Amplify Energy (AMPY) Q1 2026 earnings summary

Executive summary

• Divested East Texas, Oklahoma, and Eagle Ford assets in 2025, focusing operations on mature oil reservoirs at Bairoil and Beta.

• Achieved average daily production of 6.4 MBoe/d in Q1 2026, following asset sales.

• Reported net loss of $38.1 million in Q1 2026, primarily due to lower production and $43.4 million non-cash unrealized derivative loss.

• Beta field received End-of-Life Royalty Relief effective May 2026, reducing royalty rates and increasing net production and revenue.

• Ended Q1 2026 with $41.5 million in cash and no outstanding debt.

Financial highlights

• Q1 2026 Adjusted EBITDA was $3.8 million; Adjusted Net Income was $5.3 million.

• Oil, natural gas, and NGL revenues were $37.3 million, down from $70.3 million year-over-year due to asset sales.

• Lease operating expenses dropped to $22.2 million, reflecting divestitures.

• Free cash flow was negative $18.1 million in Q1 2026, reflecting capital investments.

• No debt outstanding as of March 31, 2026; $15 million available under the credit facility.

Outlook and guidance

• FY2026 production guidance: 6.7–7.9 MBbls/d; lease operating costs: $80–100 million; cash G&A: $17–22 million.

• 2026 Adjusted EBITDA guidance: $20–45 million; capital investment: $45–65 million.

• Plans to drill 5–8 Beta wells in 2026, targeting 20% production growth at Beta.

• Management expects existing cash, operating cash flow, and available credit to cover capital needs for at least the next 12 months.

• No near-term capital markets activity anticipated; hedging remains a key strategy for cash flow stability.