Amplify Energy Corp. (NYSE: AMPY) (“Amplify” or the “Company”)
announced today its operating and financial results for the third
quarter of 2021.
Key Highlights
-
During the third quarter of 2021, the Company:
-
Achieved average total production of 25.1 MBoepd
-
Generated net cash provided by operating activities of $18.9
million
-
Delivered Adjusted EBITDA of $27.1 million
-
Generated $13.1 million of free cash flow
-
Completed the Fall 2021 borrowing base redetermination, which
reaffirmed the borrowing base at $245 million through January
2022
-
Rescinded full-year 2021 guidance due to the Southern California
oil spill
-
As of September 30, 2021, net debt was $204 million, inclusive of
$26 million of cash on hand
-
Net Debt to Last Twelve Months (“LTM”) EBITDA of 2.1x1
(1) Net debt as of September 30, 2021, and LTM
EBITDA as of the third quarter of 2021
Southern California Pipeline Incident
and Oil Release
On October 2, 2021, contractors operating under
the direction of Beta Operating Company, LLC (“Beta”), a subsidiary
of Amplify, observed an oil sheen on the water approximately four
miles off the coast of Newport Beach, California (the “Incident”).
Beta platform personnel were notified and promptly initiated the
Company’s Oil Spill Response Plan, which was reviewed and approved
by the Bureau of Safety and Environmental Enforcement’s Oil Spill
Preparedness Division within the United States Department of the
Interior, and which included the required notifications of
specified regulatory agencies. On October 3, 2021, a Unified
Command, consisting of the Company, the U.S. Coast Guard and
California Department of Fish and Wildlife’s Office of Spill
Prevention and Response, was established to respond to the
Incident. The Company is and has been fully committed to working
cooperatively within the Unified Command and with all relevant
agencies to respond to the Incident and supporting all associated
ongoing investigations.
On October 5, 2021, the Unified Command
announced that reports from its contracted commercial divers and
Remotely Operated Vehicle footage indicated that a 4,000-foot
section of the Company’s pipeline had been displaced with a maximum
lateral movement of approximately 105 feet and that the pipeline
had a 13-inch split, running parallel to the pipe. On October 14,
2021, the U.S. Coast Guard announced that it had a high degree of
confidence the size of the release was approximately 588 barrels of
oil, which is below the previously reported maximum estimate of
3,134 barrels. On October 16, 2021, the U.S. Coast Guard announced
that it had identified the Mediterranean Shipping Company (DANIT)
as a “vessel of interest” in connection with an anchor-dragging
incident, which occurred in close proximity to the Company’s
pipeline, and that additional vessels of interest continue to be
investigated. The cause, timing and details regarding the Incident
are currently under investigation and any information regarding the
Incident is preliminary.
Following the Incident, the Company deployed
contractors so that at the height of the Incident response there
were over 1,800 personnel working under the guidance and at the
direction of the Unified Command to aid in cleanup operations. As
of October 14, 2021, all beaches that had been closed following the
Incident have reopened. On October 15, 2021, the Unified Command
announced that reports from trained oil observers and beach cleanup
contractors working for the Unified Command showed significant
progress in cleanup operations. On October 18, 2021, the Unified
Command stated that segments of beach are recommended for no
further clean-up activities. While the Unified Command has
significantly reduced the number of personnel conducting
remediation activities from the height of the effort, remediation
efforts remain ongoing at November 15, 2021.
The Company carries customary industry insurance
policies, including loss of production income insurance, which it
expects will cover a material portion of the total aggregate costs
associated with the Incident, including loss of revenue resulting
from suspended operations. However, the Company can provide no
assurance that its coverage will adequately protect it against
liability from all potential consequences, damages and losses
related to the Incident.
In response to the Incident, all operations have
been suspended and the pipeline has been shut-in until the Company
receives the required regulatory approvals to begin operations. At
present, given that the pipeline to shore is not operational, no
operations are underway in the Beta field.
Key Financial Results
During the third quarter of 2021, Amplify
generated $27.1 million of Adjusted EBITDA, an increase of
approximately $3.3 million from $23.8 million in the prior quarter.
