Amplify Energy (AMPY) Conference Summary Company Overview - Amplify Energy is a Houston-based company operating in mature legacy fields across multiple regions including Oklahoma, The Rockies, offshore Southern California, East Texas, and North Louisiana [1] - The company is characterized as a diverse, low decline, long-life exploration and production (E&P) company with four different operating regions [2] Key Assets and Operations - The primary focus is on the Beta asset located in offshore federal waters of California, alongside a mature bare oil asset in Wyoming and East Texas/North Louisiana assets [3] - The company has been involved in joint ventures (JVs) in Haynesville acreage and has owned the Mississippi Lime position in Oklahoma since 2019 [4] - Recent divestitures include the sale of a non-operating Eagle Ford position for $23 million in net proceeds, with plans to market East Texas and Oklahoma positions [5] Financial Performance and Strategy - The enterprise value is just under $300 million, with a market cap between $150 million and $160 million [5] - The company aims to simplify its structure and focus on the Beta and bare oil positions, with ongoing cost-cutting initiatives [6] - Free cash flow generation is expected even after divestitures, with significant investments in the Beta position to accelerate production [8] Production and Drilling Insights - The last Beta well brought online is producing 850 barrels per day, with a target drilling cost of approximately $6 million per well [6][7] - The company has a 25% interest in four non-operating wells in East Texas, producing a total of 13 million cubic feet per day [7] - The Beta asset has shown a 30% increase in production from three recently drilled wells, with a type curve indicating an initial production (IP) of about 400 barrels per day [11][12] Recovery Potential and Future Outlook - The Beta field has an estimated original oil in place ranging from 600 million to 1 billion barrels, with expected recovery factors between 30% to 40% based on analog fields [20] - The company anticipates recovering between 180 million to 400 million barrels, with 128 million barrels projected from the current 25 proved undeveloped (PUD) locations [21] - The breakeven cost for new wells is approximately $33 per barrel, making it competitive within the lower 48 states [14] Valuation and Market Position - Current share price is just under $4 per share at $60 oil, with projections of $6 per share at $65 oil and over $9 at higher prices [9] - The company has reduced debt by $6 million from the end of 2022, improving leverage significantly [8] - The company believes there is a 147% premium to the current share price based on its equity value and ongoing developments in the Beta field [23] Conclusion - Amplify Energy is positioned for growth through strategic asset management and operational efficiencies, particularly in the Beta field, which is expected to drive future production and cash flow [23]

Company Participation - Amplify Energy Corp. will participate in the 30th Annual EnerCom Denver – The Energy Investment Conference on August 18-19, 2025 [1] - CEO Dan Furbee will hold one-on-one meetings with investors during the conference [1] Presentation Details - Dan Furbee will present at 3:35 P.M. MT on August 18, followed by a 50-minute breakout session [2] - Interested parties can register for the webcast at the provided URL [2] Company Overview - Amplify Energy is an independent oil and natural gas company focused on the acquisition, development, exploitation, and production of oil and natural gas properties [2] - The company's operations are concentrated in Oklahoma, the Rockies (Bairoil), federal waters offshore Southern California (Beta), and East Texas / North Louisiana [2]

Financial Performance & Valuation - Amplify's enterprise value is \$283 million, including a market capitalization of \$153 million and net debt of \$130 million as of June 30, 2025[15] - The company's LTM Adjusted EBITDA as of 2Q25 is \$86 million, with a net debt to LTM Adjusted EBITDA ratio of 15x[15] - The implied equity value per share, based on proved reserves, shows a premium to the recent share price, with a potential premium of 147% at \$65 WTI and \$400 Henry Hub flat pricing[22] Asset Portfolio & Operations - The company's asset portfolio includes Beta, Bairoil, ETX/NLA (East Texas/North Louisiana), and Oklahoma, with a total production of 179 thousand barrels of oil equivalent per day (MBoe/d), 62% liquids, and 94 million barrels of oil equivalent (MMBoe) in proved reserves[15] - The Beta