Amplify Energy Announces Third Quarter 2024 Results, Beta Drilling Results and Issuance of Sustainability Report
Amplify Energy (NYSE: AMPY) reported strong Q3 2024 results with net income of $22.7 million and Adjusted EBITDA of $25.5 million. The company achieved average total production of 19.0 MBoepd and generated $3.6 million in free cash flow.
Key highlights include successful drilling of the C59 development well at Beta, achieving an IP30 oil rate of 590 Bopd (gross), exceeding projections. The company's borrowing base and elected commitments increased to $145.0 million, improving liquidity by $10.0 million. The company maintains a strong financial position with Net Debt to LTM Adjusted EBITDA of 1.1x.
Amplify Energy (NYSE: AMPY) ha riportato risultati positivi per il terzo trimestre del 2024, con un utile netto di 22,7 milioni di dollari e un EBITDA rettificato di 25,5 milioni di dollari. L'azienda ha raggiunto una produzione totale media di 19,0 MBoepd e ha generato 3,6 milioni di dollari di flusso di cassa libero.
I punti salienti includono la riuscita perforazione del pozzo di sviluppo C59 a Beta, con un tasso di riserve di petrolio IP30 di 590 Bopd (lordo), superando le previsioni. La capacità di indebitamento dell'azienda e gli impegni eletti sono aumentati a 145,0 milioni di dollari, migliorando la liquidità di 10,0 milioni di dollari. L'azienda mantiene una solida posizione finanziaria con un rapporto tra Debito netto e EBITDA rettificato LTM di 1,1x.
Amplify Energy (NYSE: AMPY) reportó resultados sólidos para el tercer trimestre de 2024, con ingresos netos de 22,7 millones de dólares y EBITDA ajustado de 25,5 millones de dólares. La compañía alcanzó una producción total promedio de 19,0 MBoepd y generó 3,6 millones de dólares en flujo de caja libre.
Los aspectos destacados incluyen la exitosa perforación del pozo de desarrollo C59 en Beta, logrando una tasa de producción de petróleo IP30 de 590 Bopd (bruto), superando las proyecciones. La base de préstamos y los compromisos electos de la empresa aumentaron a 145,0 millones de dólares, mejorando la liquidez en 10,0 millones de dólares. La empresa mantiene una sólida posición financiera con una relación de Deuda Neta a EBITDA Ajustado LTM de 1,1x.
앰플리파이 에너지 (NYSE: AMPY)는 2024년 3분기 강력한 실적을 보고하며 순이익 2,270만 달러와 조정된 EBITDA 2,550만 달러를 기록했습니다. 회사는 평균 전체 생산량 19.0 MBoepd를 달성했으며, 360만 달러의 자유 현금을 생성했습니다.
주요 하이라이트로는 베타의 C59 개발 유정 성공적인 시추가 있으며, 590 Bopd(총)의 IP30 원유 생산 속도를 달성하여 예상치를 초과 달성했습니다. 회사의 차입 한도와 선택적 약정은 1억 4,500만 달러로 증가하여 유동성을 1,000만 달러 개선했습니다. 회사는 LTM 조정 EBITDA 대비 순 부채 비율이 1.1배로 건전한 재무 상태를 유지하고 있습니다.
Amplify Energy (NYSE: AMPY) a annoncé de bons résultats pour le troisième trimestre 2024, avec un revenu net de 22,7 millions de dollars et un EBITDA ajusté de 25,5 millions de dollars. L'entreprise a atteint une production totale moyenne de 19,0 MBoepd et a généré 3,6 millions de dollars de flux de trésorerie libre.
Les points forts incluent le forage réussi du puits de développement C59 à Beta, qui a atteint un taux de production de pétrole IP30 de 590 Bopd (brut), dépassant les prévisions. La base d'emprunt de l'entreprise et les engagements élus ont augmenté à 145,0 millions de dollars, améliorant la liquidité de 10,0 millions de dollars. L'entreprise maintient une solide position financière avec un ratio de dette nette sur EBITDA ajusté sur 12 mois de 1,1x.
Amplify Energy (NYSE: AMPY) berichtete über starke Ergebnisse für das dritte Quartal 2024 mit Nettoeinnahmen von 22,7 Millionen Dollar und einem bereinigten EBITDA von 25,5 Millionen Dollar. Das Unternehmen erzielte eine durchschnittliche Gesamtproduktion von 19,0 MBoepd und generierte 3,6 Millionen Dollar an freiem Cashflow.
