Amplify Energy : AMPY August 2022 Investor Presentation

NYSE: AMPY

Amplify Energy Corp.

August 2022 Investor Presentation

August 3, 2022

Forward Looking Statements

This presentation 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 fact, included in this presentation that address activities, events or developments that the Company expects, believes or anticipates will or may occur in

the future are forward-looking statements. Terminology such as "may," "will," "would," "should," "expect," "plan," "project," "intend,"

"anticipate," "believe," "estimate," "predict," "potential," "pursue," "target," "outlook," "continue," 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 the Company's expectations of plans, goals, strategies (including measures to implement strategies), objectives and anticipated results with respect thereto. These statements address activities, events or developments that we expect or anticipate will or

may occur in the future, including things such as projections of results of operations, plans for growth, goals, future capital expenditures,

competitive strengths, references to future intentions and other such references. These forward-looking statements involve risks and uncertainties and other factors that could cause the Company's actual results or financial condition to differ materially fro m those expressed or implied by forward-looking statements. These include risks and uncertainties relating to, among other things: the ongoing impact of the oil incident that occurred off the coast of Southern California resulting from the Company's pipeline operations at the

Beta field, the Company's evaluation and implementation of strategic alternatives; the Company's ability to satisfy debt obligations; the

Company's need to make accretive acquisitions or substantial capital expenditures to maintain its declining asset base, inclu ding the existence of unanticipated liabilities or problems relating to acquired or divested business or properties; volatility in the prices for oil, natural gas and NGLs, including further or sustained declines in commodity prices; the Company's ability to access funds on acceptable terms, if at all, because of the terms and conditions governing the Company's indebtedness, including financial covenants; general political and economic conditions, globally and in the jurisdictions in which we operate, including escalating tensions between Russia and Ukraine and the potential destabilizing effect such conflict may pose for the European continent or the global oil and natural gas markets; the impact of legislation and governmental regulations, including those related to climate change and hydraulic fracturing; and the occurrence or threat of epidemic or pandemic diseases, including the COVID 19 pandemic, or any government response to

such occurrence or threat. Please read the Company's filings with the Securities and Exchange Commission (the "SEC"), including "Risk

Factors" in the Company's Annual Report on Form 10-K, and if applicable, the Company's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available on the Company's Investor Relations website athttps://www.amplifyenergy.com/investor-relations/sec-filings/default.aspx or on the SEC's website at http://www.sec.gov, for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. You are cautioned not to place undue reliance on these

forward-looking statements, which speak only as of the date of this presentation. All forward-looking statements in this presentation are

qualified in their entirety by these cautionary statements. Except as required by law, the Company 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.

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Non-GAAP Disclosure

Use of Non-GAAPFinancial Measures. Amplify uses the non-GAAP financial measures of Adjusted EBITDA, free cash flow, net debt, and PV-10. 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, standardized measure of discounted future net cash flows, 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; depreciation, depletion and amortization; accretion of asset retirement obligations; losses on commodity derivative instruments; cash settlements received on expired commodity derivative instruments; acquisition and divestiture related costs; share-based compensation expenses; exploration costs; loss on settlement of AROs; bad debt expense; and pipeline incident loss. 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 cash interest expense and total capital expenditures. 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.

Net debt. For purposes of this presentation, Amplify defines net debt as the total principal amount drawn on the revolving credit facility less cash and cash equivalents. The Company uses net debt as a measure of financial position and believes this measure provides useful additional information to investors to evaluate the Company's capital structure and financial leverage.

PV-10. For purposes of this presentation, Amplify defines PV-10 as the estimated future gross revenue to be generated from the production of proved reserves, net of estimated production. PV-10 is not a measure of financial or operating performance defined under GAAP. Accordingly, this presentation reconciles total PV-10 to the standardized measure of discounted future net cash flows, which is the most directly comparable GAAP financial measure. Amplify believes the presentation of PV-10 provides useful information because it is widely used by investors in evaluating oil and natural gas companies without regard to specific income tax characteristics of such entities. PV-10 is not intended to represent the current market value of our estimated proved reserves. PV-10 should not be considered in isolation or as a substitute for the standardized measure of discounted future net cash flows as defined under US GAAP.

