Resumed operations at Beta, coupled with the receipt of the settlement proceeds and corresponding reduction in debt outstanding, significantly improve our financial outlook and represent a new chapter in Amplify’s future.”ĭuring the first quarter of 2023, the Company reported net income of approximately $352.8 million. We are excited to report that we have restarted operations at Beta, with initial production rates exceeding our expectations. Martyn Willsher, Amplify’s President and Chief Executive Officer, commented, “Amplify is off to a strong start in 2023. (1) Net debt as of April 30, 2023, and LTM Adjusted EBITDA as of the first quarter of 2023 The pipeline is currently operating in accordance with the restart procedures, which were reviewed and approved by the Pipeline and Hazardous Materials Safety Administration The Company returned the Beta field to production and began selling oil on Ap(after successfully filling the San Pedro Bay Pipeline and finalizing all required testing) On April 10, 2023, Amplify announced it received the required approvals from federal regulatory agencies to restart operations at the Beta field In late March, Amplify received $85 million in net proceeds from the settlement regarding its affirmative claims against the vessels, which was previously announced on March 1, 2023 ![]() Southern California Release Incident (the “Incident”) Updates: ![]() Net Debt to Last Twelve Months (“LTM”) Adjusted EBITDA of 1.1x 1 Generated $11.4 million of free cash flowĪnnounced the appointments of Dan Furbee, as the Company’s Senior Vice President and Chief Operating Officer, and Jim Frew, as the Company’s Senior Vice President and Chief Financial OfficerĪs of April 30, 2023, net debt was $109 million, consisting of $125 million outstanding under the revolving credit facility and $16 million of cash on hand Generated net cash provided by operating activities of $90.3 million and net income of $352.8 millionĭelivered Adjusted EBITDA of $25.8 million (NYSE: AMPY) (“Amplify” or the “Company”) announced today its operating and financial results for the first quarter of 2023.ĭuring the first quarter of 2023, the Company:Īchieved average total production of 19.4 MBoepd ![]() HOUSTON, (GLOBE NEWSWIRE) - Amplify Energy Corp.
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