asset has approximately 17000 net acres and produced 39 MBoe/d with 100% oil, with proved reserves of 17 MMBoe[15] - East Texas/North Louisiana (ETX/NLA) has approximately 180000 net acres and produced 64 MBoe/d with 32% liquids, with proved reserves of 35 MMBoe[15] Strategy & Outlook - The company divested its non-operated Eagle Ford asset, generating \$23 million in net proceeds, and is currently undergoing a monetization process for its East Texas and Oklahoma assets[18] - Amplify is guiding for 2025 free cash flow (FCF) of \$0 - \$10 million and has reduced net debt by approximately \$60 million from year-end 2022 to 2Q25[18] - The company's legacy proved developed (PD) reserves base is expected to generate substantial free cash flow over the next ten years, with an average decline rate of approximately 5% annually through 2034[30]

Company Performance - Amplify Energy reported a quarterly loss of $0.1 per share, missing the Zacks Consensus Estimate of $0.02, and a decline from earnings of $0.17 per share a year ago, resulting in an earnings surprise of -600.00% [1] - The company posted revenues of $68.36 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 5.69%, but down from $79.5 million year-over-year [2] - Over the last four quarters, Amplify Energy has surpassed consensus EPS estimates only once and topped consensus revenue estimates just once [2] Stock Performance - Amplify Energy shares have declined approximately 36.7% since the beginning of the year, contrasting with the S&P 500's gain of 7.1% [3] - The current consensus EPS estimate for the upcoming quarter is $0.09 on revenues of $72.08 million, and for the current fiscal year, it is $0.14 on revenues of $285.8 million [7] Industry Outlook - The Oil and Gas - Exploration and Production - United States industry is currently ranked in the bottom 27% of over 250 Zacks industries, indicating a challenging environment for companies in this sector [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Amplify Energy's stock performance [5]

[PART I—FINANCIAL INFORMATION](index=11&type=section&id=PART%20I%E2%80%94FINANCIAL%20INFORMATION) [Financial Statements](index=11&type=section&id=Item%201.%20Financial%20Statements) H1 2025 saw improved net income and operating cash flow, despite lower revenues and an impairment charge [Note 3 – Revenue](index=16&type=section&id=Note%203%20%E2%80%93%20Revenue) Total oil and natural gas sales decreased to **$137.1 million** in H1 2025, primarily due to lower oil sales, partially offset by increased natural gas sales Disaggregation of Revenue (in thousands) | Revenue Stream | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2024** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2024** | | :--- | :--- | :--- | :--- | :--- | | Oil | $49,705 | $57,789 | $99,686 | $115,210 | | NGLs | $5,648 | $6,565 | $11,806 | $14,091 | | Natural gas | $11,421 | $7,992 | $25,623 | $18,367 | | **Total** | **$66,774** | **$72,346** | **$137,115** | **$147,668** | [Note 4 – Acquisition and Divestitures](index=17&type=section&id=Note%204%20%E2%80%93%20Acquisition%20and%20Divestitures) The company divested Eagle Ford and Haynesville assets, incurring an **$8.4 million** impairment, and terminated its merger agreement with Juniper Capital - On June 30, 2025, the company approved a plan to sell its non-operated Eagle Ford assets. On July 1, 2025, a definitive agreement was signed for a contract price of **$23.0 million**. An impairment expense of approximately **$8.4 million** was recognized in Q2 2025 in connection with this planned divestiture[81](index=81&type=chunk) - The company monetized interests in the Haynesville basin through two transactions in 2025, generating total net proceeds of **$7.8 million** (**$6.3 million** in January and **$1.5 million** in May)[82](index=82&type=chunk)[83](index=83&type=chunk) - On April 25, 2025, the company mutually terminated its previously announced merger agreement with Juniper Capital[85](index=85&type=chunk) [Note 6 – Risk Management and Derivative Instruments](index=21&type=section&id=Note%206%20%E2%80%93%20Risk%20Management%20and%20Derivative%20Instruments) The company reported a **$7.8 million** net gain on commodity derivatives in H1 2025, reversing a prior-year loss, and holds various fixed-price swaps and collars Open Commodity Positions as of June 30, 2025 | Contract Type | 2025 | 2026 | 2027 | 2028 | | :--- | :--- | :--- | :--- | :--- | | **Natural Gas Swaps** | | | | | | Avg. Monthly Volume (MMBtu) | 560,000 | 515,000 | 197,500 | 20,000 | | W.A. Fixed Price | $3.75 | $3.80 | $3.96 | $3.86 | | **Natural Gas Collars** | | | | | | Avg. Monthly Volume (MMBtu) | 500,000 | 517,500 | 640,000 | 67,500 | | W.A. Floor/Ceiling Price | $3.50 / $3.90 | $3.58 / $4.11 | $3.54 / $4.31 | $3.50 / $4.52 | | **Crude Oil Swaps** | | | | | | Avg. Monthly Volume (Bbls) | 170,000 | 146,500 | 45,667 | — | | W.A. Fixed Price | $70.32 | $65.77 | $62.57 | — | | **Crude Oil Collars** | | | | | | Avg. Monthly Volume (Bbls) | 17,000 | — | — | — | | W.A. Floor/Ceiling Price | $70.00 / $80.20 | — | — | — | - For the six months ended June 30, 2025, the company recorded a net gain of **$7.8 million** on commodity derivative instruments, compared to a net loss of **$17.8 million** for the same period in 2024[100](index=100&type=chunk) [Note 8 – Long-Term Debt](index=24&type=section&id=Note%208%20%E2%80%93%20Long-Term%20Debt) The company had **$130.0 million** outstanding on its Revolving Credit Facility, received a waiver for a current ratio covenant breach, and saw its borrowing base reduced post-asset sale - As of June 30, 2025, **$130.0 million** was outstanding under the Revolving Credit Facility, with a borrowing base of **$145.0 million**[102](index=102&type=chunk)[104](index=104&type=chunk) - The company's current ratio was **0.90 to 1.00** as of June 30, 2025, below the required minimum of **1.00 to 1.00**. A waiver for this noncompliance was obtained from lenders on July 31, 2025[107](index=107&type=chunk) - Subsequent to the Eagle Ford asset sale, the borrowing base was reduced from **$145.0 million** to **$135.0 million** on July 2, 2025[108](index=108&type=chunk) [Note 16 – Commitments and Contingencies](index=31&type=section&id=Note%2016%20%E2%80%93%20Commitments%20and%20Contingencies) The company incurred **$0.6 million** in Beta Pipeline Incident expenses and faces **$142.4 million** in future Beta decommissioning funding commitments - For the six months ended June 30, 2025, the company incurred **$0.6 million** in non-reimbursable expenses related to the Beta Pipeline Incident, classified as 'Pipeline Incident Loss'[144](index=144&type=chunk) - The company has future funding commitments of **$142.4 million** for federal and state escrow funds related to Beta decommissioning obligations. Payments for the remainder of 2025 are **$4.5 million**[148](index=148&type=chunk) [Note 18 – Subsequent Events](index=34&type=section&id=Note%2018%20%E2%80%93%20Subsequent%20Events) The company completed the **$23.0 million** sale of its Eagle Ford assets on July 1, 2025, resulting in a reduced borrowing base - On July 1, 2025, the company completed the sale of its non-operated Eagle Ford assets for an aggregate cash purchase price of **$23.0 million**[155](index=155&type=chunk) - In connection with the asset sale, the company's borrowing base was reduced (See Note 8 for details)[156](index=156&type=chunk) Condensed Consolidated Balance Sheet Data (in thousands) | | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $70,013 | $71,777 | | **Property and equipment, net** | $383,929 | $386,218 | | **Total assets** | $771,307 | $747,076 | | **Total current liabilities** | $83,254 | $68,138 | | **Long-term debt** | $130,000 | $127,000 | | **Total liabilities** | $360,002 | $338,164 | | **Total stockholders' equity** | $411,305 | $408,912 | Condensed Consolidated Statements of Operations (in thousands, except per share amounts) | | **Three Months Ended June 30** | | **Six Months Ended June 30** | | | :--- | :--- | :--- | :--- | :--- | | | **2025** | **2024** | **2025** | **2024** | | **Total revenues** | $68,361 | $79,503 | $140,411 | $155,802 | | **Total costs and expenses** | $55,802 | $65,951 | $131,846 | $151,332 | | **Impairment expense** | $8,448 | $— | $8,448 | $— | | **Loss (gain) on commodity derivative instruments** | $(22,162) | $1,225 | $(7,845) | $17,789 | | **Net income (loss)** | $6,384 | $7,119 | $523 | $(2,277) | | **Basic and diluted EPS** | $0.15 | $0.17 | $0.01 | $(0.06) | Condensed Consolidated Statements of Cash Flows (in thousands) | | **Six Months Ended June 30** | | | :--- | :--- | :--- | | | **2025** | **2024** | | **Net cash provided by operating activities** | $49,190 | $23,101 | | **Net cash used in investing activities** | $(50,180) | $(44,577) | | **Net cash used in financing activities** | $990 | $1,232 | | **Net change in cash and cash equivalents** | $— | $(20,244) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discussed H1 2025 improved net income despite lower production, ongoing asset divestitures, leadership changes, and sufficient liquidity - The company announced significant management changes effective