Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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Table of Contents

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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Form 10-Q

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☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

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For the quarterly period ended September 30, 2024

OR

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☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

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For the transition period from                      to                     .

Commission File Number: 001-35512

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Amplify Energy Corp.

(Exact name of registrant as specified in its charter)

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​	​	​
Delaware		82-1326219
(State or other jurisdiction of incorporation or organization)	​	(I.R.S. Employer Identification No.)
​	​	​
500 Dallas Street, Suite 1700, Houston, TX	​	77002
(Address of principal executive offices)	​	(Zip Code)

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Registrant’s telephone number, including area code: [phone]

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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes  þ    No  ☐

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Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes  þ    No  ☐

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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Large accelerated filer ☐	Accelerated filer þ
Non-accelerated filer ☐	Smaller reporting company ☑
Emerging growth company ☐	​

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b–2 of the Exchange Act).   Yes  ☐    No  þ

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Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.    þ  Yes      ☐     No

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Securities Registered Pursuant to Section 12(b):

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​	​	​
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	AMPY	NYSE

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As of October 31, 2024, the registrant had 39,770,246 outstanding shares of common stock, $0.01 par value outstanding.

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Table of Contents

AMPLIFY ENERGY CORP.

TABLE OF CONTENTS

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​		​		Page
​	​	​	​	​
​	​	Glossary of Oil and Natural Gas Terms	​	1
​	​	Names of Entities	​	4
​	​	Cautionary Note Regarding Forward-Looking Statements	​	29
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PART I—FINANCIAL INFORMATION			​	​
Item 1.	​	Financial Statements	​	8
​	​	Unaudited Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023	​	8
​	​	Unaudited Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023	​	9
​	​	Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023	​	10
​	​	Unaudited Condensed Consolidated Statements of Equity (Deficit) for the Three and Nine Months Ended September 30, 2024 and 2023	​	11
​	​	Notes to Unaudited Condensed Consolidated Financial Statements	​	12
​	​	Note 1 – Organization and Basis of Presentation	​	12
​	​	Note 2 – Summary of Significant Accounting Policies	​	13
​	​	Note 3 – Revenue	​	13
​	​	Note 4 – Fair Value Measurements of Financial Instruments	​	14
​	​	Note 5 – Risk Management and Derivative Instruments	​	16
​	​	Note 6 – Asset Retirement Obligations	​	18
​	​	Note 7 – Long-Term Debt	​	18
​	​	Note 8 – Equity	​	20
​	​	Note 9 – Earnings (Loss) per Share	​	20
​	​	Note 10 – Long-Term Incentive Plans	​	21
​	​	Note 11 – Leases	​	23
​	​	Note 12 – Supplemental Disclosures to the Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statements of Cash Flows	​	25
​	​	Note 13 – Related Party Transactions	​	26
​	​	Note 14 – Commitments and Contingencies	​	26
​	​	Note 15 – Income Taxes	​	27
​	​	Note 16 – Beta Pipeline Incident	​	27
​	​	Note 17 – Subsequent Events	​	29
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Item 2.	​	Management’s Discussion and Analysis of Financial Condition and Results of Operations	​	30
Item 3.	​	Quantitative and Qualitative Disclosures About Market Risk	​	40
Item 4.	​	Controls and Procedures	​	41
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PART II—OTHER INFORMATION			​	​
Item 1.	​	Legal Proceedings	​	42
Item 1A.	​	Risk Factors	​	42
Item 2.	​	Unregistered Sales of Equity Securities and Use of Proceeds	​	42
Item 3.	​	Defaults Upon Senior Securities	​	42
Item 4.	​	Mine Safety Disclosures	​	42
Item 5.	​	Other Information	​	42
Item 6.	​	Exhibits	​	43
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Signatures	​	​	​	44

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Table of Contents

GLOSSARY OF OIL AND NATURAL GAS TERMS

Analogous Reservoir: Analogous reservoirs, as used in resource assessments, have similar rock and fluid properties, reservoir conditions (depth, temperature, and pressure) and drive mechanisms, but are typically at a more advanced stage of development than the reservoir of interest and thus may provide concepts to assist in the interpretation of more limited data and estimation of recovery. When used to support proved reserves, analogous reservoir refers to a reservoir that shares all of the following characteristics with the reservoir of interest: (i) the same geological formation (but not necessarily in pressure communication with the reservoir of interest); (ii) the same environment of deposition; (iii) similar geologic structure; and (iv) the same drive mechanism.

Bbl: One stock tank barrel, or 42 U.S. gallons liquid volume, used in reference to oil or other liquid hydrocarbons.

Bbl/d: One Bbl per day.

Bcfe: One billion cubic feet of natural gas equivalent.

Boe: One barrel of oil equivalent, calculated by converting natural gas to oil equivalent barrels at a ratio of six Mcf of natural gas to one Bbl of oil.

BOEM: U.S. Bureau of Ocean Energy Management.

BSEE: Bureau of Safety and Environmental Enforcement.

Btu: One British thermal unit, the quantity of heat required to raise the temperature of a one-pound mass of water by one degree Fahrenheit.

CO₂: Carbon dioxide.

Development Project: A development project is the means by which petroleum resources are brought to the status of economically producible. As examples, the development of a single reservoir or field, an incremental development in a producing field or the integrated development of a group of several fields and associated facilities with a common ownership may constitute a development project.

Dry Hole or Dry Well: A well found to be incapable of producing hydrocarbons in sufficient quantities such that proceeds from the sale of such production would exceed production expenses and taxes.

Economically Producible: The term economically producible, as it relates to a resource, means a resource which generates revenue that exceeds, or is reasonably expected to exceed, the costs of the operation. For this determination, the value of the products that generate revenue are determined at the terminal point of oil and natural gas producing activities.

Exploitation: A development or other project which may target proven or unproven reserves (such as probable or possible reserves), but which generally has a lower risk than that associated with exploration projects.

Field: An area consisting of a single reservoir or multiple reservoirs, all grouped on or related to the same individual geological structural feature and/or stratigraphic condition. The field name refers to the surface area, although it may refer to both the surface and the underground productive formations.

Gross Acres or Gross Wells: The total acres or wells, as the case may be, in which we have a working interest.

Henry Hub: A distribution hub in Louisiana that serves as the delivery location for natural gas futures contracts on the New York Mercantile Exchange.

ICE: Inter-Continental Exchange.

MBbl: One thousand Bbls.

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MBbls/d: One thousand Bbls per day.

MBoe: One thousand barrels of oil equivalent.

MBoe/d: One thousand barrels of oil equivalent per day.

MMBoe: One million barrels of oil equivalent.

Mcf: One thousand cubic feet of natural gas.

Mcf/d: One Mcf per day.

MMBtu: One million Btu.

MMcf: One million cubic feet of natural gas.

MMcfe: One million cubic feet of natural gas equivalent.

MMcfe/d: One MMcfe per day.

Net Production: Production that is owned by us less royalties and production due to others.

NGLs: The combination of ethane, propane, butane and natural gasolines that, when removed from natural gas, become liquid under various levels of higher pressure and lower temperature.

NYMEX: New York Mercantile Exchange.

NYSE: New York Stock Exchange.

Oil: Oil and condensate.

Operator: The individual or company responsible for the exploration and/or production of an oil or natural gas well or lease.

OPIS: Oil Price Information Service.

Plugging and Abandonment: Refers to the sealing off of fluids in the strata penetrated by a well so that the fluids from one stratum will not escape into another stratum or to the surface. Regulations of all states require plugging of abandoned wells.

Probabilistic Estimate: The method of estimation of reserves or resources is called probabilistic when the full range of values that could reasonably occur for each unknown parameter (from the geoscience and engineering data) is used to generate a full range of possible outcomes and their associated probabilities of occurrence.

Proved Developed Reserves: Proved reserves that can be expected to be recovered from existing wells with existing equipment and operating methods.

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Proved Reserves: Those quantities of oil and natural gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible, from a given date forward, from known reservoirs, and under existing economic conditions, operating methods and government regulations, prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced, or the operator must be reasonably certain that it will commence the project, within a reasonable time. The area of the reservoir considered as proved includes (i) the area identified by drilling and limited by fluid contacts, if any, and (ii) adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically producible oil or natural gas on the basis of available geoscience and engineering data. In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons, as seen in a well penetration, unless geoscience, engineering or performance data and reliable technology establishes a lower contact with reasonable certainty. Where direct observation from well penetrations has defined a highest known oil elevation and the potential exists for an associated natural gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with reasonable certainty. Reserves which can be produced economically through application of improved recovery techniques (including fluid injection) are included in the proved classification when (i) successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir, or an Analogous Reservoir or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based, and (ii) the project has been approved for development by all necessary parties and entities, including governmental entities. Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price used is the average price during the twelve-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions.

Realized Price: The cash market price less all expected quality, transportation and demand adjustments.

Reliable Technology: Reliable technology is a grouping of one or more technologies (including computational methods) that has been field tested and has been demonstrated to provide reasonably certain results with consistency and repeatability in the formation being evaluated or in an analogous formation.

Reserves: Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be economically producible, as of a given date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the production, installed means of delivering oil and natural gas or related substances to market and all permits and financing required to implement the project. Reserves should not be assigned to adjacent reservoirs isolated by major, potentially sealing, faults until those reservoirs are penetrated and evaluated as economically producible. Reserves should not be assigned to areas that are clearly separated from a known accumulation by a non-productive reservoir (i.e., absence of reservoir, structurally low reservoir or negative test results). Such areas may contain prospective resources (i.e., potentially recoverable resources from undiscovered accumulations).

Reservoir: A porous and permeable underground formation containing a natural accumulation of producible oil and/or natural gas that is confined by impermeable rock or water barriers and is individual and separate from other reserves.

Resources: Resources are quantities of oil and natural gas estimated to exist in naturally occurring accumulations. A portion of the resources may be estimated to be recoverable and another portion may be considered unrecoverable. Resources include both discovered and undiscovered accumulations.

SEC: The U.S. Securities and Exchange Commission

Working Interest: An interest in an oil and natural gas lease that gives the owner of the interest the right to drill for and produce oil and natural gas on the leased acreage and requires the owner to pay a share of the costs of drilling and production operations.

Workover: Operations on a producing well to restore or increase production.

WTI: West Texas Intermediate.

​

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NAMES OF ENTITIES

As used in this Form 10-Q, unless indicated otherwise:

●	“Amplify Energy,” “Amplify,” “it,” the “Company,” “we,” “our,” “us,” or like terms refer to Amplify Energy Corp. individually and/or collectively with its subsidiaries, as the context requires;

●	“Legacy Amplify” refers to Amplify Energy Holdings LLC (f/k/a Amplify Energy Corp.), the successor reporting company of Memorial Production Partners LP; and

●	“OLLC” refers to Amplify Energy Operating LLC, our wholly owned subsidiary through which we operate our properties.

​

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CAUTIONARY NOTE REGARDING FORWARD–LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are subject to a number of risks and uncertainties, many of which are beyond our control, which may include statements about our:

●

business strategies;

●

acquisition and disposition strategy;

●

cash flows and liquidity;

●

financial strategy;

●

ongoing impact of the oil incident that occurred off the coast of Southern California resulting from the Company’s pipeline operations (the “Pipeline”) at the Beta Field (the “Incident”);

●

ability to replace the reserves we produce through drilling;

●

drilling locations;

●

oil and natural gas reserves;

●

technology;

●

realized oil, natural gas and NGL prices;

●

production volumes;

●

lease operating expense;

●

gathering, processing and transportation;

●

general and administrative expense;

●

future operating results;

●

ability to procure drilling and production equipment;

●

ability to procure oil field labor;

●

planned capital expenditures and the availability of capital resources to fund capital expenditures;

●

ability to access capital markets;

●

marketing of oil, natural gas and NGLs;

●

political and economic conditions and events in foreign oil and natural gas producing countries, including embargoes, continued hostilities in Ukraine and the Middle East and other sustained military campaigns;

●

acts of God, fires, earthquakes, storms, floods, other adverse weather conditions, war, acts of terrorism, cybersecurity breaches, military operations or national emergency;

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●

the occurrence or threat of epidemic or pandemic diseases, or any government response to such occurrence or threat;

●

expectations regarding general economic conditions, including inflation;

●

competition in the oil and natural gas industry;

●

effectiveness of risk management activities;

●

environmental liabilities;

●

counterparty credit risk;

●

expectations regarding governmental regulation and taxation;

●

expectations regarding developments in oil-producing and natural-gas producing countries; and

●

plans, objectives, expectations and intentions.

All statements, other than statements of historical fact included in this report, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursue,” “target,” “outlook,” “continue,” the negative of such terms or other comparable terminology. These statements address activities, events or developments that we expect or anticipate will or may occur in the future, including things such as projections of results of operations, plans for growth, goals, future capital expenditures, competitive strengths, references to future intentions and other such references. These forward-looking statements involve risks and uncertainties. Important factors that could cause our actual results or financial condition to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, the following risks and uncertainties:

●

risks related to a redetermination of the borrowing base under our senior secured reserve-based revolving credit facility (the “Revolving Credit Facility”);

●

our ability to access funds on acceptable terms, if at all, because of the terms and conditions governing our indebtedness, including financial covenants;

●

our ability to satisfy debt obligations;

●

risks related to the Incident and the ongoing impact to the Company;

●

volatility in the prices for oil, natural gas and NGLs;

●

the potential for additional impairments due to continuing or future declines in oil, natural gas and NGL prices;

●

the uncertainty inherent in estimating quantities of oil, natural gas and NGL reserves;

●

our substantial future capital requirements, which may be subject to limited availability of financing;

●

the uncertainty inherent in the development and production of oil and natural gas;

●

our need to make accretive acquisitions or substantial capital expenditures to maintain our declining asset base;

●

the existence of unanticipated liabilities or problems relating to acquired or divested businesses or properties;

●

potential acquisitions, including our ability to make acquisitions on favorable terms or to integrate acquired properties;

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●

the consequences of changes we have made, or may make from time to time in the future, to our capital expenditure budget, including the impact of those changes on our production levels, reserves, results of operations and liquidity;

●

potential shortages of, or increased costs for, drilling and production equipment and supply materials for production, such as CO2;

●

potential difficulties in the marketing of oil and natural gas;

●

changes to the financial condition of counterparties;

●

uncertainties surrounding the success of our secondary and tertiary recovery efforts;

●

competition in the oil and natural gas industry;

●

our results of evaluation and implementation of strategic alternatives;

●

general political and economic conditions, globally and in the jurisdictions in which we operate, including Russian invasion of Ukraine, the Israel-Hamas war and the potential destabilizing effect such conflicts may pose for those regions and/or the global oil and natural gas markets;

●

the impact of climate change and natural disasters, such as earthquakes, tidal waves, mudslides, fires and floods;

●

the impact of local, state and federal governmental regulations, including those related to climate change and hydraulic fracturing;

●

the risk that our hedging strategy may be ineffective or may reduce our income;

●

the cost and availability of insurance as well as operating risks that may not be covered by an effective indemnity or insurance;

●

actions of third-party co-owners of interests in properties in which we also own an interest; and

●

other risks and uncertainties described in “Item 1A. Risk Factors.”

The forward-looking statements contained in this report are largely based on our expectations, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors. Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control. In addition, management’s assumptions about future events may prove to be inaccurate. All readers are cautioned that the forward-looking statements contained in this report are not guarantees of future performance, and we cannot assure any reader that such statements will be realized or that the events or circumstances described in any forward-looking statement will occur. Actual results may differ materially from those anticipated or implied in the forward-looking statements due to factors described in “Part I—Item 1A. Risk Factors” of Amplify’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 7, 2024 (“2023 Form 10-K”). All forward-looking statements speak only as of the date of this report. The Company does not intend to update or revise any forward-looking statements as a result of new information, future events or otherwise. These cautionary statements qualify all forward-looking statements attributable to the Company or persons acting on its behalf.

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PART I—FINANCIAL INFORMATION

ITEM 1.FINANCIAL STATEMENTS.

AMPLIFY ENERGY CORP.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except outstanding shares)

​	​	​	​	​	​	​
​		September 30,			December 31,
​		2024		​	2023
ASSETS		​			​
Current assets:		​			​
Cash and cash equivalents	​	$	—	​	$	20,746
Accounts receivable, net (see Note 12)	​		32,295	​		39,096
Short-term derivative instruments	​		15,556	​		17,669
Prepaid expenses and other current assets	​		22,306	​		20,672
Total current assets	​		70,157	​		98,183
Property and equipment, at cost:	​			​
Oil and natural gas properties, successful efforts method	​		927,402	​		873,478
Support equipment and facilities	​		150,407	​		149,069
Other	​		11,396	​		10,359
Accumulated depreciation, depletion and amortization	​		(710,334)	​		(686,165)
Property and equipment, net	​		378,871	​		346,741
Long-term derivative instruments	​		4,419	​		9,405
Restricted investments	​		27,451	​		19,935
Operating lease - long term right-of-use asset	​		4,613	​		5,756
Deferred tax asset	​	​	250,713	​	​	253,796
Other long-term assets	​		2,992	​		3,858
Total assets	​	$	739,216	​	$	737,674
​	​	​	​	​	​	​
LIABILITIES AND EQUITY	​			​
Current liabilities:	​			​
Accounts payable	​	$	18,107	​	$	23,616
Revenues payable	​		11,362	​		21,944
Accrued liabilities (see Note 12)	​		36,699	​		50,871
Total current liabilities	​		66,168	​		96,431
Long-term debt (see Note 7)	​		120,000	​		115,000
Asset retirement obligations	​		127,556	​		122,001
Operating lease liability	​		3,806	​		5,090
Other long-term liabilities	​		7,016	​		8,116
Total liabilities	​		324,546	​		346,638
Commitments and contingencies (see Note 14)	​			​
Stockholders' equity (deficit):	​			​
Preferred stock, $0.01 par value: 50,000,000 shares authorized; no shares issued and outstanding at September 30, 2024 and December 31, 2023	​		—	​		—
Common stock, $0.01 par value: 250,000,000 shares authorized; 39,789,500 and 39,147,205 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	​		400	​		393
Additional paid-in capital	​		438,309	​		435,095
Accumulated deficit	​		(24,039)	​		(44,452)
Total stockholders' equity (deficit)	​		414,670	​		391,036
Total liabilities and equity	​	$	739,216	​	$	737,674

​

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

​

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AMPLIFY ENERGY CORP.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Three Months Ended

​

For the Nine Months Ended

​

September 30,

​

September 30,

​

2024

2023

​

2024

2023

Revenues:

​

​

​

​

​

Oil and natural gas sales

​

$

68,135

​

$

76,403

​

$

215,803

​

$

210,080

Other revenues

​

1,723

​

367

​

9,857

​

18,531

Total revenues

​

69,858

​

76,770

​

225,660

​

228,611

​

​

​

​

​

​

​

​

​

​

​

​

​

Costs and expenses:

​

​

​

​

Lease operating expense

​

33,255

​

36,493

​

107,850

​

103,953

Gathering, processing and transportation

​

4,290

​

4,984

​

13,959

​

15,735

Taxes other than income

​

5,997

​

5,532

​

15,539

​

16,433

Depreciation, depletion and amortization

​

8,102

​

7,489

​

24,168

​

20,369

General and administrative expense

​

8,251

​

8,255

​

26,409

​

24,547

Accretion of asset retirement obligations

​

2,125

​

2,005

​

6,282

​

5,922

Loss (gain) on commodity derivative instruments

​

(25,047)

​

23,328

​

(7,258)

​

4,371

Pipeline incident loss

​

​

247

​

​

559

​

​

1,454

​

​

15,682

Other, net

​

38

​

449

​

187

​

728

Total costs and expenses

​

37,258

​

89,094

​

188,590

​

207,740

Operating income (loss)

​

32,600

​

(12,324)

​

37,070

​

20,871

Other income (expense):

​

​

​

​

Interest expense, net

​

(3,756)

​

​

(4,470)

​

(10,915)

​

(13,908)

Litigation settlement (See Note 16)

​

​

—

​

​

—

​

​

—

​

​

84,875

Other income (expense)

​

​

(130)

​

​

124

​

​

(334)

​

​

319

Total other income (expense)

​

(3,886)

​

(4,346)

​

(11,249)

​

71,286

Income (loss) before income taxes

​

28,714

​

(16,670)

​

25,821

​

92,157

Income tax (expense) benefit - current

​

(412)

​

(1,441)

​

(2,364)

​

(7,115)

Income tax (expense) benefit - deferred

​

(5,650)

​

4,708

​

(3,082)

​

264,130

Net income (loss)

​

$

22,652

​

$

(13,403)

​

$

20,375

​

$

349,172

​

​

​

​

​

​

​

​

​

​

​

​

​

Allocation of net income (loss) to:

​

​

​

​

​

​

​

​

​

​

​

​

Net income (loss) available to common stockholders

​

$

21,569

​

$

(13,403)

​

$

19,392

​

$

333,401

Net income (loss) allocated to participating securities

​

1,083

​

—

​

983

​

15,771

Net income (loss) available to Amplify Energy Corp.

​

$

22,652

​

$

(13,403)

​

$

20,375

​

$

349,172

​

​

​

​

​

​

​

​

​

​

​

​

​

Earnings (loss) per share: (See Note 9)

​

​

​

​

Basic and diluted earnings (loss) per share

​

$

0.54

​

$

(0.34)

​

$

0.49

​

$

8.57

Weighted average common shares outstanding:

​

​

​

​

Basic and diluted

​

39,783

​

39,063

​

39,608

​

38,911

​

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

​

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AMPLIFY ENERGY CORP.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

​	​	​	​	​	​	​
​		For the Nine Months Ended
​		September 30,
​		2024			2023
Cash flows from operating activities:		​			​
Net income (loss)	​	$	20,375	​	$	349,172
Adjustments to reconcile net income (loss) to net cash provided by operating activities:	​		​	​		​
Depreciation, depletion and amortization	​		24,168	​		20,369
Loss (gain) on derivative instruments	​		(7,258)	​		4,371
Cash settlements (paid) received on expired derivative instruments	​		13,564	​		(5,082)
Cash settlements received (paid) on terminated derivative instruments	​	​	793	​	​	658
Deferred income tax expense (benefit)	​	​	3,082	​	​	(264,130)
Accretion of asset retirement obligations	​		6,282	​		5,922
Share-based compensation (see Note 10)	​		5,113	​		3,608
Settlement of asset retirement obligations	​		(750)	​		(993)
Amortization and write-off of deferred financing costs	​		918	​		1,679
Bad debt expense	​		52	​		98
Changes in operating assets and liabilities:	​			​
Accounts receivable	​		6,749	​		32,493
Prepaid expenses and other assets	​		(2,798)	​		(3,844)
Payables and accrued liabilities	​		(31,452)	​		(28,459)
Other	​		—	​		(2,634)
Net cash provided by operating activities	​		38,838	​		113,228
Cash flows from investing activities:	​			​
Additions to oil and gas properties	​		(54,102)	​		(23,065)
Additions to other property and equipment	​		(1,037)	​		(501)
Additions to restricted investments	​		(7,516)	​		(6,399)
Net cash used in investing activities	​		(62,655)	​		(29,965)
Cash flows from financing activities:	​			​
Advances on Revolving Credit Facility	​		85,000	​		125,000
Payments on Revolving Credit Facility	​		(80,000)	​		(195,000)
Deferred financing costs	​		(76)	​		(4,698)
Shares withheld for taxes	​		(1,853)	​		(2,178)
Net cash used in financing activities	​		3,071	​		(76,876)
Net change in cash and cash equivalents	​		(20,746)	​		6,387
Cash and cash equivalents, beginning of period	​		20,746	​		—
Cash and cash equivalents, end of period	​	$	—	​	$	6,387

​

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

​

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AMPLIFY ENERGY CORP.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT)

(In thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Stockholders' Equity

​

​

​

​

​

Additional

​

Accumulated

​

​

​

​

​

Common

​

Paid-in

​

Earnings

​

​

​

​

Stock

Capital

(Deficit)

Total

Balance at December 31, 2023

$

393

​

$

435,095

​

$

(44,452)

​

$

391,036

Net income (loss)

​

—

​

—

​

(9,396)

​

(9,396)

Share-based compensation expense

​

—

​

1,120

​

—

​

1,120

Shares withheld for taxes

​

—

​

(1,745)

​

—

​

(1,745)

Other

​

5

​

(5)

​

—

​

—

Balance at March 31, 2024

​

​

398

​

​

434,465

​

​

(53,848)

​

​

381,015

Net income (loss)

​

​

—

​

​

—

​

​

7,119

​

​

7,119

Share-based compensation expense

​

​

—

​

​

2,140

​

​

38

​

​

2,178

Shares withheld for taxes

​

​

—

​

​

(23)

​

​

—

​

​

(23)

Balance at June 30, 2024

​

​

398

​

​

436,582

​

​

(46,691)

​

​

390,289

Net income (loss)

​

—

​

—

​

22,652

​

22,652

Share-based compensation expense

​

—

​

1,815

​

—

​

1,815

Shares withheld for taxes

​

—

​

(86)

​

—

​

(86)

Other

​

​

2

​

​

(2)

​

​

—

​

​

—

Balance at September 30, 2024

$

400

$

438,309

$

(24,039)

$

414,670

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Stockholders' Equity (Deficit)

​

​

​

​

​

Additional

​

Accumulated

​

​

​

​

Common

​

Paid-in

​

Earnings

​

​

​

​

Stock

Capital

(Deficit)

Total

Balance at December 31, 2022

$

386

$

432,251

$

(437,202)

$

(4,565)

Net income (loss)

​

—

​

—

​

352,759

​

352,759

Share-based compensation expense

​

—

​

941

​

—

​

941

Shares withheld for taxes

​

—

​

(2,141)

​

—

​

(2,141)

Other

​

5

​

(5)

​

—

​

—

Balance at March 31, 2023

​

​

391

​

​

431,046

​

​

(84,443)

​

​

346,994

Net income (loss)

​

​

—

​

—

​

9,816

​

9,816

Share-based compensation expense

​

​

—

​

1,340

​

—

​

1,340

Shares withheld for taxes

​

​

—

​

(6)

​

—

​

(6)

Balance at June 30, 2023

​

​

391

​

​

432,380

​

​

(74,627)

​

​

358,144

Net income (loss)

​

—

​

—

​

(13,403)

​

(13,403)

Share-based compensation expense

​

—

​

1,327

​

—

​

1,327

Shares withheld for taxes

​

​

—

​

​

(31)

​

​

—

​

​

(31)

Other

​

​

1

​

​

(1)

​

​

—

​

​

—

Balance at September 30, 2023

$

392

$

433,675

$

(88,030)

$

346,037

​

​

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

​

​

11

Table of Contents

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Organization and Basis of Presentation

General

Amplify Energy Corp. (“Amplify Energy,” “Amplify,” “it” or the “Company”) is a publicly traded Delaware corporation whose common stock is listed on the NYSE under the symbol “AMPY.”

