Amplify Energy Announces First Quarter 2025 Results, Beta Development Update and Updated Full-Year 2025 Guidance
- Beta field production increased 35% since early 2024 with four new development wells
- Strong C54 well performance with 800 Bopd initial production
- 25 SEC Proved Undeveloped locations with $144 million in PV-10 value
- Healthy balance sheet with 1.3x net debt to LTM Adjusted EBITDA
- Generated $7.8 million from Haynesville acreage sales
- D-Sand completions outperforming type curve, indicating upside potential
- Net loss of $5.9 million in Q1 2025
- Negative free cash flow of $7.2 million in Q1
- Production decreased to 17.9 Mboepd from 18.5 Mboepd in previous quarter
- Deferring three Beta development projects due to lower oil prices
- Higher lease operating expenses at $37.4 million
Insights
Amplify Energy faces headwinds with Q1 net loss, but shows promising Beta field development results while prudently deferring $15M in capital projects.
Amplify Energy posted mixed results for Q1 2025, with a net loss of $5.9 million despite generating $25.5 million in operating cash flow. The loss stemmed primarily from non-cash unrealized hedging losses, while Adjusted EBITDA reached $19.4 million – down $2.4 million quarter-over-quarter due to higher lease operating and G&A expenses.
The company's Beta field development shows particularly encouraging signs. The recently completed C54 well achieved impressive initial production of 800 barrels per day, the strongest performer in the program. Overall, Beta production has increased 35% since early 2024, validating the field's development potential. The company identifies 25 proved undeveloped locations worth $144 million in PV-10 value at year-end 2024, with current wells outperforming expected type curves.
In response to lower oil prices, management has deferred three Beta development projects, reducing 2025 capital spend by approximately $15 million. This decision demonstrates financial discipline amid commodity price volatility. The company's net debt to LTM EBITDA ratio stands at 1.3x, with $125 million outstanding on its revolving credit facility.
Production averaged 17.9 MBoepd (thousand barrels of oil equivalent per day), down 0.6 MBoepd from Q4 2024 due to gas imbalances in East Texas and weather-related issues in Oklahoma. The company's product mix was 46% crude oil, 16% NGLs, and 38% natural gas.
Amplify successfully monetized non-core Haynesville acreage through two transactions generating $7.8 million while retaining interests in over 30 potential drilling locations. The company spent $23.1 million on capital investments in Q1, with 55% allocated to Beta development.
Management indicates it will focus on maximizing free cash flow through cost reduction initiatives and portfolio optimization, which could potentially accelerate Beta field development if successful.
HOUSTON, May 12, 2025 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (NYSE: AMPY) (“Amplify,” the “Company,” “us,” or “our”) announced today its operating and financial results for the first quarter of 2025 and updated full-year 2025 guidance for the Company.
Beta Development Program Update
- Amplify initiated a development drilling program in the prolific Beta oilfield in 2024 to demonstrate the significant upside potential of the asset and generate strong incremental cash flows for the Company, with results to date proving out the viability and long-term potential of the program
- Completed the C54 well in mid-April 2025
- Drilled well utilizing lessons learned from 2024 program including the implementation of a managed pressure drilling system
- IP20 was approximately 800 Bopd, which has been the strongest initial well performance in the program
- With the C54 online, the three wells completed in the D-Sand (our primary target formation) are all projected to have greater than
90% IRR at$60 /bbl oil prices
- Completed the C48 well in mid-February 2025 as the first C-Sand completion
- Initially planned as a D-Sand completion, but due to drilling complications elected to complete the shallower C-Sand
- Current production rate of approximately 100 BOPD
- Well exhibits lower oil gravities and reservoir pressures than the D-Sand completions
- Future injection support in the area to increase reservoir pressure and deliverability is expected to prove the C-Sand as a viable future target zone
- With the recent completions of the C48 and C54, the field now has four new development wells online, which, after offsetting the asset’s base decline, have increased Beta production by approximately
35% since early 2024 - Based on Beta development success, at year-end 2024 Amplify had 25 SEC Proved Undeveloped (“PUD”) locations (21 D-Sand locations) with approximately
$144 million in PV-10 value1- D-Sand completions to date are significantly outperforming the type curve utilized in SEC PUD value/reserves indicating material upside above the current valuation estimate
- Substantial future development remains at Beta beyond the current SEC PUD locations which are based on conservative volumetric and recovery factor assumptions
First Quarter Highlights
- During the first quarter of 2025, the Company:
- Achieved average total production of 17.9 MBoepd
- Generated net cash provided by operating activities of
$25.5 million and a net loss of$5.9 million - Delivered Adjusted EBITDA of
