Amplify Energy Holdings LLC

CIK:0001521847|SEC Filings

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Total revenues	$ 59,532,000	$ 90,988,000	$ 124,687,000	$ 178,920,000
Costs and expenses:
Lease operating expense	26,292,000	27,500,000	55,202,000	57,070,000
Exploration	6,000	2,988,000	21,000	3,022,000
Taxes other than income	3,464,000	5,535,000	7,873,000	10,572,000
Depreciation, depletion and amortization	12,913,000	13,619,000	24,079,000	26,577,000
General and administrative expense	10,566,000	16,863,000	19,874,000	27,520,000
Accretion of asset retirement obligations	1,332,000	1,429,000	2,643,000	3,147,000
(Gain) loss on commodity derivative instruments	(22,993,000)	35,652,000	9,494,000	46,108,000
(Gain) loss on sale of properties	0	(227,000)	0	2,146,000
Other, net	34,000	(120,000)	177,000	(120,000)
Total costs and expenses	36,005,000	109,214,000	128,411,000	187,617,000
Operating income (loss)	23,527,000	(18,226,000)	(3,724,000)	(8,697,000)
Other income (expense):
Interest expense, net	(4,422,000)	(6,287,000)	(8,511,000)	(12,059,000)
Other income (expense)	0	2,000	0	2,000
Total other income (expense)	(4,422,000)	(6,285,000)	(8,511,000)	(12,057,000)
Income (loss) before reorganization items, net and income taxes	19,105,000	(24,511,000)	(12,235,000)	(20,754,000)
Reorganization items, net	(464,000)	(768,000)	(651,000)	(1,286,000)
Income tax benefit (expense)	0	0	50,000	0
Net income (loss)	18,641,000	(25,279,000)	(12,836,000)	(22,040,000)
Net (income) loss allocated to participating restricted stockholders	(728,000)	0	0	0
Net income (loss) attributable to common stockholders	$ 17,913,000	$ (25,279,000)	$ (12,836,000)	$ (22,040,000)
Earnings per share: (See Note 10)
Basic and diluted earnings per share	$ 0.80	$ (1.01)	$ (0.58)	$ (0.88)
Weighted average common shares outstanding:
Basic and diluted	22,267	25,038	22,223	25,019
Oil and Natural Gas Sales [Member]
Revenues:
Total revenues	$ 59,485,000	$ 90,894,000	$ 124,552,000	$ 178,741,000
Other Revenues [Member]
Revenues:
Total revenues	47,000	94,000	135,000	179,000
Gathering, Processing and Transportation [Member]
Costs and expenses:
Gathering, processing and transportation	$ 4,391,000	$ 5,975,000	$ 9,048,000	$ 11,575,000

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income (loss)	$ (12,836)	$ (22,040)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	24,079	26,577
(Gain) loss on derivative instruments	10,028	46,108
Cash settlements (paid) received on expired derivative instruments	(1,863)	6,903
Bad debt expense	101	0
Amortization of deferred financing costs	574	1,752
Accretion of asset retirement obligations	2,643	3,147
(Gain) loss on sale of properties	0	2,146
Share-based compensation (see Note 11)	2,922	1,512
Settlement of asset retirement obligations	(205)	(380)
Changes in operating assets and liabilities:
Accounts receivable	6,576	2,165
Prepaid expenses and other assets	(2,630)	3,120
Payables and accrued liabilities	3,823	13,265
Other	87	0
Net cash provided by operating activities	33,299	84,275
Cash flows from investing activities:
Additions to oil and gas properties	(33,232)	(38,847)
Additions to other property and equipment	(205)	(187)
Additions to restricted investments	(138)	(281)
Withdrawals of restricted investments	90,000	0
Proceeds from the sale of oil and natural gas properties, net of cash and cash equivalents sold	0	18,565
Other	0	503
Net cash provided by (used in) investing activities	56,425	(20,247)
Cash flows from financing activities:
Advances on revolving credit facilities	0	10,000
Payments on revolving credit facilities	(119,000)	(72,000)
Deferred financing costs	(169)	0
Costs incurred in conjunction with tender offer	(107)	0
Common stock repurchased and retired under the share repurchase program	(1,251)	0
Restricted units returned to plan	(199)	(509)
Other	0	0
Net cash used in financing activities	(120,726)	(62,509)
Net change in cash, cash equivalents and restricted cash	(31,002)	1,519
Cash, cash equivalents and restricted cash, beginning of period	50,029	6,392
Cash, cash equivalents and restricted cash, end of period	$ 19,027	$ 7,911

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 18,702	$ 49,704
Restricted cash	325	325
Accounts receivable	22,836	29,514
Short-term derivative instruments	5,919	18,813
Prepaid expenses and other current assets	9,304	7,241
Total current assets	57,086	105,597
Property and equipment, at cost:
Oil and natural gas properties, successful efforts method	619,748	598,331
Support equipment and facilities	125,721	108,760
Other	6,831	6,625
Accumulated depreciation, depletion and impairment	(109,614)	(85,535)
Property and equipment, net	642,686	628,181
Long-term derivative instruments	7,485	2,469
Restricted investments	4,606	94,467
Operating lease - long term right-of-use asset	5,096	0
Other long-term assets	5,725	6,129
Total assets	722,684	836,843
Current liabilities:
Accounts payable	6,933	2,345
Revenues payable	22,386	24,779
Accrued liabilities (see Note 13)	31,360	23,155
Short-term derivative instruments	151	139
Total current liabilities	60,830	50,418
Long-term debt (see Note 8)	175,000	294,000
Asset retirement obligations	78,417	75,867
Long-term derivative instruments	275	0
Operating lease liability	2,986	0
Other long-term liabilities	89	0
Total liabilities	317,597	420,285
Commitments and contingencies (see Note 15)
Stockholders' equity:
Preferred stock, $0.0001 par value: 45,000,000 shares authorized; no shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively	0	0
Warrants, 2,173,913 warrants issued and outstanding at June 30, 2019 and December 31, 2018, respectively	4,788	4,788
Common stock, $0.0001 par value: 300,000,000 shares authorized; 22,305,256 and 22,181,881 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively	3	3
Additional paid-in capital	357,237	355,872
Accumulated earnings	43,059	55,895
Total stockholders' equity	405,087	416,558
Total liabilities and equity	$ 722,684	$ 836,843