Zu den wichtigsten Erkenntnissen gehört die erfolgreiche Bohrung des C59 Entwicklungsbohrlochs in Beta, das eine IP30-Ölrate von 590 Bopd (brutto) erreichte und die Prognosen übertraf. Die Kreditlinie des Unternehmens und die gewählten Verpflichtungen erhöhten sich auf 145,0 Millionen Dollar, womit die Liquidität um 10,0 Millionen Dollar verbessert wurde. Das Unternehmen hält eine starke Finanzlage mit einem Verhältnis von Nettoschulden zu bereinigtem EBITDA von 1,1x.
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HOUSTON, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (NYSE: AMPY) (“Amplify,” the “Company,” “us,” or “our”) announced today its operating and financial results for the third quarter of 2024.
Key Highlights
- During the third quarter of 2024, the Company:
- Achieved average total production of 19.0 MBoepd
- Generated net cash provided by operating activities of
$15.7 million and net income of$22.7 million - Delivered Adjusted EBITDA of
$25.5 million - Generated
$3.6 million of free cash flow
- Drilled and completed the C59 development well at Beta, achieving an IP30 oil rate of approximately 590 Bopd (gross), which exceeded Company projections
- In the process of completing the C48 development well at Beta, which the Company expects to bring online in mid-November
- On October 25, 2024, the Company completed its semi-annual borrowing base redetermination
- The borrowing base and elected commitments are now
$145.0 million , increasing Amplify’s liquidity by$10.0 million - As of September 30, 2024, Amplify had
$120.0 million outstanding under the revolving credit facility - Net Debt to Last Twelve Months (“LTM”) Adjusted EBITDA of 1.1x1
- The borrowing base and elected commitments are now
- The Company issued its annual sustainability report which is now available on its website
(1) Net debt as of September 30, 2024, consisting of
Martyn Willsher, Amplify’s President and Chief Executive Officer, commented, “Amplify continued to deliver strong operating and financial performance in the third quarter. We are excited about the tremendous progress and results of our development program at Beta, where we successfully drilled and completed the C59 well in early October. The well’s 30-day IP rate of 590 gross barrels of oil per day exceeded projections, and based on early results and current commodity prices, we expect it will pay out in six to nine months. We are also in the process of completing the C48 well, and we are excited to see how it will perform. Having successfully drilled wells from both the Ellen and Eureka platforms, we are increasingly confident about the future inventory and development plan for Beta.”
“As discussed in our prior earnings release, we evaluated several proposals regarding the monetization of our Wyoming assets. While we were initially encouraged by the interest we received, in the current commodity price environment, we believe retaining the assets and continuing to benefit from the asset cash flows maximize shareholder value at this time. We remain open to exploring future monetization opportunities as they develop.”
Mr. Willsher concluded, “So far, 2024 has been a strong year for Amplify. Our base assets are performing well, and we have made significant progress in demonstrating the upside potential of the Beta field. We look forward to continuing the successes of our development program at Beta and remain confident that the initiatives we are actively pursuing this year will be transformative for the Company.”
Key Financial Results
During the third quarter of 2024, the Company reported net income of approximately
Amplify generated
Free cash flow was
| Third Quarter | Second Quarter | |||||||
| $ in millions | 2024 | 2024 | ||||||
| Net income (loss) | ||||||||
| Net cash provided by operating activities | ||||||||
| Average daily production (MBoe/d) | 19.0 | 20.3 | ||||||
| Total revenues excluding hedges | ||||||||
| Adjusted EBITDA (a non-GAAP financial measure) | ||||||||
| Total capital | ||||||||
| Free Cash Flow (a non-GAAP financial measure) | ||||||||
Revolving Credit Facility
On October 25, 2024, Amplify completed the regularly scheduled semi-annual redetermination of its borrowing base. The borrowing base was reduced
As of September 30, 2024, Amplify had
Sustainability Report Update
The Company issued its second annual sustainability report, which is available on its website, www.amplifyenergy.com, under the “Sustainability” tab.
The report provides updated information about Amplify’s environmental, social and governance (“ESG”) initiatives, practices and related metrics.