$19.4 million and Adjusted Net Income of$3.8 million - Generated
$6.3 million in net proceeds from the sale of undeveloped Haynesville acreage in East Texas- In May 2025, sold additional Haynesville interests generating
$1.5 million in proceeds
- In May 2025, sold additional Haynesville interests generating
- Generated
$0.9 million of Adjusted EBITDA at Magnify Energy Services, Amplify’s wholly owned subsidiary (“Magnify”) - As of March 31, 2025, Amplify had
$125.0 million outstanding under the revolving credit facility- Net debt to Last Twelve Months (“LTM”) Adjusted EBITDA of 1.3x2
(1) 2024 Year End reserves are evaluated at flat pricing: (NYMEX WTI, HH) -
(2) Net debt as of March 31, 2025, consisting of
Martyn Willsher, Amplify’s President and Chief Executive Officer, commented, “Amplify’s strong first quarter operating and financial results continue to demonstrate the significant value derived from the Company’s portfolio of assets. At Beta, we brought online two wells this year, which strengthen our conviction about the prolific untapped value that remains in the reservoir. In East Texas and the Eagle Ford, we anticipate our non-operated development projects will begin producing in the second quarter, with improved natural gas prices driving strong economics for our East Texas wells. Also, in East Texas, we recently monetized a portion of our undeveloped acreage with Haynesville rights in two separate transactions for net proceeds of
Mr. Willsher continued, “In light of recent market volatility and a material reduction in oil prices, we conducted a comprehensive review of our remaining uncommitted 2025 capital budget and have elected to temporarily defer three development projects at Beta resulting in capital savings of approximately
Mr. Willsher concluded, “Going forward, Amplify intends to focus on prudent management of its existing asset base to maximize free cash flow and is conducting a thorough review of additional operating and overhead cost-saving opportunities. The Company will also continue to evaluate portfolio optimization opportunities, which could enable us to accelerate Beta development.”
Key Financial Results
During the first quarter of 2025, the Company reported a net loss of approximately
First quarter 2025 Adjusted EBITDA was
Free cash flow was negative
| First Quarter | Fourth Quarter | |||
| $ in millions | 2025 | 2024 | ||
| Net income (loss) | ( | ) | ( | ) |
| Net cash provided by operating activities | ||||
| Average daily production (MBoe/d) | 17.9 | 18.5 | ||
| Total revenues excluding hedges | ||||
| Adjusted EBITDA (a non-GAAP financial measure) | ||||
| Adjusted net income (loss), (a non-GAAP financial measure) | ||||
| Total capital | ||||
| Free Cash Flow (a non-GAAP financial measure) | ( | ) | ||
Revolving Credit Facility and Liquidity Update
As of March 31, 2025, Amplify had total debt of
Corporate Production and Pricing
During the first quarter of 2025, average daily production was approximately 17.9 Mboepd, a decrease of 0.6 Mboepd from the prior quarter. The decrease in production was driven by natural gas and NGL volumes affected by a gas imbalance adjustment in East Texas and adverse weather in Oklahoma, causing widespread power outages. These temporary production issues were factored into the production guidance previously presented for 2025.
The Company’s product mix for the quarter was
| Three Months | Three Months | |||||
| Ended | Ended | |||||
| March 31, 2025 | December 31, 2024 | |||||
| Production volumes - MBOE: | ||||||
| Bairoil | 280 | 293 | ||||
| Beta | 315 | 308 | ||||
| Oklahoma | 393 | 436 | ||||
| East Texas / North Louisiana | 570 | 609 | ||||
| Eagle Ford (Non-op) | 49 | 60 | ||||
| Total - MBoe | 1,607 | 1,706 | ||||
| Total - MBoe/d | 17.9 | 18.5 | ||||
| % - Liquids | 62 | % | 62 | % | ||
Total oil, natural gas and NGL revenues for the first quarter of 2025 were approximately
The following table sets forth information regarding average realized sales prices for the periods indicated:
| Crude Oil ($/Bbl) | NGLs ($/Bbl) | Natural Gas ($/Mcf) | ||||||||||||||||||
| Three Months Ended March 31, 2025 | Three Months Ended December 31, 2024 | Three Months Ended March 31, 2025 | Three Months Ended December 31, 2024 | Three Months Ended March 31, 2025 | Three Months Ended December 31, 2024 | |||||||||||||||
| Average sales price exclusive of realized derivatives and certain deductions from revenue | $ | 67.82 | $ | 66.82 | $ | 25.24 | $ | 23.46 | $ | 3.87 | $ | 2.52 | ||||||||
| Realized derivatives | 0.49 | 1.43 | - | - | 0.04 | 0.76 | ||||||||||||||
| Average sales price with realized derivatives exclusive of certain deductions from revenue | $ | 68.31 | $ | 68.25 | $ | 25.24 | $ | 23.46 | $ | 3.91 | $ | 3.28 | ||||||||
| Certain deductions from revenue | - | - | (1.78 | ) | (1.37 | ) | 0.02 | (0.01 | ) | |||||||||||
| Average sales price inclusive of realized derivatives and certain deductions from revenue | $ | 68.31 | $ | 68.25 | $ | 23.46 | $ | 22.09 | $ | 3.93 | $ | 3.27 | ||||||||
Costs and Expenses
Lease operating expenses in the first quarter of 2025 were approximately
Severance and ad valorem taxes in the first quarter were approximately
Amplify incurred
Cash G&A expenses in the first quarter were
Depreciation, depletion and amortization expense in the first quarter totaled
Net interest expense was
Amplify recorded minimal current income tax expense for the first quarter of 2025.
