Amplify Energy Corp. (NYSE: AMPY) (“Amplify” or the “Company”)
announced today its operating and financial results for the second
quarter of 2020 and provided an update regarding its liquidity
enhancement initiatives announced in the first quarter of 2020
earnings press release.
Key Highlights
- Update on Liquidity Enhancement
Initiatives:
- Reduced operating expenses quarter-over-quarter by
approximately $8 million, exceeding original expectations of $4 to
$5 million
- Reduced recurring cash general and administrative (“G&A”)
expenses quarter-over-quarter by approximately $2.5 million
- Reduced 2020 capital spending plan by more than $8 million and
expects full year capital spend of approximately $28 million
- Finalized Beta royalty relief process that is expected to
generate approximately $7 million per year of incremental revenue
(assuming a $40/Bbl WTI price)
- During the second quarter of 2020
the Company generated:
- Daily production of 27.7 MBoe/d
- Net cash provided by operating activities of $29.9 million
- Adjusted EBITDA of $21.3 million
- Free Cash Flow of $11.1 million
- Current mark-to-market hedge book
value of $25 million as of July 31, 2020
- As of July 31, 2020, net debt was
$259 million, inclusive of $16 million of cash on hand
“Despite the ongoing issues related to COVID-19,
Amplify turned out an excellent quarter by focusing on the
execution of our liquidity enhancement initiatives and operational
performance of our long life, low-decline assets,” said Martyn
Willsher, Interim Chief Executive Officer and Chief Financial
Officer of Amplify. “Among the many highlights from this quarter
were the overachievement of our liquidity initiatives, which
included significant overhead and operating cost reductions, the
finalization of our royalty relief process in California and the
successful redetermination of our revolving credit facility that
provides a supportive borrowing base solution. These results
were only possible due to relentless effort from our team, and I’m
very proud of our employees for their continued dedication
throughout this difficult time.”
Liquidity Enhancement Initiatives
Update
Operating Cost and Corporate Overhead
Reductions – Amplify’s lease operating expenses were
reduced from $35.7 million in the first quarter to $27.8 million in
the second quarter. The quarter-over-quarter savings of $7.9
million exceeded internal expectations of $4 to $5 million for the
quarter and were accomplished due to outstanding execution by
Amplify’s employees. While the Company anticipates that a
portion of these cost reductions are non-recurring, the Company
remains committed to identifying and executing on incremental
operational savings initiatives and expects to continue exceeding
original estimates.
Additionally, Amplify reduced recurring cash
G&A spending from $8.7 million in the first quarter to $6.2
million in the second quarter, which was in line with
expectations. Amplify expects G&A spending to continue to
trend down in the third quarter and beyond.
Capital Reductions – Capital
spending during the second quarter was $7 million, which was in
line with the Company’s expectations and represented a $8 million
reduction from the first quarter. Amplify’s remaining capital
expenditure budget for the second half of 2020 is approximately $6
million. Amplify’s remaining capital activity is focused
principally on maintenance projects, which are essential to
equipment integrity and operational efficiency, in addition to high
rate of return workover projects.
Beta Field Royalty Relief – As
anticipated, Amplify successfully qualified for royalty relief at
its Beta field effective July 1, 2020. Amplify’s royalty rate
at Beta decreased by 50%, which resulted in increased net
production of approximately 500 Bbls/d and additional revenue of
approximately $7 million per year assuming a $40/Bbl WTI price.
Notably, this royalty relief program provides relief for both
existing production and incremental production in the future when
economic conditions allow for additional development.
Key Financial Results
|
|
|
|
|
|
|
Second Quarter |
First Quarter |
|
Average daily production (MBoe/d) |
|
|
27.7 |
|
29.7 |
|
|
Total
revenues |
|
$35.2 |
$58.1 |
|
|
Total
assets |
|
$453.7 |
$507.1 |
|
|
Net
(loss) (1) |
|
$0.0 |
($367.2 |
) |
|
Adjusted EBITDA (a non-GAAP financial measure) |
|
$21.3 |
$17.2 |
|
|
Net
debt (2) |
|
$272.3 |
$288.1 |
|
|
Net
cash provided by operating activities |
|
$29.9 |
$13.1 |
|
|
Total
capital |
|
$6.8 |
$15.3 |
|
|
- Net loss for first quarter driven by $455.0 million asset
impairments
- As of June 30, 2020 and March 31, 2020, respectively
Revolving Credit Facility and Liquidity
Update
On June 15, 2020, Amplify announced that it has
completed the regularly scheduled redetermination of its revolving
credit facility borrowing base and entered into an amendment to its
credit agreement. The redetermination resulted in a revised
borrowing base of $285 million effective June 12, 2020 with
scheduled monthly reductions of $5 million until the borrowing base
reaches $260 million on November 1, 2020. The Company expects
the next regularly scheduled borrowing base redetermination to
occur in November 2020.