The Company operates in one reportable segment that is engaged in the acquisition, development, exploitation and production of oil and natural gas properties. The Company’s management evaluates performance based on one reportable business segment as there are not different economic environments within the operation of the Company’s oil and natural gas properties. The Company’s assets consist primarily of producing oil and natural gas properties located in Oklahoma, the Rockies (“Bairoil”), federal waters offshore Southern California (“Beta”), East Texas/North Louisiana and the Eagle Ford (non-op). Most of the Company’s oil and natural gas properties are located in large, mature oil and natural gas reservoirs. The Company’s properties consist primarily of operated and non-operated working interests in producing and undeveloped leasehold acreage and working interests in identified producing wells.

Basis of Presentation

The Company’s accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries which have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In the Company’s opinion, the accompanying Unaudited Condensed Consolidated Financial Statements include all adjustments of a normal recurring nature necessary for fair presentation. Material intercompany transactions and balances have been eliminated.

The results reported in these Unaudited Condensed Consolidated Financial Statements are not necessarily indicative of results that may be expected for the entire year. Furthermore, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. Accordingly, the accompanying Unaudited Condensed Consolidated Financial Statements and Notes should be read in conjunction with the Company’s annual financial statements included in its 2023 Form 10-K.

Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. These reclassifications had an immaterial effect on the previously reported results of operations.

Use of Estimates

The preparation of the accompanying Unaudited Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Significant estimates include, but are not limited to, oil and natural gas reserves; fair value estimates; revenue recognition; and contingencies and insurance accounting.

Segments

Operating segments are defined as components of an enterprise that engage in activities from which it may earn revenues and incur expenses for which separate operational financial information is available and is regularly evaluated by the chief operating decision maker (“CODM”). The Company’s Chief Executive Officer has been determined to be the Company’s CODM and as such, he allocates resources and assesses performance based upon consolidated financial information.

12

Table of Contents

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 2. Summary of Significant Accounting Policies

There have been no changes to the Company’s significant accounting policies as described in the Company’s annual financial statements included in its 2023 Form 10-K.

New Accounting Pronouncements

Improvements to Reportable Segment Disclosure. In November 2023, the Federal Accounting Standards Board (“FASB”) issued an accounting standard update which provides for enhanced disclosure requirements with respect to reportable segments, primarily concerning significant segment expenses and the information used to assess segment performance. The new guidance became effective for annual periods beginning after December 15, 2023, and will become effective for interim reporting periods beginning after December 15, 2024, and must be applied retrospectively for periods included in the Company’s financial statements unless it is impracticable to do so. The Company is currently evaluating the impact of this guidance on the Company's financial disclosures.

Improvements to Income Tax Disclosure. In December 2023, the FASB issued an accounting standard update which requires that companies disclose the nature and magnitude of factors contributing to the difference between their effective tax rate and the statutory tax rate. The update will require companies to disclose specific categories in the rate reconciliation and provide additional information about items that meet a certain quantitative threshold. The new guidance will become effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this guidance on the Company's financial disclosures. Adoption of the update will not impact the Company’s financial position, results of operations or liquidity.

Other accounting standards that have been issued by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows.

Note 3. Revenue

Revenue from Contracts with Customers

Revenue is recognized when the following five steps are completed: (1) identify the contract with the customer, (2) identify the performance obligation (promise) in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when the reporting organization satisfies a performance obligation.

The Company has determined that its contracts for the sale of crude oil, unprocessed natural gas, residue gas and NGLs contain monthly performance obligations to deliver product at locations specified in the contract. Control is transferred at the delivery location, at which point the performance obligation has been satisfied and revenue is recognized. Fees included in the contract that are incurred prior to control transfer are classified as gathering, processing and transportation, and fees incurred after control transfers are included as a reduction to the transaction price. The transaction price at which revenue is recognized consists entirely of variable consideration based on quoted market prices less various fees and the quantity of volumes delivered.

13

Table of Contents

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Disaggregation of Revenue

The Company has identified three material revenue streams in its business: oil, natural gas and NGLs. The following table presents the Company’s revenues disaggregated by revenue stream.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Three Months Ended

​

For the Nine Months Ended

​

September 30,

​

September 30,

​

2024

2023

2024

2023

​

(In thousands)

Revenues

​

​

​

​

​

Oil

​

$

54,353

​

$

57,214

​

$

169,563

​

$

146,780

NGLs

​

​

6,096

​

​

7,777

​

​

20,187

​

​

21,973

Natural gas

​

​

7,686

​

​

11,412

​

​

26,053

​

​

41,327

Oil and natural gas sales

​

$

68,135

​

$

76,403

​

$

215,803

​

$

210,080

​

Contract Balances

Under the Company’s sales contracts, the Company invoices customers once its performance obligations have been satisfied, at which point payment is unconditional. Accordingly, the Company’s contracts do not give rise to contract assets or liabilities. Accounts receivable attributable to the Company’s revenue contracts with customers were $25.6 million at September 30, 2024 and $31.1 million at December 31, 2023.

​

Note 4. Fair Value Measurements of Financial Instruments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at a specified measurement date. Fair value estimates are based on either (i) actual market data or (ii) assumptions that other market participants would use in pricing an asset or liability, including estimates of risk. A three-tier hierarchy has been established that classifies fair value amounts recognized or disclosed in the financial statements. The hierarchy considers fair value amounts based on observable inputs (Levels 1 and 2) to be more reliable and predictable than those based primarily on unobservable inputs (Level 3). All the derivative instruments reflected on the accompanying Unaudited Condensed Consolidated Balance Sheets were considered Level 2.

The carrying values of accounts receivables, accounts payables (including accrued liabilities), restricted investments and amounts outstanding under long-term debt agreements with variable rates included in the accompanying Unaudited Condensed Consolidated Balance Sheets approximated fair value at September 30, 2024 and December 31, 2023. The fair value estimates are based upon observable market data and are classified within Level 2 of the fair value hierarchy. These assets and liabilities are not presented in the following tables.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The fair market values of the derivative financial instruments reflected on the accompanying Unaudited Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 were based on estimated forward commodity prices. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement in its entirety. The significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels.

14

Table of Contents

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The following tables present the gross derivative assets and liabilities that are measured at fair value on a recurring basis at September 30, 2024 and December 31, 2023 for each of the fair value hierarchy levels:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at September 30, 2024

​

​

​

​

​

​

Significant

​

​

​

​

​

Quoted Prices in

​

Significant Other

​

Unobservable

​

​

​

​

​

Active Market

​

Observable Inputs

​

Inputs

​

​

​

​

(Level 1)

(Level 2)

(Level 3)

Fair Value

​

​

(In thousands)

Assets:

​

​

​

​

Commodity derivatives

​

$

—

​

$

26,174

​

$

—

​

$

26,174

Interest rate derivatives

​

—

​

—

​

—

​

—

Total assets

​

$

—

​

$

26,174

​

$

—

​

$

26,174

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities:

​

​

​

​

Commodity derivatives

​

$

—

​

$

6,199

​

$

—

​

$

6,199

Interest rate derivatives

​

—

​

—

​

—

​

—

Total liabilities

​

$

—

​

$

6,199

​

$

—

​

$

6,199

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at December 31, 2023

​

​

​

​

​

​

Significant

​

​

​

​

​

Quoted Prices in

​

Significant Other

​

Unobservable

​

​

​

​

​

Active Market

​

Observable Inputs

​

Inputs

​

​

​

​

(Level 1)

(Level 2)

(Level 3)

Fair Value

​

​

(In thousands)

Assets:

​

​

​

​

​

​

​

​

Commodity derivatives

​

$

—

​

$

39,439

​

$

—

​

$

39,439

Interest rate derivatives

​

—

​

—

​

—

​

—

Total assets

​

$

—

​

$

39,439

​

$

—

​

$

39,439

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities:

​

​

​

​

Commodity derivatives

​

$

—

​

$

12,365

​

$

—

​

$

12,365

Interest rate derivatives

​

—

​

—

​

—

​

—

Total liabilities

​

$

—

​

$

12,365

​

$

—

​

$

12,365

​

See Note 5 for additional information regarding the Company’s derivative instruments.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain assets and liabilities are reported at fair value on a nonrecurring basis, as reflected on the accompanying Unaudited Condensed Consolidated Balance Sheets. The following methods and assumptions are used to estimate the fair values:

●

The fair value of asset retirement obligations (“AROs”) is based on discounted cash flow projections using numerous estimates, assumptions and judgments regarding factors such as the existence of a legal obligation for an ARO; amounts and timing of settlements; the credit-adjusted risk-free rate; and inflation rates. The initial fair value estimates are based on unobservable market data and are classified within Level 3 of the fair value hierarchy. See Note 6 for a summary of changes in AROs.

15

Table of Contents

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

●

Proved oil and natural gas properties are reviewed for impairment when events and circumstances indicate a possible decline in the recoverability of the carrying value of such properties. The Company uses an income approach based on the discounted cash flow method, whereby the present value of expected future net cash flows is discounted by applying an appropriate discount rate, for purposes of placing a fair value on the assets. The future cash flows are based on management’s estimates for the future. The unobservable inputs used to determine fair value include, but are not limited to, estimates of proved reserves, estimates of probable reserves, future commodity prices, the timing of future production and capital expenditures and a discount rate commensurate with the risk reflective of the lives remaining for the respective oil and natural gas properties (some of which are Level 3 inputs within the fair value hierarchy).

●

No impairment expense was recorded on proved oil and natural gas properties during the three and nine months ended September 30, 2024 and 2023.

Note 5. Risk Management and Derivative Instruments

Derivative instruments are utilized to manage exposure to commodity price and interest rate fluctuations and to achieve a more predictable cash flow in connection with natural gas and oil sales and borrowing related activities. These instruments limit exposure to declines in prices but also limit the benefits that would be realized if prices increase.

Certain inherent business risks are associated with commodity derivative contracts, including market risk and credit risk. Market risk is the risk that the price of natural gas or oil will change, either favorably or unfavorably, in response to changing market conditions. Credit risk is the risk of loss from nonperformance by the counterparty to a contract. It is the Company’s policy to enter into derivative contracts only with creditworthy counterparties, which are generally financial institutions, deemed by management as competent and competitive market makers. Some of the lenders, or certain of their affiliates, under the Company’s current credit agreements are counterparties to its derivative contracts. While collateral is generally not required to be posted by counterparties, credit risk associated with derivative instruments is minimized by limiting exposure to any single counterparty and entering into derivative instruments only with creditworthy counterparties that are generally large financial institutions. Additionally, master netting agreements are used to mitigate risk of loss due to default with counterparties on derivative instruments. The Company has also entered into International Swaps and Derivatives Association Master Agreements (“ISDA Agreements”) with each of its counterparties. The terms of the ISDA Agreements provide the Company and each of its counterparties with rights of set-off upon the occurrence of defined acts of default by either the Company or its counterparty to a derivative, whereby the party not in default may set-off all liabilities owed to the defaulting party against all net derivative asset receivables from the defaulting party. As a result, had certain counterparties failed completely to perform according to the terms of the existing contracts, the Company would have the right to offset $17.5 million against amounts outstanding under our Revolving Credit Facility at September 30, 2024. See Note 7 for additional information regarding the Company’s Revolving Credit Facility.

Commodity Derivatives

The Company may use a combination of commodity derivatives (e.g., floating-for-fixed swaps, put options and costless collars) to manage exposure to commodity price volatility. The Company recognizes all derivative instruments at fair value.

The Company enters into natural gas derivative contracts that are indexed to NYMEX-Henry Hub. The Company also enters into oil derivative contracts indexed to NYMEX-WTI.

16

Table of Contents

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

At September 30, 2024, the Company had the following open commodity positions:

​

​	​	​	​	​	​	​	​	​	​
​	​	Remaining		​	​	​	​	​	​
​	​	2024		​	2025		​	2026
Natural Gas Derivative Contracts:	​	​		​	​	​	​	​	​
Fixed price swap contracts:	​	​		​	​	​	​	​	​
Average monthly volume (MMBtu)	​	​	660,000	​	​	585,000	​	​	500,000
Weighted-average fixed price	​	$	3.74	​	$	3.75	​	$	3.79
​	​	​	​	​	​	​	​	​	​
Collar contracts:	​		​	​		​	​		​
Two-way collars	​		​	​		​	​		​
Average monthly volume (MMBtu)	​		333,333	​		250,000	​		354,167
Weighted-average floor price	​	$	3.50	​	$	3.50	​	$	3.57
Weighted-average ceiling price	​	$	4.08	​	$	4.06	​	$	4.18
​	​	​	​	​	​	​	​	​	​
Crude Oil Derivative Contracts:	​		​	​		​	​		​
Fixed price swap contracts:	​		​	​		​	​		​
Average monthly volume (Bbls)	​		83,000	​		78,583	​		30,917
Weighted-average fixed price	​	$	74.34	​	$	71.79	​	$	70.68
​	​	​	​	​	​	​	​	​	​
Collar contracts:	​			​			​
Two-way collars	​	​	​	​	​	​	​	​	​
Average monthly volume (Bbls)	​	​	102,000	​	​	59,500	​	​	—
Weighted-average floor price	​	$	70.00	​	$	70.00	​	$	—
Weighted-average ceiling price	​	$	80.20	​	$	80.20	​	$	—
​	​	​	​	​	​	​	​	​	​

​

Balance Sheet Presentation

The following table summarizes both: (i) the gross fair value of derivative instruments by the appropriate balance sheet classification even when the derivative instruments are subject to netting arrangements and qualify for net presentation in the balance sheet and (ii) the net recorded fair value as reflected on the balance sheet at September 30, 2024 and December 31, 2023. There was no cash collateral received or pledged associated with the Company’s derivative instruments since most of its counterparties, or certain of its affiliates, to its derivative contracts are lenders under its Revolving Credit Facility.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Asset

Liability

Asset

Liability

​

​

​

​

Derivatives

​

Derivatives

​

Derivatives

​

Derivatives

​

​

​

​

September 30,

​

September 30,

​

December 31,

​

December 31,

Type

Balance Sheet Location

2024

2024

2023

2023

​

​

​

​

(In thousands)

Commodity contracts

Short-term derivative instruments

​

$

17,724

​

$

2,168

​

$

21,657

​

$

3,988

Interest rate swaps

Short-term derivative instruments

​

—

​

—

​

—

​

—

Gross fair value

​

​

17,724

​

2,168

​

21,657

​

3,988

Netting arrangements

​

​

(2,168)

​

(2,168)

​

(3,988)

​

(3,988)

Net recorded fair value

Short-term derivative instruments

​

$

15,556

​

$

—

​

$

17,669

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commodity contracts

Long-term derivative instruments

​

$

8,450

​

$

4,031

​

$

17,782

​

$

8,377

Interest rate swaps

Long-term derivative instruments

​

—

​

—

​

—

​

—

Gross fair value

​

​

8,450

​

4,031

​

17,782

​

8,377

Netting arrangements

​

​

(4,031)

​

(4,031)

​

(8,377)

​

(8,377)

Net recorded fair value

Long-term derivative instruments

​

$

4,419

​

$

—

​

$

9,405

​

$

—

​

17

Table of Contents

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Loss (Gain) on Derivative Instruments

The Company does not designate derivative instruments as hedging instruments for accounting and financial reporting purposes. Accordingly, all gains and losses, including changes in the derivative instruments’ fair values, have been recorded in the accompanying Unaudited Condensed Consolidated Statements of Operations. The following table details the gains and losses related to derivative instruments for the periods indicated (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Three Months Ended

​

For the Nine Months Ended

​

​

Statements of

September 30,

September 30,

​

Operations Location

​

2024

2023

​

2024

2023

Commodity derivative contracts

Loss (gain) on commodity derivatives

​

$

(25,047)

​

$

23,328

​

$

(7,258)

​

$

4,371

​

​

Note 6. Asset Retirement Obligations

The Company’s asset retirement obligations primarily relate to the Company’s portion of future plugging and abandonment costs for wells and related facilities. The following table presents the changes in the asset retirement obligations for the nine months ended September 30, 2024 (in thousands):

​

​	​	​	​
Asset retirement obligations at beginning of period	​	$	123,494
Liabilities added from acquisition or drilling	​		1
Liabilities settled	​		(750)
Accretion expense	​		6,282
Revision of estimates	​		105
Asset retirement obligation at end of period	​		129,132
Less: Current portion	​		1,576
Asset retirement obligations - long-term portion	​	$	127,556

​

​

Note 7. Long-Term Debt

The following table presents the Company’s consolidated debt obligations at the dates indicated:

​

​	​	​	​	​	​	​
​		September 30,		​	December 31,
​	​	2024		​	2023
​	​	(In thousands)
Revolving Credit Facility (1)	​	$	120,000	​	$	115,000
Total long-term debt	​	$	120,000	​	$	115,000

(1)

The carrying amount of the Company’s Revolving Credit Facility approximates fair value because the interest rates are variable and reflective of market rates.

Amended and Restated Credit Agreement

On July 31, 2023, OLLC and Amplify Acquisitionco LLC (“Acquisitionco”), as the direct parent of OLLC and wholly owned subsidiary of the Company, entered into the Amended and Restated Credit Agreement, providing for a senior secured reserve-based revolving credit facility. The Revolving Credit Facility is guaranteed by the Company and all of its material subsidiaries and secured by substantially all of its assets. The Revolving Credit Facility matures on July 31, 2027, and is a replacement in full of the prior Revolving Credit Facility by and among OLLC, Acquisitionco, the guarantors party thereto, the lenders party thereto and KeyBank National Association, as the administrative agent (as amended, the “Prior Revolving Credit Facility”).

18

Table of Contents

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The aggregate principal amount of loans outstanding under the Revolving Credit Facility as of September 30, 2024, was $120.0 million. As of September 30, 2024, the borrowing base under the facility was $150.0 million with elected commitments of $135.0 million, and, consistent with the Prior Revolving Credit Facility, the Revolving Credit Facility borrowing base is subject to redetermination on at least a semi-annual basis, primarily based on a reserve engineering report.

Certain key terms and conditions under the Revolving Credit Facility include (but are not limited to):

●

A maturity date of July 31, 2027;

●

The loans shall bear interest at a rate per annum equal to (i) adjusted SOFR or (ii) an adjusted base rate, plus an applicable margin based on a utilization ratio of the lesser of the borrowing base and the aggregate commitments. The applicable margin ranges from 2.00% to 3.00% for adjusted base rate borrowings, and 3.00% to 4.00% for adjusted SOFR borrowings;

●

The unused commitments under the Revolving Credit Facility will accrue a commitment fee of 0.50%, payable quarterly in arrears;

●

Certain financial covenants, including the maintenance of (i) a net debt leverage ratio not to exceed 3.00 to 1.00, determined as of the last day of each fiscal quarter for the four fiscal-quarter period then ending and (ii) a current ratio of not less than 1.00 to 1.00, determined as of the last day of each fiscal quarter, in each case commencing with the fiscal quarter ending December 31, 2023;

●

Certain events of default, including, without limitation: non-payment; breaches of representations and warranties; non-compliance with covenants or other agreements; cross-default to material indebtedness; judgments; change of control; and voluntary and involuntary bankruptcy; and

●

Initial minimum hedging requirements covering 75% of the reasonably projected monthly production of hydrocarbons from proved developed producing reserves for the 24-month period following the effective date of the Revolving Credit Facility (the “First Period”) and (ii) 50% for the 12-month period immediately following the First Period.

Subsequent event. On October 25, 2024, OLLC entered into an amendment to the Revolving Credit Facility (the “Credit Agreement Amendment”), which, among other things, (i) reduced the borrowing base under the Revolving Credit Facility from $150.0 million to $145.0 million, (ii) increased the aggregate elected commitments under the Revolving Credit Facility from $135.0 million to $145.0 million and (iii) amended certain interest rates applicable to loans under the Revolving Credit Facility. The next redetermination is expected in the spring of 2025.

As of September 30, 2024, the Company was in compliance with all the financial (current ratio and total leverage ratio) and non-financial covenants associated with the Revolving Credit Facility.

Weighted-Average Interest Rates

The following table presents the weighted-average interest rates paid, excluding commitment fees, on the Company’s consolidated variable-rate debt obligations for the periods presented:

​

​	​	​	​	​	​	​	​	​	​
​	​	For the Three Months Ended			​	For the Nine Months Ended			​
​	​	September 30,			​	September 30,			​
​	​	2024	​	2023	​	2024	​	2023	​
Revolving Credit Facility	​	9.28	%	9.39	%	9.34	%	9.34	%

​

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AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Letters of Credit

At September 30, 2024, the Company had no letters of credit outstanding.

Unamortized Deferred Financing Costs

Unamortized deferred financing costs associated with the Company’s Revolving Credit Facility were $3.5 million at September 30, 2024.

Note 8. Equity

Common Stock

The Company’s authorized capital stock includes 250,000,000 shares of common stock, $0.01 par value per share. The following is a summary of the changes in the Company’s common stock issued for the nine months ended September 30, 2024:

​

​	​	​
​		Common Stock
Balance, December 31, 2023		39,147,205
Issuance of common stock		—
Restricted stock units vested		903,898
Shares withheld for taxes (1)	​	(261,603)
Balance, September 30, 2024		39,789,500

(1)

Represents the net settlement on vesting of restricted stock to satisfy tax withholding requirements.

​

Note 9. Earnings (Loss) per Share

The following sets forth the calculation of earnings (loss) per share, or EPS, for the periods indicated (in thousands, except per share amounts):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Three Months Ended

​

For the Nine Months Ended

​

​

September 30,

​

September 30,

​

​

2024

​

2023

​

2024

​

2023

Net income (loss)

​

$

22,652

​

$

(13,403)

​

$

20,375

​

$

349,172

Less: Net income allocated to participating securities

​

1,083

​

—

​

983

​

15,771

Basic and diluted earnings available to common stockholders

​

$

21,569

​

$

(13,403)

​

$

19,392

​

$

333,401

​

​

​

​

​

​

​

​

​

​

​

​

​

Common shares:

​

​

​

​

Common shares outstanding — basic

​

39,783

​

39,063

​

39,608

​

38,911

Dilutive effect of potential common shares

​

—

​

—

​

—

​

—

Common shares outstanding — diluted

​

39,783

​

39,063

​

39,608

​

38,911

​

​

​

​

​

​

​

​

​

​

​

​

​

Net earnings (loss) per share:

​

​

​

​

Basic

​

$

0.54

​

$

(0.34)

​

$

0.49

​

$

8.57

Diluted

​

$

0.54

​

$

(0.34)

​

$

0.49

​

$

8.57

​

​

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AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 10. Long-Term Incentive Plans

On May 15, 2024, the Company’s shareholders approved the Amplify Energy Corp. 2024 Equity Incentive Plan (the “2024 EIP”), which had previously been approved by the board of directors of the Company. No further awards will be granted under the prior Legacy Equity Incentive Plan (“EIP,” and together with the 2024 EIP, the “EIP Plans”).

The 2024 EIP provides for awards that can be granted in the form of nonqualified stock options, incentive stock options, restricted stock awards, restricted stock units, stock appreciation rights, performance awards, stock awards and other incentive awards. To the extent that an award, other than stock options or stock appreciation rights, under the 2024 EIP has expired or been forfeited or canceled for any reason without having been exercised in full, the unexercised award would then be available again for future grants under the 2024 EIP. The 2024 EIP is administered by the board of directors of the Company.

Restricted Stock Units

Restricted Stock Units with Service Vesting Condition

Restricted stock units with service vesting conditions (“TSUs”) are accounted for as either equity-classified awards or liability-classified awards. The grant-date fair value is recognized as compensation cost on a straight-line basis over the requisite service period and forfeitures are accounted for as they occur. The Company considered its intent and ability to settle awards in cash or shares of stock in determining whether to classify the awards as equity or liability awards. Compensation costs for equity-classified awards are recorded as general and administrative expense. The fair value of liability-classified awards is determined on a quarterly basis beginning at the grant date until final vesting. Changes in the fair value of liability-classified awards are recorded to general administrative expense and are remeasured at fair value each reporting period.

In February 2024, the Company granted contingent cash-settlement awards in the form of TSUs (the “2024 TSUs”). In May 2024, the Company received shareholder approval of the 2024 EIP, which removed the contingent consideration around the 2024 TSUs. As of June 30, 2024, the 2024 TSUs were reclassified as equity awards. The compensation cost related to these awards is determined by the fair value of the award on the modification date. The 2024 TSUs will vest in substantially equal installments over a three-year period.

The unrecognized cost associated with the TSUs was $6.6 million at September 30, 2024. The Company expects to recognize the unrecognized compensation cost for these awards over a weighted average period of approximately 2.0 years.

The following table summarizes information regarding the TSUs activity for the period presented:

​

​	​	​	​	​	​
​		​		Weighted-
​	​	​	​	Average Grant-
​	​	Number of	​	Date Fair Value
​	​	Units	​	per Unit (1)
TSUs outstanding at December 31, 2023		1,331,456	​	$	5.77
Granted (2)		851,456	​	$	6.37
Forfeited		(5,922)	​	$	5.04
Vested		(796,854)	​	$	5.29
TSUs outstanding at September 30, 2024		1,380,136	​	$	6.42

(1)

Determined by dividing the aggregate grant-date fair value of awards by the number of awards issued.

(2)

The aggregate grant-date fair value of TSUs issued for the nine months ended September 30, 2024 was $5.4 million based on a grant-date market price ranging from $6.26 per share to $6.72 per share.

Restricted Stock Units with Market and Service Vesting Conditions

Restricted stock units with market and service vesting conditions (“PSUs”) are accounted for as either equity-classified or liability-classified awards. The grant-date fair value is recognized as compensation cost on a graded-vesting basis. The fair value of the

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AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

awards is estimated on their grant dates using a Monte Carlo simulation. The Company recognizes compensation cost over the requisite service or performance period. The Company accounts for forfeitures as they occur. Vesting of PSUs can range from 0% to 200% of the target awards granted based on the Company’s relative total shareholder return as compared to the total shareholder return of the Company’s performance peer group over the applicable performance period.

The 2022 and 2023 PSU awards are accounted for as equity-classified awards and were issued with a three-year vesting period beginning on the grant date and ending on the third anniversary of the grant date. The three-year performance period for the 2022 awards is January 1, 2022 through December 31, 2024. The three-year performance period for the 2023 awards is January 1, 2023 through December 31, 2025.

In February 2024, the Company granted contingent cash-settlement awards in the form of PSUs (the “2024 PSUs”). In May 2024, the Company received shareholder approval of the 2024 EIP, which removed the contingent consideration around the 2024 PSUs. As of June 30, 2024, the 2024 PSUs were reclassified as equity awards with a three-year vesting period. The compensation cost related to these awards is determined by the fair value of the award on the modification date. The three-year performance period for the 2024 PSUs is January 1, 2024 through December 31, 2026.

