downthehatch
1 year ago
AMPY should be MUCH higher on the news yesterday.
Let's face it, we are in an environment where both the Federal govt, and the State govt in California are doing everything in their power to reduce production of oil and natgas. IN SPITE OF THAT, Amplify Energy just received permission to restart production at its Beta offshore platform this past weekend and has begun the process.
This is AFTER a major oil spill from it's pipeline about a year and a half ago, settlements with the state, and a settlement with the shipping companuies whose anchors damaged the pipeline.
This also occurs after a BIG earning beat in the last quarter results.
So here we have a big bump in AMPY's oil production beginning this month, for the second quarter, after their insurer paid for loss of production right up until the end of the first quarter. I've seen all the negative posts about bad management, but from my perspective, tehy are doing what needs to be done, and should do quite well going foraward, as long as oil prices hold fairly steady.
This is a buy at this level. Period.
downthehatch
1 year ago
Amplify Energy restarts operations at Beta field offshore California
World Oil Staff April 10, 2023
(WO) —Amplify Energy Corp. has received the required approvals from federal regulatory agencies to restart operations at the Beta field offshore California. Initial steps to resume full operations will involve filling the San Pedro Bay pipeline with production, a process which began over the past weekend and is expected to take approximately two weeks to complete.
Following the line fill process, the pipeline will be operated in accordance with the restart procedures that were reviewed and approved by the Pipeline and Hazardous Materials Safety Administration (PHMSA).
Martyn Willsher, Amplify’s President and Chief Executive Officer, commented, “Safety has driven every aspect of our response, repair and restart operations, and safety will continue to guide our operating philosophy as we bring the Beta asset back online. The approval from federal regulatory agencies and the receipt of $85 million in net proceeds from the vessels that struck and damaged our pipeline substantially concludes a very challenging last 18 months for the Company, and we are eager to focus our attention on safely operating our Beta assets, our business as a whole and the strategic direction of the Company.
downthehatch
1 year ago
Amplify Energy Commences Restart Operations at Beta Field
Provided by GlobeNewswire
Apr 10, 2023 7:00 AM EDT
HOUSTON, April 10, 2023 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (“Amplify” or the “Company”) (NYSE: AMPY) today announced that it has received the required approvals from federal regulatory agencies to restart operations at the Beta Field. Initial steps to resume full operations will involve filling the San Pedro Bay Pipeline with production, a process which commenced over the past weekend and is expected to take approximately two weeks to complete. Following the line fill process, the pipeline will be operated in accordance with the restart procedures that were reviewed and approved by the Pipeline and Hazardous Materials Safety Administration (PHMSA).
Martyn Willsher, Amplify’s President and Chief Executive Officer, commented, “Safety has driven every aspect of our response, repair and restart operations, and safety will continue to guide our operating philosophy as we bring the Beta asset back online. The approval from federal regulatory agencies and the receipt of $85 million in net proceeds from the vessels that struck and damaged our pipeline substantially concludes a very challenging last 18 months for the Company, and we are eager to focus our attention on safely operating our Beta assets, our business as a whole and the strategic direction of the Company. Amplify has operated off the coast of California for years in a safe and responsible manner, and we remain committed to ensuring the protection of our employees, the environment and our surrounding communities.”
About Amplify Energy
Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies (Bairoil), federal waters offshore Southern California (Beta), East Texas / North Louisiana, and the Eagle Ford (Non-op). For more information, visit www.amplifyenergy.com.
Investor Relations Contact
Martyn Willsher – President and Chief Executive Officer
(832) 219-9047
martyn.willsher@amplifyenergy.com
Michael Jordan – Director, Finance and Treasurer
(832) 219-9051
michael.jordan@amplifyenergy.com
Media Contact
Amy Conway
Amy.Brown@fticonsulting.com
downthehatch
1 year ago
Huge news:
Amplify gets permission to restart Beta pipeline, after almost 2 year shutdown!!!
April 10 2023 - 07:00AM
GlobeNewswire Inc.
