Amplify Energy Provides Hedging Update
September 01 2023 - 7:00AM
Amplify Energy Corp. (“Amplify” or the “Company”) (NYSE: AMPY)
announced today that the Company has recently added to its
commodity derivative positions in order to meet initial hedge
requirements under its new senior secured reserve-based revolving
credit facility (the “New Credit Facility”) which was announced on
August 1, 2023.
Under the terms of the New Credit Facility, the
Company was required to hedge projected Proved Developed Producing
natural gas and crude oil production volumes (on an equivalent
basis) totaling at least 75% for the first 24 consecutive calendar
months, and at least 50% of the subsequent 12 months, following the
closing date of the New Credit Facility on July 31, 2023.
Amplify posted an updated investor presentation
containing additional hedging information on its website,
www.amplifyenergy.com, under the Investor Relations section.
The following table reflects the hedged volumes
under Amplify’s commodity derivative contracts and the average
fixed floor and ceiling prices at which production is hedged for
July 2023 through December 2026, as of August 31, 2023:
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2023 |
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2024 |
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2025 |
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2026 |
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Natural Gas Swaps: |
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Average Monthly Volume (MMBtu) |
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662,500 |
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675,000 |
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291,667 |
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Weighted Average Fixed Price ($) |
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$ |
3.72 |
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$ |
3.74 |
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$ |
3.72 |
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Natural Gas Collars: |
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Two-way collars |
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Average Monthly Volume (MMBtu) |
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1,248,000 |
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627,083 |
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500,000 |
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291,667 |
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Weighted Average Ceiling Price ($) |
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$ |
5.55 |
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$ |
4.32 |
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$ |
4.10 |
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$ |
4.10 |
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Weighted Average Floor Price ($) |
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$ |
3.41 |
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$ |
3.43 |
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$ |
3.50 |
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$ |
3.50 |
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Oil Swaps: |
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Average Monthly Volume (Bbls) |
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113,167 |
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61,333 |
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53,000 |
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30,917 |
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Weighted Average Fixed Price ($) |
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$ |
67.25 |
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$ |
73.55 |
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$ |
70.68 |
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$ |
70.68 |
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Oil Collars: |
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Two-way collars |
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Average Monthly Volume (Bbls) |
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15,000 |
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102,000 |
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59,500 |
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Weighted Average Ceiling Price ($) |
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$ |
76.16 |
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$ |
80.20 |
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$ |
80.20 |
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Weighted Average Floor Price ($) |
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$ |
65.00 |
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$ |
70.00 |
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$ |
70.00 |
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Three-way collars |
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Average Monthly Volume (Bbls) |
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50,000 |
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Weighted Average Ceiling Price ($) |
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$ |
74.54 |
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Weighted Average Floor Price ($) |
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$ |
58.00 |
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Weighted Average Sub-Floor Price ($) |
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$ |
43.00 |
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About Amplify Energy
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.
Amplify’s operations are focused in Oklahoma, the Rockies
(Bairoil), federal waters offshore Southern California (Beta), East
Texas / North Louisiana, and the Eagle Ford (Non-op). For more
information, visit www.amplifyenergy.com.
Investor Relations Contacts
Jim Frew – Senior Vice President and Chief Financial
Officer(832) 219-9044jim.frew@amplifyenergy.com
Michael Jordan – Director, Finance and Treasurer(832)
219-9051michael.jordan@amplifyenergy.com
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