Corporate Production and Pricing
During the third quarter of 2024, average daily production was approximately 19.0 Mboepd, a decrease of 1.3 Mboepd from the prior quarter. The second quarter benefitted from a one-time, prior-period accounting adjustment, which added approximately 1.2 Mboepd. Adjusting for the one-time benefit in the second quarter, third quarter production was relatively flat compared to the prior quarter despite a planned multi-day shut-in at Beta for the electrification and emissions reductions project and the C59 well coming online just after quarter-end. The Company’s product mix for the quarter was
| Three Months | Three Months | |||||
| Ended | Ended | |||||
| September 30, 2024 | June 30, 2024 | |||||
| Production volumes - MBOE: | ||||||
| Bairoil | 294 | 301 | ||||
| Beta | 304 | 277 | ||||
| Oklahoma | 454 | 492 | ||||
| East Texas / North Louisiana | 638 | 709 | ||||
| Eagle Ford (Non-op) | 62 | 64 | ||||
| Total - MBoe | 1,752 | 1,843 | ||||
| Total - MBoe/d | 19.0 | 20.3 | ||||
| % - Liquids | 60 | % | 60 | % | ||
Total oil, natural gas and NGL revenues for the third quarter of 2024 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 September 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended June 30, 2024 | |||||||||||||||||||
| Average sales price exclusive of realized derivatives and certain deductions from revenue | $ | 71.74 | $ | 76.51 | $ | 21.63 | $ | 20.05 | $ | 1.84 | $ | 1.78 | ||||||||||||
| Realized derivatives | (0.24 | ) | (3.17 | ) | - | - | 1.38 | 1.36 | ||||||||||||||||
| Average sales price with realized derivatives exclusive of certain deductions from revenue | $ | 71.50 | $ | 73.34 | $ | 21.63 | $ | 20.05 | $ | 3.22 | $ | 3.14 | ||||||||||||
| Certain deductions from revenue | - | - | (1.33 | ) | (1.06 | ) | 0.00 | 0.02 | ||||||||||||||||
| Average sales price inclusive of realized derivatives and certain deductions from revenue | $ | 71.50 | $ | 73.34 | $ | 20.30 | $ | 18.99 | $ | 3.22 | $ | 3.16 | ||||||||||||
Costs and Expenses
Lease operating expenses in the third quarter of 2024 were approximately
Severance and ad valorem taxes in the third quarter were approximately
Amplify incurred
Third quarter cash G&A expenses were
Depreciation, depletion and amortization expense for the third quarter totaled
Net interest expense was
Amplify recorded a current income tax expense of
Capital Investments
Cash capital investment during the third quarter of 2024 was approximately
The following table details Amplify’s capital invested during the third quarter of 2024:
| Third Quarter | Year to Date | |||||||
| 2024 Capital | 2024 Capital | |||||||
| ($ MM) | ($ MM) | |||||||
| Bairoil | $ | 1.2 | $ | 2.7 | ||||
| Beta | $ | 12.0 | $ | 43.7 | ||||
| Oklahoma | $ | 1.5 | $ | 3.0 | ||||
| East Texas / North Louisiana | $ | 2.3 | $ | 2.9 | ||||
| Eagle Ford (Non-op) | $ | 1.2 | $ | 2.0 | ||||
| Magnify Energy Services | $ | 0.0 | $ | 1.0 | ||||
| Total Capital Invested | $ | 18.2 | $ | 55.3 | ||||
In the fourth quarter of 2024, Amplify expects its capital investments will be allocated primarily to the drilling of the C48 development well and its participation in non-operated drilling opportunities in East Texas and the Eagle Ford. Due to the acceleration of non-operated development costs in the fourth quarter, Amplify expects total capital to be at or slightly above the high end of its current annual guidance range of
Beta Development and Facility Upgrade Update
In the third quarter, the Company invested approximately
In 2024, the Company completed two wells with better-than-anticipated results and short projected payback periods on its investment and is the process of completing its third well. The Company is refining its long-term development plans at Beta based on these initial successes and anticipates communicating these plans in the first quarter of 2025.
During the third quarter, the Company continued the final phase of the electrification and emissions reduction project at Beta, which involves installing selective catalytic reducers on the platform generators and rig engines. This multi-year facility project is scheduled to be completed in the fourth quarter of 2024.
