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) 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.
Amplify Energy Corp. (NYSE: AMPY) will participate in the 2022 Louisiana Energy Conference on June 2 at the Ritz-Carlton Hotel in New Orleans, LA. President and CEO Martyn Willsher will join a panel discussion on U.S. Onshore E&P and will be available for investor meetings during the event. Amplify Energy focuses on the acquisition, development, and production of oil and natural gas, particularly in regions like Oklahoma and Southern California. For more information, visit www.amplifyenergy.com.
Amplify Energy Corp. (NYSE: AMPY) reported its Q1 2022 results, achieving average production of 20.4 MBoepd and generating $24.9 million in Adjusted EBITDA.
Net cash from operations was $9.7 million, while free cash flow stood at $14.9 million. The company received PHMSA approval for a permanent pipeline repair plan amid the Southern California incident and updated its 2022 guidance with increased production expectations. Net debt totaled $197 million, with a net debt to LTM EBITDA ratio of 2.3x. The board saw new appointments, enhancing its governance.
Amplify Energy Corp. (NYSE: AMPY) will report its first quarter 2022 financial results after U.S. market close on May 4, 2022. A conference call to discuss these results is scheduled for 10:00 a.m. CT on May 5, 2022. Participants can dial in at (800) 489-9479 (Conference ID: 6891368) or join via their website. A replay will be accessible for 14 days post-call. Amplify is focused on oil and natural gas acquisition and production across several key regions, including Oklahoma and Southern California.
Amplify Energy Corp. (NYSE: AMPY) announced the appointments of Deborah Adams and Eric Greager to its Board of Directors. Adams brings over 35 years of energy industry experience from Phillips 66, focusing on health, safety, and environmental aspects. Greager has nearly 30 years of operational experience, previously serving as CEO of Civitas Resources. Both appointees will enhance the Board's expertise in oil and gas, regulatory affairs, and risk management, with the Board now comprising seven directors, six of whom are independent.
Amplify Energy Corp. (NYSE: AMPY) released its Q4 2021 and full-year results, reporting average production of 20.8 MBoepd and net cash from operations of $7.7 million. Adjusted EBITDA for Q4 was $10.8 million, a decrease from Q3 due to a pipeline incident. The company’s total proved reserves stood at 121 MMBoe, with a PV-10 value of approximately $1 billion. Amplify is actively pursuing legal action related to the Southern California pipeline incident and aims to enhance free cash flow while managing debt, which is currently at $203 million.
Amplify Energy Corp. (NYSE: AMPY) provided an update on the Southern California oil release event from October 2021. The U.S. Coast Guard announced cleanup operations are complete as of February 2, 2022, with over 1,800 contractors deployed. Amplify has filed complaints against shipping companies for negligence leading to the incident. The company is now focused on advancing its permanent repair plan for the San Pedro Bay Pipeline, which includes the removal and replacement of damaged sections. Amplify is committed to environmental protection and compliance with regulatory bodies.
Amplify Energy Corp. (AMPY) will announce its fourth quarter 2021 financial results on March 9, 2022, after market close. A conference call to discuss these results is scheduled for March 10, 2022, at 10:00 a.m. CT. Participants can join by phone or online. The replay will be available for 14 days post-call. Amplify Energy operates in oil and natural gas, focusing on properties across various regions including Oklahoma and offshore Southern California.
Amplify Energy Corp. (AMPY) reported its Q3 2021 results, achieving an average production of 25.1 MBoepd and generating $27.1 million in Adjusted EBITDA, marking a $3.3 million increase from Q2. Despite generating $18.9 million in net cash from operations, the company rescinded its full-year guidance due to the Southern California oil spill. Net debt stood at $204 million with a 2.1x Net Debt to LTM EBITDA ratio. The cleanup efforts are ongoing, and operations remain suspended pending regulatory approvals.
Amplify Energy Corp. (NYSE: AMPY) will report its third quarter 2021 financial results on November 15, 2021, before the U.S. markets open. As an independent oil and natural gas company, Amplify focuses on acquiring, developing, and producing oil and natural gas properties in regions including Oklahoma, the Rockies, and offshore Southern California.
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