Amplify Energy Corp. (OTCQX: AMPY) (“Amplify” or the “Company”)
announced today its operating and financial results for the second
quarter 2019.
Key Transaction Highlights and
Events
- On August 2, 2019, Amplify’s and Midstates Petroleum Company,
Inc.’s (“Midstates”) (NYSE: MPO) respective shareholders approved
the merger of equals which was announced on May 6, 2019
- Amplify and Midstates expect to close the merger before markets
open on August 6, 2019
- In the closing press release, Amplify will provide pro-forma
guidance for the combined company and details on return of capital
plans for its investors
- Amplify will also provide an updated investor presentation with
additional detail on the pro-forma company highlights and the total
value proposition
- In addition, Amplify will host a conference call at 10:00 am CT
on Tuesday, August 6, 2019 to discuss these details and will hold a
Q&A session after the prepared remarks
- The merger will close before market on August 6, 2019 and will
trade on NYSE as “MPO” during the trading day on August 6, 2019,
with the ticker changing to “AMPY” on NYSE starting on August 7,
2019
- Strategic and financial highlights of the proposed combination:
- Creates a diversified platform of long-life, low-risk and
shallow decline assets with an attractive 50/50 liquids and gas
production mix
- Strong pro-forma balance sheet and liquidity allows for capital
return programs
- Creates a best-in-class free cash flow generating company with
top-tier G&A efficiency
- Expected to achieve approximately $21 million of annual G&A
synergies
- Enhanced scale expected to drive down cost of capital and
operating expenses
Key Amplify Second Quarter Operational
Highlights
- During the second quarter this year we generated the following:
- Daily production of 21.1 MBoe/d, compared to midpoint guidance
of 21.4 MBoe/d
- Net cash provided by operating activities of $22 million for
the quarter, compared to the midpoint of guidance of $17
million
- Adjusted EBITDA of $19 million, at the low end of the guidance
range of $19 million to $23 million
- Free cash flow of $(10) million that was below the guidance
range of $(7) million to $(3) million
- Released $90.0 million in cash from the plugging and
abandonment trust related to the Company’s offshore California
properties (the “Beta Decommissioning Trust Account”)
- Net Debt to Last Twelve Months (“LTM”) EBITDA of 1.4x as of
June 30, 2019
- As of August 1, 2019, net debt was $164 million, inclusive of
$86 million of cash on hand
“I am very pleased that the shareholders of
Amplify and Midstates overwhelmingly approved our merger of
equals,” said Ken Mariani, President and Chief Executive Officer of
Amplify. “This merger will create an industry leading free
cash flow generating company, with the flexibility to return
capital to shareholders. We intend to maintain free cash flow
through internal development projects or through opportunistic
external growth transactions. I look forward to providing
additional details to the market in tomorrow’s closing press
release and conference call.”
Mr. Mariani continued, "Amplify’s second quarter
results were impacted by a significant drop in natural gas and NGL
realizations, along with a delay in restoring NGL production at our
Bairoil facility after the annual turnaround. However, our
Bairoil facility is now producing at its highest levels of the
year, and we are excited about the incremental production
anticipated from our processing plant expansion project, which is
scheduled to come online during the fourth quarter of 2019.
Recent commodity price reductions are likely to be a headwind in
the near-term, but with our robust hedge portfolio we are confident
in our ability to generate significant free cash flow in the second
half of 2019 and beyond.”
Key Financial Results
|
Second Quarter |
|
First Quarter |
$ in
millions |
2019 |
|
2019 |
Average daily production (MBoe/d) |
21.1 |
|
21.5 |
|
Total
revenues |
$59.5 |
|
$65.2 |
|
Total
assets |
$722.7 |
|
$796.2 |
|
Net
Income (loss) |
$18.6 |
|
($31.5 |
) |
Adjusted EBITDA (a non-GAAP financial measure) |
$19.1 |
|
$19.0 |
|
Net
debt (1) |
$156.3 |
|
$245.1 |
|
Net
debt / LTM Adjusted EBITDA |
1.4x |
|
1.8x |
|
Net
cash provided by (used in) operating activities |
$22.5 |
|
$10.8 |
|
Total
capital |
$25.3 |
|
$13.1 |
|
|
(1) As of
June 30, 2019 and March 31, 2019, respectively |
Midstates Merger Update
On August 2, 2019, Amplify’s and Midstates’
shareholders approved the proposed merger of equals with
Midstates. Amplify anticipates the merger will close on
August 6, 2019, and the Company will provide pro-forma guidance
along with details regarding expected return of capital plans in a
closing press release.
