Amplify 1Q 2018 Financial Results

May 11, 2018

 

Amplify Energy Corp. has released its operating and financial results for 1Q 2018 and among the highlights:

  • The company announced the sale of the company’s South Texas assets for $20 million, with closing expected in May 2018
  • With daily production of 174.0 MMcfe/d, in-line with quarterly guidance
  • The company generated net cash provided by operating activities of $42 million for the quarter, exceeding the midpoint of guidance of $35 million
  • Generated Adjusted EBITDA of $43 million that was at the high end of the guidance range of $37 million to $43 million
  • Generated $23 million of free cash flow that was at the high end of the guidance range of $19 million to $24 million
  • Maintained total debt to annualized Adjusted EBITDA of 2.0x

 

President and CEO Bill Scarff said, “During the quarter, we kicked-off our capital drilling program in East Texas, and we expect the company to generate significant free cash flow during 2018 that will be used to further enhance liquidity.

“We are also continuing to work closely with our Board to optimize strategies, increase investment returns and enhance shareholder value.”