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    Subhasish Chandra • The Benchmark Company

    Subhasish Chandra's questions to Amplify Energy Corp (AMPY) leadership

    Subhasish Chandra's questions to Amplify Energy Corp (AMPY) leadership • Q1 2025

    Question

    Subhasish Chandra asked about Amplify Energy's year-end bank debt target and the specific oil price that would trigger a resumption of deferred development projects at the Beta Field.

    Answer

    Executive James Frew stated the long-term leverage goal is 0.5x to 1.0x net debt to adjusted EBITDA, with a focus on using free cash flow to pay down debt. He explained that resuming Beta development depends on both commodity prices and liquidity. President and CEO Martyn Willsher added that while they are encouraged by recent well results, they will also consider portfolio optimization opportunities to generate liquidity and accelerate Beta development, in addition to waiting for improved market conditions.

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    Subhasish Chandra's questions to Amplify Energy Corp (AMPY) leadership • Q4 2024

    Question

    The analyst asked about the sensitivity of the 2025 CapEx plan to oil prices, the timing and amount of CapEx expected from the Juniper assets post-closing, and the potential to expand the Magnify services business to the Juniper assets.

    Answer

    The company is comfortable with its current CapEx plan despite oil price volatility due to strong project economics and hedging, but would re-evaluate if prices fall further. The Juniper CapEx is flexible post-closing as the acreage is largely held by production. The company will evaluate expanding its Magnify services business to the new assets in the Wyoming area.

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    Subhasish Chandra's questions to Amplify Energy Corp (AMPY) leadership • Q3 2024

    Question

    Inquired about the production decline of the first Beta well, the reason for high bottom hole pressure in the second well, the timeline and potential value of Haynesville monetization, and the company's plans and triggers for initiating a return of capital program.

    Answer

    The first well shows a flat decline profile as expected. The high pressure in the second well is a deliberate operational choice to manage initial production, with an expectation for higher output later. Haynesville monetization is expected by mid-Q1 2025, valued at several million dollars. A return of capital is a possibility for 2025, contingent on debt levels and the capital plan for Beta development.

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    Subhasish Chandra's questions to Amplify Energy Corp (AMPY) leadership • Q3 2024

    Question

    Subhasish Chandra asked about the performance of the first Beta well, the cause of high bottom hole pressure in the second well, the potential timing and value of Haynesville monetization opportunities, and the expected timeline for initiating a return of capital program.

    Answer

    CEO Martyn Willsher stated the first well (A-50) showed a shallow decline typical for the reservoir and clarified the high bottom hole pressure in the second well (C-59) was intentionally managed by a high pump setting to mitigate sand production risk, with production expected to increase after the pump is lowered. COO Daniel Furbee addressed monetization, suggesting a Haynesville deal could materialize by mid-Q1 2025 for several million dollars. Furbee also noted a return of capital program could begin in 2025, contingent on the pace of Beta development spending.

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    Subhasish Chandra's questions to Amplify Energy Corp (AMPY) leadership • Q2 2024

    Question

    Subhasish Chandra of The Benchmark Company questioned if the A50 well's cycle time met expectations, queried the value proposition of investing in Haynesville wells versus additional California wells, and asked if a significant acceleration at Beta would require both monetization proceeds and organic cash flow.

    Answer

    Executive James Frew confirmed the A50 well's drill and complete time of less than a month was in line with expectations. CEO Martyn Willsher clarified that capital is not the ultimate constraint on the California program and that the company has the optionality to pursue both the Haynesville opportunities and an accelerated Beta program. He emphasized that strong organic free cash flow, particularly from Q4 onwards, would be more than sufficient to fund an accelerated program without needing a monetization event.

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