GlobeNewswire Inc | Mar 11, 2021 07:05AM EST

March 11, 2021

HOUSTON, March 11, 2021 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (NYSE: AMPY) (Amplify or the Company) announced today its operating and financial results for the fourth quarter 2020, year-end 2020 proved reserves and provided guidance for the full-year 2021.

Key Highlights

-- During the fourth quarter of 2020 the Company: Achieved average total production of 26.3 MBoe/dGenerated net cash provided by operating activities of $10.7 millionDelivered Adjusted EBITDA of $21.9 millionGenerated $16.0 million of Free Cash Flow, flat with the third quarter of 2020Reduced LOE by approximately $7.2 million to $28.5 million compared to $35.7 million in the fourth quarter of 2019Spent $2.2 million in cash capital expenditures, a decrease of $2.8 million quarter over quarterCompleted a successful secondary offering for certain selling shareholders -- Solidified the management team with the promotions of Martyn Willsher and Jason McGlynn to President and Chief Executive Officer and Senior Vice President and Chief Financial Officer, respectively -- Appointed Patrice Douglas to the Board of Directors and elevated Chris Hamm to Chairman of the Board -- As of March 1, 2021, net debt was $228 million, inclusive of $22 million of cash on hand -- Amplifys year-end 2020 total proved reserves of 160 million barrels of oil equivalent (MMBoe), utilizing strip pricing as of March 1, 2021 had a PV-10 value of approximately $778 million Amplifys year-end 2020 proved developed reserves of 118 MMBoe, utilizing strip pricing as of March 1, 2021 had a PV-10 value of approximately $594 million

Martyn Willsher, President and Chief Executive Officer of Amplify commented, I am very pleased with Amplifys fourth quarter operational and financial results. Through the continued execution of our disciplined operating strategy and robust hedging program, we generated significant free cash flow despite the impacts of the ongoing pandemic and depressed commodity prices during 2020, demonstrating the sustainable value of our long-lived, low-decline assets.

Mr. Willsher continued, None of our achievements in 2020 would have been possible without our extraordinary employees, and I remain extremely grateful for their outstanding work, resourcefulness and dedication. Despite 2020 being a challenging year, we are starting 2021 with renewed optimism and continued commitment to exceptional execution and delivering value for our stakeholders.

Our plan for 2021 is to remain focused on managing our costs, generating free cash flow and improving our balance sheet. With the recent improvement in commodity prices, we also intend to commence a limited development program in our Beta Field asset, which we believe retains significant upside for the Company and should bolster our profitability and operating margins in the coming years. Our additional capital for this year will be focused on low risk workover and facility projects, which will allow us to continue building liquidity and delevering our balance sheet, Mr. Willsher concluded.

2020 Year-End Proved Reserve Update

Amplifys reserves estimates were prepared by its third-party independent reserve consultant, Cawley, Gillespie & Associates, Inc. The Companys estimated proved reserves at SEC pricing for year-end 2020 totaled 114 MMBoe, which consisted of 97 MMBoe of proved developed reserves and 17 MMBoe of proved undeveloped (PUD) reserves. Total proved reserves were comprised of 41% oil, 19% NGLs, and 40% natural gas. Geographically, 34% are in Oklahoma, 30% are in East Texas and Northern Louisiana, 19% are in the Rockies, 15% are in southern California, and 2% are in the Eagle Ford.

At year-end 2020, as prepared utilizing SEC pricing(1), Amplifys proved reserves and proved developed reserves had PV-10 values of approximately $298 million and $239 million, respectively. Utilizing strip pricing as of March 1, the Companys year-end 2020 proved reserves and proved developed reserves had PV-10 values of approximately $778 million and $594 million, respectively.

