Amplify Energy Announces Successful Borrowing Base Redetermination

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.

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 $225 million. The next regularly scheduled borrowing base redetermination is expected to occur in November 2022.

As of May 31, 2022, Amplify had total net debt of $187 million, with $215 million outstanding under its credit facility and $28 million of cash on hand.

Martyn Willsher, Amplify’s President and Chief Executive Officer commented, “With today’s redetermination holding the borrowing base flat at $225 million, the Company is well positioned to continue improving its liquidity position and leverage profile. For the remainder of 2022, in addition to improving our balance sheet, we anticipate allocating additional capital to high-return workover and non-operated development projects to generate additional free cash flow and further drive stockholder value.”

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

FAQ

What is the current borrowing base of Amplify Energy Corp. (AMPY)?

The current borrowing base of Amplify Energy Corp. is $225 million.

What is the total net debt of Amplify Energy as of May 31, 2022?

As of May 31, 2022, Amplify Energy's total net debt is $187 million.

What are Amplify Energy's plans for capital allocation in 2022?

Amplify Energy plans to allocate additional capital to high-return workover and non-operated development projects to enhance free cash flow and stockholder value.

When is the next scheduled borrowing base redetermination for AMPY?

The next scheduled borrowing base redetermination for Amplify Energy is expected in November 2022.