Key Highlights
- During the first quarter of 2023, the Company:
- Achieved average total production of 19.4 MBoepd
- Generated net cash provided by operating activities of
$90.3 million and net income of$352.8 million - Delivered Adjusted EBITDA of
$25.8 million - Generated
$11.4 million of free cash flow - Reduced debt outstanding by
$65 million
- Announced the appointments of
Dan Furbee , as the Company’s Senior Vice President and Chief Operating Officer, andJim Frew , as the Company’s Senior Vice President and Chief Financial Officer - As of
April 30, 2023 , net debt was$109 million , consisting of$125 million outstanding under the revolving credit facility and$16 million of cash on hand- Net Debt to Last Twelve Months (“LTM”) Adjusted EBITDA of 1.1x1
- Reaffirmed our full-year 2023 guidance
- Southern California Release Incident (the “Incident”) Updates:
- In late March, Amplify received
$85 million in net proceeds from the settlement regarding its affirmative claims against the vessels, which was previously announced onMarch 1, 2023 - On
April 10, 2023 , Amplify announced it received the required approvals from federal regulatory agencies to restart operations at the Beta field- The Company returned the Beta field to production and began selling oil on
April 24, 2023 (after successfully filling the San Pedro Bay Pipeline and finalizing all required testing) - The pipeline is currently operating in accordance with the restart procedures, which were reviewed and approved by the
Pipeline and Hazardous Materials Safety Administration
- The Company returned the Beta field to production and began selling oil on
- In late March, Amplify received
(1) Net debt as of
Southern California Pipeline Incident
For more information and disclosures regarding the Incident, please see our Quarterly Report on Form 10-Q for the quarter ended
Key Financial Results
During the first quarter of 2023, the Company reported net income of approximately
Amplify generated
Free cash flow, defined as Adjusted EBITDA less cash interest and capital spending, was
First Quarter | Fourth Quarter | ||||
$ in millions | 2023 | 2022 | |||
Net income (loss) | $ | 352.8 | $ | 30.0 | |
Net cash provided by operating activities | $ | 90.3 | $ | 15.2 | |
Average daily production (MBoe/d) | 19.4 | 20.8 | |||
Total revenues excluding hedges | $ | 79.9 | $ | 98.9 | |
Adjusted EBITDA (a non-GAAP financial measure) | $ | 25.8 | $ | 21.9 | |
Total capital | $ | 9.0 | $ | 5.5 | |
Free Cash Flow (a non-GAAP financial measure) | $ | 11.4 | $ | 12.3 | |
Note: 1Q23 net income includes
Revolving Credit Facility
Amplify is in the process of refinancing its credit agreement. As previously disclosed, the facility’s termination date was extended to
Of the
As of
Corporate Production and Pricing Update
During the first quarter of 2023, average daily production was approximately 19.4 MBoepd, a decrease of 7% from 20.8 MBoepd in the fourth quarter, primarily due to severe weather disruptions across multiple basins, third-party interruptions and natural field declines. The Company’s product mix for the quarter consisted of 31% crude oil, 19% NGLs, and 50% natural gas.
Total oil, natural gas and NGL revenues for the first quarter of 2023 were approximately
The following table sets forth information regarding average realized sales prices for the periods indicated:
Crude Oil ($/Bbl) | NGLs ($/Bbl) | Natural Gas ($/Mcf) | ||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||
Average sales price exclusive of realized derivatives and certain deductions from revenue | $ | 72.52 | $ | 80.26 | $ | 26.67 | $ | 27.99 | $ | 3.63 | $ | 5.43 | ||||||||||||
Realized derivatives | (7.32 | ) | (23.37 | ) | - | - | 0.23 | (2.42 | ) | |||||||||||||||
Average sales price with realized derivatives exclusive of certain deductions from revenue | $ | 65.20 | $ | 56.89 | $ | 26.67 | $ | 27.99 | $ | 3.86 | $ | 3.01 | ||||||||||||
Certain deductions from revenue | - | - | (2.75 | ) | (3.32 | ) | 0.08 | 0.11 | ||||||||||||||||
Average sales price inclusive of realized derivatives and certain deductions from revenue | $ | 65.20 | $ | 56.89 | $ | 23.92 | $ | 24.67 | $ | 3.94 | $ | 3.12 | ||||||||||||
Costs and Expenses
Lease operating expenses in the first quarter of 2023 were approximately
Severance and Ad Valorem taxes in the first quarter were approximately
Amplify incurred
First quarter cash G&A expenses were
Depreciation, depletion and amortization expense for the first quarter of 2023 totaled
