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) 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.
Amplify Energy Corp. (NYSE: AMPY) announced its Q2 2022 operational and financial results on August 3, revealing an average production of 20.4 MBoepd, unchanged from Q1. The company generated $20.7 million in net cash from operations and reported a net income of $29.2 million. Adjusted EBITDA fell to $16.3 million, down $8.6 million from the previous quarter, primarily due to insurance proceeds timing related to the Southern California pipeline incident. Amplify updated its full-year guidance, forecasting increased production and adjusted EBITDA amid strengthening commodity prices.
Amplify Energy Corp. (NYSE: AMPY) announced it will release its second quarter 2022 financial and operating results on August 3, 2022, after U.S. markets close. A conference call will follow on August 4, 2022, at 10:00 a.m. CT, where management will discuss the results. Interested participants can join the call by dialing (800) 343-5172 with Conference ID: AEC2Q22. A replay will be available for 14 days afterward at (844) 488-7474, Access Code: 72522130.
Amplify focuses on oil and natural gas acquisition and production across several U.S. regions.
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