As of July 31, 2020, Amplify had total net debt
of $259 million under its revolving credit facility with $21
million of available liquidity.
Operations and Capital Spending
Update
During the second quarter of 2020, average daily
production was approximately 27.7 MBoe. This result included
reductions attributable to the annual Bairoil turnaround, temporary
curtailment of Amplify’s non-operated Eagle Ford assets and
incremental offline wells in the Company’s Oklahoma assets.
At Bairoil, the annual plant turnaround was completed on time and
on schedule in June, and the field has quickly returned to
pre-turnaround production levels in July. The non-operated Eagle
Ford curtailment mentioned on the Company’s last earnings call
concluded after April and production has since returned as expected
in that area. Finally, Oklahoma production fell in the second
quarter, as the backlog of wells offline increased as prices
remained depressed. Amplify expects to bring many of these
wells back online in future periods as prices continue to slowly
rebound and workover economics improve.
Amplify’s capital spending for the second
quarter of 2020 was approximately $7 million which was in line with
internal expectation and puts the Company on track for an estimated
second half 2020 budget of $6 million. Of the $7 million
spent in the second quarter, a significant portion ($2 million or
29%) was attributed to the Company’s Eagle Ford assets and was
utilized for non-operated drilling and completion activity.
The remainder was primarily related to the Bairoil turnaround,
along with capital workover and facility maintenance projects
across other operated areas.
Hedging Update
Since Amplify’s previous hedge update on May 6,
2020, the Company has made additions to its natural gas hedge
position in second half of 2020 and 2022, as well as NGL swaps in
the second half of 2020. As of July 31, 2020, Amplify’s
mark-to-market value of its commodity and interest rate hedge book
remained a net asset position of $25 million.
The following table reflects the hedged volumes
under Amplify’s commodity derivative contracts and the average
fixed or floor prices at which production is hedged for July 2020
through December 2022, as of August 5, 2020.
Amplify Energy
Corp. |
|
|
|
|
|
|
Summary Commodity
Hedge Position |
|
|
|
|
|
|
August 5,
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
|
|
|
|
Natural Gas
Swaps: |
|
|
|
|
|
|
Average Monthly Volume
(MMBtu) |
|
|
1,450,000 |
|
|
|
925,000 |
|
|
|
500,000 |
Weighted Average Fixed Price
($) |
|
$ |
2.26 |
|
|
$ |
2.49 |
|
|
$ |
2.45 |
|
|
|
|
|
|
|
Natural Gas
Collars: |
|
|
|
|
|
|
Two-way collars |
|
|
|
|
|
|
Average Monthly Volume (MMBtu) |
|
|
420,000 |
|
|
|
925,000 |
|
|
|
200,000 |
Weighted Average Floor Price ($) |
|
$ |
2.60 |
|
|
$ |
2.10 |
|
|
$ |
2.10 |
Weighted Average Ceiling Price ($) |
|
$ |
2.88 |
|
|
$ |
3.28 |
|
|
$ |
2.99 |
|
|
|
|
|
|
|
Natural Gas Basis
Swaps: |
|
|
|
|
|
|
Average Monthly Volume
(MMBtu) |
|
|
600,000 |
|
|
|
500,000 |
|
|
|
- |
Weighted Average Spread
($) |
|
$ |
(0.46 |
) |
|
$ |
(0.40 |
) |
|
$ |
- |
|
|
|
|
|
|
|
Oil
Swaps: |
|
|
|
|
|
|
Average Monthly Volume
(Bbls) |
|
|
199,300 |
|
|
|
33,750 |
|
|
|
30,000 |
Weighted Average Fixed Price
($) |
|
$ |
57.41 |
|
|
$ |
56.57 |
|
|
$ |
55.32 |
|
|
|
|
|
|
|
Oil
Collars: |
|
|
|
|
|
|
Two-way collars |
|
|
|
|
|
|
Average Monthly Volume (Bbls) |
|
|
14,300 |
|
|
|
- |
|
|
|
- |
Weighted Average Floor Price ($) |
|
$ |
55.00 |
|
|
$ |
- |
|
|
$ |
- |
Weighted Average Ceiling Price ($) |
|
$ |
62.10 |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
Three-way collars |
|
|
|
|
|
|
Average Monthly Volume (Bbls) |
|
|
30,500 |
|
|
|
- |
|
|
|
- |
Weighted Average Ceiling Price ($) |
|
$ |
65.75 |
|
|
$ |
- |
|
|
$ |
- |
Weighted Average Floor Price ($) |
|
$ |
50.00 |
|
|
$ |
- |
|
|
$ |
- |
Weighted Average Sub-Floor Price ($) |
|
$ |
40.00 |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
NGL
Swaps: |
|
|
|
|
|
|
Average Monthly Volume
(Bbls) |
|
|
111,450 |
|
|
|
22,800 |
|
|
|
- |
Weighted Average Fixed Price
($) |
|
$ |
21.99 |
|
|
$ |
24.25 |
|
|
$ |
- |
Amplify posted an updated hedge presentation
containing additional information on its website,
www.amplifyenergy.com, under the Investor Relations section.
