Amplify Energy Q3 averaged total production rises 9% sequentially
Overview
US oil producer's Q3 averaged total production 9% from prior quarter, driven by higher production and royalty relief
Adjusted net income turned positive in Q3, up from a loss in Q2
Company repurchased 1.6 mln shares, about 4% of shares outstanding
Outlook
Amplify lowers upper end of 2026 lease operating expense guidance to $90 mln
Company sees 2026 average daily oil production between 7.0 and 7.3 MBbls/d
Amplify maintains 2026 adjusted EBITDA guidance at $30 mln to $40 mln
Result Drivers
BETA WELL PERFORMANCE - Strong output from new C29 and C16 wells and royalty relief at Beta boosted production and revenue
BAIROIL COST REDUCTIONS - Lower lease operating expenses at Bairoil, driven by amended CO₂ purchase agreement and higher CO₂ deliveries, improved profitability
DERIVATIVE LOSSES - Realized commodity derivative losses weighed on results in Q3
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Adjusted Revenue | Beat | $51.40 mln | $43.73 mln (2 Analysts) |
Q3 Adjusted Net Income | Miss | $716,000 | $1.44 mln (2 Analysts) |
Q3 Net Loss | $18.90 mln | ||
Q3 Adjusted EBITDA | Beat | $10.80 mln | $10.20 mln (2 Analysts) |
Q3 Loss Per Basic Share | $0.46 |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the oil & gas exploration and production peer group is "buy"
Wall Street's median 12-month price target for Amplify Energy Corp. is $7.75, about 132.7% above its November 6 closing price of $3.33
The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 15 three months ago
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)