Amplify Energy Announces First Quarter 2023 Results
HOUSTON, May 03, 2023 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (NYSE: AMPY) (“Amplify” or the “Company”) announced today its operating and financial results for the first quarter of 2023.
Key Highlights
- During the first quarter of 2023, the Company:
- Achieved average total production of 19.4 MBoepd
- Generated net cash provided by operating activities of
$90.3 million and net income of$352.8 million - Delivered Adjusted EBITDA of
$25.8 million - Generated
$11.4 million of free cash flow - Reduced debt outstanding by
$65 million
- Announced the appointments of Dan Furbee, as the Company’s Senior Vice President and Chief Operating Officer, and Jim Frew, as the Company’s Senior Vice President and Chief Financial Officer
- As of April 30, 2023, net debt was
$109 million , consisting of$125 million outstanding under the revolving credit facility and$16 million of cash on hand- Net Debt to Last Twelve Months (“LTM”) Adjusted EBITDA of 1.1x1
- Reaffirmed our full-year 2023 guidance
- Southern California Release Incident (the “Incident”) Updates:
- In late March, Amplify received
$85 million in net proceeds from the settlement regarding its affirmative claims against the vessels, which was previously announced on March 1, 2023 - On April 10, 2023, Amplify announced it received the required approvals from federal regulatory agencies to restart operations at the Beta field
- The Company returned the Beta field to production and began selling oil on April 24, 2023 (after successfully filling the San Pedro Bay Pipeline and finalizing all required testing)
- The pipeline is currently operating in accordance with the restart procedures, which were reviewed and approved by the Pipeline and Hazardous Materials Safety Administration
- In late March, Amplify received
(1) Net debt as of April 30, 2023, and LTM Adjusted EBITDA as of the first quarter of 2023
Martyn Willsher, Amplify’s President and Chief Executive Officer, commented, “Amplify is off to a strong start in 2023. We are excited to report that we have restarted operations at Beta, with initial production rates exceeding our expectations. Resumed operations at Beta, coupled with the receipt of the settlement proceeds and corresponding reduction in debt outstanding, significantly improve our financial outlook and represent a new chapter in Amplify’s future.”
Mr. Willsher concluded, “The Company performed well operationally and financially in the first quarter despite difficult weather conditions across our assets, and we intend to continue driving operational efficiencies through additional high-return workover and non-operated development projects. Our near-term strategic focus is to build production rates at Beta and refinance our credit facility, which will allow us to pursue value enhancing initiatives for our shareholders.”
Southern California Pipeline Incident
For more information and disclosures regarding the Incident, please see our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, which Amplify expects to file with the Securities and Exchange Commission (“SEC”) on May 3, 2023.
Key Financial Results
During the first quarter of 2023, the Company reported net income of approximately
Amplify generated
Free cash flow, defined as Adjusted EBITDA less cash interest and capital spending, was
First Quarter | Fourth Quarter | ||||
$ in millions | 2023 | 2022 | |||
Net income (loss) | $ | 352.8 | $ | 30.0 | |
Net cash provided by operating activities | $ | 90.3 | $ | 15.2 | |
Average daily production (MBoe/d) | 19.4 | 20.8 | |||
Total revenues excluding hedges | $ | 79.9 | $ | 98.9 | |
Adjusted EBITDA (a non-GAAP financial measure) | $ | 25.8 | $ | 21.9 | |
Total capital | $ | 9.0 | $ | 5.5 | |
Free Cash Flow (a non-GAAP financial measure) | $ | 11.4 | $ | 12.3 | |
Note: 1Q23 net income includes
Revolving Credit Facility
Amplify is in the process of refinancing its credit agreement. As previously disclosed, the facility’s termination date was extended to May 31, 2024 during the last borrowing base redetermination process. Amplify expects to complete the refinance process in the later part of the second quarter or in the early part of the third quarter.
