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Amplify Energy Corp (AMPY) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 31, 2018

Amplify Energy Corp

CIK: 1521847 Ticker: AMPY

Exhibit 99.1

 

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For Immediate Release

Amplify Energy Announces First Quarter 2018 Results

and Updated 2018 Guidance

HOUSTON, May 9, 2018—Amplify Energy Corp. (OTCQX: AMPY) (“Amplify” or the “Company”) announced today its operating and financial results for the first quarter 2018 and updated guidance for the full year 2018.

Key First Quarter Highlights

 

    Announced the sale of the Company’s South Texas assets for $20 million, with closing expected in May 2018

 

    Daily production of 174.0 MMcfe/d, in-line with quarterly guidance

 

    Generated net cash provided by operating activities of $42 million for the quarter, exceeding the midpoint of guidance of $35 million

 

    Generated Adjusted EBITDA of $43 million that was at the high end of the guidance range of $37 million to $43 million

 

    Generated $23 million of free cash flow that was at the high end of the guidance range of $19 million to $24 million

 

    Maintained total debt to annualized Adjusted EBITDA of 2.0x

 

    As of May 7, 2018, Amplify reduced net debt to $325 million inclusive of $15 million of cash on hand

“This has been another strong quarter for Amplify. The Company’s first quarter performance continues Amplify’s impressive trend of target-focused operational and financial results,” said Bill Scarff, President and Chief Executive Officer of Amplify. “During the quarter, we kicked-off our capital drilling program in East Texas, and we expect the Company to generate significant free cash flow during 2018 that will be used to further enhance liquidity. We are also continuing to work closely with our Board to optimize strategies, increase investment returns and enhance shareholder value.”


The following information was filed by Amplify Energy Corp (AMPY) on Wednesday, May 9, 2018 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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Amplify Energy Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

  • Voting Procedures
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  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

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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 - Summary Of Major Categories Of Assets And Liabilities Held For Sale (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)
Earnings Per Share/unit
Earnings Per Share/unit (tables)
Earnings Per Share/unit - Calculation Of Earnings (loss) Per Share/unit (detail)
Equity (deficit)
Equity (deficit) (tables)
Equity (deficit) - Summary Of Changes In Number Of Outstanding Common Units And Shares Of Common Stock (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)
Income Taxes
Income Taxes - Additional Information (details)
Long-term Debt
Long-term Debt (tables)
Long-term Debt - Consolidated Debt Obligations (detail)
Long-term Debt - Consolidated Debt Obligations (parenthetical) (detail)
Long-term Debt - Credit Facility - Additional Information (detail)
Long-term Debt - Summary Of Weighted-average Interest Rates Paid Excluding Commitment Fees On Variable-rate Debt Obligations (detail)
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 Information Regarding Restricted Stock Awards (detail)
Long-term Incentive Plans - Summary Of Information Regarding Restricted Stock Unit Awards (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 - Additional Information (detail)
Revenue
Revenue (tables)
Revenue - Additional Information (detail)
Revenue - Summary Of Impact Of Adoption Of Asc 606 (detail)
Revenue - Summary Of Revenues Disaggregated (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 (tables)
Subsequent Events - Summary Of Departing Executives Deferred Compensation (detail)
Subsequent Events - Summary Of Restricted Stock Units Issuable To The Company's Executive Officers Under Award Agreements (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Schedule Of Reorganization Items, Net (detail)
Summary Of Significant Accounting Policies - Summary Of Cash And Cash Equivalents Reconciliation (detail)
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: 0001564590-18-012456
Submitted to the SEC: Wed May 09 2018 4:31:28 PM EST
Accepted by the SEC: Wed May 09 2018
Period: Saturday, March 31, 2018
Industry: Crude Petroleum And Natural Gas

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