July 22, 2025: Daniel Furbee was appointed CEO, and James Frew was appointed President and CFO, following the transition of Martyn Willsher to a Special Advisor role[163](index=163&type=chunk)[165](index=165&type=chunk)[166](index=166&type=chunk) - On July 22, 2025, the company engaged a third-party advisor to explore the complete divestiture of its assets in East Texas and Oklahoma[162](index=162&type=chunk) - The company received a waiver for non-compliance with its minimum current ratio covenant for the quarter ended June 30, 2025, and expects to maintain compliance in future quarters[226](index=226&type=chunk) Key Operational Metrics Comparison (per Boe) | | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2024** | | :--- | :--- | :--- | | **Average realized sales price** | $40.96 | $40.07 | | **Lease operating expense** | $22.72 | $20.24 | | **Gathering, processing and transportation** | $2.69 | $2.62 | | **General and administrative expense** | $6.58 | $4.93 | [Results of Operations](index=38&type=section&id=Results%20of%20Operations) Q2 2025 net income decreased due to impairment and higher G&A, while H1 2025 net income improved significantly driven by derivative gains and asset sales - Q2 2025 vs Q2 2024: Net income decreased to **$6.4 million** from **$7.1 million**. The decline was influenced by an **$8.4 million** impairment charge and a **$2.8 million** increase in G&A expenses, which were largely offset by a significant unrealized gain on commodity derivatives[176](index=176&type=chunk)[183](index=183&type=chunk)[184](index=184&type=chunk) - H1 2025 vs H1 2024: Net income improved to **$0.5 million** from a net loss of **$2.3 million**. Key drivers were a **$7.8 million** gain on commodity derivatives (compared to a **$17.8 million** loss in H1 2024) and a **$7.8 million** gain on the sale of properties[192](index=192&type=chunk)[201](index=201&type=chunk)[203](index=203&type=chunk) - Lease operating expenses per Boe increased to **$22.72** for H1 2025 from **$20.24** in H1 2024, primarily due to increased electricity costs at the Bairoil property[195](index=195&type=chunk) [Non-GAAP Financial Measures](index=42&type=section&id=Non-GAAP%20Financial%20Measures) Adjusted EBITDA decreased to **$38.4 million** and Adjusted Net Income to **$1.5 million** in H1 2025, primarily due to derivative gain differences from prior year Reconciliation of Net Income (Loss) to Adjusted EBITDA (in thousands) | | **Three Months Ended June 30** | | **Six Months Ended June 30** | | | :--- | :--- | :--- | :--- | :--- | | | **2025** | **2024** | **2025** | **2024** | | **Net income (loss)** | $6,384 | $7,119 | $523 | $(2,277) | | **Adjustments** | ... | ... | ... | ... | | **Adjusted EBITDA** | **$18,983** | **$30,749** | **$38,427** | **$55,650** | Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss) (in thousands) | | **Three Months Ended June 30** | | **Six Months Ended June 30** | | | :--- | :--- | :--- | :--- | :--- | | | **2025** | **2024** | **2025** | **2024** | | **Net (loss) income** | $6,384 | $7,119 | $523 | $(2,277) | | **Adjustments** | ... | ... | ... | ... | | **Adjusted net income (loss)** | **$(2,270)** | **$14,166** | **$1,499** | **$20,945** | [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity relies on operations and its credit facility, facing a **$23.2 million** working capital deficit and significant decommissioning commitments - Total capital expenditures were approximately **$48.6 million** for the six months ended June 30, 2025, primarily for the Beta development program and non-operated activities in East Texas and the Eagle Ford[222](index=222&type=chunk) - As of June 30, 2025, the company had a working capital deficit of **$23.2 million** (excluding commodity derivatives)[224](index=224&type=chunk) - Future commitments for sinking fund payments related to Beta decommissioning total **$4.5 million** for the remainder of 2025 and **$9.0 million** per year thereafter until fully funded[230](index=230&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, the company is not required to provide disclosures on market risk - As a smaller reporting company defined by Rule 12b-2 of the Exchange Act, Amplify Energy Corp. is not required to provide information for this item[242](index=242&type=chunk) [Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal controls - Based on an evaluation as of June 30, 2025, the principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective at the reasonable assurance level[243](index=243&type=chunk) - There were no changes in internal control over financial reporting during the most recent quarter that have materially affected, or are reasonably likely to materially affect, internal controls[244](index=244&type=chunk) [PART II—OTHER INFORMATION](index=50&type=section&id=PART%20II%E2%80%94OTHER%20INFORMATION) [Legal Proceedings](index=50&type=section&id=Item%201.