Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number: 001-35512 AMPLIFY ENERGY CORP. (Exact name of registrant as specified in its charter) Delaware 82-1326219 (State or other juris ...

Production and Reserves - In Q4 2023, Amplify Energy achieved average total production of 20.8 MBoepd, a 1% increase from 20.6 MBoepd in the prior quarter[11]. - Amplify's year-end 2023 total proved reserves were 98 million barrels of oil equivalent (MMBoe), with a PV-10 value of approximately $757 million using SEC pricing[4]. - Total production volumes for the three months ended December 31, 2023, were 1,910 MBoe, compared to 1,897 MBoe in the previous quarter, showing a slight increase[39]. - Total production volumes increased to 1,910 MBOE for the quarter ended December 31, 2023, compared to 1,897 MBOE for the quarter ended September 30, 2023, representing a 0.7% increase[41]. Financial Performance - For the full year 2023, net cash provided by operating activities was $141.6 million, with a net income of $392.8 million[2]. - The company generated $25.2 million of Adjusted EBITDA in Q4 2023, an increase of approximately 29% from $19.5 million in the prior quarter[6]. - Total revenues for the three months ended December 31, 2023, were $78,985,000, an increase from $76,770,000 for the three months ended September 30, 2023, representing a growth of 2.6%[37]. - Net income for the three months ended December 31, 2023, was $43,578,000, compared to a net loss of $13,403,000 for the previous quarter, indicating a significant turnaround[37]. - Adjusted EBITDA increased to $25,190 million for the quarter ended December 31, 2023, up from $19,483 million for the quarter ended September 30, 2023, a rise of 29.0%[51]. - Net income for the twelve months ended December 31, 2023, was $392,750, compared to $57,875 for the same period in 2022, representing a significant increase[53]. - Adjusted EBITDA for the twelve months ended December 31, 2023, was $88,032, down from $93,822 in 2022, indicating a decrease of approximately 6.0%[53]. - Free Cash Flow for the twelve months ended December 31, 2023, was $38,025, compared to $43,623 in 2022, reflecting a decline of about 12.8%[53]. Cash Flow and Investments - Free cash flow for Q4 2023 was $14.4 million, representing a 136% increase compared to the prior quarter[8]. - Cash capital investment in Q4 2023 was approximately $7.1 million, a decrease from $9.7 million in the prior quarter[18]. - Amplify's total capital invested in Q4 2023 was $7.1 million, with a full-year total of $33.7 million[20]. - The projected capital investments for 2024 are between $50 million and $60 million, with 40% allocated to Beta development[21][22]. - The company plans to invest 85% to 95% of its capital in the first three quarters of 2024 primarily for the Beta development program[23]. Debt and Leverage - The company reduced net debt by approximately $95 million in 2023, with net debt as of December 31, 2023, at $94 million[2]. - Cash and cash equivalents rose significantly to $20,746 million as of December 31, 2023, compared to $6,387 million as of September 30, 2023, an increase of 225.5%[42]. - Total assets increased to $737,674 million as of December 31, 2023, from $717,105 million as of September 30, 2023, a growth of 2.8%[42]. - Total liabilities decreased to $346,638 million as of December 31, 2023, down from $371,068 million as of September 30, 2023, a reduction of 6.6%[42]. Operational Efficiency - Lease operating expenses in Q4 2023 were approximately $34.6 million, or $18.14 per Boe, a decrease from the previous quarter[16]. - Lease operating expenses per Boe decreased to $18.14 in Q4 2023 from $19.54 in Q3 2023, indicating improved cost efficiency[39]. - The company aims to reduce operating costs through initiatives with Magnify Energy Services, which added $0.5 million to Adjusted EBITDA in 2023[22]. Future Outlook - Amplify initiated the Beta development program in March 2024, with the first well spud[2]. - The company expects 2024 to be a transformative year, focusing on high-return development opportunities at Beta and further reducing leverage[3]. - The company expects net average daily oil production in 2024 to range from 8.0 MBbls/d to 8.9 MBbls/d, and natural gas production from 47.0 MMcf/d to 52.5 MMcf/d[24]. - Amplify anticipates Adjusted EBITDA for 2024 to be between $90 million and $110 million[24]. - Initial production results from the four-well development program at Beta are expected in Q2 2024, with projected IRRs exceeding 100%[22]. Incidents and Challenges - The company reported a pipeline incident loss of $4,299,000 for the quarter, a significant increase from $559,000 in the previous quarter, highlighting operational challenges[37]. - The company reported a pipeline incident loss of $19,981 for the twelve months ended December 31, 2023, compared to $11,277 in 2022, indicating an increase of approximately 77.5%[53]. - The company anticipates ongoing evaluation and implementation of strategic alternatives to address financial and operational challenges, including potential acquisitions and capital expenditures[31].

