Amplitude Energy (AEL) H2 2024 earnings summary

Executive summary

• FY 2024 saw record production and financial results, driven by improved Orbost plant performance, a refreshed executive team, and a transformation program focused on cost savings and culture reset.

• Major decommissioning of BMG wells was completed, reducing restoration provisions and future liabilities.

• Transformation program delivered AUD 10.5 million in annualized net savings, with 85% of initiatives completed and further savings targeted for FY25.

• Positioned for growth with the East Coast Supply Project, targeting first gas in 2028, with procurement underway and drilling expected to commence in FY 2026.

• Maintained strong safety and environmental performance, with injury rates below industry benchmarks, zero fatalities, and no reportable environmental incidents.

Financial highlights

• FY24 production up 4% to 62.1 TJ equivalent per day, with sales revenue up 11% to AUD 219 million.

• Underlying EBITDAX rose 17% to AUD 127.5 million; adjusted cash from operations up 20% to AUD 115 million, both records.

• Production expenses fell to AUD 59 million, with a 7% decrease in unit cost to AUD 2.60/GJe.

• Underlying profit after tax was AUD 1.4 million, reversing a prior year loss.

• Capital expenditure reduced 44% to AUD 24 million, in line with guidance, with increased restoration payments due to BMG decommissioning.

Outlook and guidance

• FY25 production guidance is 62–69 TJ equivalent per day, with production expenses expected between AUD 55–63 million and capex of AUD 50–60 million.

• Focus on sustaining high production rates, cost efficiencies, cash generation, and deleveraging ahead of East Coast Supply Project.

• Targeting a group production run rate above 70 TJ per day by year-end.

• Capex guidance includes up to AUD 20 million more if ECSP is sole risked and excludes approximately AUD 12 million for one-off pipeline inspections.