Of the
As of April 30, 2023, Amplify had
Corporate Production and Pricing Update
During the first quarter of 2023, average daily production was approximately 19.4 MBoepd, a decrease of
Total oil, natural gas and NGL revenues for the first quarter of 2023 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, 2023 | Three Months Ended December 31, 2022 | Three Months Ended March 31, 2023 | Three Months Ended December 31, 2022 | Three Months Ended March 31, 2023 | Three Months Ended December 31, 2022 | |||||||||||||||||||
Average sales price exclusive of realized derivatives and certain deductions from revenue | $ | 72.52 | $ | 80.26 | $ | 26.67 | $ | 27.99 | $ | 3.63 | $ | 5.43 | ||||||||||||
Realized derivatives | (7.32 | ) | (23.37 | ) | - | - | 0.23 | (2.42 | ) | |||||||||||||||
Average sales price with realized derivatives exclusive of certain deductions from revenue | $ | 65.20 | $ | 56.89 | $ | 26.67 | $ | 27.99 | $ | 3.86 | $ | 3.01 | ||||||||||||
Certain deductions from revenue | - | - | (2.75 | ) | (3.32 | ) | 0.08 | 0.11 | ||||||||||||||||
Average sales price inclusive of realized derivatives and certain deductions from revenue | $ | 65.20 | $ | 56.89 | $ | 23.92 | $ | 24.67 | $ | 3.94 | $ | 3.12 | ||||||||||||
Costs and Expenses
Lease operating expenses in the first quarter of 2023 were approximately
Severance and Ad Valorem taxes in the first quarter were approximately
Amplify incurred
First quarter cash G&A expenses were
Depreciation, depletion and amortization expense for the first quarter of 2023 totaled
Net interest expense was
Due to the large one-time gain associated with the Beta settlement, the Company incurred approximately
Capital Investment Update
Cash capital investment during the first quarter of 2023 was approximately
The following table details Amplify’s capital incurred during the quarter:
First Quarter | |||||
2023 Capital | |||||
($ MM) | |||||
Oklahoma | $ | 1.9 | |||
Rockies (Bairoil) | $ | (0.1 | ) | ||
Southern California (Beta) | $ | 1.9 | |||
East Texas / North Louisiana | $ | 0.2 | |||
Eagle Ford (Non-Op) | $ | 5.1 | |||
Total Capital Invested | $ | 9.0 | |||
Asset Operational Update and Statistics
Oklahoma:
- Production: 560 MBoe; 6.2 MBoepd
- Commodity Mix:
21% oil,28% NGLs,51% natural gas
- Commodity Mix:
- LOE:
$5.5 million ;$9.84 per Boe - Capex:
$1.9 million
In Oklahoma, Amplify continues to prioritize a stable free cash flow profile and manage production through an active workover program. In the first quarter, production was impacted primarily by third-party compression issues. Amplify remains focused on artificial lift and field compression optimization in an effort to mitigate natural production declines and reduce future operating expenses and downtime.
Rockies (Bairoil):
- Production: 308 MBoe; 3.4 MBoepd
- Commodity Mix:
100% oil
- Commodity Mix:
- LOE:
$12.3 million ;$40.12 per Boe - Capex: (
$0.1) million
Amplify is focused on reducing operating expenses at Bairoil given its higher fixed-cost nature. The Company is also dedicated to enhancing injection performance through targeted well recompletions and conversions to offset nominal production declines and achieve a stable free cash flow profile. In the first quarter, production at Bairoil was negatively impacted by unusually severe weather conditions, but operational conditions have since improved, and production rates are expected to return to normal going forward.
Southern California (Beta):
- Production: 0 MBoe; 0.0 MBoepd
- Commodity Mix:
100% oil
- Commodity Mix:
- LOE:
$7.1 million - Capex:
$1.9 million
Beta’s production and pipeline operations remained suspended during the first quarter. However, as previously disclosed, the Company received approvals from all required federal regulatory agencies to restart operations. On April 24, the Company began selling crude from wells returned to production. Consistent with prior updates, as the Company continues to increase production at Beta, Amplify will invest capital in production enhancing opportunities, facility upgrades, and projects focused on emissions reductions.