HOUSTON, March 06, 2024 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (NYSE:AMPY) ("Amplify," the "Company," "us," or "our") announced today its operating and financial results for the fourth quarter and full-year 2023, year-end 2023 proved reserves and guidance for full-year 2024. Key Highlights 2024 strategic updates include: Commenced the Beta development program, with the first well spud in March 2024Initiated the previously announced Bairoil marketing process During the fourth quarter of 2023, the Company: ...

Wall Street expects a year-over-year decline in earnings on lower revenues when Amplify Energy (AMPY) reports results for the quarter ended December 2023. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on March 6, 2024, might help the stock move higher if these key numbers are better than ex ...

HOUSTON, Feb. 22, 2024 (GLOBE NEWSWIRE) -- Amplify Energy Corp. ("Amplify" or the "Company") (NYSE:AMPY) announced today that it will report fourth quarter 2023 financial and operating results after the U.S. financial markets close on March 6, 2024. Management will host a conference call at 10:00 a.m. CT on March 7, 2024 to discuss the Company's results. Interested parties are invited to participate in the conference call by dialing (800) 343-5172 (Conference ID: AEC4Q23) at least 15 minutes prior to the st ...

Anton Petrus/Moment via Getty Images Amplify Energy Corp. (NYSE:AMPY) is a producer of oil and natural gas. It is based in Houston, Texas and has operations in Oklahoma, Southern California, Texas, and it has stakes such as Bairoil in the Rocky Mountains which it is (imminently) planning to put up for sale in Q1 of 2024. This stock traded in the $20 per share range in 2017 and 2018 but trended down from there and plunged in 2020 due to the Covid stock market correction and remained weak due to a 2021 oil sp ...

Amplify Energy Corp. (NYSE:AMPY) Q3 2023 Results Conference Call November 7, 2023 11:00 AM ET Company Participants Jim Frew - SVP and CFO Martyn Willsher - President and CEO Dan Furbee - SVP and COO Conference Call Participants Operator Welcome to Amplify Energy’s Third Quarter 2023 Investor Conference Call. Amplify’s operating and financial results were released yesterday after market close on November 6, 2023 and are available on Amplify’s website at www.amplifyenergy.com. [Operator Instructions] Today’s ...

