AMPLIFY ENERGY CORP. Key Highlights
- 2024 strategic updates include:
- Commenced the Beta development program, with the first well spud in
March 2024 - Initiated the previously announced Bairoil marketing process
- Commenced the Beta development program, with the first well spud in
- During the fourth quarter of 2023, the Company:
- Achieved average total production of 20.8 MBoepd
- Generated net cash provided by operating activities of
$28.4 million and net income of$43.6 million - Delivered Adjusted EBITDA of
$25.2 million - Generated
$14.4 million of free cash flow
- For full-year 2023, the Company:
- Achieved average total production of 20.5 MBoepd
- Generated net cash provided by operating activities of
$141.6 million and net income of$392.8 million - Delivered Adjusted EBITDA of
$88.0 million - Generated
$38.0 million of free cash flow - Reduced net-debt by approximately
$95 million
- Amplify’s year-end 2023 total proved reserves, utilizing
Securities and Exchange Commission (“SEC”) pricing of$78.22 /Bbl for oil and NGLs and$2.64 /MMBtu for natural gas, totaled 98 million barrels of oil equivalent (MMBoe) and had a PV-10 value of approximately$757 million - At
February 22, 2024 strip pricing, the Company’s year-end 2023 proved reserves had a PV-10 value of approximately$574 million
- At
- As of
December 31, 2023 , net debt was$94 million , consisting of$115 million outstanding under the revolving credit facility and$21 million of cash and cash equivalents- Net Debt to Last Twelve Months (“LTM”) Adjusted EBITDA of 1.1x1
(1) Net debt as of
2023 Year-End Proved Reserve Update
The Company’s estimated proved reserves at
At year-end 2023, Amplify’s proved reserves and proved developed reserves had PV-10 values of approximately
| Estimated Net Proved Reserves | |||||||||
| % Oil and | % Proved | Total Proved | |||||||
| Region | MMBoe | NGL | Developed | PV-10 | |||||
| (in millions) | |||||||||
| Bairoil | 23.5 | 100% | 100% | $ | 223 | ||||
| Beta | 12.7 | 100% | 91% | 206 | |||||
| 29.5 | 48% | 100% | 172 | ||||||
| 29.9 | 26% | 100% | 108 | ||||||
| 2.5 | 90% | 68% | 48 | ||||||
| Total | 98.1 | 61% | 98% | $ | 757 | ||||
Amplify’s reserves estimates were prepared by its third-party independent reserve consultant,
Key Financial Results
During the fourth quarter of 2023, the Company reported net income of approximately
Amplify generated
Free cash flow was
| Fourth Quarter | Third Quarter | |||||
| $ in millions | 2023 | 2023 | ||||
| Net income (loss) | ( | ) | ||||
| Net cash provided by operating activities | ||||||
| Average daily production (MBoe/d) | 20.8 | 20.6 | ||||
| Total revenues excluding hedges | ||||||
| Adjusted EBITDA (a non-GAAP financial measure) | ||||||
| Total capital | ||||||
| Free Cash Flow (a non-GAAP financial measure) | ||||||
Revolving Credit Facility
As of
Corporate Production and Pricing Update
During the fourth quarter of 2023, average daily production was approximately 20.8 MBoepd, an increase of 1% from 20.6 MBoepd in the prior quarter. Beta production was 12% higher than the prior quarter, partially offsetting natural declines in other parts of our portfolio. The Company’s product mix for the quarter was 41% crude oil, 18% NGLs, and 41% natural gas. For the full-year 2023, the Company produced 20.5 MBoepd which was within our full-year guidance range.
