Amplify Energy (AMPY) Q1 2026 earnings summary

Executive summary

• Operations focused on mature oil reservoirs at Bairoil (Rockies) and Beta (offshore Southern California) after divestitures of Oklahoma, East Texas/North Louisiana, and Eagle Ford assets in 2025.

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

• Reported net loss of $38.1 million for Q1 2026, primarily due to lower production volumes and a $43.4 million non-cash unrealized loss on commodity derivatives.

• Adjusted EBITDA was $3.8 million and Adjusted Net Income was $5.3 million, both in line with expectations.

• Beta unit received End-of-Life Royalty Relief, reducing royalty rates from 25% to 12.5% effective May 2026, expected to increase net production and revenue.

Financial highlights

• Oil, natural gas, and NGL revenues were $37.3 million, down from $70.3 million year-over-year; total revenues (excluding hedges) were $37.5 million, down from $56.6 million in the prior quarter.

• Average realized sales price increased to $64.26/Boe from $43.76/Boe; Q1 2026 average realized oil price was $64.93/Bbl (excluding derivatives).

• Lease operating expenses dropped to $22.2 million from $37.4 million, with per Boe cost at $38.20.

• Adjusted EBITDA was $3.8 million, down from $19.4 million in Q1 2025.

• Ended Q1 2026 with $41.5 million in cash and no outstanding debt; liquidity of $56.5 million as of March 31, 2026.

Outlook and guidance

• Reaffirmed full-year 2026 guidance, expecting production, costs, and capital to align with prior expectations.

• FY 2026 production guidance: 6.7–7.9 MBbls/d; lease operating expense: $80–100 million; adjusted EBITDA: $20–45 million.

• Capital expenditures for Q1 2026 were $21 million, primarily for Beta development; full-year capital investment projected at $45–65 million.

• 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.