Front Matter [Cover Page](index=1&type=section&id=Cover%20Page) The report is a Form 10-Q for the quarter ended September 30, 2023, for Amplify Energy Corp - Filing: **Form 10-Q** for the quarterly period ended September 30, 2023[2](index=2&type=chunk) - Company: **Amplify Energy Corp. (NYSE: AMPY)**[2](index=2&type=chunk)[3](index=3&type=chunk) - Outstanding Shares: **39,096,700 shares** of common stock as of October 31, 2023[3](index=3&type=chunk) [Glossary of Oil and Natural Gas Terms](index=3&type=section&id=Glossary%20of%20Oil%20and%20Natural%20Gas%20Terms) This section defines key technical terms and abbreviations used in the oil and natural gas industry - **Boe (Barrel of Oil Equivalent)** is converted from natural gas at a ratio of six Mcf to one Bbl of oil[6](index=6&type=chunk) - **Proved Reserves** are quantities of oil and gas estimated with reasonable certainty to be economically producible[11](index=11&type=chunk) [Cautionary Note Regarding Forward–Looking Statements](index=8&type=section&id=Cautionary%20Note%20Regarding%20Forward%E2%80%93Looking%20Statements) The report contains forward-looking statements and warns of risks that could cause actual results to differ - The report includes forward-looking statements regarding business strategies, financial performance, and operational plans[19](index=19&type=chunk) - Key risks include the **Southern California pipeline incident's impact**, commodity price volatility, and debt obligations[20](index=20&type=chunk)[22](index=22&type=chunk) - Forward-looking statements are based on management's current expectations and are subject to risks beyond the company's control[23](index=23&type=chunk) PART I—FINANCIAL INFORMATION [Financial Statements](index=11&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS.) This section presents the unaudited condensed consolidated financial statements for the periods ended September 30, 2023 [Unaudited Condensed Consolidated Balance Sheets](index=11&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $717.1 million, driven by a deferred tax asset, turning stockholders' equity positive Condensed Consolidated Balance Sheet Data (in thousands) | | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $78,254 | $99,244 | | **Property and Equipment, net** | $346,896 | $339,292 | | **Deferred Tax Asset** | $264,130 | $— | | **Total Assets** | **$717,105** | **$459,478** | | **Total Current Liabilities** | $108,257 | $139,852 | | **Long-Term Debt** | $120,000 | $190,000 | | **Total Liabilities** | **$371,068** | **$464,043** | | **Total Stockholders' Equity (Deficit)** | **$346,037** | **$(4,565)** | [Unaudited Condensed Consolidated Statements of Operations](index=12&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) The company reported a Q3 2023 net loss of $13.4 million, a decline from Q3 2022 due to lower sales and derivative losses Statements of Operations Highlights (in thousands, except per share data) | | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $76,770 | $126,299 | $228,611 | $359,509 | | **Operating Income (Loss)** | $(12,324) | $51,183 | $20,871 | $37,266 | | **Litigation Settlement** | $— | $— | $84,875 | $— | | **Income Tax Benefit (Expense)** | $3,267 | $— | $257,015 | $— | | **Net Income (Loss)** | **$(13,403)** | **$47,234** | **$349,172** | **$27,840** | | **Basic & Diluted EPS** | **$(0.34)** | **$1.17** | **$8.57** | **$0.69** | [Unaudited Condensed Consolidated Statements of Cash Flows](index=13&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations for the nine-month period increased to $113.2 million, driven by non-cash items Condensed Statements of Cash Flows (in thousands) | | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$113,228** | **$49,330** | | **Net cash used in investing activities** | **$(29,965)** | **$(31,553)** | | **Net cash used in financing activities** | **$(76,876)** | **$(25,632)** | | **Net change in cash and cash equivalents** | $6,387 | $(7,855) | | **Cash and cash equivalents, end of period** | **$6,387** | **$10,944** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=15&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, the pipeline incident settlement, and the release of a tax valuation allowance Disaggregated Revenue (Nine Months Ended Sep 30, in thousands) | Revenue Stream | 2023 | 2022 | | :--- | :--- | :--- | | Oil | $146,780 | $165,686 | | NGLs | $21,973 | $38,789 | | Natural gas | $41,327 | $115,087 | | **Total** | **$210,080** | **$319,562** | - The company entered a new credit facility with a **$150.0 million borrowing base**, with **$120.0 million outstanding** as of September 30, 2023[73](index=73&type=chunk) - Settlements for the Southern California Pipeline Incident included a **$96.5 million payment received** and agreements to pay fines of approximately **$12.0 million**[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk) - A **$278.8 million tax