East Texas and North Louisiana:
- Production: 4.7 Bcfe; 52.6 MMcfepd (789 MBoe; 8.8 MBoepd)
- Commodity Mix:
5% oil,21% NGLs,74% natural gas
- Commodity Mix:
- LOE:
$6.3 million ;$1.33 per Mcfe ($8.01 per Boe) - Capex:
$0.2 million
Amplify’s strategy in East Texas remains committed to prudent management of production and operating expenses. Production in the quarter was primarily impacted by third-party compression interruptions. The Company continues to prioritize high-return workover projects and field compression optimization projects, while opportunistically participating in non-operated development opportunities.
Non-Operated Eagle Ford:
- Production: 88 MBoe; 1.0 MBoepd
- Commodity Mix:
81% oil,9% NGLs,10% natural gas
- Commodity Mix:
- LOE:
$1.7 million ;$19.26 per Boe - Capex:
$5.1 million
Amplify continues to participate in attractive non-operated Eagle Ford development and recompletion projects. In the first quarter, production was relatively flat compared to the prior quarter. The Company participated in the completion of 10 gross (1.0 net) new development projects, including two recompletion projects, all of which were brought online at the end the quarter. As a result, the Company is expecting higher production in the second quarter.
Full-Year 2023 Guidance
The following guidance is subject to the cautionary statements and limitations described under the "Forward-Looking Statements" caption at the end of this press release. Amplify's 2023 guidance is based on its current expectations regarding capital expenditure levels and on the assumption that market demand and prices for oil and natural gas will continue at levels that allow for economic production of these products.
Based on the operating and financial results for the first quarter of 2023, Amplify is maintaining its full-year 2023 guidance ranges.
A summary of the guidance is presented below:
FY 2023E | ||||||||||||
Low | High | |||||||||||
Net Average Daily Production | ||||||||||||
Oil (MBbls/d) | 7.3 | - | 7.9 | |||||||||
NGL (MBbls/d) | 3.4 | - | 3.8 | |||||||||
Natural Gas (MMcf/d) | 55.7 | - | 61.7 | |||||||||
Total (MBoe/d) | 20.0 | - | 22.0 | |||||||||
Commodity Price Differential / Realizations (Unhedged) | ||||||||||||
Oil Differential ($ / Bbl) | ($ | 3.00 | ) | - | ($ | 3.50 | ) | |||||
NGL Realized Price (% of WTI NYMEX) | 33 | % | - | 37 | % | |||||||
Natural Gas Realized Price (% of Henry Hub) | 95 | % | - | 100 | % | |||||||
Gathering, Processing and Transportation Costs | ||||||||||||
Oil ($ / Bbl) | $ | 0.70 | - | $ | 0.95 | |||||||
NGL ($ / Bbl) | $ | 3.50 | - | $ | 4.00 | |||||||
Natural Gas ($ / Mcf) | $ | 0.65 | - | $ | 0.85 | |||||||
Total ($ / Boe) | $ | 2.80 | - | $ | 3.50 | |||||||
Average Costs | ||||||||||||
Lease Operating ($ / Boe) | $ | 17.75 | - | $ | 19.75 | |||||||
Taxes (% of Revenue) (1) | 7.5 | % | - | 8.5 | % | |||||||
Recurring Cash General and Administrative ($ / Boe) (2) | $ | 3.30 | - | $ | 3.80 | |||||||
Adjusted EBITDA ($ MM) (3)(5) | $ | 80 | - | $ | 100 | |||||||
Cash Interest Expense ($ MM) | $ | 12 | - | $ | 16 | |||||||
Capital Expenditures ($ MM) | $ | 30 | - | $ | 40 | |||||||
Free Cash Flow ($ MM) (4)(5) | $ | 30 | - | $ | 50 | |||||||
(1) Includes production, ad valorem and franchise taxes
(2) Recurring cash general and administrative cost guidance excludes reorganization expenses and non-cash compensation
(3) Refer to “Use of Non-GAAP Financial Measures” for Amplify’s definition and use of Adjusted EBITDA, a non-GAAP measure