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Amplify Energy Corp. (“Amplify” or the “Company”) (NYSE: AMPY) today announced that it has received the required approvals from federal regulatory agencies to restart operations at the Beta Field. Initial steps to resume full operations will involve filling the San Pedro Bay Pipeline with production, a process which commenced over the past weekend and is expected to take approximately two weeks to complete. Following the line fill process, the pipeline will be operated in accordance with the restart procedures that were reviewed and approved by the Pipeline and Hazardous Materials Safety Administration (PHMSA).
Martyn Willsher, Amplify’s President and Chief Executive Officer, commented, “Safety has driven every aspect of our response, repair and restart operations, and safety will continue to guide our operating philosophy as we bring the Beta asset back online. The approval from federal regulatory agencies and the receipt of $85 million in net proceeds from the vessels that struck and damaged our pipeline substantially concludes a very challenging last 18 months for the Company, and we are eager to focus our attention on safely operating our Beta assets, our business as a whole and the strategic direction of the Company. Amplify has operated off the coast of California for years in a safe and responsible manner, and we remain committed to ensuring the protection of our employees, the environment and our surrounding communities.”
Enterprising Investor
1 year ago
Amplify Energy Reaches $96.5 Million Settlement with the Shipping Companies Related to the Containerships’ Anchor Strikes of Amplify’s Pipeline (3/01/23)
Amplify Energy Corp. (“Amplify” or the “Company”) (NYSE: AMPY) today announced that it has reached a settlement of its claims against the M/V Danit (in rem) and its affiliated corporate entities; the M/V Beijing and its affiliated corporate entities, as well as the COSCO marine entities and the Marine Exchange. The M/V Danit and its affiliated corporate entities and the M/V Beijing and its affiliated corporate entities have agreed to pay Amplify $96.5 million in connection with the anchor strikes by the containerships that damaged the pipeline, interrupted Amplify’s business and led to the 2021 Southern California Pipeline Incident. The overall resolution includes subrogation claims by Amplify’s property damage and loss of production insurers, with Amplify ultimately receiving a net payment of approximately $85 million.
The Marine Exchange has agreed to non-monetary terms in this settlement as well. The parties are working to finalize the settlement agreement documentation. The settlement resolves Amplify’s affirmative claims related to the 2021 Southern California Pipeline Incident. As part of the settlement, after payment is made, Amplify will dismiss all of its legal claims against those parties.
Martyn Willsher, Amplify’s President and Chief Executive Officer, commented, “The resolution of Amplify’s claims against the vessels and their affiliated entities concludes our involvement in the litigation related to the 2021 pipeline incident, which has demanded considerable focus and allocation of Company resources. We are eager to move forward and turn the page on this unfortunate and preventable event and to dedicate all of our attention to operations at Beta, our business as a whole and the strategic direction of the Company. Amplify has operated off the coast of California for years in a safe and responsible manner and we remain committed to ensuring the safety and protection of our employees, the environment and our surrounding communities.”
About Amplify Energy
Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies, federal waters offshore Southern California, East Texas / North Louisiana, and the Eagle Ford. For more information, visit www.amplifyenergy.com.
downthehatch
1 year ago
AMPY available today for less than $8.00 /share
About what the insider bought it for last month:
Director Christopher W. Hamm acquired 17,000 shares of Amplify Energy stock in a transaction on Thursday, December 22nd. The stock was purchased at an average cost of $7.65 per share, with a total value of $130,050.00. Following the purchase, the director now directly owns 75,618 shares in the company, valued at $578,477.70.
I love buying at the same price insiders are buying the shares at!!!
Enterprising Investor
1 year ago
Amplify Energy Announces Extension of its Revolving Credit Facility and Borrowing Base Redetermination (12/13/22)
HOUSTON, Dec. 13, 2022 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (NYSE: AMPY) (“Amplify” or the “Company”) announced today that it completed its regularly scheduled semi-annual borrowing base redetermination and entered into an amendment to extend its credit agreement from November 2, 2023 to May 31, 2024. The redetermination resulted in a revised borrowing base of $215 million effective immediately with scheduled monthly reductions of $5 million until otherwise redetermined or adjusted in accordance with the provisions of the Credit Agreement.