Revolving Credit Facility Update and
Liquidity
Amplify has amended its credit facility to
incorporate the Midstates assets and finalized a revised credit
facility that will be effective at the closing of the merger.
Amplify will announce the details of the revised credit facility in
the closing press release. Midstates’ existing credit
facility will be terminated at closing, with any remaining
borrowings repaid from Amplify’s revised credit facility.
As of August 1, 2019, Amplify had total debt of
$250 million under its revolving credit facility, with a current
borrowing base of $425 million. Amplify’s liquidity was $260
million, consisting of $86 million of cash on hand and available
borrowing capacity of $173 million (including the impact of $1.65
million in outstanding letters of credit).Comparison of
Second Quarter Guidance vs Actual Results
|
2Q 2019 Guidance (1) |
|
2Q 2019 |
|
|
|
|
|
|
|
Low |
|
High |
|
Actuals |
Net Average Daily
Production |
|
|
|
|
|
Oil (MBbls/d) |
7.7 |
|
- |
|
8.2 |
|
7.7 |
NGL (MBbls/d) |
3.2 |
|
- |
|
3.4 |
|
2.8 |
Natural Gas (MMcf/d) |
59.1 |
|
- |
|
62.8 |
|
63.8 |
Total (MBoe/d) |
20.8 |
|
- |
|
22.1 |
|
21.1 |
|
|
|
|
|
|
Commodity Price
Differential / Realizations (Unhedged) |
|
|
|
|
|
Oil Differential ($ / Bbl) |
$1.50 |
|
- |
|
$2.00 |
|
($0.03) |
NGL Realized Price (% of WTI NYMEX) |
42% |
|
- |
|
47% |
|
35% |
Natural Gas Realized Price (% of Henry Hub) |
95% |
|
- |
|
99% |
|
82% |
|
|
|
|
|
|
Gathering, Processing
and Transportation Costs |
|
|
|
|
|
Oil ($ / Bbl) |
$0.70 |
|
- |
|
$0.80 |
|
$0.53 |
NGL ($ / Bbl) |
$4.00 |
|
- |
|
$4.50 |
|
$4.38 |
Natural Gas ($ / Mcf) |
$0.50 |
|
- |
|
$0.55 |
|
$0.50 |
Total ($ / Boe) |
$2.22 |
|
- |
|
$2.82 |
|
$2.28 |
|
|
|
|
|
|
Average
Costs |
|
|
|
|
|
Lease Operating ($ / Boe) |
$14.00 |
|
- |
|
$15.25 |
|
$13.68 |
Taxes (% of Revenue) (2) |
6.0% |
|
- |
|
6.5% |
|
5.8% |
Recurring Cash General and Administrative ($ / Boe) (3) |
$2.75 |
|
- |
|
$3.00 |
|
$2.96 |
|
|
|
|
|
|
Net Cash Provided by Operating Activities ($MM)
(4) |
|
|
$17 |
|
|
|
$22 |
|
|
|
|
|
|
Adjusted EBITDA
($MM) (5) |
$19 |
|
- |
|
$23 |
|
$19 |
Cash Interest Expense ($MM) |
$4 |
|
- |
|
$5 |
|
$4 |
Capital Expenditures ($MM) |
$21 |
|
- |
|
$25 |
|
$25 |
Free Cash Flow
($MM) (5) |
($7) |
|
- |
|
($3) |
|
($10) |
|
(1)
Guidance based on NYMEX strip pricing as of April 26, 2019; Average
prices of $60.99 / Bbl for crude oil and $2.78 / Mcf for natural
gas for 2019 |
(2)
Includes production, ad valorem and franchise taxes |
(3)
Recurring cash general and administrative cost guidance excludes
reorganization expenses and non-cash compensation |
(4) Net
Cash Provided by Operating Activities guidance does not include
certain restructuring and reorganization expenses or changes in
working capital |
(5)
Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures.
