Amplify Energy Corp. · NYSE:AMPY
Amplify Energy — Investor Presentation (August 2023)
25 slides from Amplify Energy's investor presentation, Aug 8, 2023
Slide 1: Amplify Energy Corp. August 2023 Investor Presentation
NYSE: AMPY Amplify Energy Corp. August 2023 Investor Presentation August 8, 2023
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation 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 th
Slide 3: Non-GAAP Disclosure
Non-GAAP Disclosure Use of Non-GAAP Financial Measures. Amplify uses the non-GAAP financial measures of Adjusted EBITDA, free cash flow, net debt, and PV-10. Amplify’s non- GAAP financial measures should not be considered as alternatives to GAAP measures such as net income, operating income, net cas
Slide 4: Key Highlights
Key Highlights Focused ▪ Delivered ~$18 MM of Adjusted EBITDA in 2Q23, ~$43 MM in 1H23 Operational Excellence1 ▪ Returned Beta to production with results exceeding initial projections ▪ Successfully closed a new four-year revolving credit facility providing sufficient liquidity to pursue near- Share
Slide 5: Robust, Low-Decline, Cash Generating Assets
Robust, Low-Decline, Cash Generating Assets Asset Overview Asset Locator Map ▪ Diversified Production: 55/45 liquids and gas mix (~38% oil) from 5 producing basins in different areas of the U.S. mitigates regional pricing and operational disruptions1 2 ▪ Long-Life Reserves: Mature production base ha
Slide 6: Amplify Corporate ESG Profile
Amplify Corporate ESG Profile ▪ Dramatically reducing GHG emissions by optimizing asset infrastructure Environmental ▪ No routine methane flaring Focus ▪ Performing platform electrification and other emissions reducing projects at Beta ▪ Comprehensive employee health and safety program with dedicate
Slide 7: Compelling Valuation with Additional Upside
Compelling Valuation with Additional Upside Key Points 1P Reserves Summary1 ▪ 1P reserve value at NYMEX strip pricing is substantially Net Total % PD PV-10 & PUD PV-201,7 (WTI / HH) Category greater than Amplify's current enterprise value (MMBoe)1,2 Liquids1,2 $65 / $3.00 NYMEX² $75 / $4.00 ▪ Premiu
Slide 8: Amplify Value Proposition
Amplify Value Proposition ▪ Sustainable free cash flow through efficiently ▪ Capital allocation focused on prudent operating low-decline, high margin assets1 asset reinvestment and enhancing shareholder value ▪ Mature, diverse asset ▪ Opportunistically base yields a predictable, monitoring A&D and l
Slide 9: Low-Decline, Mature Producing Properties
Low-Decline, Mature Producing Properties Key Points Net YE 2022 Strip PD Production Forecast (MBoe/d)2 ▪ Amplify's PD reserves base is expected to generate 25 substantial free cash flow over the next ten years and 20 beyond1,2 Production (Mboe/d) 15 ▪ Long-life PD reserves with ~6% compound annual d
Slide 10: Maintaining Financial Discipline Through Cycles
Maintaining Financial Discipline Through Cycles Key Points Free Cash Flow Over Time ($ MM)1,2,3 ▪ Our diversified, low-decline, PDP-heavy portfolio, paired with a commitment to Revenue Controllable Costs Non-Controllable Costs Capex Hedging Impact FCF operational efficiency and the low-capital natur
Slide 11: Investment Highlights
Investment Highlights New Credit Facility, Improved Leverage and Return of Beta Production Provides Strategic Optionality to Drive Shareholder Value and Potentially Return Capital to Shareholders Implied year-end 2022 PD equity value represents a ~105% premium to current share price1,2,3,4 Sustainab
Slide 12: Appendix
xX “4 amplify energy Appendix NYSE: AMPY
Slide 13: 2023 Guidance and Details
2023 Guidance and Details FY 2023E Low High Net Average Daily Production (Includes Beta Production) Oil (MBbls/d) 7.3 - 7.9 NGL (MBbls/d) 3.4 - 3.8 Natural Gas (MMcf/d) 55.7 - 61.7 Total (MBoe/d) 20.0 - 22.0 Commodity Price Differential / Realizations (Unhedged) Oil Differential ($ / Bbl) ($3.00) -
Slide 14: Solidified FCF Generation with Pricing Upside
Solidified FCF Generation with Pricing Upside Key Points Oil Hedge Position1,2,3 ▪ With higher crude prices, Amplify through July 31, 2023, took advantage of the volatility 60 - 70% present in the crude market to improve our crude positions in August – December 2023 ▪ Amplify will also be adding 5 -
Slide 15: Crude Hedge Detail
Crude Hedge Detail Bal23-2024 Crude Hedge Breakdown Period Bal231 FY2024 Strip Pricing as of 7/31/2023 $79.90 $76.65 Swap Total Volumes (MBbl) 635 100 Daily Volumes (Bbl/d) 3,451 273 W. Avg. Fixed Price ($/Bbl) $66.33 $70.00 Traditional Collar Total Volumes (MBbl) 90 – Daily Volumes (Bbl/d) 489 – W.