As of November 30, 2022, Amplify had total net debt of $167 million, with $190 million outstanding under its credit facility and $23 million of cash on hand.
Martyn Willsher, Amplify’s President and Chief Executive Officer commented, “We’d like to thank all the lenders in our bank group for their continued support and working collaboratively to extend the credit facility into May of 2024. The extension of our credit facility’s maturity provides more time and flexibility to refinance after Beta returns to production, which we anticipate occurring by the end of the first quarter of 2023.”
About Amplify Energy
Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploration and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies, federal waters offshore California, East Texas / North Louisiana, and the Eagle Ford. For more information, visit www.amplifyenergy.com.
https://www.globenewswire.com/news-release/2022/12/13/2573242/18120/en/Amplify-Energy-Announces-Extension-of-its-Revolving-Credit-Facility-and-Borrowing-Base-Redetermination.html
Enterprising Investor
1 year ago
Amplify Energy Announces Third Quarter 2022 Results and Issues Updated Guidance (11/01/22)
HOUSTON, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (NYSE: AMPY) (“Amplify” or the “Company”) announced today its operating and financial results for the third quarter of 2022 and updated its full-year 2022 guidance.
Key Highlights
During the third quarter of 2022, the Company:
- Achieved average total production of 21.0 MBoepd
- Generated net cash provided by operating activities of $18.9 million and net income of $47.2 million
- Delivered Adjusted EBITDA of $30.8 million
- Generated $17.0 million of free cash flow
- As of October 28, 2022, net debt was $179 million, consisting of $205 million outstanding under the revolving credit facility and $26 million of cash on hand
Net Debt to Last Twelve Months (“LTM”) EBITDA of 2.2x1
Southern California Release Incident (the “Incident”) Updates:
Pipeline repair operations are currently underway, and the Company expects to safely repair and restart the pipeline by the end of the first quarter of 2023
On October 1, 2022, the Company announced that it had received the U.S. Army Corps of Engineers Nationwide Permit 12 to proceed with the permanent repair plans which were previously reviewed and approved by federal pipeline safety regulators earlier this year
On August 26, 2022 and September 8, 2022, respectively, Amplify announced that it had reached agreements to resolve all federal and state criminal matters involving the Company and its subsidiaries arising from the Incident; the courts have approved those agreements
On August 25, 2022, Amplify announced that it had reached an agreement in principle, which is subject to court approval, to settle all civil claims against Amplify and its subsidiaries, which will be funded under the Company’s insurance policies
(1) Net debt as of October 28, 2022, and LTM EBITDA as of the third quarter of 2022
Martyn Willsher, Amplify’s President and Chief Executive Officer, commented, “We are excited to report that operations are currently underway to repair the sections of our pipeline that were damaged by anchor strikes from two shipping vessels in 2021. As we have previously announced, we have resolved all federal and state criminal matters and have reached an agreement in principle with the plaintiffs in the class action to resolve all civil matters against Amplify and its subsidiaries. With the resolution of these matters substantially complete, we are concentrated on safely repairing the damaged pipeline and working with regulators to promptly receive the required approvals to restart our pipeline and bring the Beta field back online.”
Mr. Willsher concluded, “Amplify performed well operationally and financially during the third quarter. We increased production, reduced operating expenses, and improved cash margins, which allowed us to further reduce total debt outstanding and improve our leverage metrics. For the remainder of 2022, we remain focused on improving our future free cash flow generation through prudent asset investments and cost optimization of our assets, while delevering our balance sheet.”
Southern California Pipeline Incident
For more information and disclosures regarding the Incident, please see our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 filed with the Securities and Exchange Commission (“SEC”).
Key Financial Results
During the third quarter of 2022, Amplify generated $30.8 million of Adjusted EBITDA, an increase of approximately $14.5 million from $16.3 million in the prior quarter. The increase was primarily attributable to higher production, lower operating expenses, timing variances regarding the recognition of loss of production income (“LOPI”) insurance proceeds related to the Incident, and lower third quarter commodity hedge settlement payments. For the third quarter, the Company recognized $13.3 million of LOPI proceeds, which represents three months of LOPI payments, compared to $8.8 million, or two months LOPI payments, for the prior quarter. Amplify will continue to recognize LOPI proceeds at the time they are approved by insurers for the remainder of the policy period or until Beta is returned to full production.
