[Executive Summary & Key Highlights](index=1&type=section&id=Key%20Highlights) Amplify Energy reported strong Q1 2024 results, raising full-year guidance due to robust performance and strategic initiatives Q1 2024 Key Metrics | Metric | Value | | :--- | :--- | | Average Total Production | 20.2 MBoepd | | Net Cash from Operating Activities | $7.7 million | | Net Loss | ($9.4) million | | Adjusted EBITDA | $24.9 million | | Free Cash Flow | $2.3 million | | Net Debt (as of Mar 31, 2024) | $112 million | | Net Debt to LTM Adjusted EBITDA | 1.3x | - The company is increasing its **2024 guidance** based on better-than-expected first-quarter results and higher forecasted crude oil prices[2](index=2&type=chunk) - Strategic initiatives are progressing, including the Bairoil monetization process and the Beta development program, which commenced with the drilling of the A45 well[2](index=2&type=chunk) - The company successfully replaced surety bonds and renegotiated sinking fund payments, resulting in annual savings of approximately **$7 million**[2](index=2&type=chunk) - Renegotiated iodine royalty contracts in Oklahoma are expected to increase Other Revenue in 2024 by **$2 - $3 million**[2](index=2&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) Despite a net loss from derivative changes, Q1 2024 saw stable Adjusted EBITDA, positive free cash flow, and reaffirmed borrowing base [Key Financial Results](index=2&type=section&id=Key%20Financial%20Results) Q1 2024 net loss of **$9.4 million** was driven by non-cash derivative losses, while Adjusted EBITDA remained stable at **$24.9 million** with positive free cash flow Q1 2024 vs Q4 2023 Financials | Metric ($ in millions) | Q1 2024 | Q4 2023 | | :--- | :--- | :--- | | Net Income (Loss) | $(9.4) | $43.6 | | Net Cash from Operating Activities | $7.7 | $28.4 | | Adjusted EBITDA | $24.9 | $25.2 | | Free Cash Flow | $2.3 | $14.4 | - The decrease in net income compared to the prior quarter was primarily attributable to non-cash unrealized losses on commodity derivatives[4](index=4&type=chunk) - Amplify has now generated positive free cash flow in **15 of the last 16 fiscal quarters**[4](index=4&type=chunk) [Revolving Credit Facility and Debt](index=2&type=section&id=Revolving%20Credit%20Facility) Net debt stood at **$112 million** as of March 31, 2024, with a **1.3x** leverage ratio, and the borrowing base was reaffirmed at **$150 million** Debt and Liquidity as of March 31, 2024 | Metric | Value | | :--- | :--- | | Borrowing Base | $150 million | | Elected Commitments | $135 million | | Revolving Credit Facility Outstanding | $115 million | | Cash and Cash Equivalents | $3 million | | Net Debt | $112 million | | Net Debt to LTM Adjusted EBITDA | 1.3x | - The semi-annual borrowing base redetermination was completed on May 2, 2024, with the base reaffirmed at **$150 million**[5](index=5&type=chunk) [Operational Performance](index=2&type=section&id=Operational%20Performance) Q1 2024 production averaged 20.2 MBoepd with increased oil output and higher realized prices, despite rising operating expenses [Production and Pricing](index=2&type=section&id=Corporate%20Production%20and%20Pricing) Q1 2024 average daily production was **20.2 MBoepd**, with **61% liquids** and an average realized oil price of **$71.81 per barrel** including hedges - Q1 2024 production averaged **20.2 MBoepd**, with a product mix of **43% crude oil, 18% NGLs, and 39% natural gas**[6](index=6&type=chunk) Production Volumes by Area (MBOE) | Area | Q1 2024 | Q4 2023 | | :--- | :--- | :--- | | Bairoil | 293 | 314 | | Beta | 281 | 275 | | Oklahoma | 488 | 506 | | East Texas / North Louisiana | 676 | 731 | | Eagle Ford (Non-op) | 104 | 84 | | **Total** | **1,842** | **1,910** | Average Realized Sales Prices (Q1 2024 vs Q4 2023) | Product | Metric | Q1 2024 | Q4 2023 | | :--- | :--- | :--- | :--- | | **Crude Oil ($/Bbl)** | w/o Hedges | $72.98 | $75.31 | | | w/ Hedges | $71.81 | $68.47 | | **NGLs ($/Bbl)** | w/o Hedges | $22.61 | $21.89 | | **Natural Gas ($/Mcf)** | w/o Hedges | $2.39 | $2.49 | | | w/ Hedges | $3.60 | $2.96 | [Costs and Expenses](index=3&type=section&id=Costs%20and%20Expenses) Q1 2024 lease operating expenses increased to **$20.78/Boe** due to maintenance, while cash G&A rose to **$7.9 million** from annual processes Key Expenses per Boe | Expense Category ($/Boe) | Q1 2024 | Q4 2023 | | :--- | :--- | :--- | | Lease operating expense | $20.78 | $18.14 | | Gathering, processing and transportation | $2.59 | $2.66 | | Taxes other than income | $2.67 | $3.09 | | General and administrative expense | $5.32 | $4.42 | - Lease operating expenses increased by **$3.7 million** quarter-over-quarter due to scheduled maintenance and other routine annual expenses, with future quarters expected to be lower[11](index=11&type=chunk) - Cash G&A expenses increased by **$1.7 million** from the prior quarter, primarily due to annual year-end processes and a one-time office lease termination cost, with future quarters expected to be significantly lower[13](index=13&type=chunk) [Capital Investments and Development Projects](index=4&type=section&id=Capital%20Investments%20and%20Development%20Projects) Q1 2024 capital focused on Beta development, completing electrification phase 2, despite A45 well completion deferral [Capital Investments](index=4&type=section&id=Capital%20Investments) Total Q1 2024 capital investment was **$19.1 million**, with **$15.7 million** primarily allocated to the Beta asset for development and facility upgrades Q1 2024 Capital Invested by Asset ($MM) | Asset | Capital Invested ($MM) | | :--- | :--- | | Beta | $15.7 | | Bairoil | $1.5 | | Oklahoma | $0.8 | | Magnify Energy Services | $0.7 | | Eagle Ford (Non-op) | $0.4 | | East Texas / North Louisiana | $0.1 | | **Total** | **$19.1** | - Capital allocation for Q1 was approximately **80% for Beta projects** and **8% for Bairoil projects**, with the remainder spread across other assets[14](index=14&type=chunk) [Beta Development and Facility Upgrade](index=4&type=section&id=Beta%20Development%20and%20Facility%20Upgrade) Phase 2 of Beta's electrification project is complete, but the A45 well's completion is deferred to Q4 2024 due to drilling complications, despite promising formation logs[2](index=2&type=chunk)[15](index=15&type=chunk) - Phase 2 of the Beta electrification and emissions reduction project was completed in Q1, with the final phase underway for a Q4 2024 compliance deadline[15](index=15&type=chunk) - The A45 well experienced equipment issues during drilling, leading to a change in completion plans, now deferred to **Q4 2024** to maintain the overall development schedule[2](index=2&type=chunk)[15](index=15&type=chunk) - Despite complications, formation logs for the A45 well reinforce the company's view of high oil saturation in the target interval, with the next development well scheduled to be spudded in May 2024[3](index=3&type=chunk)[15](index=15&type=chunk) [Corporate Updates and Outlook](index=4&type=section&id=Corporate%20Updates%20and%20Outlook) Corporate updates include cost savings and increased 2024 guidance for Adjusted EBITDA and Free Cash Flow, supported by hedging [Corporate Initiatives](index=4&type=section&id=Corporate%20Initiatives) Amplify successfully restructured surety bonds for **$7 million** annual savings and renegotiated iodine royalty agreements, expected to add **$2-$3 million** to 2024 Other Revenue - Successfully replaced prior surety bonds and restructured sinking fund obligations, which will lower annual payments by approximately **$7 million per year**[16](index=16&type=chunk) - Renegotiated iodine agreements in Oklahoma to increase future royalty payments, which is expected to increase Other Revenue by **$2 - $3 million** in 2024[18](index=18&type=chunk) [Updated Full-Year 2024 Guidance](index=5&type=section&id=Updated%20Full-Year%202024%20Guidance) Full-year 2024 guidance for Adjusted EBITDA increased to **$95-$115 million** and Free Cash Flow to **$25-$45 million**, based on strong Q1 results and commodity price assumptions Full-Year 2024 Guidance Update ($MM) | Metric ($MM) | Previous Guidance | Updated Guidance | Change | | :--- | :--- | :--- | :--- | | Adjusted EBITDA | $90 - $110 | $95 - $115 | +$5M | | Free Cash Flow | $20 - $40 | $25 - $45 | +$5M | | Other Revenue | $2 - $4 | $4 - $7 | +$2-3M | - The updated guidance is based on flat commodity price assumptions of **$78/Bbl (WTI)** and **$2.25/MMBtu (Henry Hub)**[19](index=19&type=chunk) [Hedging](index=7&type=section&id=Hedging) As of May 8, 2024, Amplify has hedged a significant portion of its production through 2026 using oil and natural gas swaps and collars Hedged Volumes and Prices (April 2024 - Dec 2026) | Commodity & Type | 2024 | 2025 | 2026 | | :--- | :--- | :--- | :--- | | **Natural Gas Swaps** | | | | | Avg. Monthly Vol (MMBtu) | 716,667 | 675,000 | 416,667 | | Avg. Fixed Price ($) | $3.72 | $3.74 | $3.76 | | **Natural Gas Collars** | | | | | Avg. Monthly Vol (MMBtu) | 544,444 | 500,000 | 416,667 | | Avg. Floor Price ($) | $3.46 | $3.50 | $3.52 | | **Oil Swaps** | | | | | Avg. Monthly Vol (Bbls) | 85,889 | 53,000 | 30,917 | | Avg. Fixed Price ($) | $74.04 | $70.68 | $70.68 | | **Oil Collars** | | | | | Avg. Monthly Vol (Bbls) | 102,000 | 59,500 | - | | Avg. Floor Price ($) | $70.00 | $70.00 | - | [Appendix: Financial Statements and Reconciliations](index=11&type=section&id=Selected%20Operating%20and%20Financial%20Data%20%28Tables%29) This appendix provides detailed unaudited financial statements, operating statistics, and non-GAAP reconciliations for Q1 2024 [Statements of Operations](index=11&type=section&id=Statements%20of%20Operations%20Data) This section presents the unaudited statements of operations data for the specified periods [Operating Statistics](index=12&type=section&id=Operating%20Statistics) This section provides key operating statistics for the company's production and sales volumes [Asset Operating Statistics](index=13&type=section&id=Asset%20Operating%20Statistics) This section details operating statistics broken down by individual asset areas [Balance Sheet Data](index=14&type=section&id=Balance%20Sheet%20Data) This section presents the unaudited balance sheet data as of March 31, 2024 [Statements of Cash Flows](index=14&type=section&id=Statements%20of%20Cash%20Flows%20Data) This section provides the unaudited statements of cash flows for the reporting period [Non-GAAP Reconciliations](index=15&type=section&id=Reconciliation%20of%20Unaudited%20GAAP%20Financial%20Measures%20to%20Non-GAAP%20Financial%20Measures) This section reconciles GAAP financial measures to non-GAAP measures, including Adjusted EBITDA and Free Cash Flow