Quarterly Report on Form
10-Q
Amplify’s financial statements and related
footnotes will be available in its Quarterly Report on Form 10-Q
for the quarter ended June 30, 2020, which Amplify expects to file
with the Securities and Exchange Commission on August 5, 2020.
Conference Call
Amplify will host an investor teleconference
today at 10:00 a.m. Central Time to discuss these operating and
financial results. Interested parties may join the webcast by
visiting Amplify's website, www.amplifyenergy.com, and clicking on
the webcast link or by dialing (833) 883-4379 at least 15 minutes
before the call begins and providing the Conference ID:
4185547. The webcast and a telephonic replay will be
available for fourteen days following the call and may be accessed
by visiting Amplify’s website, www.amplifyenergy.com, or by dialing
(855) 859-2056 and providing the Conference ID: 4185547.
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, offshore
California, East Texas / North Louisiana and South Texas. For
more information, visit www.amplifyenergy.com.
Forward-Looking Statements
This press release includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements, other than statements of
historical facts, included in this press release that address
activities, events or developments that Amplify expects, believes
or anticipates will or may occur in the future are forward-looking
statements. Terminology such as “will,” “would,” “should,”
“could,” “expect,” “anticipate,” “plan,” “project,” “intend,”
“estimate,” “believe,” “target,” “continue,” “potential,” the
negative of such terms or other comparable terminology are intended
to identify forward-looking statements. Amplify believes that these
statements are based on reasonable assumptions, but such
assumptions may prove to be inaccurate. Such statements are
also subject to a number of risks and uncertainties, most of which
are difficult to predict and many of which are beyond the control
of Amplify, which may cause Amplify’s actual results to differ
materially from those implied or expressed by the forward-looking
statements. Please read the Company’s filings with the
Securities and Exchange Commission, including “Risk Factors” in its
Annual Report on Form 10-K, and if applicable, its Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K, and other
public filings and press releases for a discussion of risks and
uncertainties that could cause actual results to differ from those
in such forward-looking statements. All forward-looking
statements speak only as of the date of this press release.
All forward-looking statements in this press release are qualified
in their entirety by these cautionary statements. Amplify
undertakes no obligation and does not intend to update or revise
any forward-looking statements, whether as a result of new
information, future results or otherwise.
Use of Non-GAAP Financial
Measures
This press release and accompanying schedules
include the non-GAAP financial measures of Adjusted EBITDA and Free
Cash Flow. The accompanying schedules provide a
reconciliation of these non-GAAP financial measures to their most
directly comparable financial measures calculated and presented in
accordance with GAAP. Amplify’s non-GAAP financial measures
should not be considered as alternatives to GAAP measures such as
net income, operating income, net cash flows provided by operating
activities or any other measure of financial performance calculated
and presented in accordance with GAAP. Amplify’s non-GAAP
financial measures may not be comparable to similarly titled
measures of other companies because they may not calculate such
measures in the same manner as Amplify does.
