Amplify Energy (US:AMPY) Globenewswire·2025-05-12 20:05Core Insights - Amplify Energy Corp. reported its operating and financial results for Q1 2025, highlighting strong performance from its Beta oilfield development program and adjustments to its capital plans in response to market conditions [1][5][31]. Financial Performance - The company achieved average total production of 17.9 MBoepd in Q1 2025, a decrease from 18.5 MBoepd in the previous quarter [8][11]. - Net cash provided by operating activities was $25.5 million, while the company reported a net loss of $5.9 million, an improvement from a net loss of $7.4 million in the prior quarter [6][8]. - Adjusted EBITDA for Q1 2025 was $19.4 million, down from $21.8 million in Q4 2024, primarily due to higher lease operating and administrative expenses [7][8]. - Free cash flow was negative $7.2 million, aligning with expectations due to planned capital investments [7]. Production and Operations - The Beta oilfield development program has shown significant potential, with the C54 well achieving an initial production rate of approximately 800 Bopd, marking the strongest performance in the program [4]. - The company completed four new development wells at Beta, increasing production by approximately 35% since early 2024 [4]. - Amplify plans to complete three wells at Beta in 2025, with the next well expected to be a D-Sand completion in Q3 [24][31]. Capital Investment and Guidance - Cash capital investment in Q1 2025 was approximately $23.1 million, with 55% allocated to Beta and 30% to non-operated projects in East Texas and the Eagle Ford [21][22]. - The company has adjusted its full-year 2025 guidance, anticipating a capital investment of approximately $70 million, primarily focused on the Beta development program and non-operated projects [31]. Market and Pricing - The company expects average commodity prices for crude oil at $61.75/Bbl and natural gas at $3.60/MMBtu for 2025, reflecting recent market volatility [31]. - Amplify's product mix for Q1 2025 was 46% crude oil, 16% NGLs, and 38% natural gas, with total revenues from oil, natural gas, and NGLs approximately $70.3 million before derivatives [12][11]. Hedging Strategy - Amplify maintains a robust hedge book to support its cash flow, recently adding crude oil swaps for the first half of 2026 at a weighted average price of $62.55 per barrel [34][35].