Amplify Energy: Strong Q4 Results and Strategic Initiatives Drive Growth in 2024

Amplify Energy Corp. (NYSE: AMPY) has scheduled its fourth quarter 2024 earnings release and conference call, slated for March 5, 2025, after U.S. market close. The company will host a conference call on March 6, 2025, at 10:00 a.m. CT to discuss the results. Interested participants can join the conference call by dialing (888) 999-5318 with Conference ID: AEC4Q24. A telephonic replay will be available for fourteen days by dialing (800) 654-1563 with Access Code: 71724906. Both the transcript and recorded replay will be accessible on the company's website after the call.

Amplify Energy, an independent oil and natural gas company, has been focusing on strategic initiatives to drive growth and enhance shareholder value. The company's strong financial performance in 2023 and the first quarter of 2024 is a testament to its successful execution of these initiatives. In the fourth quarter of 2023, Amplify reported average total production of 20.8 MBoepd, net cash provided by operating activities of $28.4 million, and net income of $43.6 million. The company also delivered Adjusted EBITDA of $25.2 million and generated $14.4 million of free cash flow.



Amplify's strategic focus on the Beta development program and the Bairoil marketing process has significantly impacted its financial performance and growth prospects in 2024. The Beta development program, which commenced in March 2024, is expected to enhance future cash flows and drive value for shareholders. The company successfully drilled and completed the A50 development well at Beta in the second quarter of 2024, achieving a peak IP30 oil rate of approximately 730 Bopd (gross) and exceeding Company projections. Amplify expects the well to pay out in approximately 4 months.

The Bairoil marketing process, initiated in 2024, is expected to provide the company with the flexibility to accelerate its evaluation of return of capital alternatives. Amplify received multiple bids for both an outright sale and partial monetization of its Bairoil asset in Wyoming. The company, working with its advisors, continues to evaluate these proposals and will provide updates as they become available.

Amplify's balance sheet improvement, including debt reduction and the establishment of a new credit facility, has contributed to its operational and financial success in 2023 and 2024. The company reduced net debt by approximately $95 million in 2023 and established a new credit facility with a supportive bank group. As of December 31, 2023, net debt was $94 million, consisting of $115 million outstanding under the revolving credit facility and $21 million of cash and cash equivalents. Amplify's net debt to LTM Adjusted EBITDA ratio improved to 1.1x as of December 31, 2023.

In conclusion, Amplify Energy's strategic focus on the Beta development program and Bairoil marketing process, combined with its balance sheet improvement, has driven strong financial performance and growth prospects in 2024. The company's upcoming earnings release and conference call will provide valuable insights into its progress and future outlook. Investors should closely monitor Amplify Energy's developments as the company continues to execute its strategic initiatives and enhance shareholder value.