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.
Amplify Energy CorpQ2 GAAP EPS and revenue beat estimates, with net income swing to profit.
