Amplify Energy Corp Stock Price, News & Analysis

Amplify Energy Corp. (NYSE: AMPY) announced a settlement for $96.5 million regarding claims against the M/V Danit and M/V Beijing related to the 2021 Southern California Pipeline Incident. Following negotiations, Amplify will receive a net payment of approximately $85 million after insurer claims. The Marine Exchange has also agreed to non-monetary terms as part of the settlement. CEO Martyn Willsher emphasized the importance of concluding this litigation to focus on operational activities at Beta and overall strategic direction. The settlement allows Amplify to dismiss all claims, marking a transition from this disruptive event.

Amplify Energy Corp. (NYSE: AMPY) has appointed Jim E. Craddock to its Board of Directors, adding to its governance team after a thorough recruitment process. Craddock brings over 30 years of experience in the oil and gas industry, having previously served as CEO of Rosetta Resources and on the boards of several energy companies including Noble Energy. He will also join the Nominating and Governance Committee. Chairman Chris Hamm expressed confidence in Craddock's extensive industry knowledge, which is expected to significantly benefit Amplify and its shareholders.

Amplify Energy Corp. (NYSE: AMPY) has completed its semi-annual borrowing base redetermination, resulting in a new borrowing base of $215 million effective immediately. The credit agreement has been extended to May 31, 2024, allowing for more refinancing time after Beta returns to production, anticipated by the end of Q1 2023. As of November 30, 2022, Amplify reported total net debt of $167 million and $190 million outstanding under its credit facility with $23 million in cash.

Amplify Energy Corp. (NYSE: AMPY) reported strong third-quarter results for 2022, achieving average production of 21.0 MBoepd and a net income of $47.2 million. The company generated $18.9 million in net cash from operations and delivered an Adjusted EBITDA of $30.8 million, up from $16.3 million in the prior quarter. Free cash flow reached $17.0 million. Following the Southern California pipeline incident, repair operations are underway, with expectations to return the Beta field to production by Q1 2023. Amplify's net debt stood at $179 million with a Net Debt to LTM EBITDA of 2.2x.

Amplify Energy Corp. (NYSE: AMPY) will announce its third quarter 2022 financial results on November 1, 2022, after U.S. market close. A conference call will follow on November 2, 2022, at 10:00 a.m. CT, where management will discuss the results. Interested participants can join by calling (800) 267-6316 with Conference ID: AEC3Q22, at least 15 minutes before the start of the call. A replay will be available for 14 days at (800) 654-1563, Access Code: 10110635.

Amplify Energy Corp. (NYSE: AMPY) announced it has received Nationwide Permit 12 from the U.S. Army Corps of Engineers for pipeline repairs. This approval allows for the removal of damaged pipeline segments from the ocean floor, aiding ongoing investigations into a January 2021 incident where vessels struck the pipeline. The repair is expected to take three to four weeks post-barge deployment, followed by safety tests and PHMSA review before restarting the Beta field in Q1 2023.

Amplify Energy Corp. (NYSE: AMPY) has reached an agreement with California to resolve criminal matters from the October 2021 Pipeline Incident. The company will enter a No Contest plea to six misdemeanor charges and pay a $4.9 million fine, distributed to the State and Orange County. Additionally, Amplify will serve a year of probation and implement compliance enhancements. CEO Martyn Willsher reaffirmed the company's commitment to the environment and community following the incident, highlighting efforts in cleanup and cooperation with state agencies.

Amplify Energy Corp. (NYSE: AMPY) has reached a settlement with the U.S. government regarding the Southern California Pipeline Incident from October 2021. Subject to court approval, Amplify will plead guilty to a misdemeanor negligent discharge of oil under the Clean Water Act. The proposed settlement includes a $7.1 million fine payable over three years and $5.8 million in reimbursements to government agencies for response efforts. The company will also implement compliance measures such as a new leak detection system and increased inspections.

Amplify Energy Corp. (NYSE: AMPY) announced an agreement in principle to settle all civil claims related to the Southern California Pipeline Incident from October 2021. The settlement will be funded through the company's insurance policies and is subject to court approval. President and CEO Martyn Willsher expressed satisfaction with the resolution, emphasizing the company's commitment to pursue claims against parties responsible for the incident. This development aims to conclude ongoing litigation and stabilize the company's legal landscape moving forward.