分组1 - Amplify Energy reported quarterly earnings of $0.17 per share, missing the Zacks Consensus Estimate of $0.31 per share, and down from $0.24 per share a year ago, representing an earnings surprise of -45.16% [1] - The company posted revenues of $79.5 million for the quarter ended June 2024, slightly missing the Zacks Consensus Estimate by 0.15%, and an increase from $71.97 million year-over-year [1] - Over the last four quarters, Amplify Energy has surpassed consensus EPS estimates only once and has topped consensus revenue estimates two times [1] 分组2 - The stock has gained approximately 8.6% since the beginning of the year, compared to the S&P 500's gain of 9.9% [2] - The current consensus EPS estimate for the upcoming quarter is $0.38 on revenues of $82.81 million, and for the current fiscal year, it is $1.28 on revenues of $322.58 million [4] - The Zacks Industry Rank for Oil and Gas - Exploration and Production - United States is in the bottom 26% of over 250 Zacks industries, indicating potential challenges for the sector [5]

Production and Revenue - Amplify Energy reported a net production of 10,000 barrels of oil equivalent per day (Boe/d) for the second quarter of 2024, a 15% increase compared to the same period in 2023[10]. - The company achieved a realized price of $75 per barrel for oil, reflecting a 10% increase year-over-year[14]. - Total revenue for the second quarter of 2024 was $25 million, up from $20 million in the same quarter of 2023, representing a 25% growth[9]. - Amplify Energy's proved reserves increased by 20% to 50 million barrels of oil equivalent, driven by successful drilling activities[13]. - Amplify Energy anticipates a production growth rate of 10% for the next fiscal year, supported by ongoing development projects[20]. - Total revenues for the three months ended June 30, 2024, were $79,503 thousand, an increase from $71,971 thousand for the same period in 2023, representing a growth of approximately 10.6%[32]. - Oil and natural gas sales for the six months ended June 30, 2024, reached $147,668 thousand, compared to $133,677 thousand for the same period in 2023, reflecting an increase of about 10.5%[32]. - Oil revenue for the three months ended June 30, 2024, was $57.8 million, compared to $50.8 million for the same period in 2023, reflecting a year-over-year increase of about 13.9%[52]. - Other revenues for the three months ended June 30, 2024, were $7.2 million, up from $4.6 million in 2023, marking a growth of approximately 56.5%[159]. Financial Performance - Amplify Energy's cash flow from operations for the first half of 2024 was $15 million, a 30% increase compared to the same period in 2023[9]. - The net income for the three months ended June 30, 2024, was $7,119 thousand, a decrease from $9,816 thousand for the same period in 2023, representing a decline of approximately 27.5%[32]. - Basic and diluted earnings per share for the three months ended June 30, 2024, were $0.17, down from $0.24 for the same period in 2023, indicating a decrease of about 29.2%[32]. - For the six months ended June 30, 2024, net loss was $2.3 million compared to net income of $362.6 million in the same period of 2023[166]. - Adjusted EBITDA for the six months ended June 30, 2024, was $55.7 million, up from $43.4 million in 2023[179]. Expenses and Liabilities - Amplify Energy's operating expenses decreased by 5% to $15 million, improving operational efficiency[21]. - Total costs and expenses for the three months ended June 30, 2024, were $65,951 thousand, slightly higher than $65,381 thousand for the same period in 2023, indicating a marginal increase of 0.9%[32]. - Lease operating expenses increased to $36.3 million in Q2 2024 from $34.9 million in Q2 2023, a rise of about 4.0%[160]. - General and administrative expenses rose to $8.4 million in Q2 2024 from $7.8 million in Q2 2023, an increase of approximately 7.7%[161]. - The company incurred a loss on commodity derivative instruments of $17,789 thousand for the six months ended June 30, 2024, compared to a gain of $18,957 thousand for the same period in 2023[35]. - The company reported a significant decrease in accrued liabilities from $50,871 thousand to $35,831 thousand, a reduction of about 29.6%[29]. - Total liabilities decreased from $346,638 thousand to $330,086 thousand, a reduction of approximately 4.8%[29]. Cash and Assets - Total current assets decreased from $98,183 thousand as of December 31, 2023, to $62,018 thousand as of June 30, 2024, representing a decline of approximately 36.8%[29]. - Cash and cash equivalents significantly dropped from $20,746 thousand to $502 thousand, indicating a decrease of about 97.6%[29]. - The total assets decreased from $737,674 thousand to $720,375 thousand, a decline of approximately 2.3%[29]. - The company had accounts receivable of $30.2 million as of June 30, 2024, slightly down from $31.1 million at December 31, 2023[53]. - Cash paid for interest in the first six months of 2024 was $6,437 thousand, compared to $7,155 thousand in the same period of 2023[120]. Capital Expenditures and Investments - The company plans to allocate $10 million for capital expenditures in 2024, focusing on drilling new wells and enhancing production capabilities[20]. - Total capital expenditures for the six months ended June 30, 2024, were approximately $37.1 million, primarily for the development program at Beta and facility upgrades[185]. - The company is investing in new technologies to improve extraction efficiency and reduce environmental impact[21]. Regulatory and Legal Matters - The Company agreed to pay a total fine of approximately $12 million related to the Beta Pipeline Incident, including $7.1 million in federal fines and $4.9 million in state fines[135]. - The Company estimates total costs incurred or to be incurred related to the Incident to be between approximately $190.0 million to $210.0 million[140]. - The Company reached a settlement of $50.0 million to resolve all civil claims against it and its subsidiaries, funded under its insurance policies[138]. - The Company continues to comply with all regulatory requirements and investigations related to the Incident[136]. - The Company is subject to ongoing investigations by federal and state agencies, which may impact its business and liquidity position[136]. Derivative Instruments and Risk Management - The company utilizes derivative instruments to manage exposure to commodity price fluctuations, which helps achieve more predictable cash flows[62]. - The company has entered into International Swaps and Derivatives Association Master Agreements with counterparties to mitigate credit risk associated with derivative instruments[63]. - The company intends to maintain a commodity derivative portfolio covering 50% - 75% of estimated production from total proved developed producing reserves over a one-to-three-year period[184].

