Amplify Energy Corp. reported its financial results for the three and nine months ended September 30, 2024, showing a significant recovery in profitability compared to the same period in 2023. For Q3 2024, the company achieved net income of $22.7 million, a turnaround from a net loss of $13.4 million in Q3 2023. Total revenues for the quarter were $69.9 million, down from $76.8 million in the prior year, primarily due to a decrease in oil and natural gas sales, which totaled $68.1 million compared to $76.4 million in Q3 2023.
For the nine-month period, Amplify reported net income of $20.4 million, a substantial decline from $349.2 million in the same period of 2023, which included a significant litigation settlement. Total revenues for the nine months were $225.7 million, slightly down from $228.6 million in 2023. Oil and natural gas sales increased marginally to $215.8 million from $210.1 million year-over-year.
The company’s operating income for Q3 2024 was $32.6 million, a stark contrast to an operating loss of $12.3 million in Q3 2023. This improvement was supported by a reduction in total costs and expenses, which fell to $37.3 million from $89.1 million in the prior year. The net gain on commodity derivative instruments also contributed positively, amounting to $25.0 million in Q3 2024, compared to a net loss of $23.3 million in Q3 2023.
Amplify's balance sheet showed a decrease in current assets, totaling $70.2 million as of September 30, 2024, down from $98.2 million at the end of 2023. Cash and cash equivalents were depleted to $0, compared to $20.7 million at the end of 2023. However, total stockholders' equity increased to $414.7 million from $391.0 million, reflecting the company's recovery in profitability.
The company’s long-term debt rose slightly to $120.0 million from $115.0 million at the end of 2023. Amplify continues to manage its liquidity through cash flows from operations and borrowings under its Revolving Credit Facility, which had an outstanding balance of $120.0 million as of September 30, 2024.
Strategically, Amplify Energy has focused on capital expenditures, totaling approximately $55.3 million for the nine months ended September 30, 2024, aimed at development projects and facility upgrades. The company also amended its Credit Agreement in October 2024, reducing the borrowing base under its Revolving Credit Facility from $150.0 million to $145.0 million.
Overall, while Amplify Energy Corp. has shown signs of recovery in profitability, it continues to navigate challenges related to market conditions and previous operational incidents.
About Amplify Energy Corp.
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