Compensation costs related to PSU awards are recorded as general and administrative expense. The unrecognized cost associated with PSU awards was $3.3 million at September 30, 2024. The Company expects to recognize the unrecognized compensation cost for PSU awards over a weighted-average period of approximately 1.9 years.

The below table reflects the ranges for the assumptions used in the Monte Carlo model for the 2024 PSUs:

​

​	​	​	​	​	​	​
​	​	Date of Grant: February 2024	​	​	Modification Date: May 2024	​
Expected volatility	​	75.8	%	​	63.2	%
Dividend yield	​	0.00	%	​	0.00	%
Risk-free interest rate	​	4.19	%	​	4.72	%

​

The following table summarizes information regarding the PSU activity for the period presented:

​

​	​	​	​	​	​
​		​		Weighted-
​	​	​	​	Average Grant-
​	​	Number of	​	Date Fair Value
​	​	Units	​	per Unit (1)
PSUs outstanding at December 31, 2023		402,701	​	$	9.31
Granted (2)		312,843	​	$	7.55
Forfeited		—	​	$	—
Vested		(107,044)	​	$	2.63
PSUs outstanding at September 30, 2024		608,500	​	$	9.58

(1)

Determined by dividing the aggregate grant-date fair value of awards by the number of awards issued.

(2)

The aggregate grant-date fair value of PSUs issued for the nine months ended September 30, 2024 was $2.4 million based on a calculated fair value price ranging from $2.63 to $8.33 per share.

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AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Compensation Expense

The following table summarizes the amount of recognized compensation expense associated with the EIP Plans, which are reflected in the accompanying Unaudited Condensed Consolidated Statements of Operations for the periods presented (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Three Months Ended

For the Nine Months Ended

​

​

September 30,

​

September 30,

​

​

2024

​

2023

​

2024

​

2023

Share-based compensation costs

​

​

​

​

​

​

​

​

TSUs

​

$

1,322

​

$

1,027

​

$

3,685

​

$

2,965

PSUs

​

494

​

300

​

1,428

​

643

​

​

$

1,816

​

$

1,327

​

$

5,113

​

$

3,608

​

​

Note 11. Leases

The Company has leases for office space, warehouse space and equipment in its corporate office and operating regions as well as vehicles, compressors and surface rentals related to its business operations. In addition, the Company has right-of-way leases to operate the San Pedro Bay Pipeline. Most of the Company’s leases, other than its corporate office lease, have an initial term and may be extended on a month-to-month basis after expiration of the initial term. Most of the Company’s leases can be terminated with 30-day prior written notice. The majority of its month-to-month leases are not included as a lease liability in its balance sheet because continuation of the lease is not reasonably certain. Additionally, the Company elected the short-term practical expedient to exclude leases with a term of twelve months or less. For the quarter ended September 30, 2024, all of the Company’s leases qualified as operating leases, and it did not have any existing or new leases qualifying as financing leases or variable leases.

The Company’s corporate office lease does not provide an implicit rate. To determine the present value of the lease payments, the Company uses an incremental borrowing rate based on the information available at the inception date. To determine the incremental borrowing rate, the Company applies a portfolio approach based on the applicable lease terms and the current economic environment. The Company uses a reasonable market interest rate for its office equipment and vehicle leases.

For the nine months ended September 30, 2024 and 2023, the Company recognized approximately $1.5 million and $1.6 million, respectively, of costs relating to the operating leases in the Unaudited Condensed Consolidated Statements of Operations.

Supplemental cash flow information related to the Company’s lease liabilities is included in the table below:

​

​	​	​	​	​	​	​
​	​	For the Nine Months Ended
​	​	September 30,
​	​	2024		​	2023
​	​	(In thousands)
Non-cash amounts included in the measurement of lease liabilities:	​		​	​		​
Operating cash flows from operating leases		$	1,143	​	$	1,352

​

23

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AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The following table presents the Company’s right-of-use assets and lease liabilities for the period presented:

​

​	​	​	​	​	​	​
​		September 30,		​	December 31,
​	​	2024		​	2023
​	​	(In thousands)
Right-of-use asset	​	$	4,613	​	$	5,756
​	​	​	​	​	​	​
Lease liabilities:		​			​
Current lease liability		​	1,772		​	1,737
Long-term lease liability		​	3,806		​	5,090
Total lease liability	​	$	5,578	​	$	6,827

​

The following table reflects the Company’s maturity analysis of the minimum lease payment obligations under non-cancelable operating leases with a remaining term in excess of one year (in thousands):

​

​	​	​	​	​	​	​	​	​	​
​	​	​	Office and	​	Leased vehicles		​	​	​
​	​	​	warehouse	​	and office		​	​	​
​		leases			equipment			Total
2024	​	$	357	​	$	188	​	$	545
2025	​	​	1,429	​	​	573	​	​	2,002
2026	​	​	1,206	​	​	87	​	​	1,293
2027	​	​	836	​	​	4	​	​	840
2028 and thereafter		​	1,798		​	—		​	1,798
Total lease payments		​	5,626		​	852		​	6,478
Less: interest		​	856		​	44		​	900
Present value of lease liabilities	​	$	4,770	​	$	808	​	$	5,578

​

The weighted average remaining lease terms and discount rate for all of the Company’s operating leases for the period presented:

​

​	​	​	​	​	​
​		September 30,
​	​	2024	​	2023
Weighted average remaining lease term (years):	​		​
Office and warehouse space		4.00		4.42	​
Vehicles		0.07		0.36	​
Office equipment		—		0.02	​
Weighted average discount rate:		​		​	​
Office and warehouse space		5.59	%	5.16	%
Vehicles		0.98	%	1.19	%
Office equipment		0.04	%	0.09	%

​

​

​

24

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AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 12. Supplemental Disclosures to the Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statements of Cash Flows

Accrued Liabilities

Current accrued liabilities consisted of the following at the dates indicated (in thousands):

​

​	​	​	​	​	​	​
​		September 30,		​	December 31,
​	​	2024		​	2023
Accrued lease operating expense	​	$	11,491	​	$	14,239
Accrued liability - pipeline incident	​	​	1,691	​	​	9,331
Accrued liability - current portion of pipeline incident settlement	​	​	1,100	​	​	2,000
Accrued capital expenditures	​	​	7,914	​	​	8,019
Accrued general and administrative expense	​		3,790	​		5,335
Accrued production and ad valorem tax	​		3,572	​		3,502
Accrued commitment fee and other expense	​		2,455	​		2,626
Operating lease liability	​	​	1,772	​	​	1,737
Asset retirement obligations	​		1,576	​		1,493
Accrued current income tax payable	​	​	784	​	​	—
Accrued interest payable	​	​	221	​	​	1,792
Other	​		333	​		797
Accrued liabilities	​	$	36,699	​	$	50,871

​

Accounts Receivable

Accounts receivable consisted of the following at the dates indicated (in thousands):

​	​	​	​	​	​	​	​
​		September 30,		​	​	December 31,
​	​	2024		​	​	2023
Oil and natural gas receivables	​	$	25,618	​	​	$	31,131
Insurance receivable - pipeline incident	​	​	1,697	​	​	​	3,571
Joint interest owners and other	​	​	6,680	​	​	​	6,042
Total accounts receivable	​		33,995	​	​		40,744
Less: allowance for doubtful accounts	​		(1,700)	​	​		(1,648)
Total accounts receivable, net	​	$	32,295	​	​	$	39,096

​

Supplemental Cash Flows

Supplemental cash flows for the periods presented (in thousands):

​

​	​	​	​	​	​	​
​		For the Nine Months Ended
​	​	September 30,
​	​	2024		​	2023
Supplemental cash flows:	​	​		​	​
Cash paid for interest, net of amounts capitalized	​	$	9,162	​	$	8,142
Cash paid for taxes			1,040		​	5,725
​	​	​	​	​	​	​
Noncash investing and financing activities:			​		​	​
Increase (decrease) in capital expenditures in payables and accrued liabilities			(1,323)		​	5,880

​

​

25

Table of Contents

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 13. Related Party Transactions

Related Party Agreements

There have been no transactions between the Company and any related person in which the related person had a direct or indirect material interest for the three and nine months ended September 30, 2024 and 2023.

Note 14. Commitments and Contingencies

Litigation and Environmental

As part of our normal business activities, we may be named as defendants in litigation and legal proceedings, including those arising from regulatory and environmental matters.

Although the Company is insured against various risks to the extent it believes it is prudent, there is no assurance that the nature and amount of such insurance will be adequate, in every case, to indemnify it against liabilities arising from future legal proceedings.

Environmental costs for remediation are accrued based on estimates of known remediation requirements. Such accruals are based on management’s best estimate of the ultimate cost to remediate a site and are adjusted as further information and circumstances develop. Those estimates may change substantially depending on information about the nature and extent of contamination, appropriate remediation technologies and regulatory approvals. Expenditures to mitigate or prevent future environmental contamination are capitalized. Ongoing environmental compliance costs are charged to expense as incurred. In accruing for environmental remediation liabilities, costs of future expenditures for environmental remediation are not discounted to their present value, unless the amount and timing of the expenditures are fixed or reliably determinable. At September 30, 2024 and December 31, 2023, the Company had no environmental reserves recorded in its Unaudited Condensed Consolidated Balance Sheet.

Revenue Payables in Suspense

During 2024, the Company determined that it had improperly classified certain non-operated revenue within revenues payable in suspense from 2015 through 2024 and had also retained revenue suspense on assets previously sold in 2018 for which no obligation existed subsequent to the date of close. As a result, the Company recorded an out-of-period adjustment of $2.8 million in 2024 to release such amounts as previously accrued within revenue payables in suspense, of which $2.2 million and $0.6 million included in oil and natural gas revenue and other income, respectively, in the Unaudited Condensed Consolidated Statements of Operations. Management considered qualitative and quantitative factors and concluded the out-of-period adjustment is immaterial to 2024 and each of the applicable periods.

Beta Pipeline Incident

Please refer to “Note 16. Beta Pipeline Incident” for details.

Sinking Fund Trust Agreement

Beta Operating Company, LLC (“Beta LLC”), a wholly owned subsidiary, assumed an obligation with a third party to make payments into a sinking fund in connection with the Company’s properties in federal waters offshore Southern California, the purpose of which is to provide funds adequate to decommission the portion of the San Pedro Bay Pipeline that lies within state waters and the surface facilities. Interest earned in the account stays in the account. The obligation to fund ceases when the aggregate value of the account reaches $4.3 million. As of September 30, 2024, the account balance included in restricted investments was approximately $4.5 million.

26

Table of Contents

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Supplemental Bond for Decommissioning Liabilities Trust Agreement

Beta LLC has a decommissioning obligation with BOEM in connection with the Company’s properties in federal waters offshore Southern California. The Company supports its decommissioning obligation with $161.3 million of A-rated surety bonds.

In December 2021, the Company entered into two escrow funding agreements with its surety providers to fund interest-bearing escrow accounts on a quarterly basis to reimburse and indemnify the surety providers for any claims arising under the surety bonds related to the decommissioning of our Beta LLC properties. In March 2024, the Company amended one of the escrow funding agreements to decrease the amount funded from $14.8 million per year to $8.0 million per year. There were no changes made to the second escrow agreement. The obligation for these agreements ceases when the total aggregate value of the escrow accounts reaches $172.6 million.

The below table outlines the updated funding commitment for these agreements at September 30, 2024 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Payment Due by Period

Funding commitment

​

Total

Remaining 2024

2025

2026

2027

2028

Thereafter

Federal escrow fund payments

​

$

140,728

​

$

2,000

​

$

8,000

​

$

8,000

​

$

8,000

​

$

8,000

​

$

106,728

State escrow fund payments

​

​

9,253

​

​

258

​

​

1,034

​

​

1,034

​

​

1,034

​

​

1,034

​

​

4,859

Total sinking fund payments

​

$

149,981

​

$

2,258

​

$

9,034

​

$

9,034

​

$

9,034

​

$

9,034

​

$

111,587

​

As of September 30, 2024, the Company has funded $22.9 million into the escrow accounts which is reflected in “Restricted investments” on the Unaudited Condensed Consolidated Balance Sheet.

Note 15. Income Taxes

The Company’s current income tax benefit (expense) was ($0.4) million and ($2.4) million for the three and nine months ended September 30, 2024, respectively. The Company’s current income tax benefit (expense) was ($1.4) million and ($7.1) million for the three and nine months ended September 30, 2023, respectively.

The Company’s deferred income tax benefit (expense) was ($5.7) million and ($3.1) million for the three and nine months ended September 30, 2024, respectively. The Company’s deferred income tax benefit (expense) was $4.7 million and $264.1 million for the three and nine months ended September 30, 2023, respectively.

The effective tax rates for the three and nine months ended September 30, 2024 were both 21.1%. The difference between the statutory U.S. federal income tax rate of 21% and the effective tax rate for the three and nine months ended September 30, 2024, was caused by higher state taxes, partially offset by marginal well tax credits pursuant to Section 45I of the Internal Revenue Code and a windfall tax benefit from stock compensation. The effective tax rates for the three and nine months ended September 30, 2023 were 19.6% and (278.9%), respectively. The item that had the most significant impact on the difference between the statutory U.S. federal income tax rate of 21% and the effective tax rate for the three and nine months ended September 30, 2023, was the release of the valuation allowance.

Note 16. Beta Pipeline Incident

On October 2, 2021, contractors operating under the direction of Beta LLC observed an oil sheen on the water approximately four miles off the coast of Newport Beach, California. Beta LLC platform personnel were notified and promptly initiated the Company’s Oil Spill Response Plan. On October 3, 2021, a Unified Command, consisting of the Company, the U.S. Coast Guard and California Department of Fish and Wildlife’s Office of Spill Prevention and Response, was established to respond to the Incident. Reports from the Unified Command’s contracted commercial divers and Remotely Operated Vehicle footage indicated that a 4,000-foot section of the Company’s pipeline had been displaced and that the pipeline had a 13-inch split, running parallel to the pipe, releasing approximately 588 barrels of oil.

27

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AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

All operations were suspended and the pipeline was shut-in pending the Company’s receipt of the required regulatory approvals to restart operations, including but not limited to, approval of a written restart plan from the Pipeline and Hazardous Materials Safety Administration (“PHMSA”), Office of Pipeline Safety. On April 10, 2023, the Company announced that it received the required approvals from federal regulatory agencies to restart operations at the Beta Field. Since such date, the pipeline has been operated in accordance with the restart procedures that were reviewed and approved by PHMSA.

On December 15, 2021, a federal grand jury in the Central District of California returned a federal criminal indictment against the Company, Beta LLC, and San Pedro Bay Pipeline Company in connection with the Incident. As previously disclosed, state authorities were conducting parallel criminal investigations. The Company reached court-approved agreements to resolve all criminal matters stemming from the Incident. As part of the resolution with the United States, the Company agreed to plead guilty to one count of misdemeanor negligent discharge of oil in violation of the Clean Water Act and, agreed to pay a fine of approximately $7.1 million in installments over a period of three years, serve a term of four years’ probation and reimburse governmental agencies approximately $5.8 million for their response to this event. Additionally, as part of the resolution with the state of California, the Company agreed to enter a plea of No Contest to six misdemeanor charges, and, as a result, paid a fine in the amount of $4.9 million to be distributed among the state of California, including the State’s Fish and Game Preservation Fund, and Orange County, agreed to serve a one-year term of probation and agreed to certain compliance enhancements to its operations.

The Company is currently subject to a number of ongoing investigations related to the Incident by certain federal and state agencies and may be subject to new investigations and proceedings in the future, the results of which may have a material impact on the Company’s business and results of operations and could put pressure on its liquidity position going forward. With respect to PHMSA’s investigation, on April 6, 2023, PHMSA provided the Company notice of PHMSA’s positions regarding “probable violations of the Pipeline Safety Regulations” in connection with the Incident. The Company has responded to the notice and is conferring with PHMSA regarding a resolution. Amplify continues to comply with all regulatory requirements and investigations. The outcomes of these investigations and the nature of any remedies pursued will depend on the discretion of the relevant authorities and may result in regulatory or other enforcement actions, as well as civil liability.

The Company, Beta LLC, and San Pedro Bay Pipeline Company were named as defendants in a consolidated putative class action in the United States District Court for the Central District of California, asserting claims against the Company, Beta LLC, San Pedro Bay Pipeline Company, among others.

On August 25, 2022, the Company reached an agreement in principle with plaintiffs in the class action to resolve all civil claims against it and its subsidiaries. The settlement of $50.0 million, which also includes certain injunctive relief, has been and will continue to be funded under the Company’s insurance policies. The Court granted final approval of the settlement on April 24, 2023. Separately, on March 1, 2023, the Company announced that the vessels that struck and damaged the pipeline and their respective owners and operators agreed to pay the Company $96.5 million in a settlement. This settlement resolved Amplify’s affirmative claims related to the Incident, and as such, Amplify dismissed its legal claims against those parties.

Under the Oil Pollution Act of 1990, 33 U.S.C. § 2701 et seq. (“OPA 90”), the Company’s pipeline was designated by the U.S. Coast Guard as the source of the oil discharge and therefore the Company is financially responsible for remediation and for certain costs and economic damages as provided for in OPA 90, as well as certain natural resource damages associated with the spill and certain costs determined by federal and state trustees engaged in a joint assessment of such natural resource damages. As of September 30, 2024, the Company has completed processing all outstanding covered claims under OPA 90. In addition, the Natural Resource Damage Assessment remains ongoing and therefore the extent, timing and cost related to such assessment are difficult to project. While the Company anticipates insurance will reimburse it for expenses related to the Natural Resource Damage Assessment, any potentially uncovered expenses may be material and could impact the Company’s business and results of operations and could put pressure on its liquidity position going forward.

On or about October 10, 2024, the Company reached settlements with the City of Huntington Beach and Pacific Airshow LLC.  The Company has resolved all known claims arising from the Incident and believes there are no more claims outstanding, except through the ongoing Natural Resource Damage Assessment process.

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AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Based on presently enacted laws and regulations and currently available facts, the Company estimates that the total costs it has incurred or will incur with respect to the Incident to be between approximately $190.0 million to $210.0 million. The range of total costs is based on the Company’s assumptions regarding (i) settlement of costs associated with certain vendors for response and remediation expenses, (ii) resolution of certain third-party claims, excluding claims with respect to losses, which are not probable or reasonably estimable, and (iii) future claims and lawsuits. While the Company believes it has accurately reflected all probable and reasonably estimable costs incurred in the Company’s Unaudited Consolidated Statements of Operations, these estimates are subject to uncertainties associated with the underlying assumptions. Accordingly, as the Company’s assumptions and estimates may change in future periods based on future events, the Company can provide no assurance that total costs will not materially change in future periods.

The Company’s estimates do not include (i) the nature, extent and cost of future legal services that will be required in connection with all lawsuits, claims and other matters requiring legal or expert advice associated with the Incident, (ii) any lost revenue associated with the suspension of operations at Beta, (iii) any liabilities or costs, including regulatory costs, that are not reasonably estimable at this time or that relate to contingencies where the Company currently regards the likelihood of loss as being only reasonably possible or remote and (iv) the costs associated with the permanent repair of the pipeline and the restart of operations at Beta.

In accordance with customary insurance practice, the Company maintains insurance policies, including loss of production insurance, against many potential losses or liabilities arising from its operations, which, in addition to the settlement amount disclosed, have covered a material portion of aggregate costs associated with the Incident. However, the Company can provide no assurance that its coverage will continue to adequately protect it against liability from all potential consequences, damages and losses related to the Incident and such view and understanding is preliminary and subject to change.

On September 30, 2024, and December 31, 2023, the Company’s insurance receivables were $1.7 million and $3.6 million, respectively. Excluding the costs associated with the resolution of the federal and state matters discussed above, for the nine months ended September 30, 2024, the Company incurred response and remediation expenses and legal fees of $1.5 million, which primarily relates to certain legal costs that are not expected to be recovered under an insurance policy and are classified as “Pipeline Incident Loss” on the Company’s Unaudited Condensed Consolidated Statements of Operations. For more information, please see our annual report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 7, 2024.

​

Note 17. Subsequent Events

Borrowing Base Redetermination

See Note 7 for additional information relating to the Company’s borrowing base redetermination.

​

​

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ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Unaudited Condensed Consolidated Financial Statements and accompanying notes in “Item 1. Financial Statements” contained herein and in “Item 1A. Risk Factors” of our 2023 Form 10-K. The following discussion contains forward-looking statements that reflect our future plans, estimates, beliefs and expected performance. The forward-looking statements are dependent upon events, risks and uncertainties that may be outside our control. Our actual results could differ materially from those discussed in these forward-looking statements. See “Cautionary Note Regarding Forward-Looking Statements” in the front of this report.

Overview

We operate in one reportable segment engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Our management evaluates performance based on the reportable business segment as the economic environments are not different within the operation of our oil and natural gas properties. Our business activities are conducted through OLLC, our wholly owned subsidiary, and its wholly owned subsidiaries. Our assets consist primarily of producing oil and natural gas properties located in Oklahoma, the Rockies (“Bairoil”), federal waters offshore Southern California (“Beta”), East Texas/North Louisiana and the Eagle Ford (non-op). Most of our oil and natural gas properties are located in large, mature oil and natural gas reservoirs.

Industry Trends

We continue to monitor the impact of the actions of the Organization of the Petroleum Exporting Countries and other large producing nations; the Russia-Ukraine conflict; conflicts in the Middle East; global inventories of oil and natural gas and the uncertainty associated with recovering oil demand; inflation and future monetary policy; and governmental policies aimed at transitioning towards lower carbon energy. Due to these factors, among others, we expect prices for some or all commodities to remain volatile. Thus, we cannot predict with reasonable certainty the extent to which these factors may impact our business, results of operations, financial condition and cash flows.

Recent Developments

Credit Agreement Amendment

On October 25, 2024, OLLC entered into the Credit Agreement Amendment, which among other things, (i) reduced the borrowing base under the Revolving Credit Facility from $150.0 million to $145.0 million, (ii) increased the aggregate elected commitments under the Revolving Credit Facility from $135.0 million to $145.0 million and (iii) amended certain interest rates applicable to loans under the Revolving Credit Facility. The next redetermination is expected in the spring of 2025.

Business Environment and Operational Focus

We use a variety of financial and operational metrics to assess the performance of our oil and natural gas operations, including: (i) production volumes; (ii) realized prices on the sale of our production; (iii) cash settlements on our commodity derivatives; (iv) lease operating expense; (v) gathering, processing and transportation; (vi) general and administrative expense; and (vii) Adjusted EBITDA (as defined below).

Sources of Revenues

Our revenues are derived from the sale of natural gas and oil production, as well as the sale of NGLs that are extracted from natural gas during processing. Production revenues are derived entirely from the continental United States. Natural gas, NGL and oil prices are inherently volatile and are influenced by many factors outside our control. In order to reduce the impact of fluctuations in natural gas and oil prices on revenues, we intend to periodically enter into derivative contracts that fix the future prices received. At the end of each period, the fair value of these commodity derivative instruments is estimated and because hedge accounting is not elected, the changes in the fair value of unsettled commodity derivative instruments are recognized in earnings at the end of each accounting period.

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Critical Accounting Policies and Estimates

Our critical accounting policies and estimates, including a discussion regarding the estimation uncertainty and the impact that our critical accounting estimates have had, or are reasonably likely to have, on our financial condition or results of operations, are described in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2023 Form 10-K. Significant estimates include, but are not limited to, oil and natural gas reserves; fair value estimates; revenue recognition; and contingencies and insurance accounting. These estimates, in our opinion, are subjective in nature, require the use of professional judgment and involve complex analysis.

When used in the preparation of our consolidated financial statements, such estimates are based on our current knowledge and understanding of the underlying facts and circumstances and may be revised as a result of actions we take in the future. Changes in these estimates will occur as a result of the passage of time and the occurrence of future events. Subsequent changes in these estimates may have a significant impact on our consolidated financial position, results of operations and cash flows.

Revenue Payables in Suspense

In the normal course of business, we undertake efforts to research and resolve the disputes, legal reasons or uncertainties causing revenues of owners of mineral interests in our leases to go into suspense. As resolutions occur, obligations related to revenue payables in suspense are released. For the nine months ended September 30, 2024, we released $8.4 million, respectively, of net revenues in suspense as a result of these efforts. The following table presents the impact of releases of revenue payables in suspense to our statements of operations for the nine months ended September 30, 2024:

​	​	​	​
​		For the Nine Months Ended
​		September 30,
​		2024
​		(In thousands)
Oil and natural gas sales	​	$	4,023
Other revenues	​	​	4,829
Severance tax and other deducts	​	​	(433)
Total net revenue	​	$	8,419
​	​	​	​
Production volumes:	​	​	​
Oil (MBbls)	​	​	33
NGLs (MBbls)	​	​	31
Natural gas (MMcf)	​	​	441
Total (MBoe)	​	​	138
Total (MBoe/d)	​	​	0.50

​

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Results of Operations

The results of operations for the three and nine months ended September 30, 2024 and 2023 have been derived from our unaudited condensed consolidated financial statements. The comparability of the results of operations among the periods presented below is impacted by the Incident and suspension of operations at our Beta properties during 2023.

