Amplify Energy (AMPY) Conference Summary Company Overview - Amplify Energy is a Houston-based company operating in mature legacy fields across multiple regions including Oklahoma, The Rockies, offshore Southern California, East Texas, and North Louisiana [1] - The company is characterized as a diverse, low decline, long-life exploration and production (E&P) company with four different operating regions [2] Key Assets and Operations - The primary focus is on the Beta asset located in offshore federal waters of California, alongside a mature bare oil asset in Wyoming and East Texas/North Louisiana assets [3] - The company has been involved in joint ventures (JVs) in Haynesville acreage and has owned the Mississippi Lime position in Oklahoma since 2019 [4] - Recent divestitures include the sale of a non-operating Eagle Ford position for $23 million in net proceeds, with plans to market East Texas and Oklahoma positions [5] Financial Performance and Strategy - The enterprise value is just under $300 million, with a market cap between $150 million and $160 million [5] - The company aims to simplify its structure and focus on the Beta and bare oil positions, with ongoing cost-cutting initiatives [6] - Free cash flow generation is expected even after divestitures, with significant investments in the Beta position to accelerate production [8] Production and Drilling Insights - The last Beta well brought online is producing 850 barrels per day, with a target drilling cost of approximately $6 million per well [6][7] - The company has a 25% interest in four non-operating wells in East Texas, producing a total of 13 million cubic feet per day [7] - The Beta asset has shown a 30% increase in production from three recently drilled wells, with a type curve indicating an initial production (IP) of about 400 barrels per day [11][12] Recovery Potential and Future Outlook - The Beta field has an estimated original oil in place ranging from 600 million to 1 billion barrels, with expected recovery factors between 30% to 40% based on analog fields [20] - The company anticipates recovering between 180 million to 400 million barrels, with 128 million barrels projected from the current 25 proved undeveloped (PUD) locations [21] - The breakeven cost for new wells is approximately $33 per barrel, making it competitive within the lower 48 states [14] Valuation and Market Position - Current share price is just under $4 per share at $60 oil, with projections of $6 per share at $65 oil and over $9 at higher prices [9] - The company has reduced debt by $6 million from the end of 2022, improving leverage significantly [8] - The company believes there is a 147% premium to the current share price based on its equity value and ongoing developments in the Beta field [23] Conclusion - Amplify Energy is positioned for growth through strategic asset management and operational efficiencies, particularly in the Beta field, which is expected to drive future production and cash flow [23]