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Amplify Energy Corp (AMPY) SEC Filing 10-Q Quarterly report for the period ending Saturday, September 30, 2017

Amplify Energy Corp

CIK: 1521847 Ticker: AMPY

Exhibit 99.1

 

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For Immediate Release

Amplify Energy Announces Third Quarter 2017 Results

HOUSTON, November 7, 2017—

Amplify Energy Corp. (OTCQX: AMPY) (“Amplify” or the “Company”) announced today its operating and financial results for the third quarter of 2017 and provided updated guidance for the fourth quarter and for the full year 2017.

Strategic Updates

 

    Launched divestiture processes in October for the Company’s East Texas assets and Rockies CO2 assets in Wyoming

 

    Conducted a broad process to market the Company’s South Texas conventional and Eagle Ford assets; the Company has received multiple bids on both assets and is currently in active discussions to maximize value

 

    Received $15.5 million in October related to a third-party midstream transaction; proceeds were used to pay down debt under the Company’s revolving credit facility

 

    As of November 3, 2017, Amplify had $17 million of cash and total debt of $388 million under its revolving credit facility, down from $418 million as of June 30, 2017

Key Third Quarter Highlights

 

    Successfully initiated East Texas drilling program by bringing on-line three horizontal Cotton Valley wells with an average peak rate of 10 MMcfe/d per well, in-line with expectations

 

    Increased daily production 4% to 177.4 MMcfe/d, in-line with quarterly guidance

 

    Reduced lease operating expenses to $1.78 per Mcfe, beating the low end of the guidance range of $1.80 to $1.91 per Mcfe

 

    Net cash provided by operating activities of $37 million for the quarter, exceeding the midpoint of guidance of $27 million

 

    Generated Adjusted EBITDA of $38 million, exceeding the high end of the guidance range of $30 million to $36 million

 

    Generated $7 million of free cash flow, exceeding the high end of the guidance range of $2 million to $5 million

 

    Reduced total debt to annualized Adjusted EBITDA to 2.7x for the third quarter from 3.2x at the end of the second quarter

 

    Actively mitigated commodity volatility through hedging activity with mark-to-market value of approximately $39 million as of November 3, 2017

 