(4) Refer to “Use of Non-GAAP Financial Measures” for Amplify’s definition and use of free cash flow, a non-GAAP measure
(5) 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 Update
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 2023 through December 2024, as of May 3, 2023:
2023 | 2024 | |||||||
Natural Gas Collars: | ||||||||
Two-way collars | ||||||||
Average Monthly Volume (MMBtu) | 1,282,222 | 220,833 | ||||||
Weighted Average Ceiling Price ($) | $ | 5.81 | $ | 4.73 | ||||
Weighted Average Floor Price ($) | $ | 3.49 | $ | 3.31 | ||||
Oil Swaps: | ||||||||
Average Monthly Volume (Bbls) | 55,000 | 8,333 | ||||||
Weighted Average Fixed Price ($) | $ | 57.31 | $ | 70.00 | ||||
Oil Collars: | ||||||||
Three-way collars | ||||||||
Average Monthly Volume (Bbls) | 50,000 | |||||||
Weighted Average Ceiling Price ($) | $ | 74.54 | ||||||
Weighted Average Floor Price ($) | $ | 58.00 | ||||||
Weighted Average Sub-Floor Price ($) | $ | 43.00 | ||||||
Amplify 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, 2023, which Amplify expects to file with the SEC on May 3, 2023.
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 10:00 a.m. Central Time to discuss these operating and financial results. Interested parties may join the call by dialing (800) 225-9448 at least 15 minutes before the call begins and providing the Conference ID: AEC1Q23. A telephonic replay will be available for fourteen days following the call by dialing (800) 654-1563 and providing the Conference ID: 44231417.
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 ongoing impact of the Incident, the Company’s evaluation and implementation of strategic alternatives; 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 escalating tensions between Russia and Ukraine and the potential destabilizing effect such conflict may pose for the European continent or the global oil and natural gas markets and effects of inflation; the impact of legislation and governmental regulations, including those related to climate change and hydraulic fracturing; and the occurrence or threat of epidemic or pandemic diseases, including the COVID-19 pandemic, or any government response to such occurrence or threat. 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, free cash flow and net debt. 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 or loss, plus interest expense; income tax expense; depreciation, depletion and amortization; accretion of asset retirement obligations; losses on commodity derivative instruments; cash settlements received on expired commodity derivative instruments; share-based compensation expenses; exploration costs; loss on settlement of AROs; bad debt expense; pipeline incident loss; pipeline incident settlement; and LOPI-timing differences. 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.
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.
Contacts
Jim Frew – Senior Vice President and Chief Financial Officer
(832) 219-9044
james.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, 2023 | December 31, 2022 | |||||||||
Revenues: | |||||||||||
Oil and natural gas sales | $ | 66,284 | $ | 88,199 | |||||||
Other revenues | 13,586 | 10,748 | |||||||||
Total revenues | 79,870 | 98,947 | |||||||||
Costs and Expenses: | |||||||||||
Lease operating expense | 32,960 | 33,422 | |||||||||
Pipeline incident loss | 8,279 | 2,999 | |||||||||
Gathering, processing and transportation | 5,602 | 6,336 | |||||||||
Exploration | 26 | 31 | |||||||||