The following table summarizes certain of the results of operations for the periods indicated.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Three Months Ended

​

For the Nine Months Ended

​

September 30,

​

September 30,

​

2024

2023

​

2024

2023

​

($ In thousands except per unit amounts)

Oil and natural gas sales

​

$

68,135

​

$

76,403

​

$

215,803

​

$

210,080

Other revenues

​

​

1,723

​

​

367

​

​

9,857

​

​

18,531

Lease operating expense

​

33,255

​

36,493

​

107,850

​

103,953

Gathering, processing and transportation

​

4,290

​

4,984

​

13,959

​

15,735

Taxes other than income

​

5,997

​

5,532

​

15,539

​

16,433

Depreciation, depletion and amortization

​

8,102

​

7,489

​

24,168

​

20,369

General and administrative expense

​

8,251

​

8,255

​

26,409

​

24,547

Loss (gain) on commodity derivative instruments

​

(25,047)

​

23,328

​

(7,258)

​

4,371

Pipeline incident loss

​

​

247

​

559

​

1,454

​

15,682

Interest expense, net

​

3,756

​

4,470

​

10,915

​

13,908

Litigation settlement

​

—

​

—

​

—

​

84,875

Income tax (expense) benefit - current

​

​

(412)

​

​

(1,441)

​

​

(2,364)

​

(7,115)

Income tax (expense) benefit - deferred

​

(5,650)

​

4,708

​

(3,082)

​

264,130

Net income (loss)

​

22,652

​

(13,403)

​

20,375

​

349,172

​

​

​

​

​

​

​

​

​

​

​

​

​

Oil and natural gas revenues:

​

​

​

​

Oil sales

​

$

54,353

​

$

57,214

​

$

169,563

​

$

146,780

NGL sales

​

6,096

​

7,777

​

20,187

​

21,973

Natural gas sales

​

7,686

​

11,412

​

26,053

​

41,327

Total oil and natural gas revenues

​

$

68,135

​

$

76,403

​

$

215,803

​

$

210,080

​

​

​

​

​

​

​

​

​

​

​

​

​

Production volumes:

​

​

​

​

Oil (MBbls)

​

758

​

729

​

2,300

​

1,991

NGLs (MBbls)

​

301

​

334

​

979

​

984

Natural gas (MMcf)

​

4,165

​

5,006

​

12,953

​

15,573

Total (MBoe)

​

1,752

​

1,897

​

5,438

​

5,569

Average net production (MBoe/d)

​

19.0

​

20.6

​

19.8

​

20.4

​

​

​

​

​

​

​

​

​

​

​

​

​

Average realized sales price (excluding commodity derivatives):

​

​

​

​

Oil (per Bbl)

​

$

71.74

​

$

78.45

​

$

73.73

​

$

73.72

NGL (per Bbl)

​

20.29

​

23.33

​

20.62

​

22.36

Natural gas (per Mcf)

​

1.85

​

2.28

​

2.01

​

2.65

Total (per Boe)

​

$

38.88

​

$

40.28

​

$

39.69

​

$

37.72

​

​

​

​

​

​

​

​

​

​

​

​

​

Average unit costs per Boe:

​

​

​

​

Lease operating expense

​

$

18.98

​

$

19.23

​

$

19.83

​

$

18.67

Gathering, processing and transportation

​

2.45

​

2.63

​

2.57

​

2.83

Taxes other than income

​

3.42

​

2.92

​

2.86

​

2.95

General and administrative expense

​

4.71

​

4.35

​

4.86

​

4.41

Depletion, depreciation and amortization

​

4.62

​

3.95

​

4.44

​

3.66

​

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For the Three Months Ended September 30, 2024 Compared to the Three Months Ended September 30, 2023

We reported net income of $22.7 million compared to a net loss of $13.4 million for the three months ended September 30, 2024 and 2023, respectively.

Oil, natural gas and NGL revenues were $68.1 million and $76.4 million for the three months ended September 30, 2024 and 2023, respectively. Average net production volumes were approximately 19.0 MBoe/d and 20.6 MBoe/d for the three months ended September 30, 2024 and 2023, respectively. The change in production volumes was driven by several days shut-in for the electrification and emissions reduction project at Beta and natural decline in well productivity over time. The average realized sales prices were $38.88 per Boe and $40.28 per Boe for the three months ended September 30, 2024 and 2023, respectively. The change in average realized sales prices was primarily due to lower commodity prices.

Other revenues were $1.7 million and $0.4 million for the three months ended September 30, 2024 and 2023, respectively. For the three months ended September 30, 2024, other revenues consisted of iodine sales, rental income with respect to our wholly owned subsidiary, Magnify Energy Services (“Magnify”), and interest income earned on our sinking fund escrow accounts.

Lease operating expenses were $33.3 million and $36.5 million for the three months ended September 30, 2024 and 2023, respectively. On a per Boe basis, lease operating expenses were $18.98 and $19.23 for the three months ended September 30, 2024 and 2023, respectively. The change in lease operating expenses was primarily due to a decrease of $1.5 million in lease operating cost and a decrease of $1.7 million in workover expense.

Gathering, processing and transportation expenses were $4.3 million and $5.0 million for the three months ended September 30, 2024 and 2023, respectively. On a per Boe basis, gathering, processing and transportation expenses were $2.45 and $2.63 for the three months ended September 30, 2024 and 2023, respectively. The change in gathering, processing and transportation expense was primarily due to lower gas volumes and natural gas prices.

Taxes other than income were $6.0 million and $5.5 million for the three months ended September 30, 2024 and 2023, respectively. On a per Boe basis, taxes other than income were $3.42 and $2.92 for the three months ended September 30, 2024 and 2023, respectively. The change was primarily related to waste emissions charges and air quality management district fees in California.

DD&A expenses were $8.1 million and $7.5 million for the three months ended September 30, 2024 and 2023, respectively. The increase in DD&A expense was primarily driven by increased production at Beta.

General and administrative expenses were $8.3 million for each of the three months ended September 30, 2024 and 2023. General and administrative expenses were previously forecasted to remain flat compared to the prior year.

Net gain on commodity derivative instruments of $25.0 million were recognized for the three months ended September 30, 2024, consisting of $18.7 million increase in the fair value of open positions, $5.6 million of cash settlements received on expired positions and $0.8 million of cash settlements received on terminated derivative instruments. Net loss on commodity derivative instruments of $23.3 million was recognized for the three months ended September 30, 2023, consisting of $3.9 million of cash settlements paid on expired positions and an increase of $20.1 million in the fair value of open position, partially offset by $0.7 million of cash settlements received on terminated derivative instruments.

Pipeline incident loss was $0.2 million and $0.6 million for the three months ended September 30, 2024 and 2023, respectively. These costs reflect certain expenses not expected to be recovered under an insurance policy. See Note 16 of the Notes to Unaudited Condensed Consolidated Financial Statements included under “Item 1. Financial Statements” of this quarterly report for additional information.

Interest expense, net was $3.8 million and $4.5 million for the three months ended September 30, 2024 and 2023, respectively. The change in interest expense was primarily attributable to the write-off of deferred financing costs in connection with the refinancing of the Revolving Credit Facility in July 2023.

Average outstanding borrowings under our Revolving Credit Facility were $122.5 million and $121.8 million for the three months ended September 30, 2024 and 2023, respectively.

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Litigation settlement was not recorded for the three months ended September 30, 2024 and 2023.

Current income tax benefit (expense) was ($0.4) million and ($1.4) million for the three months ended September 30, 2024 and 2023, respectively. See additional information discussed in Note 15 of the Notes to Unaudited Condensed Consolidated Financial Statements included under “Item 1. Financial Statements” of this quarterly report.

Deferred income tax benefit (expense) was ($5.7) million and $4.7 million for the three months ended September 30, 2024 and 2023, respectively. Starting in the first quarter of 2023, we achieved three years of cumulative book income which resulted in the release of the valuation allowance. See additional information discussed in Note 15 of the Notes to Unaudited Condensed Consolidated Financial Statements included under “Item 1. Financial Statements” of this quarterly report.

For the Nine Months Ended September 30, 2024 Compared to the Nine Months Ended September 30, 2023

We reported net income of $20.4 million compared to net income of $349.2 million for the nine months ended September 30, 2024 and 2023, respectively.

Oil, natural gas and NGL revenues were $215.8 million and $210.1 million for the nine months ended September 30, 2024 and 2023, respectively. Average net production volumes were approximately 19.8 MBoe/d and 20.4 MBoe/d for the nine months ended September 30, 2024 and 2023, respectively. The average realized sales prices were $39.69 per Boe and $37.72 per Boe for the nine months ended September 30, 2024 and 2023, respectively. The change in realized sales prices was primarily due to higher commodity prices, Beta returning to production after being offline for the first quarter of 2023 and the release of revenue suspense of $4.0 million.

Other revenues were $9.9 million and $18.5 million for the nine months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024, other revenues consisted of iodine sales, Magnify rental income, and interest income earned on our sinking fund escrow accounts. Additionally, for the nine months ended September 30, 2024, we recorded a revenue suspense release of $4.8 million. For the nine months ended September 30, 2023, other revenues were primarily related to our receipt of LOPI insurance proceeds of $17.9 million. We have not received LOPI insurance proceeds since payments under the LOPI policy terminated on March 31, 2023.

Lease operating expenses were $107.9 million and $104.0 million for the nine months ended September 30, 2024 and 2023, respectively. On a per Boe basis, lease operating expenses were $19.83 and $18.67 for the nine months ended September 30, 2024 and 2023, respectively. The change in lease operating expense was primarily related to operating costs associated with Beta returning to production after being offline for the first quarter of 2023.

Gathering, processing and transportation expenses were $14.0 million and $15.7 million for the nine months ended September 30, 2024 and 2023, respectively. On a per Boe basis, gathering, processing and transportation expenses were $2.57 and $2.83 for the nine months ended September 30, 2024 and 2023, respectively. The change in gathering, processing and transportation expense was primarily due to lower gas volumes, lower natural gas prices and the expiration of minimum volume commitments for our Oklahoma properties.

Taxes other than income were $15.5 million and $16.4 million for the nine months ended September 30, 2024 and 2023, respectively. On a per Boe basis, taxes other than income were $2.86 and $2.95 for the nine months ended September 30, 2024 and 2023, respectively. The decrease was primarily related to a reduction in production taxes and ad valorem taxes for 2024 due to lower natural gas prices, partially offset by an increase in emissions charges.

DD&A expenses were $24.2 million and $20.4 million for the nine months ended September 30, 2024 and 2023, respectively. The increase in DD&A expense was primarily driven by operations restarting at Beta.

General and administrative expenses were $26.4 million and $24.5 million for the nine months ended September 30, 2024 and 2023, respectively. The change in general and administrative expenses was primarily related to an increase of $1.5 million in stock compensation expense, an increase of $0.5 million in legal expense, and an increase of $0.5 million in office lease expense related to the early termination of our Oklahoma office lease, partially offset by a $0.2 million decrease in professional services.

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Net gain on commodity derivative instruments of $7.3 million were recognized for the nine months ended September 30, 2024, consisting of $13.6 million of cash settlements received on expired positions and $0.8 million of cash settlements received on terminated derivative instruments, partially offset by a decrease of $7.1 million in the fair value of open positions. Net loss on commodity derivative instruments of $4.4 million was recognized for the nine months ended September 30, 2023, consisting of $5.1 million of cash settlements paid on expired positions, partially offset by $0.7 million of cash settlement received on terminated derivative instruments and a less than $0.1 million increase in the fair value of open positions.

Pipeline incident loss was $1.5 million and $15.7 million for the nine months ended September 30, 2024 and 2023, respectively. The costs reflect certain expenses not expected to be recovered under an insurance policy. See Note 16 of the Notes to Unaudited Condensed Consolidated Financial Statements included under “Item 1. Financial Statements” of this quarterly report for additional information.

Interest expense, net was $10.9 million and $13.9 million for the nine months ended September 30, 2024 and 2023, respectively. The change in interest expense was primarily driven by lower outstanding borrowings and amortization and write-off of deferred issuance costs.

Average outstanding borrowings under our Revolving Credit Facility were $119.8 million and $145.8 million for the nine months ended September 30, 2024 and 2023, respectively.

Litigation settlement was not recorded for the nine months ended September 30, 2024 and  $84.9 million was recorded for the nine months ended September 30, 2023, related to the settlement with the shipping companies and the containerships whose anchors struck the Company’s pipeline. See additional information discussed in Note 16 of the Notes to Unaudited Condensed Consolidated Financial Statements included under “Item 1. Financial Statements” of this quarterly report.

Current income tax benefit (expense) was ($2.4) million and ($7.1) million for the nine months ended September 30, 2024 and 2023, respectively. See additional information discussed in Note 15 of the Notes to Unaudited Condensed Consolidated Financial Statements included under “Item 1. Financial Statements” of this quarterly report.

Deferred income tax benefit (expense) was ($3.1) million and $264.1 million for the nine months ended September 30, 2024 and 2023, respectively. Starting in the first quarter of 2023, we achieved three years of cumulative book income which resulted in the release of the valuation allowance. See additional information discussed in Note 15 of the Notes to Unaudited Condensed Consolidated Financial Statements included under “Item 1. Financial Statements” of this quarterly report.

Adjusted EBITDA

We include in this report the non-GAAP financial measure of Adjusted EBITDA and provide our reconciliation of Adjusted EBITDA to net income (loss) and net cash flows from operating activities, our most directly comparable financial measures calculated and presented in accordance with GAAP. We define Adjusted EBITDA as net income (loss):

Plus:

●

Interest expense;

●

Income tax expense;

●

DD&A;

●

Impairment of goodwill and long-lived assets (including oil and natural gas properties);

●

Accretion of AROs;

●

Loss on commodity derivative instruments;

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Table of Contents

●

Cash settlements received on expired commodity derivative instruments;

●

Amortization of gain associated with terminated commodity derivatives;

●

Losses on sale of assets;

●

Share-based compensation expenses;

●

Exploration costs;

●

Acquisition and divestiture related expenses;

●

Reorganization items, net;

●

Severance payments; and

●

Other non-routine items that we deem appropriate.

Less:

●

Interest income;

●

Income tax benefit;

●

Gain on commodity derivative instruments;

●

Cash settlements paid on expired commodity derivative instruments;

●

Gains on sale of assets and other, net; and

●

Other non-routine items that we deem appropriate.

We believe Adjusted EBITDA is useful because it allows us to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to our financing methods or capital structure.

Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income (loss) or cash flows from operating activities as determined in accordance with GAAP or as an indicator of our operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA. Our computations of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. We believe that Adjusted EBITDA is a widely followed measure of operating performance and may also be used by investors to measure our ability to meet debt service requirements.

In addition, we use Adjusted EBITDA to evaluate actual cash flow available to develop existing reserves or acquire additional oil and natural gas properties.

The following tables present our reconciliation of the Company’s net income (loss) and cash flows from operating activities to Adjusted EBITDA, our most directly comparable GAAP financial measures, for each of the periods indicated.

36

Table of Contents

Reconciliation of Net Income (Loss) to Adjusted EBITDA

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Three Months Ended

For the Nine Months Ended

​

September 30,

September 30,

​

2024

2023

2024

2023

​

(In thousands)

Net income (loss)

​

$

22,652

​

$

(13,403)

​

$

20,375

​

$

349,172

Interest expense, net

​

3,756

​

4,470

​

10,915

​

13,908

Income tax expense (benefit) - current

​

​

412

​

1,441

​

​

2,364

​

7,115

Income tax expense (benefit) - deferred

​

5,650

​

(4,708)

​

3,082

​

(264,130)

DD&A

​

8,102

​

7,489

​

24,168

​

20,369

Accretion of AROs

​

2,125

​

2,005

​

6,282

​

5,922

Losses (gains) on commodity derivative instruments

​

(25,047)

​

23,328

​

(7,258)

​

4,371

Cash settlements (paid) received on expired commodity derivative instruments

​

5,582

​

​

(3,890)

​

13,565

​

(5,082)

Pipeline incident loss

​

247

​

559

​

1,454

​

15,682

Litigation settlement

​

​

—

​

​

—

​

​

—

​

​

(84,875)

Share-based compensation expense

​

1,815

​

1,327

​

5,113

​

3,608

Loss on settlement of AROs

​

38

​

449

​

136

​

688

Exploration costs

​

—

​

—

​

51

​

40

Acquisition and divestiture related expenses

​

186

​

216

​

209

​

216

Bad debt expense

​

26

​

12

​

52

​

97

LOPI - timing difference

​

​

—

​

​

—

​

​

—

​

​

(4,636)

Other

​

​

—

​

​

188

​

​

686

​

​

376

Adjusted EBITDA(1)

​

$

25,544

​

$

19,483

​

$

81,194

​

$

62,841

(1)	Adjusted EBITDA includes a revenue suspense release of $8.4 million for the nine months ended September 30, 2024. See “Revenue Payables in Suspense” discussion noted above for additional information.

​

Reconciliation of Net Cash from Operating Activities to Adjusted EBITDA

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Three Months Ended

​

For the Nine Months Ended

​

September 30,

​

September 30,

​

2024

2023

​

2024

2023

​

(In thousands)

Net cash provided by operating activities

​

$

15,737

​

$

18,007

​

$

38,838

​

$

113,228

Changes in working capital

​

5,937

​

(4,985)

​

27,502

​

2,443

Interest expense, net

​

3,756

​

4,470

​

10,915

​

13,908

Pipeline incident loss

​

247

​

559

​

1,454

​

15,682

Litigation settlement

​

​

—

​

​

—

​

​

—

​

​

(84,875)

Income tax expense (benefit) - current

​

412

​

1,441

​

2,364

​

7,115

Amortization and write-off of deferred financing fees

​

(310)

​

(908)

​

(918)

​

(1,679)

Exploration costs

​

—

​

—

​

51

​

40

Cash settlements paid (received) on terminated derivatives

​

​

(793)

​

​

(658)

​

​

(793)

​

​

(658)

Plugging and abandonment cost

​

372

​

1,153

​

886

​

1,681

LOPI - timing difference

​

​

—

​

​

—

​

​

—

​

​

(4,636)

Acquisition and divestiture related expenses

​

186

​

216

​

209

​

216

Other

​

—

​

188

​

686

​

376

Adjusted EBITDA(1)

​

$

25,544

​

$

19,483

​

$

81,194

​

$

62,841

(1)	Adjusted EBITDA includes a non-cash revenue suspense release of $8.4 million for the nine months ended September 30, 2024. See “Revenue Payables in Suspense” discussion noted above for additional information.

​

​

37

Table of Contents

Liquidity and Capital Resources

Overview. Our ability to finance our operations, including funding capital expenditures and acquisitions, to meet our indebtedness obligations, to refinance our indebtedness or to meet our collateral requirements will depend on our ability to generate cash in the future. Our primary sources of liquidity and capital resources have historically been cash flows generated by operating activities and borrowings under our Revolving Credit Facility. As we pursue reserve and production growth, we plan to monitor which capital resources, including equity and debt financings, are available to us to meet our future financial obligations, planned capital expenditure activities and liquidity requirements. Based on our current oil and natural gas price expectations, we believe our cash flows provided by operating activities and availability under our Revolving Credit Facility will provide us with the financial flexibility necessary to meet our cash requirements, including normal operating needs, and to pursue our currently planned 2024 development activities. However, future cash flows are subject to a number of variables, including the level of our oil and natural gas production and the prices we receive for our oil and natural gas production, and significant additional capital expenditures will be required to more fully develop our properties. We cannot assure you that operations and other needed capital will be available on acceptable terms, or at all. For the remainder of 2024, we expect our primary funding sources to be from internally generated cash flow but retain the flexibility to utilize borrowings under our Revolving Credit Facility and/or to access the debt and equity capital markets.

Impact of the Beta Pipeline Incident. There are remaining uncertainties surrounding the full impact that the Incident will have on our financial condition and cash flow generation going forward. We have incurred and will continue to incur certain costs as a result of the Incident. However, in addition to the settlement amount disclosed elsewhere in this Quarterly Report on Form 10-Q that we received from the vessels that struck and damaged the Pipeline and their respective owners and operators, we carry customary insurance policies, which have covered a material portion of aggregate costs, including loss of production income insurance to offset loss of revenue resulting from suspended operations. The loss of production income insurance related to the Incident expired on March 31, 2023. We restarted operations at Beta in April 2023. We can provide no assurance that our coverage will adequately protect us against liability from all potential consequences, damages and losses related to the Incident.

Capital Markets. We do not currently anticipate any near-term capital markets activity, but we will continue to evaluate the availability of public debt and equity for funding potential future growth projects and acquisition activity.

Hedging. Commodity hedging has been and remains an important part of our strategy to reduce cash flow volatility. Our hedging activities are intended to support oil, NGL and natural gas prices at targeted levels and to manage our exposure to commodity price fluctuations. We intend to enter into commodity derivative contracts at times and on terms desired to maintain a portfolio of commodity derivative contracts covering at least 50% - 75% of our estimated production from total proved developed producing reserves over a one-to-three-year period at any given point of time. We may, however, from time to time, hedge more or less than this approximate amount. Additionally, we may take advantage of opportunities to modify our commodity derivative portfolio to change the percentage of our hedged production volumes when circumstances suggest that it is prudent to do so. The current market conditions may also impact our ability to enter into future commodity derivative contracts.

We evaluate counterparty risks related to our commodity derivative contracts and trade credit. Should any of these financial counterparties not perform, we may not realize the benefit of some of our hedges under lower commodity prices.

Capital Expenditures. Total capital expenditures were approximately $55.3 million for the nine months ended September 30, 2024, which were primarily related to the development program at Beta, capital workovers and facilities upgrade projects at Beta and in Oklahoma and non-operated drilling and completion activities in East Texas and the Eagle Ford.

Working Capital. Working capital is the amount by which current assets exceed current liabilities. Our working capital requirements are primarily driven by changes in accounts receivable and accounts payable, as well as the classification of our debt outstanding. These changes are impacted by changes in the prices of commodities that we buy and sell. In general, our working capital requirements increase in periods of rising commodity prices and decrease in periods of declining commodity prices. However, our working capital needs do not necessarily change at the same rate as commodity prices because both accounts receivable and accounts payable are impacted by the same commodity prices. In addition, the timing of payments received by our customers or paid to our suppliers can also cause fluctuations in working capital because we settle with most of our larger customers on a monthly basis and often near the end of the month. We expect that our future working capital requirements will be impacted by these same factors.

38

Table of Contents

As of September 30, 2024, we had a working capital deficit (excluding commodity derivatives) of $11.6 million primarily due to accrued liabilities of $36.7 million, revenues payable of $11.4 million, and accounts payable of $18.1 million partially offset by accounts receivable of $32.3 million and prepaid expenses of $22.3 million.

Debt Agreement

Revolving Credit Facility. On July 31, 2023, OLLC and Acquisitionco entered into the Revolving Credit Facility. The Revolving Credit Facility is a replacement in full of the Prior Revolving Credit Facility. The aggregate principal amount of loans outstanding under the Revolving Credit Facility as of September 30, 2024, was $120.0 million.

As of September 30, 2024, we had approximately $15.0 million of available borrowings under our Revolving Credit Facility.

As of September 30, 2024, we were in compliance with all the financial (current ratio and total leverage ratio) and non-financial covenants associated with the Revolving Credit Facility.

On October 25, 2024, we entered into the Credit Agreement Amendment, which among other things, (i) reduced the borrowing base under the Revolving Credit Facility from $150.0 million to $145.0 million, (ii) increased the aggregate elected commitments under the Revolving Credit Facility from $135.0 million to $145.0 million and (iii) amended certain interest rates applicable to loans under the Revolving Credit Facility.

For additional information regarding our Revolving Credit Facility, see Note 7 of the Notes to Unaudited Condensed Consolidated Financial Statements included under “Item 1. Financial Statements” of this quarterly report.

Material Cash Requirements

Contractual Commitments. We have contractual commitments under our debt agreements, including interest payments and principal payments. See Note 7 of the Notes to Unaudited Condensed Consolidated Financial Statements included under “Item 1. Financial Statements” of this quarterly report for additional information.

Lease Obligations. We have operating leases for office and warehouse spaces, office equipment, compressors and surface rentals related to our business obligations. See Note 11 of the Notes to Unaudited Condensed Consolidated Financial Statements included under “Item 1. Financial Statements” of this quarterly report for additional information.

Sinking Fund Payments. We have a funding requirement to fund two trust accounts to comply with supplemental regulatory bonding requirements related to our decommissioning obligations for the Beta production facilities. As of September 30, 2024, our future commitments under these agreements were $2.3 million for the remainder of 2024 and $9.0 million per year until the escrow accounts are fully funded. See Note 14 of the Notes to Unaudited Condensed Consolidated Financial Statements included under “Item 1. Financial Statements” of this quarterly report for additional information.

Cash Flows from Operating, Investing and Financing Activities

The following table summarizes our cash flows from operating, investing and financing activities for the periods indicated. The cash flows for the nine months ended September 30, 2024 and 2023 have been derived from our Unaudited Condensed Consolidated Financial Statements. For information regarding the individual components of our cash flow amounts, see our Unaudited Condensed Consolidated Statements of Cash Flows included under “Item 1. Financial Statements” of this quarterly report.

​	​	​	​	​		​		​
​		For the Nine Months Ended
​		September 30,
​		2024				2023
​		(In thousands)
Net cash provided by operating activities	​	$	38,838	​		$		113,228
Net cash used in investing activities	​		(62,655)	​				(29,965)
Net cash used in financing activities	​		3,071	​				(76,876)

​

39

Table of Contents

Operating Activities. Key drivers of net operating cash flows are commodity prices, production volumes and operating costs. Net cash provided by operating activities was $38.8 million and $113.2 million for the nine months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2023, we received $84.9 million in connection with the settlement between the Company and the vessels that struck and damaged the pipeline and their respective owners and operators.

Production volumes were approximately 19.8 MBoe/d and 20.4 MBoe/d for the nine months ended September 30, 2024 and 2023, respectively. The average realized sales price was $39.69 per Boe and $37.72 per Boe for the nine months ended September 30, 2024 and 2023, respectively. The change in realized sales prices was primarily due to higher commodity prices, Beta returning to production after being offline for the first quarter of 2023 and the release of revenue suspense of $8.4 million.

Net cash provided by operating activities for the nine months ended September 30, 2024 included $13.6 million of cash received on expired commodity derivative instruments compared to $5.1 million of cash paid on expired commodity derivatives for the nine months ended September 30, 2023. For the nine months ended September 30, 2024, we had a net gain on commodity derivative instruments of $7.3 million compared to a net loss of $4.4 million for the nine months ended September 30, 2023.

Investing Activities. Net cash used in investing activities for the nine months ended September 30, 2024 was $62.7 million, of which $54.1 million was used for additions to oil and natural gas properties and $1.0 million for additions to other property and equipment. Net cash used in investing activities for the nine months ended September 30, 2023 was $30.0 million, of which $23.1 million was used for additions to oil and natural gas properties and $0.5 million for additions to other property and equipment.

Various restricted investment accounts fund certain long-term contractual and regulatory asset retirement obligations and collateralize certain regulatory bonds associated with our Beta properties. Additions to restricted investments were $7.5 million and $6.4 million during the nine months ended September 30, 2024 and 2023, respectively.

Financing Activities. We had net borrowings of $5.0 million for the nine months ended September 30, 2024 related to our Revolving Credit Facility compared to net repayments of $70.0 million for the nine months ended September 30, 2023. Shares withheld for taxes was $1.9 million and $2.2 million for the nine months ended September 30, 2024 and 2023, respectively.

Off–Balance Sheet Arrangements

As of September 30, 2024, we had no off–balance sheet arrangements.

Recently Issued Accounting Pronouncements

For a discussion of recent accounting pronouncements that will affect us, see Note 2 of the Notes to Unaudited Condensed Consolidated Financial Statements included under “Item 1. Financial Statements” of this quarterly report for additional information.

​

ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information under this item.

​

40

Table of Contents

ITEM 4.CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

As required by Rules 13a-15(b) and 15d-15(b) of the Exchange Act, we have evaluated, under the supervision and with the participation of our management, including the principal executive officer and principal financial officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this quarterly report. Our disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed by us in reports that we file under the Exchange Act is accumulated and communicated to our management, including the principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure, and is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. Based upon the evaluation, the principal executive officer and principal financial officer have concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of September 30, 2024. We believe that our internal controls and procedures are still functioning as designed and were effective for the most recent quarter.