%20Legal%20Proceedings) The company refers to Note 16 and its 2024 Form 10-K for details on legal proceedings, particularly the Beta Pipeline Incident - For a discussion of legal proceedings, the report refers to Note 16 of the financial statements and the 2024 Form 10-K, specifically mentioning the proceedings associated with the Beta Pipeline Incident[247](index=247&type=chunk) [Risk Factors](index=50&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's 2024 Form 10-K have occurred - There have been no material changes to the risk factors disclosed in Part I, Item 1A of the company's 2024 Form 10-K[249](index=249&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=50&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **1,137** common shares in Q2 2025 at **$3.74** per share for tax withholding on equity awards Share Repurchase Activity - Q2 2025 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2025 | 1,137 | $3.74 | | May 2025 | — | $— | | June 2025 | — | $— | - The repurchased common shares were net-settled by shareholders to cover required withholding tax upon vesting of equity awards[250](index=250&type=chunk) [Exhibits](index=51&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the quarterly report, including key agreements and required SEC certifications

[Strategic Initiatives and Second Quarter 2025 Highlights](index=1&type=section&id=Strategic%20Initiatives%20and%20Second%20Quarter%202025%20Highlights) The company is undergoing strategic portfolio simplification and debt reduction, while reporting strong Q2 2025 production and financial results [Strategic Initiatives Update](index=1&type=section&id=Strategic%20Initiatives%20Update) Amplify is simplifying its portfolio, reducing debt, and lowering costs via asset divestitures and organizational changes - The company is committed to simplifying its portfolio, focusing on its most attractive investment opportunities, becoming more **oil-weighted**, **reducing debt**, and **lowering operating costs**[2](index=2&type=chunk) - Engaged TenOaks Energy Advisors to explore the complete divestiture of assets in East Texas and Oklahoma, with offers expected to be solicited in Q3[5](index=5&type=chunk) - Divested non-operated assets in the Eagle Ford for **$23 million**, with the transaction closing on July 1, 2025[5](index=5&type=chunk) - Implemented changes in governance, including appointing the largest shareholder to the Board, reducing Board size from **eight to five**, and promoting **Dan Furbee to CEO** and **Jim Frew to President and CFO**[5](index=5&type=chunk) [Second Quarter 2025 Key Highlights](index=1&type=section&id=Second%20Quarter%202025%20Key%20Highlights) Amplify increased Q2 2025 production to **19.1 MBoepd**, generating **$23.7 million** operating cash flow and **$6.4 million** net income Q2 2025 Key Metrics | Metric | Value | | :--- | :--- | | Average Total Production | 19.1 MBoepd (+7% vs Q1) | | Net Cash from Operating Activities | $23.7 million | | Net Income | $6.4 million | | Adjusted EBITDA | $19.0 million | | Adjusted Net Loss | $2.3 million | - The new **C54 well** at the Beta property, brought online in late-April, has the **highest initial production rates** of the four wells in the development program started last year[6](index=6&type=chunk)[7](index=7&type=chunk) - Non-operated wells in East Texas, drilled by partners, are exceeding company forecasts[7](index=7&type=chunk) [Financial and Operational Performance](index=2&type=section&id=Financial%20and%20Operational%20Performance) Amplify's Q2 2025 financial and operational performance, covering key results, liquidity, production, costs, and capital investments [Key Financial Results](index=2&type=section&id=Key%20Financial%20Results) Amplify reported a turnaround to net income in Q2 2025, with stable Adjusted EBITDA and expected negative free cash flow due to capital investments Q2 2025 vs Q1 2025 Financial Summary ($ in millions) | Metric | Q2 2025 | Q1 2025 | | :--- | :--- | :--- | | Net income (loss) | $6.4 | $(5.9) | | Adjusted EBITDA | $19.0 | $19.4 | | Adjusted net income (loss) | $(2.3) | $3.8 | | Free Cash Flow | $(10.1) | $(7.2) | | Total capital | $25.5 | $23.1 | - As of June 30, 2025, the company's Net Debt to LTM Adjusted EBITDA ratio was **1.5x**[10](index=10&type=chunk) [Revolving