Amplify Energy : AMPY May 2021 Investor Presentation

Amplify Energy Corp.

May 2021 Investor Presentation

May 5, 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" or "Amplify") 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 rega rding 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-Q and

Current Reports on Form 8-K, which are available on AMPY's Investor Relations website athttps://www.amplifyenergy.com/investor-

relations/sec-filings/default.aspx, or on the SEC's website atwww.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.

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First Quarter 2021 Key Highlights

Strong First

Quarter

Operational

Results

Reliable and

Organic

Value

Creation

Strong Free

Cash Flow

Generation

Steady

Delevering of

Balance

Sheet

• Produced 2.2 MMBoe (24.7 MBoepd) during the first quarter of 2021
• • Strong results despite the production loss from Winter Storm Uri (70 MBoe or 0.8 MBoepd impact for the quarter) due to the swift actions of our exemplary operations team
• Lease operating expense of $28.9 MM ($13.01/Boe)1 is a decrease of approximately $7 MM compared to 1Q20
• Commenced rig and facility upgrades at our Beta field; 2H21 development program is on schedule
• Amplify averaged $15.41/Boe in unhedged operating margin in 1Q212
• Beta development program, coupled with royalty relief, is expected to generate substantial incremental free cash flow in 2022+
• Implied year-end 2020 PD equity value3 represents a 241% premium to share price as of April 30, 2021
• Currently projected to generate over $140 MM in free cash flow over the next three years3, 4, 5
• Amplify produced ~$14 MM in free cash flow in 1Q215
• Cash margin expected to significantly improve as Amplify becomes more oil weighted over time and commodity prices continue to recover
• Amplify intends to continue enhancing its leverage profile from cash flow generated by operations
• Reduced debt outstanding by $15 MM through April 30, 2021
• Spring borrowing base redetermination in process; Amplify does not expect material changes

	1	Unit LOE includes base LOE costs and expense projects
	2	Unhedged operating margin excludes G&A expenses, interest expense, and capital expenditures
3	3	Strip pricing as of 4/28/21
		(NYMEX WTI, HH) - Bal21: $62.38, $3.03; 2022: $58.52, $2.75; 2023: $55.58, $2.58; 2024: $53.85, $2.57; 2025+: $52.93, $2.59
	4	Based on three year internal management plan and subject to change
	5	Free cash flow defined as Adjusted EBITDA (including impact of terminated hedges) less cash interest expense and capex

Robust, Low-Decline Cash Generating Assets

Asset Overview

Asset Locator Map

▪ Diversified Production: Nearly 60/40 liquids and gas production
mix (~41% oil) from 5 producing basins in different areas of the
U.S. mitigates regional pricing and operational disruptions
▪ Stable Free Cash Flow: Improved cash margins, predictable
maintenance capital requirements and robust hedging
program provide flexibility to weather volatile price cycles and
generate sustainable free cash flow
▪ Long-LifeReserves: Mature production base has a YE 2020	3
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)

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1

4

5

Enterprise Value	$327								Net		PD Reserves2	PD PV-102
			Asset	Net Acres	Production	% Liquids1
			(MMBoe)	($ MM)
											(MBoe/d)1
Market Capitalization (as of 4/30/2021)	$101			1	Oklahoma	~100,000	6.5	50%	36	$183
Net Debt (as of 4/30/2021)	$226			2	Rockies	~7,000	3.9	100%	28	170
		Southern
						3	~17,000	3.6	100%	15	169
Net Debt / LTM Adj. EBITDA 3	2.5x		California
						4	ETX / NLA	~210,000	9.7	25%	41	143
Liquidity (as of 4/30/2021)4	$34
	5	Eagle Ford	~800	1.0	93%	2	24
LTM Adj. EBITDA (As of 1Q21)	$91
						~334,800	24.7	57%	122	$689
	1 Based on average daily production for 1Q21
4	2	2020 reserves evaluated at strip pricing as of 4/28/21
	(NYMEX WTI, HH) - Bal21: $62.38, $3.03; 2022: $58.52, $2.75; 2023: $55.58, $2.58; 2024: $53.85, $2.57; 2025+: $52.93, $2.59
	3 Calculated as net debt as of 4/30/21 divided by sum of quarterly Adjusted EBITDA from 2Q20 through 1Q21
	4	Calculated as sum of cash and cash equivalents and availability under Amplify's revolving credit facility

Amplify Corporate ESG Profile

		▪ Developed in-house software and workflows to streamline
Environmental		asset monitoring and minimize environmental impact
▪	Installed infrastructure upgrades to detect spills and other
Focus
	failures earlier
		▪ ~50% reduction in 2020 reportable spills

			▪ Safety performance metrics are key drivers of yearly
	Committed		bonus incentives
	▪	Holding bi-weekly safety meetings in field offices
	to Safety
2021 ESG	▪	No recordable injuries for employees or contractors in
				2020 and year to date in 2021

Responsible

Governance

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• Transparent communication between all stakeholders
• Executive compensation closely tied to corporate financial performance
• Recently expanded the size of the board of directors to diversify the expertise and experience of its members