Capital Investment Update
Cash capital investment during the first quarter of 2025 was approximately
The following table details Amplify’s capital invested during the first quarter of 2025:
| First Quarter | ||
| 2025 Capital | ||
| ($ MM) | ||
| Bairoil | $ | 1.3 |
| Beta | $ | 12.7 |
| Oklahoma | $ | 1.4 |
| East Texas / North Louisiana | $ | 3.4 |
| Eagle Ford (Non-op) | $ | 3.9 |
| Magnify Energy Services | $ | 0.3 |
| Total Capital Invested | $ | 23.1 |
2025 Operations & Development Plan
Amplify has adjusted its 2025 operations and development plan for the current lower commodity price environment. The Company is electing to reduce discretionary development capital at Beta for the second half of 2025, while our previously committed non-operated projects in East Texas and the Eagle Ford are expected to be completed and brought online in the second quarter.
Amplify’s current plan is to complete three wells at Beta in 2025, including the C48 and C54 wells, which were brought online in mid-February and mid-April, respectively. Amplify intends to drill and complete its next Beta well in the third quarter, which will be a D-Sand completion drilled in the same fault block as the recently completed C54 and the C59, which was completed in October 2024 and is still producing greater than 500 bopd. With the exceptional economics at Beta, Amplify will consider adding back development wells later this year should commodity prices improve.
Other capital at Beta for 2025 includes
In East Texas, we are participating in the completion of four non-operated development projects, which we expect to be online in late second quarter. Operators in the area are taking advantage of strong natural gas prices and favorable economics, and the Company anticipates more activity in this area. For the Company’s operated assets, the team is focused on prudent management of the field, such as optimizing field compression, artificial lift enhancement, and equipment insourcing, which is expected to improve the production profile and lower lease operating costs.
Also in East Texas, as previously announced, Amplify sold
In May 2025, Amplify completed a separate transaction, which monetized
From November 2024 to present, Amplify has generated proceeds of
In the Eagle Ford, we are participating in 14 gross (0.7 net) new development wells and two gross (0.4 net) recompletion projects. These non-operated wells, with highly accretive forecasted returns, have been completed and are scheduled to come online in early May. The Company is also evaluating additional development opportunities recently offered by our partners in fields where we have interests.
Updated Full-Year 2025 Guidance
Based on recent reductions to crude oil prices, Amplify has decided to modify its capital plans in order to maintain positive free cash flow in 2025. As a result of these modifications, we are providing updated guidance. The following guidance is subject to the cautionary statements and limitations described under the "Forward-Looking Statements" caption at the end of this press release. Amplify's updated 2025 guidance is based on its current expectations regarding capital investment and full-year 2025 commodity prices for crude oil of
A summary of the guidance is presented below:
| March 5, 2025 | March 7, 2025 | ||||||
| Previous Guidance | Updated Guidance | ||||||
| FY 2025E | FY 2025E | ||||||
| Low | High | Low | High | ||||
| Net Average Daily Production | |||||||
| Oil (MBbls/d) | 8.5 | - | 9.4 | 8.3 | - | 8.9 | |
| NGL (MBbls/d) | 3.0 | - | 3.3 | 3.0 | - | 3.3 | |
| Natural Gas (MMcf/d) | 45.0 | - | 51.0 | 45.0 | - | 50.0 | |
| Total (MBoe/d) | 19.0 | - | 21.0 | 19.0 | - | 20.5 | |
| Commodity Price Differential / Realizations (Unhedged) | |||||||
| Oil Differential ($ / Bbl) | ( | - | ( | ( | - | ( | |
| NGL Realized Price (% of WTI NYMEX) | - | - | |||||
| Natural Gas Realized Price (% of Henry Hub) | - | - | |||||
| Other Revenue | |||||||
| Magnify Energy Services ($ MM) | - | - | |||||
| Other ($ MM) | - | - | |||||
| Total ($ MM) | $6 | - | $9 | $6 | - | $9 | |
| Gathering, Processing and Transportation Costs | |||||||
| Oil ($ / Bbl) | - | - | |||||
| NGL ($ / Bbl) | - | - | |||||
| Natural Gas ($ / Mcf) | - | - | |||||
| Total ($ / Boe) | $2.25 | - | $2.85 | $2.25 | - | $2.85 | |
| Average Costs | |||||||
| Lease Operating ($ / Boe) | - | - | |||||
| Taxes (% of Revenue) (1) | - | - | |||||
| Cash General and Administrative ($ / Boe) (2)(3) | - | - | |||||
| Adjusted EBITDA ($ MM) (2)(3) | $100 | - | $120 | $80 | - | $110 | |
| Cash Interest Expense ($ MM) | - | - | |||||
| Capital Investment ($ MM) | - | - | |||||
| Free Cash Flow ($ MM) (2)(3) | $10 | - | $30 | $10 | - | $20 | |
(1) Includes production, ad valorem and franchise taxes
(2) Refer to “Use of Non-GAAP Financial Measures” for Amplify’s definition and use of cash G&A, Adjusted EBITDA and free cash flow, non-GAAP measures (cash income taxes, which are not included in free cash flow, are expected to range between
(3) Amplify believes that a quantitative reconciliation of such forward-looking information to the most comparable financial measure calculated and presented in accordance with GAAP cannot be made available without unreasonable efforts. A reconciliation of these non-GAAP financial measures would require Amplify to predict the timing and likelihood of future transactions and other items that are difficult to accurately predict. Neither of these forward-looking measures, nor their probable significance, can be quantified with a reasonable degree of accuracy. Accordingly, a reconciliation of the most directly comparable forward-looking GAAP measures is not provided.