Estimated Net Proved Producing Wells Reserves % Oil % Proved Standardized andRegion MMBoe NGL Developed Measure ^(1) Gross Net (in millions)Oklahoma 39.3 49% 80% $ 96 335 242 Rockies (Bairoil) 21.2 100% 87% 47 137 137 Southern California 16.7 100% 66% 59 53 53 (Beta)East Texas/ North 34.4 25% 100% 78 1,609 899 LouisianaEagle Ford 2.2 91% 54% 18 314 23 Total 113.8 60% 85% $ 298 2,448 1,354

(1)Standardized measure is calculated using SEC pricing, before market differentials, of $39.57/Bbl for oil and NGLs and $1.99/MMBtu for natural gas

Key Financial Results

During the fourth quarter of 2020, Amplify generated $21.9 million of Adjusted EBITDA, a decrease of $2.9 million compared to the third quarter of 2020. This decrease was in line with internal forecasts and was primarily attributable to natural production decline, partially offset by the continued realization of our previously announced cost reduction initiatives and commodity price improvement during the quarter.

Free Cash Flow, defined as Adjusted EBITDA less cash interest and capital spending, was $16 million in the fourth quarter of 2020, held flat compared to the prior quarter and above internal forecasts. This favorable result, despite lower Adjusted EBITDA, was primarily attributable to reduced capital expenditures, which highlights Amplifys commitment to capital discipline. The Company generated over $41 million in Free Cash Flow in 2020 and expects to continue generating cash flow going forward even at prices below current strip pricing.

Selected Operating and Financial Results for the Third and Fourth quarters of 2020:

Fourth Quarter Third Quarter$ in millions 2020 2020 Average daily production (MBoe/d) 26.3 27.7 Total revenues $56.1 $52.7 Total assets $384.8 $421.7 Net income (loss) ^(1) ($37.8 ) ($17.7 )Adjusted EBITDA (a non-GAAP financial measure) $21.9 $24.8 Net debt ^(2) $250.2 $257.0 Net cash provided by operating activities $10.7 $20.6 Total capital $2.2 $5.0

(1)Net loss for the fourth quarter driven by $21.9 million asset impairment(2)As of December 31, 2020 and September 30, 2020, respectively

Revolving Credit Facility and Liquidity Update

On November 18, 2020, Amplify successfully completed its fall 2020 borrowing base redetermination, and the Companys borrowing base was reaffirmed at $260 million.

As of March 1, 2021, Amplify had total net debt of $228 million, with $250 million outstanding under its revolving credit facility and $22 million of cash on hand.

Asset Impairment

Due to the significant decrease in commodity prices during 2020, Amplify incurred non-cash impairment charges of Amplifys non-operated Eagle Ford asset of $22 million.

Production Update

During the fourth quarter of 2020, average daily production was approximately 26.3 MBoe/d, a decrease of 5% from 27.7 MBoe/d in the third quarter of 2020, and exceeded internal forecasts despite occasional weather interruptions and incremental well shut-ins resulting from depressed commodity prices. Year-over-year production declines have continued to decrease as our long-lived, PDP-heavy assets mature, which we expect will continue in the coming years. Our product mix has also become increasingly liquids-weighted, a trend which we expect to continue going forward and further driving long-term profitability. Oil composition in the fourth quarter 2020 increased approximately 11% from the first quarter of 2020.

Production in East Texas exceeded internal forecasts as a result of efficient workover activity. In Oklahoma, the operations team continued to prudently return economic wells to production and converted five wells to rod-lift from electrical submersible pumps. Amplifys Oklahoma operating strategy remains focused on maintaining a steady asset cash flow profile by returning only the most economic wells to production. Combined with rod-lift conversions, this approach reduces future electrical costs and well downtime. At Beta, net production during the fourth quarter was slightly above internal expectations resulting from high-grading economic workovers to offset minor well failures. Beta asset level revenue increased by approximately $1.9 million in the fourth quarter of 2020 due to royalty relief. Production in our oil-weighted Bairoil field decreased slightly quarter over quarter primarily due to surface facility issues and reduced CO2 recycle rates. Lastly, our non-operated Eagle Ford assets delivered production that was largely in line with internal forecasts as the production declines from wells that came online in the second quarter of 2020 have stabilized.

Total oil, natural gas and NGL revenues in the fourth quarter of 2020 were approximately $55.7 million, before the impact of derivatives, compared to $52.5 million in the third quarter. The Company realized a gain on commodity derivatives of $8.5 million during the quarter, compared to a $14.0 million gain during the third quarter. For the full-year 2020, total unhedged oil, natural gas and NGL revenues were approximately $200.9 million. The Company realized a gain on commodity derivatives of $62.4 million during the full-year 2020, compared to a $4.4 million gain during the full-year 2019.