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The following information was filed by Amplify Energy Corp (AMPY) on Tuesday, November 7, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Unaudited Condensed Consolidated Balance Sheets
Unaudited Condensed Consolidated Balance Sheets (parenthetical)
Unaudited Condensed Statements Of Consolidated Cash Flows
Unaudited Condensed Statements Of Consolidated Equity
Unaudited Condensed Statements Of Consolidated Operations
Acquisitions And Divestitures
Acquisitions And Divestitures (tables)
Acquisitions And Divestitures - Acquisition And Divestiture Related Expenses (detail)
Acquisitions And Divestitures - Additional Information (detail)
Acquisitions And Divestitures - Schedule Of Income (loss) Before Income Taxes Including (gain) Loss On Divestiture (detail)
Asset Retirement Obligations
Asset Retirement Obligations (tables)
Asset Retirement Obligations - Summary Of Changes In Asset Retirement Obligations (detail)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (detail)
Debt
Debt (tables)
Debt - Consolidated Debt Obligations (detail)
Debt - Consolidated Debt Obligations (parenthetical) (detail)
Debt - Credit Facility - Additional Information (detail)
Debt - Senior Notes - Additional Information (detail)
Debt - Summary Of Weighted-average Interest Rates Paid Excluding Commitment Fees On Variable-rate Debt Obligations (detail)
Earnings Per Share/unit
Earnings Per Share/unit (tables)
Earnings Per Share/unit - Calculation Of Earnings (loss) Per Share/unit (detail)
Earnings Per Share/unit - Calculation Of Earnings (loss) Per Share/unit (parenthetical) (detail)
Emergence From Voluntary Reorganization Under Chapter 11
Emergence From Voluntary Reorganization Under Chapter 11 - Additional Information (detail)
Equity (deficit)
Equity (deficit) (tables)
Equity (deficit) - Summary Of Assumptions Used To Estimate The Fair Value (detail)
Equity (deficit) - Summary Of Changes In Number Of Outstanding Common Units And Shares Of Common Stock (detail)
Equity (deficit) - Summary Of Changes In Number Of Outstanding Common Units And Shares Of Common Stock (parenthetical) (detail)
Equity (deficit) - Summary Of Quarterly Cash Distribution Rates And Amounts (detail)
Equity (deficit)- Additional Information (detail)
Fair Value Measurements Of Financial Instruments
Fair Value Measurements Of Financial Instruments (tables)
Fair Value Measurements Of Financial Instruments - Additional Information (detail)
Fair Value Measurements Of Financial Instruments - Assets And Liabilities Measured At Fair Value On Recurring Basis (detail)
Fresh Start Accounting
Fresh Start Accounting (tables)
Fresh Start Accounting - Additional Information (detail)
Fresh Start Accounting - Application Of Fresh Start Accounting To Balance Sheet (detail)
Fresh Start Accounting - Reconciliation Of The Enterprise Value To The Reorganization Value (detail)
Fresh Start Accounting - Schedule Of Fresh Start Adjustments To Property And Equipment, Net (detail)
Fresh Start Accounting - Schedule Of Net Increase In Stockholders'/partners' Equity (detail)
Fresh Start Accounting - Schedule Of Reorganization Items, Net (detail)
Fresh Start Accounting - Schedule Of Settlement Of Liabilities Subject To Compromise And Resulting Net Gain (detail)
Fresh Start Accounting - Summary Of Changes In Cash And Cash Equivalents (details)
Fresh Start Accounting - Summary Of Changes In Cash And Cash Equivalents (parenthetical) (details)
Fresh Start Accounting - Summary Of Net Increase In Accrued Liabilities (details)
Income Taxes
Income Taxes - Additional Information (details)
Long-term Incentive Plans
Long-term Incentive Plans (tables)
Long-term Incentive Plans - Additional Information (detail)
Long-term Incentive Plans - Summary Of Amount Of Compensation Expense Recognized (detail)
Long-term Incentive Plans - Summary Of Fair Value Assumptions (detail)
Long-term Incentive Plans - Summary Of Information Regarding Predecessor's Phantom Unit Awards (detail)
Long-term Incentive Plans - Summary Of Information Regarding Restricted Common Unit Awards (detail)
Long-term Incentive Plans - Summary Of Information Regarding Restricted Stock Unit Awards (detail)
Long-term Incentive Plans - Summary Of Information Regarding Restricted Stock Unit Awards (parenthetical) (detail)
Long-term Incentive Plans - Summary Of Restricted Stock Option Awards (detail)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (policies)
Organization And Basis Of Presentation - Additional Information (detail)
Related Party Transactions
Related Party Transactions (tables)
Related Party Transactions - Additional Information (detail)
Related Party Transactions - Schedule Of Amount Of General And Administrative Costs And Expense Recognized (detail)
Risk Management And Derivative Instruments
Risk Management And Derivative Instruments (tables)
Risk Management And Derivative Instruments - Additional Information (detail)
Risk Management And Derivative Instruments - Gross Fair Value Of Derivative Instruments By Appropriate Balance Sheet (detail)
Risk Management And Derivative Instruments - Open Commodity Positions (detail)
Risk Management And Derivative Instruments - Unrealized And Realized Gains And Losses Related To Derivative Instruments (detail)
Subsequent Events
Subsequent Events - Additional Information (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Summary Of Current Accrued Liabilities (detail)
Summary Of Significant Accounting Policies - Summary Of Supplemental Cash Flows (detail)

Material Contracts, Statements, Certifications & more

Amplify Energy Corp provided additional information to their SEC Filing as exhibits

Ticker: AMPY
CIK: 1521847
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-17-022225
Submitted to the SEC: Tue Nov 07 2017 4:06:58 PM EST
Accepted by the SEC: Tue Nov 07 2017
Period: Saturday, September 30, 2017
Industry: Crude Petroleum And Natural Gas

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