Amplify Energy (AMPY) Q4 2024 earnings summary

Executive summary

• Entered a definitive merger agreement with Juniper Capital, expanding into DJ and Powder River Basins, creating a diversified, oil-weighted portfolio with enhanced scale and efficiencies; expected to close in Q2 2025.

• Beta field development outperformed expectations, adding 23 new PUD locations, with new wells exceeding type curves and IRRs up to 262%.

• Monetized 90% of Haynesville interests in East Texas, generating $7.6M proceeds and retaining a 10% working interest.

• Legacy assets provide predictable, low-decline production and steady free cash flow.

• Positioned for further consolidation and inorganic growth, especially in the Rockies.

Financial highlights

• Q4 2024: Net loss of $7.4M (driven by non-cash unrealized derivative losses), Adjusted EBITDA $21.8M, Adjusted Net Income $5.1M, free cash flow $2.9M.

• Full-year 2024: Net income $12.9M, Adjusted EBITDA $103M, Adjusted Net Income $35.8M, free cash flow $18M, up 48% year-over-year.

• Pro forma proved reserves: 148 MMBoe; production: 26.4 MBoe/d; 70% liquids mix; PV-10 post-merger: $1.3B.

• Lease operating expenses for Q4: $35.1M; full-year LOE: $143M ($19.95/BOE), in line with guidance.

• Q4 capital investment $15.3M, with 65% allocated to Beta development.

Outlook and guidance

• 2025 production guidance: 19,000–21,000 BOE/d, with oil production expected to rise 7% year-over-year.

• 2025 Adjusted EBITDA guidance: $100–$120M; free cash flow: $10–$30M; capital expenditures: $70–$80M.

• Six Beta wells planned for 2025; significant production increase expected.

• Magnify Energy Services projected 2025 Adjusted EBITDA ~$5M, with $1.4M capital investment.

• Updated guidance to be provided post-Juniper transaction close.