Amplify Energy Corp.

Welcome to Amplify Energy's second quarter 2024 investor conference call. Amplify's operating and financial results were released yesterday after market close on August 7th of 2024 and are available on Amplify's website at www.amplifyenergy.com. During this conference call, all participants will be in a listen-only mode. Today's call is being recorded. A replay of this call will be accessible until August 22, 2024, by dialing 800-654-1563 and then entering access code 717-24901. I would now like to turn the conference call over to Jim Frew, Senior Vice President and Chief Financial Officer of Amplify Energy Corp. Please go ahead.

Good morning, and welcome to the Amplify Energy Conference Call to discuss operating and financial results for the second quarter of 2024. 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, Martin Wilshire, Amplify's President and Chief Executive Officer, will review our second quarter performance and provide an update regarding our previously announced strategic initiatives. Next, Dan Furby, Senior Vice President and Chief Operating Officer, will provide an overview of second quarter operational performance. Following that, I will discuss second quarter financial results, provide an update on our balance sheet and liquidity, and provide additional details on our hedge book. Finally, Martin will conclude our prepared remarks with final thoughts before opening the call up for questions. With that, I will hand it over to Martin.

Thank you, Jim. Amplify had a strong second quarter of 2024. The company generated $30.7 million of adjusted EBITDA and $9.2 million of free cash flow during the quarter with both exceeding expectations. Due to our stronger than expected second quarter performance, combined with the company's election to participate in high return non-operated development wells in East Texas and Eagleford, we have revised our annual guidance. You can find our updated guidance on our earnings release and investor presentation posted to our website last night. With respect to the strategic initiatives highlighted on our previous calls, we received multiple bids for both an outright sale and partial monetization of our barrel assets following a comprehensive marketing process. The company, working with its advisors, continues to actively evaluate these proposals and will provide updates as they become available. The company is committed to pursuing the path it believes will maximize shareholder value. At Beta, we continue to make progress in our 2024 development program. Dan will provide more details in a moment, but we are pleased to announce that we successfully drilled and brought online the A50 well in early June with very strong results. The cumulative production received to date from this well continues to exceed the upper band of our expectations, which were based on a limited subset of analogous wells previously drilled off the Beta platforms. With the results of the A50 and comparable results from future development wells, we would anticipate increasing our expectations for undeveloped well productivity. In addition, it is important to note that our current SEC approved reserves of beta only include the four wells we plan to drill in 2024. With continued success, we have a substantial number of additional development locations that we may add to our approved reserve inventory. The combination of increased productivity forecasts and additional locations has the potential to materially impact the value of our beta reserves and demonstrate the strategic value of this prolific asset. In summary, we continue to focus on optimizing future cash flow generation by pursuing our strategic initiatives at Barrel and Beta and capitalizing on incremental non-operated investment opportunities in East Texas and Eagleford. We believe the strategy will unlock the full potential of amplified diverse portfolio of assets and deliver substantial benefits and long-term value to our shareholders. With that, I will hand it over to Dan.