Lease Operating Expenses

Lease operating expenses in the fourth quarter of 2020 were approximately $28.5 million, a decrease of $7.2 million compared to the fourth quarter of 2019. Amplify has generated approximately $18 million in aggregate cost reductions, an 11% reduction in per-unit LOE, from the first quarter to the fourth quarter of 2020, which has greatly improved expectations for cash margin and sustainable cash flow generation. Cost reductions from prior periods have held steady throughout the fourth quarter of 2020, and the majority are expected to carry over through 2021.

Capital Spending Update and Outlook

Capital spending during the fourth quarter of 2020 was approximately $2.2 million, a decrease of approximately $2.8 million from $5.0 million in the third quarter of 2020. The decrease was largely attributable to reduced capital workover activity during the fourth quarter of 2020. For the full-year 2020, Amplify spent approximately $29.2 million in capital expenditures, primarily focused on facility maintenance projects essential to equipment integrity and operational efficiency, high rate of return workover projects, and non-operated drilling and completion activity in the Eagle Ford.

Amplifys 2021 capital program is anticipated to be between $28 million and $39 million.

On an area-by-area basis, Amplifys largest capital allocation in 2021 will be for our offshore Beta property, where Amplify anticipates spending approximately $14 million toward the commencement of our phased development program, along with capital for workovers to return production from offline wells and facility maintenance.

Amplify anticipates spending approximately $8 million in Oklahoma for additional rod lift conversions and ESP (electric submersible pump) optimizations. The rod lift conversion project initiated in late 2018 has been successful in significantly reducing operating expenditures and recurring maintenance costs.

At Bairoil, Amplify has budgeted approximately $5 million in 2021 for facility work and capital workovers.

In the non-operated Eagle Ford, Amplify anticipates $6 million in capex for completion of forty-eight gross (1.2 net) wells in 2021.

Lastly in East Texas, Amplify has budgeted less than $1 million in capital workovers.

2021 Guidance % of Midpoint ($MM) TotalSouthern California (Beta) Drilling and Completion $ 10.4 31%Eagle Ford (Non-Op) Drilling and Completion $ 5.5 16%Total Development Capital $ 15.9 47% Capital Workovers $ 10.8 32%Facilities $ 6.8 20%Total 2021 Capital Program $ 33.5 100%

Winter Storm Uri Update

During February of 2021, Amplifys Oklahoma, East Texas and Eagle Ford assets experienced production interruptions due the extreme cold weather, ice, and snow produced by Winter Storm Uri. Production levels were returned to pre-storm levels within 10 days, and full-year production targets are within approximately 200 Boe/d of original estimates. The swift return of production is a testament to the top-tier operating efficiency of our field staff. Winter Storm Uris effects also underscored the value of the Companys diversified geographical asset base.

Full-Year 2021 Guidance

The following guidance included in this press release is subject to the cautionary statements and limitations described under the "Forward-Looking Statements" caption at the end of this press release. Amplify's 2021 guidance is based on its current expectations regarding capital expenditure levels and on the assumption that market demand and prices for oil and natural gas will continue at levels that allow for economic production of these products.

A summary of the guidance is presented below:

FY 2021E Low HighNet Average Daily Production Oil (MBbls/d) 9.5 - 10.5NGL (MBbls/d) 3.5 - 4.0Natural Gas (MMcf/d) 60.0 - 63.0Total (MBoe/d) 23.0 - 25.0 Commodity Price Differential / Realizations (Unhedged) Oil Differential ($ / Bbl) ($3.25) - ($3.75)NGL Realized Price (% of WTI NYMEX) 38% - 42%Natural Gas Realized Price (% of Henry Hub) 78% - 82% Gathering, Processing and Transportation Costs Oil ($ / Bbl) $0.37 - $0.52NGL ($ / Bbl) $4.40 - $4.90Natural Gas ($ / Mcf) $0.45 - $0.55Total ($ / Boe) $2.00 - $2.50 Average Costs Lease Operating ($ / Boe) $12.50 - $14.50Taxes (% of Revenue) ^(1) 6.0% - 7.0%Recurring Cash General and Administrative ($ / Boe) ^(2) $2.45 - $2.75 Cash Interest Expense ($MM) $11 - $15Capital Expenditures ($MM) $28 - $39

(1) Includes production, ad valorem and franchise taxes(2) Recurring cash general and administrative cost guidance excludes reorganization expenses and non-cash compensation

Hedging Update

The following table reflects the hedged volumes under Amplifys commodity derivative contracts and the average fixed, floor, and ceiling prices at which production is hedged for January 2021 through December 2022, as of March 11, 2020.

