Amplify Energy Q1 net income $352.8M (incl. $85M Beta settlement); production 19.4 MBoepd

Amplify Energy Corp.

2023-Q1 EPS reported $8.69 revenue$79,870,000

Net income of $352.8M includes $84.9M net settlement proceeds from Beta incident and $259.5M deferred tax benefit.
Adjusted EBITDA of $25.8M, up from $21.9M in Q4 2022; free cash flow of $11.4M.
Production averaged 19.4 MBoepd (down 7% QoQ); Beta field restarted April 24 with rates exceeding expectations.
Debt reduced by $65M from settlement proceeds; net debt $109M as of April 30 (1.1x LTM Adj. EBITDA).
Appointed Dan Furbee as SVP & COO and Jim Frew as SVP & CFO; reaffirmed full-year 2023 guidance.

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