Hedging
Amplify maintains a robust hedge book to support its cash flow profile and provide downside protection in weak commodity environments. Recently, the Company added to its hedge position, further protecting future cash flows.
Amplify executed crude oil swaps covering the first half of 2026 at a weighted average price of
The following table reflects the hedged volumes under Amplify’s commodity derivative contracts and the average fixed floor and ceiling prices at which production is hedged for April 2025 through December 2027, as of May 12, 2025:
| 2025 | 2026 | 2027 | ||||||
| Natural Gas Swaps: | ||||||||
| Average Monthly Volume (MMBtu) | 560,000 | 515,000 | 137,500 | |||||
| Weighted Average Fixed Price ($) | $ | 3.75 | $ | 3.80 | $ | 4.01 | ||
| Natural Gas Collars: | ||||||||
| Two-way collars | ||||||||
| Average Monthly Volume (MMBtu) | 500,000 | 517,500 | 437,500 | |||||
| Weighted Average Ceiling Price ($) | $ | 3.90 | $ | 4.11 | $ | 4.21 | ||
| Weighted Average Floor Price ($) | $ | 3.50 | $ | 3.58 | $ | 3.56 | ||
| Oil Swaps: | ||||||||
| Average Monthly Volume (Bbls) | 141,444 | 125,500 | 30,667 | |||||
| Weighted Average Fixed Price ($) | $ | 70.61 | $ | 66.40 | $ | 61.93 | ||
| Oil Collars: | ||||||||
| Two-way collars | ||||||||
| Average Monthly Volume (Bbls) | 45,333 | |||||||
| Weighted Average Ceiling Price ($) | $ | 80.20 | ||||||
| Weighted Average Floor Price ($) | $ | 70.00 | ||||||
Amplify has posted an updated investor presentation containing additional hedging information on its website, www.amplifyenergy.com, under the Investor Relations section.
Quarterly Report on Form 10-Q
Amplify’s financial statements and related footnotes will be available in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, which Amplify expects to file with the SEC on May 12, 2025.
About Amplify Energy
Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies (Bairoil), federal waters offshore Southern California (Beta), East Texas / North Louisiana, and the Eagle Ford (Non-op). For more information, visit www.amplifyenergy.com.
Conference Call
Amplify will host an investor teleconference tomorrow at 10 a.m. Central Time to discuss these operating and financial results. Interested parties may join the call by dialing (888) 999-3182 at least 15 minutes before the call begins and providing the Conference ID: AEC1Q25. A telephonic replay will be available for fourteen days following the call by dialing (800) 654-1563 and providing the Access Code: 52458798. A transcript and a recorded replay of the call will also be available on our website after the call.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Terminology such as “may,” “will,” “would,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursue,” “target,” “outlook,” “continue,” the negative of such terms or other comparable terminology are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the Company’s expectations of plans, goals, strategies (including measures to implement strategies), objectives and anticipated results with respect thereto. These statements address activities, events or developments that we expect or anticipate will or may occur in the future, including things such as projections of results of operations, plans for growth, goals, future capital expenditures, competitive strengths, references to future intentions and other such references. These forward-looking statements involve risks and uncertainties and other factors that could cause the Company’s actual results or financial condition to differ materially from those expressed or implied by forward-looking statements. These include risks and uncertainties relating to, among other things: the Company’s evaluation and implementation of strategic alternatives; risks related to the redetermination of the borrowing base under the Company’s revolving credit facility; the Company’s ability to satisfy debt obligations; the Company’s need to make accretive acquisitions or substantial capital expenditures to maintain its declining asset base, including the existence of unanticipated liabilities or problems relating to acquired or divested business or properties; volatility in the prices for oil, natural gas and NGLs; the Company’s ability to access funds on acceptable terms, if at all, because of the terms and conditions governing the Company’s indebtedness, including financial covenants; general political and economic conditions, globally and in the jurisdictions in which we operate, including the Russian invasion of Ukraine, and ongoing conflicts in the Middle East, trade wars and the potential destabilizing effect such conflicts may pose for the global oil and natural gas markets; expectations regarding general economic conditions, including inflation; and the impact of local, state and federal governmental regulations, including those related to climate change and hydraulic fracturing, and potential changes in these regulations. Please read the Company’s filings with the SEC, including “Risk Factors” in the Company’s Annual Report on Form 10-K, and if applicable, the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available on the Company’s Investor Relations website at https://www.amplifyenergy.com/investor-relations/sec-filings/default.aspx or on the SEC’s website at http://www.sec.gov, for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements in this press release are qualified in their entirety by these cautionary statements. Except as required by law, the Company undertakes no obligation and does not intend to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.