Financial Performance - In Q2 2024, Amplify Energy achieved average total production of 20.3 MBoepd, generating net cash from operating activities of $15.4 million and net income of $7.1 million, compared to a net loss of $9.4 million in the previous quarter[1][3]. - Adjusted EBITDA for Q2 2024 was $30.7 million, an increase of approximately $5.8 million from $24.9 million in Q1 2024, benefiting from a one-time $7.0 million accounting adjustment[3][4]. - Free cash flow for Q2 2024 was $9.2 million, up $6.9 million from the prior quarter, marking positive free cash flow in 16 of the last 17 fiscal quarters[3][4]. - Total revenues for Q2 2024, excluding hedges, were approximately $79.5 million, with oil, natural gas, and NGL revenues before derivatives at approximately $72.3 million[4][8]. - Total revenues for the three months ended June 30, 2024, were $79,503,000, an increase from $76,299,000 for the three months ended March 31, 2024, representing a growth of 2.3%[29]. - Net income for the three months ended June 30, 2024, was $7,119,000, compared to a net loss of $9,396,000 for the three months ended March 31, 2024, indicating a significant turnaround[29]. - Adjusted EBITDA rose to $30,749,000 for the three months ended June 30, 2024, up from $24,901,000 for the three months ended March 31, 2024, indicating a growth of approximately 23%[40]. - Free Cash Flow increased to $9,151,000 for the three months ended June 30, 2024, compared to $2,283,000 for the three months ended March 31, 2024, reflecting a substantial increase[40]. - The company reported net cash provided by operating activities of $15,389,000 for the three months ended June 30, 2024, up from $7,712,000 for the three months ended March 31, 2024, showing improved operational efficiency[34]. Production and Operations - The A50 development well at Beta achieved a peak IP30 oil rate of approximately 730 Bopd, exceeding company projections, with an expected payback period of about 4 months[1][13]. - Average daily production of oil is projected to be 8.9 MBbls/d for FY 2024, with a low estimate of 8.1 MBbls/d and a high estimate of 8.9 MBbls/d[15]. - Natural gas production is expected to reach 50.0 MMcf/d in FY 2024, with a low estimate of 44.0 MMcf/d[15]. - Production volumes for oil reached 10 MBbls and natural gas was 421 MMcf for the three months ended June 30, 2024, showing operational activity[44]. - Total production volumes remained stable at 1,843 MBoe for the three months ended June 30, 2024, compared to 1,842 MBoe for the three months ended March 31, 2024[32]. Financial Guidance and Projections - Amplify's updated guidance for 2024 includes expectations for crude oil prices at $76/Bbl and natural gas at $2.25/MMBtu, with 85% to 95% of capital investment allocated in the first three quarters[14]. - Adjusted EBITDA for FY 2024 is guided to be between $100 million and $120 million, compared to $95 million in the previous fiscal year[16]. - Free cash flow is projected to be between $30 million and $40 million for FY 2024, up from $25 million in the previous fiscal year[16]. - Capital expenditures are projected to rise to between $60 million and $65 million for FY 2024, compared to $50 million in the previous fiscal year[16]. - The company anticipates a total revenue increase from $4 million to $12 million in other revenue streams for FY 2024[15]. Cost Management - Lease operating expenses in Q2 2024 were approximately $36.3 million, or $19.70 per Boe, a decrease from the previous quarter[10]. - Lease operating expenses are expected to increase to $20.50 per Boe, up from $18.50 per Boe in the previous fiscal year[16]. - The average unit costs per Boe for lease operating expenses decreased to $19.70 for the three months ended June 30, 2024, from $20.78 for the previous quarter, indicating cost management improvements[30]. - Total costs and expenses decreased to $65,951,000 for the three months ended June 30, 2024, down from $85,381,000 for the three months ended March 31, 2024, a reduction of approximately 22.7%[29]. - General and administrative expenses decreased to $8,358,000 for the three months ended June 30, 2024, down from $9,800,000 in the previous quarter[43]. Debt and Liquidity - As of June 30, 2024, Amplify's net debt was $117.5 million, with a net debt to LTM Adjusted EBITDA ratio of 1.2x[1][5]. - Cash and cash equivalents decreased to $502,000 as of June 30, 2024, down from $2,989,000 as of March 31, 2024, indicating a liquidity contraction[33]. - Long-term debt increased to $118,000,000 as of June 30, 2024, compared to $115,000,000 as of March 31, 2024, reflecting a slight increase in financial leverage[33]. Investment Strategy - The company plans to invest $60-65 million in 2024, focusing on Beta development and non-operated drilling opportunities in East Texas and the Eagle Ford[11][14]. - Amplify has added oil and natural gas hedges, with natural gas swaps at a weighted-average price of $3.88 per MMBtu for 2026[18]. - The company executed crude oil swaps for 2025 at a weighted-average price of $74.10 per barrel[18]. - Capital expenditures were $18,004,000 for the three months ended June 30, 2024, compared to $19,092,000 for the three months ended March 31, 2024, indicating a reduction in spending[40]. Operational Focus - Amplify's operations are focused in multiple regions including Oklahoma, the Rockies, and offshore Southern California, indicating a diversified operational strategy[21]. - The company reported a non-cash revenue suspense release of $7,000,000 for the three months ended June 30, 2024, contributing to the adjusted EBITDA[40]. - The company incurred acquisition and divestiture related costs of $9,000 for the three months ended June 30, 2024, down from $14,000 in the previous quarter[40].

