Amplify Energy Corp.
November 7, 2017

Amplify Energy Announces Third Quarter 2017 Results

HOUSTON, Nov. 07, 2017 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (OTCQX:AMPY) ("Amplify" or the "Company") announced today its operating and financial results for the third quarter of 2017 and provided updated guidance for the fourth quarter and for the full year 2017. 

Strategic Updates

Key Third Quarter Highlights

"This has been another strong quarter for Amplify.  We continued to execute across our asset base at a high level and met or exceeded guidance metrics for production, costs and cash flow, and meaningfully enhanced liquidity," said Bill Scarff, President and Chief Executive Officer of Amplify.   "We are working closely with our Board to evaluate strategic alternatives that will maximize value for our shareholders, including potential asset divestitures and cost cutting initiatives to stream-line the business." 

Key Financial Results

  Third Quarter Second Quarter(1)
$ in millions  2017   2017 
Average daily production (MMcfe/d)  177.4   171.4 
Total revenues $75.6  $70.2 
Total assets $951.4  $966.6 
Net Income (loss) ($7.5) ($75.5)
Adjusted EBITDA (a non-GAAP financial measure)$37.8  $32.9 
Total debt (2) $403.0  $418.0 
Total debt / Adjusted EBITDA (3) 2.7x  3.2x 
Net cash provided by (used in) operating activities (4)$37.3  $12.7 
Total capital $25.4  $19.2 

(1) All amounts reflect the combined results of the successor period (May 5, 2017 through June 30, 2017) and the predecessor period (April 1, 2017 through May 4, 2017)
(2) As of September 30, 2017 and June 30, 2017
(3) Annualized for the respective quarter ended
(4) Includes $16.9 million of restructuring expenses in the second quarter

Drilling Program Update
During the third quarter of 2017, Amplify increased average daily production by 4% to 177.4 MMcfe/d, in-line with quarterly guidance.  The Company initiated its East Texas drilling program and successfully completed 3.0 gross (3.0 net) horizontal wells in the Cotton Valley formation. The three completed wells had average peak rate of 10 MMcfe/d per well, in-line with the Company's expectations.  The average lateral length for the three completed horizontal wells was approximately 6,000 feet with an average of thirty stages, or 200 foot stage spacing.  Compared to historical wells, completion designs for the first three wells were implemented with higher proppant loadings and closer stage spacing.

Prior to year-end 2017, the Company expects to have drilled three additional horizontal Cotton Valley wells with completion of the wells expected in 2018.  The Company's East Texas development program is focused on the Joaquin and Tatum fields in Shelby, Rusk and Panola counties.

The Company also participated in 14.0 gross (0.9 net) non-operated wells brought on-line in the third quarter in the Eagle Ford Shale formation.  Well results exceeded expectations with an average peak rate of 1,762 Boe/d per well (93% liquids).  Prior to year-end 2017, three additional wells are expected to achieve first production.

Capital Spending

Amplify's capital spend for the quarter was approximately $25 million, in-line with quarterly guidance.  Third quarter capital was allocated 82% in East Texas, 11% in the Eagle Ford and the remainder focused primarily on workover and infrastructure related projects in California, the Rockies and South Texas.

Based on the current drilling program, the Company's capex program for the fourth quarter of 2017 is expected to be approximately $10 to $15 million.  Amplify anticipates spending approximately 68% of this capital in East Texas and 10% in the Eagle Ford, with the remainder focused primarily on infrastructure related capital in California, the Rockies and South Texas. 

Third-Party Midstream Transaction Payment 

In October 2017, Amplify received approximately $15.5 million in connection with the sale of a third-party midstream entity with whom the Company's natural gas gathering and processing agreements entitled Amplify to a percentage of the proceeds in the event of a sale.  The proceeds from this transaction were used to pay down debt under the Company's revolving credit facility. The sale will have no impact on the Company's gathering and processing costs.

Revolving Credit Facility and Liquidity

As of November 3, 2017, Amplify had total debt of $388 million under its revolving credit facility, with a current borrowing base of $475 million.  Amplify's liquidity was $101 million as of November 3, 2017, consisting of $17 million of cash on hand and available borrowing capacity of $84 million (including the impact of $2.5 million in outstanding letters of credit).  The Company expects the fall redetermination of its revolving credit facility to occur in November.   