Please see “Use of Non-GAAP Financial Measures” for a description
of Adjusted EBITDA and Free Cash Flow and the reconciliation to the
most comparable GAAP financial measure |
Second Quarter Production and Capital Spending
Update
During the second quarter of 2019, Amplify
produced 21.1 MBoe/d, which was within our guidance range for the
quarter. Second quarter production for East Texas included
additional gas volumes related to prior periods as a result of a
BTU adjustment which caused prior period production to appear lower
than actual. The Bairoil plant turnaround was completed on schedule
during the second quarter, but NGL production was impacted more
than anticipated due to delays returning the fractionation towers
to maximum capacity. This issue was resolved in June, and
Bairoil has produced above pre-shutdown levels since that
time. In addition, thirty-two Eagle Ford wells were brought
online during the quarter and produced at expected levels.
Average IP-30’s for those wells were over 1,200 Boe/d.Amplify’s
capital spend for the second quarter was approximately $25 million,
which was at the high end of quarterly guidance of $21 million to
$25 million. This is primarily due to certain accelerated
capital costs for the Bairoil plant expansion and some small
overages related to the non-operated Eagle Ford wells.
Amplify will provide additional details in the
closing press release on capital plans for the remainder of 2019,
along with updated guidance for the pro-forma Company.
Hedging UpdateSince Amplify’s
previous hedge update on May 9, 2019, the Company has made further
additions to its hedge position. The following table reflects
the hedged volumes under Amplify’s commodity derivative contracts
and the average fixed or floor prices at which production is hedged
for July 2019 through December 2022, as of August 5, 2019.
|
2019 |
2020 |
2021 |
2022 |
Natural Gas Swap
Contracts: |
|
|
|
|
Volume (MMBtu) |
8,940,000 |
1,800,000 |
2,250,000 |
– |
Weighted Average Fixed Price
($/MMBtu) |
$2.85 |
$2.65 |
$2.56 |
– |
|
|
|
|
|
Natural Gas Collar
Contracts: |
|
|
|
|
Volume (MMBtu) |
– |
6,240,000 |
1,950,000 |
– |
Weighted Average Floor Price
($/MMBtu) |
– |
$2.64 |
$2.58 |
– |
Weighted Average Ceiling Price
($/MMBtu) |
– |
$2.96 |
$2.84 |
– |
|
|
|
|
|
Total Natural Gas
Derivative Contracts: |
|
|
|
|
Total Natural Gas Volumes
Hedged (MMBtu) |
8,940,000 |
8,040,000 |
4,200,000 |
– |
Total Weighted Average
Fixed/Floor Price ($//MMBtu) |
$2.85 |
$2.64 |
$2.57 |
– |
|
|
|
|
|
Crude Oil Swap
Contracts: |
|
|
|
|
Volume (Bbl) |
810,000 |
1,836,600 |
1,395,000 |
360,000 |
Weighted Average Fixed Price
($/Bbl) |
$53.49 |
$57.54 |
$56.05 |
$55.32 |
|
|
|
|
|
Crude Oil Collar
Contracts: |
|
|
|
|
Volume (Bbl) |
456,000 |
171,600 |
– |
– |
Weighted Average Floor Price
($/Bbl) |
$55.00 |
$55.00 |
– |
– |
Weighted Average Ceiling Price
($/Bbl) |
$63.85 |
$62.10 |
– |
– |
|
|
|
|
|
Total Oil Derivative
Contracts: |
|
|
|
|
Total Oil Volumes Hedged
(Bbl) |
1,266,000 |
2,008,200 |
1,395,000 |
360,000 |
Total Weighted Average
Fixed/Floor Price ($/Bbl) |
$54.03 |
$57.32 |
$56.05 |
$55.32 |
|
|
|
|
|
Natural Gas Liquids
Swap Contracts: |
|
|
|
|
Volume (Bbl) |
432,000 |
785,100 |
273,600 |
– |
Weighted Average Fixed Price
($/Bbl) |
$29.96 |
$28.84 |
$27.48 |
– |
|
|
|
|
|
Total Derivative
Contracts: |
|
|
|
|
Total Equivalent Volumes
Hedged (Boe) |
3,188,000 |
4,133,300 |
2,368,600 |
360,000 |
Total Weighted Average
Fixed/Floor Price ($/Boe) |
$33.52 |
$38.47 |
$40.75 |
$55.32 |
Quarterly Report on Form
10-Q
Amplify’s financial statements and related
footnotes will be available in its Quarterly Report on Form 10-Q
for the quarter ended June 30, 2019, which Amplify expects to file
with the Securities and Exchange Commission on August 5, 2019.