Free cash flow, defined as Adjusted EBITDA less cash interest expense and capital expenditures, was $17.0 million in the third quarter of 2022, compared to negative $0.6 million in the prior quarter and $14.3 million in the first half of the year. The positive change was primarily related to rolling off out-of-the-money commodity hedges, reduced capital expenditures in East Texas and Bairoil and LOPI payment recognition during the third quarter.[...]
https://www.globenewswire.com/news-release/2022/11/01/2545971/18120/en/Amplify-Energy-Announces-Third-Quarter-2022-Results-and-Issues-Updated-Guidance.html
Enterprising Investor
1 year ago
Amplify Energy Update on San Pedro Bay Pipeline Permit (10/01/22)
Amplify Energy Corp. (“Amplify” or the “Company”) (NYSE: AMPY) today announced that it has received the Nationwide Permit 12 from the U.S. Army Corps of Engineers to proceed with repair plans that were reviewed and approved by federal pipeline safety regulators earlier this year. This is the next phase of the Company’s repair plan and includes removing the damaged segments of the pipeline from the ocean floor. By removing the damaged segments of the pipeline, regulators, the parties in the litigation and Amplify will be able to complete further analysis of the impact from the vessels dragging their anchors and striking the pipeline on January 25, 2021.
Following the removal of the pipe segments, new segments will be installed in accordance with the approved repair plans. The Company estimates the work will take approximately three to four weeks to complete after the repair barge is deployed.
After the pipeline is repaired, it will undergo a series of safety integrity tests as required by both federal pipeline safety regulations and the Oct. 5, 2021 PHMSA corrective action order. Thereafter, Amplify anticipates that PHMSA will review the pipeline restart plan. Once finalized, the Company will begin the process of bringing the Beta field back online, which is expected to occur in the first quarter of 2023.
Amplify Energy is committed to safely operating in a way that ensures the protection of the environment and the surrounding communities – communities where many of Amplify’s employees live and raise their families.
About Amplify Energy
Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies, federal waters offshore Southern California, East Texas / North Louisiana, and the Eagle Ford. For more information, visit www.amplifyenergy.com.
https://www.globenewswire.com/news-release/2022/10/01/2526408/18120/en/Amplify-Energy-Update-on-San-Pedro-Bay-Pipeline-Permit.html
Enterprising Investor
2 years ago
Amplify Energy Reaches Agreement with State of California to Resolve Matters Associated with Southern California Pipeline Incident (9/08/22)
HOUSTON, Sept. 08, 2022 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (“Amplify” or the “Company”) (NYSE: AMPY) today announced that it has reached an agreement with the State of California to resolve all criminal matters involving the Company and its subsidiaries stemming from the October 2021 Southern California Pipeline Incident.
As part of the resolution with the State of California, Amplify has agreed to enter a plea of No Contest to six misdemeanor charges. If approved by the Court, the Company will pay a fine in the amount of $4.9 million to be distributed among the State of California, including the State’s Fish and Game Preservation Fund, and Orange County. Amplify also will serve a one-year term of probation and has agreed to certain compliance enhancements to its operations. This resolution, along with the plea agreement regarding federal criminal matters previously announced, if approved by both courts, will resolve all criminal matters stemming from the Southern California Pipeline Incident.
Martyn Willsher, Amplify’s President and Chief Executive Officer, commented, “This resolution with the State of California, which follows Amplify’s plea agreement with the U.S. Attorney’s office, further reflects the commitments we made immediately following the incident to the communities and environment impacted by the release. We worked diligently to support the successful clean-up and remediation efforts, including deploying upwards of 1,800 oil spill response contractors, have paid covered claims as expeditiously as possible, and continue to work cooperatively with the various state and federal agencies investigating these matters. Amplify Energy remains committed to safely operating in a way that ensures the protection of the environment and the surrounding communities.”