Use of Non-GAAP Financial Measures
This press release and accompanying schedules include the non-GAAP financial measures of Adjusted EBITDA, Adjusted Net Income (Loss), free cash flow, net debt, PV-10 and cash G&A. The accompanying schedules provide a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. Amplify’s non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income, operating income, net cash flows provided by operating activities, standardized measure of discounted future net cash flows, or any other measure of financial performance calculated and presented in accordance with GAAP. Amplify’s non-GAAP financial measures may not be comparable to similarly titled measures of other companies because they may not calculate such measures in the same manner as Amplify does.
Adjusted EBITDA. Amplify defines Adjusted EBITDA as net income (loss) plus Interest expense, net; Income tax expense (benefit); DD&A; Accretion of AROs; Loss or (gain) on commodity derivative instruments; Cash settlements received or (paid) on expired commodity derivative instruments; Amortization of gain associated with terminated commodity derivatives; Losses or (gains) on sale of properties; Share-based compensation expenses; Exploration costs; Acquisition and divestiture related costs; Loss on settlement of AROs; Bad debt expense; and Pipeline incident loss. Adjusted EBITDA is commonly used as a supplemental financial measure by management and external users of Amplify’s financial statements, such as investors, research analysts and rating agencies, to assess: (1) its operating performance as compared to other companies in Amplify’s industry without regard to financing methods, capital structures or historical cost basis; (2) the ability of its assets to generate cash sufficient to pay interest and support Amplify’s indebtedness; and (3) the viability of projects and the overall rates of return on alternative investment opportunities. Since Adjusted EBITDA excludes some, but not all, items that affect net income or loss and because these measures may vary among other companies, the Adjusted EBITDA data presented in this press release may not be comparable to similarly titled measures of other companies. The GAAP measures most directly comparable to Adjusted EBITDA are net income and net cash provided by operating activities.
Adjusted Net Income (Loss). Amplify defines Adjusted Net Income (Loss) as net income (loss) adjusted for unrealized loss (gain) on commodity derivative instruments, acquisition and divestiture-related expenses, unusual and infrequent items, and the income tax expense or benefit of these adjustments using our federal statutory tax rate. Adjusted Net Income (Loss) excludes the impact of unusual and infrequent items affecting earnings that vary widely and unpredictably. This measure is not meant to disassociate these items from management's performance but rather is intended to provide helpful information to investors interested in comparing our performance between periods. Adjusted Net Income (Loss) is not considered to be an alternative to net income (loss) reported in accordance with GAAP.
Free cash flow. Amplify defines free cash flow as Adjusted EBITDA, less cash interest expense and capital expenditures. Free cash flow is an important non-GAAP financial measure for Amplify’s investors since it serves as an indicator of the Company’s success in providing a cash return on investment. The GAAP measures most directly comparable to free cash flow are net income and net cash provided by operating activities.
Net debt. Amplify defines net debt as the total principal amount drawn on the revolving credit facility less cash and cash equivalents. The Company uses net debt as a measure of financial position and believes this measure provides useful additional information to investors to evaluate the Company's capital structure and financial leverage.
PV-10. PV-10 is a non-GAAP financial measure that represents the present value of estimated future cash inflows from proved oil and natural gas reserves that are calculated using the unweighted arithmetic average first-day-of-the-month prices for the prior 12 months, less future development and operating costs, discounted at
Cash G&A. Amplify defines cash G&A as general and administrative expense, less share-based compensation expense; acquisition and divestiture costs; bad debt expense; and severance payments. Cash G&A is an important non-GAAP financial measure for Amplify’s investors since it allows for analysis of G&A spend without regard to share-based compensation and other non-recurring expenses which can vary substantially from company to company. The GAAP measures most directly comparable to cash G&A is total G&A expenses.