Net interest expense was
Due to the large one-time gain associated with the Beta settlement, the Company incurred approximately
Capital Investment Update
Cash capital investment during the first quarter of 2023 was approximately
The following table details Amplify’s capital incurred during the quarter:
First Quarter | |||||
2023 Capital | |||||
($ MM) | |||||
$ | 1.9 | ||||
Rockies (Bairoil) | $ | (0.1 | ) | ||
$ | 1.9 | ||||
$ | 0.2 | ||||
$ | 5.1 | ||||
Total Capital Invested | $ | 9.0 | |||
Asset Operational Update and Statistics
- Production: 560 MBoe; 6.2 MBoepd
- Commodity Mix: 21% oil, 28% NGLs, 51% natural gas
- LOE:
$5.5 million ;$9.84 per Boe - Capex:
$1.9 million
In
Rockies (Bairoil):
- Production: 308 MBoe; 3.4 MBoepd
- Commodity Mix: 100% oil
- LOE:
$12.3 million ;$40.12 per Boe - Capex:
($0.1) million
Amplify is focused on reducing operating expenses at Bairoil given its higher fixed-cost nature. The Company is also dedicated to enhancing injection performance through targeted well recompletions and conversions to offset nominal production declines and achieve a stable free cash flow profile. In the first quarter, production at Bairoil was negatively impacted by unusually severe weather conditions, but operational conditions have since improved, and production rates are expected to return to normal going forward.
- Production: 0 MBoe; 0.0 MBoepd
- Commodity Mix: 100% oil
- LOE:
$7.1 million - Capex:
$1.9 million
Beta’s production and pipeline operations remained suspended during the first quarter. However, as previously disclosed, the Company received approvals from all required federal regulatory agencies to restart operations. On
- Production: 4.7 Bcfe; 52.6 MMcfepd (789 MBoe; 8.8 MBoepd)
- Commodity Mix: 5% oil, 21% NGLs, 74% natural gas
- LOE:
$6.3 million ;$1.33 per Mcfe ($8.01 per Boe) - Capex:
$0.2 million
Amplify’s strategy in
Non-Operated
- Production: 88 MBoe; 1.0 MBoepd
- Commodity Mix: 81% oil, 9% NGLs, 10% natural gas
- LOE:
$1.7 million ;$19.26 per Boe - Capex:
$5.1 million
Amplify continues to participate in attractive non-operated
Full-Year 2023 Guidance
The following guidance is subject to the cautionary statements and limitations described under the "Forward-Looking Statements" caption at the end of this press release. Amplify's 2023 guidance is based on its current expectations regarding capital expenditure levels and on the assumption that market demand and prices for oil and natural gas will continue at levels that allow for economic production of these products.
Based on the operating and financial results for the first quarter of 2023, Amplify is maintaining its full-year 2023 guidance ranges.
A summary of the guidance is presented below:
FY 2023E | ||||||||||||
Low | High | |||||||||||
Net Average Daily Production | ||||||||||||
Oil (MBbls/d) | 7.3 | - | 7.9 | |||||||||
NGL (MBbls/d) | 3.4 | - | 3.8 | |||||||||
Natural Gas (MMcf/d) | 55.7 | - | 61.7 | |||||||||
Total (MBoe/d) | 20.0 | - | 22.0 | |||||||||
Commodity Price Differential / Realizations (Unhedged) | ||||||||||||
Oil Differential ($ / Bbl) | ($ | 3.00 | ) | - | ($ | 3.50 | ) | |||||
NGL Realized Price (% of WTI NYMEX) | 33 | % | - | 37 | % | |||||||
Natural Gas Realized Price (% of | 95 | % | - | 100 | % | |||||||
Gathering, Processing and Transportation Costs | ||||||||||||
Oil ($ / Bbl) | $ | 0.70 | - | $ | 0.95 | |||||||
NGL ($ / Bbl) | $ | 3.50 | - | $ | 4.00 | |||||||
Natural Gas ($ / Mcf) | $ | 0.65 | - | $ | 0.85 | |||||||
Total ($ / Boe) | $ | 2.80 | - | $ | 3.50 | |||||||
Average Costs | ||||||||||||
Lease Operating ($ / Boe) | $ | 17.75 | - | $ | 19.75 | |||||||
Taxes (% of Revenue) (1) | 7.5 | % | - | 8.5 | % | |||||||
Recurring Cash General and Administrative ($ / Boe) (2) | $ | 3.30 | - | $ | 3.80 | |||||||
Adjusted EBITDA ($ MM) (3)(5) | $ | 80 | - | $ | 100 | |||||||
Cash Interest Expense ($ MM) | $ | 12 | - | $ | 16 | |||||||
Capital Expenditures ($ MM) | $ | 30 | - | $ | 40 | |||||||
Free Cash Flow ($ MM) (4)(5) | $ | 30 | - | $ | 50 | |||||||
(1) Includes production, ad valorem and franchise taxes
(2) Recurring cash general and administrative cost guidance excludes reorganization expenses and non-cash compensation
(3) Refer to “Use of Non-GAAP Financial Measures” for Amplify’s definition and use of Adjusted EBITDA, a non-GAAP measure
(4) Refer to “Use of Non-GAAP Financial Measures” for Amplify’s definition and use of free cash flow, a non-GAAP measure
(5) 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.
