In a release issued under the same headline earlier today by
Amplify Energy Corp. (NYSE: AMPY), please note that in the
first table, in the net income (loss) row, ($17.7) and ($41.3)
should be in parentheses. This singular change did not affect any
other tables or texts. The corrected release follows:
Amplify Energy Corp. (NYSE: AMPY) (“Amplify” or
the “Company”) announced today its operating and financial results
for the third quarter of 2020.
Key Highlights
-
During the third quarter of 2020 the Company:
-
Grew oil production volumes by 5% to 10.8 MBbls/d from 10.4 MBbls/d
in the second quarter
-
Achieved daily production of 27.7 MBoe/d, which was in line with
27.7 MBoe/d in the second quarter of 2020, despite reduced
maintenance capital expense
-
Generated net cash provided by operating activities of $20.6
million
-
Reduced LOE to $27.6 million, from $27.8 million during the second
quarter of 2020, by continued realization and execution of
long-term cost reduction initiatives
-
Continued the downward trend of cash G&A expense, attaining the
previously forecasted annualized run rate of approximately $22
million, a $2.5 million annualized reduction from the first quarter
of 2020
-
Implemented Beta field royalty relief effective July 1, 2020, which
is expected to generate approximately $7 million per year of
incremental revenue (assuming a $40/Bbl WTI price)
-
Delivered Adjusted EBITDA of $24.8 million, an increase of $3.5
million from the previous quarter
-
Realized $16.0 million of Free Cash Flow, an increase of
approximately $5 million from the second quarter of 2020
-
Net Debt to Last Twelve Months (“LTM”) EBITDA of 2.8x as of
September 30, 2020
-
Approximately 75% of fourth quarter 2020 crude oil production
hedged at attractive pricing
-
Robust crude oil hedge position in 2021 with a mix of swaps and
collars allowing for upside participation
-
Current mark-to-market hedge book value of $13 million as of
October 30, 2020
-
As of October 30, 2020, net debt was $243 million, inclusive of $17
million of cash on hand
Martyn Willsher, Interim Chief Executive Officer
and Chief Financial Officer of Amplify commented, “I am very
pleased with our third quarter operational and financial results.
Despite the continued impact of the ongoing COVID-19 pandemic and
depressed commodity prices, we generated significant free cash flow
from the continued realization and execution of our liquidity
enhancing initiatives and disciplined commodity hedging program,
demonstrating the sustainable value of our long-lived, low-decline
assets.”
Mr. Willsher continued, “During the remainder of
2020, we will remain focused on operational excellence and
capitalizing on all opportunities that enhance shareholder value.
We have initiated the fall borrowing base redetermination process
and anticipate a result that supports our liquidity position and
provides a solid foundation for significant free cash flow
generation.”
“This year has been challenging for the industry
and our Company, but I remain very confident about Amplify’s
future. I am extremely proud of our exceptional employees and
grateful for the dedication and resourcefulness they have exhibited
during this uncertain and tumultuous time,” Mr. Willsher
concluded.
Key Financial Results
During the third quarter of 2020, Amplify
generated $24.8 million in Adjusted EBITDA, an increase of $3.5
million from $21.3 million in the second quarter of 2020. This
increase exceeded internal expectations and was primarily
attributable to higher than expected production, the continued
realization of our previously announced cost reduction initiatives
and commodity price improvement during the quarter.
Free cash flow, defined as Adjusted EBITDA less
cash interest and capital spending, was $16 million in the third
quarter of 2020, an increase of approximate $5 million from $11
million in the prior quarter. This result was primarily attributed
to increased revenue and a decrease in capital spending in the
quarter.
