Welcome to our dedicated page for Amplify Energy news (Ticker: AMPY), a resource for investors and traders seeking the latest updates and insights on Amplify Energy stock.
Amplify Energy Corp. (NYSE: AMPY) is a U.S.-based independent oil and natural gas company focused on the acquisition, development, exploitation, and production of oil and natural gas properties. The company's operations span significant energy-rich regions, including Oklahoma, the Rockies (Bairoil), federal waters offshore Southern California (Beta), East Texas / North Louisiana, and the Eagle Ford (Non-op).
Amplify Energy is dedicated to maximizing value through strategic acquisitions and efficient management of its diverse asset portfolio. The company has shown resilience and adaptability with strong operational performance and consistent financial results. In the latest quarter, Amplify Energy achieved an average total production of 20.2 MBoepd and generated net cash from operating activities of $7.7 million despite undergoing a limited turnaround at Bairoil and completing a major phase of the Beta infrastructure electrification and emissions reduction project.
The company has also managed to enhance its financial stability by entering into new financial arrangements, such as the recently renegotiated surety bonds which are expected to save about $7 million annually. Additionally, Amplify has improved its revenue potential by renegotiating iodine royalty contracts in Oklahoma, anticipated to increase Other Revenue by $2-$3 million in 2024.
Amplify remains steadfast in its commitment to operational excellence and cost efficiencies. The company has taken steps to electrify production platforms, reducing both power expenses and emissions. Moreover, it is actively investing in high-return development projects and facility upgrades, particularly at Beta, which is projected to significantly boost future cash flows.
Furthermore, Amplify is continuing to generate positive free cash flow, maintaining a stable financial outlook with a net debt to LTM Adjusted EBITDA ratio of 1.3x as of the latest quarter. This solid financial footing supports the company's strategic initiatives, including the ongoing Bairoil asset monetization process and the deployment of Magnify Energy Services to optimize operating costs.
With a clear focus on value-driven growth, Amplify Energy is well-positioned to deliver substantial returns to stakeholders. The company's robust asset base and strategic initiatives underscore its potential for long-term profitability and resilience in the energy sector.
Amplify Energy Corp. (NYSE: AMPY) will announce its first quarter 2023 financial and operating results on May 3, 2023, after U.S. market close. The company will hold a conference call at 10:00 a.m. CT on May 4, 2023, to discuss these results. Interested participants can join by calling (800) 225-9448 with the Conference ID AEC1Q23, at least 15 minutes prior to the start. A replay will be accessible at (800) 654-1563 for 14 days post-call. Amplify Energy focuses on oil and natural gas properties across multiple regions, including Oklahoma, the Rockies, and offshore Southern California. For detailed information, visit www.amplifyenergy.com.
On April 17, 2023, Amplify Energy Corp. (NYSE: AMPY) announced the appointment of James Frew as Senior Vice President and Chief Financial Officer. Frew brings extensive experience from the oil and gas sector, having previously served at Sentinel Petroleum and Riviera Resources, among others. President and CEO Martyn Willsher expressed confidence in Frew's ability to enhance shareholder value through his financial expertise. Amplify Energy is focused on the acquisition and production of oil and natural gas, with operations primarily in the U.S. regions including Oklahoma and offshore Southern California.
Amplify Energy Corp. (NYSE: AMPY) has received federal regulatory approvals to restart operations at the Beta Field after facing challenges over the past 18 months. The initial step includes filling the San Pedro Bay Pipeline with production, a process that began recently and will take approximately two weeks. Safety remains a priority throughout this restart phase, as emphasized by the company's President and CEO, Martyn Willsher. Additionally, Amplify has received $85 million in net proceeds from vessels that previously damaged its pipeline. This financial boost aims to enhance operational safety and focus on the strategic direction of the company.
Amplify Energy Corp. (NYSE: AMPY) has appointed Dan Furbee as Senior Vice President and Chief Operating Officer, a move expected to enhance operational efficiency. Furbee's extensive background includes leadership roles at Sentinel Petroleum, Riviera Resources, and Linn Energy. His expertise in managing cash flow generating properties aligns with the company's strategic objectives. Martyn Willsher, President and CEO, expressed confidence in Furbee's ability to add value to Amplify's management team. Amplify is focused on oil and natural gas acquisition and production, particularly in Oklahoma and Southern California.
Amplify Energy Corp. (NYSE: AMPY) reported its Q4 and full-year 2022 financial and operational results, posting net income of $30 million for Q4 and $57.9 million for the year. Average daily production was 20.8 MBoepd. The company generated $15.2 million in net cash from operations in Q4 and reduced its debt by $40 million in 2022. Key developments include a $96.5 million settlement related to the Southern California pipeline incident and an estimated year-end proved reserves of 124 million barrels of oil equivalent. Looking ahead, Amplify anticipates significant free cash flow from the Beta field's restart and strategic capital allocation for high-return projects.
Amplify Energy Corp. (NYSE: AMPY) announced its participation in the 35th Annual Roth Capital Conference on March 13, 2023, taking place at the Ritz-Carlton, Laguna Niguel, CA. President and CEO Martyn Willsher will engage in one-on-one meetings with investors during the event. Amplify Energy is an independent oil and natural gas company focused on acquiring, developing, and producing oil and gas properties across regions, including Oklahoma, the Rockies, federal waters offshore Southern California, East Texas/North Louisiana, and the Eagle Ford (Non-op). For further details, visit www.amplifyenergy.com.
Amplify Energy Corp. (NYSE: AMPY) will announce its fourth quarter 2022 financial results after the market closes on March 9, 2023. A conference call is scheduled for March 10, 2023, at 10:00 a.m. CT to discuss these results. Interested participants can join the call by dialing (800) 225-9448 and using Conference ID: AEC4Q22. A replay will be available for 14 days following the call. Amplify Energy focuses on acquiring, developing, and producing oil and natural gas properties in various regions, including Oklahoma and offshore California.
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.
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