Core Insights - EnerCom Denver, the largest independent investor conference for the global oil and gas industry, will take place from August 18-21, 2024, at The Westin Denver Downtown, featuring a diverse lineup of public and private energy companies [1][5][6]. Conference Details - The conference will include a keynote Fireside Chat with Mike Wirth, Chairman and CEO of Chevron, scheduled for August 20, 2024 [1]. - Registration for qualified investment professionals is free, and the event is expected to attract institutional investors, portfolio managers, financial analysts, and energy industry professionals [2][6][7]. - The conference format includes 25-minute presentations followed by 50-minute Q&A sessions, one-on-one meetings, and networking opportunities [7][8]. Sponsorship and Participation - The conference is sponsored by Netherland, Sewell & Associates, Inc. (NSAI), which provides engineering and geological consulting to the petroleum industry [10]. - Other sponsors include Mobius Risk Group, Haynes and Boone, LLP, and IMA Financial Group, each offering specialized services in energy risk management, legal services, and insurance [11][12][13][14]. About Mike Wirth - Mike Wirth has been with Chevron since 1982 and has held various leadership roles, including executive vice president of Midstream & Development and Downstream & Chemicals [3][4]. - He is actively involved in several industry organizations, including the American Petroleum Institute and the National Petroleum Council [4].