| Three Months | Three Months | |||||||||
| Ended | Ended | |||||||||
| Production volumes - MBOE: | ||||||||||
| Bairoil | 314 | 263 | ||||||||
| Beta | 275 | 246 | ||||||||
| 506 | 536 | |||||||||
| 731 | 754 | |||||||||
| 84 | 98 | |||||||||
| Total - MBoe | 1,910 | 1,897 | ||||||||
| Total - MBoe/d | 20.8 | 20.6 | ||||||||
| % - Liquids | 59 | % | 56 | % | ||||||
Total oil, natural gas and NGL revenues for the fourth 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 | $ | 75.31 | $ | 78.45 | $ | 23.36 | $ | 24.89 | $ | 2.49 | $ | 2.27 | |||||||||||
| Realized derivatives | (6.84 | ) | (9.89 | ) | - | - | 0.46 | 0.66 | |||||||||||||||
| Average sales price with realized derivatives exclusive of certain deductions from revenue | $ | 68.47 | $ | 68.56 | $ | 23.36 | $ | 24.89 | $ | 2.95 | $ | 2.93 | |||||||||||
| Certain deductions from revenue | - | - | (1.47 | ) | (1.55 | ) | 0.01 | 0.01 | |||||||||||||||
| Average sales price inclusive of realized derivatives and certain deductions from revenue | $ | 68.47 | $ | 68.56 | $ | 21.89 | $ | 23.33 | $ | 2.96 | $ | 2.94 | |||||||||||
Costs and Expenses
Lease operating expenses in the fourth quarter of 2023 were approximately
Severance and Ad Valorem taxes in the fourth quarter were approximately
Amplify incurred
Fourth quarter Cash G&A expenses were
Depreciation, depletion and amortization expense for the fourth quarter totaled
Net interest expense was
Amplify recorded current income tax benefit of
Capital Investment Update
Cash capital investment during the fourth quarter of 2023 was approximately
The following table details Amplify’s capital incurred during the fourth quarter and full-year 2023:
| Fourth Quarter | Full-Year | |||||||
| 2023 Capital | 2023 Capital | |||||||
| ($ MM) | ($ MM) | |||||||
| Bairoil | $ | (0.1 | ) | $ | 3.5 | |||
| Beta | $ | 7.7 | $ | 19.0 | ||||
| $ | 0.5 | $ | 4.7 | |||||
| $ | (1.2 | ) | $ | (0.6 | ) | |||
| $ | 0.2 | $ | 7.1 | |||||
| Total Capital Invested | $ | 7.1 | $ | 33.7 | ||||
2024 Operations & Development Plan
The following table details Amplify’s 2024 projected capital investments of
| 40% | |||||
| Beta Facility | 26% | ||||
| Workovers & Other Facilities | 29% | ||||
| 5% | |||||
| Total Capital Investments: | 100% | ||||
Amplify’s 2024 operations and development plan is designed to further unlock the underlying value of the Company’s assets. We intend to do this by executing a limited development program and completing the large facility projects at Beta, executing on low-cost, high-return workover projects, and continuing to reduce operating costs through cost saving initiatives utilizing Magnify Energy Services.
In the first quarter of 2024, Amplify initiated the previously announced four-well development program at Beta. If successful, the program is expected to yield substantial upside for the Company and bolster long-term profitability and operating margins. Initial production results for the first two wells are expected in the second quarter of 2024, with the final two wells coming online in the fourth quarter. At current oil prices, these wells project IRRs in excess of 100% and expected paybacks of less than one year. Additionally, the Company is deploying capital to facility projects at Beta which will improve operational efficiencies, reduce power expenses and significantly reduce emissions. By the end of 2024, the Company expects to see an increase in oil production and a lower cost structure at Beta which will materially increase the long-term value of the asset.
At Bairoil, we continue to focus on enhancing water-alternating-gas injection performance through targeted well recompletions and conversions, which helps offset the asset’s nominal production declines. Furthermore, prior facility investments and enhanced operational efficiencies have enabled the Company to reduce the frequency of planned maintenance turnarounds, which will substantially reduce capital costs and production downtime.