Hedging Update
The following table reflects the hedged volumes under Amplify’s commodity derivative contracts and the average fixed, floor and ceiling prices at which production is hedged for
2023 | 2024 | |||||||
Natural Gas Collars: | ||||||||
Two-way collars | ||||||||
Average Monthly Volume (MMBtu) | 1,282,222 | 220,833 | ||||||
Weighted Average Ceiling Price ($) | $ | 5.81 | $ | 4.73 | ||||
Weighted Average Floor Price ($) | $ | 3.49 | $ | 3.31 | ||||
Oil Swaps: | ||||||||
Average Monthly Volume (Bbls) | 55,000 | 8,333 | ||||||
Weighted Average Fixed Price ($) | $ | 57.31 | $ | 70.00 | ||||
Oil Collars: | ||||||||
Three-way collars | ||||||||
Average Monthly Volume (Bbls) | 50,000 | |||||||
Weighted Average Ceiling Price ($) | $ | 74.54 | ||||||
Weighted Average Floor Price ($) | $ | 58.00 | ||||||
Weighted Average Sub-Floor Price ($) | $ | 43.00 | ||||||
Amplify posted an updated investor presentation containing additional hedging information on its website, www.amplifyenergy.com, under the Investor Relations section.
Quarterly Report on Form 10-Q
Amplify’s financial statements and related footnotes will be available in its Quarterly Report on Form 10-Q for the quarter ended
About Amplify Energy
Conference Call
Amplify will host an investor teleconference tomorrow at
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 fact, included in this press release 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 from those expressed or implied by forward-looking statements. These include risks and uncertainties relating to, among other things: the ongoing impact of the Incident, 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, including 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; 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
Use of Non-GAAP Financial Measures
This press release and accompanying schedules include the non-GAAP financial measures of Adjusted EBITDA, free cash flow and net debt. 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. 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. Amplify defines Adjusted EBITDA as net income or loss, plus interest expense; income tax expense; depreciation, depletion and amortization; accretion of asset retirement obligations; losses on commodity derivative instruments; cash settlements received on expired commodity derivative instruments; share-based compensation expenses; exploration costs; loss on settlement of AROs; bad debt expense; pipeline incident loss; pipeline incident settlement; and LOPI-timing differences. 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. Amplify defines free cash flow as Adjusted EBITDA, less cash interest expense and 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. 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.