Divestiture Update — East Texas, Bairoil, South Texas and Eagle Ford

Amplify continues to work with Jefferies LLC to explore strategic alternatives for the Company to maximize value for its shareholders.  The Company launched divestiture processes in October for its East Texas assets and Rockies CO2 assets in Wyoming.  As previously announced, the Company launched divestiture processes for its South Texas conventional and Eagle Ford assets.  Amplify received multiple bids for both assets and is in active discussions to maximize value.

Comparison of Third Quarter Guidance vs Actual Results

          
   Q3 2017 Guidance (1)  Q3 
   August 9, 2017  2017 
   Low High  Actuals 
          
 Net Average Daily Production       
 Oil (MBbls/d)  9.3 - 9.8   10.0 
 NGL (MBbls/d)  5.2 - 5.6   4.7 
 Natural Gas (MMcf/d)  87 - 92   88.7 
 Total (MMcfe/d)  174 - 185   177.4 
              
 Commodity Price Differential / Realizations (Unhedged)           
 Crude Oil Differential ($ / Bbl)$5.00 - $5.50   $4.04 
 NGL Realized Price (% of WTI NYMEX) 42% - 47%   47% 
 Natural Gas Realized Price (% of NYMEX to Henry Hub) 96% - 100%   102% 
              
 Gathering, Processing and Transportation Costs           
 Crude Oil ($ / Bbl) $0.65 - $0.80   $0.61 
 NGL ($ / Bbl) $4.75 - $5.00   $4.45 
 Natural Gas ($ / Mcf) $0.55 - $0.65   $0.56 
 Mcfe ($ / Mcfe) $0.44  - $0.51    $0.43  
              
 Average Costs            
 Lease Operating ($ / Mcfe)$1.80 - $1.91   $1.78 
 Taxes (% of Revenue) (2) 6.7% - 7.1%   5.6% 
 Recurring Cash General and Administrative ($ / Mcfe) (3)$0.54 - $0.57   $0.60 
              
 Net Cash Provided by Operating Activities (4)   $27      $37  
              
 Adjusted EBITDA ($MM) (5)$30  - $36    $38  
 Cash Interest Expense ($MM)$5 - $7   $5 
 Capital Expenditures ($MM)$21 - $27   $25 
 Free Cash Flow (MM) (5)$2  - $5    $7  
          

(1) Guidance based on NYMEX strip pricing as of July 28, 2017; Average prices of $49.74 / Bbl for crude oil and $3.14 / Mcf for natural gas for 2017  
(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, settlements on terminated derivatives 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

Fourth Quarter and Full Year 2017 Guidance

The following guidance included in this press release is subject to the cautionary statements and limitations described under the "Forward-Looking Statements" caption at the end of this press release.  Amplify's updated 2017 guidance is based on its current expectations regarding capital expenditure levels and on the assumption that market demand and prices for oil and natural gas will continue at levels that allow for economic production of these products.  This guidance has not been adjusted for announced asset divestitures but will be adjusted upon successful transaction completion.  A summary of the guidance is presented below:

     Q4 2017E (1) FY 2017E (1) 
             
     Low High Low High 
             
  Net Average Daily Production        
  Oil (MBbls/d)   9.5 - 10.2  9.4 - 10.1 
  NGL (MBbls/d)   4.7 - 5.0  4.5 - 4.9 
  Natural Gas (MMcf/d)   89 - 96  90 - 97 
  Total (MMcfe/d)   174 - 188  173 - 188 
             
  Commodity Price Differential / Realizations (Unhedged)        
  Oil Differential ($ / Bbl)$3.50 - $4.00  $4.25 - $4.75  
  NGL Realized Price (% of WTI NYMEX)47% - 53%   44% - 49%   
  Natural Gas Realized Price (% of NYMEX to Henry Hub)97% - 101%   98% - 102%   
             
