Amplify Energy Corp

Company overview

• Public Delaware corporation (common stock: AMPY) focused on acquisition, development, exploitation and production of oil and natural gas properties.
• Operates as a single reportable segment through Amplify Onshore, LLC (wholly owned) and subsidiaries.

Primary assets and geographic focus (as of Dec 31, 2025)

• Remaining properties: Beta (offshore California federal waters) and Bairoil (Wyoming).
• Historical footprint included producing properties in Oklahoma, Bairoil (Wyoming), Beta (offshore California), East Texas/North Louisiana, and non-operated interests in the Eagle Ford. 2025 divestitures reduced the company’s footprint to Beta and Bairoil.
• Beta offshore: two production platforms (Ellen and Eureka), a processing/onsite arrangement on Elly, and an onshore pipeline connection via San Pedro Bay Pipeline Company (Amplify subsidiary).

Reserves and production (as of Dec 31, 2025)

• Proved reserves: 38.1 million Boe (MMBoe); ~93% oil and ~7% NGLs; ~65% proved developed.
• Reserve and production split:
  • Beta: ~64% of total proved reserves and ~56% of average daily net production in Q4 2025.
  • Bairoil: ~36% of total proved reserves and ~44% of average daily net production in Q4 2025.
• Hydrocarbon volumes:
  • Beta oil reserves: ~24.3 million barrels.
  • Bairoil oil reserves: ~13.7 million barrels.
• Production:
  • 2025 average net production: 18.4 thousand Boe/d.
  • Three-month period ended Dec 31, 2025 average net production: 6.6 thousand Boe/d.

Major customers

• Phillips 66: ~28% of 2025 total revenues; 33% in 2024. Phillips 66’s contract for Beta crude oil ended Oct 1, 2025; Amplify transitioned to other customers for Beta sales.
• HF Sinclair Corporation (formerly Sinclair Oil & Gas): ~21% of 2025 revenues; 25% in 2024.
• Southwest Energy LP: accounted for ~10% in 2024.

2025 divestitures and proceeds (selected)

• Revolution Asset Sale (Oklahoma): sold for $92.5 million; net proceeds $88.7 million; closing Dec 29, 2025 (effective Oct 1, 2025). Recorded impairment of $34.0 million.
• EQV Asset Sale (East Texas/Louisiana): sold for $122.0 million; net proceeds $111.6 million; closing Dec 23, 2025 (effective Oct 1, 2025). Proceeds used to reduce revolver borrowings.
• East Texas Haynesville monetization: net proceeds $5.3 million; closing Oct 24, 2025 (effective Oct 1, 2025).
• Eagle Ford divestiture (non-operated): total sale price $23.0 million; final adjusted price $21.1 million; impairment of $8.4 million.
• Other smaller divestitures (Cotton Valley/Haynesville rights): net proceeds of approximately $7.8 million.
• Net effect: proceeds were largely applied to reduce borrowings under the Revolving Credit Facility; several asset impairments were recorded related to these divestitures.

Liquidity and debt

• Amended Revolving Credit Facility (as of Dec 31, 2025):
  • Borrowing base: $25.0 million; elected commitments: $15.0 million.
  • Maturity extended to December 31, 2028.
  • No outstanding borrowings at year-end 2025.
• Facility features:
  • Minimum hedging target: 25%–75% of estimated production from total proved developed producing reserves, depending on facility availability.
  • Secured by mortgages on at least 90% of PV-9 value of oil and gas properties and related midstream assets.
  • Covenants include a debt/EBITDAX ratio, current ratio, and hedging requirements; covenant violations could accelerate repayment.

Operations and market positioning

• Operator of record for 100% of proved reserves; the company manages development, recompletions and workovers. The company does not own drilling rigs; contractors provide drilling services. Beta platforms have permanent drilling systems.
• Marketing and logistics:
  • Beta crude is delivered via the San Pedro Bay pipeline to Long Beach; San Pedro Bay Pipeline Company operates the pipeline system.
  • Marketing contracts with major customers are typically month-to-month; changes in customers can affect volumes and pricing, as illustrated by Phillips 66’s departure from Beta sales in 2025.
• Risk management:
  • Uses commodity derivatives (swaps, puts, collars) to stabilize cash flows. Hedging targets are defined but flexible; some derivative counterparties are lenders under the revolving facility.

Environmental, regulatory and safety

• Beta offshore operations are subject to BOEM/BSEE regulation; offshore decommissioning and financial assurance requirements are active regulatory considerations.
• Onshore operations in Wyoming are subject to federal and state environmental and safety requirements, with exposure to environmental liabilities and permitting costs.
• Ongoing compliance areas include surface and groundwater protection, air emissions and methane regulation, and adherence to OSHA and other safety standards. The company tracks evolving federal and state climate-related rules and governance expectations.

Human capital

• Employees: 184 as of Dec 31, 2025.
• No employees are represented by a labor union or covered by a collective bargaining agreement.
• Diversity and composition:
  • Approximately 56% of the workforce self-identified as a racial/ethnic minority; ~18% self-identified as female.
  • At corporate headquarters: ~57% minority and ~67% female.
• Priorities: safety-first culture, training and development, inclusive workforce, competitive compensation, and health/welfare benefits including a 401(k) with company match.

Corporate information

• Principal executive office: 500 Dallas Street, Suite 1700, Houston, TX 77002.
• Main phone: (832) 219-9001.
• Public filings and reports are available through the company website and the SEC.