Amplify Energy Reports 3.9% Increase in Production

Amplify Energy, an independent oil and natural gas company, announced a 3.9% rise in production for the second quarter. Despite third-party interruptions in East Texas and weather-related downtime in Oklahoma, the company's average daily production reached approximately 21.2 MBoepd, marking a 9% increase from the previous quarter's 19.4 MBoepd. This also marked an improvement from the year-ago quarter's production figure of 20.4 MBoepd.

Contributing Factors

Amplify Energy attributes the production increase primarily to the return of production in late April at Beta. However, this gain was partially offset by third-party interruptions in East Texas and weather-related downtime in Oklahoma. The company notes that its product mix for the quarter consisted of 38% crude oil, 17% NGLs (natural gas liquids), and 45% natural gas.

Outlook for the Future

Looking ahead, Amplify Energy expects its overall production for the remainder of 2023 to either remain flat or experience additional increases. The company foresees incremental oil volumes at Beta as wells are brought back online and reaches full production capacity. On the other hand, production at Bairoil is anticipated to decrease in the third quarter due to scheduled maintenance turnaround. However, the impact will be partially offset by ongoing workover projects and facility enhancement initiatives.

In the regions of East Texas and Oklahoma, the company is actively executing accretive workover and compressor optimization projects. These initiatives are expected to minimize natural declines moving forward.