Amplify Energy (AMPY) EnerCom Denver – The Energy Investment Conference summary

Strategic portfolio transformation

• Simplified portfolio by divesting East Texas, Oklahoma, and Eagle Ford assets, raising $250 million and eliminating all debt.

• Focus shifted to two core assets: Beta (Pacific OCS) and Bairoil (Wyoming), identified as having the highest value creation potential.

• Announced a share buyback program due to perceived undervaluation, with implied equity value over $12/share, a 200% premium to recent trading.

• Reduced G&A headcount by over 50% and significantly lowered G&A costs, targeting further reductions through 2027.

Beta asset development and upside

• Beta field offshore California has produced over 100 MMbbl of oil, with only 10% of 1 billion barrels in place recovered so far.

• Recent drilling uses advanced horizontal techniques, accessing previously unreachable zones, resulting in production growth from 2,800 to 4,500 bbl/d.

• Inventory includes 19 wells in the Joulters block and 7 in the main block, with further upside from untested F and C sands.

• Qualified for royalty relief, reducing average royalty burden from 25% to 12.5%, enhancing field economics.

Bairoil asset and CCUS opportunities

• Bairoil field, in CO2 flood since the 1980s, produces just under 3,000 bbl/d and is connected to a major CO2 transmission line.

• Achieved ISO EOR certification, enabling 45Q tax credits for anthropogenic CO2 injection, resulting in a $10 million annual swing from CO2 costs to income.

• Increased CO2 injection from 10,000 to 32,000 Mcf/d, enabling expansion into under-injected sectors with significant incremental oil recovery potential.

• Bairoil's location and pore space offer further CCUS and 45Q credit upside not yet included in reserves.