Amplify Energy is like a smaller, independent version of ConocoPhillips, focused solely on finding and extracting oil and natural gas.

Think of Amplify Energy as the upstream (exploration and production) division of a major oil company like Chevron or ExxonMobil, but operating as a standalone, independent company and on a smaller scale.

• Crude Oil: Amplify Energy engages in the exploration, development, and production of crude oil from its various asset bases.
• Natural Gas: The company is involved in the exploration, development, and production of natural gas.
• Natural Gas Liquids (NGLs): Amplify Energy produces and sells natural gas liquids, which are components separated from natural gas, including propane, butane, and ethane.

Amplify Energy (NYSE: AMPY) sells primarily to other companies.

Its major customers, which collectively accounted for approximately 82% of its total crude oil, natural gas, and natural gas liquids (NGL) sales in 2023, are:

• Marathon Petroleum Company, LP (a subsidiary of Marathon Petroleum Corporation, NYSE: MPC)
• Phillips 66 Company (a subsidiary of Phillips 66, NYSE: PSX)
• Shell Trading (US) Company (a subsidiary of Shell plc, NYSE: SHEL)

Daniel Furbee, Chief Executive Officer
Daniel Furbee has served as Chief Executive Officer and a member of the board of directors of Amplify Energy Corp. since July 2025. He previously served as Senior Vice President and Chief Operating Officer of Amplify Energy Corp. from March 2023 to July 2025. Prior to joining Amplify, Mr. Furbee was a partner at Sentinel Petroleum from February 2022 to March 2023. He also served as an independent advisor for various companies from January 2021 to January 2022 and as Executive Vice President and Chief Operating Officer of Riviera Resources, Inc. from August 2018 to December 2020. His prior experience also includes roles as Vice President of Asset and Business Development for Linn Energy Inc. from March 2018 to August 2018 and Vice President of Business Development and Asset Development for Sanchez Energy Corporation from September 2013. His roles at Sentinel Petroleum, an investment firm, and Riviera Resources, a spin-off from Linn Energy (a company with private equity ties), suggest a pattern of managing companies with significant investment or private equity backing.

James Frew, President and Chief Financial Officer
James Frew has served as President and Chief Financial Officer of Amplify Energy Corp. since July 2025. He previously served as Senior Vice President and Chief Financial Officer of Amplify Energy Corp. from April 2023 to July 2025. Before joining Amplify, Mr. Frew was a partner at Sentinel Petroleum from March 2022 to April 2023. He also served as Executive Vice President and Chief Financial Officer of Riviera Resources, Inc. from August 2018 to October 2020. From May 2011 to August 2018, he held various roles at Linn Energy, and from August 2002 to May 2011, he held several roles in the Natural Resources division of the J.M. Huber Corporation. His involvement with Sentinel Petroleum, an investment firm, and Riviera Resources, a spin-off from Linn Energy, indicates experience in companies with investment firm or private equity backing.

Eric M. Willis, Senior Vice President, General Counsel and Corporate Secretary
Eric M. Willis has served as Senior Vice President, General Counsel & Corporate Secretary since August 2019. He previously served as Vice President and General Counsel of Amplify Energy Corp. from December 2017 to August 2019. Prior to joining Amplify, Mr. Willis was a partner in the capital markets practice group at Kirkland & Ellis LLP in Houston, Texas, from April 2015 to December 2017, where he represented oil and gas clients. He also practiced corporate and securities law at Latham & Watkins LLP from September 2008 to April 2015.

Tony Lopez, Senior Vice President, Engineering and Exploitation
Tony Lopez has served as Senior Vice President, Engineering and Exploitation of Amplify Energy Corp. since August 6, 2019. He previously served as Vice President, Corporate Reserves from June 2018 until the closing of the merger with Midstates Petroleum Company, Inc. Before joining Amplify Energy Corp., Mr. Lopez served as Vice President of Acquisitions and Engineering for EnerVest, Ltd., where he managed the corporate reserve reporting process and the financial planning & analysis department.

Jason M., Vice President, Human Resources and Administration
Jason M. has been serving as Vice President of Human Resources and Administration at Amplify Energy Corp. since 2018. His prior experience includes roles as Vice President of Human Resources at Evergreen Industrial Services, Global Human Resources Director at Oceaneering, and Human Resources Director at Marathon Oil Corporation. He also held positions as Senior Human Resources Business Partner at Marathon Oil and HR Business Partner at Marathon Petroleum Corporation.

