Amplify Energy Announces Successful Borrowing Base Redetermination
Amplify Energy Corp. (NYSE: AMPY) announced the completion of its semi-annual borrowing base redetermination, maintaining it at $225 million.
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Rhea-AI Summary
Amplify Energy Corp. (NYSE: AMPY) announced the completion of its semi-annual borrowing base redetermination, maintaining it at $225 million. As of May 31, 2022, the company reported total net debt of $187 million with $215 million outstanding under its credit facility and $28 million in cash. CEO Martyn Willsher stated that this stability positions the company to improve its liquidity and leverage, focusing on capital allocation for high-return projects to enhance free cash flow and stockholder value.
Positive
- Borrowing base maintained at $225 million, ensuring stable liquidity.
- Total net debt is relatively low at $187 million.
- Plans to allocate capital to high-return projects, potentially increasing free cash flow.
Negative
- None.
Details
News Market Reaction – AMPY
The recorded move for AMPY in the trading session of this news was -6.98%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
HOUSTON, June 21, 2022 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (NYSE: AMPY) (“Amplify” or the “Company”) announced today that it completed its regularly scheduled semi-annual borrowing base redetermination and entered into an amendment to its credit agreement. The redetermination affirmed the borrowing base at
As of May 31, 2022, Amplify had total net debt of
Martyn Willsher, Amplify’s President and Chief Executive Officer commented, “With today’s redetermination holding the borrowing base flat at
About Amplify Energy
Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploration and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies, federal waters offshore California, East Texas / North Louisiana, and the Eagle Ford. For more information, visit www.amplifyenergy.com.
Investor Relations Contacts
Jason McGlynn – Chief Financial Officer
(832) 219-9055
jason.mcglynn@amplifyenergy.com
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