Contacts
Jim Frew -- Senior Vice President and Chief Financial Officer
(832) 219-9044
jim.frew@amplifyenergy.com
Michael Jordan -- Director, Finance and Treasurer
(832) 219-9051
michael.jordan@amplifyenergy.com
Selected Operating and Financial Data (Tables)
| Amplify Energy Corp. | ||||||||
| Selected Financial Data - Unaudited | ||||||||
| Statements of Operations Data | ||||||||
| Three Months | Three Months | |||||||
| Ended | Ended | |||||||
| (Amounts in | March 31, 2025 | December 31, 2024 | ||||||
| Revenues: | ||||||||
| Oil and natural gas sales | $ | 70,341 | $ | 67,189 | ||||
| Other revenues | 1,709 | 1,832 | ||||||
| Total revenues | 72,050 | 69,021 | ||||||
| Costs and Expenses: | ||||||||
| Lease operating expense | 37,417 | 35,100 | ||||||
| Pipeline incident loss | 396 | 2,405 | ||||||
| Gathering, processing and transportation | 4,286 | 4,468 | ||||||
| Exploration | 6 | 10 | ||||||
| Taxes other than income | 4,384 | 5,356 | ||||||
| Depreciation, depletion and amortization | 8,494 | 8,418 | ||||||
| General and administrative expense | 10,815 | 9,486 | ||||||
| Accretion of asset retirement obligations | 2,183 | 2,156 | ||||||
| Realized (gain) loss on commodity derivatives | (503 | ) | (4,052 | ) | ||||
| Unrealized (gain) loss on commodity derivatives | 14,820 | 13,357 | ||||||
| (Gain) loss on sale of properties | (6,251 | ) | (1,367 | ) | ||||
| Other, net | (3 | ) | 334 | |||||
| Total costs and expenses | 76,044 | 75,671 | ||||||
| Operating Income (loss) | (3,994 | ) | (6,650 | ) | ||||
| Other Income (Expense): | ||||||||
| Interest expense, net | (3,519 | ) | (3,684 | ) | ||||
| Other income (expense) | 115 | (113 | ) | |||||
| Total other income (expense) | (3,404 | ) | (3,797 | ) | ||||
| Income (loss) before reorganization items, net and income taxes | (7,398 | ) | (10,447 | ) | ||||
| Income tax benefit (expense) - current | (1 | ) | 2,132 | |||||
| Income tax benefit (expense) - deferred | 1,538 | 886 | ||||||
| Net income (loss) | $ | (5,861 | ) | $ | (7,429 | ) | ||
| Earnings per share: | ||||||||
| Basic and diluted earnings (loss) per share | $ | (0.15 | ) | $ | (0.19 | ) | ||
| Selected Financial Data - Unaudited | |||||||
| Operating Statistics | |||||||
| Three Months | Three Months | ||||||
| Ended | Ended | ||||||
| (Amounts in | March 31, 2025 | December 31, 2024 | |||||
| Oil and natural gas revenue: | |||||||
| Oil Sales | $ | 49,982 | $ | 50,817 | |||
| NGL Sales | 6,157 | 6,602 | |||||
| Natural Gas Sales | 14,202 | 9,770 | |||||
| Total oil and natural gas sales - Unhedged | $ | 70,341 | $ | 67,189 | |||
| Production volumes: | |||||||
| Oil Sales - MBbls | 737 | 760 | |||||
| NGL Sales - MBbls | 263 | 299 | |||||
| Natural Gas Sales - MMcf | 3,647 | 3,883 | |||||
| Total - MBoe | 1,607 | 1,706 | |||||
| Total - MBoe/d | 17.9 | 18.5 | |||||
| Average sales price (excluding commodity derivatives): | |||||||
| Oil - per Bbl | $ | 67.82 | $ | 66.82 | |||
| NGL - per Bbl | $ | 23.46 | $ | 22.09 | |||
| Natural gas - per Mcf | $ | 3.89 | $ | 2.52 | |||
| Total - per Boe | $ | 43.76 | $ | 39.37 | |||
| Average unit costs per Boe: | |||||||
| Lease operating expense | $ | 23.28 | $ | 20.57 | |||
| Gathering, processing and transportation | $ | 2.67 | $ | 2.62 | |||
| Taxes other than income | $ | 2.73 | $ | 3.14 | |||
| General and administrative expense | $ | 6.73 | $ | 5.56 | |||
| Realized gain/(loss) on commodity derivatives | $ | 0.31 | $ | 2.38 | |||
| Depletion, depreciation, and amortization | $ | 5.29 | $ | 4.93 | |||
| Selected Financial Data - Unaudited | ||||||||
| Asset Operating Statistics | ||||||||
| Three Months | Three Months | |||||||
| Ended | Ended | |||||||
| March 31, 2025 | December 31, 2024 | |||||||
| Production volumes - MBOE: | ||||||||
| Bairoil | 280 | 293 | ||||||
