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Sep 30, 2024
Amplify Energy Q3 2024 Earnings Report
Amplify Energy's third quarter performance was marked by strong operating results, driven by Beta's development program and strategic asset management, resulting in a decrease in Adjusted EBITDA compared to the previous quarter due to a one-time accounting adjustment in Q2.
Key Takeaways
Amplify Energy Corp. reported a net income of $22.7 million and Adjusted EBITDA of $25.5 million for Q3 2024. The company focused on its Beta field development program, with the C59 well exceeding production expectations. While evaluating monetization of Wyoming assets, Amplify decided to retain them, prioritizing shareholder value in the current commodity price environment.
Achieved average total production of 19.0 MBoepd.
Generated net income of $22.7 million and Adjusted EBITDA of $25.5 million.
Successfully drilled and completed the C59 development well at Beta, exceeding Company projections.
Increased liquidity by $10.0 million following borrowing base redetermination.
Revenue by Segment
Forward Guidance
Amplify Energy expects to allocate capital investments primarily to the drilling of the C48 development well and participation in non-operated drilling opportunities in East Texas and the Eagle Ford. Due to the acceleration of non-operated development costs in the fourth quarter, Amplify expects total capital to be at or slightly above the high end of its current annual guidance range of $60 to $65 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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