Third quarter Adjusted EBITDA exceeded internal projections as a
result of production outperformance and strong price
realizations.
Free cash flow, defined as Adjusted EBITDA less
cash interest and capital spending, was $13.1 million in the third
quarter of 2021, a quarter-over-quarter increase of approximately
$3.6 million. The positive change was primarily associated with
production outperformance and higher net pricing realizations
overall.
|
|
|
|
|
|
Third Quarter |
Second Quarter |
$ in millions |
|
2021 |
2021 |
Net income (loss) |
|
($13.5 |
) |
($35.0 |
) |
Net cash provided by operating activities |
|
$18.9 |
|
$20.8 |
|
Average daily production (MBoe/d) |
|
25.1 |
|
25.3 |
|
Total revenues |
|
$97.0 |
|
$80.4 |
|
Adjusted EBITDA (a non-GAAP financial measure) |
$27.1 |
|
$23.8 |
|
Total capital |
|
$10.5 |
|
$10.9 |
|
Free Cash Flow (a non-GAAP financial measure) |
$13.1 |
|
$9.5 |
|
|
|
|
|
Revolving Credit Facility
On November 10, 2021, the Company completed the
regularly scheduled semi-annual redetermination of its revolving
credit facility borrowing base and entered into an amendment to its
credit agreement. The redetermination reaffirmed the borrowing base
at $245 million. Beginning in February 2022, the borrowing base
will be reduced by $5 million per month until the spring borrowing
base redetermination, which is expected to be completed by April
2022.
As of September 30, 2021, Amplify had net debt
of $204 million, consisting of $230 million outstanding under its
revolving credit facility and $26 million of cash on hand. Net Debt
to LTM EBITDA was 2.1x (net debt as of September 30, 2021 and 3Q21
LTM EBITDA).
Corporate Production and Pricing
Update
During the third quarter of 2021, average daily
production was approximately 25.1 MBoepd, a decrease of 1% from
25.3 MBoepd in the second quarter. Production exceeded internal
expectations during the quarter, driven primarily by the
low-decline profile of the Company’s East Texas assets and the
successful workover program in Oklahoma.
The Company’s commodity product mix for the
quarter consisted of 41% crude oil, 16% NGLs, and 43% natural gas.
On a quarter-over-quarter basis, Amplify’s oil composition
increased by approximately 3%.
Total oil, natural gas and NGL revenues in the
third quarter of 2021 were approximately $96.8 million, before the
impact of derivatives, compared to $80.3 million in the second
quarter. The Company realized a loss on commodity derivatives of
$18.5 million during the quarter, compared to a $12.7 million loss
during the previous quarter, consisting of $22.6 million in
realized losses from active contracts, partially offset by a $4.1
million gain from in-the-money contracts related to the third
quarter of 2021 that were monetized in April 2020. The hedging loss
experienced during this quarter was primarily attributed to the
hedges placed earlier in 2020 when the commodity pricing
environment was materially lower and highlights the substantial
recovery in prices in 2021.
