Amplify Energy (AMPY) Q2 2026 earnings summary

Executive summary

• Operations focused on mature oil and NGL properties in Bairoil (Rockies) and Beta (offshore Southern California) after divesting East Texas, Oklahoma, and Eagle Ford assets in 2025.

• Net income of $17.3M for Q2 2026, up from $6.4M in Q2 2025, driven by higher realized oil prices, lower costs post-divestiture, and a $22.6M non-cash unrealized gain on commodity derivatives.

• Net loss of $20.8M for the first half of 2026, compared to net income of $0.5M in the same period of 2025, primarily due to derivative losses.

• Share repurchase program of up to $15M authorized in August 2026, representing about 10% of outstanding shares, to run through December 31, 2026.

• Achieved operational milestones at Beta, including drilling and completing two new wells with strong initial production rates.

Financial highlights

• Q2 2026 revenues: $52.7M (down from $68.4M in Q2 2025); H1 2026 revenues: $90.2M (down from $140.4M in H1 2025), reflecting asset sales.

• Q2 2026 net income: $17.3M; H1 2026 net loss: $20.8M.

• Adjusted EBITDA for H1 2026: $12.4M, down from $38.4M in H1 2025; Q2 2026 Adjusted EBITDA: $8.6M, up from $3.8M in Q1.

• Lease operating expenses for H1 2026: $44.8M, down from $76.0M in H1 2025; Q2 2026 lease operating expense: $22.7M.

• No debt outstanding as of June 30, 2026; liquidity of $36.2M, including $21.2M in cash and $15M available under the credit facility.

Outlook and guidance

• Capital expenditures for H1 2026 were $41.7M, mainly for Beta development; 2026 capital program expected to be funded from cash and internal cash flow.

• Updated 2026 guidance reflects higher oil price differentials and reduced lease operating expense guidance to $80–95M for the year.

• Management expects sufficient liquidity for at least the next 12 months, with flexibility to use credit facilities if needed.

• Hedged 70–75% of expected PDP oil production for the remainder of 2026 and 55–65% for 2027.

• Ongoing focus on financial flexibility, cost control, and maximizing value from retained assets.