Amplify Energy : AMPY August 2021 Investor Presentation

NYSE: AMPY

Amplify Energy Corp.

August 2021 Investor Presentation

August 4, 2021

Forward Looking Statements

This presentation and the oral statements made in connection therewith contain forward-looking statements. All statements, other than statements of historical facts, included in this presentation or made in connection therewith that address activities, events or developments that Amplify Energy Corp. ("AMPY", "Amplify" or the "Company") 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," "on track," "potential," the negative of such terms or other comparable terminology are intended to identify forward-looking statements. These statements include, but are not limited to, statements about estimates of AMPY's oil and natural gas reserves, AMPY's future capital expenditures (including the amount and nature thereof), expectations regarding future cash flows and expectations of plans, strategies, objectives and anticipated financial and operating

results, including as to production, lease operating expenses, hedging activities, commodity price realizations, capital expenditure levels

and other guidance included in this presentation. These statements are based on certain assumptions made by AMPY based on its experience and perception of historical trends, current conditions, expected future developments and other factors they believe are appropriate in the circumstances, but such assumptions may prove to be inaccurate. Such statements are also subject to a number of risks and uncertainties, many of which are beyond the control of AMPY, which may cause AMPY's actual results to differ materially from

those implied or expressed by the forward-looking statements. These include risks and uncertainties relating to, among other things,

AMPY's efforts to reduce leverage and its levels of indebtedness, including its ability to satisfy its debt obligations; the uncertainty inherent in the development and production of oil, natural gas and natural gas liquids and in estimating reserves; risks associated with drilling activities; risks related to AMPY's ability to generate sufficient cash flow to make payments on its debt obligations and to execute its business plans; AMPY's ability to access funds on acceptable terms, if at all, because of the terms and conditions governing AMPY's indebtedness or otherwise; general political and economic conditions, globally and in the jurisdictions in which we operate, including the impact of legislation and governmental regulations, including those related to climate change and hydraulic fracturing; the occurrence or threat of epidemic or pandemic diseases, such as the ongoing COVID-19 pandemic, or any government response to such occurrence or threat; and changes in commodity prices and hedge positions and the risk that the Company's hedging strategy

may be ineffective or may reduce its income. These and other important factors could cause actual results to differ materially from

those anticipated or implied in the forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this presentation. All forward-looking statements included in this presentation or made in connection therewith are qualified in their entirety by these cautionary statements. Please read AMPY's filings with the Securities and Exchange Commission (the "SEC"), including "Risk Factors" in AMPY's Annual Report on Form 10-K, AMPY's Quarterly Reports on Form 10-

1. and Current Reports on Form 8-K, which are available on AMPY's Investor Relations website at https://www.amplifyenergy.com/investor-relations/sec-filings/default.aspx, or on the SEC's website at www.sec.gov, for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. Except as required by law, AMPY 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.

2	NYSE: AMPY

Non-GAAP Disclosure

Use of Non-GAAPFinancial Measures. Amplify uses the non-GAAP financial measures of Adjusted EBITDA and free cash flow. Amplify's 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. Amplify's 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. For purposes of this presentation, Amplify defines Adjusted EBITDA as net income or loss, plus interest expense; income

tax expense; depreciation, depletion and amortization; impairment expense; accretion of asset retirement obligations; gains or losses on

commodity derivative instruments; cash settlements received on expired commodity derivative instruments; amortization of gain associated with terminated commodity derivatives; acquisition and divestiture related costs; restructuring related costs; reorganization items; unit-based compensation expenses; non-cash loss on leases; exploration costs; loss on settlement of AROs; bad debt expense; severance payments; and write-offs of merger related expenses. Adjusted EBITDA is commonly used as a supplemental financial

measure by management and external users of Amplify's financial statements, such as investors, research analysts and rating agencies,

to assess: (1) its operating performance as compared to other companies in Amplify's 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 Amplify's 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 measures most directly comparable to Adjusted EBITDA are net income and net cash provided by operating activities.

Free cash flow. For purposes of this presentation, Amplify defines free cash flow as Adjusted EBITDA, less capital expenditures and cash

interest expense. Free cash flow is an important non-GAAP financial measure for Amplify's investors since it serves as an indicator of the

Company's success in providing a cash return on investment. The GAAP measures most directly comparable to free cash flow are net income and net cash provided by operating activities.

