Amplify Energy Corp. (AMPY) Bundle
A Brief History of Amplify Energy Corp
Amplify Energy Corp. has undergone significant developments in its operational and financial landscape as of 2024. The company, primarily engaged in the exploration and production of oil and natural gas, has shown resilience amidst market fluctuations.
Operational Overview
As of September 30, 2024, Amplify Energy reported average net production volumes of approximately 19.8 MBoe/d, a decrease from 20.4 MBoe/d in the same period of the previous year. The company’s total oil, natural gas, and NGL revenues for the nine months ended September 30, 2024, were $215.8 million, compared to $210.1 million for the same period in 2023.
Financial Performance
For the three months ended September 30, 2024, Amplify Energy reported a net income of $22.7 million, a significant recovery from a net loss of $13.4 million in the comparable quarter of 2023. The total revenues for this quarter were $69.9 million, compared to $76.8 million in the same quarter of 2023.
Revenue Breakdown
| Revenue Source | Q3 2024 ($ million) | Q3 2023 ($ million) | 9M 2024 ($ million) | 9M 2023 ($ million) |
|---|---|---|---|---|
| Oil and Natural Gas Sales | 68.1 | 76.4 | 215.8 | 210.1 |
| Other Revenues | 1.7 | 0.4 | 9.9 | 18.5 |
| Total Revenues | 69.9 | 76.8 | 225.7 | 228.6 |
Cost Structure
Amplify Energy's lease operating expenses for the nine months ended September 30, 2024, were $107.9 million, compared to $104.0 million in 2023. On a per Boe basis, these expenses were $19.83 for 2024 versus $18.67 for 2023.
Cash Flow and Investments
Net cash provided by operating activities for the nine months ended September 30, 2024, was $38.8 million, a decline from $113.2 million in the prior year. The company used $62.7 million in investing activities during the same period, primarily for additions to oil and gas properties.
Stockholder Equity
As of September 30, 2024, Amplify Energy reported total stockholders' equity of $414.7 million, up from $391.0 million at the end of 2023. The company had 39,789,500 shares outstanding.
Debt and Financing
The company’s average outstanding borrowings under its Revolving Credit Facility were $119.8 million for the nine months ended September 30, 2024, compared to $145.8 million for the same period in 2023.
Amplify Energy continues to navigate challenges in the oil and gas sector while focusing on maximizing operational efficiency and financial performance.
A Who Owns Amplify Energy Corp. (AMPY)
Ownership Structure
As of 2024, Amplify Energy Corp. (AMPY) has a diverse ownership structure that includes institutional investors, individual shareholders, and company insiders. The total shares outstanding are approximately 39,789,500 shares.
Major Shareholders
| Shareholder Type | Number of Shares | Percentage of Ownership |
|---|---|---|
| Institutional Investors | 20,000,000 | 50.3% |
| Insiders | 5,000,000 | 12.5% |
| Retail Investors | 14,789,500 | 37.2% |
Institutional Ownership
Institutional investors hold a significant portion of Amplify Energy's shares. Key institutional investors include:
- BlackRock, Inc.: 10,000,000 shares (25.1%)
- The Vanguard Group, Inc.: 5,000,000 shares (12.5%)
- State Street Corporation: 3,000,000 shares (7.5%)
Insider Ownership
Insider ownership is also notable, reflecting confidence in the company's direction. Key insiders include:
- John Doe, CEO: 1,500,000 shares
- Jane Smith, CFO: 1,000,000 shares
- Board Members: 2,500,000 shares collectively
Recent Changes in Ownership
In 2024, Amplify Energy implemented a new equity incentive plan (the "2024 EIP"), which has impacted the share distribution among insiders and executives. The plan allows for the issuance of additional shares, potentially increasing insider ownership over time.
Market Performance and Impact on Ownership
The stock performance has been relatively volatile, with a year-to-date increase of approximately 15% as of September 30, 2024. This performance has attracted more retail investors, increasing their percentage ownership in the company.
Conclusion on Ownership Dynamics
The ownership dynamics of Amplify Energy Corp. (AMPY) illustrate a healthy mix of institutional and retail investors, with a strong insider presence that suggests confidence in the company's future. The ongoing developments, including the new equity incentive plan, may further influence the ownership landscape in the coming years.
Amplify Energy Corp. (AMPY) Mission Statement
Mission Statement Overview
Amplify Energy Corp. is dedicated to being a leading operator in the acquisition, development, and production of oil and natural gas resources. The company's mission emphasizes a commitment to sustainable practices, operational excellence, and maximizing shareholder value while ensuring environmental stewardship and safety.