The following table sets forth information
regarding average realized sales prices for the periods
indicated:
|
|
Crude Oil |
NGLs |
Natural Gas |
|
|
|
Three Months Ended September 30, 2021 |
|
Three Months Ended June 30, 2021 |
|
Three Months Ended September 30, 2021 |
|
Three Months Ended June 30, 2021 |
|
Three Months Ended September 30, 2021 |
|
Three Months Ended June 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average sales price exclusive of realized derivatives |
|
$ |
67.30 |
|
|
$ |
62.47 |
|
|
$ |
34.11 |
|
|
$ |
25.69 |
|
|
$ |
3.88 |
|
|
$ |
2.65 |
|
|
Realized derivatives |
|
|
(16.37 |
) |
|
|
(16.75 |
) |
|
|
(2.48 |
) |
|
|
(1.12 |
) |
|
|
(1.05 |
) |
|
|
(0.21 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average sales price with realized derivatives exclusive of certain
deductions from revenue |
|
$ |
50.93 |
|
|
$ |
45.72 |
|
|
$ |
31.63 |
|
|
$ |
24.57 |
|
|
$ |
2.83 |
|
|
$ |
2.44 |
|
|
Certain deductions from revenue |
|
|
- |
|
|
|
- |
|
|
|
(2.06 |
) |
|
|
(1.60 |
) |
|
|
(0.25 |
) |
|
|
(0.22 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average sales price inclusive of realized derivatives and certain
deductions from revenue |
|
$ |
50.93 |
|
|
$ |
45.72 |
|
|
$ |
29.57 |
|
|
$ |
22.97 |
|
|
$ |
2.58 |
|
|
$ |
2.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and Expenses
Lease operating expenses in the third quarter of
2021 were approximately $34.5 million, or $14.92 per Boe, an
increase of approximately $5.8 million compared to $28.7 million,
or $12.46 per Boe, from the second quarter of 2021. The increase
was largely attributable to previously disclosed Level II and Level
III platform inspections at Beta, accelerated facility maintenance
projects at Bairoil, and increased electricity and fuel costs
across all assets. Amplify remains committed to the disciplined
management of operating expenses, and the asset teams continue to
explore additional methods of reducing costs moving forward.
Severance and Ad Valorem taxes in the third
quarter were approximately $6.0 million, an increase of $0.9
million compared to $5.1 million in the second quarter. On a
percentage basis, Amplify paid approximately 6.2% of total oil, NGL
and natural gas sales revenue in taxes this quarter compared to
6.3% in the previous quarter.
Amplify incurred $5.0 million, or $2.18 per Boe,
of gathering, processing and transportation expenses in the third
quarter of 2021, compared to $5.1 million, or $2.20 per Boe, in the
previous quarter.
Third quarter cash G&A expenses were $5.8
million, an increase of $0.8 million from the second quarter of
2021, primarily due to increased employee-related expenses.
Depreciation, depletion and amortization expense
for the third quarter of 2021 totaled $7.0 million, or $3.03 per
Boe, compared to $7.4 million, or $3.21 per Boe, in the prior
quarter.
Net interest expense was $3.1 million this
quarter, held flat from the second quarter of 2021.
Amplify had an effective tax rate of 0% and did
not record an income tax expense or benefit for the third quarter
of 2021.
Capital Spending Update and
Outlook
Cash capital spending during the third quarter
of 2021 was approximately $10.5 million, a $0.4 million decrease
from $10.9 million in the second quarter. The majority of capital
expenditures in the third quarter were primarily attributed to
development projects at Beta, the workover program in Oklahoma, and
facilities upgrades and workovers at Bairoil.
The following table details Amplify’s capital
incurred during the quarter and year-to-date:
|
|
Third Quarter |
|
|
Year to Date |
|
|
|
2021 Capital |
|
|
Capital |
|
|
|
Spend ($MM) |
|
|
Spend ($MM) |
|
Oklahoma |
|
$ |
2.7 |
|
|
$ |
7.5 |
|
Rockies (Bairoil) |
|
$ |
1.0 |
|
|
$ |
3.8 |
|
Southern California (Beta) |
|
$ |
6.5 |
|
|
$ |
11.1 |
|
East Texas / North Louisiana |
|
$ |
0.0 |
|
|
$ |
0.0 |
|
Eagle Ford (Non-Op) |
|
$ |
0.3 |
|
|
$ |
4.9 |
|
Total Capital Spent |
|
$ |
10.5 |
|
|
$ |
27.3 |
|
Asset Operational Update and
Statistics
Oklahoma:
-
Production: 614 MBoe; 6.7 MBoepd
-
Commodity Mix: 22% oil, 27% NGLs, 51% natural gas
-
LOE: $4.2 million; $6.84 per Boe
- Capex:
$2.7 million
Amplify’s operating strategy in Oklahoma remains
focused on prioritizing a stable free cash flow profile and
managing production through an active workover program. The
workover program is focused on rod-lift conversions and ESP
optimizations, which reduce future operating expenses and downtime
while generating attractive returns in the current pricing
environment. As of September 30, Amplify has converted
approximately 48% of the field to rod lift and anticipates having
approximately 51% of the field converted to rod lift by year
end.