  Gathering, Processing and Transportation Costs        
  Oil ($ / Bbl)  $0.75 - $0.85 $0.65 - $0.75 
  NGL ($ / Bbl)  $4.75 - $4.90 $4.75 - $4.90 
  Natural Gas ($ / Mcf)  $0.52 - $0.60 $0.52 - $0.60 
  Total ($ / Mcfe)  $0.43 - $0.50 $0.43 - $0.50 
             
  Average Costs          
  Lease Operating ($ / Mcfe)$1.63 - $1.75  $1.63 - $1.75  
  Taxes (% of Revenue) (2)5.8% - 6.4%   5.0% - 5.6%   
  Recurring Cash General and Administrative ($ / Mcfe) (3)$0.60 - $0.64  $0.59 - $0.64  
             
  Net Cash Provided by Operating Activities (4) $35    $126   
             
  Adjusted EBITDA ($MM) (5)$37 - $42  $147 - $152  
  Cash Interest Expense ($MM)$4 - $6  $23 - $25  
  Capital Expenditures ($MM)$10 - $15  $59 - $64  
  Free Cash Flow (MM) (5)$20 - $25  $62 - $67  
             

(1) Guidance based on NYMEX strip pricing as of October 27, 2017; Average prices of $50.40 / Bbl for crude oil and $3.06 / Mcf for natural gas for 2017
(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, settlements on terminated derivatives 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

Hedging Update

Since June 30, 2017, the Company has added oil swaps of approximately 1,000 barrels per day in 2018 and approximately 2,600 barrels per day in 2019.  The Company also added approximately 10 million cubic feet per day of gas swaps in 2019.  As a percentage of our full year 2017 guidance, the Company's production is now 44% hedged in 2018 and 14% hedged in 2019. 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 October 2017 through December 2019, as of November 3, 2017.

         
 Hedge Summary 
     Year Ending December 31, 
     2017 (1) 2018 2019 
         
 Natural Gas Derivative Contracts:     
 Total weighted-average fixed/floor price $3.96$3.91$2.91 
 Total natural gas volumes hedged (MMcf/d) 42.2 36.2 9.9 
         
 Oil Derivative Contracts:     
 Total weighted-average fixed/floor price $69.53$71.31$50.70 
 Total oil volumes hedged (Mbbl/d)  4.5 5.0 2.6 
         
 Natural Gas Liquids Derivative Contracts:    
 Total weighted-average fixed/floor price $30.29$24.13  
 Total NGL volumes hedged (Mbbl/d)  2.6 2.2  
         
 Total Derivative Contracts:     
 Total weighted-average fixed/floor price $6.60$6.95$5.64 
 Total equivalent volumes hedged (Mmcfe/d) 84.8 79.2 19.7 
         

(1) Represents October through December 2017
Amplify posted an updated hedge presentation containing additional information on its website, www.amplifyenergy.com, under the Investor Relations section. 

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 September 30, 2017, which Amplify expects to file with the Securities and Exchange Commission on or before November 7, 2017.

Conference Call

Amplify will host an investor teleconference today at 10:00 a.m. Central Time to discuss these operating and financial results.  Interested parties may join the webcast by visiting Amplify's website, www.amplifyenergy.com, and clicking on the webcast link or by dialing (833) 883-4379 at least 15 minutes before the call begins and providing the Conference ID: 96863387.  The webcast and a telephonic replay will be available for fourteen days following the call and may be accessed by visiting Amplify's website, www.amplifyenergy.com, or by dialing (855) 859-2056 and providing the Conference ID: 96863387.

About Amplify Energy

Amplify Energy Corp. was formed in May 2017 as the reorganized successor to Memorial Production Partners LP.  Amplify is headquartered in Houston, Texas and 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 East Texas / North Louisiana, the Rockies, offshore California 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, that 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         
             
     Successor   Predecessor 
       Period from   Period  
     Three Months  May 5, 2017   April 1, 2017 
     Ended through   through 
 (Amounts in $000s, except per unit data) September 30, 2017 June 30, 2017   May 4, 2017 
             
 Revenues:         
  Oil and natural gas sales $75,534  $42,228    $27,686  
  Other revenues  55   167     135  
  Total revenues  75,589   42,395     27,821  
             