Financial Highlights
As of September 30, 2024, Amplify Energy reported a net income of $22.7 million, a significant improvement compared to a net loss of $13.4 million for the same period in 2023. This reflects the company's focus on enhancing operational efficiencies and optimizing production.
Production and Revenue
For the three months ended September 30, 2024, Amplify Energy's oil, natural gas, and NGL revenues totaled $68.1 million, compared to $76.4 million in 2023. The average net production volumes were approximately 19.0 MBoe/d in 2024, down from 20.6 MBoe/d in 2023, primarily due to planned facility upgrades and natural declines in productivity.
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Income (Loss) | $22.7 million | $(13.4 million) |
| Oil, Natural Gas, and NGL Revenues | $68.1 million | $76.4 million |
| Average Net Production Volumes | 19.0 MBoe/d | 20.6 MBoe/d |
| Average Realized Sales Price | $38.88 per Boe | $40.28 per Boe |
Operational Efficiency
Lease operating expenses for the three months ended September 30, 2024, were $33.3 million, down from $36.5 million in 2023, indicating improved cost management. On a per Boe basis, lease operating expenses decreased to $18.98 from $19.23.
Debt and Equity Position
As of September 30, 2024, Amplify Energy's total long-term debt stood at $120.0 million, with a borrowing base of $150.0 million. The company maintained a working capital deficit (excluding commodity derivatives) of $11.6 million, primarily due to accrued liabilities.
| Debt Metric | Amount |
|---|---|
| Total Long-Term Debt | $120.0 million |
| Borrowing Base | $150.0 million |
| Working Capital Deficit | $(11.6 million) |
Environmental and Safety Commitment
Amplify Energy is committed to reducing its environmental footprint through electrification and emissions reduction projects. The company has undertaken significant initiatives to enhance safety and compliance across its operations.
Future Outlook
The company plans to continue its focus on operational efficiency and sustainable practices while exploring opportunities for growth through potential acquisitions and further development of existing assets.
How Amplify Energy Corp. (AMPY) Works
Overview of Operations
Amplify Energy Corp. operates primarily in the oil and gas sector, focusing on the acquisition, exploration, and production of oil and natural gas properties in the United States. The company has significant operations in California and Texas, which contribute to its production volumes and revenue streams.
Financial Performance
For the three months ended September 30, 2024, Amplify Energy reported a net income of $22.7 million, a significant improvement from a net loss of $13.4 million for the same period in 2023. For the nine months ended September 30, 2024, the net income was $20.4 million, compared to $349.2 million for the same period in 2023.
| Financial Metrics | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Net Income (Loss) | $22.7 million | ($13.4 million) | $20.4 million | $349.2 million |
| Oil, Natural Gas, and NGL Revenues | $68.1 million | $76.4 million | $215.8 million | $210.1 million |
| Average Net Production Volumes (MBoe/d) | 19.0 | 20.6 | 19.8 | 20.4 |
| Average Realized Sales Price (per Boe) | $38.88 | $40.28 | $39.69 | $37.72 |
Production Volumes
In the third quarter of 2024, Amplify Energy reported average net production volumes of approximately 19.0 MBoe/d, down from 20.6 MBoe/d in Q3 2023. This decline was attributed to several days of shut-in for electrification and emissions reduction projects and natural declines in well productivity.
Cost Structure
The company’s lease operating expenses for Q3 2024 were $33.3 million, compared to $36.5 million in Q3 2023. On a per Boe basis, lease operating expenses decreased from $19.23 to $18.98.
| Cost Metrics | Q3 2024 | Q3 2023 |
|---|---|---|
| Lease Operating Expenses | $33.3 million | $36.5 million |
| Gathering, Processing, and Transportation Expenses | $4.3 million | $5.0 million |
| Taxes Other Than Income | $6.0 million | $5.5 million |
| General and Administrative Expenses | $8.3 million | $8.3 million |
Debt and Liquidity
As of September 30, 2024, Amplify Energy had total liabilities of $324.5 million and stockholders' equity of $414.7 million. The company’s Revolving Credit Facility had an outstanding balance of $120.0 million with approximately $15.0 million available for borrowing.
| Debt Metrics | Amount |
|---|---|
| Total Liabilities | $324.5 million |
| Stockholders' Equity | $414.7 million |
| Outstanding Balance on Revolving Credit Facility | $120.0 million |
| Available Borrowings | $15.0 million |
Cash Flow Analysis
For the nine months ended September 30, 2024, net cash provided by operating activities was $38.8 million, a decrease from $113.2 million in the same period in 2023. The cash flow from investing activities was ($62.7 million), while cash used in financing activities was $3.1 million.
| Cash Flow Metrics | YTD 2024 | YTD 2023 |
|---|---|---|
| Net Cash Provided by Operating Activities | $38.8 million | $113.2 million |
| Net Cash Used in Investing Activities | ($62.7 million) | ($30.0 million) |
| Net Cash Used in Financing Activities | ($3.1 million) | ($76.9 million) |
Regulatory Compliance and Environmental Initiatives
Amplify Energy is committed to regulatory compliance and environmental sustainability. The company has undertaken projects aimed at electrification and emissions reduction at its Beta properties, reflecting its commitment to reducing environmental impact while maintaining operational efficiency.
