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Tuesday, November 01, 2022 4:21:52 PM
HOUSTON, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (NYSE: AMPY) (“Amplify” or the “Company”) announced today its operating and financial results for the third quarter of 2022 and updated its full-year 2022 guidance.
Key Highlights
During the third quarter of 2022, the Company:
- Achieved average total production of 21.0 MBoepd
- Generated net cash provided by operating activities of $18.9 million and net income of $47.2 million
- Delivered Adjusted EBITDA of $30.8 million
- Generated $17.0 million of free cash flow
- As of October 28, 2022, net debt was $179 million, consisting of $205 million outstanding under the revolving credit facility and $26 million of cash on hand
Net Debt to Last Twelve Months (“LTM”) EBITDA of 2.2x1
Southern California Release Incident (the “Incident”) Updates:
Pipeline repair operations are currently underway, and the Company expects to safely repair and restart the pipeline by the end of the first quarter of 2023
On October 1, 2022, the Company announced that it had received the U.S. Army Corps of Engineers Nationwide Permit 12 to proceed with the permanent repair plans which were previously reviewed and approved by federal pipeline safety regulators earlier this year
On August 26, 2022 and September 8, 2022, respectively, Amplify announced that it had reached agreements to resolve all federal and state criminal matters involving the Company and its subsidiaries arising from the Incident; the courts have approved those agreements
On August 25, 2022, Amplify announced that it had reached an agreement in principle, which is subject to court approval, to settle all civil claims against Amplify and its subsidiaries, which will be funded under the Company’s insurance policies
(1) Net debt as of October 28, 2022, and LTM EBITDA as of the third quarter of 2022
Martyn Willsher, Amplify’s President and Chief Executive Officer, commented, “We are excited to report that operations are currently underway to repair the sections of our pipeline that were damaged by anchor strikes from two shipping vessels in 2021. As we have previously announced, we have resolved all federal and state criminal matters and have reached an agreement in principle with the plaintiffs in the class action to resolve all civil matters against Amplify and its subsidiaries. With the resolution of these matters substantially complete, we are concentrated on safely repairing the damaged pipeline and working with regulators to promptly receive the required approvals to restart our pipeline and bring the Beta field back online.”
Mr. Willsher concluded, “Amplify performed well operationally and financially during the third quarter. We increased production, reduced operating expenses, and improved cash margins, which allowed us to further reduce total debt outstanding and improve our leverage metrics. For the remainder of 2022, we remain focused on improving our future free cash flow generation through prudent asset investments and cost optimization of our assets, while delevering our balance sheet.”
Southern California Pipeline Incident
For more information and disclosures regarding the Incident, please see our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 filed with the Securities and Exchange Commission (“SEC”).
Key Financial Results
During the third quarter of 2022, Amplify generated $30.8 million of Adjusted EBITDA, an increase of approximately $14.5 million from $16.3 million in the prior quarter. The increase was primarily attributable to higher production, lower operating expenses, timing variances regarding the recognition of loss of production income (“LOPI”) insurance proceeds related to the Incident, and lower third quarter commodity hedge settlement payments. For the third quarter, the Company recognized $13.3 million of LOPI proceeds, which represents three months of LOPI payments, compared to $8.8 million, or two months LOPI payments, for the prior quarter. Amplify will continue to recognize LOPI proceeds at the time they are approved by insurers for the remainder of the policy period or until Beta is returned to full production.
Free cash flow, defined as Adjusted EBITDA less cash interest expense and capital expenditures, was $17.0 million in the third quarter of 2022, compared to negative $0.6 million in the prior quarter and $14.3 million in the first half of the year. The positive change was primarily related to rolling off out-of-the-money commodity hedges, reduced capital expenditures in East Texas and Bairoil and LOPI payment recognition during the third quarter.[...]
https://www.globenewswire.com/news-release/2022/11/01/2545971/18120/en/Amplify-Energy-Announces-Third-Quarter-2022-Results-and-Issues-Updated-Guidance.html
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, Founder and CEO of Harwood International
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