Rockies (Bairoil):
-
Production: 341 MBoe; 3.7 MBoepd
-
LOE: $12.0 million; $35.12 per Boe
- Capex:
$1.0 million
The Company continued its CO2 injection and
water-alternating-gas pattern optimization at Bairoil to improve
production performance. The third quarter of 2021 delivered strong
operational reliability of the production facilities, and the
technical team continued extensive evaluation of the reservoir to
facilitate these efforts. Amplify intends to continue using new
technologies, along with targeted workover activity, to drive
further operational improvements and efficiencies.
Southern California (Beta):
-
Production: 337 MBoe; 3.7 MBoepd
-
LOE: $12.1 million; $35.94 per Boe
- Capex:
$6.5 million
During the third quarter, Amplify completed the
first project of its previously announced phased development
program, a case hole recompletion, and preliminary results were
being evaluated prior to shutting in the field in response to the
Incident. Lease operating expenses increased quarter over quarter
primarily due to higher fuel and electrical costs associated with
rising commodity prices. In addition, the aforementioned Level II
and Level III inspections were completed during the quarter ahead
of schedule.
East Texas and North Louisiana:
-
Production: 5.5 Bcfe; 59.4 MMcfepd (911 MBoe; 9.9 MBoepd)
-
Commodity Mix: 5% oil, 20% NGLs, 75% natural gas
-
LOE: $4.9 million; $0.90 per Mcfe ($5.37 per Boe)
- Capex:
Less than $0.1 million
The East Texas asset remains one of the
Company’s highest margin and best cash flowing areas. Amplify’s
operating strategy continues to focus on prudent management of
production by prioritizing high-return workover opportunities. The
Company also anticipates participating in highly accretive
non-operated development opportunities beginning in the fourth
quarter of 2021, which will provide additional cash flow generation
starting in 2022.
Non-Operated Eagle Ford:
-
Production: 108 MBoe; 1.2 MBoepd
-
Commodity Mix: 77% oil, 13% NGLs, 10% natural gas
-
LOE: $1.3 million; $11.95 per Boe
- Capex:
$0.3 million
Eagle Ford production outperformed during the
third quarter of 2021 as wells placed online earlier in the year
generally exceeded their internal type curves. Amplify’s Eagle Ford
asset continues to generate substantial margins and free cash
flow.
2021 Guidance Update
As previously disclosed, all of the Company’s
production and pipeline operations at the Beta Field have been
suspended due to the oil spill in Southern California. As a result,
Amplify is withdrawing its previously issued full-year 2021
guidance.
Hedging Update
The following table reflects the hedged volumes
under Amplify’s commodity derivative contracts and the average
fixed, floor and ceiling prices at which production is hedged for
October 2021 through December 2023, as of November 15, 2021:
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
|
|
2022 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
Natural Gas Swaps: |
|
|
|
|
|
|
|
Average Monthly Volume (MMBtu) |
|
|
970,000 |
|
|
|
695,000 |
|
|
|
Weighted Average Fixed Price ($) |
|
$ |
2.49 |
|