Hedging
Recently, the Company took advantage of volatility in the futures market to add to its hedge position, further protecting future cash flows. Amplify executed crude oil swaps for 2025 and 2026 at a weighted-average price of
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 October 2024 through December 2026, as of November 6, 2024:
| 2024 | 2025 | 2026 | |||||||||
| Natural Gas Swaps: | |||||||||||
| Average Monthly Volume (MMBtu) | 660,000 | 585,000 | 500,000 | ||||||||
| Weighted Average Fixed Price ($) | $ | 3.74 | $ | 3.75 | $ | 3.79 | |||||
| Natural Gas Collars: | |||||||||||
| Two-way collars | |||||||||||
| Average Monthly Volume (MMBtu) | 500,000 | 500,000 | 500,000 | ||||||||
| Weighted Average Ceiling Price ($) | $ | 3.97 | $ | 3.90 | $ | 4.06 | |||||
| Weighted Average Floor Price ($) | $ | 3.50 | $ | 3.50 | $ | 3.55 | |||||
| Oil Swaps: | |||||||||||
| Average Monthly Volume (Bbls) | 83,000 | 118,167 | 47,750 | ||||||||
| Weighted Average Fixed Price ($) | $ | 74.34 | $ | 71.09 | $ | 69.76 | |||||
| Oil Collars: | |||||||||||
| Two-way collars | |||||||||||
| Average Monthly Volume (Bbls) | 102,000 | 59,500 | |||||||||
| Weighted Average Ceiling Price ($) | $ | 80.20 | $ | 80.20 | |||||||
| Weighted Average Floor Price ($) | $ | 70.00 | $ | 70.00 | |||||||
Amplify has 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 September 30, 2024, which Amplify expects to file with the SEC on November 6, 2024.
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 a.m. Central Time to discuss these operating and financial results. Interested parties may join the call by dialing (877) 550-1707 at least 15 minutes before the call begins and providing the Conference ID: AEC3Q24. A telephonic replay will be available for fourteen days following the call by dialing (800) 654-1563 and providing the Conference ID: AEC3Q24. A transcript and a recorded replay of the call will also be available on our website after the call.
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 oil incident that occurred off the coast of Southern California resulting from the Company’s pipeline operations at the Beta field; the Company’s evaluation and implementation of strategic alternatives; risks related to the redetermination of the borrowing base under the Company’s revolving credit facility; 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 the Russian invasion of Ukraine, the Israel-Hamas war and the potential destabilizing effect such conflicts may pose for the global oil and natural gas markets; expectations regarding general economic conditions, including inflation; and the impact of local, state and federal governmental regulations, including those related to climate change and hydraulic fracturing. 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, net debt, and cash G&A. 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 (loss) plus Interest expense; Income tax expense (benefit); DD&A; Impairment of goodwill and long-lived assets (including oil and natural gas properties); Accretion of AROs; Loss or (gain) on commodity derivative instruments; Cash settlements received or (paid) on expired commodity derivative instruments; Amortization of gain associated with terminated commodity derivatives; Losses or (gains) on sale of assets and other, net; Share-based compensation expenses; Exploration costs; Acquisition and divestiture related expenses; Reorganization items, net; Severance payments; and Other non-routine items that we deem appropriate. 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.
Cash G&A. Amplify defines cash G&A as general and administrative expense, less share-based compensation expense; acquisition and divestiture costs; bad debt expense; and severance payments. Cash G&A is an important non-GAAP financial measure for Amplify’s investors since it allows for analysis of G&A spend without regard to share-based compensation and other non-recurring expenses which can vary substantially from company to company. The GAAP measures most directly comparable to cash G&A is total G&A expenses.
