Amplify Energy Corp. (NYSE:AMPY) Q3 2023 Earnings Call Transcript
Amplify Energy Corp. (NYSE:AMPY) Q3 2023 Earnings Call Transcript November 7, 2023
Operator: Welcome to Amplify Energy’s Third Quarter 2023 Investor Conference Call. Amplify’s operating and financial results were released yesterday after market close on November 6, 2023 and are available on Amplify’s website at www.amplifyenergy.com. [Operator Instructions] Today’s call is recorded. [Operator Instructions] I would now like to turn the conference call over to Jim Frew, Senior Vice President and Chief Financial Officer of Amplify Energy Corp.
Jim Frew: Good morning, and welcome to the Amplify Energy conference call to discuss operating and financial results for the third quarter of 2023. Before we get started, we would like to remind you that some of our remarks may contain forward-looking statements, which reflect management’s current views of future events and are subject to various risks, uncertainties, expectations and assumptions. Although management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurances that such expectations will prove to be correct and undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this earnings call.
Please refer to our press release and SEC filings for a list of factors that may cause actual results to differ materially from those in the forward-looking statements made during this call. In addition, the unaudited financial information that will be highlighted here is derived from our internal financial books, records and reports. For additional detailed disclosure, we encourage you to read our Form 10-Q, which was filed yesterday afternoon. Also, non-GAAP financial measures may be disclosed during this call. Reconciliations of those measures to comparable GAAP measures may be found in our earnings release or on our website at www.amplifyenergy.com. During the call, Martyn Willsher Amplify’s President and Chief Executive Officer, will provide an update regarding our strategic initiatives, our third quarter performance and an update on our sustainability efforts.
Next, Dan Furbee, Senior Vice President and Chief Operating Officer, will provide an overview of third quarter operational performance. Following that, I will discuss third quarter financial results, provide an update on our balance sheet and liquidity and provide additional details on our hedge book. Finally, Martyn will provide final thoughts before opening the call up for questions. With that, I hand it over to Martyn.
Martyn Willsher: Thank you, Jim. The restart of operations at beta and substantial reduction in debt outstanding have positioned Amplify to evaluate strategic opportunities focused on enhancing shareholder value. We are pleased to announce several near-term strategic initiatives in more detail today. First, the company has hired an investment banking firm to pursue monetization of our oil-producing assets in Bairoil, Wyoming. We are exploring a complete divestiture of the asset while also considering alternative structures with the goal of maximizing value for our shareholders. The marketing process will commence in the first quarter of 2024. Second, at beta, we have conducted an in-depth technical review of the undeveloped potential in the field and we’ll recommence the development program in the first half of 2024.
See also 15 Biggest Tea Producing Countries In The World and 20 Best Chocolate Brands in the World.
To continue reading the Q&A session, please click here.
