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

Asset overview and operational focus

• Operates mature, low-decline oil and gas fields across four regions, with a primary focus on the offshore Southern California Beta asset and the Bairoil field in Wyoming.

• Recent divestitures include the sale of a non-operated Eagle Ford position for $23 million and plans to market East Texas and Oklahoma assets to simplify the portfolio.

• Joint ventures and farm-outs in Haynesville acreage continue, with participation in high-productivity wells.

• Enterprise value is just under $300 million, with a market cap between $150 million and $160 million.

Financial performance and capital discipline

• Generated free cash flow in 2023, even after asset sales, and invested proceeds into Beta asset development.

• Reduced debt by $6 million since year-end 2022, significantly lowering leverage.

• Current share price is just under $4; valuation scenarios suggest $6/share at $60 oil and over $9/share at $65 oil.

Beta asset development and upside

• Beta field wells show strong performance, with the latest well producing 850 bbl/day and outperforming type curves.

• Break-even cost for Beta wells is about $33/bbl, with a 90% rate of return at $65 oil.

• Upgraded drilling technology enables horizontal wells in previously inaccessible locations, unlocking significant reserves.

• Recovery estimates for Beta field range from 180 million to 400 million bbl, with substantial reserves remaining after current development plans.