This resource is updated as information becomes available.
Reported second-quarter 2022 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $525 million or $1.02 per share, compared with GAAP earnings of $578 million or $1.16 per share in second-quarter 2021. Operating earnings for second-quarter 2022 were $618 million or $1.20 per share, compared with operating earnings of $590 million or $1.18 per share in second-quarter 2021.
Operating earnings is a non-GAAP measure representing GAAP earnings excluding special items. The difference between 2022 GAAP and operating earnings for the quarter was largely due to the write-off of an equity investment in the Flat Ridge 2 wind facility in Kansas, charges related to the anticipated sale of AEP’s Kentucky operations, a gain on the sale of mineral rights, and the mark-to-market impact of economic hedging activities.
More at the press release
- During the second quarter of 2022, the Company:
- Achieved average total production of 20.4 MBoepd, which was held flat compared to the first quarter, despite reduced production at Bairoil attributable to the annual maintenance turnaround
- Generated net cash provided by operating activities of $20.7 million and net income of $29.2 million
- Delivered Adjusted EBITDA of $16.3 million
- As of July 31, 2022, net debt was $185 million, consisting of $215 million outstanding under the revolving credit facility and $30 million of cash on hand
- Net Debt to Last Twelve Months (“LTM”) EBITDA of 2.3x1
- Updated the Company’s full-year 2022 guidance, increasing expectations for production and Adjusted EBITDA
- Southern California Release Incident (the “Incident”) Updates:
- Amplify continues to work cooperatively with all regulatory agencies to secure the remaining required approvals to safely and promptly repair and restart the pipeline
- As reported in Amplify’s first quarter earnings release, on April 15, 2022, Amplify received approval for its permanent pipeline repair plan from the Pipeline and Hazardous Material Safety Administration
More at the press release…..