Amplify Energy Corp

Amplify Energy Corp. acquires, develops, exploits, and produces oil and natural gas properties in the United States through its subsidiaries. Its assets primarily consist of the Beta field in federal waters offshore from the Port of Long Beach, California, and the Bairoil properties, which include wells and properties mainly in the Lost Soldier and Wertz fields in Wyoming at the Bairoil complex. The company is headquartered in Houston, Texas.

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Amplify Energy Q2 GAAP EPS of $0.40 beats by $0.33, revenue beats by $8.93M

Amplify Energy reported second-quarter GAAP earnings per share of $0.40, beating estimates by $0.33. Revenue came in at $52.69 million, down 23% year-over-year but exceeding expectations by $8.93 million. The company posted net income of $17.3 million, swinging from a net loss of $38.1 million in the first quarter, largely due to changes in commodity derivative instruments. Average total production rose about 6% from the prior quarter to 6.8 thousand barrels of oil per day, entirely oil. Shares gained 4% following the release.

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