Amplify Energy Secures $145 Million Borrowing Base Approval
Amplify Energy Corporation Achieves Borrowing Base Milestone
Amplify Energy Corp. has recently announced a key financial update, confirming that its borrowing base has been set at an impressive $145 million. This announcement marks a significant achievement for the company as it continues to navigate the oil and gas industry, which has faced fluctuations in commodity prices. The reaffirmation of their borrowing capacity demonstrates the confidence of their lending syndicate in Amplify's operational strategies and financial health.
CEO Remarks on Financial Strategy
Martyn Willsher, the President and CEO of Amplify, expressed his gratitude towards their syndicate of lenders for maintaining the borrowing base despite the volatile market conditions. He emphasized the company's commitment to generating free cash flow, enhancing liquidity, and reinforcing their financial position through robust hedging strategies. Furthermore, Willsher noted that Amplify is actively exploring portfolio optimization opportunities that could propel the development of operations at their Beta site.
About Amplify Energy Corp.
As an independent oil and natural gas entity, Amplify Energy Corp. is dedicated to acquiring, developing, and producing oil and natural gas assets. The company's operations are situated across a geographical spread that includes areas in Oklahoma, the Rockies (specifically Bairoil), federal waters off Southern California at Beta, East Texas/North Louisiana, and the Eagle Ford region where they operate non-operational activities. The diversified asset base underlines Amplify's strategy to balance risks while capitalizing on growth opportunities in various markets.
Future Expectations and Continued Growth
Looking ahead, Amplify is gearing up for its next semi-annual borrowing base redetermination scheduled for the fourth quarter of the following year. As they continue to refine their focus on operational efficiencies and capital management, the company strives to maintain a competitive edge in the oil and gas landscape. Addressing the team's collective efforts, Willsher remarked on their resilience and adaptability amid market challenges, assuring stakeholders of their commitment to achieving sustained financial performance.
Investor Relations Updates
For any inquiries regarding financial matters or investor relations, interested parties can reach out to Jim Frew, Senior Vice President and Chief Financial Officer, at (832) 219-9044, or via email at jim.frew@amplifyenergy.com. Additionally, Michael Jordan, the Director of Finance and Treasurer, is available for contact at (832) 219-9051 or through email at michael.jordan@amplifyenergy.com.
Frequently Asked Questions
What is the significance of Amplify Energy's borrowing base redetermination?
The reaffirmation of the borrowing base at $145 million signals lender confidence in Amplify’s financial stability and strategic direction, crucial for funding their operations.
How does Amplify Energy plan to manage market volatility?
Amplify focuses on maintaining a strong hedge position and cost-reduction efforts to navigate market fluctuations while enhancing liquidity and cash flow.
Where are Amplify Energy's operations located?
Amplify Energy operates in regions such as Oklahoma, the Rockies, offshore Southern California, East Texas/North Louisiana, and the Eagle Ford area.
Who can I contact for investor-related inquiries at Amplify Energy?
Investor inquiries can be directed to Jim Frew or Michael Jordan, both of whom are key contacts in the financial department of the company.
What are Amplify Energy's future plans regarding growth?
Amplify plans to continue exploring portfolio optimization strategies while pushing forward with their development efforts, particularly at their Beta facility.
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