Contacts
(832) 219-9044
james.frew@amplifyenergy.com
(832) 219-9051
michael.jordan@amplifyenergy.com
Selected Operating and Financial Data (Tables)
Selected Financial Data - Unaudited | |||||||||||
Statements of Operations Data | |||||||||||
Three Months | Three Months | ||||||||||
Ended | Ended | ||||||||||
(Amounts in $000s, except per share data) | |||||||||||
Revenues: | |||||||||||
Oil and natural gas sales | $ | 66,284 | $ | 88,199 | |||||||
Other revenues | 13,586 | 10,748 | |||||||||
Total revenues | 79,870 | 98,947 | |||||||||
Costs and Expenses: | |||||||||||
Lease operating expense | 32,960 | 33,422 | |||||||||
Pipeline incident loss | 8,279 | 2,999 | |||||||||
Gathering, processing and transportation | 5,602 | 6,336 | |||||||||
Exploration | 26 | 31 | |||||||||
Taxes other than income | 5,293 | 7,980 | |||||||||
Depreciation, depletion and amortization | 5,808 | 6,155 | |||||||||
General and administrative expense | 8,514 | 6,800 | |||||||||
Accretion of asset retirement obligations | 1,942 | 1,839 | |||||||||
Realized (gain) loss on commodity derivatives | 2,709 | 27,929 | |||||||||
Unrealized (gain) loss on commodity derivatives | (17,868 | ) | (29,667 | ) | |||||||
Other, net | - | 400 | |||||||||
Total costs and expenses | 53,265 | 64,224 | |||||||||
Operating Income (loss) | 26,605 | 34,723 | |||||||||
Other Income (Expense): | |||||||||||
Interest expense, net | (5,737 | ) | (4,602 | ) | |||||||
Other income (expense) | 73 | 25 | |||||||||
Litigation settlement | 84,875 | - | |||||||||
Total Other Income (Expense) | 79,211 | (4,577 | ) | ||||||||
Income (loss) before reorganization items, net and income taxes | 105,816 | 30,146 | |||||||||
Income tax benefit (expense) - current | (12,527 | ) | (111 | ) | |||||||
Income tax benefit (expense) - deferred | 259,470 | - | |||||||||
Net income (loss) | $ | 352,759 | $ | 30,035 | |||||||
Earnings per share: | |||||||||||
Basic and diluted earnings (loss) per share | $ | 8.69 | $ | 0.74 | |||||||
Selected Financial Data - Unaudited | |||||||||
Operating Statistics | |||||||||
Three Months | Three Months | ||||||||
Ended | Ended | ||||||||
(Amounts in $000s, except per share data) | |||||||||
Oil and natural gas revenue: | |||||||||
Oil Sales | $ | 38,816 | $ | 46,836 | |||||
NGL Sales | 7,785 | 8,609 | |||||||
Natural Gas Sales | 19,683 | 32,754 | |||||||
Total oil and natural gas sales - Unhedged | $ | 66,284 | $ | 88,199 | |||||
Production volumes: | |||||||||
Oil Sales - MBbls | 535 | 584 | |||||||
NGL Sales - MBbls | 325 | 349 | |||||||
Natural Gas Sales - MMcf | 5,303 | 5,914 | |||||||
Total - MBoe | 1,745 | 1,918 | |||||||
Total - MBoe/d | 19.4 | 20.8 | |||||||
Average sales price (excluding commodity derivatives): | |||||||||
Oil - per Bbl | $ | 72.52 | $ | 80.26 | |||||
NGL - per Bbl | $ | 23.92 | $ | 24.67 | |||||
Natural gas - per Mcf | $ | 3.71 | $ | 5.54 | |||||
Total - per Boe | $ | 37.99 | $ | 45.98 | |||||
Average unit costs per Boe: | |||||||||
Lease operating expense | $ | 18.89 | $ | 17.43 | |||||
Gathering, processing and transportation | $ | 3.21 | $ | 3.30 | |||||
Taxes other than income | $ | 3.03 | $ | 4.16 | |||||
General and administrative expense | $ | 4.88 | $ | 3.55 | |||||
Depletion, depreciation, and amortization | $ | 3.33 | $ | 3.21 | |||||
Selected Financial Data - Unaudited | ||||||||||||||
Balance Sheet Data | ||||||||||||||
(Amounts in $000s, except per share data) | ||||||||||||||
Assets | ||||||||||||||
Cash and Cash Equivalents | $ | 12,755 | $ | - | ||||||||||
Accounts Receivable | 65,978 | 80,455 | ||||||||||||
Other Current Assets | 15,953 | 18,789 | ||||||||||||
Total Current Assets | $ | 94,686 | $ | 99,244 | ||||||||||
$ | 343,712 | $ | 339,292 | |||||||||||
Other Long-Term Assets | 280,934 | 20,942 | ||||||||||||
Total Assets | $ | 719,332 | $ | 459,478 | ||||||||||
Liabilities | ||||||||||||||
Accounts Payable | $ | 21,728 | $ | 38,414 | ||||||||||
Accrued Liabilities | 66,645 | 58,449 | ||||||||||||
Other Current Liabilities | 23,442 | 42,989 | ||||||||||||
Total Current Liabilities | $ | 111,815 | $ | 139,852 | ||||||||||