Amplify’s operating strategy in
In
In
In the Eagle Ford, Amplify expects to participate in approximately 0.5 – 1.0 net non-operated wells with highly accretive returns, which are currently scheduled to be drilled in late 2024 and completed in the first half of 2025.
Full-Year 2024 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 2024 guidance is based on its current expectations regarding capital investment levels and flat commodity prices for crude oil of
A summary of the guidance is presented below:
| FY 2024E | |||||||||||
| Low | High | ||||||||||
| Net Average Daily Production | |||||||||||
| Oil (MBbls/d) | 8.0 | - | 8.9 | ||||||||
| NGL (MBbls/d) | 3.0 | - | 3.3 | ||||||||
| Natural Gas (MMcf/d) | 47.0 | - | 52.5 | ||||||||
| Total (MBoe/d) | 19.0 | - | 21.0 | ||||||||
| Commodity Price Differential / Realizations (Unhedged) | |||||||||||
| Oil Differential ($ / Bbl) | ( | - | ( | ||||||||
| NGL Realized Price (% of WTI NYMEX) | 27% | - | 30% | ||||||||
| Natural Gas Realized Price (% of | 85% | - | 92% | ||||||||
| Other Revenue | |||||||||||
| Magnify Energy Services ($ MM) | - | ||||||||||
| Gathering, Processing and Transportation Costs | |||||||||||
| Oil ($ / Bbl) | - | ||||||||||
| NGL ($ / Bbl) | - | ||||||||||
| Natural Gas ($ / Mcf) | - | ||||||||||
| Total ($ / Boe) | $2.30 | - | $2.90 | ||||||||
| Average Costs | |||||||||||
| Lease Operating ($ / Boe) | - | ||||||||||
| Taxes (% of Revenue)(1) | 6.5% | - | 7.5% | ||||||||
| Cash General and Administrative ($ / Boe)(2)(3) | - | ||||||||||
| Adjusted EBITDA ($ MM)(2)(3) | $90 | - | $110 | ||||||||
| Cash Interest Expense ($ MM) | - | ||||||||||
| Capital Expenditures ($ MM) | - | ||||||||||
| Free Cash Flow ($ MM)(2)(3) | $20 | - | $40 | ||||||||
(1) Includes production, ad valorem and franchise taxes
(2) Refer to “Use of Non-GAAP Financial Measures” for Amplify’s definition and use of Cash G&A, Adjusted EBITDA and free cash flow, non-GAAP measures (cash income taxes, which are not included in free cash flow, are expected to range between
(3) Amplify believes that a quantitative reconciliation of such forward-looking information to the most comparable financial measure calculated and presented in accordance with GAAP cannot be made available without unreasonable efforts. A reconciliation of these non-GAAP financial measures would require Amplify to predict the timing and likelihood of future transactions and other items that are difficult to accurately predict. Neither of these forward-looking measures, nor their probable significance, can be quantified with a reasonable degree of accuracy. Accordingly, a reconciliation of the most directly comparable forward-looking GAAP measures is not provided.
Hedging Update
The following table reflects the hedged volumes under Amplify’s commodity derivative contracts and the average fixed, floor and ceiling prices at which production is hedged for
| 2024 | 2025 | 2026 | |||||||
| Natural Gas Swaps: | |||||||||
| Average Monthly Volume (MMBtu) | 662,500 | 675,000 | 291,667 | ||||||
| Weighted Average Fixed Price ($) | $ | 3.72 | $ | 3.74 | $ | 3.72 | |||
| Natural Gas Collars: | |||||||||
| Two-way collars | |||||||||
| Average Monthly Volume (MMBtu) | 627,083 | 500,000 | 291,667 | ||||||
| Weighted Average Ceiling Price ($) | $ | 4.32 | $ | 4.10 | $ | 4.10 | |||
| Weighted Average Floor Price ($) | $ | 3.43 | $ | 3.50 | $ | 3.50 | |||
| Oil Swaps: | |||||||||
| Average Monthly Volume (Bbls) | 73,333 | 53,000 | 30,917 | ||||||
| Weighted Average Fixed Price ($) | $ | 73.39 | $ | 70.68 | $ | 70.68 | |||
| Oil Collars: | |||||||||
| Two-way collars | |||||||||
| Average Monthly Volume (Bbls) | 102,000 | 59,500 | |||||||
| Weighted Average Ceiling Price ($) | $ | 80.20 | $ | 80.20 | |||||
| Weighted Average Floor Price ($) | $ | 70.00 | $ | 70.00 | |||||
Amplify posted an updated investor presentation containing additional hedging information on its website, www.amplifyenergy.com, under the Investor Relations section.