Adjusted EBITDA. Amplify
defines Adjusted EBITDA as net income or loss, plus interest
expense; income tax expense; depreciation, depletion and
amortization; impairment of goodwill and long-lived assets;
accretion of asset retirement obligations; losses on commodity
derivative instruments; cash settlements received on expired
commodity derivative instruments; losses on sale of assets;
unit-based compensation expenses; exploration costs; acquisition
and divestiture related expenses; amortization of gain associated
with terminated commodity derivatives, bad debt expense; and other
non-routine items, less interest income; gain on extinguishment of
debt; income tax benefit; gains on commodity derivative
instruments; cash settlements paid on expired commodity derivative
instruments; gains on sale of assets and other, net; and other
non-routine items. Adjusted EBITDA is commonly used as a
supplemental financial measure by management and external users of
Amplify’s financial statements, such as investors, research
analysts and rating agencies, to assess: (1) its operating
performance as compared to other companies in Amplify’s industry
without regard to financing methods, capital structures or
historical cost basis; (2) the ability of its assets to generate
cash sufficient to pay interest and support Amplify’s indebtedness;
and (3) the viability of projects and the overall rates of return
on alternative investment opportunities. Since Adjusted
EBITDA excludes some, but not all, items that affect net income or
loss and because these measures may vary among other companies, the
Adjusted EBITDA data presented in this press release may not be
comparable to similarly titled measures of other companies.
The GAAP measure most directly comparable to Adjusted EBITDA is net
cash provided by operating activities.
Free Cash Flow. Amplify
defines Free Cash Flow as Adjusted EBITDA, less cash income taxes;
cash interest expense; and total capital expenditures. Free
cash flow is an important non-GAAP financial measure for Amplify’s
investors since it serves as an indicator of the Company’s success
in providing a cash return on investment. The GAAP measure
most directly comparable to distributable cash flow is net cash
provided by operating activities.
Selected Operating and Financial Data
(Tables)
|
|
|
|
|
|
|
|
Amplify
Energy Corp. |
|
|
|
|
|
Selected Financial
Data - Unaudited |
|
|
|
|
|
Statements of Operations Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Three Months |
|
|
|
|
|
Ended |
|
Ended |
|
(Amounts in $000s,
except per share data) |
|
June 30, 2020 |
|
March 31, 2020 |
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
Oil and natural gas sales |
|
$ |
34,888 |
|
|
$ |
57,787 |
|
|
|
Other
revenues |
|
|
283 |
|
|
|
349 |
|
|
|
Total revenues |
|
|
35,171 |
|
|
|
58,136 |
|
|
|
|
|
|
|
|
|
|
Costs and
Expenses: |
|
|
|
|
|
|
Lease operating
expense |
|
|
27,828 |
|
|
|
35,723 |
|
|
|
Gathering,
processing and transportation |
|
|
4,689 |
|
|
|
5,053 |
|
|
|
Exploration |
|
|
3 |
|
|
|
16 |
|
|
|
Taxes other than
income |
|
|
2,195 |
|
|
|
3,986 |
|
|
|
Depreciation,
depletion and amortization |
|
|
7,623 |
|
|
|
15,556 |
|
|
|
Impairment
expense |
|
|
- |
|
|
|
455,031 |
|
|
|
General and
administrative expense |
|
|
6,755 |
|
|
|
8,353 |
|
|
|
Accretion of asset
retirement obligations |
|
|
1,539 |
|
|
|
1,513 |
|
|
|
Realized (gain)
loss on commodity derivatives |
|
|
(45,272 |
) |
|
|
(12,500 |
) |
|
|
Unrealized (gain)
loss on commodity derivatives |
|
|
64,437 |
|
|
|
(95,213 |
) |
|
|
Total costs and expenses |
