Amplify Energy Announces Fourth Quarter and Full-Year 2024 Results, Year-End 2024 Proved Reserves, Juniper Capital Acquisition Update and Standalone Full-Year 2025 Guidance

Core Insights - Amplify Energy Corp. reported its operating and financial results for Q4 and full-year 2024, highlighting a strategic focus on growth through acquisitions and operational efficiencies [1][3][4] Financial Performance - In Q4 2024, Amplify achieved average total production of 18.5 MBoepd, with net cash provided by operating activities of $12.5 million and a net loss of$7.4 million [2][13] - For the full year 2024, the company reported average total production of 19.5 MBoepd, net cash provided by operating activities of $51.3 million, and net income of$12.9 million [2][13] - Adjusted EBITDA for Q4 2024 was $21.8 million, a decrease from$25.5 million in the previous quarter, primarily due to lower realized oil prices [14][20] Reserves and Asset Valuation - As of year-end 2024, Amplify's total proved reserves were 93 MMBoe, with a PV-10 value of approximately $736 million, reflecting a decrease in proved developed reserves due to lower SEC pricing [9][10] - The company added 23 additional locations in proved undeveloped reserves, contributing approximately$200 million in PV-10 value [10] Strategic Initiatives - Amplify plans to complete a transformational combination with Juniper Capital, which includes substantial oil-weighted producing assets in the DJ and Powder River Basins, expected to close in Q2 2025 [4][5] - The company aims to enhance its competitive advantage through the expansion of its subsidiary, Magnify Energy Services, and by monetizing portions of its portfolio in East Texas [2][3] Production and Development Plans - In 2025, Amplify intends to complete six wells at Beta, with the first well, C48, already drilled and completed [27][28] - The company expects to invest approximately $70 to$80 million in capital expenditures for 2025, focusing on Beta development and facility upgrades [26][35] Market Position and Future Outlook - Amplify's strategic initiatives and operational accomplishments in 2024 are seen as foundational for future growth, with expectations to capitalize on an enhanced asset base in 2025 [3][35] - The company has taken steps to hedge future cash flows, executing crude oil swaps and natural gas collars to protect against market volatility [39][40]