Amplify has not provided a reconciliation of its projected Adjusted EBITDA and Free Cash Flow to the most comparable financial measure calculated and presented in accordance with GAAP. Amplify believes that a quantitative reconciliation of such forward-looking information to the most comparable financial measure calculated and presented in accordance with GAAP cannot be made available without unreasonable efforts. A reconciliation of these non-GAAP financial measures would require Amplify to predict the timing and likelihood of future transactions and other items that are difficult to accurately predict. Neither of these forward-looking measures, nor their probable significance, can be quantified with a reasonable degree of accuracy. Accordingly, a reconciliation of the most directly comparable forward-looking GAAP measures is not provided.

Adjusted EBITDA, free cash flow, net debt, and PV-10 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, and of total PV-10 to the standardized measure of discounted future net cash flows.

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Update on the Southern California Release

Operation Update

• Completed temporary repair of the pipeline, and safely and successfully flushed all remaining oil from the pipeline in January 2022
• On April 15th, the Company received approval from PHMSA for the permanent pipeline repair plan, and we are currently awaiting approval for the permit from the Army Corps of Engineers to commence repair operations

Investigation Update

• Continuing to comply with all regulatory requirements and investigations, and look forward to reviewing the findings of these investigations once completed
• Filed a lawsuit against the two shipping companies and vessels, whose anchors struck and damaged the San Pedro Bay Pipeline, causing the oil release in early October, and the Marine Exchange of Southern California, which failed to notify Amplify of the anchor dragging incidents

Response Update

• Unified Command concluded its response and monitoring efforts and stood down on February 2, 2022
• • Deployed ~1,800 oil spill response contractors who worked under the direction of the Unified Command alongside

government agencies, rescue organizations and local volunteers

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Key Highlights

Focused

Operational

Excellence1

Shareholder

Value

Creation2,3

Sustainable

Free Cash

Flow1,3,4

Disciplined

Capital

Allocation1,3,4

• Delivered ~$41 MM of Adjusted EBITDA YTD in 2022
• Updated full-year 2022 production and adjusted EBITDA guidance to 20.0 - 21.5 Mboepd and $90 - $120 MM, respectively
• Took gas in kind in 1Q22 in Oklahoma, expected to increase gas revenue by $1 - $2 MM annually
• Running accelerated workover program during 2022 in Oklahoma to return offline wells to production
• • Increased Oklahoma production ~8% to 6.5 Mboepd in 2Q22 from 6.1 Mboepd in 1Q22
• Participating in non-operated development opportunities in East Texas and the Eagle Ford to enhance
  Amplify's free cash flow profile
• Implied year-end 2021 PD equity value represents a ~210% premium to share price as of July 29, 2022
• Amplify generated ~$14 MM of FCF in 1H22 despite the loss of Beta production in the fourth quarter of 2021
• • 2022 FCF guidance of $45 - $65 MM
• Currently projected to generate between ~$220 - $330 MM in free cash flow through 2024
• Amplify anticipates significant deleveraging from internally generated free cash flow
• Strong, sustainable cash flow generation and lower leverage enhance long-term shareholder value

1 Refer to "Non-GAAP Disclosure" for Amplify's definition and use of Adjusted EBITDA, free cash flow, net debt, and PV -10(non-GAAP measures)

5 2 2021 Year End reserves assume Beta production returns 07/2022 and are evaluated at strip pricing

3 Strip pricing as of 07/29/22

(NYMEX WTI, HH) - Bal22: $95.67, $8.06; 2023: $86.50, $5.63; 2024: $79.38, $4.66; 2025+: $74.47, $4.50

4 Based on three-year internal management plan and subject to change; dependent on Beta production remaining offline or returning 01/2023

NYSE: AMPY