Selected Operating and
Financial Results for
the Second and
Third
Quarters of 2020:
|
|
Third Quarter |
Second Quarter |
$ in millions |
|
2020 |
2020 |
Average daily production (MBoe/d) |
|
27.7 |
27.7 |
Total revenues |
|
$52.7 |
$35.2 |
Total assets |
|
$421.7 |
$453.7 |
Net income (loss) |
|
($17.7) |
($41.3) |
Adjusted EBITDA (a non-GAAP financial measure) |
|
$24.8 |
$21.3 |
Net debt (1) |
|
$257.0 |
$272.3 |
Net cash provided by operating activities |
|
$20.6 |
$29.9 |
Total capital |
|
$5.0 |
$6.8 |
(1) As of September 30, 2020 and June 30, 2020,
respectively
Revolving Credit Facility and
Liquidity Update
Amplify is currently working with its lenders on
its fall 2020 borrowing base redetermination and expects the
process to be finalized before the end of November.
As of October 30, 2020, Amplify had total net
debt of $243 million, with $260 million outstanding under its
revolving credit facility and $17 million of cash on hand.
Production and
Operations Update
During the third quarter of 2020, average daily
production was approximately 27.7 Mboe/d, mirroring that of the
second quarter of 2020. While a portion of this result was
attributed to receiving royalty relief at Beta, all asset areas met
or exceeded internal expectations despite intermittent third-party
and weather interruptions. This consistent level of production,
achieved with limited capital spending, demonstrates the
sustainability of Amplify’s long-lived, low-decline assets and
stands as a testament to the hard work put forth by our employees
to identify and capitalize on high-return projects.
Production in East Texas exceeded internal
forecasts as a result of reduced downtime and efficient workover
operations, despite intermittent third-party interruptions. In
Oklahoma, the team prudently returned economic wells to production
and converted five wells to rod-lift from electrical submersible
pumps. These conversions are part of an ongoing program implemented
last year, which has facilitated reduced electrical costs and well
downtime. At Beta, net production during the third quarter averaged
approximately 500 Bbls/d more than the previous quarter, primarily
as the result of the royalty rate reduction effective July 1, 2020.
This amounts to an approximate $1.7 million increase in revenue for
the quarter, in line with the projected annualized increase in
revenue of $7 million previously disclosed. Our oil-weighted
Bairoil properties maintained stable production from the previous
quarter, demonstrating the mature, low-decline nature of the asset.
Lastly, third quarter production from our non-operated Eagle Ford
assets remained relatively flat when compared with the second
quarter of 2020, primarily due to new wells coming online in late
May 2020.
Lease operating expenses in the third quarter of
2020 were approximately $27.6 million, a decrease of $0.2 million,
from $27.8 million in the second quarter of 2020. This outcome was
a strong result considering the second quarter included a
significant number of one-time cost reductions, and is a credit to
Amplify’s operating team’s continued efforts to reduce costs
without impacting safety or production.
Capital Spending Update
Capital spending during the third quarter of
2020 was approximately $5 million, a decrease of approximately $2
million from $7 million in the second quarter. This was slightly
higher than forecasted due to additional costs from non-operated
Eagle Ford wells that were drilled earlier in the year.
Amplify’s remaining capital budget for the
fourth quarter of 2020 is approximately $3 million and is focused
principally on maintenance projects, which are essential to
equipment integrity and operational efficiency, in addition to high
rate of return workover projects.
Hedging
Update
As of October 30, 2020, Amplify’s mark-to-market
value of its commodity and interest rate hedge book remained a net
asset position of $13 million.
The following table reflects the hedged volumes
under Amplify’s commodity derivative contracts and the average
fixed or floor prices at which production is hedged for October
2020 through December 2022, as of November 5, 2020.
