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.

41,5 %

93,2 %

16,7 %

−10,6 %

2.25

2.25

— Amplify Energy Corp.
%
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.

Amplify sells production to a small number of commodity purchasers and refiners rather than to end consumers...

  • Refinersprimary

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

  • Energy marketers and commodity purchasersprimary

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

  • NGL purchaserssecondary

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

  • Regional replacement buyerssecondary

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

Amplify’s revenues are derived entirely from the continental United States, so the company has no international revenue...

  • •All production revenues come from the continental United States
  • •Remaining core assets are Bairoil and Beta after 2025 divestitures
  • •Beta is offshore Southern California and tied to local refinery demand
  • •Bairoil is the remaining onshore Rockies asset
  • •Former operating areas included Oklahoma, East Texas/North Louisiana, and Eagle Ford
  • •Geographic concentration increases exposure to basin-specific disruptions

Amplify’s near-term strategy is centered on simplifying the portfolio and concentrating capital on its remaining core...

01
Concentrate investment in Betashort-term

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

02
Maintain disciplined capital spendingshort-term

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

03
Simplify the asset portfoliomedium-term

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

Amplify’s results are highly sensitive to oil, natural gas, and NGL prices, which are volatile and outside management’s...

high

Oil, natural gas, and NGL price volatility

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

Scope
All production volumes
Materiality
high
high

Customer concentration and loss of offtake

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

Scope
Beta and other marketed production
Materiality
high
high

Operational and regulatory risk at offshore Beta

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

Scope
Beta
Materiality
high
medium

Reserve estimation and impairment risk

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

Scope
Proved reserves and long-lived assets
Materiality
high
medium

Environmental and climate-related liabilities

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

Scope
Onshore and offshore properties
Materiality
medium
Reserve estimates and units-of-production depletion
Affects DD&A and asset values
Commodity derivative fair value accounting
Creates non-cash earnings volatility
Asset retirement obligations
Affects liabilities, cash planning, and restricted investments
Environmental remediation and contingencies
Can materially affect expenses and liabilities
Deferred tax asset realizability
Affects tax assets and reported equity

Magnolia Oil & Gas Corp

MGY · Crude Petroleum & Natural Gas

Diversified Energy Co

DEC · Crude Petroleum & Natural Gas

ANTERO RESOURCES Corp

AR · Crude Petroleum & Natural Gas

NORTHERN OIL & GAS, INC.

NOG · Crude Petroleum & Natural Gas

EXPAND ENERGY Corp

EXE · Crude Petroleum & Natural Gas

NGL Energy Partners LP

NGL · Natural Gas Transmission

: 11/08/2026