Contacts
Jim Frew -- Senior Vice President and Chief Financial Officer
(832) 219-9044
jim.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 | September 30, 2024 | June 30, 2024 | ||||||
| Revenues: | ||||||||
| Oil and natural gas sales | $ | 68,135 | $ | 72,346 | ||||
| Other revenues | 1,723 | 7,157 | ||||||
| Total revenues | 69,858 | 79,503 | ||||||
| Costs and Expenses: | ||||||||
| Lease operating expense | 33,255 | 36,311 | ||||||
| Pipeline incident loss | 247 | 500 | ||||||
| Gathering, processing and transportation | 4,290 | 4,895 | ||||||
| Exploration | - | 10 | ||||||
| Taxes other than income | 5,997 | 4,631 | ||||||
| Depreciation, depletion and amortization | 8,102 | 7,827 | ||||||
| General and administrative expense | 8,251 | 8,358 | ||||||
| Accretion of asset retirement obligations | 2,125 | 2,096 | ||||||
| Realized (gain) loss on commodity derivatives | (6,375 | ) | (3,680 | ) | ||||
| Unrealized (gain) loss on commodity derivatives | (18,672 | ) | 4,905 | |||||
| Other, net | 38 | 98 | ||||||
| Total costs and expenses | 37,258 | 65,951 | ||||||
| Operating Income (loss) | 32,600 | 13,552 | ||||||
| Other Income (Expense): | ||||||||
| Interest expense, net | (3,756 | ) | (3,632 | ) | ||||
| Other income (expense) | (130 | ) | (109 | ) | ||||
| Total Other Income (Expense) | (3,886 | ) | (3,741 | ) | ||||
| Income (loss) before reorganization items, net and income taxes | 28,714 | 9,811 | ||||||
| Income tax benefit (expense) - current | (412 | ) | (557 | ) | ||||
| Income tax benefit (expense) - deferred | (5,650 | ) | (2,135 | ) | ||||
| Net income (loss) | $ | 22,652 | $ | 7,119 | ||||
| Earnings per share: | ||||||||
| Basic and diluted earnings (loss) per share | $ | 0.54 | $ | 0.17 | ||||
| Selected Financial Data - Unaudited | ||||||||
| Operating Statistics | ||||||||
| Three Months | Three Months | |||||||
| Ended | Ended | |||||||
| (Amounts in | September 30, 2024 | June 30, 2024 | ||||||
| Oil and natural gas revenue: | ||||||||
| Oil Sales | $ | 54,353 | $ | 57,789 | ||||
| NGL Sales | 6,096 | 6,565 | ||||||
| Natural Gas Sales | 7,686 | 7,992 | ||||||
| Total oil and natural gas sales - Unhedged | $ | 68,135 | $ | 72,346 | ||||
| Production volumes: | ||||||||
| Oil Sales - MBbls | 758 | 756 | ||||||
| NGL Sales - MBbls | 301 | 345 | ||||||
| Natural Gas Sales - MMcf | 4,165 | 4,453 | ||||||
| Total - MBoe | 1,752 | 1,843 | ||||||
| Total - MBoe/d | 19.0 | 20.3 | ||||||
| Average sales price (excluding commodity derivatives): | ||||||||
| Oil - per Bbl | $ | 71.74 | $ | 76.51 | ||||
| NGL - per Bbl | $ | 20.29 | $ | 18.99 | ||||
| Natural gas - per Mcf | $ | 1.85 | $ | 1.79 | ||||
| Total - per Boe | $ | 38.88 | $ | 39.25 | ||||
| Average unit costs per Boe: | ||||||||
| Lease operating expense | $ | 18.98 | $ | 19.70 | ||||
| Gathering, processing and transportation | $ | 2.45 | $ | 2.66 | ||||
| Taxes other than income | $ | 3.42 | $ | 2.51 | ||||
| General and administrative expense | $ | 4.71 | $ | 4.53 | ||||
| Realized gain/(loss) on commodity derivatives | $ | 3.64 | $ | 2.00 | ||||
| Depletion, depreciation, and amortization | $ | 4.62 | $ | 4.25 | ||||
| Selected Financial Data - Unaudited | ||||||||
| Asset Operating Statistics | ||||||||
| Three Months | Three Months | |||||||
| Ended | Ended | |||||||
| September 30, 2024 | June 30, 2024 | |||||||
| Production volumes - MBOE: | ||||||||
| Bairoil | 294 | 301 | ||||||
| Beta | 304 | 277 | ||||||
| Oklahoma | 454 | 492 | ||||||
| East Texas / North Louisiana | 638 | 709 | ||||||
| Eagle Ford (Non-op) | 62 | 64 | ||||||
| Total - MBoe | 1,752 | 1,843 | ||||||