 Costs and Expenses:         
  Lease operating expense  29,119   18,842     9,582  
  Gathering, processing and transportation  7,077   4,114     2,737  
  Exploration  4   7     5  
  Taxes other than income  4,214   1,933     921  
  Depreciation, depletion and amortization  13,467   8,351     9,835  
  Impairment of proved oil and natural gas properties -   -     -  
  General and administrative expense  11,097   7,382     8,236  
  Accretion of asset retirement obligations  1,665   1,027     912  
  Realized (gain) loss on commodity derivatives  (12,992)  (8,284)    (5,069) 
  Unrealized (gain) loss on commodity derivatives 27,209   6,369     (7,766) 
  (Gain) loss on sale of properties  -   -     -  
  Other, net  772   -     44  
  Total costs and expenses  81,632   39,741     19,437  
             
 Operating Income (loss)  (6,043)  2,654     8,384  
      -        
 Other Income (Expense):  -        
  Interest expense, net  (5,808)  (3,797)    (1,843) 
  Other income (expense)  -   (6)    2  
  Gain on early extinguishment of debt  -   -     -  
  Amortization of investment premium  -   -     -  
  Total Other Income (Expense)  (5,808)  (3,803)    (1,841) 
             
  Income before reorganization items, net and income taxes (11,851)  (1,149)    6,543  
             
 Reorganization items, net  (33)  (349)    (81,121) 
 Income tax benefit (expense)  4,348   592     -  
             
  Net income (loss) $(7,536) $(906)   $(74,578) 
             
 Earnings per share/unit:         
  Basic and diluted earnings per share/unit $(0.30) $(0.04)   $(0.89) 
             


              
  Selected Financial Data - Unaudited         
  Operating Statistics         
              
      Successor   Predecessor 
        Period from   Period  
      Three Months May 5, 2017   April 1, 2017 
      Ended  through   through 
  (Amounts in $000s, except per unit data) September 30, 2017 June 30, 2017   May 4, 2017 
              
  Oil and natural gas revenue:         
   Oil Sales $40,750 $22,070   $14,466 
   NGL Sales  9,927  4,112    3,495 
   Natural Gas Sales  24,857  16,046    9,725 
   Total oil and natural gas sales - Unhedged $75,534 $42,228   $27,686 
              
  Production volumes:         
   Oil Sales - MBbls    923    525      315 
   NGL Sales - MBbls    437    219      160 
   Natural Gas Sales - MMcf    8,158    5,092      3,173 
     Total - Mmcfe    16,317    9,576      6,025 
     Total - Mmcfe/d    177.4    168.0      177.2 
              
  Average sales price (excluding commodity derivatives):        
   Oil - per Bbl $  44.16 $  41.93   $  45.81 
   NGL - per Bbl $  22.72 $  18.60   $  21.90 
   Natural gas - per Mcf $  3.05 $  3.15   $  3.06 
     Total - per Mcfe $  4.63 $  4.41   $  4.59 
              
  Average unit costs per Mcfe:         
   Lease operating expense $  1.78 $  1.97   $  1.59 
   Gathering, processing and transportation $  0.43 $  0.43   $  0.45 
   Taxes other than income $  0.26 $  0.20   $  0.15 
   General and administrative expense $  0.68 $  0.77   $  1.37 
   Depletion, depreciation, and amortization $  0.83 $  0.87   $  1.63 
              


          
  Selected Financial Data - Unaudited     
  Balance Sheet Data     
          
      Successor 
  (Amounts in $000s, except per unit data) September 30, 2017 June 30, 2017 
          
          
  Total current assets $94,996 $110,518 
  Property and equipment, net  676,035  663,867 
  Total assets  951,351  966,625 
  Total current liabilities  66,999  60,970 
  Long-term debt  403,000  418,000 
  Total liabilities  568,119  576,874 
  Total equity  383,232  389,751 
          


            
 Selected Financial Data - Unaudited        
 Statements of Cash Flows Data        
            
     Successor   Predecessor
       Period from   Period
     Three Months  May 5, 2017   April 1, 2017
     Ended through   through
 (Amounts in $000s, except per unit data) September 30, 2017 June 30, 2017   May 4, 2017
            
            
 Net cash provided by operating activities $37,330  $20,544    $(7,828)
 Net cash used in investing activities  (18,380)  (9,639)    (2,234)
 Net cash provided by (used in) financing activities  (15,042)  (20,094)    (49,820)
            