Credit Facility and Liquidity Update](index=3&type=section&id=Revolving%20Credit%20Facility%20and%20Liquidity%20Update) Amplify's borrowing base was reaffirmed at **$145.0 million**, then reduced to **$135.0 million** post-divestiture, with total debt at **$130.0 million** - The semi-annual borrowing base was reaffirmed at **$145.0 million** on May 29, 2025[12](index=12&type=chunk) - Following the Eagle Ford divestiture, the borrowing base was reduced to **$135.0 million**[12](index=12&type=chunk) - As of June 30, 2025, total debt was **$130.0 million**, with a Net Debt to LTM Adjusted EBITDA of **1.5x**[12](index=12&type=chunk) [Corporate Production and Pricing](index=3&type=section&id=Corporate%20Production%20and%20Pricing) Q2 2025 average daily production increased to **19.1 MBoepd**, with an oil-weighted shift to **48%** of total production, despite lower realized commodity prices Production Volumes by Asset (MBOE) | Asset | Q2 2025 | Q1 2025 | | :--- | :--- | :--- | | Bairoil | 286 | 280 | | Beta | 355 | 315 | | Oklahoma | 404 | 393 | | East Texas / North Louisiana | 584 | 570 | | Eagle Ford (Non-op) | 111 | 49 | | **Total - MBoe/d** | **19.1** | **17.9** | - The company's product mix became more **oil-weighted**, with crude oil representing **48%** of total production in Q2 2025, compared to **41%** in Q2 2024[15](index=15&type=chunk) Average Realized Sales Prices (exclusive of derivatives) | Product | Q2 2025 | Q1 2025 | | :--- | :--- | :--- | | Crude Oil ($/Bbl) | $60.01 | $67.82 | | NGLs ($/Bbl) | $21.45 | $25.24 | | Natural Gas ($/Mcf) | $3.01 | $3.87 | [Costs and Expenses](index=4&type=section&id=Costs%20and%20Expenses) Q2 2025 lease operating expenses were **$38.6 million** (**$22.20/Boe**), while cash G&A decreased **7%** to **$6.8 million**, with expected LOE reductions ahead - Lease operating expenses were **$38.6 million** (**$22.20/Boe**) in Q2, a **5% decrease** on a per-unit basis from Q1's **$23.28/Boe**[19](index=19&type=chunk) - Cash G&A expenses decreased by **7%** quarter-over-quarter to **$6.8 million**[21](index=21&type=chunk) - Depreciation, depletion, and amortization (DD&A) expense was **$9.8 million**, or **$5.61 per Boe**[21](index=21&type=chunk) [Capital Investment Update](index=4&type=section&id=Capital%20Investment%20Update) Amplify invested **$25.5 million** in Q2 2025 capital, totaling **$48.6 million** YTD, with **95%** of the 2025 budget front-loaded by Q3 Capital Invested by Asset - Q2 2025 ($MM) | Asset | Q2 2025 Capital ($MM) | YTD 2025 Capital ($MM) | | :--- | :--- | :--- | | Bairoil | $4.5 | $5.8 | | Beta | $13.3 | $26.1 | | Oklahoma | $1.0 | $2.5 | | East Texas / North Louisiana | $2.8 | $6.2 | | Eagle Ford (Non-op) | $3.6 | $7.5 | | **Total Capital Invested** | **$25.5** | **$48.6** | - The company intends to invest approximately **95%** of its 2025 capital by the end of the third quarter[23](index=23&type=chunk) - Capital investments are forecasted to drop significantly in the second half of 2025, with an estimated range of **$21 million to $31 million**, compared to **$48.6 million** in the first half[23](index=23&type=chunk) [Outlook and Development](index=5&type=section&id=Outlook%20and%20Development) This section outlines Amplify's 2025 operational plans, updated full-year guidance, and hedging strategies to manage commodity price risk [2025 Operations & Development Plan](index=5&type=section&id=2025%20Operations%20%26%20Development%20Plan) Amplify's 2025 plan focuses on accelerating the Beta program with new wells, leveraging strong IRRs, and optimizing East Texas and Bairoil assets - The company is drilling the **C08 well** at Beta, a direct offset to the highly successful **C54** and **C59** wells, which are projected to generate **greater than 100% IRRs**[27](index=27&type=chunk) - In East Texas, **four new non-operated wells** are currently producing **13 Mmcfe/d** net to Amplify's interest, with expected IRRs **greater than 45%**[29](index=29&type=chunk) - At Bairoil, the company obtained certification under the CSA ANSI/ISO Standard, allowing portions of CO2 used to qualify for **Section 45Q tax credits**[32](index=32&type=chunk) [Updated Full-Year 2025 Guidance](index=5&type=section&id=Updated%20Full-Year%202025%20Guidance) Amplify updated its full-year 2025 guidance, adjusting production to **18.5-20.0 MBoepd**, capital to **$65-$80 million**, and Adjusted EBITDA to **$80-$100 million** Updated Full-Year 2025 Guidance vs. Previous | Metric | Previous Guidance (May 12) | Updated Guidance (Aug 6) | | :--- | :--- | :--- | | Total Production (MBoe/d) | 19.0 - 20.5 | 18.5 - 20.0 | | Capital Expenditures ($MM) | $55 - $70 | $65 - $80 | | Adjusted EBITDA ($MM) | $80 - $110 | $80 - $100 | | Free Cash Flow ($MM) | $10 - $20 | $0 - $10 | - The guidance is based on assumed commodity prices of approximately **$65.00/Bbl** WTI for crude oil and **$3.50/MMBtu** Henry Hub for natural gas[33](index=33&type=chunk) [Hedging](index=8&type=section&id=Hedging) Amplify expanded its hedging program, executing crude oil swaps for 2026-2027 at **$62.79/Bbl** and natural gas swaps/collars for 2027-2028 with **$3.50/MMBtu** floors - Recently executed crude oil swaps for portions of 2026 and 2027 at a weighted average price of **$62.79**[36](index=36&type=chunk) - Added natural gas swaps for 2027 and 2028 at an average price of **$3.86 per MMBtu**, and costless collars for the same period with weighted average floors of **$3.50 per MMBtu**[36](index=36&type=chunk) Hedged Volumes and Prices (July 2025 - Dec 2028) | Commodity | 2025 | 2026 | 2027 | | :--- | :--- | :--- | :--- | | **Oil Swaps** | | | | | Avg Monthly Vol (Bbls) | 170,000 | 146,500 | 45,667 | | Wtd Avg Price ($) | $70.32 | $65.77 | $62.57 | | **Natural Gas Swaps** | | | | | Avg Monthly Vol (MMBtu) | 560,000 | 515,000 | 197,500 | | Wtd Avg Price ($) | $3.75 | $3.80 | $3.96 | [Unaudited Financial Statements and Non-GAAP Reconciliations](index=9&type=section&id=Unaudited%20Financial%20Statements%20and%20Non-GAAP%20Reconciliations) This section presents Amplify's unaudited financial statements, covering operations, production, costs, balance sheet, cash flow, and non-GAAP reconciliations [Statements of Operations](index=12&type=section&id=Statements%20of%20Operations) Amplify reported Q2 2025 total revenues of **$68.4 million**, operating income of **$12.6 million**, and net income of **$6.4 million** (**$0.15** per share) Statements of Operations Summary (in $000s) | Line Item | Q2 2025 | Q1 2025 | | :--- | :--- | :--- | | Total Revenues | $68,361 | $72,050 | | Total Costs and Expenses | $55,802 | $76,044 | | Operating Income (loss) | $12,559 | $(3,994) | | Net income (loss) | $6,384 | $(5,861) | | Basic and diluted EPS | $0.15 | $(0.15) | [Selected Production and Cost Data](index=13&type=section&id=Selected%20Production%20and%20Cost%20Data) Q2 2025 total production reached **1,740 MBOE**, with lease operating expenses at **$38.6 million** and capital expenditures totaling **$25.5 million** Q2 2025 Production and Capex by Asset | Asset | Production (MBOE) | Capex ($000s) | | :--- | :--- | :--- | | Bairoil | 286 | $4,488 | | Beta | 355 | $13,328 | | Oklahoma | 404 | $1,006 | | East Texas / North Louisiana | 584 | $2,800 | | Eagle Ford (Non-op) | 111 | $3,550 | | **Total** | **1,740** | **$25,516** | [Balance Sheet and Cash Flow Data](index=14&type=section&id=Balance%20Sheet%20and%20Cash%20Flow%20Data) As of June 30, 2025, Amplify reported **$771.3 million** in total assets, **$360.0 million** in liabilities, and **$411.3 million** in equity Balance Sheet Summary (in $000s) - June 30, 2025 | Category | Amount | | :--- | :--- | | Total Current Assets | $70,013 | | Total Assets | $771,307 | | Total Current Liabilities | $83,254 | | Long-term Debt | $130,000 | | Total Liabilities | $360,002 | | Total Shareholders' Equity | $411,305 | Cash Flow Summary (in $000s) - Q2 2025 | Activity | Amount | | :--- | :--- | | Net cash from operating activities | $23,689 | | Net cash used in investing activities | $(28,683) | | Net cash from financing activities | $4,994 | [Non-GAAP Reconciliations](index=15&type=section&id=Non-GAAP%20Reconciliations) Amplify provides non-GAAP reconciliations for Q2 2025, showing Adjusted EBITDA of **$19.0 million**, Free Cash Flow of negative **$10.1 million**, and Adjusted Net Loss of **$(2.3) million** Reconciliation of Net Income to Adjusted EBITDA (in $000s) - Q2 2025 | Line Item | Amount | | :--- | :--- | | Net income | $6,384 | | Interest expense, net | $3,594 | | Income tax expense | $1,915 | | DD&A | $9,765 | | (Gains) on commodity derivatives | $(22,162) | | Cash settlements on derivatives | $4,781 | | Other adjustments | $4,606 | | **Adjusted EBITDA** | **$18,983** | Reconciliation to Free Cash Flow (in $000s) - Q2 2025 | Line Item | Amount | | :--- | :--- | | Adjusted EBITDA | $18,983 | | Less: Cash interest expense | $3,614 | | Less: Capital expenditures | $25,516 | | **Free Cash Flow** | **$(10,147)** | Reconciliation to Adjusted Net Income (Loss) (in $000s) - Q2 2025 | Line Item | Amount | | :--- | :--- | | Net income | $6,384 | | Unrealized (gains) on commodity derivatives | $(17,381) | | Other adjustments & tax effect | $8,727 | | **Adjusted net (loss)** | **$(2,270)** |