|
|
69,797 |
|
|
|
417,518 |
|
|
|
|
|
|
|
|
|
|
Operating Income
(loss) |
|
|
(34,626 |
) |
|
|
(359,382 |
) |
|
|
|
|
|
|
|
|
|
Other Income
(Expense): |
|
|
|
|
|
|
Interest expense,
net |
|
|
(6,209 |
) |
|
|
(7,647 |
) |
|
|
Other income
(expense) |
|
|
(250 |
) |
|
|
16 |
|
|
|
Total Other Income
(Expense) |
|
|
(6,459 |
) |
|
|
(7,631 |
) |
|
|
|
|
|
|
|
|
|
|
Income (loss)
before reorganization items, net and income taxes |
|
(41,085 |
) |
|
|
(367,013 |
) |
|
|
|
|
|
|
|
|
|
Reorganization
items, net |
|
|
(166 |
) |
|
|
(186 |
) |
|
Income tax benefit
(expense) |
|
|
(85 |
) |
|
|
- |
|
|
|
Net income
(loss) |
|
$ |
(41,336 |
) |
|
$ |
(367,199 |
) |
|
|
|
|
|
|
|
|
|
Earnings per
share: |
|
|
|
|
|
|
Basic and diluted
earnings (loss) per share |
|
$ |
(1.10 |
) |
|
$ |
(9.77 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected
Financial Data - Unaudited |
|
|
|
|
|
Operating Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Three Months |
|
|
|
|
|
Ended |
|
Ended |
|
(Amounts in $000s,
except per share data) |
|
June 30, 2020 |
|
March 31, 2020 |
|
|
|
|
|
|
|
|
|
Oil and
natural gas revenue: |
|
|
|
|
|
|
Oil Sales |
|
$ |
22,963 |
|
$ |
41,851 |
|
|
NGL Sales |
|
|
3,343 |
|
|
5,122 |
|
|
Natural Gas
Sales |
|
|
8,582 |
|
|
10,814 |
|
|
Total oil and natural gas sales - Unhedged |
|
$ |
34,888 |
|
$ |
57,787 |
|
|
|
|
|
|
|
|
|
Production
volumes: |
|
|
|
|
|
|
Oil Sales -
MBbls |
|
|
945 |
|
|
982 |
|
|
NGL Sales -
MBbls |
|
|
435 |
|
|
454 |
|
|
Natural Gas Sales
- MMcf |
|
|
6,857 |
|
|
7,586 |
|
|
Total - MBoe |
|
|
2,523 |
|
|
2,700 |
|
|
Total - MBoe/d |
|
|
27.7 |
|
|
29.7 |
|
|
|
|
|
|
|
|
|
Average
sales price (excluding commodity derivatives): |
|
|
|
|
|
Oil - per Bbl |
|
$ |
24.30 |
|
$ |
42.64 |
|
|
NGL - per Bbl |
|
$ |
7.68 |
|
$ |
11.29 |
|
|
Natural gas - per
Mcf |
|
$ |
1.25 |
|
$ |
1.43 |
|
|
Total - per Boe |
|
$ |
13.83 |
|
$ |
21.41 |
|
|
|
|
|
|
|
|
|
Average
unit costs per Boe: |
|
|
|
|
|
|
Lease operating
expense |
|
$ |
11.03 |
|
$ |
13.23 |
|
|
Gathering,
processing and transportation |
|
$ |
1.86 |
|
$ |
1.87 |
|
|
Taxes other than
income |
|
$ |
0.87 |
|
$ |
1.48 |
|
|
General and
administrative expense |
|
$ |
2.68 |
|
$ |
3.09 |
|
|
Depletion,
depreciation, and amortization |
|
$ |
3.02 |
|
$ |
5.76 |
|
|
|
|
|
|
Selected Financial Data - Unaudited |
|
|
|
|
Balance
Sheet Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in $000s, except per
share data) |
June 30, 2020 |
|
March 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
Total current assets |
$ |
84,773 |
|
$ |
116,381 |
|
Property and equipment,
net |
|
348,788 |
|
|
349,062 |
|
Total assets |
|
453,683 |
|
|
507,125 |
|
Total current liabilities |
|
66,794 |
|
|
55,658 |
|
Long-term debt |
|
265,516 |
|
|
290,000 |
|
Total liabilities |
|
432,428 |
|
|
445,029 |
|
Total equity |
|
21,255 |
|
|
62,096 |
|
Selected
Financial Data - Unaudited |
|
|
|
|
|
Statements of Cash Flows Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Three Months |
|
|
|
|
|
Ended |
|
Ended |
|
(Amounts in $000s,
except per share data) |
|
June 30, 2020 |
|
March 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
$ |
29,900 |
|
|
$ |
13,089 |
|
|
Net cash provided
by (used in) investing activities |
|
|
(14,122 |
) |
|
|
(12,720 |
) |
|
Net cash provided
by (used in) financing activities |
|
|
(4,470 |
) |
|
|
1,200 |
|
|
|
|
|
|
|
|
|
|
Selected
Operating and Financial Data (Tables) |
|
|
|
|
|
Reconciliation of
Unaudited GAAP Financial Measures to Non-GAAP Financial
Measures |
|
|
|
