Amplify Energy Corp.

Welcome to Amplify Energy's first quarter 2025 investor conference call. Amplify's operating and financial results were released yesterday after markets closed on May 12, 2025 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 the call will be accessible until May 27, 2025 by dialing 800-654-1563 and then entering access code 524-587-98. A transcript and a recorded replay of the call will also be available on our website after the call. I would now like to turn the conference over to Jim Frew. Senior Vice President and Chief Financial Officer of Amplify Energy Corps.

Good morning, and welcome to the Amplify Energy Conference call to discuss operating and financial results for the first quarter of 2025. 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 past 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 provide an update regarding our first quarter performance with a specific focus on the most recent beta field development results, updated guidance, and recent acreage manifestations in East Texas. Next, Dan Furby, Senior Vice President and Chief Operating Officer, will provide an overview of first quarter operation performance. Following that, I will discuss first quarter financial results, provide an update on our balance sheet and liquidity, and provide additional details on our hedge book. Finally, Martin will provide final thoughts before opening the call-up for questions. With that, I will hand it over to Martin.

Thank you, Jeremy. Amplify had a strong first quarter 2025, generating $19.4 million of adjusted EBITDA, $25.5 million of operating cash flow, and producing 17,900 BOE per day. At Beta, we continued to build off the success of the 2024 development program, which was anchored by the strong results from the A50 and the C59 G-Stand completions, which continued to perform above our pre-drill type curves, with IRRs in excess of 90% at $60 oil prices. Following up from those successes, we recently completed the C-64 well in the G-SAN, which through its first 20 days of production has been the strongest well in the program with an IP20 of approximately 800 barrels a day. With the recent completions of the C-48 and C-54, the field now has four new development wells online, which after offsetting the acid space decline, have increased beta production by approximately 35% since early 2024. Due to the success of the beta development program, at year-end 2024, Amplified has 25 plant locations that are year-end reserves, 21 of which were in the descent. Based on the type curve utilized in those reserves, these publications have a PV10 value of approximately $144 million at a $65 flat WGI price of oil. However, all of our desand completions to date have significantly outperformed the type curve, which indicates material upside to this valuation estimate as we continue to generate consistently outstanding results from our desand completions. In East Texas, the company monetized portions of its Hainesville acreage position to bring forward cash flow. As previously announced, in January 2025, Amplify sold 90% of its interest in certain units with Hainesville rights in Harrison County, Texas, for $6.3 million in net proceeds. In May 2025, Amplify completed a separate transaction to monetize 90% of its interest in additional units with Hainesville rights in Panoa and Shelby counties, generating an additional $1.5 million in proceeds. In aggregate, Amplify has now completed three Hainesville Acreage transactions since November 2024, generating $9.2 million net in total proceeds, while also retaining a 10% working interest in more than 30 gross non-operated development opportunities to realize additional upside value in future periods. Turning to guidance. In light of the recent material reduction in oil prices, we conducted a comprehensive review of our remaining uncommitted 2025 capital budget and have elected to temporarily defer three development projects at beta, resulting in capital savings of approximately $15 million. While our beta development projects have outstanding economics at current oil prices, we have flexibility in the timing of these projects and are committed to maintaining strong free cash flow and a healthy balance sheet for our investors. We are also conducting a thorough review of additional cost savings opportunities, targeting reductions in additional capital projects, operating costs, and overhead. In summary, with the additional strong results of the C-54 well, we continue to be very optimistic about the long-term potential of our beta development program. While we are temporarily deferring some beta projects due to commodity price uncertainty, our long-term development strategy remains intact, and we will prioritize adding back beta wells as market conditions improve. In the meantime, we intend to continue focusing on reducing costs across the organization, maintaining strong free cash flow, and evaluating portfolio optimization opportunities, which could enable us to accelerate beta development. With that, I'll hand it over to Dan.