|
$ |
2.56 |
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Collars: |
|
|
|
|
|
|
|
Two-way collars |
|
|
|
|
|
|
|
Average Monthly Volume (MMBtu) |
|
|
830,000 |
|
|
|
775,000 |
|
|
270,000 |
|
Weighted Average Ceiling Price ($) |
|
$ |
3.28 |
|
|
$ |
3.44 |
|
$ |
3.28 |
|
Weighted Average Floor Price ($) |
|
$ |
2.06 |
|
|
$ |
2.56 |
|
$ |
2.50 |
|
|
|
|
|
|
|
|
|
Natural Gas Basis Swaps: |
|
|
|
|
|
|
|
Average Monthly Volume (MMBtu) |
|
|
500,000 |
|
|
|
|
|
|
Weighted Average Spread ($) |
|
$ |
(0.40 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil Swaps: |
|
|
|
|
|
|
|
Average Monthly Volume (Bbls) |
|
|
124,166 |
|
|
|
99,000 |
|
|
55,000 |
|
Weighted Average Fixed Price ($) |
|
$ |
37.16 |
|
|
$ |
55.68 |
|
$ |
57.30 |
|
|
|
|
|
|
|
|
|
Oil Collars: |
|
|
|
|
|
|
|
Two-way collars |
|
|
|
|
|
|
|
Average Monthly Volume (Bbls) |
|
|
|
|
22,500 |
|
|
|
Weighted Average Ceiling Price ($) |
|
|
|
$ |
67.42 |
|
|
|
Weighted Average Floor Price ($) |
|
|
|
$ |
58.33 |
|
|
|
|
|
|
|
|
|
|
|
Three-way collars |
|
|
|
|
|
|
|
Average Monthly Volume (Bbls) |
|
|
72,500 |
|
|
|
89,000 |
|
|
30,000 |
|
Weighted Average Ceiling Price ($) |
|
$ |
50.36 |
|
|
$ |
55.55 |
|
$ |
67.15 |
|
Weighted Average Floor Price ($) |
|
$ |
40.00 |
|
|
$ |
42.92 |
|
$ |
55.00 |
|
Weighted Average Sub-Floor Price ($) |
|
$ |
30.00 |
|
|
$ |
32.58 |
|
$ |
40.00 |
|
|
|
|
|
|
|
|
|
NGL Swaps: |
|
|
|
|
|
|
|
Average Monthly Volume (Bbls) |
|
|
20,300 |
|
|
|
|
|
|
Weighted Average Fixed Price ($) |
|
$ |
23.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2021, which Amplify expects to
file with the Securities and Exchange Commission on November 15,
2021.
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.
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 free cash flow is net cash provided by
operating activities.
Contacts
Jason McGlynn – Chief Financial Officer(832)
219-9055jason.mcglynn@amplifyenergy.com
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, 2021 |
|
June 30, 2021 |
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
Oil and natural gas sales |
|
$ |
96,841 |
|
|
$ |
80,338 |
|
|
|
Other revenues |
|
|
160 |
|
|
|
55 |
|
|
|
Total revenues |
|
|
97,001 |
|
|
|
80,393 |
|
|
|
|
|
|
|
|
|
|
Costs and Expenses: |
|
|
|
|
|
|
Lease operating expense |
|
|
34,486 |
|
|
|
28,653 |
|
|
|
Gathering, processing and transportation |
|
|
5,047 |
|
|
|
5,050 |
|
|
|
Exploration |
|
|
9 |
|
|
|
7 |
|
|
|
Taxes other than income |
|
|
6,024 |
|
|
|
5,071 |
|
|
|
Depreciation, depletion and amortization |
|
|
7,000 |
|
|
|
7,389 |
|
|
|
General and administrative expense |
|
|
6,448 |
|
|
|
6,030 |
|
|
|
Accretion of asset retirement obligations |
|
|
1,665 |
|
|
|
1,638 |
|
|
|
Realized (gain) loss on commodity derivatives |
|
22,595 |
|
|
|
16,855 |
|
|
|
Unrealized (gain) loss on commodity derivatives |
|
24,058 |
|
|
|
47,043 |
|
|
|
Other, net |
|
|
- |
|
|
|
5 |
|
|
|
Total costs and expenses |
|
|
107,332 |
|
|
|
117,741 |
|
|
|
|
|
|
|
|
|
|
Operating Income (loss) |
|
|
(10,331 |
) |
|
|
(37,348 |
) |
|
|
|
|
|
|
|
|
|
Other Income (Expense): |
