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Amplify Energy (AMPY)

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, federal waters offshore Southern California, East Texas / North Louisiana, and the Eagle Ford.

Company profile

Ticker
AMPY
Exchange
CEO
Martyn A. Willsher
Employees
Incorporated
Location
Fiscal year end
Former names
Midstates Petroleum Company, Inc.
SEC CIK
Subsidiaries
Amplify Energy Holdings LLC • Amplify Acquisitionco LLC • Amplify Energy Services LLC • Amplify Energy Operating LLC • Amplify Energy Holdco LLC • Amplify Oklahoma Operating LLC • Beta Operating Company, LLC • San Pedro Bay Pipeline Company ...
IRS number
453691816

AMPY stock data

Calendar

3 Aug 22
28 Sep 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Jul 22 Patrice D Douglas Common Stock, par value $0.01 per share Option exercise Acquire M No No 0 30,329 0 30,329
1 Jul 22 Patrice D Douglas RSU Common Stock Grant Acquire A No No 0 17,889 0 17,889
1 Jul 22 Christopher W. Hamm Common Stock, par value $0.01 per share Option exercise Acquire M No No 0 42,461 0 58,618
1 Jul 22 Christopher W. Hamm RSU Common Stock Grant Acquire A No No 0 25,045 0 25,045
1 Jul 22 Eric Edward Dulany Common Stock, par value $0.01 per share Payment of exercise Dispose F No No 6.46 2,364 15.27K 7,341
1 Jul 22 Eric Edward Dulany Common Stock, par value $0.01 per share Option exercise Acquire M No No 0 9,705 0 9,705
1 Jul 22 Todd R Snyder Common Stock, par value $0.01 per share Option exercise Acquire M No No 0 30,329 0 43,771
1 Jul 22 Todd R Snyder RSU Common Stock Grant Acquire A No No 0 17,889 0 17,889
1 Jul 22 Greager Eric T. RSU Common Stock Grant Acquire A No No 0 22,884 0 22,884
13F holders Current Prev Q Change
Total holders 0 0
Opened positions 0 0
Closed positions 0 0
Increased positions 0 0
Reduced positions 0 0
13F shares Current Prev Q Change
Total value 0 0
Total shares 0 0
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
Largest transactions Shares Bought/sold Change