Adjusted EBITDA and free cash flow are non-GAAP measures. Please see the appendix for a reconciliation of Adjusted EBITDA and free

cash flow to Net Income (Loss) and to Net Cash Provided From Operating Activities.

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Key Highlights

▪ Increased full-year 2021 production guidance midpoint to 24.5 MBoepd from 24.0 MBoepd

Continued	-	2Q21 production of 25.3 MBoepd
Operational	▪ Achieved unhedged operating margin of $18.07/Boe in 2Q21, a ~17% increase quarter-over-quarter
Excellence1, 2
	-	2Q21 LOE of $12.46/Boe ($28.7 MM)

Shareholder

Value

Creation3

Sustainable

Free Cash

Flow3, 4, 5

Disciplined

Capital

Allocation3, 4, 6

• Accelerated workover program in Oklahoma and participation in non-operated development opportunities in East Texas and Eagle Ford enhances Amplify's free cash flow profile
• Beta development commenced operations in July 2021
• • Initial production results from recompletion expected in September, followed by two sidetracks of existing wells with preliminary production results expected by year-end
• Implied year-end 2020 PD equity value represents a 274% premium to share price as of July 30, 2021
• Increased midpoint of FCF guidance by 25% to $50 MM, supported by a strong hedging program
• Currently project to generate over $200 MM in free cash flow through 2023
• Cash margin expected to continuously improve as Amplify becomes more oil weighted over time
• Amplify anticipates rapid deleveraging from internally generated free cash flow
• • Leverage ratio expected to be less than 1.5x by YE 2022 and less than 1.0x by YE 2023
• Lower leverage and strong cash generation enhance long-term shareholder value by facilitating asset reinvestment, accretive transactions and return of capital initiatives

	1	Unhedged operating margin excludes G&A expenses, interest expense and capital expenditures
	2	Unit LOE includes base LOE costs and expense projects
4	3	Strip pricing as of 7/30/21	NYSE: AMPY
	(NYMEX WTI, HH) - Bal21: $72.19, $3.99; 2022: $66.87, $3.46; 2023: $61.49, $2.97; 2024: $57.65, $2.77; 2025+: $55.09, $2.73

1. Based on three-year internal management plan and subject to change
2. Free cash flow defined as Adjusted EBITDA (including impact of terminated hedges) less cash interest expense and capex
3. Leverage ratio defined as net debt divided by LTM Adjusted EBITDA evaluated at strip pricing

Robust, Low-Decline Cash Generating Assets

Asset Overview

Asset Locator Map

• Diversified Production: Nearly 60/40 liquids and gas production mix (~40% oil) from 5 producing basins in different areas of the U.S. mitigates regional pricing and operational disruptions
• Sustainable Free Cash Flow: Improved cash margins, predictable maintenance capital requirements and robust hedging program provide flexibility to endure volatile price cycles and generate sustainable free cash flow
• Long-LifeReserves: Mature production base has a YE 2020 proved developed reserve to production life (PD R/P) of approximately 13.5 years1, 2
• Low Production Decline: Long-lived, resilient assets average a 7% annual PDP decline over the next ten years and require minimal well work and workover capital

($ in MM)

2

3

1

4

5

Enterprise Value	$339
Market Capitalization (as of 7/30/2021)	$125
Net Debt (as of 7/30/2021)	$214
Net Debt / LTM Adj. EBITDA	2.3x
LTM Adj. EBITDA (as of 2Q21) 3	$93
LTM FCF (as of 2Q21)	$55

						Net		PD Reserves2	PD PV-102
		Asset	Net Acres	Production	% Liquids1
		(MMBoe)	($ MM)
						(MBoe/d)1
	1	Oklahoma	~100,000	6.6	49%	36	$217
	2	Rockies	~7,000	3.4	100%	30	210
		Southern
	3	~17,000	3.6	100%	15	200
	California
	4	ETX / NLA	~210,000	10.3	25%	42	180
	5	Eagle Ford	~800	1.4	89%	2	28
					~334,800	25.3	55%	125	$835

	1	Based on average daily production for 2Q21
5	2	2020 reserves evaluated at strip pricing as of 7/30/21	NYSE: AMPY
	(NYMEX WTI, HH) - Bal21: $72.19, $3.99; 2022: $66.87, $3.46; 2023: $61.49, $2.97; 2024: $57.65, $2.77; 2025+: $55.09, $2.73
	3	Calculated as net debt as of 7/30/21 divided by sum of quarterly Adjusted EBITDA from 3Q20 through 2Q21