|
|
|
|
|
|
|
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
|
|
|
|
Natural Gas Swaps: |
|
|
|
|
|
|
Average
Monthly Volume (MMBtu) |
|
|
1,450,000 |
|
|
|
925,000 |
|
|
|
500,000 |
Weighted
Average Fixed Price ($) |
|
$ |
2.26 |
|
|
$ |
2.49 |
|
|
$ |
2.45 |
|
|
|
|
|
|
|
Natural Gas Collars: |
|
|
|
|
|
|
Two-way
collars |
|
|
|
|
|
|
Average Monthly Volume (MMBtu) |
|
|
420,000 |
|
|
|
925,000 |
|
|
|
530,000 |
Weighted Average Floor Price ($) |
|
$ |
2.60 |
|
|
$ |
2.10 |
|
|
$ |
2.35 |
Weighted Average Ceiling Price ($) |
|
$ |
2.88 |
|
|
$ |
3.28 |
|
|
$ |
3.09 |
|
|
|
|
|
|
|
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 |
|
|
|
155,000 |
|
|
|
40,000 |
Weighted
Average Fixed Price ($) |
|
$ |
57.41 |
|
|
$ |
45.86 |
|
|
$ |
52.39 |
|
|
|
|
|
|
|
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 |
|
|
$ |
42,500 |
|
|
|
Weighted Average Ceiling Price ($) |
|
$ |
65.75 |
|
|
$ |
50.61 |
|
|
|
Weighted Average Floor Price ($) |
|
$ |
50.00 |
|
|
$ |
40.00 |
|
|
|
Weighted Average Sub-Floor Price ($) |
$ |
40.00 |
|
|
$ |
30.00 |
|
|
|
|
|
|
|
|
|
|
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 September 30, 2020, which Amplify expects to
file with the Securities and Exchange Commission on November 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: 7283609.
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: 7283609.
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) |
|
September 30, 2020 |
|
June 30, 2020 |
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
Oil and natural gas sales |
|
$ |
52,488 |
|
|
$ |
34,888 |
|
|
Other
revenues |
|
|
257 |
|
|
|
283 |
|
|
Total revenues |
|
|
52,745 |
|
|
|
35,171 |
|
|
|
|
|
|
|
Costs and Expenses: |
|
|
|
|
|
Lease
operating expense |
|
|
27,639 |
|
|
|
27,828 |
|
|
Gathering,
processing and transportation |
|
|
5,256 |
|
|
|
4,689 |
|
|
Exploration |
|
|
5 |
|
|
|
3 |
|
|
Taxes other
than income |
|
|
3,761 |
|
|
|
2,195 |
|
|
Depreciation, depletion and amortization |
|
|
7,950 |
|
|
|
7,623 |
|
|
Impairment
expense |
|
|
- |
|
|
|
- |
|
|
General and
administrative expense |
|
|
6,443 |
|
|
|
6,755 |
|
|
Accretion of
asset retirement obligations |
|
|
1,565 |
|
|
|
1,539 |
|
|
Realized (gain) loss on commodity derivatives |
|
(14,067 |
) |
|
|
(45,272 |
) |
|
Unrealized (gain) loss on commodity derivatives |
|
28,419 |
|
|
|
64,437 |
|
|
Other,
net |
|
|
113 |
|
|
|
- |
|
|
Total costs and expenses |
|
|
67,084 |
|
|
|
69,797 |
|
|
|
|
|
|
|
Operating Income (loss) |
|
|
(14,339 |
) |
|
|
(34,626 |
) |
|
|
|
|
|
|
Other Income (Expense): |
|
|
|
|
|
Interest
expense, net |
|
|
(3,362 |
) |
|
|
(6,209 |
) |
|
Other income
(expense) |
|
|
196 |
|
|
|
(250 |
) |
|
Total Other
Income (Expense) |
|
|
(3,166 |
) |
|
|
(6,459 |
) |
|
|
|
|
|
|
|
Income (loss) before reorganization items, net and income
taxes |
|
(17,505 |
) |
|
|
(41,085 |
) |
|
|
|
|
|
|
Reorganization items, net |
|
|
(180 |
) |
|
|
(166 |
) |
Income tax benefit (expense) |
