Amplify Energy Q1 net loss $9.4M; raises 2024 guidance on strong crude

Amplify Energy Corp.

2024-Q1 EPS reported -$0.24 revenue$76,299,000

Net loss of $9.4M vs net income of $43.6M in Q4 2023; Adjusted EBITDA $24.9M.
Total production 20.2 MBoepd (61% liquids); total revenues $76.3M excluding hedges.
Free cash flow $2.3M; net debt $112M (1.3x LTM EBITDA); borrowing base reaffirmed $150M.
Beta A45 well completion deferred to Q4 2024; second development well spud expected in May.
Updated 2024 guidance raised; replaced surety bonds saving ~$7M/yr; iodine royalty increase $2-3M/yr.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Amplify Energy Corp. updated its 2024 guidance (raised).

Period: 2024
Guidance: raised
Result: guidance update

Exact text from the filing

Based on better-than-expected first quarter results and higher forecasted crude oil prices for the remainder of 2024, the Company is increasing its 2024 guidance

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Amplify Energy Corp. reported first quarter of 2024 results: net income net loss of approximately $9.4 million. Guidance raised.

Period: first quarter of 2024
Net income: net loss of approximately $9.4 million
Guidance: raised
Result: reported results

Exact text from the filing

the Company reported a net loss of approximately $9.4 million compared to net income of $43.6 million in the prior quarter. The decrease was primarily attributable to non-cash unrealized losses on commodity derivatives during the period. Due to stronger crude oil prices and reduced downtime at Beta, Amplify generated $24.9 million of Adjusted EBITDA for the first quarter. As projected, capital investment in the first quarter increased significantly compared to the prior quarter. Despite this increase, Amplify generated net cash provided by operating activities of $7.7 million and $2.3 million of free cash flow in the first quarter of 2024, which exceeded internal projections. Amplify has now generated positive free cash flow in 15 of the last 16 fiscal quarters.

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Source: SEC EDGAR

accession 0001558370-24-007355

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