Amplify Energy (AMPY) - 2025 Q1 - Quarterly Report

Financial Performance - Oil and natural gas sales for Q1 2025 were $70.3 million, a decrease of 6.6% from $75.3 million in Q1 2024[165]. - Net loss for Q1 2025 was $5.9 million, an improvement from a net loss of $9.4 million in Q1 2024[164]. - Adjusted EBITDA for the three months ended March 31, 2025, was $19.444 million, down from $24.901 million in the prior year[186]. - For the three months ended March 31, 2025, the company reported a net loss of $5.861 million, an improvement from a net loss of $9.396 million in the same period of 2024[180]. Production and Sales - Average net production volumes decreased to 17.9 MBoe/d in Q1 2025 from 20.2 MBoe/d in Q1 2024, reflecting a decline of approximately 11.4%[165]. - The average realized sales price increased to $43.76 per Boe in Q1 2025 from $40.89 per Boe in Q1 2024, driven by higher natural gas and NGL prices[165]. - Production volumes for Q1 2025 were approximately 17.9 MBoe/d, down from 20.2 MBoe/d in Q1 2024, indicating a decrease of about 11.4%[203]. - The average realized sales price increased to $43.76 per Boe in Q1 2025 from $40.89 per Boe in Q1 2024, reflecting an increase of approximately 7.3%[203]. Expenses - Lease operating expenses were $37.4 million in Q1 2025, down from $38.3 million in Q1 2024, with per Boe costs rising to $23.28 from $20.78[167]. - General and administrative expenses increased to $10.8 million in Q1 2025 from $9.8 million in Q1 2024, primarily due to higher legal and stock compensation expenses[170]. - The company incurred acquisition and divestiture-related expenses of $1.629 million for the three months ended March 31, 2025, compared to $14,000 in the same period of 2024[186]. - The company expects to incur professional fees and expenses of approximately $3.0 million related to the termination of the contemplated merger with Juniper Capital[189]. Cash Flow and Capital Expenditures - Net cash provided by operating activities increased significantly to $25.501 million for the three months ended March 31, 2025, compared to $7.712 million for the same period in 2024[202]. - Net cash used in investing activities was $21.5 million in Q1 2025, compared to $23.7 million in Q1 2024, showing a reduction of approximately 9.3%[205]. - Total capital expenditures for the three months ended March 31, 2025, were approximately $23.1 million, primarily related to the development program at Beta and drilling activities in East Texas and the Eagle Ford[193]. Debt and Working Capital - As of March 31, 2025, the company had a working capital deficit of $12.5 million, with accrued liabilities of $40.3 million and accounts payable of $19.9 million[195]. - The aggregate principal amount of loans outstanding under the Revolving Credit Facility as of March 31, 2025, was $125.0 million, with $20.0 million available for borrowings[196]. - Net repayments related to the Revolving Credit Facility were $2.0 million in Q1 2025, significantly lower than $25.0 million in Q1 2024[208]. Commodity Derivatives and Market Conditions - The company recognized a net loss on commodity derivative instruments of $14.3 million in Q1 2025, compared to a loss of $16.6 million in Q1 2024[171]. - The company expects commodity prices to remain volatile due to various economic factors, including inflation and geopolitical tensions[153]. - Commodity hedging remains a key strategy for the company, aiming to cover at least 50% - 75% of estimated production from total proved developed producing reserves over a one-to-three-year period[191]. Other Transactions and Events - The company sold certain rights in East Texas for net proceeds of $1.5 million on May 1, 2025[154]. - The contemplated merger with Juniper Capital was terminated on April 25, 2025, with no further effect[155]. - The company received net proceeds of $6.3 million from the purchase and sale of certain rights in East Texas in January 2025[206]. - Shares withheld for taxes amounted to $2.0 million in Q1 2025, compared to $1.7 million in Q1 2024, indicating an increase of approximately 17.6%[208]. - As of March 31, 2025, the company had no off-balance sheet arrangements[209].