|
|
- |
|
|
|
(85 |
) |
|
Net income
(loss) |
|
$ |
(17,685 |
) |
|
$ |
(41,336 |
) |
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
Basic and
diluted earnings (loss) per share |
|
$ |
(0.47 |
) |
|
$ |
(1.10 |
) |
|
|
|
|
|
|
Selected Financial Data - Unaudited |
|
|
|
|
Operating Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months |
|
Three
Months |
|
|
|
Ended |
|
Ended |
(Amounts in $000s, except per share data) |
|
September 30, 2020 |
|
June 30, 2020 |
|
|
|
|
|
|
Oil and natural gas revenue: |
|
|
|
|
|
Oil Sales |
|
$ |
36,868 |
|
|
$ |
22,963 |
|
|
NGL
Sales |
|
|
5,537 |
|
|
|
3,343 |
|
|
Natural Gas
Sales |
|
|
10,083 |
|
|
|
8,582 |
|
|
Total oil and natural gas sales - Unhedged |
$ |
52,488 |
|
|
$ |
34,888 |
|
|
|
|
|
|
|
Production volumes: |
|
|
|
|
|
Oil Sales -
MBbls |
|
|
997 |
|
|
|
944 |
|
|
NGL Sales -
MBbls |
|
|
430 |
|
|
|
435 |
|
|
Natural Gas
Sales - MMcf |
|
|
6,706 |
|
|
|
6,857 |
|
|
Total - MBoe |
|
|
2,545 |
|
|
|
2,523 |
|
|
Total - MBoe/d |
|
|
27.7 |
|
|
|
27.7 |
|
|
|
|
|
|
|
Average sales price (excluding commodity
derivatives): |
|
|
|
|
Oil - per
Bbl |
|
$ |
36.98 |
|
|
$ |
24.30 |
|
|
NGL - per
Bbl |
|
$ |
12.89 |
|
|
$ |
7.68 |
|
|
Natural gas
- per Mcf |
|
$ |
1.50 |
|
|
$ |
1.25 |
|
|
Total - per Boe |
|
$ |
20.63 |
|
|
$ |
13.83 |
|
|
|
|
|
|
|
Average unit costs per Boe: |
|
|
|
|
|
Lease
operating expense |
|
$ |
10.86 |
|
|
$ |
11.03 |
|
|
Gathering,
processing and transportation |
|
$ |
2.07 |
|
|
$ |
1.86 |
|
|
Taxes other
than income |
|
$ |
1.48 |
|
|
$ |
0.87 |
|
|
General and
administrative expense |
|
$ |
2.53 |
|
|
$ |
2.68 |
|
|
Depletion,
depreciation, and amortization |
|
$ |
3.12 |
|
|
$ |
3.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial Data - Unaudited |
|
|
|
|
Balance Sheet Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in
$000s, except per share data) |
|
September 30, 2020 |
|
June 30, 2020 |
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
$ |
62,502 |
|
|
$ |
84,773 |
|
Property and
equipment, net |
|
|
345,733 |
|
|
|
348,788 |
|
Total
assets |
|
|
421,694 |
|
|
|
453,683 |
|
Total
current liabilities |
|
|
51,387 |
|
|
|
66,794 |
|
Long-term
debt |
|
|
265,516 |
|
|
|
265,516 |
|
Total
liabilities |
|
|
417,658 |
|
|
|
432,428 |
|
Total
equity |
|
|
4,036 |
|
|
|
21,255 |
|
|
|
|
|
|
Selected Financial Data - Unaudited |
|
|
|
|
Statements of Cash Flows Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months |
|
Three
Months |
|
|
Ended |
|
Ended |
(Amounts in
$000s, except per share data) |
|
September 30, 2020 |
|
June 30, 2020 |
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
$ |
20,609 |
|
|
$ |
29,900 |
|
Net cash provided by (used in) investing activities |
|
(5,220 |
) |
|
|
(14,122 |
) |
Net cash provided by (used in) financing activities |
|
(15,070 |
) |
|
|
(4,470 |
) |
|
|
|
|
|
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) |
|
September 30, 2020 |
|
June 30, 2020 |
|
|
|
|
|
|