About Amplify Energy
Amplify Energy Corp. is an independent oil and
natural gas company engaged in the acquisition, development,
exploration and production of oil and natural gas properties. The
Company’s operations are focused in the Rockies, offshore
California, East Texas / North Louisiana and South Texas. For
more information, visit www.amplifyenergy.com.
Forward-Looking Statements
This press release includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements, other than statements of
historical facts, included in this press release that address
activities, events or developments that Amplify expects, believes
or anticipates will or may occur in the future are forward-looking
statements. Terminology such as “will,” “would,” “should,”
“could,” “expect,” “anticipate,” “plan,” “project,” “intend,”
“estimate,” “believe,” “target,” “continue,” “potential,” the
negative of such terms or other comparable terminology are intended
to identify forward-looking statements. Amplify believes that these
statements are based on reasonable assumptions, but such
assumptions may prove to be inaccurate. Such statements are
also subject to a number of risks and uncertainties, most of which
are difficult to predict and many of which are beyond the control
of Amplify, which may cause Amplify’s actual results to differ
materially from those implied or expressed by the forward-looking
statements. Please read the Company’s filings with the
Securities and Exchange Commission, including “Risk Factors” in its
Annual Report on Form 10-K, and if applicable, its Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K, and other
public filings and press releases for a discussion of risks and
uncertainties that could cause actual results to differ from those
in such forward-looking statements. All forward-looking
statements speak only as of the date of this press release.
All forward-looking statements in this press release are
qualified in their entirety by these cautionary statements.
Amplify undertakes no obligation and does not intend to
update or revise any forward-looking statements, whether as a
result of new information, future results or otherwise.
Use of Non-GAAP Financial
Measures
This press release and accompanying schedules
include the non-GAAP financial measures of Adjusted EBITDA and Free
Cash Flow. The accompanying schedules provide a
reconciliation of these non-GAAP financial measures to their most
directly comparable financial measure calculated and presented in
accordance with GAAP. Amplify’s non-GAAP financial measures
should not be considered as alternatives to GAAP measures such as
net income, operating income, net cash flows provided by operating
activities or any other measure of financial performance calculated
and presented in accordance with GAAP. Amplify’s non-GAAP financial
measures may not be comparable to similarly titled measures of
other companies because they may not calculate such measures in the
same manner as Amplify does.Adjusted EBITDA.
Amplify defines Adjusted EBITDA as net income or loss, plus
interest expense; income tax expense; depreciation, depletion and
amortization; impairment of goodwill and long-lived assets;
accretion of asset retirement obligations; losses on commodity
derivative instruments; cash settlements received on expired
commodity derivative instruments; losses on sale of assets;
unit-based compensation expenses; exploration costs; acquisition
and divestiture related expenses; amortization of gain associated
with terminated commodity derivatives, bad debt expense; and other
non-routine items, less interest income; gain on extinguishment of
debt; income tax benefit; gains on commodity derivative
instruments; cash settlements paid on expired commodity derivative
instruments; gains on sale of assets and other, net; and other
non-routine items. Adjusted EBITDA is commonly used as a
supplemental financial measure by management and external users of
Amplify’s financial statements, such as investors, research
analysts and rating agencies, to assess: (1) its operating
performance as compared to other companies in Amplify’s industry
without regard to financing methods, capital structures or
historical cost basis; (2) the ability of its assets to generate
cash sufficient to pay interest and support Amplify’s indebtedness;
and (3) the viability of projects and the overall rates of return
on alternative investment opportunities. Since Adjusted
EBITDA excludes some, but not all, items that affect net income or
loss and because these measures may vary among other companies, the
Adjusted EBITDA data presented in this press release may not be
comparable to similarly titled measures of other companies.
