Amplified energy expenditure -
The Company successfully completed scheduled repair operations and is awaiting approval by federal pipeline safety regulators to restart production. This year we anticipate allocating capital to high-return workover and non-operated development projects across our mature, diverse portfolio of assets, generating sustainable free cash flow and further improving our balance sheet.
Willsher concluded. For more information and disclosures regarding the Incident, please see our Annual Report on Form K for the year-end December 31, filed with the SEC. Amplify will continue to recognize LOPI proceeds at the time they are approved by insurers for the remainder of the policy period which ends on March 31, On December 9, , the Company completed its regularly scheduled semi-annual borrowing base redetermination and entered into an amendment to extend its credit agreement from November 2, to May 31, The next regularly scheduled borrowing base redetermination is expected to occur in the second quarter of Net Debt to LTM Adjusted EBITDA was 1.
During the fourth quarter of , average daily production was approximately Revenues for the fourth quarter were impacted by weak market conditions, which caused lower realized commodity prices and were intensified by unseasonably large natural gas basis differentials in East Texas and Oklahoma that have subsequently improved.
The following table sets forth information regarding average realized sales prices for the periods indicated:. Average sales price exclusive of realized derivatives and certain deductions from revenue. Average sales price with realized derivatives exclusive of certain deductions from revenue.
Average sales price inclusive of realized derivatives and certain deductions from revenue. The increase was primarily attributable to higher facility and workover expense projects at Bairoil and modest cost inflation across the asset base.
The quarter-over-quarter decrease was a result of lower commodity pricing. On a percentage basis, Amplify paid approximately 9. We expect gathering costs in East Texas to continue decreasing from prior quarters from the contractual reduction of committed volumes over time and in Oklahoma from the expiration of the MVC in June Amplify had an effective tax rate of 0.
The majority of the capital expenditures in the fourth quarter were related to workover activity in Oklahoma and non-operated development activity in the Eagle Ford.
During the fourth quarter, the Company shifted from three to two workover rigs as it continued working through its inventory of offline wells and artificial lift enhancements. Amplify intends to maintain this less capital-intensive workover pace going forward, focusing on rod-lift conversions and ESP optimizations, which offset natural production declines and reduce future operating expenses and downtime.
Production at Bairoil in the fourth quarter of reflected the strong operational reliability of the production facilities and was Boepd higher than the previous quarter. Going forward, we expect to reduce operating expenses, while focusing on enhancing water alternating gas injection performance through targeted well recompletions and conversions, which will offset nominal production declines and support a stable free cash flow profile.
Amplify has successfully repaired the pipeline and remains focused on restarting the pipeline as soon as practicable, pending federal regulatory approval. In anticipation of returning the field to production, the Company is also completing necessary facilities projects.
The asset team is working to optimize field compression in order to enhance production and lower lease operating costs. During the fourth quarter, the East Texas MVC expired, and such expiration will contribute to a reduction in gathering costs going forward.
Amplify continues to participate in attractive non-operated Eagle Ford development and recompletion projects as they arise. We are currently participating in 11 gross 1.
The following guidance is subject to the cautionary statements and limitations described under the "Forward-Looking Statements" caption at the end of this press release. Amplify's guidance is based on its current expectations regarding capital expenditure levels and on the assumption that market demand and prices for oil and natural gas will continue at levels that allow for economic production of these products.
The guidance below assumes Beta returns to production in April A reconciliation of these non-GAAP financial measures would require Amplify to predict the timing and likelihood of future transactions and other items that are difficult to accurately predict. Neither of these forward-looking measures, nor their probable significance, can be quantified with a reasonable degree of accuracy.
Accordingly, a reconciliation of the most directly comparable forward-looking GAAP measures is not provided. Amplify posted an updated investor presentation containing additional hedging information on its website, www. com, under the Investor Relations section.
Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and production of oil and natural gas properties.
For more information, visit www. Amplify will host an investor teleconference tomorrow at a. Central Time to discuss these operating and financial results. Interested parties may join the call by dialing at least 15 minutes before the call begins and providing the Conference ID: AEC4Q A telephonic replay will be available for fourteen days following the call by dialing and providing the Conference ID: All statements, other than statements of historical fact, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements.