Change in Internal Control Over Financial Reporting

No changes in our internal control over financial reporting occurred during the most recent quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

The certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 are filed as Exhibits 31.1 and 31.2, respectively, to this quarterly report.

​

41

Table of Contents

PART II—OTHER INFORMATION

ITEM 1.LEGAL PROCEEDINGS.

For a discussion of the legal proceedings associated with the Incident, see Note 16 of the Notes to Unaudited Condensed Consolidated Financial Statements included under “Item 1. Financial Statements” of this quarterly report and the annual financial statements and related notes included in our 2023 Form 10-K.

Future litigation may be necessary, among other things, to defend ourselves by determining the scope, enforceability, and validity of claims. The results of any current or future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors.

​

ITEM 1A.RISK FACTORS.

Our business faces many risks. Any of the risks discussed elsewhere in this quarterly report and our other SEC filings could have a material impact on our business, financial position or results of operations. Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also impair our business operations. There have been no material changes to the risk factors disclosed in Part I, Item 1A in our 2023 Form 10-K.

​

ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

The following table summarizes our repurchase activity during the three months ended September 30, 2024:

​	​	​	​	​	​	​	​	​	​
​		​		​	​		Total Number of		Approximate Dollar
​	​	​	​	​	​		Shares Purchased as		Value of Shares That
​	​	​	​	​	​		Part of Publicly		May Yet Be
​		Total Number of		Average Price			Announced Plans		Purchased Under the
Period		Shares Purchased		Paid per Share			or Programs		Plans or Programs (1)
​	​	​	​	​	​	​	​		(In thousands)
Common Shares Repurchased (1)				​
July 1, 2024 - July 31, 2024		8,871	​	$	6.96		—		n/a
August 1, 2024 - August 31, 2024		2,877	​	$	7.00		—		n/a
September 1, 2024 - September 30, 2024		—	​	$	—		—		n/a

(1)

Common shares are generally net-settled by shareholders to cover the required withholding tax upon vesting. We repurchased the remaining vesting shares on the vesting date at current market price. See Note 8 of the Notes to the Unaudited Condensed Consolidated Financial Statements included under “Item 1. Financial Statements” of this quarterly report for additional information.

​

ITEM 3.DEFAULTS UPON SENIOR SECURITIES.

None.

​

ITEM 4.MINE SAFETY DISCLOSURES.

Not applicable.

​

ITEM 5.OTHER INFORMATION.

None.

​

​

42

Table of Contents

ITEM 6.EXHIBITS.

​

Exhibit Number				Description
3.1	​	—	​	Second Amended and Restated Certificate of Incorporation of Midstates Petroleum Company, Inc. (filed as Exhibit 3.1 to the Company’s Registration Statement on Form 8-A filed on October 21, 2016, and incorporated herein by reference).
​	​	​	​	​
3.2	​	—	​	Certificate of Amendment to the Second Amended and Restated Certificate of Incorporation of Midstates Petroleum Company, Inc., dated August 6, 2019 (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K (File No. 001-35512) filed on August 6, 2019).
​	​	​	​	​
3.3	​	—	​	Third Amended and Restated Bylaws of Amplify Energy Corp. (incorporated by reference to Exhibit 3.3 of the Company’s Quarterly Report on Form 10-Q (File No. 001-35512) filed on November 15, 2021).
​	​	​	​	​
10.1	​	—	​	Borrowing Base Redetermination, Commitment Increase and First Amendment to Amended and Restated Credit Agreement (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K, filed on October 25, 2024).
​	​	​	​	​
31.1*	​	—		Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934.
​	​	​	​	​
31.2*	​	—		Certification of Chief Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934.
​	​	​	​	​
32.1**		—		Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18. U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
​	​	​	​	​
101.INS*	​	—		Inline XBRL Instance Document
​	​	​	​	​
101.SCH*	​	—		Inline XBRL Schema Document
​	​	​	​	​
101.CAL*	​	—		Inline XBRL Calculation Linkbase Document
​	​	​	​	​
101.DEF*	​	—		Inline XBRL Definition Linkbase Document
​	​	​	​	​
101.LAB*	​	—		Inline XBRL Labels Linkbase Document
​	​	​	​	​
101.PRE*	​	—		Inline XBRL Presentation Linkbase Document
​	​	​	​	​
104*	​	—	​	Cover Page Interactive Data File (embedded within the Inline XBRL document)

*	Filed as an exhibit to this Quarterly Report on Form 10-Q.

**	Furnished as an exhibit to this Quarterly Report on Form 10-Q

​

43

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

​

​		Amplify Energy Corp.
​		(Registrant)
​		​
​		​
Date:	November 6, 2024	By:	/s/ James Frew
​	​	Name:	James Frew
​	​	Title:	Senior Vice President and Chief Financial Officer
​	​	​
​	​	​	​
Date:	November 6, 2024	By:	/s/ Eric Dulany
​	​	Name:	Eric Dulany
​	​	Title:	Vice President and Chief Accounting Officer

​

​

​

​

​

44

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO RULE 13A-14(A) AND RULE 15D-14(A)

OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Martyn Willsher, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Amplify Energy Corp. (the “registrant”);

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

​

Date: November 6, 2024	/s/ Martyn Willsher
	Martyn Willsher
	President and Chief Executive Officer
	Amplify Energy Corp.

​

---

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO RULE 13A-14(A) AND RULE 15D-14(A)

OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, James Frew, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Amplify Energy Corp. (the “registrant”);

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

​

Date: November 6, 2024	/s/ James Frew
	James Frew
	Senior Vice President and Chief Financial Officer
	Amplify Energy Corp.

​

---

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Amplify Energy Corp. (the “Company”), as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Martyn Willsher, President and Chief Executive Officer and James Frew, Senior Vice President and Chief Financial Officer, of Amplify Energy Corp., certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to their knowledge:

(1)

the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

​

Date: November 6, 2024	/s/ Martyn Willsher
​	Martyn Willsher
	President and Chief Executive Officer
	Amplify Energy Corp.
​	​
​	​
Date: November 6, 2024	/s/ James Frew
​	James Frew
​	Senior Vice President and Chief Financial Officer
​	Amplify Energy Corp.
​	​
​	​
​	​

​

The foregoing certifications are being furnished as an exhibit to the Report pursuant to Item 601(b)(32) of Regulation S-K and Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code) and, accordingly, are not being filed as part of the Report for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and are not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

---

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-35512
Entity Registrant Name	Amplify Energy Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-1326219
Entity Address, Address Line One	500 Dallas Street
Entity Address, Address Line Two	Suite 1700
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	832
Local Phone Number	219-9001
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock
Trading Symbol	AMPY
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		39,770,246
Entity Central Index Key	0001533924
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents		$ 20,746
Accounts receivable, net (see Note 12)	$ 32,295	39,096
Short-term derivative instruments	15,556	17,669
Prepaid expenses and other current assets	22,306	20,672
Total current assets	70,157	98,183
Property and equipment, at cost:
Oil and natural gas properties, successful efforts method	927,402	873,478
Support equipment and facilities	150,407	149,069
Other	11,396	10,359
Accumulated depreciation, depletion and amortization	(710,334)	(686,165)
Property and equipment, net	378,871	346,741
Long-term derivative instruments	4,419	9,405
Restricted investments	27,451	19,935
Operating lease - long term right-of-use asset	4,613	5,756
Deferred tax asset	250,713	253,796
Other long-term assets	2,992	3,858
Total assets	739,216	737,674
Current liabilities:
Accounts payable	18,107	23,616
Revenues payable	11,362	21,944
Accrued liabilities (see Note 12)	36,699	50,871
Total current liabilities	66,168	96,431
Long-term debt (see Note 7)	120,000	115,000
Asset retirement obligations	127,556	122,001
Operating lease liability	3,806	5,090
Other long-term liabilities	7,016	8,116
Total liabilities	324,546	346,638
Commitments and contingencies (see Note 14)
Stockholders' equity (deficit):
Preferred stock, $0.01 par value: 50,000,000 shares authorized; no shares issued and outstanding at September 30, 2024 and December 31, 2023
Common stock, $0.01 par value: 250,000,000 shares authorized; 39,789,500 and 39,147,205 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	400	393
Additional paid-in capital	438,309	435,095
Accumulated deficit	(24,039)	(44,452)
Total stockholders' equity (deficit)	414,670	391,036
Total liabilities and equity	$ 739,216	$ 737,674

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	39,789,500	39,147,205
Common stock, shares outstanding (in shares)	39,789,500	39,147,205

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Total revenues	$ 69,858	$ 76,770	$ 225,660	$ 228,611
Costs and expenses:
Lease operating expense	33,255	36,493	107,850	103,953
Gathering, processing and transportation	4,290	4,984	13,959	15,735
Taxes other than income	5,997	5,532	15,539	16,433
Depreciation, depletion and amortization	8,102	7,489	24,168	20,369
General and administrative expense	8,251	8,255	26,409	24,547
Accretion of asset retirement obligations	2,125	2,005	6,282	5,922
Loss (gain) on commodity derivative instruments	(25,047)	23,328	(7,258)	4,371
Pipeline incident loss	247	559	1,454	15,682
Other, net	38	449	187	728
Total costs and expenses	37,258	89,094	188,590	207,740
Operating income (loss)	32,600	(12,324)	37,070	20,871
Other income (expense):
Interest expense, net	(3,756)	(4,470)	(10,915)	(13,908)
Litigation settlement (See Note 16)				84,875
Other income (expense)	(130)	124	(334)	319
Total other income (expense)	(3,886)	(4,346)	(11,249)	71,286
Income (loss) before income taxes	28,714	(16,670)	25,821	92,157
Income tax (expense) benefit - current	(412)	(1,441)	(2,364)	(7,115)
Income tax (expense) benefit - deferred	(5,650)	4,708	(3,082)	264,130
Net income (loss)	22,652	(13,403)	20,375	349,172
Allocation of net income (loss) to:
Net income (loss) available to common stockholders	21,569	(13,403)	19,392	333,401
Net income (loss) allocated to participating securities	1,083	0	983	15,771
Net Income (Loss)	$ 22,652	$ (13,403)	$ 20,375	$ 349,172
Earnings (loss) per share: (See Note 9)
Basic earnings (loss) per share (in $ per share)	$ 0.54	$ (0.34)	$ 0.49	$ 8.57
Diluted earnings (loss) per share (in $ per share)	$ 0.54	$ (0.34)	$ 0.49	$ 8.57
Weighted average common shares outstanding:
Basic (in shares)	39,783	39,063	39,608	38,911
Diluted (in shares)	39,783	39,063	39,608	38,911
Oil and natural gas sales
Revenues:
Total revenues	$ 68,135	$ 76,403	$ 215,803	$ 210,080
Other revenues
Revenues:
Total revenues	$ 1,723	$ 367	$ 9,857	$ 18,531

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 20,375	$ 349,172
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	24,168	20,369
Loss (gain) on derivative instruments	(7,258)	4,371
Cash settlements (paid) received on expired derivative instruments	13,564	(5,082)
Cash settlements received (paid) on terminated derivative instruments	793	658
Deferred income tax expense (benefit)	3,082	(264,130)
Accretion of asset retirement obligations	6,282	5,922
Share-based compensation (see Note 10)	5,113	3,608
Settlement of asset retirement obligations	(750)	(993)
Amortization and write-off of deferred financing costs	918	1,679
Bad debt expense	52	98
Changes in operating assets and liabilities:
Accounts receivable	6,749	32,493
Prepaid expenses and other assets	(2,798)	(3,844)
Payables and accrued liabilities	(31,452)	(28,459)
Other		(2,634)
Net cash provided by operating activities	38,838	113,228
Cash flows from investing activities:
Additions to oil and gas properties	(54,102)	(23,065)
Additions to other property and equipment	(1,037)	(501)
Additions to restricted investments	(7,516)	(6,399)
Net cash used in investing activities	(62,655)	(29,965)
Cash flows from financing activities:
Advances on Revolving Credit Facility	85,000	125,000
Payments on Revolving Credit Facility	(80,000)	(195,000)
Deferred financing costs	(76)	(4,698)
Shares withheld for taxes	(1,853)	(2,178)
Net cash used in financing activities	3,071	(76,876)
Net change in cash and cash equivalents	(20,746)	6,387
Cash and cash equivalents, beginning of period	$ 20,746
Cash and cash equivalents, end of period		$ 6,387

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Earnings (Deficit)	Total
Balance at Dec. 31, 2022	$ 386	$ 432,251	$ (437,202)	$ (4,565)
Net income (loss)	0	0	352,759	352,759
Share-based compensation expense	0	941	0	941
Shares withheld for taxes	0	(2,141)	0	(2,141)
Other	5	(5)	0	0
Balance at Mar. 31, 2023	391	431,046	(84,443)	346,994
Balance at Dec. 31, 2022	386	432,251	(437,202)	(4,565)
Net income (loss)				349,172
Balance at Sep. 30, 2023	392	433,675	(88,030)	346,037
Balance at Mar. 31, 2023	391	431,046	(84,443)	346,994
Net income (loss)			9,816	9,816
Share-based compensation expense		1,340		1,340
Shares withheld for taxes		(6)		(6)
Balance at Jun. 30, 2023	391	432,380	(74,627)	358,144
Net income (loss)			(13,403)	(13,403)
Share-based compensation expense		1,327		1,327
Shares withheld for taxes		(31)		(31)
Other	1	(1)
Balance at Sep. 30, 2023	392	433,675	(88,030)	346,037
Balance at Dec. 31, 2023	393	435,095	(44,452)	391,036
Net income (loss)	0	0	(9,396)	(9,396)
Share-based compensation expense	0	1,120	0	1,120
Shares withheld for taxes	0	(1,745)	0	(1,745)
Other	5	(5)	0	0
Balance at Mar. 31, 2024	398	434,465	(53,848)	381,015
Balance at Dec. 31, 2023	393	435,095	(44,452)	391,036
Net income (loss)				20,375
Balance at Sep. 30, 2024	400	438,309	(24,039)	414,670
Balance at Mar. 31, 2024	398	434,465	(53,848)	381,015
Net income (loss)			7,119	7,119
Share-based compensation expense		2,140	38	2,178
Shares withheld for taxes		(23)		(23)
Balance at Jun. 30, 2024	398	436,582	(46,691)	390,289
Net income (loss)	0	0	22,652	22,652
Share-based compensation expense	0	1,815	0	1,815
Shares withheld for taxes	0	(86)	0	(86)
Other	2	(2)	0	0
Balance at Sep. 30, 2024	$ 400	$ 438,309	$ (24,039)	$ 414,670

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2024
Organization and Basis of Presentation
Organization and Basis of Presentation	Note 1. Organization and Basis of Presentation General Amplify Energy Corp. (“Amplify Energy,” “Amplify,” “it” or the “Company”) is a publicly traded Delaware corporation whose common stock is listed on the NYSE under the symbol “AMPY.” The Company operates in one reportable segment that is engaged in the acquisition, development, exploitation and production of oil and natural gas properties. The Company’s management evaluates performance based on one reportable business segment as there are not different economic environments within the operation of the Company’s oil and natural gas properties. The Company’s assets consist primarily of producing oil and natural gas properties located in Oklahoma, the Rockies (“Bairoil”), federal waters offshore Southern California (“Beta”), East Texas/North Louisiana and the Eagle Ford (non-op). Most of the Company’s oil and natural gas properties are located in large, mature oil and natural gas reservoirs. The Company’s properties consist primarily of operated and non-operated working interests in producing and undeveloped leasehold acreage and working interests in identified producing wells. Basis of Presentation The Company’s accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries which have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In the Company’s opinion, the accompanying Unaudited Condensed Consolidated Financial Statements include all adjustments of a normal recurring nature necessary for fair presentation. Material intercompany transactions and balances have been eliminated. The results reported in these Unaudited Condensed Consolidated Financial Statements are not necessarily indicative of results that may be expected for the entire year. Furthermore, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. Accordingly, the accompanying Unaudited Condensed Consolidated Financial Statements and Notes should be read in conjunction with the Company’s annual financial statements included in its 2023 Form 10-K. Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. These reclassifications had an immaterial effect on the previously reported results of operations. Use of Estimates The preparation of the accompanying Unaudited Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include, but are not limited to, oil and natural gas reserves; fair value estimates; revenue recognition; and contingencies and insurance accounting. Segments Operating segments are defined as components of an enterprise that engage in activities from which it may earn revenues and incur expenses for which separate operational financial information is available and is regularly evaluated by the chief operating decision maker (“CODM”). The Company’s Chief Executive Officer has been determined to be the Company’s CODM and as such, he allocates resources and assesses performance based upon consolidated financial information.

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies There have been no changes to the Company’s significant accounting policies as described in the Company’s annual financial statements included in its 2023 Form 10-K. New Accounting Pronouncements Improvements to Reportable Segment Disclosure. In November 2023, the Federal Accounting Standards Board (“FASB”) issued an accounting standard update which provides for enhanced disclosure requirements with respect to reportable segments, primarily concerning significant segment expenses and the information used to assess segment performance. The new guidance became effective for annual periods beginning after December 15, 2023, and will become effective for interim reporting periods beginning after December 15, 2024, and must be applied retrospectively for periods included in the Company’s financial statements unless it is impracticable to do so. The Company is currently evaluating the impact of this guidance on the Company's financial disclosures. Improvements to Income Tax Disclosure. In December 2023, the FASB issued an accounting standard update which requires that companies disclose the nature and magnitude of factors contributing to the difference between their effective tax rate and the statutory tax rate. The update will require companies to disclose specific categories in the rate reconciliation and provide additional information about items that meet a certain quantitative threshold. The new guidance will become effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this guidance on the Company's financial disclosures. Adoption of the update will not impact the Company’s financial position, results of operations or liquidity. Other accounting standards that have been issued by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows.

Revenue	9 Months Ended
	Sep. 30, 2024
Revenue
Revenue	Note 3. Revenue Revenue from Contracts with Customers Revenue is recognized when the following five steps are completed: (1) identify the contract with the customer, (2) identify the performance obligation (promise) in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when the reporting organization satisfies a performance obligation. The Company has determined that its contracts for the sale of crude oil, unprocessed natural gas, residue gas and NGLs contain monthly performance obligations to deliver product at locations specified in the contract. Control is transferred at the delivery location, at which point the performance obligation has been satisfied and revenue is recognized. Fees included in the contract that are incurred prior to control transfer are classified as gathering, processing and transportation, and fees incurred after control transfers are included as a reduction to the transaction price. The transaction price at which revenue is recognized consists entirely of variable consideration based on quoted market prices less various fees and the quantity of volumes delivered. Disaggregation of Revenue The Company has identified three material revenue streams in its business: oil, natural gas and NGLs. The following table presents the Company’s revenues disaggregated by revenue stream. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​      For the Three Months Ended ​ For the Nine Months Ended ​      September 30,  ​ September 30,  ​      2024      2023      2024      2023 ​      (In thousands) Revenues   ​      ​    ​ ​      ​    Oil ​ $ 54,353 ​ $ 57,214 ​ $ 169,563 ​ $ 146,780 NGLs ​ ​ 6,096 ​ ​ 7,777 ​ ​ 20,187 ​ ​ 21,973 Natural gas ​ ​ 7,686 ​ ​ 11,412 ​ ​ 26,053 ​ ​ 41,327 Oil and natural gas sales ​ $ 68,135 ​ $ 76,403 ​ $ 215,803 ​ $ 210,080 ​ Contract Balances Under the Company’s sales contracts, the Company invoices customers once its performance obligations have been satisfied, at which point payment is unconditional. Accordingly, the Company’s contracts do not give rise to contract assets or liabilities. Accounts receivable attributable to the Company’s revenue contracts with customers were $25.6 million at September 30, 2024 and $31.1 million at December 31, 2023.

Fair Value Measurements of Financial Instruments	9 Months Ended
	Sep. 30, 2024
Fair Value Measurements of Financial Instruments
Fair Value Measurements of Financial Instruments	Note 4. Fair Value Measurements of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at a specified measurement date. Fair value estimates are based on either (i) actual market data or (ii) assumptions that other market participants would use in pricing an asset or liability, including estimates of risk. A three-tier hierarchy has been established that classifies fair value amounts recognized or disclosed in the financial statements. The hierarchy considers fair value amounts based on observable inputs (Levels 1 and 2) to be more reliable and predictable than those based primarily on unobservable inputs (Level 3). All the derivative instruments reflected on the accompanying Unaudited Condensed Consolidated Balance Sheets were considered Level 2. The carrying values of accounts receivables, accounts payables (including accrued liabilities), restricted investments and amounts outstanding under long-term debt agreements with variable rates included in the accompanying Unaudited Condensed Consolidated Balance Sheets approximated fair value at September 30, 2024 and December 31, 2023. The fair value estimates are based upon observable market data and are classified within Level 2 of the fair value hierarchy. These assets and liabilities are not presented in the following tables. Assets and Liabilities Measured at Fair Value on a Recurring Basis The fair market values of the derivative financial instruments reflected on the accompanying Unaudited Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 were based on estimated forward commodity prices. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement in its entirety. The significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The following tables present the gross derivative assets and liabilities that are measured at fair value on a recurring basis at September 30, 2024 and December 31, 2023 for each of the fair value hierarchy levels: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​      Fair Value Measurements at September 30, 2024 ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Quoted Prices in ​ Significant Other ​ Unobservable ​ ​ ​ ​ ​ Active Market ​ Observable Inputs ​  Inputs ​ ​ ​ ​      (Level 1)      (Level 2)      (Level 3)      Fair Value ​ ​ (In thousands) Assets:   ​      ​      ​      ​    Commodity derivatives ​ $ — ​ $ 26,174 ​ $ — ​ $ 26,174 Interest rate derivatives ​   — ​   — ​   — ​   — Total assets ​ $ — ​ $ 26,174 ​ $ — ​ $ 26,174 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​      ​      ​      ​      Commodity derivatives ​ $ — ​ $ 6,199 ​ $ — ​ $ 6,199 Interest rate derivatives ​   — ​   — ​   — ​   — Total liabilities ​ $ — ​ $ 6,199 ​ $ — ​ $ 6,199 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​      Fair Value Measurements at December 31, 2023  ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Quoted Prices in ​ Significant Other ​ Unobservable  ​ ​ ​ ​ ​ Active Market ​ Observable Inputs ​ Inputs ​ ​ ​ ​      (Level 1)      (Level 2)      (Level 3)      Fair Value ​ ​ (In thousands) Assets: ​    ​ ​    ​ ​    ​ ​    ​ Commodity derivatives ​ $ — ​ $ 39,439 ​ $ — ​ $ 39,439 Interest rate derivatives ​   — ​   — ​   — ​   — Total assets ​ $ — ​ $ 39,439 ​ $ — ​ $ 39,439 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​      ​      ​      ​      Commodity derivatives ​ $ — ​ $ 12,365 ​ $ — ​ $ 12,365 Interest rate derivatives ​   — ​   — ​   — ​   — Total liabilities ​ $ — ​ $ 12,365 ​ $ — ​ $ 12,365 ​ See Note 5 for additional information regarding the Company’s derivative instruments. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain assets and liabilities are reported at fair value on a nonrecurring basis, as reflected on the accompanying Unaudited Condensed Consolidated Balance Sheets. The following methods and assumptions are used to estimate the fair values: ● The fair value of asset retirement obligations (“AROs”) is based on discounted cash flow projections using numerous estimates, assumptions and judgments regarding factors such as the existence of a legal obligation for an ARO; amounts and timing of settlements; the credit-adjusted risk-free rate; and inflation rates. The initial fair value estimates are based on unobservable market data and are classified within Level 3 of the fair value hierarchy. See Note 6 for a summary of changes in AROs. ● Proved oil and natural gas properties are reviewed for impairment when events and circumstances indicate a possible decline in the recoverability of the carrying value of such properties. The Company uses an income approach based on the discounted cash flow method, whereby the present value of expected future net cash flows is discounted by applying an appropriate discount rate, for purposes of placing a fair value on the assets. The future cash flows are based on management’s estimates for the future. The unobservable inputs used to determine fair value include, but are not limited to, estimates of proved reserves, estimates of probable reserves, future commodity prices, the timing of future production and capital expenditures and a discount rate commensurate with the risk reflective of the lives remaining for the respective oil and natural gas properties (some of which are Level 3 inputs within the fair value hierarchy). ● No impairment expense was recorded on proved oil and natural gas properties during the three and nine months ended September 30, 2024 and 2023.