Reconciliation of Adjusted EBITDA to Net Cash Provided from
Operating Activities: |
|
|
|
Net cash provided by operating activities |
|
$ |
20,609 |
|
|
$ |
29,900 |
|
|
Changes in
working capital |
|
|
(217 |
) |
|
|
5,766 |
|
|
Interest
expense, net |
|
|
3,362 |
|
|
|
6,209 |
|
|
Gain (loss)
on interest rate swaps |
|
|
20 |
|
|
|
(438 |
) |
|
Cash
settlements paid (received) on interest rate swaps |
|
|
462 |
|
|
|
346 |
|
|
Cash
settlements paid (received) on terminated commodity
derivatives |
|
|
- |
|
|
|
(17,977 |
) |
|
Amortization
and write-off of deferred financing fees |
|
|
(135 |
) |
|
|
(2,690 |
) |
|
Reorganization items, net |
|
|
180 |
|
|
|
166 |
|
|
Exploration
costs |
|
|
5 |
|
|
|
3 |
|
|
Acquisition
and divestiture related costs |
|
|
152 |
|
|
|
44 |
|
|
Severance
payments |
|
|
25 |
|
|
|
10 |
|
|
Plugging and
abandonment cost |
|
|
312 |
|
|
|
- |
|
|
Current
income tax expense (benefit) |
|
|
- |
|
|
|
85 |
|
|
Oher |
|
|
(15 |
) |
|
|
(109 |
) |
Adjusted EBITDA: |
|
$ |
24,760 |
|
|
$ |
21,315 |
|
|
|
|
|
|
|
Reconciliation of Free Cash Flow to Net Cash Provided from
Operating Activities: |
|
|
Adjusted EBITDA: |
|
$ |
24,760 |
|
|
$ |
21,315 |
|
|
Less: Cash
interest expense |
|
|
3,739 |
|
|
|
3,456 |
|
|
Less:
Capital expenditures |
|
|
4,999 |
|
|
|
6,791 |
|
Free Cash Flow: |
|
$ |
16,023 |
|
|
$ |
11,067 |
|
|
|
|
|
|
|
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) |
|
September 30, 2020 |
|
June 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted EBITDA to Net Income
(Loss): |
|
|
|
|
Net income (loss) |
|
$ |
(17,685 |
) |
|
$ |
(41,336 |
) |
|
Interest
expense, net |
|
|
3,362 |
|
|
|
6,209 |
|
|
Income tax
expense |
|
|
- |
|
|
|
85 |
|
|
Depreciation, depletion and amortization |
|
|
7,950 |
|
|
|
7,623 |
|
|
Accretion of
asset retirement obligations |
|
|
1,565 |
|
|
|
1,539 |
|
|
(Gains)
losses on commodity derivatives |
|
|
14,352 |
|
|
|
19,165 |
|
|
Cash
settlements on expired commodity derivatives |
|
|
14,067 |
|
|
|
27,295 |
|
|
Acquisition
and divestiture related costs |
|
|
152 |
|
|
|
44 |
|
|
Reorganization items, net |
|
|
180 |
|
|
|
166 |
|
|
Share/unit-based compensation expense |
|
|
456 |
|
|
|
371 |
|
|
Exploration
costs |
|
|
5 |
|
|
|
3 |
|
|
Loss on
settlement of AROs |
|
|
113 |
|
|
|
- |
|
|
Bad debt
expense |
|
|
218 |
|
|
|
141 |
|
|
Severance
payments |
|
|
25 |
|
|
|
10 |
|
|
Adjusted
EBITDA: |
|
$ |
24,760 |
|
|
$ |
21,315 |
|
|
|
|
|
|
|
|
Reconciliation of Free Cash Flow to Net Income
(Loss): |
|
|
|
|
Adjusted
EBITDA: |
|
$ |
24,760 |
|
|
$ |
21,315 |
|
|
Less: Cash interest expense |
|
|
3,739 |
|
|
|
3,456 |
|
|
Less: Capital expenditures |
|
|
4,999 |
|
|
|
6,791 |
|
|
Free Cash
Flow: |
|
$ |
16,023 |
|
|
$ |
11,067 |
|
|
|
|
|
|
|
Contacts
Martyn Willsher – Interim CEO & CFO(832)
219-9047martyn.willsher@amplifyenergy.com
Jason McGlynn – VP, Business Development(832)
219-9055jason.mcglynn@amplifyenergy.com
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