| Total - MBoe/d | 19.0 | 20.3 | ||||||
| % - Liquids | 60 | % | 60 | % | ||||
| Lease operating expense - $M: | ||||||||
| Bairoil | $ | 13,164 | $ | 13,423 | ||||
| Beta | 9,520 | 11,889 | ||||||
| Oklahoma | 3,644 | 3,896 | ||||||
| East Texas / North Louisiana | 5,592 | 5,386 | ||||||
| Eagle Ford (Non-op) | 1,335 | 1,717 | ||||||
| Total Lease operating expense: | $ | 33,255 | $ | 36,311 | ||||
| Capital expenditures - $M: | ||||||||
| Bairoil | $ | 1,224 | $ | 3 | ||||
| Beta | 12,047 | 15,991 | ||||||
| Oklahoma | 1,449 | 788 | ||||||
| East Texas / North Louisiana | 2,303 | 472 | ||||||
| Eagle Ford (Non-op) | 1,157 | 436 | ||||||
| Magnify Energy Services | 44 | 314 | ||||||
| Total Capital expenditures: | $ | 18,224 | $ | 18,004 | ||||
| Selected Financial Data - Unaudited | ||||||||||
| Balance Sheet Data | ||||||||||
| (Amounts in | September 30, 2024 | June 30, 2024 | ||||||||
| Assets | ||||||||||
| Cash and Cash Equivalents | $ | - | $ | 502 | ||||||
| Accounts Receivable | 32,295 | 36,306 | ||||||||
| Other Current Assets | 37,862 | 25,210 | ||||||||
| Total Current Assets | $ | 70,157 | $ | 62,018 | ||||||
| Net Oil and Gas Properties | $ | 378,871 | $ | 368,802 | ||||||
| Other Long-Term Assets | 290,188 | 289,555 | ||||||||
| Total Assets | $ | 739,216 | $ | 720,375 | ||||||
| Liabilities | ||||||||||
| Accounts Payable | $ | 18,107 | $ | 25,056 | ||||||
| Accrued Liabilities | 36,699 | 35,831 | ||||||||
| Other Current Liabilities | 11,362 | 12,629 | ||||||||
| Total Current Liabilities | $ | 66,168 | $ | 73,516 | ||||||
| Long-Term Debt | $ | 120,000 | $ | 118,000 | ||||||
| Asset Retirement Obligation | 127,556 | 125,739 | ||||||||
| Other Long-Term Liabilities | 10,822 | 12,831 | ||||||||
| Total Liabilities | $ | 324,546 | $ | 330,086 | ||||||
| Shareholders' Equity | ||||||||||
| Common Stock & APIC | $ | 438,709 | $ | 436,980 | ||||||
| Accumulated Earnings (Deficit) | (24,039 | ) | (46,691 | ) | ||||||
| Total Shareholders' Equity | $ | 414,670 | $ | 390,289 | ||||||
| Selected Financial Data - Unaudited | |||||||
| Statements of Cash Flows Data | |||||||
| Three Months | Three Months | ||||||
| Ended | Ended | ||||||
| (Amounts in | September 30, 2024 | June 30, 2024 | |||||
| Net cash provided by (used in) operating activities | $ | 15,737 | $ | 15,389 | |||
| Net cash provided by (used in) investing activities | (18,078 | ) | (20,853 | ) | |||
| Net cash provided by (used in) financing activities | 1,839 | 2,977 | |||||
| Selected Operating and Financial Data (Tables) | ||||||||
| Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||
| Adjusted EBITDA1 and Free Cash Flow | ||||||||
| Three Months | Three Months | |||||||
| Ended | Ended | |||||||
| (Amounts in | September 30, 2024 | June 30, 2024 | ||||||
| Reconciliation of Adjusted EBITDA1 to Net Cash Provided from Operating Activities: | ||||||||
| Net cash provided by operating activities | $ | 15,737 | $ | 15,389 | ||||
| Changes in working capital | 5,937 | 10,348 | ||||||
| Interest expense, net | 3,756 | 3,632 | ||||||
| Cash settlements received on terminated commodity derivatives | (793 | ) | - | |||||
| Amortization and write-off of deferred financing fees | (310 | ) | (304 | ) | ||||
| Exploration costs | - | 10 | ||||||
| Acquisition and divestiture related costs | 186 | 9 | ||||||
| Plugging and abandonment cost | 372 | 514 | ||||||
| Current income tax expense (benefit) | 412 | 557 | ||||||
| Pipeline incident loss | 247 | 500 | ||||||
| Other | - | 94 | ||||||
| Adjusted EBITDA1: | $ | 25,544 | $ | 30,749 | ||||