Investors are encouraged to register for EnerCom Denver – The Energy Investment Conference featuring a broad group of public and private energy companies at www.enercomdenver.com EnerCom Denver – The Energy Investment Conference celebrates 29 years of bringing together the broader energy sector, including companies, investors, analysts, and key industry leaders to Denver, August 18–21, 2024 A robust list of companies has confirmed their participation and additional companies are being added daily Presentat ...

Here are three stocks added to the Zacks Rank #5 (Strong Sell) List today:Amplify Energy (AMPY) is an oil and natural gas company which is engaged in the acquisition, development, exploration and production of oil and natural gas properties. The Zacks Consensus Estimate for its current year earnings has been revised 16.1% downward over the last 60 days.Prog Holdings (PRG) is a provider of lease-purchase solutions through e-commerce merchants. The Zacks Consensus Estimate for its current year earnings has be ...

Amplify Energy Corporation (AMPY) , a U.S.-based upstream energy player, reported that the sheen, off the coast of Huntington Beach in California, as seen on Mar 8, is not known to be related to its operations. Shares of the company plunged nearly 18% on Friday, following reports of the oil spill.The U.S. Coast Guard revealed that any remaining recoverable oil sheen was not observed during the morning overflight conducted off the coast of Huntington Beach. It is still unclear if the sheen was caused by a le ...

HOUSTON, March 11, 2024 (GLOBE NEWSWIRE) -- Amplify Energy Corp. ("Amplify," the "Company," "us," "we," or "our") (NYSE:AMPY) continues to monitor the status of the oil sheen reported on March 7, 2024, off the coast of Huntington Beach, California. Amplify has the following updates to report: Amplify remains confident that the sheen is not related to our operations.While Amplify reported a minor discharge of produced water from Platform Elly that occurred on the morning of March 8th, U.S. Coast Guard/Unifie ...

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 ...