Slide 16: Natural Gas Hedge Detail
Natural Gas Hedge Detail Bal23-2024 Natural Gas Hedge Breakdown Period Bal231 FY2024 Strip Pricing as of 7/31/2023 $2.86 $3.50 Traditional Collar Total Volumes (MMcf) 11,540 2,650 Daily Volumes (Mcf/d) 41,964 7,240 W. Avg. Ceiling ($/MMBtu) $5.81 $4.73 W. Avg. Floor ($/MMBtu) $3.49 $3.31 Total Hedge
Slide 17: Oklahoma Overview
Oklahoma Overview 2Q23 Production YE 2022 PD Reserves (MBoe/d) (MMBoe) Other Amplify Assets Oklahoma Key Stats ▪ Net Acres: ~95,000 acres1 ‒ WI %: ~76%1 ▪ Net Production: 6.0 MBoe/d2 ▪ Liquids Mix: 48%2 ▪ PD Reserves: 33.1 MMBoe3,4 ▪ PD R/P: ~15 years3,5 Key Highlights ▪ 2023 includes 2 rig workover
Slide 18: Rockies (Bairoil) Overview
Rockies (Bairoil) Overview 2Q23 Production YE 2022 PD Reserves (MBoe/d) (MMBoe) Amplify Leasehold Fremont Carbon Other Amplify Assets Rockies Sweetwater Key Stats ▪ Net Acres: ~7,000 acres1 ‒ WI %: 100%1 ▪ Net Production: 3.5 MBoe/d2 ▪ Oil Mix: 100%2 ▪ PD Reserves: 23.3 MMBoe3,4 ▪ PD R/P: ~18 years3
Slide 19: Southern California (Beta) Overview
Southern California (Beta) Overview Federal Waters 2Q23 Production YE 2022 PD Reserves (MBoe/d) (MMBoe) Other Amplify Assets Southern California Key Stats ▪ Net Acres: ~17,000 acres1 ‒ WI %: 100%1 ▪ Net Production: 1.7 MBoe/d2 ▪ Oil Mix: 100%2 ▪ PD Reserves: 11.8 MMBoe3,4 ▪ PD R/P: ~19 years3,5 ▪ P&
Slide 20: East Texas / North Louisiana Overview
East Texas / North Louisiana Overview 2Q23 Production YE 2022 PD Reserves (MBoe/d) (MMBoe) Other Amplify Assets ETX / NLA Key Stats ▪ Net Acres: ~180,000 acres1 ‒ WI %: ~56%1 ▪ Net Production: 8.7 MBoe/d2 ▪ Liquids Mix: 26%2 ▪ PD Reserves: 39.6 MMBoe3,4 ▪ PD R/P: ~12 years3,5 Key Highlights ▪ Non-op
Slide 21: Eagle Ford Overview
Eagle Ford Overview 2Q23 Production YE 2022 PD Reserves (MBoe/d) (MMBoe) DeWitt Other Amplify Assets Eagle Ford Key Stats ▪ Net Acres: ~800 acres1 ‒ WI %: ~8%1 ▪ Net Production: 1.3 MBoe/d2 ▪ Liquids Mix: 92%2 ▪ PD Reserves: 1.7 MMBoe3,4 ▪ PD R/P: ~4 years3,5 Key Highlights ▪ 2023 includes non-opera
Slide 22: Reconciliation of PV-10 to Standardized Measure
Reconciliation of PV-10 to Standardized Measure Amplify defines PV-10 as 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 developm
Slide 23: Non-GAAP Reconciliations
Non-GAAP Reconciliations Twelve Months Twelve Months Twelve Months Three Months Three Months Three Months Three Months Three Months Ended Ended Ended Ended Ended Ended Ended Ended December 31, 2022 December 31, 2021 December 31, 2020 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022
Slide 24: Non-GAAP Reconciliations (Cont'd)
Non-GAAP Reconciliations (Cont’d) Twelve Months Twelve Months Twelve Months Three Months Three Months Three Months Three Months Three Months Ended Ended Ended Ended Ended Ended Ended Ended December 31, 2022 December 31, 2021 December 31, 2020 June 30, 2023 March 31, 2023 December 31, 2022 September
Slide 25: NYSE: AMPY
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