Strategic Initiatives Update - Amplify Energy Corp. is focused on simplifying its portfolio, becoming more oil-weighted, reducing debt, lowering operating costs, and streamlining the organization [2][3] - The company has engaged TenOaks Energy Advisors to explore market interest for the complete divestiture of its assets in East Texas and Oklahoma, with offers expected later in Q3 2025 [5] - Amplify divested its non-operated assets in the Eagle Ford for $23 million, which closed on July 1, 2025 [5] Key Financial Results - In Q2 2025, Amplify reported net income of approximately $6.4 million, a significant improvement from a net loss of $5.9 million in the prior quarter, primarily due to a gain on commodity derivatives [8][10] - Adjusted EBITDA for Q2 2025 was $19.0 million, comparable to the previous quarter despite lower commodity prices [9][10] - Average daily production increased to 19.1 MBoepd, up approximately 7% from the prior quarter [6][10] Production and Operations - The company completed the C54 well at Beta, which has cumulative gross production of 90,000 barrels of oil and is currently producing approximately 850 gross Bopd [6][7] - In East Texas, four non-operated wells were brought online, currently producing 13 Mmcfe/d net to Amplify's interest, with expected payback in less than 18 months and IRRs greater than 45% [6][28] - The product mix for Q2 2025 was 48% crude oil, 16% NGLs, and 36% natural gas, reflecting a strategic increase in oil weighting [15] Capital Investment and Guidance - Cash capital investment in Q2 2025 was approximately $25.5 million, with a focus on development drilling and facility projects at Beta [22][23] - Amplify plans to invest approximately 95% of its 2025 capital by the end of Q3 2025, with a significant decrease in capital investments expected in the second half of the year [22][32] - Updated full-year 2025 guidance includes net average daily production estimates of 18.5 to 20.0 MBoe/d and an Adjusted EBITDA range of $80 to $100 million [32][33] Hedging and Liquidity - Amplify maintains a robust hedge book, recently adding crude oil swaps for 2026 and 2027 at a weighted average price of $62.79 [35] - As of June 30, 2025, total debt was $130 million, with a net debt to LTM Adjusted EBITDA ratio of 1.5x [11][13]

Company Overview - Amplify Energy Corp. is an independent oil and natural gas company involved in the acquisition, development, exploitation, and production of oil and natural gas properties [2] - The company's operations are primarily located in Oklahoma, the Rockies (Bairoil), federal waters offshore Southern California (Beta), and East Texas / North Louisiana [2] Upcoming Financial Reporting - Amplify Energy will report its second quarter 2025 financial and operating results after the U.S. financial markets close on August 6, 2025 [1]

Core Viewpoint - Amplify Energy Corp. is focusing on strategic initiatives to simplify its portfolio, reduce debt, and enhance shareholder value through divestitures and operational optimization [2][3][5]. Strategic Initiatives - The company is committed to simplifying its portfolio and focusing on attractive investment opportunities to create shareholder value [2]. - Amplify has engaged TenOaks Energy Advisors to explore the divestiture of its assets in East Texas and Oklahoma, aiming to reduce debt and lower general and administrative costs [3]. - The potential sale of these assets is expected to allow Amplify to accelerate its development program at Beta and pursue cost-saving opportunities at Bairoil [4]. Executive Leadership Changes - Effective July 22, 2025, Martyn Willsher has stepped down as President and CEO, with Dan Furbee promoted to CEO and Jim Frew promoted to President and CFO [5][6]. - The Board of Directors believes the new leadership team can effectively implement the focused strategic plan [6]. Company Overview - Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, and production of oil and natural gas properties, with operations primarily in Oklahoma, the Rockies, federal waters offshore Southern California, and East Texas/North Louisiana [7].

Group 1 - Amplify Energy Corp. (NYSE: AMPY) shares have decreased by 50% following the announcement of a proposed merger with Juniper Capital, which has since been terminated [2] - The decline in share price is attributed to concerns regarding the failed merger deal [2] - The Insiders Forum focuses on small and mid-cap stocks that insiders are purchasing, aiming to outperform the Russell 2000 benchmark over time [2]