| Beta | 315 | 308 | ||||||
| Oklahoma | 393 | 436 | ||||||
| East Texas / North Louisiana | 570 | 609 | ||||||
| Eagle Ford (Non-op) | 49 | 60 | ||||||
| Total - MBoe | 1,607 | 1,706 | ||||||
| Total - MBoe/d | 17.9 | 18.5 | ||||||
| % - Liquids | 62 | % | 62 | % | ||||
| Lease operating expense - $M: | ||||||||
| Bairoil | $ | 13,732 | $ | 11,800 | ||||
| Beta | 13,305 | 12,113 | ||||||
| Oklahoma | 3,856 | 3,948 | ||||||
| East Texas / North Louisiana | 4,981 | 5,887 | ||||||
| Eagle Ford (Non-op) | 1,542 | 1,351 | ||||||
| Total Lease operating expense: | $ | 37,416 | $ | 35,099 | ||||
| Capital expenditures - $M: | ||||||||
| Bairoil | $ | 1,322 | $ | 190 | ||||
| Beta | 12,733 | 10,001 | ||||||
| Oklahoma | 1,445 | 168 | ||||||
| East Texas / North Louisiana | 3,449 | 2,758 | ||||||
| Eagle Ford (Non-op) | 3,905 | 2,125 | ||||||
| Magnify Energy Services | 263 | 82 | ||||||
| Total Capital expenditures: | $ | 23,117 | $ | 15,324 | ||||
| Selected Financial Data - Unaudited | |||||||||
| Balance Sheet Data | |||||||||
| (Amounts in | March 31, 2025 | December 31, 2024 | |||||||
| Assets | |||||||||
| Cash and Cash Equivalents | $ | - | $ | - | |||||
| Accounts Receivable | 35,893 | 39,713 | |||||||
| Other Current Assets | 24,296 | 32,064 | |||||||
| Total Current Assets | $ | 60,189 | $ | 71,777 | |||||
| Net Oil and Gas Properties | $ | 400,770 | $ | 386,218 | |||||
| Other Long-Term Assets | 292,680 | 289,081 | |||||||
| Total Assets | $ | 753,639 | $ | 747,076 | |||||
| Liabilities | |||||||||
| Accounts Payable | $ | 19,863 | $ | 13,231 | |||||
| Accrued Liabilities | 40,343 | 43,413 | |||||||
| Other Current Liabilities | 18,658 | 11,494 | |||||||
| Total Current Liabilities | $ | 78,864 | $ | 68,138 | |||||
| Long-Term Debt | $ | 125,000 | $ | 127,000 | |||||
| Asset Retirement Obligation | 131,158 | 129,700 | |||||||
| Other Long-Term Liabilities | 15,680 | 13,326 | |||||||
| Total Liabilities | $ | 350,702 | $ | 338,164 | |||||
| Shareholders' Equity | |||||||||
| Common Stock & APIC | $ | 440,266 | $ | 440,380 | |||||
| Accumulated Earnings (Deficit) | (37,329 | ) | (31,468 | ) | |||||
| Total Shareholders' Equity | $ | 402,937 | $ | 408,912 | |||||
| Selected Financial Data - Unaudited | |||||||
| Statements of Cash Flows Data | |||||||
| Three Months | Three Months | ||||||
| Ended | Ended | ||||||
| (Amounts in | March 31, 2025 | December 31, 2024 | |||||
| Net cash provided by (used in) operating activities | $ | 25,501 | $ | 12,455 | |||
| Net cash provided by (used in) investing activities | (21,497 | ) | (19,379 | ) | |||
| Net cash provided by (used in) financing activities | (4,004 | ) | 6,924 | ||||
| Selected Operating and Financial Data (Tables) | ||||||||
| Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||
| Adjusted EBITDA and Free Cash Flow | ||||||||
| Three Months | Three Months | |||||||
| Ended | Ended | |||||||
| (Amounts in | March 31, 2025 | December 31, 2024 | ||||||
| Reconciliation of Adjusted EBITDA to Net Cash Provided from Operating Activities: | ||||||||
| Net cash provided by operating activities | $ | 25,501 | $ | 12,455 | ||||
| Changes in working capital | (5,372 | ) | 4,770 | |||||
| Interest expense, net | 3,519 | 3,684 | ||||||
| Amortization of gain associated with terminated commodity derivatives | 159 | 159 | ||||||
| Amortization and write-off of deferred financing fees | (315 | ) | (315 | ) | ||||
| Exploration costs | 6 | 10 | ||||||
| Acquisition and divestiture related costs | 1,629 | 1,424 | ||||||
| Plugging and abandonment cost | 171 | 754 | ||||||
| Current income tax expense (benefit) | 1 | (2,132 | ) | |||||
| Pipeline incident loss | 396 | 2,405 | ||||||
| (Gain) loss on sale of properties | (6,251 | ) | (1,367 | ) | ||||
| Adjusted EBITDA: | $ | 19,444 | $ | 21,847 | ||||
