Amplify Energy Corp.

For Q1 2025, Amplify reported a net loss of about $5.9 million versus a $7.4 million net loss in Q4. Excluding one-time items and the non-cash unrealized commodity derivative loss, adjusted net income was $3.8 million. Adjusted EBITDA was $19.4 million, down about $2.4 million sequentially, and operating cash flow was $25.5 million. Production averaged approximately 17.9 MBoe/d, down 0.6 MBoe/d from the prior quarter, with a mix of 46% oil, 16% NGL and 38% natural gas. Lease operating expenses were about $37.4 million, or $23.28/BOE; production taxes were $4.4 million; GPT costs were $4.3 million, or $2.67/BOE; and cash G&A was $7.3 million. Capex was $23.1 million, and free cash flow was negative $7.2 million. As of March 31, debt outstanding under the revolver was $125 million, liquidity was $20 million, and net debt to last-twelve-months adjusted EBITDA was 1.3x. Full-year 2025 production guidance was reduced to 19,000-20,500 BOE/d, 2025 capital guidance was cut to $55 million-$70 million, and management said it expects midyear/second-half improvements from East Texas, Eagle Ford and Beta wells already scheduled to come online.

Martyn Willsher emphasized that Beta remains the core value driver and pointed to the C54 well as further proof that the field’s D-Sand completions are outperforming type curves. He said the company is temporarily deferring some Beta projects because of oil price uncertainty, but the long-term development strategy is intact and wells can be added back as market conditions improve. His tone was constructive and cautious: protect free cash flow and the balance sheet now, while keeping flexibility to accelerate Beta later.

Jim Frew framed the quarter as consistent with expectations despite lower commodity prices and some one-time operational headwinds. He highlighted $19.4 million of adjusted EBITDA, $25.5 million of operating cash flow, $23.1 million of capex, negative $7.2 million of free cash flow, $125 million of revolver debt, $20 million of liquidity, and 1.3x net debt-to-EBITDA. He also detailed the hedge book: oil swaps for 1H26 at $62.55/bbl and 1H27 at $61.93/bbl, gas swaps for 2026 at $4.12/MMBtu, and gas collars for 2026 and 2027.

The main analyst questions focused on debt reduction targets, what oil price would justify resuming more Beta development, and whether portfolio optimization means more Haynesville monetizations or broader asset sales. Management said its goal is to generate positive free cash flow and continue paying down debt, with a long-term leverage target of 0.5x to 1.0x. On Beta, management said the decision depends on both commodity prices and liquidity, and that they are looking at all portfolio options outside Beta that could create liquidity and be redeployed into higher-return Beta projects.