Financial report summary

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Risks
  • Risks Related to the Southern California Pipeline Incident
  • Our assumptions and estimates regarding the total aggregate costs associated with the Incident may be inaccurate, which could materially and adversely affect our business, results of operations and financial condition
  • We are subject to significant litigation and enforcement risk as a result of the Incident.
  • We may be subject to increased permitting obligations and regulatory scrutiny as a result of the Incident.
  • The Incident may impact our ability to access financing on acceptable terms and may materially impact our liquidity.
  • We may not have adequate insurance to compensate us, and our insurers may not pay particular claims.
  • The shut-in of the pipeline could negatively impact our production, liquidity, and, ultimately, our operations, results, and performance.
  • The Incident has created significant risk to our reputation and has diverted, and will continue to divert, the attention of our management team.
  • Oil, natural gas and NGL prices are volatile, due to factors beyond our control, and greatly affect our business, results of operations and financial condition. Any decline in, or sustained low levels of, oil, natural gas and NGL prices will cause a decline in our cash flow from operations, which could materially and adversely affect our business, results of operations and financial condition.
  • If commodity prices decline and/or remain depressed for a prolonged period, a significant portion of our development projects may become uneconomic and result in write downs of the value of our oil and natural gas properties, which may adversely affect our financial condition and our ability to fund our operations.
  • A pandemic, epidemic or outbreak of an infectious disease, such as COVID-19, may materially adversely affect our business.
  • Loss of our key executive officers or other key personnel, or an inability to attract and retain such officers and personnel, could negatively affect our business.
  • We may be unable to maintain compliance with the covenants in the Revolving Credit Facility, which could result in an event of default thereunder that, if not cured or waived, would have a material adverse effect on our business and financial condition.
  • Restrictive covenants in our Revolving Credit Facility could limit our growth and our ability to finance our operations, fund our capital needs, respond to changing conditions and engage in other business activities that may be in our best interests.
  • Our lenders periodically redetermine the amount we may borrow under our Revolving Credit Facility, which may materially impact our operations.
  • Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly.
  • Our hedging strategy may not effectively mitigate the impact of commodity price volatility from our cash flows, and our hedging activities could result in cash losses and may limit potential gains.
  • An increase in the differential between the NYMEX or other benchmark prices of oil and natural gas and the wellhead price we receive for our production could significantly reduce our cash flow and adversely affect our financial condition.
  • Our estimated reserves and future production rates are based on many assumptions that may turn out to be inaccurate. Any material inaccuracies in our reserve estimates or underlying assumptions will materially affect the quantities and present value of our estimated reserves.
  • The standardized measure of our estimated proved reserves is not necessarily the same as the current market value of our estimated proved oil and natural gas reserves.
  • The failure to replace our proved oil and natural gas reserves could adversely affect our business, financial condition, results of operations, production and cash flows.
  • Developing and producing oil and natural gas are costly and high-risk activities with many uncertainties that may result in a total loss of investment or otherwise adversely affect our business, financial condition, results of operations and cash flows.
  • Expenses not covered by our insurance could have a material adverse effect on our financial position and results of operations.
  • The production from our Wyoming Bairoil properties could be adversely affected by the cessation or interruption of the supply of CO2 to those properties.
  • Many of our properties are in areas that may have been partially depleted or drained by offset wells.
  • Our expectations for future development activities are planned to be realized over several years, making them susceptible to uncertainties that could materially alter the occurrence or timing of such activities.
  • Part of our strategy may involve using horizontal drilling and completion techniques, which involve risks and uncertainties in their application.
  • Our potential use of 2-D and 3-D seismic data is subject to interpretation and may not accurately identify the presence of oil and natural gas, which could adversely affect the results of our drilling operations.
  • SEC rules could limit our ability to book additional PUDs in the future.
  • The unavailability or high cost of rigs, equipment, supplies and crews could delay our operations, increase our costs and delay forecasted revenue.
  • We may incur losses as a result of title defects in the properties in which we invest.
  • Development and production of oil and natural gas in offshore waters have inherent and historically higher risk than similar activities onshore.
  • Adverse developments in our operating areas could adversely affect our business, financial condition, results of operations and cash flows.
  • We are dependent upon a small number of significant customers for a substantial portion of our production sales. The loss of those customers, if not replaced, could reduce our revenues and have a material adverse effect on our financial condition and results of operations.
  • The inability of our significant customers to meet their obligations to us may adversely affect our financial results.
  • We are exposed to trade credit risk in the ordinary course of our business activities.
  • Conservation measures, technological advances and increasing public attention to climate change and environmental matters could reduce demand for oil and natural gas and have an adverse effect on our business, financial condition and reputation.
  • We may be unable to compete effectively with larger companies.
  • Our business depends in part on pipelines, gathering systems and processing facilities owned by us or others. Any limitation in the availability of those facilities could interfere with our ability to market our oil and natural gas production.
  • We have limited control over the activities on properties we do not operate.
  • We are subject to complex federal, state, local and other laws and regulations that could adversely affect the cost, manner or feasibility of conducting our operations.
  • Climate change legislation or regulations restricting emissions of “greenhouse gases,” or GHGs, could result in increased operating costs and reduced demand for the oil and natural gas that we produce.
  • The listing of a species as either “threatened” or “endangered” under the federal Endangered Species Act could result in increased costs, new operating restrictions, or delays in our operations, which could adversely affect our results of operations and financial condition.
  • The third parties on whom we rely for gathering and transportation services are subject to complex federal, state and other laws that could adversely affect the cost, manner or feasibility of conducting our business.
  • Oil and natural gas producers’ operations, especially those using hydraulic fracturing, are substantially dependent on the availability of water and the disposal of waste, including produced water and drilling fluids. Restrictions on the ability to obtain water or dispose of waste may impact our operations.
  • Federal and state legislative and regulatory initiatives relating to hydraulic fracturing could result in increased costs and additional operating restrictions or delays and adversely affect our production.
  • The cost of decommissioning is uncertain.
  • We may be required to post cash collateral pursuant to our agreements with sureties under our existing or future bonding arrangements, which may have a material adverse effect on our liquidity and our ability to execute our capital expenditure plan, our ARO plan and comply with our existing debt instruments.
  • Certain U.S. federal income tax deductions currently available with respect to oil and natural gas exploration and production may be eliminated as a result of future legislation.
  • Our business could be negatively affected by security threats, including cybersecurity threats, destructive forms of protest and opposition by activists and other disruptions.
Management Discussion
  • The results of operations for the three and six months ended June 30, 2022 and 2021 have been derived from our unaudited condensed consolidated financial statements. The comparability of the results of operations among the periods presented below is impacted by the Incident and suspension of operations at our Beta properties.
  • Net income of $29.2 million and a net loss of $35.0 million were recorded for the three months ended June 30, 2022 and 2021, respectively.
  • Oil, natural gas and NGL revenues were $112.9 million and $80.3 million for the three months ended June 30, 2022 and 2021, respectively. Average net production volumes were approximately 20.4 MBoe/d and 25.3 MBoe/d for the three months ended June 30, 2022 and 2021, respectively. The change in production volumes was primarily due to the suspension of operations at our Beta properties and natural declines. For the three months ended June 30, 2021, production from our Beta properties was 3.6 MBoe/d. The average realized sales price was $60.74 per Boe and $34.93 per Boe for the three months ended June 30, 2022 and 2021, respectively. The increase in average realized sales price was primarily due to the increase in commodity prices.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
8th grade Avg
New words: Acquisitionco, added, affirmative, automatic, bonding, Cayman, coordinated, covenant, hearing, Mercury, Royalty, sued, thereto
Removed: depletion, depreciation, mature