Amplify Energy Corp. - $AMPY STOCK NEWS

Amplify Energy Corp. (NYSE: AMPY) announced its operating and financial results for Q2 2023, highlighting a 9% increase in total production, $4.9 million net cash from operating activities, and a net income of $9.8 million. The company also reaffirmed its full-year 2023 guidance and entered into a new revolving credit facility with initial borrowing base of $150 million. Net debt was $113 million as of July 31, 2023, with net debt to LTM Adjusted EBITDA of 1.2x. The company's President and CEO, Martyn Willsher, expressed optimism about the strong operational performance and reaffirmed commitment to generating free cash flow. Key financial results showed a net income of approximately $9.8 million, a decrease of $8.2 million in Adjusted EBITDA from the previous quarter, and $6.1 million free cash flow. Amplify entered into a new senior secured reserve-based revolving credit facility with KeyBank National Association, providing ample liquidity for the company. Corporate production and pricing update revealed a 9% increase in average daily production, with a product mix of 38% crude oil, 17% NGLs, and 45% natural gas. Costs and expenses, as well as capital investment updates, were also detailed in the PR.