benefit** was recorded for the nine-month period following the release of the deferred tax asset valuation allowance[130](index=130&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=37&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS.) Management attributes the Q3 2023 net loss to lower prices, while nine-month income was boosted by a settlement and tax benefit - Revenue declines in Q3 and the first nine months of 2023 were primarily driven by **lower commodity prices**[165](index=165&type=chunk)[173](index=173&type=chunk) - Nine-month net income of **$349.2 million** was significantly impacted by an **$84.9 million litigation settlement** and a **$264.1 million deferred tax benefit**[179](index=179&type=chunk)[181](index=181&type=chunk) - Primary liquidity sources are cash from operations and a revolving credit facility with **$15.0 million available**, enhanced by an **$85.0 million settlement payment**[190](index=190&type=chunk)[191](index=191&type=chunk)[200](index=200&type=chunk) Adjusted EBITDA Reconciliation (in thousands) | | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net Income (Loss)** | $(13,403) | $47,234 | $349,172 | $27,840 | | **Adjusted EBITDA** | **$19,483** | **$30,750** | **$62,841** | **$71,941** | [Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK.) As a smaller reporting company, the company is not required to provide information under this item - As a smaller reporting company, Amplify Energy Corp. is **not required to provide** quantitative and qualitative disclosures about market risk[211](index=211&type=chunk) [Controls and Procedures](index=50&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES.) Management concluded that disclosure controls and procedures were effective as of September 30, 2023 - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were **effective** as of September 30, 2023[212](index=212&type=chunk) - **No material changes** to the internal control over financial reporting occurred during the most recent quarter[213](index=213&type=chunk) PART II—OTHER INFORMATION [Legal Proceedings](index=51&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS.) This section refers to Note 16 for details on legal proceedings, mainly related to the Southern California Pipeline Incident - For details on legal proceedings related to the Southern California Pipeline Incident, the report refers to **Note 16** of the financial statements[215](index=215&type=chunk) [Risk Factors](index=51&type=section&id=ITEM%201A.%20RISK%20FACTORS.) There have been no material changes to risk factors previously disclosed in the 2022 Form 10-K and Q1 2023 Form 10-Q - There have been **no material changes** to the risk factors disclosed in the 2022 Form 10-K and the Q1 2023 Form 10-Q[216](index=216&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=51&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS.) The company repurchased 4,319 shares in Q3 2023 to cover tax withholdings on vested employee stock units Share Repurchase Activity (Q3 2023) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | July 1 - July 31, 2023 | 4,319 | $6.77 | | August 1 - Aug 31, 2023 | — | $— | | Sep 1 - Sep 30, 2023 | — | $— | [Other Information](index=52&type=section&id=ITEM%205.%20OTHER%20INFORMATION.) New employment agreements for six key executives with updated compensation and severance terms became effective November 1, 2023 - New employment agreements were executed for **six executives**, effective November 1, 2023, replacing all prior agreements[220](index=220&type=chunk) Executive Compensation Under New Agreements | Executive | Title | Annual Base Salary | Target Annual Bonus (% of Salary) | | :--- | :--- | :--- | :--- | | Martyn Willsher | President & CEO | $520,000 | 100% | | James Frew | SVP & CFO | $364,000 | 70% | | Daniel Furbee | SVP & COO | $364,000 | 70% | | Eric Willis | SVP, General Counsel | $364,000 | 70% | | Tony Lopez | SVP Engineering | $322,400 | 70% | | Eric Dulany | VP & CAO | $255,000 | 50% | - The agreements provide for severance payments upon termination without 'cause' or for 'good reason', with **enhanced benefits** following a 'Change of Control'[225](index=225&type=chunk)[226](index=226&type=chunk)

Amplify Energy Corp. (NYSE:AMPY) Q2 2023 Earnings Call Transcript August 9, 2023 11:00 AM ET Company Participants Jim Frew - Senior Vice President & Chief Financial Officer Martyn Willsher - President & Chief Executive Officer Dan Furbee - Senior Vice President & Chief Operating Officer Conference Call Participants John White - Roth MKM Jeffrey Robertson - Water Tower Research Operator Welcome to Amplify Energy' Second Quarter 2023 Investor Conference Call. Amplify's operating and financial results were rel ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number: 001-35512 Amplify Energy Corp. (Exact name of registrant as specified in its charter) Delaware 82-1326219 (State or other j ...