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 announced management changes effective January 19, 2021. Martyn Willsher is appointed President and CEO, succeeding in his role as Interim CEO. Jason McGlynn is promoted to Senior Vice President and Chief Financial Officer, while Chris Hamm takes over as Chairman of the Board. The changes aim to leverage Willsher's leadership through past challenges to guide the company's future, as he emphasizes growth opportunities from Amplify's stable assets. David Proman remains on the Board, contributing his experience.
Amplify Energy Corp. (NYSE: AMPY) announced the closing of an underwritten public offering of 8,548,485 shares of its common stock, sold by certain stockholders affiliated with Fir Tree Capital Management L.P. The shares were offered at a public price of $1.15 each. Amplify did not sell any shares or receive proceeds from this offering, which was managed by Roth Capital Partners. The offering was made under effective shelf registration statements with the SEC and does not constitute an offer to sell or solicitation of an offer to buy in jurisdictions where it would be unlawful.
Amplify Energy Corp. (NYSE: AMPY) announced a public offering of 8,548,485 shares at $1.15 each, fully underwritten by affiliates of Fir Tree Capital Management. The offering is set to close on December 15, 2020, pending customary conditions. Amplify will not be selling any shares or receiving proceeds. Roth Capital Partners is the Sole Manager of this offering, which adheres to SEC regulations under existing shelf registration statements. The shares' sale does not create any liquidity for Amplify, reflecting a stockholder-driven sale.
Amplify Energy Corp. (NYSE: AMPY) announced a public offering of 8,548,485 shares by certain stockholders affiliated with Fir Tree Capital Management. Amplify will not sell any shares or receive proceeds from the offering. Roth Capital Partners serves as the Sole Manager. The offering is made under effective shelf registration statements filed with the SEC. This press release does not constitute an offer to sell or buy securities in jurisdictions where it would be unlawful.
Amplify Energy Corp. (NYSE: AMPY) announced the successful completion of its semi-annual redetermination of the revolving credit facility (RCF), maintaining the borrowing base at $260 million. As of October 30, 2020, the company reported a total net debt of $243 million with $260 million drawn against the credit facility and $17 million in cash. Interim CEO Martyn Willsher highlighted the positive outcome reflecting the company's robust asset base and effective hedging strategy amid challenging market conditions.
Amplify Energy Corp. (NYSE: AMPY) reported its third quarter 2020 financial results, revealing a 5% increase in oil production to 10.8 MBbls/d. The company generated $20.6 million in net cash from operating activities and achieved an Adjusted EBITDA of $24.8 million, a $3.5 million increase from the prior quarter. Notably, Free Cash Flow rose to $16 million, an increase of $5 million. Amplify reduced its lease operating expenses to $27.6 million and has hedged 75% of its fourth-quarter crude oil production. As of October 30, 2020, net debt stood at $243 million.
Amplify Energy Corp. (NYSE: AMPY) will report its third quarter 2020 financial and operating results on November 5, 2020. The management will hold a conference call at 10:00 a.m. CT to discuss the results. Interested participants can join the call by dialing (833) 883-4379 or via the internet. A replay will be available for fourteen days after the call. Amplify is an independent oil and natural gas company operating primarily in Oklahoma, offshore California, and Texas.
Amplify Energy Corp. (NYSE: AMPY) received a notice from the NYSE indicating its average share price fell below $1.00 for the past 30 trading days, impacting its continued listing eligibility. The company confirmed that this notification does not affect its ongoing business operations or SEC reporting obligations. Amplify plans to notify the NYSE of its intent to cure this deficiency within the designated six-month period, allowing for continued trading of its shares, provided other listing requirements are met.
Amplify Energy Corp. (NYSE: AMPY) received a notice from the NYSE on August 31, 2020, indicating non-compliance with listing standards due to its market capitalization and stockholders' equity falling below $50 million. The Company has 45 days to submit a business plan to demonstrate compliance within 18 months. If accepted, it will undergo quarterly monitoring; if rejected, delisting procedures may occur. The notice does not currently impact trading or business operations.
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