The key risks to Amplify Energy's business include:

1. Volatility of Oil, Natural Gas, and NGL Prices: Amplify Energy faces significant market risks due to the inherent volatility of oil, natural gas, and natural gas liquids (NGL) prices. These prices are influenced by global supply and demand, geopolitical tensions, and broader economic conditions, all of which are beyond the company's control. Such fluctuations can materially impact Amplify Energy's cash flow, the value of its assets, and its overall financial condition. Prolonged periods of low commodity prices could render development projects uneconomical and potentially lead to asset value write-downs. While the company employs hedging programs, there can be significant gaps, leaving a portion of its reserves exposed to price swings.
2. Regulatory and Environmental Risks, including Climate-Related Transition Risks and Past Incidents: The company is subject to complex federal, state, and local environmental protection laws, which can increase operational costs and restrict business activities. Amplify Energy also faces climate-related transition risks, including heightened regulatory scrutiny and potential litigation concerning greenhouse gas emissions and environmental impact. The ongoing impact of a past oil incident off the coast of Southern California, stemming from its pipeline operations at the Beta field, continues to pose risks, leading to increased permitting obligations and regulatory oversight.
3. Ability to Satisfy Debt Obligations and Maintain Declining Asset Base: Amplify Energy's business is exposed to risks related to its ability to meet debt obligations and maintain its asset base. This includes uncertainties regarding the redetermination of the borrowing base under its revolving credit facility. Furthermore, the company consistently needs to make accretive acquisitions or substantial capital expenditures to counter its declining asset base, and its ability to secure funds on acceptable terms is crucial but can be challenging due to its indebtedness and financial covenants.

• Accelerating Global Energy Transition and Decarbonization: The rapid and ongoing shift towards renewable energy sources (solar, wind) and electric vehicles, coupled with global governmental and corporate decarbonization targets, poses a clear emerging threat. This trend is leading to long-term demand erosion for crude oil and natural gas, directly impacting Amplify Energy's core business model. Evidence includes massive investments in clean energy technologies, increasing adoption rates of electric vehicles, and policy initiatives aimed at phasing out fossil fuels, which will likely result in sustained downward pressure on commodity prices and increased risk of stranded assets for pure-play oil and gas producers like AMPY.
• Intensifying Environmental Regulation and Scrutiny on Offshore Operations: Amplify Energy, particularly due to its significant offshore California assets (Beta field) and the 2021 oil spill incident, faces a clear emerging threat from increasingly stringent environmental regulations, heightened public scrutiny, and potential for increased litigation and operational restrictions. This trend is evident in stricter permitting processes, higher compliance costs, and growing pressure from environmental groups and policymakers to curtail or even cease offshore oil and gas production, especially in environmentally sensitive regions like California. This directly impacts AMPY's social license to operate, increases its operational risks and costs, and makes future development or even continued operation of existing assets more challenging and financially burdensome.

Amplify Energy (symbol: AMPY) is an independent oil and natural gas company primarily involved in the acquisition, development, exploitation, and production of oil and natural gas properties. Their operations are focused on several key regions within the United States: federal waters offshore Southern California (Beta), the Rockies (Bairoil), and East Texas / North Louisiana.

The addressable market sizes for Amplify Energy's main products (oil and natural gas) can be understood at both a national level and through the production volumes in their specific operating regions. Directly sizing the "addressable market" for each localized production area (e.g., solely the Beta properties offshore California) is challenging, as these localized outputs contribute to broader regional and national commodity markets.

U.S. Oil and Gas Market (Overall)

The U.S. oil and gas market was valued at approximately USD 453.2 billion in 2024 and is projected to reach USD 474.5 billion in 2025. This market is expected to grow to USD 665.5 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 4.7% from 2024 to 2033. Another estimate indicates the U.S. oil and gas market volume was valued at USD 1.55 trillion in 2024 and is expected to reach around USD 2.24 trillion by 2034, with a CAGR of 3.75% from 2025 to 2034. The upstream sector, which includes exploration, development, and production of oil and natural gas, represented 58.5% of the U.S. oil and gas market share in 2024.

Regional Market Scale (Production Volumes)

Offshore Southern California (Beta)

Amplify Energy's Beta properties are located in federal waters offshore Southern California. As of 2020, there was substantial offshore oil and gas production along the Southern California coast. Twenty-three offshore platforms in federal waters produced 22 million barrels of oil and 21 billion cubic feet of gas per year as of 2009. More recently, in July 2021, oil production in federal waters off the U.S. West Coast totaled 13,000 barrels a day, a decline from over 200,000 barrels a day in the mid-1990s. Overall offshore oil production in California peaked at 1.7 million barrels per month in July 2011 and has since been less than 400 thousand barrels per month, accounting for approximately one percent of all crude oil processed in California refineries.

Rockies (Bairoil)

The Northern Rockies region, encompassing areas in Wyoming, Utah, and Colorado where Amplify Energy operates, had gross production volumes of approximately 438,000 barrels of oil per day (Bopd) and about 5.0 billion cubic feet per day (Bcfpd) as of March 2025. Undiscovered, technically recoverable natural gas resources in the Niobrara formation across southwestern Wyoming and northwestern Colorado were estimated at 5.8 Tcf, with crude oil resources around 703 million barrels. The Mowry system, covering most of southwestern Wyoming and parts of northwestern Colorado and northeastern Utah, is estimated to hold 27 Tcf of natural gas and 473 million barrels of crude oil in undiscovered but technically recoverable mean resources. While Rockies natural gas production has been stagnant, higher prices could stimulate a resurgence in drilling activity.

