Mission Statement, Vision, & Core Values (2024) of Amplify Energy Corp. (AMPY)

An Overview of Amplify Energy Corp. (AMPY)

An Overview of Amplify Energy Corp. (AMPY)

General Summary of the Company

Amplify Energy Corp. (NYSE: AMPY) is a publicly traded company focused on the acquisition, development, and production of oil and natural gas properties. The company primarily operates in the continental United States, with significant assets located in regions such as Oklahoma, the Rockies, federal waters offshore Southern California (Beta), East Texas/North Louisiana, and the Eagle Ford region. Amplify Energy's properties consist mainly of operated and non-operated working interests in producing and undeveloped leasehold acreage.

Founded in 2018, Amplify Energy has been actively involved in enhancing the performance of its assets through strategic investments and operational efficiencies. As of 2024, the company continues to expand its market presence, leveraging its expertise in energy resources to deliver value to its stakeholders. The company reported total sales of approximately $225.7 million for the nine months ended September 30, 2024.

Company's Financial Performance in the Latest Financial Reports

In the latest financial reports, Amplify Energy demonstrated a notable financial performance amid challenging market conditions. For the nine months ended September 30, 2024, the company reported:

• Net Income: $20.4 million compared to $349.2 million for the same period in 2023.
• Oil, Natural Gas, and NGL Revenues: $215.8 million, slightly up from $210.1 million year-over-year.
• Average Net Production Volumes: Approximately 19.8 MBoe/d, down from 20.4 MBoe/d in the previous year.
• Average Realized Sales Prices: $39.69 per Boe compared to $37.72 per Boe in 2023.
• Lease Operating Expenses: $107.9 million for the nine months, with a per Boe cost of $19.83.

For the third quarter of 2024, Amplify reported:

• Net Income: $22.7 million, a recovery from a net loss of $13.4 million in Q3 2023.
• Total Revenues: $69.9 million versus $76.8 million in Q3 2023.
• General and Administrative Expenses: $8.3 million, unchanged from the previous year.

Overall, while the company faced a decline in production volumes, it managed to maintain stable revenue figures and improve its profitability metrics, showcasing resilience in its operations.

Introduction to Company as One of the Leading Companies in the Industry

Amplify Energy Corp. is recognized as a leader in the oil and natural gas sector, particularly in its operational areas of focus. The company has strategically positioned itself to capitalize on the evolving energy landscape, emphasizing sustainability and efficiency in its operations. With a commitment to operational excellence and a robust asset portfolio, Amplify Energy continues to attract investor interest and stakeholder confidence.

The company's proactive approach in navigating market challenges has been pivotal in maintaining its competitive edge, making it a significant player in the energy industry. To understand more about Amplify Energy's strategies and performance, further exploration of its operations and market positioning is encouraged.

Mission Statement of Amplify Energy Corp. (AMPY)

Mission Statement of Amplify Energy Corp. (AMPY)

Amplify Energy Corp. (AMPY) articulates its mission through a commitment to sustainable energy production, operational excellence, and community engagement. The mission statement serves as a guiding framework for the company's strategic objectives and daily operations, ensuring alignment with its long-term goals.

Core Component 1: Sustainable Energy Production

Amplify Energy emphasizes its dedication to sustainable energy practices. The company seeks to balance economic growth with environmental stewardship by implementing innovative technologies and practices that minimize environmental impact. For instance, the Beta oil platform has integrated electrification and emissions reduction technologies, which not only enhance operational efficiency but also reduce carbon emissions. In 2024, the average realized sales price for oil was $71.74 per barrel, reflecting the company's ability to adapt to market conditions while maintaining sustainable practices.

Core Component 2: Operational Excellence

Operational excellence is a cornerstone of Amplify Energy's mission. The company strives to achieve high performance in its operations through continuous improvement and efficiency initiatives. For example, the average net production volume for the nine months ended September 30, 2024, was approximately 19.8 MBoe/d, with total revenues of $225.7 million. This performance underscores the effectiveness of their operational strategies, which include rigorous cost management and investment in advanced technologies.

Core Component 3: Community Engagement

Amplify Energy is committed to fostering strong community relationships and contributing to local economies. The company actively engages with stakeholders to ensure that its operations benefit the communities in which it operates. For instance, Amplify has allocated resources for community development initiatives and environmental restoration projects. In 2024, the company reported general and administrative expenses of $26.4 million, which included investments in community engagement and corporate social responsibility programs.

By focusing on these core components—sustainable energy production, operational excellence, and community engagement—Amplify Energy Corp. positions itself as a forward-thinking leader in the energy sector, dedicated to making a positive impact while achieving its business objectives.

Vision Statement of Amplify Energy Corp. (AMPY)

Vision Statement Overview

The vision statement of Amplify Energy Corp. (AMPY) as of 2024 emphasizes its commitment to sustainable energy production while maintaining operational excellence and financial stability. This vision is driven by a focus on innovation, environmental stewardship, and community engagement.

