Wed, Mar 5, 9:58 PM (52 days ago)
**Summary of Amplify Energy Corp. (NYSE: AMPY) 2024 Financial Performance** For the fiscal year ending December 31, 2024, Amplify Energy Corp. reported revenues of $294.7 million, a slight decrease from $307.6 million in 2023, primarily due to lower production volumes despite a rise in average realized prices to $39.61 per Boe from $38.54. Net income plummeted to $12.9 million from $392.8 million in the previous year, impacted by significant litigation settlements and operational challenges. Operating expenses rose to $264.3 million, driven by lease operating costs, general and administrative expenses, and a pipeline incident loss of $3.9 million. The company’s total estimated proved reserves decreased to 93.0 MMBoe, with 88% classified as developed. Key developments included asset monetization in East Texas, and the company entered a merger agreement with North Peak Oil & Gas and Century Oil and Gas, expected to close in Q2 2025. The merger will create a combined entity with an anticipated equity split of 61% for existing shareholders and 39% for the Acquired Companies. Risks include fluctuating commodity prices, regulatory scrutiny post-incident, and the integration of new operations. Overall, Amplify Energy's financial condition remains stable, with a working capital deficit of $2.7 million and a Revolving Credit Facility borrowing base of $145 million, indicating a cautious but strategic approach to future growth amidst market volatility.