Annual Report on Form 10-K
Amplify’s financial statements and related footnotes will be available in its Annual Report on Form 10-K for the year 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 that occurred off the coast of
Use of Non-GAAP Financial Measures
This press release and accompanying schedules include the non-GAAP financial measures of Adjusted EBITDA, free cash flow, net debt, PV-10 and Cash G&A. 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 expenses; depreciation, depletion and amortization; accretion of asset retirement obligations; gains or losses on commodity derivatives; cash settlements received on or paid expired commodity derivatives; amortization of gains associated with terminated commodity derivatives; acquisition and divestiture related costs; share-based compensation expenses; exploration costs; loss on settlement of AROs; bad debt expense; pipeline incident loss; pipeline incident settlement; LOPI-timing differences; litigation settlement; and net operating cash flows, effective date to closing for acquisitions. 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.
PV-10. PV-10 is a non-GAAP financial measure that represents the present value of estimated future cash inflows from proved oil and natural gas reserves that are calculated using the unweighted arithmetic average first-day-of-the-month prices for the prior 12 months, less future development and operating costs, discounted at 10% per annum to reflect the timing of future cash flows. The most directly comparable GAAP measure to PV-10 is standardized measure. PV-10 differs from standardized measure in its treatment of estimated future income taxes, which are excluded from PV-10. 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 as defined under GAAP.
The Company also presents PV-10 at strip pricing, which is PV-10 adjusted for price sensitivities. As GAAP does not prescribe a comparable GAAP measure for PV-10 of reserves adjusted for pricing sensitivities, it is not practicable for us to reconcile PV-10 at strip pricing to a standardized measure or any other GAAP measure.
Cash G&A. Amplify defines Cash G&A as general and administrative expense, less share-based compensation expense; acquisition and divestiture costs; bad debt expense; and severance payments. Cash G&A is an important non-GAAP financial measure for Amplify’s investors since it allows for analysis of G&A spend without regard to share-based compensation and other non-recurring expenses which can vary substantially from company to company. The GAAP measures most directly comparable to Cash G&A is total G&A expenses.