These statements address activities, events or developments that we expect or anticipate will or may occur in the future, including things such as projections of results of operations, plans for growth, goals, future capital expenditures, competitive strengths, references to future intentions and other such references.
gov, for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements.
You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements in this press release are qualified in their entirety by these cautionary statements.
Except as required by law, the Company undertakes no obligation and does not intend to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.
This press release and accompanying schedules include the non-GAAP financial measures of Adjusted EBITDA, free cash flow, net debt and PV The accompanying schedules provide a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP.
Adjusted EBITDA. Amplify defines Adjusted EBITDA as net income or loss, plus interest expense; income tax expense; depreciation, depletion and amortization; accretion of asset retirement obligations; losses on commodity derivative instruments; cash settlements received on expired commodity derivative instruments; share-based compensation expenses; exploration costs; loss on settlement of AROs; bad debt expense; pipeline incident loss; pipeline incident settlement; and LOPI-timing differences.
Since Adjusted EBITDA excludes some, but not all, items that affect net income or loss and because these measures may vary among other companies, the Adjusted EBITDA data presented in this press release may not be comparable to similarly titled measures of other companies.
The GAAP measures most directly comparable to Adjusted EBITDA are net income and net cash provided by operating activities. Free cash flow.
Amplify defines free cash flow as Adjusted EBITDA, less cash interest expense and capital expenditures. The GAAP measures most directly comparable to free cash flow are net income and net cash provided by operating activities.
Net debt. Amplify defines net debt as the total principal amount drawn on the revolving credit facility less cash and cash equivalents. The Company uses net debt as a measure of financial position and believes this measure provides useful additional information to investors to evaluate the Company's capital structure and financial leverage.
The most directly comparable GAAP measure to PV is standardized measure. PV differs from standardized measure in its treatment of estimated future income taxes, which are excluded from PV Amplify believes the presentation of PV provides useful information because it is widely used by investors in evaluating oil and natural gas companies without regard to specific income tax characteristics of such entities.
PV is not intended to represent the current market value of our estimated proved reserves. PV should not be considered in isolation or as a substitute for the standardized measure as defined under GAAP.
The Company also presents PV at strip pricing, which is PV adjusted for price sensitivities. As GAAP does not prescribe a comparable GAAP measure for PV of reserves adjusted for pricing sensitivities, it is not practicable for us to reconcile PV at strip pricing to a standardized measure or any other GAAP measure.
Martyn Willsher — President and Chief Executive Officer martyn. willsher amplifyenergy. Michael Jordan — Director, Finance and Treasurer michael. jordan amplifyenergy. Reconciliation of Adjusted EBITDA to Net Cash Provided from Operating Activities:.
Reconciliation of Free Cash Flow to Net Cash Provided from Operating Activities:. The following table provides a reconciliation of PV to the standardized measure in thousands :.
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March 9, at PM · 30 min read. Story continues. Estimated Net Proved Reserves. Producing Wells 1. Fourth Quarter. Third Quarter. Net cash provided by operating activities. Adjusted EBITDA a non-GAAP financial measure.
The accompanying schedules provide a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. Adjusted EBITDA. Amplify defines Adjusted EBITDA as net income or loss, plus interest expense; income tax expenses; depreciation, depletion and amortization; accretion of asset retirement obligations; losses on commodity derivative instruments; cash settlements received on expired commodity derivative instruments; share-based compensation expenses; exploration costs; loss on settlement of AROs; bad debt expense; pipeline incident loss; acquisition and divestiture related costs; and LOPI-timing differences.
Since Adjusted EBITDA excludes some, but not all, items that affect net income or loss and because these measures may vary among other companies, the Adjusted EBITDA data presented in this press release may not be comparable to similarly titled measures of other companies.
The GAAP measures most directly comparable to Adjusted EBITDA are net income and net cash provided by operating activities. Free cash flow. Amplify defines free cash flow as Adjusted EBITDA, less cash interest expense and capital expenditures.
The GAAP measures most directly comparable to free cash flow are net income and net cash provided by operating activities. Net debt. Amplify defines net debt as the total principal amount drawn on the revolving credit facility less cash and cash equivalents.