2021 2022 Natural Gas Swaps: Average Monthly Volume (MMBtu) 925,000 590,000 Weighted Average Fixed Price ($) $ 2.49 $ 2.48 Natural Gas Collars: Two-way collars Average Monthly Volume (MMBtu) 925,000 595,000 Weighted Average Ceiling Price ($) $ 3.28 $ 3.09 Weighted Average Floor Price ($) $ 2.10 $ 2.37 Natural Gas Basis Swaps: Average Monthly Volume (MMBtu) 500,000 Weighted Average Spread ($) $ (0.40 ) Oil Swaps: Average Monthly Volume (Bbls) 207,500 85,000 Weighted Average Fixed Price ($) $ 47.23 $ 54.81 Oil Collars: Two-way collars Average Monthly Volume (Bbls) 7,500 Weighted Average Ceiling Price ($) $ 60.25 Weighted Average Floor Price ($) $ 55.00 Three-way collars Average Monthly Volume (Bbls) 42,500 76,000 Weighted Average Ceiling Price ($) $ 50.61 $ 53.18 Weighted Average Floor Price ($) $ 40.00 $ 40.00 Weighted Average Sub-Floor Price ($) $ 30.00 $ 31.32 NGL Swaps: Average Monthly Volume (Bbls) 22,800 Weighted Average Fixed Price ($) $ 24.25

Amplify posted an updated hedge presentation containing additional information on its website, www.amplifyenergy.com, under the Investor Relations section.

Annual Report on Form 10-K

Amplifys financial statements and related footnotes will be available in its Annual Report on Form 10-K for the year ended December 31, 2020, which Amplify expects to file with the Securities and Exchange Commission on March 11, 2021.

Conference Call

Amplify will host an investor teleconference today at 10:00 a.m. Central Time to discuss these operating and financial results. Interested parties may join the webcast by visiting Amplify's website, www.amplifyenergy.com, and clicking on the webcast link or by dialing (833) 883-4379 at least 15 minutes before the call begins and providing the Conference ID: 3731609. The webcast and a telephonic replay will be available for fourteen days following the call and may be accessed by visiting Amplifys website, www.amplifyenergy.com, or by dialing (855) 859-2056 and providing the Conference ID: 3731609.

About Amplify Energy

Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploration and production of oil and natural gas properties. Amplifys operations are focused in Oklahoma, the Rockies, federal waters offshore Southern California, East Texas / North Louisiana, and the Eagle Ford. For more information, visit www.amplifyenergy.com.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Amplify expects, believes or anticipates will or may occur in the future are forward-looking statements. Terminology such as will, would, should, could, expect, anticipate, plan, project, intend, estimate, believe, target, continue, potential, the negative of such terms or other comparable terminology are intended to identify forward-looking statements. Amplify believes that these statements are based on reasonable assumptions, but such assumptions may prove to be inaccurate. Such statements are also subject to a number of risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Amplify, which may cause Amplifys actual results to differ materially from those implied or expressed by the forward-looking statements. Please read the Companys filings with the Securities and Exchange Commission, including Risk Factors in its Annual Report on Form 10-K, and if applicable, its Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and other public filings and press releases for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. All forward-looking statements speak only as of the date of this press release. All forward-looking statements in this press release are qualified in their entirety by these cautionary statements. Amplify undertakes no obligation and does not intend to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.

Use of Non-GAAP Financial Measures

This press release and accompanying schedules include the non-GAAP financial measures of Adjusted EBITDA and Free Cash Flow. The accompanying schedules provide a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. Amplifys non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income, operating income, net cash flows provided by operating activities or any other measure of financial performance calculated and presented in accordance with GAAP. Amplifys non-GAAP financial measures may not be comparable to similarly titled measures of other companies because they may not calculate such measures in the same manner as Amplify does.