Contacts
(832) 219-9044
jim.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 | $ | 78,191 | $ | 76,403 | |||||||
| Other revenues | 794 | 367 | |||||||||
| Total revenues | 78,985 | 76,770 | |||||||||
| Costs and Expenses: | |||||||||||
| Lease operating expense | 34,641 | 37,083 | |||||||||
| Pipeline incident loss | 4,299 | 559 | |||||||||
| Gathering, processing and transportation | 5,073 | 4,984 | |||||||||
| Exploration | 17 | - | |||||||||
| Taxes other than income | 5,908 | 4,942 | |||||||||
| Depreciation, depletion and amortization | 7,635 | 7,489 | |||||||||
| General and administrative expense | 8,437 | 8,255 | |||||||||
| Accretion of asset retirement obligations | 2,029 | 2,005 | |||||||||
| Realized (gain) loss on commodity derivatives | 3,191 | 3,232 | |||||||||
| Unrealized (gain) loss on commodity derivatives | (47,905 | ) | 20,096 | ||||||||
| Other, net | 315 | 449 | |||||||||
| Total costs and expenses | 23,640 | 89,094 | |||||||||
| Operating Income (loss) | 55,345 | (12,324 | ) | ||||||||
| Other Income (Expense): | |||||||||||
| Interest expense, net | (3,811 | ) | (4,470 | ) | |||||||
| Other income (expense) | 80 | 124 | |||||||||
| Total Other Income (Expense) | (3,731 | ) | (4,346 | ) | |||||||
| Income (loss) before reorganization items, net and income taxes | 51,614 | (16,670 | ) | ||||||||
| Income tax benefit (expense) - current | 2,298 | (1,441 | ) | ||||||||
| Income tax benefit (expense) - deferred | (10,334 | ) | 4,708 | ||||||||
| Net income (loss) | $ | 43,578 | $ | (13,403 | ) | ||||||
| Earnings per share: | |||||||||||
| Basic and diluted earnings (loss) per share | $ | 1.07 | $ | (0.34 | ) | ||||||
| Selected Financial Data - Unaudited | |||||||||
| Operating Statistics | |||||||||
| Three Months | Three Months | ||||||||
| Ended | Ended | ||||||||
| (Amounts in $000s, except per unit data) | |||||||||
| Oil and natural gas revenue: | |||||||||
| Oil Sales | $ | 58,883 | $ | 57,214 | |||||
| NGL Sales | 7,460 | 7,777 | |||||||
| Natural Gas Sales | 11,848 | 11,412 | |||||||
| Total oil and natural gas sales - Unhedged | $ | 78,191 | $ | 76,403 | |||||
| Production volumes: | |||||||||
| Oil Sales - MBbls | 782 | 729 | |||||||
| NGL Sales - MBbls | 341 | 334 | |||||||
| Natural Gas Sales - MMcf | 4,726 | 5,006 | |||||||
| Total - MBoe | 1,910 | 1,897 | |||||||
| Total - MBoe/d | 20.8 | 20.6 | |||||||
| Average sales price (excluding commodity derivatives): | |||||||||
| Oil - per Bbl | $ | 75.31 | $ | 78.45 | |||||
| NGL - per Bbl | $ | 21.89 | $ | 23.33 | |||||
| Natural gas - per Mcf | $ | 2.51 | $ | 2.28 | |||||
| Total - per Boe | $ | 40.93 | $ | 40.28 | |||||
| Average unit costs per Boe: | |||||||||
| Lease operating expense | $ | 18.14 | $ | 19.54 | |||||
| Gathering, processing and transportation | $ | 2.66 | $ | 2.63 | |||||
| Taxes other than income | $ | 3.09 | $ | 2.60 | |||||
| General and administrative expense | $ | 4.42 | $ | 4.35 | |||||
| Depletion, depreciation, and amortization | $ | 4.00 | $ | 3.95 | |||||
| Selected Financial Data - Unaudited | |||||||||||
| Asset Operating Statistics | |||||||||||
| Three Months | Three Months | ||||||||||
| Ended | Ended | ||||||||||
| Production volumes - MBOE: | |||||||||||
| Bairoil | 314 | 263 | |||||||||
| Beta | 275 | 246 | |||||||||
| 506 | 536 | ||||||||||
| 731 | 754 | ||||||||||