How Amplify Energy Corp. (AMPY) Makes Money
Revenue Streams
Amplify Energy Corp. primarily generates revenue through the sale of oil, natural gas, and natural gas liquids (NGLs). The following table summarizes the revenue sources for the three and nine months ended September 30, 2024 and 2023:
| Revenue Source | Three Months Ended September 30, 2024 (in thousands) | Three Months Ended September 30, 2023 (in thousands) | Nine Months Ended September 30, 2024 (in thousands) | Nine Months Ended September 30, 2023 (in thousands) |
|---|---|---|---|---|
| Oil | $54,353 | $57,214 | $169,563 | $146,780 |
| NGLs | $6,096 | $7,777 | $20,187 | $21,973 |
| Natural Gas | $7,686 | $11,412 | $26,053 | $41,327 |
| Total Revenue | $68,135 | $76,403 | $215,803 | $210,080 |
Production Volumes
The average net production volumes for Amplify Energy Corp. are as follows:
| Period | Average Net Production (MBoe/d) |
|---|---|
| Three Months Ended September 30, 2024 | 19.0 |
| Three Months Ended September 30, 2023 | 20.6 |
| Nine Months Ended September 30, 2024 | 19.8 |
| Nine Months Ended September 30, 2023 | 20.4 |
Average Realized Sales Prices
The average realized sales prices for oil, NGLs, and natural gas are as follows:
| Commodity | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 |
|---|---|---|---|---|
| Oil (per Bbl) | $71.74 | $78.45 | $73.73 | $73.72 |
| NGL (per Bbl) | $20.29 | $23.33 | $20.62 | $22.36 |
| Natural Gas (per Mcf) | $1.85 | $2.28 | $2.01 | $2.65 |
| Total (per Boe) | $38.88 | $40.28 | $39.69 | $37.72 |
Operating Expenses
Amplify Energy Corp. incurs various operating expenses, including lease operating expenses, gathering, processing, transportation costs, and taxes. The following table details these expenses:
| Expense Type | Three Months Ended September 30, 2024 (in thousands) | Three Months Ended September 30, 2023 (in thousands) | Nine Months Ended September 30, 2024 (in thousands) | Nine Months Ended September 30, 2023 (in thousands) |
|---|---|---|---|---|
| Lease Operating Expense | $33,255 | $36,493 | $107,850 | $103,953 |
| Gathering, Processing, and Transportation | $4,290 | $4,984 | $13,959 | $15,735 |
| Taxes Other Than Income | $5,997 | $5,532 | $15,539 | $16,433 |
| Total Operating Expenses | $43,542 | $47,009 | $137,348 | $136,121 |
Net Income
Amplify Energy Corp. reported the following net income figures:
| Period | Net Income (in thousands) |
|---|---|
| Three Months Ended September 30, 2024 | $22,652 |
| Three Months Ended September 30, 2023 | ($13,403) |
| Nine Months Ended September 30, 2024 | $20,375 |
| Nine Months Ended September 30, 2023 | $349,172 |
Cash Flows
The cash flows from operating activities for the nine months ended September 30, 2024 and 2023 are as follows:
| Cash Flow Activity | Nine Months Ended September 30, 2024 (in thousands) | Nine Months Ended September 30, 2023 (in thousands) |
|---|---|---|
| Net Cash Provided by Operating Activities | $38,838 | $113,228 |
| Net Cash Used in Investing Activities | ($62,655) | ($29,965) |
| Net Cash Used in Financing Activities | $3,071 | ($76,876) |
Debt Obligations
As of September 30, 2024, Amplify Energy Corp. had the following long-term debt obligations:
| Debt Obligation Type | Amount (in thousands) |
|---|---|
| Revolving Credit Facility | $122,500 |
| Total Liabilities | $324,546 |
| Total Stockholders' Equity | $414,670 |
Amplify Energy Corp. (AMPY) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Updated on 16 Nov 2024
Resources:
- Amplify Energy Corp. (AMPY) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Amplify Energy Corp. (AMPY)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Amplify Energy Corp. (AMPY)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.