East Texas / North Louisiana

This region is part of the broader ArkLaTex Basin. In November 2023, pipeline samples in the ArkLaTex Basin averaged 13.1 Bcf/d. East Texas oil production peaked at 20 Mbbl/d in 2015 and recorded 5 Mbbl/d in 2023, indicating a declining conventional basin. While Amplify Energy previously had assets in Oklahoma and East Texas/North Louisiana, they announced divestitures of their Oklahoma assets in November 2025 and East Texas assets in October 2025 as part of a strategic portfolio simplification. Therefore, their current focus in this region may be diminishing or shifting. For context, Texas's overall crude oil production set new records in 2024, reaching as much as 5.86 million barrels per day in October 2024, accounting for 44% of the nation's total. Natural gas marketed production in Texas also achieved new highs in 2024, contributing nearly 30% of U.S. production. However, most of this growth stems from the Permian Basin, not specifically the East Texas / North Louisiana area of Amplify's operations.

Amplify Energy (AMPY) anticipates several key drivers to contribute to its future revenue growth over the next two to three years:

1. Beta Development Program: Amplify Energy has initiated its Beta development program, with new wells expected to contribute additional oil volumes. The company commenced the Beta development program in March 2024 with drilling, and anticipates additional oil volumes in Q2 and Q4 of 2024, with the full impact of the initial development campaign realized in 2025. This program is projected to lead to increased oil production, enhancing overall revenue. For instance, the C54 well achieved an initial production of 800 barrels of oil per day (Bopd), and Beta field production has seen a 35% increase since early 2024. Further development at Beta is also expected to position the company for potential growth in 2026.
2. Improved Commodity Prices: The company's revenue expectations are significantly influenced by commodity prices. Amplify Energy revised its 2024 guidance upwards, citing "higher forecasted crude oil prices for the remainder of 2024" as a contributing factor. Stronger crude oil prices also played a role in the increased Adjusted EBITDA reported in the first quarter of 2024.
3. Iodine Royalty Contracts Renegotiation: Amplify successfully renegotiated its iodine royalty contracts in Oklahoma, a move expected to boost "Other Revenue." This renegotiation is anticipated to generate an additional $2 million to $3 million annually in iodine royalties, with the higher revenue realization commencing in the second quarter of 2024.
4. Strategic Divestitures and Reinvestment in Core Assets: Amplify Energy has undertaken strategic divestitures, including its Oklahoma and East Texas assets for $220 million. The proceeds from these sales are earmarked for debt reduction and to accelerate development activities at the high-potential Beta field. While these divestitures reduce revenue from the divested assets, the strategy aims to simplify the company's portfolio, strengthen its balance sheet, and enable more focused investment in core, higher-return assets like Beta, thereby supporting future revenue growth from these concentrated operations. Additionally, the company completed sales of Haynesville acreage, generating proceeds while retaining a working interest for future upside.

Share Repurchases

• In December 2018, Amplify Energy's board of directors authorized a share repurchase program of up to $25 million of common stock, with repurchases to commence on or after January 9, 2019.

Share Issuance

• Amplify Energy announced in January 2025 a definitive merger agreement with Juniper Capital, where Amplify will issue approximately 26.7 million shares of its common stock to Juniper. This transaction is expected to close in the second quarter of 2025.

Outbound Investments

• Amplify Energy announced a definitive merger agreement in January 2025 to combine with certain Juniper Capital portfolio companies, which includes acquiring oil-weighted producing assets and leasehold interests in the DJ and Powder River Basins. The transaction involves assuming approximately $133 million in net debt and is expected to close in the second quarter of 2025.
• In July 2025, Amplify divested its non-operated assets in the Eagle Ford for $23 million.
• Amplify announced agreements to divest all its interests in Oklahoma and East Texas assets for a total consideration of $220.0 million, with transactions closing in October 2025 and expected by the end of the fourth quarter of 2025. This includes a specific asset sale of East Texas and Louisiana properties for $122.0 million.

Capital Expenditures

• For the full year 2025, Amplify Energy projected capital investments to be between $70 million and $80 million, with approximately 95% of this capital intended to be invested by the end of the third quarter.
• In the first quarter of 2025, cash capital investment was approximately $23.1 million, primarily allocated to development drilling, recompletions, and facility projects at Beta (55%), and non-operated development projects in East Texas and the Eagle Ford (30%). Second quarter 2025 cash capital investment was approximately $25.5 million, with 52% allocated to Beta development and 25% to non-operated projects in East Texas and Eagle Ford. Third quarter 2025 cash capital investment was approximately $17.5 million, with 89% focused on Beta.
• In the fourth quarter of 2024, cash capital investment was approximately $15.3 million, with about 65% directed towards Beta development drilling and facility projects.