Amplify Energy Corp. reported a significant decline in financial performance for the first quarter of 2026, with total revenues of $37.5 million, down from $72.1 million in the same period of 2025. The decrease in revenue was primarily attributed to the divestiture of key assets in East Texas, Oklahoma, and the Eagle Ford region, which occurred in 2025. Oil and natural gas sales accounted for $37.3 million of the total revenue, a sharp drop from $70.3 million year-over-year. The company also recorded a net loss of $38.1 million, compared to a loss of $5.9 million in the prior year, reflecting the impact of lower production volumes and increased operational costs.
Operationally, Amplify's average net production fell to approximately 6.4 MBoe/d in Q1 2026, down from 17.9 MBoe/d in Q1 2025. This decline was largely due to the aforementioned asset divestitures. The average realized sales price for oil increased to $64.93 per barrel, compared to $67.82 in the previous year, while the overall average realized price per barrel of oil equivalent (Boe) rose to $64.26 from $43.76. The company’s lease operating expenses decreased to $22.2 million from $37.4 million, reflecting the reduced operational footprint following the asset sales.
In terms of strategic developments, Amplify did not engage in any acquisitions during the first quarter of 2026, following a series of divestitures in 2025 aimed at simplifying its asset portfolio and strengthening its balance sheet. The company’s total capital expenditures for the quarter were approximately $21 million, primarily directed towards its development program at the Beta field. Additionally, Amplify has been proactive in managing its financial obligations, having paid off all outstanding debt by the end of 2025, resulting in no debt outstanding as of March 31, 2026.
Looking ahead, Amplify Energy has received approval for End-of-Life Royalty Relief from the Bureau of Safety and Environmental Enforcement for its Beta unit, effective May 1, 2026. This relief will reduce the royalty rate on its primary producing leases, potentially improving cash flow. The company anticipates that existing cash reserves, along with cash flows from operations and available borrowings under its Revolving Credit Facility, will be sufficient to support its working capital and capital expenditure needs for at least the next 12 months. However, the company remains cautious about market conditions, including commodity price volatility and geopolitical factors that could impact its operations and financial performance.
About Amplify Energy Corp.
Amplify Energy Corp. is an independent oil and natural gas company focused on acquiring, developing, exploiting, and producing oil and natural gas properties. Operating primarily through its subsidiary, it holds working interests in producing and undeveloped leasehold acreage across key U.S. regions including Oklahoma, Wyoming, offshore California, East Texas/North Louisiana, and Eagle Ford. The company manages mature reservoirs, emphasizing operational control and long-term reserve development to deliver energy resources to major industry customers.
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