- 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
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