Long-Term Debt | $ | 125,000 | $ | 190,000 | ||||||||||
Asset Retirement Obligation | 116,529 | 114,614 | ||||||||||||
Other Long-Term Liabilities | 18,994 | 19,577 | ||||||||||||
Total Liabilities | $ | 372,338 | $ | 464,043 | ||||||||||
Shareholders' Equity | ||||||||||||||
Common Stock & APIC | $ | 431,437 | $ | 432,637 | ||||||||||
Warrants | - | - | ||||||||||||
Accumulated Earnings (Deficit) | (84,443 | ) | (437,202 | ) | ||||||||||
Total Shareholders' Equity | $ | 346,994 | $ | (4,565 | ) | |||||||||
Selected Financial Data - Unaudited | |||||||||||
Statements of Cash Flows Data | |||||||||||
Three Months | Three Months | ||||||||||
Ended | Ended | ||||||||||
(Amounts in $000s, except per share data) | |||||||||||
Net cash provided by (used in) operating activities | $ | 90,313 | $ | 15,155 | |||||||
Net cash provided by (used in) investing activities | (10,417 | ) | (9,972 | ) | |||||||
Net cash provided by (used in) financing activities | (67,141 | ) | (16,127 | ) | |||||||
Selected Operating and Financial Data (Tables) | |||||||||||
Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||
Adjusted EBITDA and Free Cash Flow | |||||||||||
Three Months | Three Months | ||||||||||
Ended | Ended | ||||||||||
(Amounts in $000s, except per share data) | |||||||||||
Reconciliation of Adjusted EBITDA to Net Cash Provided from Operating Activities: | |||||||||||
Net cash provided by operating activities | $ | 90,313 | $ | 15,155 | |||||||
Changes in working capital | (5,740 | ) | (5,802 | ) | |||||||
Interest expense, net | 5,737 | 4,602 | |||||||||
Gain (loss) on interest rate swaps | - | 5 | |||||||||
Cash settlements paid (received) on interest rate swaps | - | (447 | ) | ||||||||
Amortization and write-off of deferred financing fees | (461 | ) | (180 | ) | |||||||
Exploration costs | 26 | 31 | |||||||||
Plugging and abandonment cost | - | 771 | |||||||||
Current income tax expense (benefit) | 12,527 | 111 | |||||||||
Pipeline incident loss | 8,279 | 2,999 | |||||||||
LOPI - timing differences | - | 4,636 | |||||||||
Litigation settlement | (84,875 | ) | - | ||||||||
Adjusted EBITDA: | $ | 25,806 | $ | 21,881 | |||||||
Reconciliation of Free Cash Flow to Net Cash Provided from Operating Activities: | |||||||||||
Adjusted EBITDA: | $ | 25,806 | $ | 21,881 | |||||||
Less: Cash interest expense | 5,437 | 4,063 | |||||||||
Less: Capital expenditures | 8,996 | 5,546 | |||||||||
Free Cash Flow: | $ | 11,373 | $ | 12,272 | |||||||
Selected Operating and Financial Data (Tables) | |||||||||||
Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||
Adjusted EBITDA and Free Cash Flow | |||||||||||
Three Months | Three Months | ||||||||||
Ended | Ended | ||||||||||
(Amounts in $000s, except per share data) | |||||||||||
Reconciliation of Adjusted EBITDA to Net Income (Loss): | |||||||||||
Net income (loss) | $ | 352,759 | $ | 30,035 | |||||||
Interest expense, net | 5,737 | 4,602 | |||||||||
Income tax expense (benefit) - current | 12,527 | 111 | |||||||||
Income tax expense (benefit) - deferred | (259,470 | ) | - | ||||||||
Depreciation, depletion and amortization | 5,808 | 6,155 | |||||||||
Accretion of asset retirement obligations | 1,942 | 1,839 | |||||||||
(Gains) losses on commodity derivatives | (15,159 | ) | (1,738 | ) | |||||||
Cash settlements received (paid) on expired commodity derivative instruments | (2,709 | ) | (27,929 | ) | |||||||
Share-based compensation expense | 941 | 740 | |||||||||
Exploration costs | 26 | 31 | |||||||||
Loss on settlement of AROs | - | 400 | |||||||||
Pipeline incident loss | 8,279 | 2,999 | |||||||||
LOPI - timing differences | - | 4,636 | |||||||||
Litigation settlement | (84,875 | ) | - | ||||||||
Adjusted EBITDA: | $ | 25,806 | $ | 21,881 | |||||||
Reconciliation of Free Cash Flow to Net Income (Loss): | |||||||||||
Adjusted EBITDA: | $ | 25,806 | $ | 21,881 | |||||||
Less: Cash interest expense | 5,437 | 4,063 | |||||||||
Less: Capital expenditures | 8,996 | 5,546 | |||||||||
Free Cash Flow: | $ | 11,373 | $ | 12,272 | |||||||
Source:
2023 GlobeNewswire, Inc., source