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) reported on ongoing environmental remediation efforts in Southern California following an oil spill. Collaborating with the U.S. Coast Guard and California agencies, significant progress in cleanup operations has been observed, with the spill size now estimated at approximately 588 barrels, significantly lower than initial estimates. The company is committed to cooperating with regulatory investigations and ensuring environmental safety while supporting affected communities.
On October 2, 2021, Amplify Energy Corp. (NYSE: AMPY) reported the observation of an oil sheen about four miles off the Southern California coast. In response, the company activated its Oil Spill Prevention and Response Plan and halted all production and pipeline operations at the Beta Field. Amplify is working closely with the US Coast Guard and California's Office of Spill Prevention and Response to investigate the situation with a remotely operated vehicle (ROV) to identify the source of the release.
Amplify Energy Corp. (NYSE: AMPY) reported strong second-quarter 2021 results with average production of 25.3 MBoepd and $20.8 million in net cash from operations. The company generated Adjusted EBITDA of $23.8 million, up $1.0 million from the last quarter, and free cash flow of $9.5 million. Amplify received full forgiveness of its $5.5 million PPP loan and reduced net debt to $214 million, with a 2.3x net debt to LTM EBITDA ratio. Full-year free cash flow guidance has been upgraded to $45-$55 million, projecting over $200 million through 2023, driven by strategic capital allocation and production outperformance.
Amplify Energy Corp. (NYSE: AMPY) will report its Q2 2021 financial and operating results on August 4, 2021, after market close. A conference call is scheduled for August 5, 2021, at 10:00 a.m. CT to discuss these results. Interested participants can join by calling (833) 883-4379 or via the company's website. A replay of the call will be available for 14 days following the event. Amplify Energy focuses on the acquisition, development, and production of oil and natural gas properties across several key regions, including Oklahoma and Southern California.
On July 8, 2021, Amplify Energy Corp. (NYSE: AMPY) announced it regained compliance with NYSE listing standards after previously being notified of non-compliance due to low market capitalization and shareholders’ equity. The company also reported full forgiveness of a $5.5 million Paycheck Protection Program loan, enhancing its balance sheet. As of June 30, 2021, Amplify's net debt stood at approximately $216 million, and it aims to improve free cash flow and leverage ratios, expecting to achieve a less than 1.5x leverage ratio by the end of 2022.
Amplify Energy Corp. (NYSE: AMPY) reported its Q1 2021 operational and financial results, achieving an average production of 24.7 MBoepd and generating $15.6 million in net cash from operating activities. Adjusted EBITDA reached $22.9 million, up $1 million from the previous quarter, while Free Cash Flow amounted to $13.6 million. However, net income showed a loss of $19.3 million. The company highlighted ongoing preparations for the Beta field development, aiming to enhance long-term profitability.
Amplify Energy Corp. (NYSE: AMPY) announced the release date for its first quarter 2021 financial and operational results, scheduled for May 5, 2021, after U.S. market closure. A conference call will take place on May 6, 2021, at 10:00 a.m. CT, where management will discuss the results. Interested participants can join via phone or online. The results come amid Amplify's operations in key regions, including Oklahoma and California. For further details, visit their official website.
Amplify Energy Corp. (NYSE: AMPY) reported its fourth quarter and year-end 2020 results, highlighting an average production of 26.3 MBoe/d and net cash from operations of $10.7 million. The company generated $21.9 million in Adjusted EBITDA and maintained Free Cash Flow at $16 million. Despite a decrease in quarterly Adjusted EBITDA, operational cost reductions led to improved cash generation. Year-end proved reserves stood at 160 million barrels of oil equivalent, valued at approximately $778 million. The company plans to focus on cost management and limited development in 2021.
Amplify Energy Corp. (NYSE: AMPY) will release its fourth quarter 2020 financial results on March 11, 2021, before U.S. markets open. Following the release, a conference call will take place at 10:00 a.m. CT for management to discuss the results. Interested parties can join the call by dialing (833) 883-4379 or via the company's website. A replay will be available for 14 days post-call. Amplify Energy is focused on acquiring, developing, and producing oil and natural gas properties across several U.S. regions.
Amplify Energy Corp. (NYSE: AMPY) appointed Patrice Douglas to its Board of Directors, effective Feb. 10, 2021. Douglas, an attorney with extensive experience in financial institutions and energy sectors, will also serve on the Audit Committee. Her past roles include leadership positions at SpiritBank and First Fidelity Bank, along with her tenure as mayor of Edmond, Oklahoma. Chairman Chris Hamm expressed confidence that Douglas's regulatory expertise will significantly benefit Amplify.
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