Adjusted EBITDA. Amplify defines Adjusted EBITDA as net income or loss, plus interest expense; income tax expense; depreciation, depletion and amortization; impairment of goodwill and long-lived assets; accretion of asset retirement obligations; losses on commodity derivative instruments; cash settlements received on expired commodity derivative instruments; losses on sale of assets; unit-based compensation expenses; exploration costs; acquisition and divestiture related expenses; amortization of gain associated with terminated commodity derivatives, bad debt expense; and other non-routine items, less interest income; gain on extinguishment of debt; income tax benefit; gains on commodity derivative instruments; cash settlements paid on expired commodity derivative instruments; gains on sale of assets and other, net; and other non-routine items. Adjusted EBITDA is commonly used as a supplemental financial measure by management and external users of Amplifys financial statements, such as investors, research analysts and rating agencies, to assess: (1) its operating performance as compared to other companies in Amplifys industry without regard to financing methods, capital structures or historical cost basis; (2) the ability of its assets to generate cash sufficient to pay interest and support Amplifys indebtedness; and (3) the viability of projects and the overall rates of return on alternative investment opportunities. Since Adjusted EBITDA excludes some, but not all, items that affect net income or loss and because these measures may vary among other companies, the Adjusted EBITDA data presented in this press release may not be comparable to similarly titled measures of other companies. The GAAP measure most directly comparable to Adjusted EBITDA is net cash provided by operating activities.

Free Cash Flow. Amplify defines Free Cash Flow as Adjusted EBITDA, less cash income taxes; cash interest expense; and total capital expenditures. Free cash flow is an important non-GAAP financial measure for Amplifys investors since it serves as an indicator of the Companys success in providing a cash return on investment. The GAAP measure most directly comparable to free cash flow is net cash provided by operating activities.

Selected Operating and Financial Data (Tables)

Amplify Energy Corp. Selected Financial Data - Unaudited Statements of Operations Data Three Months Three Months Ended Ended(Amounts in $000s, except per share data) December 31, September 30, 2020 2020 Revenues: Oil and natural gas sales $ 55,725 $ 52,488 Other revenues 367 257 Total revenues 56,092 52,745 Costs and Expenses: Lease operating expense 28,518 27,639 Gathering, processing and transportation 5,549 5,256 Exploration 32 5 Taxes other than income 3,002 3,761 Depreciation, depletion and amortization 9,139 7,950 Impairment expense 21,905 - General and administrative expense 6,238 6,443 Accretion of asset retirement obligations 1,589 1,565 Realized (gain) loss on commodity derivatives (8,527 ) (14,067 ) Unrealized (gain) loss on commodity 22,052 28,419 derivatives Other, net 137 113 Total costs and expenses 89,634 67,084 Operating Income (loss) (33,542 ) (14,339 ) Other Income (Expense): Interest expense, net (3,304 ) (3,362 ) Other income (expense) 103 196 Inventory valuation adjustment (1,003 ) - Total Other Income (Expense) (4,204 ) (3,166 ) Income (loss) before reorganization items, (37,746 ) (17,505 ) net and income taxes Reorganization items, net (34 ) (180 )Income tax benefit (expense) (30 ) - Net income (loss) $ (37,810 ) $ (17,685 ) Earnings per share: Basic and diluted earnings (loss) per $ (1.00 ) $ (0.47 ) share

Selected Financial Data - Unaudited Operating Statistics Three Months Three Months Ended Ended(Amounts in $000s, except per share data) December 31, September 30, 2020 2020 Oil and natural gas revenue: Oil Sales $ 36,591 $ 36,868 NGL Sales 6,061 5,537 Natural Gas Sales 13,073 10,083 Total oil and natural gas sales - Unhedged $ 55,725 $ 52,488 Production volumes: Oil Sales - MBbls 962 997 NGL Sales - MBbls 407 430 Natural Gas Sales - MMcf 6,324 6,706 Total - MBoe 2,423 2,545 Total - MBoe/d 26.3 27.7 Average sales price (excluding commodity derivatives): Oil - per Bbl $ 37.99 $ 36.98 NGL - per Bbl $ 14.92 $ 12.89 Natural gas - per Mcf $ 2.07 $ 1.50 Total - per Boe $ 23.00 $ 20.63 Average unit costs per Boe: Lease operating expense $ 11.77 $ 10.86 Gathering, processing and transportation $ 2.29 $ 2.06 Taxes other than income $ 1.24 $ 1.48 General and administrative expense $ 2.57 $ 2.53 Depletion, depreciation, and $ 3.77 $ 3.12 amortization