Risk Management and Derivative Instruments	9 Months Ended
	Sep. 30, 2024
Risk Management and Derivative Instruments
Risk Management and Derivative Instruments	Note 5. Risk Management and Derivative Instruments Derivative instruments are utilized to manage exposure to commodity price and interest rate fluctuations and to achieve a more predictable cash flow in connection with natural gas and oil sales and borrowing related activities. These instruments limit exposure to declines in prices but also limit the benefits that would be realized if prices increase. Certain inherent business risks are associated with commodity derivative contracts, including market risk and credit risk. Market risk is the risk that the price of natural gas or oil will change, either favorably or unfavorably, in response to changing market conditions. Credit risk is the risk of loss from nonperformance by the counterparty to a contract. It is the Company’s policy to enter into derivative contracts only with creditworthy counterparties, which are generally financial institutions, deemed by management as competent and competitive market makers. Some of the lenders, or certain of their affiliates, under the Company’s current credit agreements are counterparties to its derivative contracts. While collateral is generally not required to be posted by counterparties, credit risk associated with derivative instruments is minimized by limiting exposure to any single counterparty and entering into derivative instruments only with creditworthy counterparties that are generally large financial institutions. Additionally, master netting agreements are used to mitigate risk of loss due to default with counterparties on derivative instruments. The Company has also entered into International Swaps and Derivatives Association Master Agreements (“ISDA Agreements”) with each of its counterparties. The terms of the ISDA Agreements provide the Company and each of its counterparties with rights of set-off upon the occurrence of defined acts of default by either the Company or its counterparty to a derivative, whereby the party not in default may set-off all liabilities owed to the defaulting party against all net derivative asset receivables from the defaulting party. As a result, had certain counterparties failed completely to perform according to the terms of the existing contracts, the Company would have the right to offset $17.5 million against amounts outstanding under our Revolving Credit Facility at September 30, 2024. See Note 7 for additional information regarding the Company’s Revolving Credit Facility. Commodity Derivatives The Company may use a combination of commodity derivatives (e.g., floating-for-fixed swaps, put options and costless collars) to manage exposure to commodity price volatility. The Company recognizes all derivative instruments at fair value. The Company enters into natural gas derivative contracts that are indexed to NYMEX-Henry Hub. The Company also enters into oil derivative contracts indexed to NYMEX-WTI. At September 30, 2024, the Company had the following open commodity positions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2025 ​ 2026 Natural Gas Derivative Contracts: ​ ​    ​ ​ ​ ​ ​ ​ Fixed price swap contracts: ​ ​    ​ ​ ​ ​ ​ ​ Average monthly volume (MMBtu) ​ ​ 660,000 ​ ​ 585,000 ​ ​ 500,000 Weighted-average fixed price ​ $ 3.74 ​ $ 3.75 ​ $ 3.79 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collar contracts: ​   ​ ​   ​ ​   ​ Two-way collars ​   ​ ​   ​ ​   ​ Average monthly volume (MMBtu) ​   333,333 ​   250,000 ​   354,167 Weighted-average floor price ​ $ 3.50 ​ $ 3.50 ​ $ 3.57 Weighted-average ceiling price ​ $ 4.08 ​ $ 4.06 ​ $ 4.18 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Crude Oil Derivative Contracts: ​   ​ ​   ​ ​   ​ Fixed price swap contracts: ​   ​ ​   ​ ​   ​ Average monthly volume (Bbls) ​   83,000 ​   78,583 ​   30,917 Weighted-average fixed price ​ $ 74.34 ​ $ 71.79 ​ $ 70.68 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collar contracts: ​      ​      ​      Two-way collars ​ ​ ​ ​ ​ ​ ​ ​ ​ Average monthly volume (Bbls) ​ ​ 102,000 ​ ​ 59,500 ​ ​ — Weighted-average floor price ​ $ 70.00 ​ $ 70.00 ​ $ — Weighted-average ceiling price ​ $ 80.20 ​ $ 80.20 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance Sheet Presentation The following table summarizes both: (i) the gross fair value of derivative instruments by the appropriate balance sheet classification even when the derivative instruments are subject to netting arrangements and qualify for net presentation in the balance sheet and (ii) the net recorded fair value as reflected on the balance sheet at September 30, 2024 and December 31, 2023. There was no cash collateral received or pledged associated with the Company’s derivative instruments since most of its counterparties, or certain of its affiliates, to its derivative contracts are lenders under its Revolving Credit Facility. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​      ​      Asset       Liability      Asset       Liability ​ ​ ​ ​ Derivatives ​ Derivatives ​ Derivatives ​ Derivatives ​ ​ ​ ​ September 30,  ​ September 30,  ​ December 31,  ​ December 31,  Type      Balance Sheet Location      2024      2024      2023      2023 ​ ​ ​ ​ (In thousands) Commodity contracts   Short-term derivative instruments ​ $ 17,724 ​ $ 2,168 ​ $ 21,657 ​ $ 3,988 Interest rate swaps   Short-term derivative instruments ​   — ​   — ​   — ​   — Gross fair value   ​ ​   17,724 ​   2,168 ​   21,657 ​   3,988 Netting arrangements   ​ ​   (2,168) ​   (2,168) ​   (3,988) ​   (3,988) Net recorded fair value   Short-term derivative instruments ​ $ 15,556 ​ $ — ​ $ 17,669 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity contracts   Long-term derivative instruments ​ $ 8,450 ​ $ 4,031 ​ $ 17,782 ​ $ 8,377 Interest rate swaps   Long-term derivative instruments ​   — ​   — ​   — ​   — Gross fair value   ​ ​   8,450 ​   4,031 ​   17,782 ​   8,377 Netting arrangements   ​ ​   (4,031) ​   (4,031) ​   (8,377) ​   (8,377) Net recorded fair value   Long-term derivative instruments ​ $ 4,419 ​ $ — ​ $ 9,405 ​ $ — ​ Loss (Gain) on Derivative Instruments The Company does not designate derivative instruments as hedging instruments for accounting and financial reporting purposes. Accordingly, all gains and losses, including changes in the derivative instruments’ fair values, have been recorded in the accompanying Unaudited Condensed Consolidated Statements of Operations. The following table details the gains and losses related to derivative instruments for the periods indicated (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​      ​      For the Three Months Ended ​ For the Nine Months Ended ​ ​ Statements of      September 30,       September 30,  ​      Operations Location ​ 2024      2023 ​ 2024      2023 Commodity derivative contracts   Loss (gain) on commodity derivatives ​ $ (25,047) ​ $ 23,328 ​ $ (7,258) ​ $ 4,371 ​

Asset Retirement Obligations	9 Months Ended
	Sep. 30, 2024
Asset Retirement Obligations
Asset Retirement Obligations	Note 6. Asset Retirement Obligations The Company’s asset retirement obligations primarily relate to the Company’s portion of future plugging and abandonment costs for wells and related facilities. The following table presents the changes in the asset retirement obligations for the nine months ended September 30, 2024 (in thousands): ​ ​ ​ ​ ​ Asset retirement obligations at beginning of period ​ $ 123,494 Liabilities added from acquisition or drilling ​   1 Liabilities settled ​   (750) Accretion expense ​   6,282 Revision of estimates ​   105 Asset retirement obligation at end of period ​   129,132 Less: Current portion ​   1,576 Asset retirement obligations - long-term portion ​ $ 127,556 ​

Long-Term Debt	9 Months Ended
	Sep. 30, 2024
Long-Term Debt.
Long-Term Debt	Note 7. Long-Term Debt The following table presents the Company’s consolidated debt obligations at the dates indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​      September 30,  ​ December 31,  ​ ​ 2024 ​ 2023 ​ ​ (In thousands) Revolving Credit Facility (1) ​ $ 120,000 ​ $ 115,000 Total long-term debt ​ $ 120,000 ​ $ 115,000 (1) The carrying amount of the Company’s Revolving Credit Facility approximates fair value because the interest rates are variable and reflective of market rates. Amended and Restated Credit Agreement On July 31, 2023, OLLC and Amplify Acquisitionco LLC (“Acquisitionco”), as the direct parent of OLLC and wholly owned subsidiary of the Company, entered into the Amended and Restated Credit Agreement, providing for a senior secured reserve-based revolving credit facility. The Revolving Credit Facility is guaranteed by the Company and all of its material subsidiaries and secured by substantially all of its assets. The Revolving Credit Facility matures on July 31, 2027, and is a replacement in full of the prior Revolving Credit Facility by and among OLLC, Acquisitionco, the guarantors party thereto, the lenders party thereto and KeyBank National Association, as the administrative agent (as amended, the “Prior Revolving Credit Facility”). The aggregate principal amount of loans outstanding under the Revolving Credit Facility as of September 30, 2024, was $120.0 million. As of September 30, 2024, the borrowing base under the facility was $150.0 million with elected commitments of $135.0 million, and, consistent with the Prior Revolving Credit Facility, the Revolving Credit Facility borrowing base is subject to redetermination on at least a semi-annual basis, primarily based on a reserve engineering report. Certain key terms and conditions under the Revolving Credit Facility include (but are not limited to): ● A maturity date of July 31, 2027; ● The loans shall bear interest at a rate per annum equal to (i) adjusted SOFR or (ii) an adjusted base rate, plus an applicable margin based on a utilization ratio of the lesser of the borrowing base and the aggregate commitments. The applicable margin ranges from 2.00% to 3.00% for adjusted base rate borrowings, and 3.00% to 4.00% for adjusted SOFR borrowings; ● The unused commitments under the Revolving Credit Facility will accrue a commitment fee of 0.50%, payable quarterly in arrears; ● Certain financial covenants, including the maintenance of (i) a net debt leverage ratio not to exceed 3.00 to 1.00, determined as of the last day of each fiscal quarter for the four fiscal-quarter period then ending and (ii) a current ratio of not less than 1.00 to 1.00, determined as of the last day of each fiscal quarter, in each case commencing with the fiscal quarter ending December 31, 2023; ● Certain events of default, including, without limitation: non-payment; breaches of representations and warranties; non-compliance with covenants or other agreements; cross-default to material indebtedness; judgments; change of control; and voluntary and involuntary bankruptcy; and ● Initial minimum hedging requirements covering 75% of the reasonably projected monthly production of hydrocarbons from proved developed producing reserves for the 24-month period following the effective date of the Revolving Credit Facility (the “First Period”) and (ii) 50% for the 12-month period immediately following the First Period. Subsequent event. On October 25, 2024, OLLC entered into an amendment to the Revolving Credit Facility (the “Credit Agreement Amendment”), which, among other things, (i) reduced the borrowing base under the Revolving Credit Facility from $150.0 million to $145.0 million, (ii) increased the aggregate elected commitments under the Revolving Credit Facility from $135.0 million to $145.0 million and (iii) amended certain interest rates applicable to loans under the Revolving Credit Facility. The next redetermination is expected in the spring of 2025. As of September 30, 2024, the Company was in compliance with all the financial (current ratio and total leverage ratio) and non-financial covenants associated with the Revolving Credit Facility. Weighted-Average Interest Rates The following table presents the weighted-average interest rates paid, excluding commitment fees, on the Company’s consolidated variable-rate debt obligations for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ ​ September 30,  ​ September 30,  ​ ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ Revolving Credit Facility ​ 9.28 %   9.39 % 9.34 %   9.34 % ​ Letters of Credit At September 30, 2024, the Company had no letters of credit outstanding. Unamortized Deferred Financing Costs Unamortized deferred financing costs associated with the Company’s Revolving Credit Facility were $3.5 million at September 30, 2024.

Equity	9 Months Ended
	Sep. 30, 2024
Equity
Equity	Note 8. Equity Common Stock The Company’s authorized capital stock includes 250,000,000 shares of common stock, $0.01 par value per share. The following is a summary of the changes in the Company’s common stock issued for the nine months ended September 30, 2024: ​ ​ ​ ​ ​      Common Stock Balance, December 31, 2023   39,147,205 Issuance of common stock   — Restricted stock units vested   903,898 Shares withheld for taxes (1) ​ (261,603) Balance, September 30, 2024   39,789,500 (1) Represents the net settlement on vesting of restricted stock to satisfy tax withholding requirements.

Earnings (Loss) per Share	9 Months Ended
	Sep. 30, 2024
Earnings (Loss) per Share
Earnings (Loss) per Share	Note 9. Earnings (Loss) per Share The following sets forth the calculation of earnings (loss) per share, or EPS, for the periods indicated (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​      For the Three Months Ended ​ For the Nine Months Ended ​ ​ September 30,  ​ September 30,  ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 Net income (loss) ​ $ 22,652 ​ $ (13,403) ​ $ 20,375 ​ $ 349,172 Less: Net income allocated to participating securities ​   1,083 ​   — ​   983 ​   15,771 Basic and diluted earnings available to common stockholders ​ $ 21,569 ​ $ (13,403) ​ $ 19,392 ​ $ 333,401 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common shares: ​      ​      ​      ​      Common shares outstanding — basic ​   39,783 ​   39,063 ​   39,608 ​   38,911 Dilutive effect of potential common shares ​   — ​   — ​   — ​   — Common shares outstanding — diluted ​   39,783 ​   39,063 ​   39,608 ​   38,911 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings (loss) per share: ​      ​      ​      ​      Basic ​ $ 0.54 ​ $ (0.34) ​ $ 0.49 ​ $ 8.57 Diluted ​ $ 0.54 ​ $ (0.34) ​ $ 0.49 ​ $ 8.57 ​

Long-Term Incentive Plans	9 Months Ended
	Sep. 30, 2024
Long-Term Incentive Plans
Long-Term Incentive Plans	Note 10. Long-Term Incentive Plans On May 15, 2024, the Company’s shareholders approved the Amplify Energy Corp. 2024 Equity Incentive Plan (the “2024 EIP”), which had previously been approved by the board of directors of the Company. No further awards will be granted under the prior Legacy Equity Incentive Plan (“EIP,” and together with the 2024 EIP, the “EIP Plans”). The 2024 EIP provides for awards that can be granted in the form of nonqualified stock options, incentive stock options, restricted stock awards, restricted stock units, stock appreciation rights, performance awards, stock awards and other incentive awards. To the extent that an award, other than stock options or stock appreciation rights, under the 2024 EIP has expired or been forfeited or canceled for any reason without having been exercised in full, the unexercised award would then be available again for future grants under the 2024 EIP. The 2024 EIP is administered by the board of directors of the Company. Restricted Stock Units Restricted Stock Units with Service Vesting Condition Restricted stock units with service vesting conditions (“TSUs”) are accounted for as either equity-classified awards or liability-classified awards. The grant-date fair value is recognized as compensation cost on a straight-line basis over the requisite service period and forfeitures are accounted for as they occur. The Company considered its intent and ability to settle awards in cash or shares of stock in determining whether to classify the awards as equity or liability awards. Compensation costs for equity-classified awards are recorded as general and administrative expense. The fair value of liability-classified awards is determined on a quarterly basis beginning at the grant date until final vesting. Changes in the fair value of liability-classified awards are recorded to general administrative expense and are remeasured at fair value each reporting period. In February 2024, the Company granted contingent cash-settlement awards in the form of TSUs (the “2024 TSUs”). In May 2024, the Company received shareholder approval of the 2024 EIP, which removed the contingent consideration around the 2024 TSUs. As of June 30, 2024, the 2024 TSUs were reclassified as equity awards. The compensation cost related to these awards is determined by the fair value of the award on the modification date. The 2024 TSUs will vest in substantially equal installments over a three-year period. The unrecognized cost associated with the TSUs was $6.6 million at September 30, 2024. The Company expects to recognize the unrecognized compensation cost for these awards over a weighted average period of approximately 2.0 years. The following table summarizes information regarding the TSUs activity for the period presented: ​ ​ ​ ​ ​ ​ ​ ​      ​      Weighted- ​ ​ ​ ​ Average Grant- ​ ​ Number of ​ Date Fair Value ​ ​ Units ​ per Unit (1) TSUs outstanding at December 31, 2023   1,331,456 ​ $ 5.77 Granted (2)   851,456 ​ $ 6.37 Forfeited   (5,922) ​ $ 5.04 Vested   (796,854) ​ $ 5.29 TSUs outstanding at September 30, 2024   1,380,136 ​ $ 6.42 (1) Determined by dividing the aggregate grant-date fair value of awards by the number of awards issued. (2) The aggregate grant-date fair value of TSUs issued for the nine months ended September 30, 2024 was $5.4 million based on a grant-date market price ranging from $6.26 per share to $6.72 per share. Restricted Stock Units with Market and Service Vesting Conditions Restricted stock units with market and service vesting conditions (“PSUs”) are accounted for as either equity-classified or liability-classified awards. The grant-date fair value is recognized as compensation cost on a graded-vesting basis. The fair value of the awards is estimated on their grant dates using a Monte Carlo simulation. The Company recognizes compensation cost over the requisite service or performance period. The Company accounts for forfeitures as they occur. Vesting of PSUs can range from 0% to 200% of the target awards granted based on the Company’s relative total shareholder return as compared to the total shareholder return of the Company’s performance peer group over the applicable performance period. The 2022 and 2023 PSU awards are accounted for as equity-classified awards and were issued with a three-year vesting period beginning on the grant date and ending on the third anniversary of the grant date. The three-year performance period for the 2022 awards is January 1, 2022 through December 31, 2024. The three-year performance period for the 2023 awards is January 1, 2023 through December 31, 2025. In February 2024, the Company granted contingent cash-settlement awards in the form of PSUs (the “2024 PSUs”). In May 2024, the Company received shareholder approval of the 2024 EIP, which removed the contingent consideration around the 2024 PSUs. As of June 30, 2024, the 2024 PSUs were reclassified as equity awards with a three-year vesting period. The compensation cost related to these awards is determined by the fair value of the award on the modification date. The three-year performance period for the 2024 PSUs is January 1, 2024 through December 31, 2026. Compensation costs related to PSU awards are recorded as general and administrative expense. The unrecognized cost associated with PSU awards was $3.3 million at September 30, 2024. The Company expects to recognize the unrecognized compensation cost for PSU awards over a weighted-average period of approximately 1.9 years. The below table reflects the ranges for the assumptions used in the Monte Carlo model for the 2024 PSUs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date of Grant: February 2024 ​ ​ Modification Date: May 2024 ​ Expected volatility ​ 75.8 % ​ 63.2 % Dividend yield ​ 0.00 % ​ 0.00 % Risk-free interest rate ​ 4.19 % ​ 4.72 % ​ The following table summarizes information regarding the PSU activity for the period presented: ​ ​ ​ ​ ​ ​ ​ ​      ​      Weighted- ​ ​ ​ ​ Average Grant- ​ ​ Number of ​ Date Fair Value ​ ​ Units ​ per Unit (1) PSUs outstanding at December 31, 2023   402,701 ​ $ 9.31 Granted (2)   312,843 ​ $ 7.55 Forfeited   — ​ $ — Vested   (107,044) ​ $ 2.63 PSUs outstanding at September 30, 2024   608,500 ​ $ 9.58 (1) Determined by dividing the aggregate grant-date fair value of awards by the number of awards issued. (2) The aggregate grant-date fair value of PSUs issued for the nine months ended September 30, 2024 was $2.4 million based on a calculated fair value price ranging from $2.63 to $8.33 per share. Compensation Expense The following table summarizes the amount of recognized compensation expense associated with the EIP Plans, which are reflected in the accompanying Unaudited Condensed Consolidated Statements of Operations for the periods presented (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​      For the Three Months Ended      For the Nine Months Ended ​ ​ September 30,  ​ September 30,  ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 Share-based compensation costs ​    ​ ​    ​ ​    ​ ​    ​ TSUs ​ $ 1,322 ​ $ 1,027 ​ $ 3,685 ​ $ 2,965 PSUs ​   494 ​   300 ​   1,428 ​   643 ​ ​ $ 1,816 ​ $ 1,327 ​ $ 5,113 ​ $ 3,608 ​

Leases	9 Months Ended
	Sep. 30, 2024
Leases
Leases	Note 11. Leases The Company has leases for office space, warehouse space and equipment in its corporate office and operating regions as well as vehicles, compressors and surface rentals related to its business operations. In addition, the Company has right-of-way leases to operate the San Pedro Bay Pipeline. Most of the Company’s leases, other than its corporate office lease, have an initial term and may be extended on a month-to-month basis after expiration of the initial term. Most of the Company’s leases can be terminated with 30-day prior written notice. The majority of its month-to-month leases are not included as a lease liability in its balance sheet because continuation of the lease is not reasonably certain. Additionally, the Company elected the short-term practical expedient to exclude leases with a term of twelve months or less. For the quarter ended September 30, 2024, all of the Company’s leases qualified as operating leases, and it did not have any existing or new leases qualifying as financing leases or variable leases. The Company’s corporate office lease does not provide an implicit rate. To determine the present value of the lease payments, the Company uses an incremental borrowing rate based on the information available at the inception date. To determine the incremental borrowing rate, the Company applies a portfolio approach based on the applicable lease terms and the current economic environment. The Company uses a reasonable market interest rate for its office equipment and vehicle leases. For the nine months ended September 30, 2024 and 2023, the Company recognized approximately $1.5 million and $1.6 million, respectively, of costs relating to the operating leases in the Unaudited Condensed Consolidated Statements of Operations. Supplemental cash flow information related to the Company’s lease liabilities is included in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended ​ ​ September 30,  ​ ​ 2024 ​ 2023 ​ ​ (In thousands) Non-cash amounts included in the measurement of lease liabilities: ​   ​ ​   ​ Operating cash flows from operating leases   $ 1,143 ​ $ 1,352 ​ The following table presents the Company’s right-of-use assets and lease liabilities for the period presented: ​ ​ ​ ​ ​ ​ ​ ​ ​      September 30,  ​ December 31,  ​ ​ 2024 ​ 2023 ​ ​ (In thousands) Right-of-use asset ​ $ 4,613 ​ $ 5,756 ​ ​ ​ ​ ​ ​ ​ Lease liabilities:   ​      ​    Current lease liability   ​ 1,772   ​ 1,737 Long-term lease liability   ​ 3,806   ​ 5,090 Total lease liability ​ $ 5,578 ​ $ 6,827 ​ The following table reflects the Company’s maturity analysis of the minimum lease payment obligations under non-cancelable operating leases with a remaining term in excess of one year (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Office and ​ Leased vehicles ​ ​ ​ ​ ​ ​ warehouse ​ and office ​ ​ ​ ​      leases      equipment      Total 2024 ​ $ 357 ​ $ 188 ​ $ 545 2025 ​ ​ 1,429 ​ ​ 573 ​ ​ 2,002 2026 ​ ​ 1,206 ​ ​ 87 ​ ​ 1,293 2027 ​ ​ 836 ​ ​ 4 ​ ​ 840 2028 and thereafter   ​ 1,798   ​ —   ​ 1,798 Total lease payments   ​ 5,626   ​ 852   ​ 6,478 Less: interest   ​ 856   ​ 44   ​ 900 Present value of lease liabilities ​ $ 4,770 ​ $ 808 ​ $ 5,578 ​ The weighted average remaining lease terms and discount rate for all of the Company’s operating leases for the period presented: ​ ​ ​ ​ ​ ​ ​ ​      September 30,    ​ ​ 2024 ​ 2023   Weighted average remaining lease term (years): ​    ​      Office and warehouse space   4.00   4.42 ​ Vehicles   0.07   0.36 ​ Office equipment   —   0.02 ​ Weighted average discount rate:   ​   ​ ​ Office and warehouse space   5.59 %   5.16 % Vehicles   0.98 %   1.19 % Office equipment   0.04 %   0.09 % ​

Supplemental Disclosures to the Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statements of Cash Flows	9 Months Ended
	Sep. 30, 2024
Supplemental Disclosures to the Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statements of Cash Flows
Supplemental Disclosures to the Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statements of Cash Flows	Note 12. Supplemental Disclosures to the Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statements of Cash Flows Accrued Liabilities Current accrued liabilities consisted of the following at the dates indicated (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​      September 30,  ​ December 31,  ​ ​ 2024 ​ 2023 Accrued lease operating expense ​ $ 11,491 ​ $ 14,239 Accrued liability - pipeline incident ​ ​ 1,691 ​ ​ 9,331 Accrued liability - current portion of pipeline incident settlement ​ ​ 1,100 ​ ​ 2,000 Accrued capital expenditures ​ ​ 7,914 ​ ​ 8,019 Accrued general and administrative expense ​   3,790 ​   5,335 Accrued production and ad valorem tax ​   3,572 ​   3,502 Accrued commitment fee and other expense ​   2,455 ​   2,626 Operating lease liability ​ ​ 1,772 ​ ​ 1,737 Asset retirement obligations ​   1,576 ​   1,493 Accrued current income tax payable ​ ​ 784 ​ ​ — Accrued interest payable ​ ​ 221 ​ ​ 1,792 Other ​   333 ​   797 Accrued liabilities ​ $ 36,699 ​ $ 50,871 ​ Accounts Receivable Accounts receivable consisted of the following at the dates indicated (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​      September 30,  ​ ​ December 31,  ​ ​ 2024 ​ ​ 2023 Oil and natural gas receivables ​ $ 25,618 ​ ​ $ 31,131 Insurance receivable - pipeline incident ​ ​ 1,697 ​ ​ ​ 3,571 Joint interest owners and other ​ ​ 6,680 ​ ​ ​ 6,042 Total accounts receivable ​   33,995 ​ ​   40,744 Less: allowance for doubtful accounts ​   (1,700) ​ ​   (1,648) Total accounts receivable, net ​ $ 32,295 ​ ​ $ 39,096 ​ Supplemental Cash Flows Supplemental cash flows for the periods presented (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​      For the Nine Months Ended ​ ​ September 30,  ​ ​ 2024 ​ 2023 Supplemental cash flows: ​ ​    ​ ​    Cash paid for interest, net of amounts capitalized ​ $ 9,162 ​ $ 8,142 Cash paid for taxes     1,040   ​ 5,725 ​ ​ ​ ​ ​ ​ ​ Noncash investing and financing activities:     ​   ​ ​ Increase (decrease) in capital expenditures in payables and accrued liabilities     (1,323)   ​ 5,880 ​

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions
Related Party Transactions	Note 13. Related Party Transactions Related Party Agreements There have been no transactions between the Company and any related person in which the related person had a direct or indirect material interest for the three and nine months ended September 30, 2024 and 2023.

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies.
Commitments and Contingencies	Note 14. Commitments and Contingencies Litigation and Environmental As part of our normal business activities, we may be named as defendants in litigation and legal proceedings, including those arising from regulatory and environmental matters. Although the Company is insured against various risks to the extent it believes it is prudent, there is no assurance that the nature and amount of such insurance will be adequate, in every case, to indemnify it against liabilities arising from future legal proceedings. Environmental costs for remediation are accrued based on estimates of known remediation requirements. Such accruals are based on management’s best estimate of the ultimate cost to remediate a site and are adjusted as further information and circumstances develop. Those estimates may change substantially depending on information about the nature and extent of contamination, appropriate remediation technologies and regulatory approvals. Expenditures to mitigate or prevent future environmental contamination are capitalized. Ongoing environmental compliance costs are charged to expense as incurred. In accruing for environmental remediation liabilities, costs of future expenditures for environmental remediation are not discounted to their present value, unless the amount and timing of the expenditures are fixed or reliably determinable. At September 30, 2024 and December 31, 2023, the Company had no environmental reserves recorded in its Unaudited Condensed Consolidated Balance Sheet. Revenue Payables in Suspense During 2024, the Company determined that it had improperly classified certain non-operated revenue within revenues payable in suspense from 2015 through 2024 and had also retained revenue suspense on assets previously sold in 2018 for which no obligation existed subsequent to the date of close. As a result, the Company recorded an out-of-period adjustment of $2.8 million in 2024 to release such amounts as previously accrued within revenue payables in suspense, of which $2.2 million and $0.6 million included in oil and natural gas revenue and other income, respectively, in the Unaudited Condensed Consolidated Statements of Operations. Management considered qualitative and quantitative factors and concluded the out-of-period adjustment is immaterial to 2024 and each of the applicable periods. Beta Pipeline Incident Please refer to “Note 16. Beta Pipeline Incident” for details. Sinking Fund Trust Agreement Beta Operating Company, LLC (“Beta LLC”), a wholly owned subsidiary, assumed an obligation with a third party to make payments into a sinking fund in connection with the Company’s properties in federal waters offshore Southern California, the purpose of which is to provide funds adequate to decommission the portion of the San Pedro Bay Pipeline that lies within state waters and the surface facilities. Interest earned in the account stays in the account. The obligation to fund ceases when the aggregate value of the account reaches $4.3 million. As of September 30, 2024, the account balance included in restricted investments was approximately $4.5 million. Supplemental Bond for Decommissioning Liabilities Trust Agreement Beta LLC has a decommissioning obligation with BOEM in connection with the Company’s properties in federal waters offshore Southern California. The Company supports its decommissioning obligation with $161.3 million of A-rated surety bonds. In December 2021, the Company entered into two escrow funding agreements with its surety providers to fund interest-bearing escrow accounts on a quarterly basis to reimburse and indemnify the surety providers for any claims arising under the surety bonds related to the decommissioning of our Beta LLC properties. In March 2024, the Company amended one of the escrow funding agreements to decrease the amount funded from $14.8 million per year to $8.0 million per year. There were no changes made to the second escrow agreement. The obligation for these agreements ceases when the total aggregate value of the escrow accounts reaches $172.6 million. The below table outlines the updated funding commitment for these agreements at September 30, 2024 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​      Payment Due by Period Funding commitment ​ Total      Remaining 2024      2025      2026      2027      2028      Thereafter Federal escrow fund payments ​ $ 140,728 ​ $ 2,000 ​ $ 8,000 ​ $ 8,000 ​ $ 8,000 ​ $ 8,000 ​ $ 106,728 State escrow fund payments ​ ​ 9,253 ​ ​ 258 ​ ​ 1,034 ​ ​ 1,034 ​ ​ 1,034 ​ ​ 1,034 ​ ​ 4,859 Total sinking fund payments ​ $ 149,981 ​ $ 2,258 ​ $ 9,034 ​ $ 9,034 ​ $ 9,034 ​ $ 9,034 ​ $ 111,587 ​ As of September 30, 2024, the Company has funded $22.9 million into the escrow accounts which is reflected in “Restricted investments” on the Unaudited Condensed Consolidated Balance Sheet.