Adjusted EBITDA and Free Cash Flow |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Three Months |
|
|
|
|
|
Ended |
|
Ended |
|
(Amounts in $000s,
except per share data) |
|
June 30, 2020 |
|
March 31, 2020 |
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted EBITDA to Net Cash Provided from
Operating Activities: |
|
|
|
|
Net cash provided
by operating activities |
|
$ |
29,900 |
|
|
$ |
13,089 |
|
|
|
Changes in working
capital |
|
|
5,766 |
|
|
|
(455 |
) |
|
|
Interest expense,
net |
|
|
6,209 |
|
|
|
7,647 |
|
|
|
Gain (loss) on
interest rate swaps |
|
|
(438 |
) |
|
|
(3,617 |
) |
|
|
Cash settlements
paid (received) on interest rate swaps |
|
346 |
|
|
|
(22 |
) |
|
|
Cash settlements
paid (received) on terminated commodity derivatives |
|
(17,977 |
) |
|
|
- |
|
|
|
Amortization and
write-off of deferred financing fees |
|
(2,690 |
) |
|
|
(309 |
) |
|
|
Reorganization
items, net |
|
|
166 |
|
|
|
186 |
|
|
|
Exploration
costs |
|
|
3 |
|
|
|
16 |
|
|
|
Acquisition and
divestiture related costs |
|
|
44 |
|
|
|
481 |
|
|
|
Severance
payments |
|
|
10 |
|
|
|
19 |
|
|
|
Current income tax
expense (benefit) |
|
|
85 |
|
|
|
- |
|
|
|
Oher |
|
|
(109 |
) |
|
|
201 |
|
|
Adjusted
EBITDA: |
|
$ |
21,315 |
|
|
$ |
17,236 |
|
|
|
|
|
|
|
|
|
|
Reconciliation of Free Cash Flow to Net Cash Provided from
Operating Activities: |
|
|
|
Adjusted
EBITDA: |
|
$ |
21,315 |
|
|
$ |
17,236 |
|
|
|
Less: Cash
interest expense |
|
|
3,456 |
|
|
|
3,825 |
|
|
|
Less Capital
expenditures |
|
|
6,791 |
|
|
|
15,276 |
|
|
Free Cash
Flow: |
|
$ |
11,067 |
|
|
$ |
(1,865 |
) |
|
Selected
Operating and Financial Data (Tables) |
|
|
|
|
Reconciliation of
Unaudited GAAP Financial Measures to Non-GAAP Financial
Measures |
|
|
|
Adjusted EBITDA and Free Cash Flow |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months |
|
Three
Months |
|
|
|
|
Ended |
|
Ended |
|
(Amounts in $000s,
except per share data) |
June 30, 2020 |
|
March 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted EBITDA to Net Income
(Loss): |
|
|
|
|
|
Net income
(loss) |
$ |
(41,336 |
) |
|
$ |
(367,199 |
) |
|
|
Interest expense,
net |
|
6,209 |
|
|
|
7,647 |
|
|
|
Income tax
expense |
|
85 |
|
|
|
- |
|
|
|
Depreciation,
depletion and amortization |
|
7,623 |
|
|
|
15,556 |
|
|
|
Impairment
expense |
|
- |
|
|
|
455,031 |
|
|
|
Accretion of asset
retirement obligations |
|
1,539 |
|
|
|
1,513 |
|
|
|
(Gains) losses on
commodity derivatives |
|
19,165 |
|
|
|
(107,713 |
) |
|
|
Cash settlements
on expired commodity derivatives |
|
27,295 |
|
|
|
12,500 |
|
|
|
Acquisition and
divestiture related costs |
|
44 |
|
|
|
481 |
|
|
|
Reorganization
items, net |
|
166 |
|
|
|
186 |
|
|
|
Share/unit-based
compensation expense |
|
371 |
|
|
|
(911 |
) |
|
|
Exploration
costs |
|
3 |
|
|
|
16 |
|
|
|
Bad debt
expense |
|
141 |
|
|
|
110 |
|
|
|
Severance
payments |
|
10 |
|
|
|
19 |
|
|
|
Adjusted
EBITDA: |
$ |
21,315 |
|
|
$ |
17,236 |
|
|
|
|
|
|
|
|
|
|
Reconciliation of Free Cash Flow to Net Income
(Loss): |
|
|
|
|
|
Adjusted
EBITDA: |
$ |
21,315 |
|
|
$ |
17,236 |
|
|
|
|
Less: Cash interest
expense |
|
3,456 |
|
|
|
3,825 |
|
|
|
|
Less Capital expenditures |
|
6,791 |
|
|
|
15,276 |
|
|
|
Free Cash
Flow: |
$ |
11,067 |
|
|
$ |
(1,865 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contacts
Martyn Willsher – Interim CEO & CFO(832)
219-9047martyn.willsher@amplifyenergy.com
Jason McGlynn – VP, Business Development(832)
219-9055jason.mcglynn@amplifyenergy.com
Eric Chang – Treasurer(832)
219-9024eric.chang@amplifyenergy.com
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