The Company uses net debt as a measure of financial position and believes this measure provides useful additional information to investors to evaluate the Company's capital structure and financial leverage. Jim Frew -- Senior Vice President and Chief Financial Officer jim.
frew amplifyenergy. Michael Jordan -- Director, Finance and Treasurer michael. jordan amplifyenergy. Accessibility: Skip TopNav. Strategic Updates As Amplify continues to evolve, we are pleased to announce the following near-term strategic initiatives: 1 Bairoil Marketing Process - Amplify has engaged an investment banking firm to conduct a market test of its Bairoil assets.
Corporate Production and Pricing Update During the third quarter of , average daily production was approximately About Amplify Energy Amplify Energy Corp. Conference Call Amplify will host an investor teleconference tomorrow at a.
Use of Non-GAAP Financial Measures This press release and accompanying schedules include the non-GAAP financial measures of Adjusted EBITDA, free cash flow and net debt. Contacts Jim Frew -- Senior Vice President and Chief Financial Officer jim.
com Michael Jordan -- Director, Finance and Treasurer michael. com Selected Operating and Financial Data Tables Amplify Energy Corp. Third Quarter. Second Quarter. Net income loss. Net cash provided by operating activities. Total revenues excluding hedges. Adjusted EBITDA a non-GAAP financial measure.
Total capital. Free Cash Flow a non-GAAP financial measure. Three Months. September 30, June 30, Production volumes - MBOE:.
Total - MBoe. Three Months Ended September 30, Three Months Ended June 30, Average sales price exclusive of realized derivatives and certain deductions from revenue.
Average sales price with realized derivatives exclusive of certain deductions from revenue. Average sales price inclusive of realized derivatives and certain deductions from revenue.
Year to Date. Average Monthly Volume MMBtu. Average Monthly Volume Bbls. Selected Financial Data - Unaudited. Statements of Operations Data. Oil and natural gas sales. Gathering, processing and transportation.
Depreciation, depletion and amortization. General and administrative expense. Accretion of asset retirement obligations. Realized gain loss on commodity derivatives. Unrealized gain loss on commodity derivatives. Income loss before reorganization items, net and income taxes.
Income tax benefit expense - current. Income tax benefit expense - deferred. Basic and diluted earnings loss per share. Operating Statistics. Oil and natural gas revenue:. Oil Sales. Total oil and natural gas sales - Unhedged. Production volumes:. Average sales price excluding commodity derivatives :.
Average unit costs per Boe:. Depletion, depreciation, and amortization. Asset Operating Statistics.
A not-for-profit organization, IEEE Amplified energy expenditure the world's Amplified energy expenditure technical professional organization dedicated to advancing exppenditure for Amplified energy expenditure benefit of expenditute. Use of this web site signifies your agreement to the terms and wxpenditure. Energy Efficiency Analysis in Amplify-And-Forward and Decode-And-Forward Cooperative Energj Amplified energy expenditure In this paper, we have studied the energy efficiency of cooperative networks operating in either the fixed Amplify-and-Forward AF or the selective Decode-and-Forward DF mode. We consider the optimization of the M-ary quadrature amplitude modulation MQAM constellation size to minimize the bit energy consumption under given bit error rate BER constraints. In the computation of the energy expenditure, the circuit, transmission, and retransmission energies are taken into account. The link reliabilities and retransmission probabilities are determined through the outage probabilities under the Rayleigh fading assumption. Adrenergic stimulation of brown Amplified energy expenditure BA eneryg mitochondrial uncoupling, thereby increasing energy expendituer by shifting nutrient Amplified energy expenditure towards thermogenesis. Here we describe Allergy-safe sports supplements mitochondrial dynamics is a physiological regulator of eneggy changes in energy expenditure. The sympathetic neurotransmitter Norepinephrine NE induced complete and rapid mitochondrial fragmentation in BA, characterized by Drp1 phosphorylation and Opa1 cleavage. Mechanistically, NE-mediated Drp1 phosphorylation was dependent on Protein Kinase-A PKA activity, whereas Opa1 cleavage required mitochondrial depolarization mediated by FFAs released as a result of lipolysis. This change in mitochondrial architecture was observed both in primary cultures and brown adipose tissue from cold-exposed mice.
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