| Reconciliation of Free Cash Flow to Net Cash Provided from Operating Activities: | ||||||||
| Adjusted EBITDA1: | $ | 25,544 | $ | 30,749 | ||||
| Less: Cash interest expense | 3,721 | 3,594 | ||||||
| Less: Capital expenditures | 18,224 | 18,004 | ||||||
| Free Cash Flow: | $ | 3,599 | $ | 9,151 | ||||
(1) Adjusted EBITDA includes a revenue suspense release of
| Selected Operating and Financial Data (Tables) | ||||||||||
| Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||
| Adjusted EBITDA1 and Free Cash Flow | ||||||||||
| Three Months | Three Months | |||||||||
| Ended | Ended | |||||||||
| (Amounts in | September 30, 2024 | June 30, 2024 | ||||||||
| Reconciliation of Adjusted EBITDA1 to Net Income (Loss): | ||||||||||
| Net income (loss) | $ | 22,652 | $ | 7,119 | ||||||
| Interest expense, net | 3,756 | 3,632 | ||||||||
| Income tax expense (benefit) - current | 412 | 557 | ||||||||
| Income tax expense (benefit) - deferred | 5,650 | 2,135 | ||||||||
| Depreciation, depletion and amortization | 8,102 | 7,827 | ||||||||
| Accretion of asset retirement obligations | 2,125 | 2,096 | ||||||||
| (Gains) losses on commodity derivatives | (25,047 | ) | 1,225 | |||||||
| Cash settlements received (paid) on expired commodity derivative instruments | 5,582 | 3,680 | ||||||||
| Acquisition and divestiture related costs | 186 | 9 | ||||||||
| Share-based compensation expense | 1,815 | 1,767 | ||||||||
| Exploration costs | - | 10 | ||||||||
| Loss on settlement of AROs | 38 | 98 | ||||||||
| Bad debt expense | 26 | - | ||||||||
| Pipeline incident loss | 247 | 500 | ||||||||
| Other | - | 94 | ||||||||
| Adjusted EBITDA1: | $ | 25,544 | $ | 30,749 | ||||||
| Reconciliation of Free Cash Flow to Net Income (Loss): | ||||||||||
| Adjusted EBITDA1: | $ | 25,544 | $ | 30,749 | ||||||
| Less: Cash interest expense | 3,721 | 3,594 | ||||||||
| Less: Capital expenditures | 18,224 | 18,004 | ||||||||
| Free Cash Flow: | $ | 3,599 | $ | 9,151 | ||||||
(1) Adjusted EBITDA includes a revenue suspense release of
| Selected Operating and Financial Data (Tables) | ||||||||
| Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||
| Cash General and Administrative Expenses | ||||||||
| Three Months | Three Months | |||||||
| Ended | Ended | |||||||
| (Amounts in | September 30, 2024 | June 30, 2024 | ||||||
| General and administrative expense | $ | 8,251 | $ | 8,358 | ||||
| Less: Share-based compensation expense | 1,815 | 1,767 | ||||||
| Less: Acquisition and divestiture costs | 186 | 9 | ||||||
| Less: Bad debt expense | 26 | — | ||||||
| Less: Severance payments | — | — | ||||||
| Total Cash General and Administrative Expense | $ | 6,224 | $ | 6,582 | ||||
| Selected Operating and Financial Data (Tables) | |||||||
| Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures | |||||||
| Revenue Payables in Suspense | |||||||
| Three Months | Nine Months | ||||||
| Ended | Ended | ||||||
| (Amounts in | September 30, 2024 | September 30, 2024 | |||||
| Oil and natural gas sales | $ | - | $ | 4,023 | |||
| Other revenues | - | 4,829 | |||||
| Severance tax and other deducts | - | (433 | ) | ||||
| Total net revenue | $ | - | $ | 8,419 | |||
| Production volumes: | |||||||
| Oil (MBbls) | - | 33 | |||||
| NGLs (MBbls) | - | 31 | |||||
| Natural gas (MMcf) | - | 441 | |||||
| Total (Mboe) | - | 138 | |||||
| Total (Mboe/d) | - | 0.50 | |||||
FAQ
What were Amplify Energy's (AMPY) key financial results for Q3 2024?
What were the results of AMPY's Beta C59 development well in Q3 2024?
How did AMPY's borrowing base change in October 2024?
What was AMPY's production mix in Q3 2024?