|
|
|
|
|
|
Interest expense, net |
|
|
(3,078 |
) |
|
|
(3,137 |
) |
|
|
Other income (expense) |
|
|
(61 |
) |
|
|
(54 |
) |
|
|
Gain on extinguishment of debt |
|
|
- |
|
|
|
5,516 |
|
|
|
Total Other Income (Expense) |
|
|
(3,139 |
) |
|
|
2,325 |
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before reorganization items, net and income
taxes |
|
(13,470 |
) |
|
|
(35,023 |
) |
|
|
|
|
|
|
|
|
|
Reorganization items, net |
|
|
- |
|
|
|
- |
|
|
Income tax benefit (expense) |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(13,470 |
) |
|
$ |
(35,023 |
) |
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
Basic and diluted earnings (loss) per share |
|
$ |
(0.35 |
) |
|
$ |
(0.92 |
) |
|
Selected Financial Data - Unaudited |
|
|
|
|
|
Operating Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Three Months |
|
|
|
|
|
Ended |
|
Ended |
|
(Amounts in $000s, except per share data) |
|
September 30, 2021 |
|
June 30, 2021 |
|
|
|
|
|
|
|
|
|
Oil and natural gas revenue: |
|
|
|
|
|
|
Oil Sales |
|
$ |
63,172 |
|
$ |
56,510 |
|
|
NGL Sales |
|
|
11,839 |
|
|
8,876 |
|
|
Natural Gas Sales |
|
|
21,830 |
|
|
14,952 |
|
|
Total oil and natural gas sales - Unhedged |
$ |
96,841 |
|
$ |
80,338 |
|
|
|
|
|
|
|
|
|
Production volumes: |
|
|
|
|
|
|
Oil Sales - MBbls |
|
|
939 |
|
|
905 |
|
|
NGL Sales - MBbls |
|
|
369 |
|
|
368 |
|
|
Natural Gas Sales - MMcf |
|
|
6,023 |
|
|
6,161 |
|
|
Total - MBoe |
|
|
2,312 |
|
|
2,300 |
|
|
Total - MBoe/d |
|
|
25.1 |
|
|
25.3 |
|
|
|
|
|
|
|
|
|
Average sales price (excluding commodity
derivatives): |
|
|
|
|
|
Oil - per Bbl |
|
$ |
67.30 |
|
$ |
62.47 |
|
|
NGL - per Bbl |
|
$ |
32.05 |
|
$ |
24.09 |
|
|
Natural gas - per Mcf |
|
$ |
3.62 |
|
$ |
2.43 |
|
|
Total - per Boe |
|
$ |
41.89 |
|
$ |
34.93 |
|
|
|
|
|
|
|
|
|
Average unit costs per Boe: |
|
|
|
|
|
|
Lease operating expense |
|
$ |
14.92 |
|
$ |
12.46 |
|
|
Gathering, processing and transportation |
|
$ |
2.18 |
|
$ |
2.20 |
|
|
Taxes other than income |
|
$ |
2.61 |
|
$ |
2.20 |
|
|
General and administrative expense |
|
$ |
2.79 |
|
$ |
2.62 |
|
|
Depletion, depreciation, and amortization |
|
$ |
3.03 |
|
$ |
3.21 |
|
Selected Financial Data - Unaudited |
|
|
|
|
|
Balance Sheet Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in $000s, except per share data) |
|
September 30, 2021 |
|
June 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
$ |
72,832 |
|
|
$ |
67,367 |
|
|
Property and equipment, net |
|
|
322,871 |
|
|
|
319,219 |
|
|
Total assets |
|
|
405,917 |
|
|
|
395,325 |
|
|
Total current liabilities |
|
|
142,098 |
|
|
|
122,672 |
|
|
Long-term debt |
|
|
230,000 |
|
|
|
235,000 |
|
|
Total liabilities |
|
|
506,068 |
|
|
|
482,700 |
|
|
Total equity |
|
|
(100,151 |
) |
|
|
(87,375 |
) |
|
Selected Financial Data - Unaudited |
|
|
|
|
|
Statements of Cash Flows Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Three Months |
|
|
|
|
|
Ended |
|
Ended |
|
(Amounts in $000s, except per share data) |
|
September 30, 2021 |
|
June 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
$ |
18,884 |
|
|
$ |
20,845 |
|
|
