AMPY - Amplify Energy withdraws full-year guidance after oil spill

Amplify Energy (NYSE:AMPY) +0.6% pre-market after reporting a Q3 GAAP loss of $13.5M, compared with a $35M in Q2, while revenues rose 21% Q/Q to $97M, due to production outperformance and strong price realizations. Q3 adjusted EBITDA increased to $27.1M from $23.8M in the prior quarter, and free cash flow climbed to $13.1M from $9.5M. But Amplify rescinded its full-year forecast after last month's oil spill in southern California forced a shutdown of its operations in the region. The company previously had raised the lower end of its full-year production forecast by 1K boe/day to 24K-25K boe/day. Amplify shares have more than doubled YTD but have dropped 45% since their $5.75 YTD high set on October 1.

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Amplify Energy withdraws full-year guidance after oil spill