The GAAP measure most directly comparable to Adjusted EBITDA
is net cash provided by operating activities.Free Cash
Flow. Amplify defines Free Cash Flow as Adjusted
EBITDA, less cash income taxes; cash interest expense; and total
capital expenditures. Free cash flow is an important non-GAAP
financial measure for Amplify’s investors since it serves as an
indicator of the Company’s success in providing a cash return on
investment. The GAAP measure most directly comparable to
distributable cash flow is net cash provided by operating
activities.
Selected Operating and Financial Data
(Tables)
Amplify
Energy Corp. |
|
|
|
Selected Financial
Data - Unaudited |
|
|
|
Statements of Operations Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Three Months |
|
|
Ended |
|
Ended |
(Amounts in $000s,
except per share data) |
June 30, 2019 |
|
March 31, 2019 |
|
|
|
|
|
Revenues: |
|
|
|
|
Oil and natural gas sales |
$ |
59,485 |
|
|
$ |
65,067 |
|
|
Other revenues |
|
47 |
|
|
|
88 |
|
|
Total revenues |
|
59,532 |
|
|
|
65,155 |
|
|
|
|
|
|
Costs and
Expenses: |
|
|
|
|
Lease operating expense |
|
26,292 |
|
|
|
28,910 |
|
|
Gathering, processing and
transportation |
|
4,391 |
|
|
|
4,657 |
|
|
Exploration |
|
6 |
|
|
|
15 |
|
|
Taxes other than income |
|
3,464 |
|
|
|
4,409 |
|
|
Depreciation, depletion and
amortization |
|
12,913 |
|
|
|
11,166 |
|
|
General and administrative
expense |
|
10,566 |
|
|
|
9,308 |
|
|
Accretion of asset retirement
obligations |
|
1,332 |
|
|
|
1,311 |
|
|
Realized (gain) loss on
commodity derivatives |
|
631 |
|
|
|
1,277 |
|
|
Unrealized (gain) loss on
commodity derivatives |
|
(23,624 |
) |
|
|
31,210 |
|
|
(Gain) loss on sale of
properties |
|
- |
|
|
|
- |
|
|
Other, net |
|
34 |
|
|
|
143 |
|
|
Total costs and expenses |
|
36,005 |
|
|
|
92,406 |
|
|
|
|
|
|
Operating Income
(loss) |
|
23,527 |
|
|
|
(27,251 |
) |
|
|
|
|
|
Other Income
(Expense): |
|
|
|
|
Interest expense, net |
|
(4,422 |
) |
|
|
(4,089 |
) |
|
Other income (expense) |
|
- |
|
|
|
- |
|
|
Gain on early extinguishment
of debt |
|
- |
|
|
|
- |
|
|
Total Other Income
(Expense) |
|
(4,422 |
) |
|
|
(4,089 |
) |
|
|
|
|
|
|
Income (loss) before
reorganization items, net and income taxes |
|
19,105 |
|
|
|
(31,340 |
) |
|
|
|
|
|
Reorganization
items, net |
|
(464 |
) |
|
|
(187 |
) |
Income tax benefit
(expense) |
|
- |
|
|
|
50 |
|
|
|
|
|
|
|
Net income (loss) |
$ |
18,641 |
|
|
$ |
(31,477 |
) |
|
|
|
|
|
Earnings per
share: |
|
|
|
|
Basic and diluted earnings
(loss) per share |
$ |
0.80 |
|
|
$ |
(1.42 |
) |
Selected
Financial Data - Unaudited |
|
|
|
Operating Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Three Months |
|
|
Ended |
|
Ended |
(Amounts in $000s,
except per share data) |
June 30, 2019 |
|
March 31, 2019 |
