AMPY - Amplify Energy: Focusing On Beta Development

2024-04-23 11:21:14 ET

Summary

• Amplify Energy Corp. is projected to exceed its guidance around 2024 free cash flow, helped by improved oil prices.
• Amplify has other obligations (such as Beta sinking fund payments) that will reduce its credit facility debt paydown during 2024.
• Amplify's 2025 free cash flow is projected to be $40 million more than its 2024 free cash flow, with its 2024 investments paying off more in 2025.
• 2024 Beta wells could boost Amplify's oil production by around 400 barrels per day in 2024 and 1,000 barrels per day in 2025.

Amplify Energy Corp. ( AMPY ) is focusing on Beta development in 2024 , putting around 76% of its 2024 capex budget towards various Beta projects. This investment reduces its 2024 free cash flow, although due to improved oil prices, Amplify is now projected to generate approximately $43 million in free cash flow in 2024. This is above Amplify's prior guidance range for $20 million to $40 million in free cash flow in 2024, helped by oil strip around $6 higher than what Amplify assumed in its guidance....

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