Amplify Energy (US:AMPY)2025-03-05 21:13Production and Reserves - In Q4 2024, Amplify Energy achieved average total production of 18.5 MBoepd, a decrease from 19.0 MBoepd in Q3 2024[3] - Amplify's year-end 2024 total proved reserves were 93.0 MMBoe, with a PV-10 value of approximately $736 million, reflecting a decrease in proved developed reserves due to lower SEC pricing[11] - Expected net average daily production for FY 2025 ranges from 19.0 MBoe/d to 21.0 MBoe/d, with oil production projected between 8.5 MBbls/d and 9.4 MBbls/d[39] Financial Performance - For the full year 2024, Amplify generated net cash provided by operating activities of $51.3 million and reported a net income of $12.9 million[3] - Adjusted EBITDA for Q4 2024 was $21.8 million, down from $25.5 million in the previous quarter, primarily due to lower realized oil prices[15] - Total revenues for the three months ended December 31, 2024, were $69,021, a decrease of 1.2% from $69,858 for the three months ended September 30, 2024[59] - Oil and natural gas sales for the three months ended December 31, 2024, were $67,189, down from $68,135 in the previous quarter, reflecting a decrease of 1.4%[60] - Operating income for the three months ended December 31, 2024, was a loss of $6,650 compared to an operating income of $32,600 for the three months ended September 30, 2024[59] - Net income for the three months ended December 31, 2024, was a loss of $7,429, compared to a net income of $22,652 in the previous quarter[59] - Adjusted EBITDA for the twelve months ended December 31, 2024, was $103,041 thousand, an increase from $88,032 thousand for the same period in 2023, representing a growth of approximately 17.0%[68] Cash Flow and Capital Expenditures - The company generated $18.0 million of free cash flow for the full year 2024, with positive free cash flow reported in 18 of the last 19 fiscal quarters[15] - Free cash flow for the three months ended December 31, 2024, was $2,925, a decrease from $3,599 in the previous quarter[64] - Total capital expenditures for the three months ended December 31, 2024, were $15,324, down from $18,224 in the previous quarter[61] - Cash capital investment in Q4 2024 was approximately $15.3 million, with 65% allocated to Beta development drilling and facility projects[26] Debt and Financial Position - As of December 31, 2024, Amplify had $127.0 million outstanding under its revolving credit facility, with a net debt to LTM Adjusted EBITDA ratio of 1.2x[17] - The company uses net debt as a measure of financial position, defined as the total principal amount drawn on the revolving credit facility less cash and cash equivalents[55] Future Plans and Investments - The company plans to complete six Beta development program completions in 2025, including deferred projects from 2024[3] - Projected capital investments for 2025 are estimated between $70 million and $80 million, with 41% allocated to Beta development[29] - Amplify plans to complete six wells at Beta in 2025, with the first well, C48, already drilled and completed[30] - The company expects to close the acquisition of Juniper Capital's portfolio companies, which include approximately 287,000 net acres, in Q2 2025[5] Market and Pricing - Amplify's product mix for Q4 2024 was 45% crude oil, 17% NGLs, and 38% natural gas, with total revenues of approximately $67.2 million before the impact of derivatives[20] - Average sales price for crude oil was $66.82 per barrel in Q4 2024, down from $71.74 in Q3 2024, while natural gas averaged $2.52 per Mcf, up from $1.84[21] Taxes and Expenses - Lease operating expenses increased to approximately $35.1 million in Q4 2024, or $20.57 per Boe, reflecting a $1.8 million increase from the prior quarter[22] - Severance and ad valorem taxes were approximately $5.4 million in Q4 2024, representing 8.0% of revenue, a decrease from $6.0 million in Q3 2024[23] - General and administrative expenses for the three months ended December 31, 2024, totaled $9,486 thousand, up from $8,251 thousand in the previous quarter, an increase of about 14.9%[74] Other Notable Events - Amplify completed the sale of undeveloped Haynesville acreage for $1.4 million and monetized 90% of its interests in certain units with Haynesville rights, generating net proceeds of $6.2 million[3] - The company recognized a pipeline incident loss of $2,405 thousand for the three months ended December 31, 2024[67] - Amplify will host an investor teleconference to discuss operating and financial results, scheduled for tomorrow at 10 a.m. Central Time[46] - Amplify plans to file its Annual Report on Form 10-K for the year ended December 31, 2024, with the SEC on March 5, 2025[43]