| 84 | 98 | ||||||||||
| Total - MBoe | 1,910 | 1,897 | |||||||||
| Total - MBoe/d | 20.8 | 20.6 | |||||||||
| % - Liquids | 59 | % | 56 | % | |||||||
| Lease operating expense - $M: | |||||||||||
| Bairoil | $ | 12,805 | $ | 12,107 | |||||||
| Beta | 9,444 | 11,902 | |||||||||
| 4,592 | 5,022 | ||||||||||
| 6,024 | 6,397 | ||||||||||
| 1,776 | 1,655 | ||||||||||
| Total Lease operating expense: | $ | 34,641 | $ | 37,083 | |||||||
| Capital expenditures - $M: | |||||||||||
| Bairoil | $ | (79 | ) | $ | 3,340 | ||||||
| Beta | 7,676 | 4,742 | |||||||||
| 524 | 955 | ||||||||||
| (1,191 | ) | 293 | |||||||||
| 172 | 368 | ||||||||||
| Total Capital expenditures: | $ | 7,102 | $ | 9,698 | |||||||
| Selected Financial Data - Unaudited | |||||||||
| Balance Sheet Data | |||||||||
| (Amounts in $000s) | |||||||||
| Assets | |||||||||
| Cash and Cash Equivalents | $ | 20,746 | $ | 6,387 | |||||
| Accounts Receivable | 39,096 | 47,864 | |||||||
| Other Current Assets | 38,341 | 24,003 | |||||||
| Total Current Assets | $ | 98,183 | $ | 78,254 | |||||
| $ | 346,741 | $ | 346,896 | ||||||
| Other Long-Term Assets | 292,750 | 291,955 | |||||||
| Total Assets | $ | 737,674 | $ | 717,105 | |||||
| Liabilities | |||||||||
| Accounts Payable | $ | 23,616 | $ | 18,708 | |||||
| Accrued Liabilities | 50,871 | 55,354 | |||||||
| Other Current Liabilities | 21,944 | 34,195 | |||||||
| Total Current Liabilities | $ | 96,431 | $ | 108,257 | |||||
| Long-Term Debt | $ | 115,000 | $ | 120,000 | |||||
| Asset Retirement Obligation | 122,001 | 119,856 | |||||||
| Other Long-Term Liabilities | 13,206 | 22,955 | |||||||
| Total Liabilities | $ | 346,638 | $ | 371,068 | |||||
| Shareholders' Equity | |||||||||
| Common Stock & APIC | $ | 435,488 | $ | 434,067 | |||||
| Accumulated Earnings (Deficit) | (44,452) | (88,030) | |||||||
| Total Shareholders' Equity | $ | 391,036 | $ | 346,037 | |||||
| Selected Financial Data - Unaudited | |||||||||||
| Statements of Cash Flows Data | |||||||||||
| Three Months | Three Months | ||||||||||
| Ended | Ended | ||||||||||
| (Amounts in $000s) | |||||||||||
| Net cash provided by (used in) operating activities | $ | 28,362 | $ | 18,007 | |||||||
| Net cash provided by (used in) investing activities | (8,637 | ) | (8,816 | ) | |||||||
| Net cash provided by (used in) financing activities | (5,366 | ) | (4,669 | ) | |||||||
| 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 | $ | 28,362 | $ | 18,007 | |||||||
| Changes in working capital | (10,961 | ) | (4,985 | ) | |||||||
| Interest expense, net | 3,811 | 4,470 | |||||||||
| Cash settlements received on terminated commodity derivatives | - | (658 | ) | ||||||||
| Amortization of gain associated with terminated commodity derivatives | 658 | - | |||||||||
| Amortization and write-off of deferred financing fees | (301 | ) | (908 | ) | |||||||
| Exploration costs | 17 | - | |||||||||
| Acquisition and divestiture related costs | 3 | 216 | |||||||||
| Plugging and abandonment cost | 558 | 1,153 | |||||||||
| Current income tax expense (benefit) | (2,298 | ) | 1,441 | ||||||||
| Pipeline incident loss | 4,299 | 559 | |||||||||
| Other | 1,042 | 188 | |||||||||
| Adjusted EBITDA: | $ | 25,190 | $ | 19,483 | |||||||
| Reconciliation of Free Cash Flow to Net Cash Provided from Operating Activities: | |||||||||||
