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Mar 31, 2025
Amplify Energy Q1 2025 Earnings Report
Amplify Energy posted stable revenue and adjusted EBITDA in Q1 2025, while maintaining flexibility in development spending amid market volatility.
Key Takeaways
Amplify Energy reported $72.05 million in revenue and adjusted EBITDA of $19.4 million in Q1 2025. Despite a $5.9 million net loss driven by non-cash derivative impacts, the company maintained strong operational performance and executed cost discipline across its asset portfolio.
Adjusted EBITDA was $19.4 million and adjusted net income was $3.8 million despite a GAAP net loss of $5.9 million.
Average daily production was 17.9 Mboe/d, with a product mix of 62% liquids.
Lease operating expenses rose to $37.4 million due to typical Q1 seasonality but expected to decline in H2 2025.
Free cash flow was negative $7.2 million, in line with expectations due to front-loaded capital investments.
Revenue by Segment
Forward Guidance
Amplify updated its 2025 capital plan to prioritize cash preservation amid lower oil prices, while maintaining flexibility to ramp development if market conditions improve.
Positive Outlook
- High initial performance from Beta field wells with IRRs above 90% at $60/bbl oil.
- Non-op East Texas and Eagle Ford projects to come online in Q2 2025.
- Capital allocation shifted to front-load investments for operational efficiency.
- Updated guidance retains $10–$20M free cash flow target for FY25.
- Strong hedge book continues to protect future cash flows.
Challenges Ahead
- Free cash flow turned negative in Q1 2025 due to heavy upfront capex.
- Reduced 2025 capital investment outlook from $70–$80M to $55–$70M.
- Net income impacted by $14.8M non-cash derivative loss.
- Production dipped slightly from prior quarter due to weather and imbalances.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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