| Reconciliation of Free Cash Flow to Net Cash Provided from Operating Activities: | ||||||||
| Adjusted EBITDA: | $ | 19,444 | $ | 21,847 | ||||
| Less: Cash interest expense | 3,545 | 3,598 | ||||||
| Less: Capital expenditures | 23,117 | 15,324 | ||||||
| Free Cash Flow: | $ | (7,218 | ) | $ | 2,925 | |||
| Selected Operating and Financial Data (Tables) | ||||||||
| Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||
| Adjusted EBITDA and Free Cash Flow | ||||||||
| Three Months | Three Months | |||||||
| Ended | Ended | |||||||
| (Amounts in | March 31, 2025 | December 31, 2024 | ||||||
| Reconciliation of Adjusted EBITDA to Net Income (Loss): | ||||||||
| Net income (loss) | $ | (5,861 | ) | $ | (7,429 | ) | ||
| Interest expense, net | 3,519 | 3,684 | ||||||
| Income tax expense (benefit) - current | 1 | (2,132 | ) | |||||
| Income tax expense (benefit) - deferred | (1,538 | ) | (886 | ) | ||||
| Depreciation, depletion and amortization | 8,494 | 8,418 | ||||||
| Accretion of asset retirement obligations | 2,183 | 2,156 | ||||||
| (Gains) losses on commodity derivatives | 14,317 | 9,305 | ||||||
| Cash settlements received (paid) on expired commodity derivative instruments | 503 | 4,052 | ||||||
| Amortization of gain associated with terminated commodity derivatives | 159 | 159 | ||||||
| Acquisition and divestiture related costs | 1,629 | 1,424 | ||||||
| Share-based compensation expense | 1,890 | 1,686 | ||||||
| (Gain) loss on sale of properties | (6,251 | ) | (1,367 | ) | ||||
| Exploration costs | 6 | 10 | ||||||
| Loss on settlement of AROs | (3 | ) | 334 | |||||
| Bad debt expense | - | 28 | ||||||
| Pipeline incident loss | 396 | 2,405 | ||||||
| Adjusted EBITDA: | $ | 19,444 | $ | 21,847 | ||||
| Reconciliation of Free Cash Flow to Net Income (Loss): | ||||||||
| Adjusted EBITDA: | $ | 19,444 | $ | 21,847 | ||||
| Less: Cash interest expense | 3,545 | 3,598 | ||||||
| Less: Capital expenditures | 23,117 | 15,324 | ||||||
| Free Cash Flow: | $ | (7,218 | ) | $ | 2,925 | |||
| Selected Operating and Financial Data (Tables) | |||||||||
| Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||
| Net Income (Loss) to Adjusted Net Income (Loss) | |||||||||
| Three Months | Three Months | ||||||||
| Ended | Ended | ||||||||
| (Amounts in | March 31, 2025 | December 31, 2024 | |||||||
| Reconciliation of Adjusted Net Income (Loss): | |||||||||
| Net income (loss) | $ | (5,861 | ) | $ | (7,429 | ) | |||
| Unrealized (gain) loss on commodity derivatives | 14,820 | 13,357 | |||||||
| Acquisition and divestiture related costs | 1,629 | 1,424 | |||||||
| Non-recurring costs: | |||||||||
| Income tax expense (benefit) - deferred | (1,538 | ) | (886 | ) | |||||
| Gain on sale of properties | (6,251 | ) | (1,367 | ) | |||||
| Tax effect of adjustments | 971 | (12 | ) | ||||||
| Adjusted net income (loss) | $ | 3,770 | $ | 5,087 | |||||
| Selected Operating and Financial Data (Tables) | |||||
| Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures | |||||
| Cash General and Administrative Expenses | |||||
| Three Months | Three Months | ||||
| Ended | Ended | ||||
| (Amounts in | March 31, 2025 | December 31, 2024 | |||
| General and administrative expense | $ | 10,815 | $ | 9,486 | |
| Less: Share-based compensation expense | 1,890 | 1,686 | |||
| Less: Acquisition and divestiture costs | 1,629 | 1,424 | |||
| Less: Bad debt expense | — | 28 | |||
| Less: Severance payments | — | — | |||
| Total Cash General and Administrative Expense | $ | 7,296 | $ | 6,348 | |
FAQ
What were AMPY's key financial results for Q1 2025?
How much did AMPY's Beta field production increase since early 2024?
What is AMPY's current debt and leverage ratio?
Why is AMPY deferring Beta development projects in 2025?
How much did AMPY receive from its Haynesville asset sales?