Commitment to Sustainable Energy

Amplify Energy aims to lead in the transition to sustainable energy through responsible oil and gas production. The company recognizes the importance of environmental sustainability in its operations and is actively investing in technologies that reduce emissions and enhance energy efficiency.

Operational Excellence

Operational excellence is a cornerstone of Amplify's vision. The company strives to optimize its production processes to ensure maximum efficiency and profitability. In the third quarter of 2024, Amplify reported net production volumes of approximately 19.0 MBoe/d, reflecting a commitment to maintaining high operational standards despite challenges such as natural decline in well productivity and temporary shut-ins for electrification projects.

Financial Stability and Growth

Financial stability is critical to Amplify's vision. The company reported a net income of $22.7 million for the third quarter of 2024, a significant improvement compared to a net loss of $13.4 million in the same period of 2023. This turnaround illustrates Amplify's focus on enhancing shareholder value through prudent financial management and strategic investments.

Innovative Technologies

Amplify Energy is committed to adopting innovative technologies that enhance its operational capabilities. The company is investing in projects aimed at reducing emissions and improving the efficiency of its production methods. The average realized sales price for oil in the third quarter of 2024 was $38.88 per Boe, which reflects the company's strategic positioning in a fluctuating market.

Community Engagement

Community engagement is a vital aspect of Amplify’s vision. The company aims to build strong relationships with the communities in which it operates by promoting transparency and supporting local initiatives. This commitment is reflected in its operational practices and corporate social responsibility programs.

Table of Key Financial Metrics

Future Outlook

Looking ahead, Amplify Energy is focused on enhancing its operational capabilities while maintaining financial discipline. The company is committed to investing in sustainable practices that align with its vision for a cleaner energy future. As of September 30, 2024, the company has a total debt of $120 million under its Revolving Credit Facility, reflecting its strategic financial planning.

Core Values of Amplify Energy Corp. (AMPY)

Integrity

The core value of Integrity at Amplify Energy Corp. emphasizes the importance of honesty and transparency in all business dealings. This value is crucial as it builds trust with stakeholders, including employees, investors, and the communities in which the company operates.

Amplify Energy demonstrates its commitment to integrity through various initiatives, such as maintaining open communication with stakeholders about operational challenges and successes. For instance, the company regularly publishes detailed financial reports and operational updates, which include information on production volumes and revenue fluctuations. In the third quarter of 2024, Amplify reported net income of $22.7 million compared to a net loss of $13.4 million in the same period in 2023, showcasing its financial transparency.

Safety

Safety is a fundamental value for Amplify Energy, reflecting its commitment to protecting the health and well-being of its employees and the environment. The company adheres to rigorous safety standards and conducts regular training sessions to ensure that all employees are equipped to handle potential hazards.

In 2024, Amplify Energy invested significantly in upgrading safety equipment and protocols, particularly following the Beta Pipeline incident. The company has implemented a comprehensive risk assessment program that has led to a reduction in workplace incidents. As a result, the company recorded a significant drop in incident rates, with only two minor workplace accidents reported in the first nine months of 2024.

Accountability

Accountability is a core value that Amplify Energy Corp. embodies by ensuring that all employees and management are responsible for their actions and decisions. This value fosters a culture of ownership and encourages employees to take pride in their work.

Amplify has established clear performance metrics and regularly conducts performance reviews to hold individuals accountable for their contributions. In the first nine months of 2024, the company reported total revenues of $225.7 million, reflecting a commitment to achieving goals and benchmarks set at the beginning of the fiscal year. Additionally, the company has a robust feedback system that allows employees to report concerns anonymously, promoting a culture of transparency and responsibility.

Innovation

Innovation is a core value that drives Amplify Energy to explore new technologies and methods to enhance operational efficiency and sustainability. The company invests in research and development to find innovative solutions to the challenges faced in the oil and gas industry.

In 2024, Amplify launched a new initiative focused on electrification and emissions reduction, which has been pivotal in reducing operational costs. This project is expected to lower greenhouse gas emissions by approximately 25% over the next five years. Additionally, the company's total capital expenditures for innovation-related projects amounted to $55.3 million, indicating a strong focus on advancing technology and improving environmental performance.

Community Engagement

Community Engagement is a vital core value for Amplify Energy, reflecting its commitment to being a responsible corporate citizen. The company actively participates in local community initiatives and supports various social programs.

In 2024, Amplify contributed over $1 million to local educational and environmental programs, demonstrating its commitment to giving back to the communities where it operates. Furthermore, the company engages with local stakeholders to understand their concerns and needs, ensuring that its operations align with community interests.

Updated on 16 Nov 2024

Resources:

1. 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.
2. 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.