Taxes other than income | 5,293 | 7,980 | |||||||||
Depreciation, depletion and amortization | 5,808 | 6,155 | |||||||||
General and administrative expense | 8,514 | 6,800 | |||||||||
Accretion of asset retirement obligations | 1,942 | 1,839 | |||||||||
Realized (gain) loss on commodity derivatives | 2,709 | 27,929 | |||||||||
Unrealized (gain) loss on commodity derivatives | (17,868 | ) | (29,667 | ) | |||||||
Other, net | - | 400 | |||||||||
Total costs and expenses | 53,265 | 64,224 | |||||||||
Operating Income (loss) | 26,605 | 34,723 | |||||||||
Other Income (Expense): | |||||||||||
Interest expense, net | (5,737 | ) | (4,602 | ) | |||||||
Other income (expense) | 73 | 25 | |||||||||
Litigation settlement | 84,875 | - | |||||||||
Total Other Income (Expense) | 79,211 | (4,577 | ) | ||||||||
Income (loss) before reorganization items, net and income taxes | 105,816 | 30,146 | |||||||||
Income tax benefit (expense) - current | (12,527 | ) | (111 | ) | |||||||
Income tax benefit (expense) - deferred | 259,470 | - | |||||||||
Net income (loss) | $ | 352,759 | $ | 30,035 | |||||||
Earnings per share: | |||||||||||
Basic and diluted earnings (loss) per share | $ | 8.69 | $ | 0.74 | |||||||
Selected Financial Data - Unaudited | |||||||||
Operating Statistics | |||||||||
Three Months | Three Months | ||||||||
Ended | Ended | ||||||||
(Amounts in | March 31, 2023 | December 31, 2022 | |||||||
Oil and natural gas revenue: | |||||||||
Oil Sales | $ | 38,816 | $ | 46,836 | |||||
NGL Sales | 7,785 | 8,609 | |||||||
Natural Gas Sales | 19,683 | 32,754 | |||||||
Total oil and natural gas sales - Unhedged | $ | 66,284 | $ | 88,199 | |||||
Production volumes: | |||||||||
Oil Sales - MBbls | 535 | 584 | |||||||
NGL Sales - MBbls | 325 | 349 | |||||||
Natural Gas Sales - MMcf | 5,303 | 5,914 | |||||||
Total - MBoe | 1,745 | 1,918 | |||||||
Total - MBoe/d | 19.4 | 20.8 | |||||||
Average sales price (excluding commodity derivatives): | |||||||||
Oil - per Bbl | $ | 72.52 | $ | 80.26 | |||||
NGL - per Bbl | $ | 23.92 | $ | 24.67 | |||||
Natural gas - per Mcf | $ | 3.71 | $ | 5.54 | |||||
Total - per Boe | $ | 37.99 | $ | 45.98 | |||||
Average unit costs per Boe: | |||||||||
Lease operating expense | $ | 18.89 | $ | 17.43 | |||||
Gathering, processing and transportation | $ | 3.21 | $ | 3.30 | |||||
Taxes other than income | $ | 3.03 | $ | 4.16 | |||||
General and administrative expense | $ | 4.88 | $ | 3.55 | |||||
Depletion, depreciation, and amortization | $ | 3.33 | $ | 3.21 | |||||
Selected Financial Data - Unaudited | ||||||||||||||
Balance Sheet Data | ||||||||||||||
(Amounts in | March 31, 2023 | December 31, 2022 | ||||||||||||
Assets | ||||||||||||||
Cash and Cash Equivalents | $ | 12,755 | $ | - | ||||||||||
Accounts Receivable | 65,978 | 80,455 | ||||||||||||
Other Current Assets | 15,953 | 18,789 | ||||||||||||
Total Current Assets | $ | 94,686 | $ | 99,244 | ||||||||||
Net Oil and Gas Properties | $ | 343,712 | $ | 339,292 | ||||||||||
Other Long-Term Assets | 280,934 | 20,942 | ||||||||||||
Total Assets | $ | 719,332 | $ | 459,478 | ||||||||||
Liabilities | ||||||||||||||
Accounts Payable | $ | 21,728 | $ | 38,414 | ||||||||||
Accrued Liabilities | 66,645 | 58,449 | ||||||||||||
Other Current Liabilities | 23,442 | 42,989 | ||||||||||||
Total Current Liabilities | $ | 111,815 | $ | 139,852 | ||||||||||
Long-Term Debt | $ | 125,000 | $ | 190,000 | ||||||||||
Asset Retirement Obligation | 116,529 | 114,614 | ||||||||||||