|
|
|
|
|
Oil and
natural gas revenue: |
|
|
|
|
Oil Sales |
$ |
41,685 |
|
$ |
40,057 |
|
NGL Sales |
|
5,336 |
|
|
5,865 |
|
Natural Gas Sales |
|
12,464 |
|
|
19,145 |
|
Total oil and natural gas sales - Unhedged |
$ |
59,485 |
|
$ |
65,067 |
|
|
|
|
|
Production
volumes: |
|
|
|
|
Oil Sales - MBbls |
|
696 |
|
|
752 |
|
NGL Sales - MBbls |
|
258 |
|
|
265 |
|
Natural Gas Sales - MMcf |
|
5,803 |
|
|
5,490 |
|
Total - MBoe |
|
1,921 |
|
|
1,932 |
|
Total - MBoe/d |
|
21.1 |
|
|
21.5 |
|
|
|
|
|
Average
sales price (excluding commodity derivatives): |
|
|
|
|
Oil - per Bbl |
$ |
59.85 |
|
$ |
53.28 |
|
NGL - per Bbl |
$ |
20.65 |
|
$ |
22.09 |
|
Natural gas - per Mcf |
$ |
2.15 |
|
$ |
3.49 |
|
Total - per Boe |
$ |
30.95 |
|
$ |
33.67 |
|
|
|
|
|
Average
unit costs per Boe: |
|
|
|
|
Lease operating expense |
$ |
13.69 |
|
$ |
14.96 |
|
Gathering, processing and
transportation |
$ |
2.29 |
|
$ |
2.41 |
|
Taxes other than income |
$ |
1.80 |
|
$ |
2.28 |
|
General and administrative
expense |
$ |
5.50 |
|
$ |
4.82 |
|
Depletion, depreciation, and
amortization |
$ |
6.72 |
|
$ |
5.78 |
Selected Financial Data - Unaudited |
|
|
|
Balance
Sheet Data |
|
|
|
|
|
|
|
|
|
|
|
(Amounts in $000s, except per
share data) |
June 30, 2019 |
|
March 31, 2019 |
|
|
|
|
|
|
|
|
Total current assets |
$ |
57,086 |
|
$ |
60,301 |
Property and equipment,
net |
|
642,686 |
|
|
630,125 |
Total assets |
|
722,684 |
|
|
796,183 |
Total current liabilities |
|
60,830 |
|
|
59,023 |
Long-term debt |
|
175,000 |
|
|
270,000 |
Total liabilities |
|
317,597 |
|
|
410,686 |
Total equity |
|
405,087 |
|
|
385,497 |
Selected Financial Data - Unaudited |
|
|
|
Statements of Cash Flows Data |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Three Months |
|
Ended |
|
Ended |
(Amounts in $000s, except per
share data) |
June 30, 2019 |
|
March 31, 2019 |
|
|
|
|
|
|
|
|
Net cash provided from operating activities |
$ |
22,499 |
|
|
$ |
10,800 |
|
Net cash provided by (used in)
investing activities |
|
66,925 |
|
|
|
(10,500 |
) |
Net cash provided by (used in)
financing activities |
|
(95,598 |
) |
|
|
(25,128 |
) |
Selected
Operating and Financial Data (Tables) |
|
|
|
Reconciliation of
Unaudited GAAP Financial Measures to Non-GAAP Financial
Measures |
|
|
Adjusted EBITDA and Free Cash Flow |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Three Months |
|
|
Ended |
|
Ended |
(Amounts in $000s,
except per share data) |
June 30, 2019 |
|
March 31, 2019 |
|
|
|
|
|
Reconciliation of Adjusted EBITDA to Net Cash Provided from
Operating Activities: |
|
|
|
Net cash provided by operating activities |
$ |
22,499 |
|
|
$ |
10,800 |
|
|
Changes in working
capital |
|
(10,862 |
) |
|
|
3,006 |
|
|
Interest expense, net |
|
4,422 |
|
|
|
4,089 |
|