| Adjusted EBITDA: | $ | 25,190 | $ | 19,483 | |||||||
| Less: Cash interest expense | 3,660 | 3,642 | |||||||||
| Less: Capital expenditures | 7,102 | 9,698 | |||||||||
| Free Cash Flow: | $ | 14,428 | $ | 6,143 | |||||||
| Selected Operating and Financial Data (Tables) | |||||||||||
| Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||
| Adjusted EBITDA and Free Cash Flow | |||||||||||
| Twelve Months | Twelve 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 | $ | 141,590 | $ | 64,485 | |||||||
| Changes in working capital | (8,517 | ) | (14,812 | ) | |||||||
| Interest expense, net | 17,719 | 14,101 | |||||||||
| Gain (loss) on interest rate swaps | - | 935 | |||||||||
| Cash settlements paid (received) on interest rate swaps | - | (311 | ) | ||||||||
| Cash settlements received on terminated commodity derivatives | (658 | ) | - | ||||||||
| Amortization of gain associated with terminated commodity derivatives | 658 | - | |||||||||
| Amortization and write-off of deferred financing fees | (1,980 | ) | (649 | ) | |||||||
| Exploration costs | 57 | 57 | |||||||||
| Acquisition and divestiture related costs | 219 | 41 | |||||||||
| Plugging and abandonment cost | 2,239 | 1,829 | |||||||||
| Current income tax expense (benefit) | 4,817 | 111 | |||||||||
| Pipeline incident loss | 19,981 | 11,277 | |||||||||
| Pipeline incident settlement | - | 12,000 | |||||||||
| LOPI - timing differences | (4,636 | ) | 4,636 | ||||||||
| Litigation settlement | (84,875 | ) | - | ||||||||
| Other | 1,418 | 122 | |||||||||
| Adjusted EBITDA: | $ | 88,032 | $ | 93,822 | |||||||
| Reconciliation of Free Cash Flow to Net Cash Provided from Operating Activities: | |||||||||||
| Adjusted EBITDA: | $ | 88,032 | $ | 93,822 | |||||||
| Less: Cash interest expense | 16,263 | 14,402 | |||||||||
| Less: Capital expenditures | 33,744 | 35,797 | |||||||||
| Free Cash Flow: | $ | 38,025 | $ | 43,623 | |||||||
| 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) | $ | 43,578 | $ | (13,403 | ) | ||||||
| Interest expense, net | 3,811 | 4,470 | |||||||||
| Income tax expense (benefit) - current | (2,298 | ) | 1,441 | ||||||||
| Income tax expense (benefit) - deferred | 10,334 | (4,708 | ) | ||||||||
| Depreciation, depletion and amortization | 7,635 | 7,489 | |||||||||
| Accretion of asset retirement obligations | 2,029 | 2,005 | |||||||||
| (Gains) losses on commodity derivatives | (44,714 | ) | 23,328 | ||||||||
| Cash settlements received (paid) on expired commodity derivative instruments | (3,191 | ) | (3,890 | ) | |||||||
| Amortization of gain associated with terminated commodity derivatives | 658 | - | |||||||||
| Acquisition and divestiture related costs | 3 | 216 | |||||||||
| Share-based compensation expense | 1,672 | 1,327 | |||||||||
| Exploration costs | 17 | - | |||||||||
| Loss on settlement of AROs | 315 | 449 | |||||||||
| Bad debt expense | - | 12 | |||||||||
| Pipeline incident loss | 4,299 | 559 | |||||||||
| Other | 1,042 | 188 | |||||||||
| Adjusted EBITDA: | $ | 25,190 | $ | 19,483 | |||||||
| Reconciliation of Free Cash Flow to Net Income (Loss): | |||||||||||
| Adjusted EBITDA: | $ | 25,190 | $ | 19,483 | |||||||
| Less: Cash interest expense | 3,660 | 3,642 | |||||||||
| Less: Capital expenditures | 7,102 | 9,698 | |||||||||
| Free Cash Flow: | $ | 14,428 | $ | 6,143 | |||||||