Selected Financial Data - Unaudited Balance Sheet Data (Amounts in $000s, except per share December 31, September 30,data) 2020 2020 Total current assets $ 56,837 $ 62,502 Property and equipment, net 317,246 345,733 Total assets 384,759 421,694 Total current liabilities 56,862 51,387 Long-term debt 260,516 265,516 Total liabilities 418,496 417,658 Total equity (33,737 ) 4,036

Selected Financial Data - Unaudited Statements of Cash Flows Data Three Months Three Months Ended Ended(Amounts in $000s, except per share data) December 31, September 30, 2020 2020 Net cash provided by (used in) operating $ 10,732 $ 20,609 activitiesNet cash provided by (used in) investing (3,828 ) (5,220 )activitiesNet cash provided by (used in) financing (10,061 ) (15,070 )activities

Selected Operating and Financial Data (Tables) Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial MeasuresAdjusted EBITDA and Free Cash Flow Three Months Three Months Ended Ended(Amounts in $000s, except per share data) December 31, September 30, 2020 2020 Reconciliation of Adjusted EBITDA to Net Cash Provided from Operating Activities: Net cash provided by operating activities $ 10,732 $ 20,609 Changes in working capital 5,567 (217 ) Interest expense, net 3,304 3,362 Gain (loss) on interest rate swaps (9 ) 20 Cash settlements paid (received) on interest 468 462 rate swaps Amortization and write-off of deferred (138 ) (135 ) financing fees Reorganization items, net 34 180 Exploration costs 32 5 Acquisition and divestiture related costs 415 152 Severance payments 3 25 Plugging and abandonment cost 265 312 Current income tax expense (benefit) 30 - Non-cash inventory valuation adjustment 1,003 - Oher 170 (15 )Adjusted EBITDA: $ 21,876 $ 24,760 Reconciliation of Free Cash Flow to Net Cash Provided from Operating Activities:Adjusted EBITDA: $ 21,876 $ 24,760 Less: Cash interest expense 3,639 3,739 Less: Capital expenditures 2,159 4,999 Free Cash Flow: $ 16,078 $ 16,023

Selected Operating and Financial Data (Tables)Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP FinancialMeasuresAdjusted EBITDA and Free Cash Flow Three Months Three Months Ended Ended(Amounts in $000s, except per share data) December 31, September 30, 2020 2020 Reconciliation of Adjusted EBITDA to Net Income (Loss): Net income (loss) $ (37,810 ) $ (17,685 ) Interest expense, net 3,304 3,362 Income tax expense 30 - Depreciation, depletion and amortization 9,139 7,950 Impairment expense 21,905 - Accretion of asset retirement obligations 1,589 1,565 (Gains) losses on commodity derivatives 13,525 14,352 Cash settlements received (paid) on 8,527 14,067 expired commodity derivative instruments Acquisition and divestiture related costs 415 152 Reorganization items, net 34 180 Share-based compensation expense (93 ) 456 Exploration costs 32 5 Loss on settlement of AROs 137 113 Bad debt expense (175 ) 218 Severance payments 3 25 Non-cash inventory valuation adjustment 1,003 - Secondary offering expenses 311 - Adjusted EBITDA: $ 21,876 $ 24,760 Reconciliation of Free Cash Flow to Net Income (Loss): Adjusted EBITDA: $ 21,876 $ 24,760 Less: Cash interest expense 3,639 3,739 Less: Capital expenditures 2,159 4,999 Free Cash Flow: $ 16,078 $ 16,023

Contacts

Jason McGlynn Chief Financial Officer(832) 219-9055jason.mcglynn@amplifyenergy.com