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Taxes
Income Taxes	Note 15. Income Taxes The Company’s current income tax benefit (expense) was ($0.4) million and ($2.4) million for the three and nine months ended September 30, 2024, respectively. The Company’s current income tax benefit (expense) was ($1.4) million and ($7.1) million for the three and nine months ended September 30, 2023, respectively. The Company’s deferred income tax benefit (expense) was ($5.7) million and ($3.1) million for the three and nine months ended September 30, 2024, respectively. The Company’s deferred income tax benefit (expense) was $4.7 million and $264.1 million for the three and nine months ended September 30, 2023, respectively. The effective tax rates for the three and nine months ended September 30, 2024 were both 21.1%. The difference between the statutory U.S. federal income tax rate of 21% and the effective tax rate for the three and nine months ended September 30, 2024, was caused by higher state taxes, partially offset by marginal well tax credits pursuant to Section 45I of the Internal Revenue Code and a windfall tax benefit from stock compensation. The effective tax rates for the three and nine months ended September 30, 2023 were 19.6% and (278.9%), respectively. The item that had the most significant impact on the difference between the statutory U.S. federal income tax rate of 21% and the effective tax rate for the three and nine months ended September 30, 2023, was the release of the valuation allowance.

Beta Pipeline Incident	9 Months Ended
	Sep. 30, 2024
Beta Pipeline Incident
Beta Pipeline Incident	Note 16. Beta Pipeline Incident On October 2, 2021, contractors operating under the direction of Beta LLC observed an oil sheen on the water approximately four miles off the coast of Newport Beach, California. Beta LLC platform personnel were notified and promptly initiated the Company’s Oil Spill Response Plan. On October 3, 2021, a Unified Command, consisting of the Company, the U.S. Coast Guard and California Department of Fish and Wildlife’s Office of Spill Prevention and Response, was established to respond to the Incident. Reports from the Unified Command’s contracted commercial divers and Remotely Operated Vehicle footage indicated that a 4,000-foot section of the Company’s pipeline had been displaced and that the pipeline had a 13-inch split, running parallel to the pipe, releasing approximately 588 barrels of oil. All operations were suspended and the pipeline was shut-in pending the Company’s receipt of the required regulatory approvals to restart operations, including but not limited to, approval of a written restart plan from the Pipeline and Hazardous Materials Safety Administration (“PHMSA”), Office of Pipeline Safety. On April 10, 2023, the Company announced that it received the required approvals from federal regulatory agencies to restart operations at the Beta Field. Since such date, the pipeline has been operated in accordance with the restart procedures that were reviewed and approved by PHMSA. On December 15, 2021, a federal grand jury in the Central District of California returned a federal criminal indictment against the Company, Beta LLC, and San Pedro Bay Pipeline Company in connection with the Incident. As previously disclosed, state authorities were conducting parallel criminal investigations. The Company reached court-approved agreements to resolve all criminal matters stemming from the Incident. As part of the resolution with the United States, the Company agreed to plead guilty to one count of misdemeanor negligent discharge of oil in violation of the Clean Water Act and, agreed to pay a fine of approximately $7.1 million in installments over a period of three years, serve a term of four years’ probation and reimburse governmental agencies approximately $5.8 million for their response to this event. Additionally, as part of the resolution with the state of California, the Company agreed to enter a plea of No Contest to six misdemeanor charges, and, as a result, paid a fine in the amount of $4.9 million to be distributed among the state of California, including the State’s Fish and Game Preservation Fund, and Orange County, agreed to serve a one-year term of probation and agreed to certain compliance enhancements to its operations. The Company is currently subject to a number of ongoing investigations related to the Incident by certain federal and state agencies and may be subject to new investigations and proceedings in the future, the results of which may have a material impact on the Company’s business and results of operations and could put pressure on its liquidity position going forward. With respect to PHMSA’s investigation, on April 6, 2023, PHMSA provided the Company notice of PHMSA’s positions regarding “probable violations of the Pipeline Safety Regulations” in connection with the Incident. The Company has responded to the notice and is conferring with PHMSA regarding a resolution. Amplify continues to comply with all regulatory requirements and investigations. The outcomes of these investigations and the nature of any remedies pursued will depend on the discretion of the relevant authorities and may result in regulatory or other enforcement actions, as well as civil liability. The Company, Beta LLC, and San Pedro Bay Pipeline Company were named as defendants in a consolidated putative class action in the United States District Court for the Central District of California, asserting claims against the Company, Beta LLC, San Pedro Bay Pipeline Company, among others. On August 25, 2022, the Company reached an agreement in principle with plaintiffs in the class action to resolve all civil claims against it and its subsidiaries. The settlement of $50.0 million, which also includes certain injunctive relief, has been and will continue to be funded under the Company’s insurance policies. The Court granted final approval of the settlement on April 24, 2023. Separately, on March 1, 2023, the Company announced that the vessels that struck and damaged the pipeline and their respective owners and operators agreed to pay the Company $96.5 million in a settlement. This settlement resolved Amplify’s affirmative claims related to the Incident, and as such, Amplify dismissed its legal claims against those parties. Under the Oil Pollution Act of 1990, 33 U.S.C. § 2701 et seq. (“OPA 90”), the Company’s pipeline was designated by the U.S. Coast Guard as the source of the oil discharge and therefore the Company is financially responsible for remediation and for certain costs and economic damages as provided for in OPA 90, as well as certain natural resource damages associated with the spill and certain costs determined by federal and state trustees engaged in a joint assessment of such natural resource damages. As of September 30, 2024, the Company has completed processing all outstanding covered claims under OPA 90. In addition, the Natural Resource Damage Assessment remains ongoing and therefore the extent, timing and cost related to such assessment are difficult to project. While the Company anticipates insurance will reimburse it for expenses related to the Natural Resource Damage Assessment, any potentially uncovered expenses may be material and could impact the Company’s business and results of operations and could put pressure on its liquidity position going forward. On or about October 10, 2024, the Company reached settlements with the City of Huntington Beach and Pacific Airshow LLC.  The Company has resolved all known claims arising from the Incident and believes there are no more claims outstanding, except through the ongoing Natural Resource Damage Assessment process. Based on presently enacted laws and regulations and currently available facts, the Company estimates that the total costs it has incurred or will incur with respect to the Incident to be between approximately $190.0 million to $210.0 million. The range of total costs is based on the Company’s assumptions regarding (i) settlement of costs associated with certain vendors for response and remediation expenses, (ii) resolution of certain third-party claims, excluding claims with respect to losses, which are not probable or reasonably estimable, and (iii) future claims and lawsuits. While the Company believes it has accurately reflected all probable and reasonably estimable costs incurred in the Company’s Unaudited Consolidated Statements of Operations, these estimates are subject to uncertainties associated with the underlying assumptions. Accordingly, as the Company’s assumptions and estimates may change in future periods based on future events, the Company can provide no assurance that total costs will not materially change in future periods. The Company’s estimates do not include (i) the nature, extent and cost of future legal services that will be required in connection with all lawsuits, claims and other matters requiring legal or expert advice associated with the Incident, (ii) any lost revenue associated with the suspension of operations at Beta, (iii) any liabilities or costs, including regulatory costs, that are not reasonably estimable at this time or that relate to contingencies where the Company currently regards the likelihood of loss as being only reasonably possible or remote and (iv) the costs associated with the permanent repair of the pipeline and the restart of operations at Beta. In accordance with customary insurance practice, the Company maintains insurance policies, including loss of production insurance, against many potential losses or liabilities arising from its operations, which, in addition to the settlement amount disclosed, have covered a material portion of aggregate costs associated with the Incident. However, the Company can provide no assurance that its coverage will continue to adequately protect it against liability from all potential consequences, damages and losses related to the Incident and such view and understanding is preliminary and subject to change. On September 30, 2024, and December 31, 2023, the Company’s insurance receivables were $1.7 million and $3.6 million, respectively. Excluding the costs associated with the resolution of the federal and state matters discussed above, for the nine months ended September 30, 2024, the Company incurred response and remediation expenses and legal fees of $1.5 million, which primarily relates to certain legal costs that are not expected to be recovered under an insurance policy and are classified as “Pipeline Incident Loss” on the Company’s Unaudited Condensed Consolidated Statements of Operations. For more information, please see our annual report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 7, 2024.

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events
Subsequent Events	Note 17. Subsequent Events Borrowing Base Redetermination See Note 7 for additional information relating to the Company’s borrowing base redetermination.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 22,652	$ 7,119	$ (9,396)	$ (13,403)	$ 9,816	$ 352,759	$ 20,375	$ 349,172

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Summary of Significant Accounting Policies
General	General Amplify Energy Corp. (“Amplify Energy,” “Amplify,” “it” or the “Company”) is a publicly traded Delaware corporation whose common stock is listed on the NYSE under the symbol “AMPY.” The Company operates in one reportable segment that is engaged in the acquisition, development, exploitation and production of oil and natural gas properties. The Company’s management evaluates performance based on one reportable business segment as there are not different economic environments within the operation of the Company’s oil and natural gas properties. The Company’s assets consist primarily of producing oil and natural gas properties located in Oklahoma, the Rockies (“Bairoil”), federal waters offshore Southern California (“Beta”), East Texas/North Louisiana and the Eagle Ford (non-op). Most of the Company’s oil and natural gas properties are located in large, mature oil and natural gas reservoirs. The Company’s properties consist primarily of operated and non-operated working interests in producing and undeveloped leasehold acreage and working interests in identified producing wells.
Basis of Presentation	Basis of Presentation The Company’s accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries which have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In the Company’s opinion, the accompanying Unaudited Condensed Consolidated Financial Statements include all adjustments of a normal recurring nature necessary for fair presentation. Material intercompany transactions and balances have been eliminated. The results reported in these Unaudited Condensed Consolidated Financial Statements are not necessarily indicative of results that may be expected for the entire year. Furthermore, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. Accordingly, the accompanying Unaudited Condensed Consolidated Financial Statements and Notes should be read in conjunction with the Company’s annual financial statements included in its 2023 Form 10-K. Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. These reclassifications had an immaterial effect on the previously reported results of operations.
Use of Estimates	Use of Estimates The preparation of the accompanying Unaudited Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include, but are not limited to, oil and natural gas reserves; fair value estimates; revenue recognition; and contingencies and insurance accounting.
Segments	Segments Operating segments are defined as components of an enterprise that engage in activities from which it may earn revenues and incur expenses for which separate operational financial information is available and is regularly evaluated by the chief operating decision maker (“CODM”). The Company’s Chief Executive Officer has been determined to be the Company’s CODM and as such, he allocates resources and assesses performance based upon consolidated financial information.
New Accounting Pronouncements	New Accounting Pronouncements Improvements to Reportable Segment Disclosure. In November 2023, the Federal Accounting Standards Board (“FASB”) issued an accounting standard update which provides for enhanced disclosure requirements with respect to reportable segments, primarily concerning significant segment expenses and the information used to assess segment performance. The new guidance became effective for annual periods beginning after December 15, 2023, and will become effective for interim reporting periods beginning after December 15, 2024, and must be applied retrospectively for periods included in the Company’s financial statements unless it is impracticable to do so. The Company is currently evaluating the impact of this guidance on the Company's financial disclosures. Improvements to Income Tax Disclosure. In December 2023, the FASB issued an accounting standard update which requires that companies disclose the nature and magnitude of factors contributing to the difference between their effective tax rate and the statutory tax rate. The update will require companies to disclose specific categories in the rate reconciliation and provide additional information about items that meet a certain quantitative threshold. The new guidance will become effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this guidance on the Company's financial disclosures. Adoption of the update will not impact the Company’s financial position, results of operations or liquidity. Other accounting standards that have been issued by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows.

Revenue (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue
Schedule of revenues disaggregated by stream	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​      For the Three Months Ended ​ For the Nine Months Ended ​      September 30,  ​ September 30,  ​      2024      2023      2024      2023 ​      (In thousands) Revenues   ​      ​    ​ ​      ​    Oil ​ $ 54,353 ​ $ 57,214 ​ $ 169,563 ​ $ 146,780 NGLs ​ ​ 6,096 ​ ​ 7,777 ​ ​ 20,187 ​ ​ 21,973 Natural gas ​ ​ 7,686 ​ ​ 11,412 ​ ​ 26,053 ​ ​ 41,327 Oil and natural gas sales ​ $ 68,135 ​ $ 76,403 ​ $ 215,803 ​ $ 210,080

Fair Value Measurements of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Measurements of Financial Instruments
Schedule of assets and liabilities measured at fair value on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​      Fair Value Measurements at September 30, 2024 ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Quoted Prices in ​ Significant Other ​ Unobservable ​ ​ ​ ​ ​ Active Market ​ Observable Inputs ​  Inputs ​ ​ ​ ​      (Level 1)      (Level 2)      (Level 3)      Fair Value ​ ​ (In thousands) Assets:   ​      ​      ​      ​    Commodity derivatives ​ $ — ​ $ 26,174 ​ $ — ​ $ 26,174 Interest rate derivatives ​   — ​   — ​   — ​   — Total assets ​ $ — ​ $ 26,174 ​ $ — ​ $ 26,174 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​      ​      ​      ​      Commodity derivatives ​ $ — ​ $ 6,199 ​ $ — ​ $ 6,199 Interest rate derivatives ​   — ​   — ​   — ​   — Total liabilities ​ $ — ​ $ 6,199 ​ $ — ​ $ 6,199 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​      Fair Value Measurements at December 31, 2023  ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Quoted Prices in ​ Significant Other ​ Unobservable  ​ ​ ​ ​ ​ Active Market ​ Observable Inputs ​ Inputs ​ ​ ​ ​      (Level 1)      (Level 2)      (Level 3)      Fair Value ​ ​ (In thousands) Assets: ​    ​ ​    ​ ​    ​ ​    ​ Commodity derivatives ​ $ — ​ $ 39,439 ​ $ — ​ $ 39,439 Interest rate derivatives ​   — ​   — ​   — ​   — Total assets ​ $ — ​ $ 39,439 ​ $ — ​ $ 39,439 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​      ​      ​      ​      Commodity derivatives ​ $ — ​ $ 12,365 ​ $ — ​ $ 12,365 Interest rate derivatives ​   — ​   — ​   — ​   — Total liabilities ​ $ — ​ $ 12,365 ​ $ — ​ $ 12,365 ​

Risk Management and Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Risk Management and Derivative Instruments
Schedule of open commodity positions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2025 ​ 2026 Natural Gas Derivative Contracts: ​ ​    ​ ​ ​ ​ ​ ​ Fixed price swap contracts: ​ ​    ​ ​ ​ ​ ​ ​ Average monthly volume (MMBtu) ​ ​ 660,000 ​ ​ 585,000 ​ ​ 500,000 Weighted-average fixed price ​ $ 3.74 ​ $ 3.75 ​ $ 3.79 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collar contracts: ​   ​ ​   ​ ​   ​ Two-way collars ​   ​ ​   ​ ​   ​ Average monthly volume (MMBtu) ​   333,333 ​   250,000 ​   354,167 Weighted-average floor price ​ $ 3.50 ​ $ 3.50 ​ $ 3.57 Weighted-average ceiling price ​ $ 4.08 ​ $ 4.06 ​ $ 4.18 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Crude Oil Derivative Contracts: ​   ​ ​   ​ ​   ​ Fixed price swap contracts: ​   ​ ​   ​ ​   ​ Average monthly volume (Bbls) ​   83,000 ​   78,583 ​   30,917 Weighted-average fixed price ​ $ 74.34 ​ $ 71.79 ​ $ 70.68 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collar contracts: ​      ​      ​      Two-way collars ​ ​ ​ ​ ​ ​ ​ ​ ​ Average monthly volume (Bbls) ​ ​ 102,000 ​ ​ 59,500 ​ ​ — Weighted-average floor price ​ $ 70.00 ​ $ 70.00 ​ $ — Weighted-average ceiling price ​ $ 80.20 ​ $ 80.20 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of fair value of derivative instruments by the appropriate balance sheet classification	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​      ​      Asset       Liability      Asset       Liability ​ ​ ​ ​ Derivatives ​ Derivatives ​ Derivatives ​ Derivatives ​ ​ ​ ​ September 30,  ​ September 30,  ​ December 31,  ​ December 31,  Type      Balance Sheet Location      2024      2024      2023      2023 ​ ​ ​ ​ (In thousands) Commodity contracts   Short-term derivative instruments ​ $ 17,724 ​ $ 2,168 ​ $ 21,657 ​ $ 3,988 Interest rate swaps   Short-term derivative instruments ​   — ​   — ​   — ​   — Gross fair value   ​ ​   17,724 ​   2,168 ​   21,657 ​   3,988 Netting arrangements   ​ ​   (2,168) ​   (2,168) ​   (3,988) ​   (3,988) Net recorded fair value   Short-term derivative instruments ​ $ 15,556 ​ $ — ​ $ 17,669 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity contracts   Long-term derivative instruments ​ $ 8,450 ​ $ 4,031 ​ $ 17,782 ​ $ 8,377 Interest rate swaps   Long-term derivative instruments ​   — ​   — ​   — ​   — Gross fair value   ​ ​   8,450 ​   4,031 ​   17,782 ​   8,377 Netting arrangements   ​ ​   (4,031) ​   (4,031) ​   (8,377) ​   (8,377) Net recorded fair value   Long-term derivative instruments ​ $ 4,419 ​ $ — ​ $ 9,405 ​ $ —
Schedule of gains and losses related to derivative instruments	The following table details the gains and losses related to derivative instruments for the periods indicated (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​      ​      For the Three Months Ended ​ For the Nine Months Ended ​ ​ Statements of      September 30,       September 30,  ​      Operations Location ​ 2024      2023 ​ 2024      2023 Commodity derivative contracts   Loss (gain) on commodity derivatives ​ $ (25,047) ​ $ 23,328 ​ $ (7,258) ​ $ 4,371 ​

Asset Retirement Obligations (Tables)	9 Months Ended
	Sep. 30, 2024
Asset Retirement Obligations
Schedule of changes in the asset retirement obligations	The following table presents the changes in the asset retirement obligations for the nine months ended September 30, 2024 (in thousands): ​ ​ ​ ​ ​ Asset retirement obligations at beginning of period ​ $ 123,494 Liabilities added from acquisition or drilling ​   1 Liabilities settled ​   (750) Accretion expense ​   6,282 Revision of estimates ​   105 Asset retirement obligation at end of period ​   129,132 Less: Current portion ​   1,576 Asset retirement obligations - long-term portion ​ $ 127,556 ​

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Long-Term Debt.
Schedule of consolidated debt obligations	​ ​ ​ ​ ​ ​ ​ ​ ​      September 30,  ​ December 31,  ​ ​ 2024 ​ 2023 ​ ​ (In thousands) Revolving Credit Facility (1) ​ $ 120,000 ​ $ 115,000 Total long-term debt ​ $ 120,000 ​ $ 115,000 (1) The carrying amount of the Company’s Revolving Credit Facility approximates fair value because the interest rates are variable and reflective of market rates.
Schedule of weighted-average interest rates paid on variable-rate debt obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ ​ September 30,  ​ September 30,  ​ ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ Revolving Credit Facility ​ 9.28 %   9.39 % 9.34 %   9.34 %

Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity
Schedule of summary of changes in common stock issued	​ ​ ​ ​ ​      Common Stock Balance, December 31, 2023   39,147,205 Issuance of common stock   — Restricted stock units vested   903,898 Shares withheld for taxes (1) ​ (261,603) Balance, September 30, 2024   39,789,500 (1) Represents the net settlement on vesting of restricted stock to satisfy tax withholding requirements.

Earnings (Loss) per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings (Loss) per Share
Schedule of calculation of earnings (loss) per share	The following sets forth the calculation of earnings (loss) per share, or EPS, for the periods indicated (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​      For the Three Months Ended ​ For the Nine Months Ended ​ ​ September 30,  ​ September 30,  ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 Net income (loss) ​ $ 22,652 ​ $ (13,403) ​ $ 20,375 ​ $ 349,172 Less: Net income allocated to participating securities ​   1,083 ​   — ​   983 ​   15,771 Basic and diluted earnings available to common stockholders ​ $ 21,569 ​ $ (13,403) ​ $ 19,392 ​ $ 333,401 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common shares: ​      ​      ​      ​      Common shares outstanding — basic ​   39,783 ​   39,063 ​   39,608 ​   38,911 Dilutive effect of potential common shares ​   — ​   — ​   — ​   — Common shares outstanding — diluted ​   39,783 ​   39,063 ​   39,608 ​   38,911 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings (loss) per share: ​      ​      ​      ​      Basic ​ $ 0.54 ​ $ (0.34) ​ $ 0.49 ​ $ 8.57 Diluted ​ $ 0.54 ​ $ (0.34) ​ $ 0.49 ​ $ 8.57 ​

Long-Term Incentive Plans (Tables)	9 Months Ended
	Sep. 30, 2024
Equity-based Awards
Summary of amount of recognized compensation expense	The following table summarizes the amount of recognized compensation expense associated with the EIP Plans, which are reflected in the accompanying Unaudited Condensed Consolidated Statements of Operations for the periods presented (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​      For the Three Months Ended      For the Nine Months Ended ​ ​ September 30,  ​ September 30,  ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 Share-based compensation costs ​    ​ ​    ​ ​    ​ ​    ​ TSUs ​ $ 1,322 ​ $ 1,027 ​ $ 3,685 ​ $ 2,965 PSUs ​   494 ​   300 ​   1,428 ​   643 ​ ​ $ 1,816 ​ $ 1,327 ​ $ 5,113 ​ $ 3,608 ​
TSUs
Equity-based Awards
Summary of information regarding restricted stock unit awards	​ ​ ​ ​ ​ ​ ​ ​      ​      Weighted- ​ ​ ​ ​ Average Grant- ​ ​ Number of ​ Date Fair Value ​ ​ Units ​ per Unit (1) TSUs outstanding at December 31, 2023   1,331,456 ​ $ 5.77 Granted (2)   851,456 ​ $ 6.37 Forfeited   (5,922) ​ $ 5.04 Vested   (796,854) ​ $ 5.29 TSUs outstanding at September 30, 2024   1,380,136 ​ $ 6.42 (1) Determined by dividing the aggregate grant-date fair value of awards by the number of awards issued. (2) The aggregate grant-date fair value of TSUs issued for the nine months ended September 30, 2024 was $5.4 million based on a grant-date market price ranging from $6.26 per share to $6.72 per share.
PSUs
Equity-based Awards
Summary of information regarding restricted stock unit awards	​ ​ ​ ​ ​ ​ ​ ​      ​      Weighted- ​ ​ ​ ​ Average Grant- ​ ​ Number of ​ Date Fair Value ​ ​ Units ​ per Unit (1) PSUs outstanding at December 31, 2023   402,701 ​ $ 9.31 Granted (2)   312,843 ​ $ 7.55 Forfeited   — ​ $ — Vested   (107,044) ​ $ 2.63 PSUs outstanding at September 30, 2024   608,500 ​ $ 9.58 (1) Determined by dividing the aggregate grant-date fair value of awards by the number of awards issued. (2) The aggregate grant-date fair value of PSUs issued for the nine months ended September 30, 2024 was $2.4 million based on a calculated fair value price ranging from $2.63 to $8.33 per share.
2024 PSUs
Equity-based Awards
Schedule of ranges for the assumptions used in the Monte Carlo model	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date of Grant: February 2024 ​ ​ Modification Date: May 2024 ​ Expected volatility ​ 75.8 % ​ 63.2 % Dividend yield ​ 0.00 % ​ 0.00 % Risk-free interest rate ​ 4.19 % ​ 4.72 %

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases
Schedule of Supplemental Cash Flow Information Related to Lease Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended ​ ​ September 30,  ​ ​ 2024 ​ 2023 ​ ​ (In thousands) Non-cash amounts included in the measurement of lease liabilities: ​   ​ ​   ​ Operating cash flows from operating leases   $ 1,143 ​ $ 1,352
Schedule of Right-of-Use Assets and Lease Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​      September 30,  ​ December 31,  ​ ​ 2024 ​ 2023 ​ ​ (In thousands) Right-of-use asset ​ $ 4,613 ​ $ 5,756 ​ ​ ​ ​ ​ ​ ​ Lease liabilities:   ​      ​    Current lease liability   ​ 1,772   ​ 1,737 Long-term lease liability   ​ 3,806   ​ 5,090 Total lease liability ​ $ 5,578 ​ $ 6,827
Schedule of Maturity Analysis of Minimum Lease Payment Obligation Under Non-cancellable Operating Leases	The following table reflects the Company’s maturity analysis of the minimum lease payment obligations under non-cancelable operating leases with a remaining term in excess of one year (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Office and ​ Leased vehicles ​ ​ ​ ​ ​ ​ warehouse ​ and office ​ ​ ​ ​      leases      equipment      Total 2024 ​ $ 357 ​ $ 188 ​ $ 545 2025 ​ ​ 1,429 ​ ​ 573 ​ ​ 2,002 2026 ​ ​ 1,206 ​ ​ 87 ​ ​ 1,293 2027 ​ ​ 836 ​ ​ 4 ​ ​ 840 2028 and thereafter   ​ 1,798   ​ —   ​ 1,798 Total lease payments   ​ 5,626   ​ 852   ​ 6,478 Less: interest   ​ 856   ​ 44   ​ 900 Present value of lease liabilities ​ $ 4,770 ​ $ 808 ​ $ 5,578
Schedule of Weighted Average Remaining Lease Terms and Discount Rate of Operating Leases	​ ​ ​ ​ ​ ​ ​ ​      September 30,    ​ ​ 2024 ​ 2023   Weighted average remaining lease term (years): ​    ​      Office and warehouse space   4.00   4.42 ​ Vehicles   0.07   0.36 ​ Office equipment   —   0.02 ​ Weighted average discount rate:   ​   ​ ​ Office and warehouse space   5.59 %   5.16 % Vehicles   0.98 %   1.19 % Office equipment   0.04 %   0.09 % ​