About Amplify Energy
Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies, federal waters offshore Southern California, East Texas / North Louisiana, and the Eagle Ford. For more information, visit www.amplifyenergy.com.
https://www.globenewswire.com/news-release/2022/09/08/2512995/0/en/Amplify-Energy-Reaches-Agreement-with-State-of-California-to-Resolve-Matters-Associated-with-Southern-California-Pipeline-Incident.html
Enterprising Investor
2 years ago
Amplify Energy Reaches Agreement with U.S. Attorney’s Office to Resolve Matters Associated with Southern California Pipeline Incident (8/26/22)
Amplify Energy Corp. (“Amplify” or the “Company”) (NYSE: AMPY) today announced that it has reached an agreement with the United States government, subject to court review and approval, to resolve all federal criminal matters involving the Company and its subsidiaries stemming from the October 2021 Southern California Pipeline Incident. As part of the resolution with the United States, Amplify has agreed to plead guilty to one count of misdemeanor negligent discharge of oil in violation of the Clean Water Act. If approved by the Court, Amplify will pay a fine of approximately $7.1 million in installments over a period of three years, serve a term of four years’ probation and reimburse governmental agencies approximately $5.8 million for their response to this event. Amplify also has agreed to implement certain compliance measures including installation of a new leak detection system and increased Remote Operated Vehicle inspections of the pipeline.
Martyn Willsher, Amplify’s President and Chief Executive Officer, commented, “From the outset, Amplify Energy has been committed to working cooperatively with the various agencies investigating this incident. We believe this resolution, which is subject to court review and approval, reflects the commitments we made immediately following the incident to impacted parties and is in the best interest of Amplify and its stakeholders. We are committed to safely operating in a way that ensures the protection of the environment and the surrounding communities.”
About Amplify Energy
Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies, federal waters offshore Southern California, East Texas / North Louisiana, and the Eagle Ford. For more information, visit www.amplifyenergy.com.
https://www.globenewswire.com/news-release/2022/08/26/2505512/0/en/Amplify-Energy-Reaches-Agreement-with-U-S-Attorney-s-Office-to-Resolve-Matters-Associated-with-Southern-California-Pipeline-Incident.html
Enterprising Investor
2 years ago
Amplify Energy Reaches Settlement Terms In Southern California Pipeline Civil Litigation (8/25/22)
HOUSTON, Aug. 25, 2022 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (“Amplify” or the “Company”) (NYSE: AMPY) announced today that it has reached an agreement in principle with plaintiffs in the class action to resolve all civil claims against Amplify and its subsidiaries. The settlement will be funded under the Company’s insurance policies, and the final agreement will be subject to court approval.
Martyn Willsher, Amplify’s President and Chief Executive Officer, commented, “We are pleased to have reached an agreement in principle regarding the civil litigation resulting from the Southern California Pipeline Incident last October. Although we are unable to provide additional detail at this time, we negotiated in good faith and believe we have come to a reasonable and fair resolution. We will continue to vigorously pursue our substantial claims for damages against the ships that struck our pipeline, and the Marine Exchange of Southern California that failed to notify us of the anchor strikes.”
About Amplify Energy
Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies, federal waters offshore Southern California, East Texas / North Louisiana, and the Eagle Ford. For more information, visit www.amplifyenergy.com.
https://www.globenewswire.com/news-release/2022/08/25/2504438/18120/en/Amplify-Energy-Reaches-Settlement-Terms-In-Southern-California-Pipeline-Civil-Litigation.html
TheFinalCD
3 years ago
AMPY When did the leak start?
It's not clear when the leak began but authorities were notified late Friday of reports of an oil sheen, more than 12 hours before Amplify Energy Corp., the operator of the line, reported it to state and federal officials, according to documents reviewed by CNN.
In an interview with CNN on Monday, Amplify CEO Martyn Willsher said a sheen was detected by company personnel Saturday morning, not Friday night. Willsher said while there is equipment to detect the leak without visibly seeing oil spills, there were no notices of a potential leak in the line before Saturday.
https://www.cnn.com/2021/10/04/us/california-oil-spill-what-we-know/index.html
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Limey42
1 year ago
davidsson10
3 years ago
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