Net cash provided by (used in) investing activities |
|
(11,678 |
) |
|
|
(7,459 |
) |
|
Net cash provided by (used in) financing activities |
|
(5,012 |
) |
|
|
(15,037 |
) |
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, 2021 |
|
June 30, 2021 |
|
|
|
|
|
|
|
Reconciliation of Adjusted EBITDA to Net Cash Provided from
Operating Activities: |
|
|
|
Net cash provided by operating activities |
|
$ |
18,884 |
|
|
$ |
20,845 |
|
|
Changes in working capital |
|
|
783 |
|
|
|
(4,526 |
) |
|
Interest expense, net |
|
|
3,078 |
|
|
|
3,137 |
|
|
Gain (loss) on interest rate swaps |
|
|
(47 |
) |
|
|
(18 |
) |
|
Cash settlements paid (received) on interest rate swaps |
|
485 |
|
|
|
476 |
|
|
Amortization of gain associated with terminated commodity
derivatives |
|
4,066 |
|
|
|
4,166 |
|
|
Amortization and write-off of deferred financing fees |
|
(133 |
) |
|
|
(221 |
) |
|
Exploration costs |
|
|
9 |
|
|
|
7 |
|
|
Acquisition and divestiture related costs |
|
|
- |
|
|
|
7 |
|
|
Plugging and abandonment cost |
|
|
- |
|
|
|
5 |
|
|
Other |
|
|
(45 |
) |
|
|
(31 |
) |
Adjusted EBITDA: |
|
$ |
27,080 |
|
|
$ |
23,847 |
|
|
|
|
|
|
|
|
Reconciliation of Free Cash Flow to Net Cash Provided from
Operating Activities: |
|
|
Adjusted EBITDA: |
|
$ |
27,080 |
|
|
$ |
23,847 |
|
|
Less: Cash interest expense |
|
|
3,402 |
|
|
|
3,440 |
|
|
Less: Capital expenditures |
|
|
10,539 |
|
|
|
10,941 |
|
Free Cash Flow: |
|
$ |
13,139 |
|
|
$ |
9,466 |
|
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, 2021 |
|
June 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted EBITDA to Net Income
(Loss): |
|
|
|
|
Net income (loss) |
|
$ |
(13,470 |
) |
|
$ |
(35,023 |
) |
|
Interest expense, net |
|
|
3,078 |
|
|
|
3,137 |
|
|
Gain (loss) on early extinguishment of debt |
|
|
- |
|
|
|
(5,516 |
) |
|
Depreciation, depletion and amortization |
|
|
7,000 |
|
|
|
7,389 |
|
|
Accretion of asset retirement obligations |
|
|
1,665 |
|
|
|
1,638 |
|
|
(Gains) losses on commodity derivatives |
|
|
46,653 |
|
|
|
63,898 |
|
|
Cash settlements received (paid) on expired commodity derivative
instruments |
|
|
|
(22,595 |
) |
|
|
(16,855 |
) |
|
Amortization of gain associated with terminated commodity
derivatives |
|
4,066 |
|
|
|
4,166 |
|
|
Acquisition and divestiture related costs |
|
|
- |
|
|
|
7 |
|
|
Share-based compensation expense |
|
|
676 |
|
|
|
903 |
|
|
Exploration costs |
|
|
9 |
|
|
|
7 |
|
|
Loss on settlement of AROs |
|
|
- |
|
|
|
5 |
|
|
Bad debt expense |
|
|
14 |
|
|
|
91 |
|
|
Secondary offering expenses |
|
|
(16 |
) |
|
|
- |
|
Adjusted EBITDA: |
|
$ |
27,080 |
|
|
$ |
23,847 |
|
|
|
|
|
|
|
|
Reconciliation of Free Cash Flow to Net Income
(Loss): |
|
|
|
Adjusted EBITDA: |
|
$ |
27,080 |
|
|
$ |
23,847 |
|
|
Less: Cash
interest expense |
|
|
3,402 |
|
|
|
3,440 |
|
|
Less: Capital
expenditures |
|
|
10,539 |
|
|
|
10,941 |
|
Free Cash Flow: |
|
$ |
13,139 |
|
|
$ |
9,466 |
|
|
|
|
|
|
|
|
Amplify Energy (NYSE:AMPY)
Graphique Historique de l'Action
De Fév 2024 à Mar 2024
Amplify Energy (NYSE:AMPY)
Graphique Historique de l'Action
De Mar 2023 à Mar 2024