AMPYNYSECrude Petroleum & Natural GasUS GAAP · USD

Amplify Energy Corp.

Amplify Energy Corp. is an independent oil and natural gas producer focused on acquiring, developing, exploiting, and producing oil and gas properties in the United States. The company operates through a single reportable segment and has historically held assets in Oklahoma, the Rockies (Bairoil), offshore Southern California (Beta), East Texas/North Louisiana, and the Eagle Ford. Following a series of 2025 divestitures, its remaining portfolio is concentrated in Bairoil and Beta. Amplify sells crude oil, natural gas, and NGL production into market-based contracts, with revenues tied closely to commodity prices and customer demand. Its business is capital-intensive, operationally focused, and exposed to both commodity volatility and asset-level execution risk.

Ask about the company
Revenue263m USD
−10.6 %y/y
Operating profit (EBIT)76.9m USD
+152.9 %y/y
EBIT margin29.2%
+18.9 ppy/y
Net income44.0m USD
+239.6 %y/y
Free cash flow49.2m USD
−4.1 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-600-400-2000200400600m USD2020: 202 m USD2020: EBIT -442 m USD20202021: 343 m USD2021: EBIT -26 m USD20212022: 458 m USD2022: EBIT 72 m USD20222023: 308 m USD2023: EBIT 76 m USD20232024: 295 m USD2024: EBIT 30 m USD20242025: 263 m USD2025: EBIT 77 m USD202526377
RevenueOperating profit (EBIT)
Ask Clarifo about Amplify Energy Corp.

Business

Share of revenue
Oil production72 %

Crude oil produced from onshore and offshore properties and sold at prevailing market prices.

Natural gas production18 %

Natural gas volumes produced from company-operated properties and sold into U.S. markets.

NGL sales10 %

Natural gas liquids extracted during processing and sold as a separate revenue stream.

Products

Reported · share of revenue
97.2%FY2025100 %
  • Oil and Gas97.2 %
  • Other2.8 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Amplify sells production to a small number of commodity purchasers and refiners rather than to end consumers. Its customer base includes large downstream and midstream counterparties that buy crude oil, natural gas, and NGL volumes under market-based sales agreements. The company disclosed that Phillips 66 and HF Sinclair were major customers in 2025, and that the closure of Phillips 66’s Los Angeles-area refinery required it to replace Beta sales with other buyers. Because sales contracts are typically short-term and price-based, customer concentration and local market access are important to revenue stability. The company also relies on counterparties that can take production from specific basins or offshore assets without interrupting flow.

Refiners

Buy crude oil production, especially from the Beta offshore asset, to feed refinery operations and secure local supply.

Energy marketers and commodity purchasers

Buy natural gas and oil volumes under market-based contracts to aggregate, transport, or resell production.

NGL purchasers

Buy natural gas liquids extracted during processing for downstream industrial and fuel uses.

Regional replacement buyers

Step in when a major customer exits a basin or refinery closes, helping preserve offtake continuity.

Strategy

Amplify’s near-term strategy is centered on simplifying the portfolio and concentrating capital on its remaining core assets, especially Beta. The company indicated that 2026 capital spending is expected to be allocated 97% to Beta and 3% to Bairoil, showing a clear focus on the highest-priority producing areas. It also intends to fund the capital program from internally generated cash flow and cash on hand, which suggests a disciplined balance-sheet and liquidity posture. After the 2025 divestitures, the company is operating with a smaller but more focused asset base, which should improve management attention and capital allocation efficiency. The business also continues to use commodity derivatives to reduce price volatility and support cash flow planning.

Concentrate investment in BetaShort term

Beta is the largest remaining capital allocation and a key source of future production and cash flow.

Maintain disciplined capital spendingShort term

The company wants to preserve liquidity and fund operations without relying heavily on external financing.

Simplify the asset portfolioMedium term

Divestitures reduce operational spread and allow management to focus on the remaining core properties.