             
 Selected Operating and Financial Data (Tables)         
 Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures       
 Adjusted EBITDA and Free Cash Flow         
             
     Successor   Predecessor 
       Period from   Period  
     Three Months May 5, 2017   April 1, 2017 
     Ended through   through 
 (Amounts in $000s, except per unit data) September 30, 2017 June 30, 2017   May 4, 2017 
             
             
 Reconciliation of Adjusted EBITDA to Net Income (Loss):        
  Net income (loss) $(7,536) $(906)   $(74,578) 
  Interest expense, net  5,808   3,797     1,843  
  Income tax expense (benefit)  (4,348)  (592)    -  
  Depreciation, depletion and amortization  13,467   8,351     9,835  
  Accretion of asset retirement obligations  1,665   1,027     912  
  (Gains) losses on commodity derivative instruments 14,217   (1,915)    (12,835) 
  Cash settlements received (paid) on expired commodity derivative instruments 12,992   8,284     5,069  
  Acquisition and divestiture related expenses  238   -     -  
  Reorganization items, net  33   349     81,121  
  Share/Unit based compensation expense  1,016   526     2,542  
  Exploration costs  4   -     -  
  Loss on settlement of AROs  284   -     44  
  Other  -   -     15  
  Adjusted EBITDA: $37,840  $18,921    $13,968  
             
  Reconciliation of Free Cash Flow to Net Income (Loss):        
  Adjusted EBITDA: $37,840  $18,921    $13,968  
   Less: Cash interest expense  5,442   3,367     1,796  
   Less Capital expenditures  25,353   14,772     4,438  
  Free Cash Flow: $7,045  $782    $7,734  
             


           
Selected Operating and Financial Data (Tables)        
Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures      
Adjusted EBITDA and Free Cash Flow        
           
    Successor   Predecessor
      Period from   Period
    Three Months May 5, 2017   April 1, 2017
    Ended through   through
(Amounts in $000s, except per unit data) September 30, 2017 June 30, 2017   May 4, 2017
           
Reconciliation of Adjusted EBITDA to Net Cash Provided from Operating Activities:      
 Net cash provided by (used in) operating activities$  37,330  $  20,544    $  (7,828)
 Changes in working capital    (6,358)    (5,424)      3,325 
 Interest expense, net    5,808     3,797       1,843 
 Amortization of deferred financing fees    (570)    (346)      - 
 Reorganization items, net    33     350       16,533 
 Exploration costs    4     -       - 
 Acquisition and divestiture related expenses    238     -       - 
 Plugging and abandonment cost    458     -       95 
 Income tax expense (benefit) - current portion    897     -       - 
Adjusted EBITDA: $  37,840  $  18,921    $  13,968 
           
Reconciliation of Free Cash Flow to Net Cash from Operating Activities:       
Adjusted EBITDA: $  37,840  $  18,921    $  13,968 
 Less: Cash interest expense    5,442     3,367       1,796 
 Less Capital expenditures    25,353     14,772       4,438 
Free Cash Flow: $  7,045  $  782    $  7,734 
           


 Mid-Point Mid-Point  
 For Quarter EndedFor Year Ended 
(in millions)12/31/201712/31/2017 
    
Calculation of Adjusted EBITDA:   
Net income$21 $53  
Interest expense 5  24  
Depletion, depreciation, and amortization 14  73  
Adjusted EBITDA$40 $150  
    
Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA:   
Net cash provided by operating activities$35 $126  
Changes in working capital     
Cash Interest Expense 5  24  
Adjusted EBITDA$40 $150  
    
    
Reconciliation of Adjusted EBITDA to Free Cash Flow:   
Adjusted EBITDA$40 $150  
Cash Interest Expense (5)  (24)  
Capital expenditures (12)  (62)  
Free Cash Flow$23 $64  
    

Contacts

Amplify Energy Corp.
Bobby Stillwell — Chief Financial Officer
(713) 588-8347
bobby.stillwell@amplifyenergy.com 

Martyn Willsher — Treasurer
(713) 588-8346
martyn.willsher@amplifyenergy.com