| Selected Operating and Financial Data (Tables) | |||||||||||
| Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||
| Adjusted EBITDA and Free Cash Flow | |||||||||||
| Twelve Months | Twelve Months | ||||||||||
| Ended | Ended | ||||||||||
| (Amounts in $000s, except per share data) | |||||||||||
| Reconciliation of Adjusted EBITDA to Net Income (Loss): | |||||||||||
| Net income (loss) | $ | 392,750 | $ | 57,875 | |||||||
| Interest expense, net | 17,719 | 14,101 | |||||||||
| Income tax expense (benefit) - current | 4,817 | 111 | |||||||||
| Income tax expense (benefit) - deferred | (253,796 | ) | - | ||||||||
| Depreciation, depletion and amortization | 28,004 | 23,950 | |||||||||
| Accretion of asset retirement obligations | 7,951 | 7,081 | |||||||||
| (Gains) losses on commodity derivatives | (40,343 | ) | 106,937 | ||||||||
| Cash settlements received (paid) on expired commodity derivative instruments | (8,273 | ) | (148,239 | ) | |||||||
| Amortization of gain associated with terminated commodity derivatives | 658 | - | |||||||||
| Acquisition and divestiture related costs | 219 | 41 | |||||||||
| Share-based compensation expense | 5,280 | 3,086 | |||||||||
| Exploration costs | 57 | 57 | |||||||||
| Loss on settlement of AROs | 1,003 | 908 | |||||||||
| Bad debt expense | 98 | 1 | |||||||||
| Pipeline incident loss | 19,981 | 11,277 | |||||||||
| Pipeline incident settlement | - | 12,000 | |||||||||
| LOPI - timing differences | (4,636 | ) | 4,636 | ||||||||
| Litigation settlement | (84,875 | ) | - | ||||||||
| Other | 1,418 | - | |||||||||
| Adjusted EBITDA: | $ | 88,032 | $ | 93,822 | |||||||
| Reconciliation of Free Cash Flow to Net Income (Loss): | |||||||||||
| Adjusted EBITDA: | $ | 88,032 | $ | 93,822 | |||||||
| Less: Cash interest expense | 16,263 | 14,402 | |||||||||
| Less: Capital expenditures | 33,744 | 35,797 | |||||||||
| Free Cash Flow: | $ | 38,025 | $ | 43,623 | |||||||
| Selected Operating and Financial Data (Tables) | |||||||
| Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures | |||||||
| Cash General and Administrative Expenses | |||||||
| Three Months | Three Months | ||||||
| Ended | Ended | ||||||
| (Amounts in $000s) | |||||||
| General and administrative expense | $ | 8,437 | $ | 8,255 | |||
| Less: Share-based compensation expense | 1,672 | 1,327 | |||||
| Less: Acquisition and divestiture costs | 3 | 216 | |||||
| Less: Bad debt expense | — | 12 | |||||
| Less: Severance payments | 590 | 188 | |||||
| Total Cash General and Administrative Expense | $ | 6,172 | $ | 6,512 | |||
| Twelve Months | Twelve Months | ||||||
| Ended | Ended | ||||||
| (Amounts in $000s) | |||||||
| General and administrative expense | $ | 32,984 | $ | 30,164 | |||
| Less: Share-based compensation expense | 5,280 | 3,086 | |||||
| Less: Acquisition and divestiture costs | 219 | 41 | |||||
| Less: Bad debt expense | 98 | 1 | |||||
| Less: Severance payments | 965 | — | |||||
| Total Cash General and Administrative Expense | $ | 26,422 | $ | 27,036 | |||
| As of | As of | |||||
| 2023 | 2022 | |||||
| Standardized measure of future net cash flows, discounted at 10% ($M) | $ | 626,131 | $ | 1,337,956 | ||
| Add: PV of future income tax, discounted at 10% ($M) | $ | 130,882 | $ | 311,412 | ||
| PV-10 ($M) | $ | 757,013 | $ | 1,649,368 | ||
2024 GlobeNewswire, Inc., source