Geography

Amplify’s revenues are derived entirely from the continental United States, so the company has no international revenue diversification. Operationally, its remaining asset base is concentrated in Bairoil in the Rockies and Beta in federal waters offshore Southern California. Historically it also operated in Oklahoma, East Texas/North Louisiana, and the Eagle Ford, but those assets were divested in 2025. This geographic concentration makes the company highly sensitive to basin-specific operating costs, local infrastructure, offshore regulatory requirements, and regional customer access. Beta is especially important because it depends on offshore logistics and nearby refinery demand, while Bairoil is a smaller onshore producing area that supports the remaining portfolio.

Risks

Amplify’s results are highly sensitive to oil, natural gas, and NGL prices, which are volatile and outside management’s control. Customer concentration is a major risk because a small number of buyers accounted for a large share of revenue, and the closure of Phillips 66’s Los Angeles-area refinery showed how quickly offtake can change. The company also faces operational risk from mature reservoirs, offshore production complexity at Beta, and dependence on third-party contractors for drilling and field services. Regulatory, environmental, and climate-related risks are material because the business operates in carbon-intensive production and offshore settings where permitting, remediation, and compliance costs can rise. In addition, derivative mark-to-market volatility, reserve estimation uncertainty, and asset retirement obligations can materially affect reported earnings and cash flow.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Oil, natural gas, and NGL price volatility1Customer concentration and loss of offtake2Operational and regulatory risk at offshore Beta3Reserve estimation and impairment risk4Environmental and climate-related liabilities5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Oil, natural gas, and NGL price volatilityImpact: HighLikelihood: High

    Revenue and cash flow depend primarily on prevailing commodity prices, which fluctuate with supply, demand, and macro conditions.

    Exposure: All production volumes

  2. Customer concentration and loss of offtakeImpact: HighLikelihood: High

    A small number of customers accounted for a large share of revenue, so losing one buyer can interrupt sales and reduce realized prices.

    Exposure: Beta and other marketed production

  3. Operational and regulatory risk at offshore BetaImpact: HighLikelihood: Medium

    Offshore assets require specialized infrastructure, compliance, and logistics, increasing the chance of outages or cost overruns.

    Exposure: Beta

  4. Reserve estimation and impairment riskImpact: MediumLikelihood: High

    Oil and gas reserve estimates affect DD&A, asset carrying values, and impairment testing, all of which are judgment-intensive.

    Exposure: Proved reserves and long-lived assets

  5. Environmental and climate-related liabilitiesImpact: MediumLikelihood: Medium

    Remediation, emissions regulation, and asset retirement obligations can increase costs and create contingent liabilities.

    Exposure: Onshore and offshore properties

Ask Clarifo about Amplify Energy Corp.

Accounting

Judgemental items
Reserve estimates and units-of-production depletion

Reserve revisions can change depletion rates, impairment conclusions, and the carrying value of oil and gas properties.

Impact: Affects DD&A and asset values

Commodity derivative fair value accounting

Unsettled derivative gains and losses are recognized in earnings each period because hedge accounting is not elected.

Impact: Creates non-cash earnings volatility

Asset retirement obligations

Offshore and onshore decommissioning obligations require long-term cost estimates and discounting assumptions.

Impact: Affects liabilities, cash planning, and restricted investments

Environmental remediation and contingencies

Accruals depend on probability assessments and cost estimates that can change as remediation plans evolve.

Impact: Can materially affect expenses and liabilities

Deferred tax asset realizability

Recognition depends on expected future taxable income and tax planning strategies after historical losses.

Impact: Affects tax assets and reported equity

Similar listed companies

Publicly listed companies with a comparable business focus.

Magnolia Oil & Gas Corp

MGY · Crude Petroleum & Natural Gas

Diversified Energy Co

DEC · Crude Petroleum & Natural Gas

Antero Resources Corporation

AR · Crude Petroleum & Natural Gas

Northern Oil and Gas, Inc

NOG · Crude Petroleum & Natural Gas

Expand Energy Corporation

EXE · Crude Petroleum & Natural Gas

NGL Energy Partners LP

NGL · Natural Gas Transmission

Last updated: 24/09/2026

Amplify Energy Corp. (AMPY) Revenue, Earnings & Financials 2025 – Clarifo