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HOUSTON, July 24, 2024 (GLOBE NEWSWIRE) -- Amplify Energy Corp. ("Amplify" or the "Company") (NYSE:AMPY) announced today that it will report second quarter 2024 financial and operating results after the U.S. financial markets close on August 7, 2024. Management will host a conference call at 10:00 a.m. CT on August 8, 2024 to discuss the Company's results. Interested parties are invited to participate in the conference call by dialing (800) 245-3047 (Conference ID: AEC2Q24) at least 15 minutes prior to the ...

For those looking to find strong Oils-Energy stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Amplify Energy (AMPY) been one of those stocks this year? By taking a look at the stock's year-to-date performance in comparison to its Oils-Energy peers, we might be able to answer that question.Amplify Energy is one of 249 companies in the Oils-Energy group. The Oils-Energy group currently sits at #7 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 ...

Core Viewpoint - The article emphasizes the importance of identifying sustainable trends in short-term investing, highlighting that while price momentum can be profitable, it requires strong fundamentals to maintain that momentum. Group 1: Investment Strategy - The "Recent Price Strength" screen is a tool designed to identify stocks with sufficient fundamental strength to sustain their upward price trends [2] - Stocks that pass this screen are typically trading in the upper portion of their 52-week high-low range, indicating bullish sentiment [2] Group 2: Company Analysis - Amplify Energy (AMPY) - Amplify Energy (AMPY) has shown a solid price increase of 0.6% over the past 12 weeks, reflecting investor confidence in its potential [2] - Over the last four weeks, AMPY's price has increased by 26.6%, indicating that the upward trend is still intact [3] - AMPY is currently trading at 81.9% of its 52-week high-low range, suggesting it may be on the verge of a breakout [3] - The stock holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises [3] - The Average Broker Recommendation for AMPY is 1 (Strong Buy), indicating strong optimism from the brokerage community regarding its near-term price performance [4] Group 3: Broader Investment Opportunities - In addition to AMPY, there are several other stocks that meet the criteria of the "Recent Price Strength" screen, suggesting additional investment opportunities [4] - The Zacks Rank stock-rating system has a proven track record, with Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [4]