|
Gain (loss) on interest rate
swaps |
|
(578 |
) |
|
|
94 |
|
|
Cash settlements paid
(received) on interest rate swaps |
|
(45 |
) |
|
|
- |
|
|
Amortization of deferred
financing fees |
|
(266 |
) |
|
|
(308 |
) |
|
Reorganization items, net |
|
464 |
|
|
|
187 |
|
|
Exploration costs |
|
6 |
|
|
|
15 |
|
|
Acquisition and divestiture
related costs |
|
3,458 |
|
|
|
364 |
|
|
Severance payments |
|
50 |
|
|
|
39 |
|
|
Plugging and abandonment
cost |
|
77 |
|
|
|
305 |
|
|
Current income tax expense
(benefit) |
|
- |
|
|
|
(50 |
) |
|
Other |
|
(154 |
) |
|
|
493 |
|
Adjusted
EBITDA: |
$ |
19,071 |
|
|
$ |
19,034 |
|
|
|
|
|
|
Reconciliation of Free Cash Flow to Net Cash Provided from
Operating Activities: |
|
|
Adjusted
EBITDA: |
$ |
19,071 |
|
|
$ |
19,034 |
|
|
Less: Cash interest
expense |
|
3,786 |
|
|
|
4,050 |
|
|
Less Capital expenditures |
|
25,291 |
|
|
|
13,096 |
|
Free Cash
Flow: |
$ |
(10,006 |
) |
|
$ |
1,888 |
|
Selected
Operating and Financial Data (Tables) |
|
|
|
Reconciliation of
Unaudited GAAP Financial Measures to Non-GAAP Financial
Measures |
|
|
Adjusted EBITDA and Free Cash Flow |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Three Months |
|
|
|
Ended |
|
Ended |
(Amounts in $000s,
except per share data) |
June 30, 2019 |
|
March 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted EBITDA to Net Income
(Loss): |
|
|
|
|
Net income
(loss) |
$ |
18,641 |
|
|
$ |
(31,477 |
) |
|
Interest expense,
net |
|
4,422 |
|
|
|
4,089 |
|
|
Income tax
expense |
|
- |
|
|
|
(50 |
) |
|
Depreciation,
depletion and amortization |
|
12,913 |
|
|
|
11,166 |
|
|
Accretion of asset
retirement obligations |
|
1,332 |
|
|
|
1,311 |
|
|
(Gains) losses on
commodity derivatives |
|
(22,993 |
) |
|
|
32,487 |
|
|
Cash settlements
on expired commodity derivatives |
|
(631 |
) |
|
|
(1,277 |
) |
|
Acquisition and
divestiture related costs |
|
3,458 |
|
|
|
364 |
|
|
Reorganization
items, net |
|
464 |
|
|
|
187 |
|
|
Share-based
compensation expense |
|
1,375 |
|
|
|
1,936 |
|
|
Exploration
costs |
|
6 |
|
|
|
15 |
|
|
Loss on settlement
of AROs |
|
34 |
|
|
|
143 |
|
|
Bad debt
expense |
|
- |
|
|
|
101 |
|
|
Severance
payments |
|
50 |
|
|
|
39 |
|
|
Adjusted
EBITDA: |
$ |
19,071 |
|
|
$ |
19,034 |
|
|
|
|
|
|
|
|
Reconciliation of Free Cash Flow to Net Income
(Loss): |
|
|
|
|
Adjusted
EBITDA: |
$ |
19,071 |
|
|
$ |
19,034 |
|
|
|
Less: Cash interest expense |
|
3,786 |
|
|
|
4,050 |
|
|
|
Less Capital expenditures |
|
25,291 |
|
|
|
13,096 |
|
|
Free Cash
Flow: |
$ |
(10,006 |
) |
|
$ |
1,888 |
|
Contacts
Martyn Willsher – Chief Financial Officer(713)
588-8346martyn.willsher@amplifyenergy.com
Eric Chang – Treasurer(713)
588-8349eric.chang@amplifyenergy.com
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