Other Long-Term Liabilities | 18,994 | 19,577 | ||||||||||||
Total Liabilities | $ | 372,338 | $ | 464,043 | ||||||||||
Shareholders' Equity | ||||||||||||||
Common Stock & APIC | $ | 431,437 | $ | 432,637 | ||||||||||
Warrants | - | - | ||||||||||||
Accumulated Earnings (Deficit) | (84,443 | ) | (437,202 | ) | ||||||||||
Total Shareholders' Equity | $ | 346,994 | $ | (4,565 | ) | |||||||||
Selected Financial Data - Unaudited | |||||||||||
Statements of Cash Flows Data | |||||||||||
Three Months | Three Months | ||||||||||
Ended | Ended | ||||||||||
(Amounts in | March 31, 2023 | December 31, 2022 | |||||||||
Net cash provided by (used in) operating activities | $ | 90,313 | $ | 15,155 | |||||||
Net cash provided by (used in) investing activities | (10,417 | ) | (9,972 | ) | |||||||
Net cash provided by (used in) financing activities | (67,141 | ) | (16,127 | ) | |||||||
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, 2023 | December 31, 2022 | |||||||||
Reconciliation of Adjusted EBITDA to Net Cash Provided from Operating Activities: | |||||||||||
Net cash provided by operating activities | $ | 90,313 | $ | 15,155 | |||||||
Changes in working capital | (5,740 | ) | (5,802 | ) | |||||||
Interest expense, net | 5,737 | 4,602 | |||||||||
Gain (loss) on interest rate swaps | - | 5 | |||||||||
Cash settlements paid (received) on interest rate swaps | - | (447 | ) | ||||||||
Amortization and write-off of deferred financing fees | (461 | ) | (180 | ) | |||||||
Exploration costs | 26 | 31 | |||||||||
Plugging and abandonment cost | - | 771 | |||||||||
Current income tax expense (benefit) | 12,527 | 111 | |||||||||
Pipeline incident loss | 8,279 | 2,999 | |||||||||
LOPI - timing differences | - | 4,636 | |||||||||
Litigation settlement | (84,875 | ) | - | ||||||||
Adjusted EBITDA: | $ | 25,806 | $ | 21,881 | |||||||
Reconciliation of Free Cash Flow to Net Cash Provided from Operating Activities: | |||||||||||
Adjusted EBITDA: | $ | 25,806 | $ | 21,881 | |||||||
Less: Cash interest expense | 5,437 | 4,063 | |||||||||
Less: Capital expenditures | 8,996 | 5,546 | |||||||||
Free Cash Flow: | $ | 11,373 | $ | 12,272 | |||||||
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, 2023 | December 31, 2022 | |||||||||
Reconciliation of Adjusted EBITDA to Net Income (Loss): | |||||||||||
Net income (loss) | $ | 352,759 | $ | 30,035 | |||||||
Interest expense, net | 5,737 | 4,602 | |||||||||
Income tax expense (benefit) - current | 12,527 | 111 | |||||||||
Income tax expense (benefit) - deferred | (259,470 | ) | - | ||||||||
Depreciation, depletion and amortization | 5,808 | 6,155 | |||||||||
Accretion of asset retirement obligations | 1,942 | 1,839 | |||||||||
(Gains) losses on commodity derivatives | (15,159 | ) | (1,738 | ) | |||||||
Cash settlements received (paid) on expired commodity derivative instruments | (2,709 | ) | (27,929 | ) | |||||||
Share-based compensation expense | 941 | 740 | |||||||||
Exploration costs | 26 | 31 | |||||||||
Loss on settlement of AROs | - | 400 | |||||||||
Pipeline incident loss | 8,279 | 2,999 | |||||||||
LOPI - timing differences | - | 4,636 | |||||||||
Litigation settlement | (84,875 | ) | - | ||||||||
Adjusted EBITDA: | $ | 25,806 | $ | 21,881 | |||||||
Reconciliation of Free Cash Flow to Net Income (Loss): | |||||||||||
Adjusted EBITDA: | $ | 25,806 | $ | 21,881 | |||||||
Less: Cash interest expense | 5,437 | 4,063 | |||||||||
Less: Capital expenditures | 8,996 | 5,546 | |||||||||
Free Cash Flow: | $ | 11,373 | $ | 12,272 | |||||||