
P/E ratio 2020 -0,93x
Yield 2020 -
Capitalization 22,0 M 22,0 M -
EV / Sales 2019 0,39x
EV / Sales 2020 3,80x
Nbr of Employees 2
Free-Float 95,5%
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Ryan L. Smith President, CEO, CFO & Director
D. Stephen Slack Chairman
Javier F. Pico Independent Director
James W. Denny Independent Director
Randall D. Keys Independent Director
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