Supplemental Disclosures to the Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statements of Cash Flows (Tables)	9 Months Ended
	Sep. 30, 2024
Supplemental Disclosures to the Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statements of Cash Flows
Summary of Current Accrued Liabilities	Current accrued liabilities consisted of the following at the dates indicated (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​      September 30,  ​ December 31,  ​ ​ 2024 ​ 2023 Accrued lease operating expense ​ $ 11,491 ​ $ 14,239 Accrued liability - pipeline incident ​ ​ 1,691 ​ ​ 9,331 Accrued liability - current portion of pipeline incident settlement ​ ​ 1,100 ​ ​ 2,000 Accrued capital expenditures ​ ​ 7,914 ​ ​ 8,019 Accrued general and administrative expense ​   3,790 ​   5,335 Accrued production and ad valorem tax ​   3,572 ​   3,502 Accrued commitment fee and other expense ​   2,455 ​   2,626 Operating lease liability ​ ​ 1,772 ​ ​ 1,737 Asset retirement obligations ​   1,576 ​   1,493 Accrued current income tax payable ​ ​ 784 ​ ​ — Accrued interest payable ​ ​ 221 ​ ​ 1,792 Other ​   333 ​   797 Accrued liabilities ​ $ 36,699 ​ $ 50,871
Summary of accounts receivable	Accounts receivable consisted of the following at the dates indicated (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​      September 30,  ​ ​ December 31,  ​ ​ 2024 ​ ​ 2023 Oil and natural gas receivables ​ $ 25,618 ​ ​ $ 31,131 Insurance receivable - pipeline incident ​ ​ 1,697 ​ ​ ​ 3,571 Joint interest owners and other ​ ​ 6,680 ​ ​ ​ 6,042 Total accounts receivable ​   33,995 ​ ​   40,744 Less: allowance for doubtful accounts ​   (1,700) ​ ​   (1,648) Total accounts receivable, net ​ $ 32,295 ​ ​ $ 39,096 ​
Summary of Supplemental Cash Flows	Supplemental cash flows for the periods presented (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​      For the Nine Months Ended ​ ​ September 30,  ​ ​ 2024 ​ 2023 Supplemental cash flows: ​ ​    ​ ​    Cash paid for interest, net of amounts capitalized ​ $ 9,162 ​ $ 8,142 Cash paid for taxes     1,040   ​ 5,725 ​ ​ ​ ​ ​ ​ ​ Noncash investing and financing activities:     ​   ​ ​ Increase (decrease) in capital expenditures in payables and accrued liabilities     (1,323)   ​ 5,880 ​

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies.
Schedule of funding commitment	The below table outlines the updated funding commitment for these agreements at September 30, 2024 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​      Payment Due by Period Funding commitment ​ Total      Remaining 2024      2025      2026      2027      2028      Thereafter Federal escrow fund payments ​ $ 140,728 ​ $ 2,000 ​ $ 8,000 ​ $ 8,000 ​ $ 8,000 ​ $ 8,000 ​ $ 106,728 State escrow fund payments ​ ​ 9,253 ​ ​ 258 ​ ​ 1,034 ​ ​ 1,034 ​ ​ 1,034 ​ ​ 1,034 ​ ​ 4,859 Total sinking fund payments ​ $ 149,981 ​ $ 2,258 ​ $ 9,034 ​ $ 9,034 ​ $ 9,034 ​ $ 9,034 ​ $ 111,587

Organization and Basis of Presentation (Detail)	9 Months Ended
	Sep. 30, 2024 segment
Organization and Basis of Presentation
Number of reportable business segments	1

Revenue - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) item	Dec. 31, 2023 USD ($)
Revenue
Number of revenue streams | item	3
Accounts receivable attributable to revenue from contracts with customers | $	$ 25.6	$ 31.1

Revenue - Summary of Revenues Disaggregated (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Total revenues	$ 69,858	$ 76,770	$ 225,660	$ 228,611
Oil and natural gas sales
Revenues:
Total revenues	68,135	76,403	215,803	210,080
Oil
Revenues:
Total revenues	54,353	57,214	169,563	146,780
NGLs
Revenues:
Total revenues	6,096	7,777	20,187	21,973
Natural gas
Revenues:
Total revenues	$ 7,686	$ 11,412	$ 26,053	$ 41,327

Fair Value Measurements of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis
Total assets	$ 26,174	$ 39,439
Total liabilities	6,199	12,365
Quoted Prices in Active Market (Level 1)
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis
Total assets	0	0
Total liabilities	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis
Total assets	26,174	39,439
Total liabilities	6,199	12,365
Significant Unobservable Inputs (Level 3)
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis
Total assets	0	0
Total liabilities	0	0
Commodity derivatives
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis
Total assets	26,174	39,439
Total liabilities	6,199	12,365
Commodity derivatives | Quoted Prices in Active Market (Level 1)
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis
Total assets	0	0
Total liabilities	0	0
Commodity derivatives | Significant Other Observable Inputs (Level 2)
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis
Total assets	26,174	39,439
Total liabilities	6,199	12,365
Commodity derivatives | Significant Unobservable Inputs (Level 3)
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis
Total assets	0	0
Total liabilities	0	0
Interest rate derivatives
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis
Total assets	0	0
Total liabilities	0	0
Interest rate derivatives | Quoted Prices in Active Market (Level 1)
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis
Total assets	0	0
Total liabilities	0	0
Interest rate derivatives | Significant Other Observable Inputs (Level 2)
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis
Total assets	0	0
Total liabilities	0	0
Interest rate derivatives | Significant Unobservable Inputs (Level 3)
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis
Total assets	0	0
Total liabilities	$ 0	$ 0

Fair Value Measurements of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Proved oil and natural gas properties
Assets And Liabilities Carrying Value And Fair Value
Impairment expense	$ 0	$ 0	$ 0	$ 0

Risk Management and Derivative Instruments - Additional Information and Commodity Derivatives (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) MMBTU $ / MMBTU $ / bbl bbl
Revolving Credit Facility
Derivative
Amount offset of outstanding under the revolving credit facility | $	$ 17.5
Natural gas derivative fixed price swaps 2024
Derivative
Average monthly volume (MMBtu) | MMBTU	660,000
Weighted-average fixed price	3.74
Natural gas derivative two way collar contracts 2024
Derivative
Average monthly volume (MMBtu) | MMBTU	333,333
Weighted-average floor price	3.50
Weighted-average ceiling price	4.08
Crude oil derivative fixed price swap 2024
Derivative
Average monthly volume (Bbls) | bbl	83,000
Weighted-average fixed price | $ / bbl	74.34
Crude oil derivative two way collars contracts 2024
Derivative
Average monthly volume (Bbls) | bbl	102,000
Weighted-average floor price | $ / bbl	70.00
Weighted-average ceiling price | $ / bbl	80.20
Natural gas derivative fixed price swaps 2025
Derivative
Average monthly volume (MMBtu) | MMBTU	585,000
Weighted-average fixed price	3.75
Natural gas derivative two way collar contracts 2025
Derivative
Average monthly volume (MMBtu) | MMBTU	250,000
Weighted-average floor price	3.50
Weighted-average ceiling price	4.06
Crude oil derivative fixed price swap 2025
Derivative
Average monthly volume (Bbls) | bbl	78,583
Weighted-average fixed price | $ / bbl	71.79
Crude oil derivative two way collars contracts 2025
Derivative
Average monthly volume (Bbls) | bbl	59,500
Weighted-average floor price | $ / bbl	70.00
Weighted-average ceiling price | $ / bbl	80.20
Natural gas derivative fixed price swaps 2026
Derivative
Average monthly volume (MMBtu) | MMBTU	500,000
Weighted-average fixed price	3.79
Natural gas derivative two way collar contracts 2026
Derivative
Average monthly volume (MMBtu) | MMBTU	354,167
Weighted-average floor price	3.57
Weighted-average ceiling price	4.18
Crude oil derivative fixed price swap 2026
Derivative
Average monthly volume (Bbls) | bbl	30,917
Weighted-average fixed price | $ / bbl	70.68

Risk Management and Derivative Instruments - Balance Sheet Presentation (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedges, Assets
Cash collateral received	$ 0	$ 0
Cash collateral pledged	0	0
Net recorded fair value, Current assets	15,556	17,669
Net recorded fair value, Non-Current assets	4,419	9,405
Net recorded fair value, Current liabilities	0	0
Net recorded fair value, Non current liabilities	0	0
Short-term derivative instruments
Derivative Instruments and Hedges, Assets
Asset Derivatives, Gross fair value	17,724	21,657
Asset Derivatives, Netting arrangements	(2,168)	(3,988)
Liability Derivatives, Gross fair value	2,168	3,988
Liability Derivatives, Netting arrangements	(2,168)	(3,988)
Short-term derivative instruments | Commodity derivatives
Derivative Instruments and Hedges, Assets
Asset Derivatives, Gross fair value	17,724	21,657
Liability Derivatives, Gross fair value	2,168	3,988
Short-term derivative instruments | Interest rate swaps
Derivative Instruments and Hedges, Assets
Asset Derivatives, Gross fair value	0	0
Liability Derivatives, Gross fair value	0	0
Long-term derivative instruments
Derivative Instruments and Hedges, Assets
Asset Derivatives, Gross fair value	8,450	17,782
Asset Derivatives, Netting arrangements	(4,031)	(8,377)
Liability Derivatives, Gross fair value	4,031	8,377
Liability Derivatives, Netting arrangements	(4,031)	(8,377)
Long-term derivative instruments | Commodity derivatives
Derivative Instruments and Hedges, Assets
Asset Derivatives, Gross fair value	8,450	17,782
Liability Derivatives, Gross fair value	4,031	8,377
Long-term derivative instruments | Interest rate swaps
Derivative Instruments and Hedges, Assets
Asset Derivatives, Gross fair value	0	0
Liability Derivatives, Gross fair value	$ 0	$ 0

Risk Management and Derivative Instruments - (Gains) Losses on Derivatives (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments Gain Loss [Line Items]
Loss (gain) on commodity derivative instruments	$ (25,047)	$ 23,328	$ (7,258)	$ 4,371
Commodity derivative contracts
Derivative Instruments Gain Loss [Line Items]
Loss (gain) on commodity derivative instruments	$ (25,047)	$ 23,328	$ (7,258)	$ 4,371

Asset Retirement Obligations - Summary of Changes in Asset Retirement Obligations (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Asset Retirement Obligations
Asset retirement obligations at beginning of period			$ 123,494
Liabilities added from acquisition or drilling			1
Liabilities settled			(750)
Accretion expense	$ 2,125	$ 2,005	6,282	$ 5,922
Revision of estimates			105
Asset retirement obligation at end of period	129,132		129,132
Less: Current portion	1,576		1,576		$ 1,493
Asset retirement obligations - long-term portion	$ 127,556		$ 127,556		$ 122,001

Long-Term Debt - Consolidated debt obligations (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt
Total long-term debt	$ 120,000	$ 115,000
Revolving Credit Facility
Debt
Revolving Credit Facility	$ 120,000	$ 115,000

Long-Term Debt - Additional Information (Detail) $ in Millions	Jul. 31, 2023	Oct. 25, 2024 USD ($)	Oct. 24, 2024 USD ($)	Sep. 30, 2024 USD ($)
Debt
Letters of credit outstanding				$ 0.0
Revolving Credit Facility
Debt
Aggregate principal amount of loans outstanding				120.0
Borrowing capacity				150.0
Elected commitments				135.0
Line of credit facility, unused capacity, commitment fee percentage (in %)	0.50%
Net debt leverage ratio	3.00
Unamortized deferred financing costs				$ 3.5
Revolving Credit Facility | For 24-month period following the effective date of the Revolving Credit Facility
Debt
Debt instrument, percentage of hedging requirement of reasonably anticipated projected production of hydrocarbons (in %)	75.00%
Revolving Credit Facility | For 12-month period immediately following the First Period
Debt
Debt instrument, percentage of hedging requirement of reasonably anticipated projected production of hydrocarbons (in %)	50.00%
Revolving Credit Facility | Subsequent Event
Debt
Borrowing capacity		$ 145.0	$ 150.0
Elected commitments		$ 145.0	$ 135.0
Revolving Credit Facility | Minimum
Debt
Current ratio	1.00
Revolving Credit Facility | Maximum
Debt
Current ratio	1.00
Revolving Credit Facility | Base rate | Minimum
Debt
Debt instrument, basis spread on variable rate (in %)	2.00%
Revolving Credit Facility | Base rate | Maximum
Debt
Debt instrument, basis spread on variable rate (in %)	3.00%
Revolving Credit Facility | SOFR | Minimum
Debt
Debt instrument, basis spread on variable rate (in %)	3.00%
Revolving Credit Facility | SOFR | Maximum
Debt
Debt instrument, basis spread on variable rate (in %)	4.00%

Long-Term Debt - Weighted-Average Interest Rates (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revolving Credit Facility
Debt
Revolving Credit Facility, Weighted-Average Interest Rates	9.28%	9.39%	9.34%	9.34%

Equity - Additional Information (Detail) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Equity
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01

Equity - Summary of Changes in Common Stock (Detail)	9 Months Ended
	Sep. 30, 2024 shares
Equity (Deficit)
Beginning balance	39,147,205
Ending balance	39,789,500
Common Stock
Equity (Deficit)
Beginning balance	39,147,205
Restricted stock units vested	903,898
Shares withheld for taxes	(261,603)	[1]
Ending balance	39,789,500
[1] Represents the net settlement on vesting of restricted stock to satisfy tax withholding requirements.

Earnings (Loss) per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings (Loss) per Share
Net income (loss)	$ 22,652	$ 7,119	$ (9,396)	$ (13,403)	$ 9,816	$ 352,759	$ 20,375	$ 349,172
Less: Net income allocated to participating securities	1,083			0			983	15,771
Net income (loss) available to common stockholders	$ 21,569			$ (13,403)			$ 19,392	$ 333,401
Common shares:
Common shares outstanding - basic (in shares)	39,783			39,063			39,608	38,911
Dilutive effect of potential common shares (in shares)	0			0			0	0
Common shares outstanding - diluted (in shares)	39,783			39,063			39,608	38,911
Net earnings (loss) per share - Basic (in dollars per shares)	$ 0.54			$ (0.34)			$ 0.49	$ 8.57
Net earnings (loss) per share - Diluted (in dollars per shares)	$ 0.54			$ (0.34)			$ 0.49	$ 8.57

Long-Term Incentive Plans - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity-based Awards
Share based compensation recognized	$ 1,816	$ 1,327	$ 5,113	$ 3,608
TSUs
Equity-based Awards
Unrecognized compensation cost	6,600		$ 6,600
Weighted-average period of unrecognized compensation cost			2 years
Vesting period			3 years
PSUs
Equity-based Awards
Unrecognized compensation cost	$ 3,300		$ 3,300
Weighted-average period of unrecognized compensation cost			1 year 10 months 24 days
Fair value estimation method			us-gaap:MonteCarloModelMember
Vesting period			3 years
PSUs | Maximum
Equity-based Awards
Percentage of Potential Payout			200.00%
PSUs | Minimum
Equity-based Awards
Percentage of Potential Payout			0.00%
2022 PSU Awards
Equity-based Awards
Performance period			3 years
2023 PSU Awards
Equity-based Awards
Performance period			3 years
2024 PSUs
Equity-based Awards
Vesting period			3 years
Performance period			3 years

Long-Term Incentive Plans - Summary of Information Regarding Restricted Stock Units (Detail)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
TSUs
Equity-based Awards
Outstanding, Number of Units, Beginning Balance | shares	1,331,456
Granted, Number of Units | shares	851,456	[1]
Forfeited, Number of Units | shares	(5,922)
Vested, Number of Units | shares	(796,854)
Outstanding, Number of Units, Ending Balance | shares	1,380,136
Outstanding, Weighted-Average Grant Date Fair Value per unit, Beginning balance | $ / shares	$ 5.77	[2]
Granted, Weighted-Average Grant Date Fair Value per Unit | $ / shares	6.37	[1],[2]
Forfeited, Weighted-Average Grant Date Fair Value per Unit | $ / shares	5.04	[2]
Vested, Weighted-Average Grant Date Fair Value per Unit | $ / shares	5.29	[2]
Outstanding, Weighted-Average Grant Date Fair Value per unit, Ending balance | $ / shares	$ 6.42	[2]
Management Incentive Plan | PSUs
Equity-based Awards
Outstanding, Number of Units, Beginning Balance | shares	402,701
Granted, Number of Units | shares	312,843	[3]
Forfeited, Number of Units | shares	0
Vested, Number of Units | shares	(107,044)
Outstanding, Number of Units, Ending Balance | shares	608,500
Outstanding, Weighted-Average Grant Date Fair Value per unit, Beginning balance | $ / shares	$ 9.31	[2]
Granted, Weighted-Average Grant Date Fair Value per Unit | $ / shares	7.55	[2],[3]
Forfeited, Weighted-Average Grant Date Fair Value per Unit | $ / shares	0	[2]
Vested, Weighted-Average Grant Date Fair Value per Unit | $ / shares	2.63	[2]
Outstanding, Weighted-Average Grant Date Fair Value per unit, Ending balance | $ / shares	$ 9.58	[2]
[1] The aggregate grant-date fair value of TSUs issued for the nine months ended September 30, 2024 was $5.4 million based on a grant-date market price ranging from $6.26 per share to $6.72 per share. [2] Determined by dividing the aggregate grant-date fair value of awards by the number of awards issued. [3] The aggregate grant-date fair value of PSUs issued for the nine months ended September 30, 2024 was $2.4 million based on a calculated fair value price ranging from $2.63 to $8.33 per share.

Long-Term Incentive Plans - Summary of Information Regarding Restricted Stock Units (Parenthetical) (Detail) $ / shares in Units, $ in Millions	Sep. 30, 2024 USD ($) $ / shares
TSUs
Equity-based Awards
Aggregate grant date fair value of restricted stock units issued | $	$ 5.4
TSUs | Minimum
Equity-based Awards
Grant date market price	$ 6.26
TSUs | Maximum
Equity-based Awards
Grant date market price	$ 6.72
PSUs
Equity-based Awards
Aggregate grant date fair value of restricted stock units issued | $	$ 2.4
PSUs | Minimum
Equity-based Awards
Calculated fair value price	$ 2.63
PSUs | Maximum
Equity-based Awards
Calculated fair value price	$ 8.33

Long-Term Incentive Plans - Assumptions Used in Monte Carlo Model (Detail) - 2024 PSUs	1 Months Ended
	May 31, 2024	Feb. 29, 2024
Equity-based Awards
Expected volatility	63.20%	75.80%
Dividend yield	0.00%	0.00%
Risk-free interest rate	4.72%	4.19%

Long-Term Incentive Plans - Summary of Amount of Compensation Expense Recognized (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity-based Awards
Share-based compensation costs	$ 1,816	$ 1,327	$ 5,113	$ 3,608
TSUs
Equity-based Awards
Share-based compensation costs	1,322	1,027	3,685	2,965
PSUs
Equity-based Awards
Share-based compensation costs	$ 494	$ 300	$ 1,428	$ 643

Leases - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Leases
Lease, option to terminate	leases can be terminated with 30-day prior written notice.
Lease termination period with prior written notice	30 days
Operating lease costs	$ 1.5	$ 1.6

Leases - Schedule of Supplemental Cash Flow Information Related to Lease Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Leases
Non-cash amounts included in the measurement of lease liabilities, operating cash flows from operating leases	$ 1,143	$ 1,352

Leases - Schedule of Right-of-Use Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases
Right-of-use asset	$ 4,613	$ 5,756
Current lease liability	1,772	1,737
Long-term lease liability	3,806	5,090
Total lease liability	$ 5,578	$ 6,827

Leases - Schedule of Maturity Analysis of Minimum Lease Payment Obligation Under Non-cancellable Operating Leases (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases
2024	$ 545
2025	2,002
2026	1,293
2027	840
2028 and thereafter	1,798
Total lease payments	6,478
Less: interest	900
Present value of lease liabilities	5,578	$ 6,827
Office and warehouse leases
Leases
2024	357
2025	1,429
2026	1,206
2027	836
2028 and thereafter	1,798
Total lease payments	5,626
Less: interest	856
Present value of lease liabilities	4,770
Leased vehicles and office equipment
Leases
2024	188
2025	573
2026	87
2027	4
2028 and thereafter	0
Total lease payments	852
Less: interest	44
Present value of lease liabilities	$ 808

Leases - Schedule of Weighted Average Remaining Lease Terms and Discount Rate of Operating Leases (Detail)	Sep. 30, 2024	Sep. 30, 2023
Office and warehouse space
Leases
Weighted average remaining lease term	4 years	4 years 5 months 1 day
Weighted average discount rate	5.59%	5.16%
Vehicles
Leases
Weighted average remaining lease term	25 days	4 months 9 days
Weighted average discount rate	0.98%	1.19%
Office equipment
Leases
Weighted average remaining lease term		7 days
Weighted average discount rate	0.04%	0.09%

Supplemental Disclosures to the Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statements of Cash Flows - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Supplemental Disclosures to the Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statements of Cash Flows
Accrued lease operating expense	$ 11,491	$ 14,239
Accrued liability - pipeline incident	1,691	9,331
Accrued liability - current portion of pipeline incident settlement	1,100	2,000
Accrued capital expenditures	7,914	8,019
Accrued general and administrative expense	3,790	5,335
Accrued production and ad valorem tax	3,572	3,502
Accrued commitment fee and other expense	2,455	2,626
Operating lease liability	$ 1,772	$ 1,737
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Asset retirement obligations	$ 1,576	$ 1,493
Accrued current income tax payable	784	0
Accrued interest payable	221	1,792
Other	333	797
Accrued liabilities	$ 36,699	$ 50,871

Supplemental Disclosures to the Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statements of Cash Flows - Summary of Accounts Receivable (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Supplemental Disclosures to the Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statements of Cash Flows
Oil and natural gas receivables	$ 25,618	$ 31,131
Insurance receivable - pipeline incident	1,697	3,571
Joint interest owners and other	6,680	6,042
Total accounts receivable	33,995	40,744
Less: allowance for doubtful accounts	(1,700)	(1,648)
Total accounts receivable, net	$ 32,295	$ 39,096

Supplemental Disclosures to the Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statements of Cash Flows - Summary of Supplemental Cash Flows (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Supplemental cash flows:
Cash paid for interest, net of amounts capitalized	$ 9,162	$ 8,142
Cash paid for taxes	1,040	5,725
Noncash investing and financing activities:
Increase (decrease) in capital expenditures in payables and accrued liabilities	$ (1,323)	$ 5,880

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transactions
Significant transaction with related party	$ 0	$ 0	$ 0	$ 0

Commitments and Contingencies - Additional Information (Details) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Mar. 31, 2024 USD ($) agreement	Dec. 31, 2021 USD ($) agreement	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Commitments and Contingencies:
Remaining environmental accrued liability recorded			$ 0		$ 0		$ 0
Total revenues			69,858	$ 76,770	225,660	$ 228,611
Sinking fund account maximum value upon which obligation ceases		$ 172,600	4,300		4,300
Restricted Investment - decommissioning of offshore production facilities			4,500		4,500
Beta's decommissioning obligations, full supported by surety bonds			161,300		161,300
Beta's decommissioning obligations, cash			22,900		22,900
Number of escrow funding agreements | agreement		2
Number of escrow funding agreements amended | agreement	1
Escrow funded yearly amount	$ 8,000	$ 14,800
Oil and natural gas sales
Commitments and Contingencies:
Total revenues			68,135	76,403	215,803	210,080
Other income
Commitments and Contingencies:
Total revenues			1,723	$ 367	9,857	$ 18,531
Prior period adjustment
Commitments and Contingencies:
Revenue payables in suspense			$ (2,800)		$ (2,800)
Error correction, type extensible enumeration					ampy:RevisionOfImproperlyClassifiedCertainNonOperatedRevenueMember
Prior period adjustment | Oil and natural gas sales
Commitments and Contingencies:
Total revenues					$ 2,200
Prior period adjustment | Other income
Commitments and Contingencies:
Total revenues					$ 600

Commitments and Contingencies - Funding Commitment (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Sinking fund payments
Other Commitments [Line Items]
Total	$ 149,981
Remaining 2024	2,258
2025	9,034
2026	9,034
2027	9,034
2028	9,034
Thereafter	111,587
Federal escrow fund payments
Other Commitments [Line Items]
Total	140,728
Remaining 2024	2,000
2025	8,000
2026	8,000
2027	8,000
2028	8,000
Thereafter	106,728
State escrow fund payments
Other Commitments [Line Items]
Total	9,253
Remaining 2024	258
2025	1,034
2026	1,034
2027	1,034
2028	1,034
Thereafter	$ 4,859

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Taxes
Current income tax benefit (expense)	$ (412)	$ (1,441)	$ (2,364)	$ (7,115)
Deferred income tax benefit (expense)	$ (5,650)	$ 4,708	$ (3,082)	$ 264,130
Effective tax rate	21.10%	19.60%	21.10%	(278.90%)
Statutory tax rate	21.00%	21.00%	21.00%	21.00%

Beta Pipeline Incident (Details) $ in Thousands	Aug. 25, 2022 USD ($)	Dec. 15, 2021 USD ($) item	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 01, 2023 USD ($)	Oct. 03, 2021 item bbl	Oct. 02, 2021 item
Beta Pipeline Incident
Amount agreed to be receivable in a settlement					$ 96,500
Amount receivable			$ 1,697	$ 3,571
Beta Pipeline Incident
Beta Pipeline Incident
Number of foot section of pipeline displaced with lateral movement | item						4,000
Number of inch split running parallel to pipe | item						13
Volume of oil expected to be released | bbl						588
Settlement amount	$ 50,000
Estimated aggregate costs			1,500
Beta Pipeline Incident | Accounts Receivable
Beta Pipeline Incident
Amount receivable			1,700	$ 3,600
Beta Pipeline Incident | Minimum
Beta Pipeline Incident
Estimated aggregate costs			190,000
Beta Pipeline Incident | Maximum
Beta Pipeline Incident
Estimated aggregate costs			$ 210,000
Beta Pipeline Incident | Pending Litigation
Beta Pipeline Incident
Estimated litigation liability		$ 7,100
Installment period		3 years
Probation period		4 years
Reimbursement amount payable to government agencies		$ 5,800
Beta Pipeline Incident | CALIFORNIA
Beta Pipeline Incident
Number of miles off the coast of beach | item							4
Beta Pipeline Incident | CALIFORNIA | Pending Litigation
Beta Pipeline Incident
Probation period		1 year
Number of misdemeanor charges | item		6
Payment of litigation liability		$ 4,900

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