HOUSTON, March 08, 2024 (GLOBE NEWSWIRE) -- Amplify Energy Corp. ("Amplify," the "Company," "us," "we," or "our") (NYSE:AMPY) is aware of reports of an oil sheen off the coast of Huntington Beach, California. At this time, we have no indication that this sheen is related to our operations. We will continue to cooperate with the U.S. Coast Guard and other relevant authorities and provide support in any way we can. About Amplify Energy Amplify Energy Corp. is an independent oil and natural gas company engaged ...

Amplify Energy Corp. (NYSE:AMPY) Q4 2023 Earnings Conference Call March 7, 2024 11:00 AM ET Corporate Participants Jim Frew - Senior Vice President and Chief Financial Officer Martyn Willsher - President and Chief Executive Officer Dan Furbee - Senior Vice President and Chief Operating Officer Conference Call Participants Jeff Grampp - Alliance Global Partners Operator Welcome to Amplify Energy's Fourth Quarter 2023 Investor Conference Call. Amplify's operating and financial results were released yesterday ...

Amplify Energy (AMPY) came out with quarterly earnings of $1.07 per share, beating the Zacks Consensus Estimate of $0.21 per share. This compares to earnings of $0.74 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 409.52%. A quarter ago, it was expected that this oil and gas company would post earnings of $0.20 per share when it actually produced a loss of $0.34, delivering a surprise of -270%.Over the last four quarters, the ...

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].

Core Viewpoint - Amplify Energy Corp. reported strong operational and financial results for Q4 and full-year 2023, highlighting significant production increases, cash flow generation, and strategic initiatives for 2024 development [1][2][6]. Financial Performance - In Q4 2023, Amplify achieved average total production of 20.8 MBoepd, generating net cash from operating activities of $28.4 million and net income of $43.6 million [2][6]. - For the full year 2023, the company reported average total production of 20.5 MBoepd, net cash from operating activities of $141.6 million, and net income of $392.8 million [2][6]. - Adjusted EBITDA for Q4 2023 was $25.2 million, an increase from $19.5 million in Q3 2023, while free cash flow reached $14.4 million, up 136% from the previous quarter [6][7]. Proved Reserves - As of year-end 2023, Amplify's total proved reserves were estimated at 98 million barrels of oil equivalent (MMBoe), with a PV-10 value of approximately $757 million using SEC pricing [3][4]. - The reserves composition included 42% oil, 20% NGLs, and 38% natural gas, with significant portions located in Oklahoma, East Texas, and Bairoil [3][5]. Debt and Capital Structure - By December 31, 2023, Amplify had net debt of $94 million, with a net debt to last twelve months (LTM) Adjusted EBITDA ratio of 1.1x [8][2]. - The company reduced its net debt by approximately $95 million during 2023, improving its balance sheet [2][6]. Strategic Initiatives for 2024 - Amplify initiated the Beta development program in March 2024, focusing on high-return development opportunities expected to enhance future cash flows [2][20]. - The company also began the marketing process for its Bairoil assets, which could provide additional capital for debt reduction and operational flexibility [2][20]. - The 2024 capital investment plan is projected at $50 to $60 million, with a significant portion allocated to Beta development and facility projects [19][25]. Production and Pricing Update - Average daily production in Q4 2023 was 20.8 MBoepd, a slight increase from 20.6 MBoepd in Q3 2023, with Beta production up 12% [9][10]. - The company realized an average crude oil price of $75.31 per barrel in Q4 2023, down from $78.45 in Q3 2023 [11][43]. Cost Management - Lease operating expenses in Q4 2023 were approximately $34.6 million, or $18.14 per Boe, reflecting a decrease from the previous quarter [13][15]. - The company expects continued cost reduction efforts to enhance operational efficiency and profitability [13][21].

Core Viewpoint - Amplify Energy (AMPY) is expected to report a year-over-year decline in earnings and revenues for the quarter ended December 2023, with the earnings report set to be released on March 6, 2024. The actual results will significantly influence the stock price, depending on whether they meet or exceed expectations [1]. Earnings Estimates - The consensus estimate for Amplify Energy's quarterly earnings is $0.21 per share, reflecting a year-over-year decrease of 71.6% [2]. - Expected revenues are projected at $73.33 million, down 25.9% from the same quarter last year [2]. - Over the last 30 days, the consensus EPS estimate has been revised 26.67% lower, indicating a reassessment by analysts [2]. Earnings Surprise Prediction - The Zacks Earnings ESP (Expected Surprise Prediction) model compares the Most Accurate Estimate to the Zacks Consensus Estimate, providing insights into potential earnings surprises [3]. - A positive Earnings ESP is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [4]. Current Earnings Prediction for Amplify Energy - For Amplify Energy, the Most Accurate Estimate aligns with the Zacks Consensus Estimate, resulting in an Earnings ESP of 0% [5]. - The stock currently holds a Zacks Rank of 5, indicating a bearish outlook [5][6]. Historical Performance - In the last reported quarter, Amplify Energy was expected to post earnings of $0.20 per share but instead reported a loss of $0.34, resulting in a surprise of -270% [7]. - Over the past four quarters, the company has beaten consensus EPS estimates twice [7]. Conclusion - Amplify Energy does not appear to be a compelling candidate for an earnings beat based on current estimates and rankings. Investors should consider additional factors when deciding to invest in or avoid the stock ahead of the earnings release [8].

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 ...