Amplify Energy Corp (AMPY) 2024 Q2 法說會逐字稿

Welcome to Amplify Energy’s Second Quarter 2024 Investor Conference Call. Amplify’s operating and financial results were released yesterday after market close on August 7, 2024, and are available on Amplify’s website at www.amplifyenergy.com. During this conference call all participants will be in a listen-only mode. Today’s call is being recorded. A replay of this call will be accessible until August 22, 2024 by dialing 8006541563 and then entering access code 71724901.

歡迎參加 Amplify Energy 2024 年第二季投資者電話會議。Amplify 的營運和財務表現於昨天 2024 年 8 月 7 日收盤後發布，可在 Amplify 網站 www.amplifyenergy.com 上查看。在此電話會議期間，所有參與者將處於只聽模式。今天的通話正在錄音。2024 年 8 月 22 日之前，您可以撥打 8006541563，然後輸入接入碼 71724901，重播本次通話。

I would now like to turn the conference call over to Jim Frew, Senior Vice President and Chief Financial Officer of Amplify Energy Corp. Please go ahead.

我現在想將電話會議轉給 Amplify Energy Corp 資深副總裁兼財務長 Jim Frew。

Good morning, and welcome to the Amplify Energy conference call to discuss operating and financial results for the second quarter of 2024. Before we get started, we would like to remind you that some of our remarks may contain forward-looking statements, which reflect management’s current views of future events and are subject to various risks, uncertainties, expectations and assumptions.

早安，歡迎參加 Amplify Energy 電話會議，討論 2024 年第二季的營運和財務表現。在開始之前，我們想提醒您，我們的一些言論可能包含前瞻性陳述，這些陳述反映了管理層對未來事件的當前看法，並受到各種風險、不確定性、預期和假設的影響。

Although management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurances that such expectations will prove to be correct and undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this earnings call.

儘管管理層認為此類前瞻性陳述中反映的預期是合理的，但不能保證此類預期將被證明是正確的，並且不承擔任何義務，也不打算更新這些前瞻性陳述以反映發生的事件或情況在這次財報電話會議之後。

Please refer to our press release and SEC filings for a list of factors that may cause actual results to differ materially from those in the forward-looking statements made during this call. In addition, the unaudited financial information that will be highlighted here is derived from our internal financial books, records and reports. For additional detailed disclosure, we encourage you to read our Form 10-Q, which was filed yesterday afternoon.

請參閱我們的新聞稿和美國證券交易委員會 (SEC) 文件，以了解可能導致實際結果與本次電話會議期間前瞻性聲明中的結果有重大差異的因素清單。此外，此處強調的未經審計的財務資訊來自我們的內部財務帳簿、記錄和報告。如需了解更多詳細信息，我們建議您閱讀昨天下午提交的 10-Q 表格。

Also, non-GAAP financial measures may be disclosed during this call. Reconciliations of those measures to comparable GAAP measures may be found in our earnings release or on our website at www.amplifyenergy.com.

此外，本次電話會議期間可能會揭露非公認會計準則財務指標。這些指標與可比較 GAAP 指標的調節可以在我們的收益報告或我們的網站 www.amplifyenergy.com 上找到。

During the call, Martyn Willsher, Amplify’s President and Chief Executive Officer, will review our second quarter performance and provide an update regarding our previously announced strategic initiatives. Next, Dan Furbee, Senior Vice President and Chief Operating Officer, will provide an overview of second quarter operational performance.

在電話會議期間，Amplify 總裁兼執行長 Martyn Willsher 將回顧我們第二季的業績，並提供有關我們先前宣布的策略計畫的最新資訊。接下來，資深副總裁兼營運長 Dan Furbee 將概述第二季的營運表現。

Following that, I will discuss second quarter financial results, provide an update on our balance sheet and liquidity and provide additional details on our hedge book. Finally, Martyn will conclude our prepared remarks with final thoughts before opening the call up for questions.

接下來，我將討論第二季度的財務業績，提供我們的資產負債表和流動性的最新信息，並提供有關我們的對沖賬簿的更多詳細信息。最後，馬丁將在開始提問之前總結我們準備好的演講並提出最後的想法。

With that, I will hand it over to Martyn.

這樣，我就把它交給馬丁了。

Thank you, Jim. Amplify has a strong second quarter of 2024. The company generated $30.7 million of adjusted EBITDA and $9.2 million of free cash flow during the quarter with both exceeding expectations. Due to our stronger-than-expected second quarter performance, combined with the company’s election to participate in high-return non-operated development wells in East Texas and the Eagle Ford, we have revised our annual guidance. You can find our updated guidance in our earnings release and investor presentation posted to our website last night.

謝謝你，吉姆。Amplify 2024 年第二季表現強勁。該公司本季調整後 EBITDA 為 3,070 萬美元，自由現金流為 920 萬美元，均超乎預期。由於我們第二季的業績強於預期，再加上公司選擇參與東德州和伊格爾福特的高回報非營運開發井，我們修改了年度指引。您可以在昨晚發佈到我們網站上的收益報告和投資者簡報中找到我們的更新指南。

With respect to the strategic initiatives highlighted on our previous calls, we received multiple bids for both an outright sale and partial monetization of our barrel assets following a comprehensive marketing process. The company working with his advisers continue to actively evaluate the proposals and we’ll provide updates as they become available. The company is committed to pursuing the path that believes will maximize shareholder value.

關於我們先前電話中強調的策略性舉措，在全面的行銷流程之後，我們收到了多個對我們的桶裝資產的直接出售和部分貨幣化的出價。該公司與他的顧問合作，繼續積極評估這些提案，我們將在提案可用時提供最新資訊。公司致力於追求股東價值最大化的道路。

At Beta, we continue to make progress in our 2024 development program. Dan will provide more details in a moment, but we are pleased to announce that we successfully drilled and brought online the A50 Well in early June with very strong results. The cumulative production received to date from this well continues to exceed the upper end of our expectations, which were based on a limited subset of analogous wells previously drilled up the Beta platforms.

在 Beta，我們繼續在 2024 年開發計畫中取得進展。Dan 稍後將提供更多詳細信息，但我們很高興地宣布，我們已在 6 月初成功鑽探 A50 井並上線，取得了非常強勁的成果。迄今為止，該井的累積產量繼續超過我們預期的上限，該預期是基於先前在 Beta 平台上鑽探的類似井的有限子集而得出的。

With the results of the A50 and comparable results from future development wells, we would anticipate increasing our expectations for undeveloped well productivity. In addition, it is important to note that our current SEC proved reserves of Beta only include the four wells we plan to drill in 2024.

根據 A50 的結果和未來開發井的可比較結果，我們預計會提高對未開發井產能的預期。此外，值得注意的是，我們目前 SEC 探明的 Beta 儲量僅包括我們計劃在 2024 年鑽探的四口井。

With continued success, we have a substantial number of additional development locations that we may add to our proved reserve inventory. The combination of increased productivity forecasts and additional locations has the potential to materially impact the value of our Beta reserves and demonstrate the strategic value of this prolific asset.

隨著持續的成功，我們擁有大量額外的開發地點，我們可以將它們添加到我們已探明的儲備庫存中。提高生產力預測和增加地點的結合有可能對我們的貝塔儲備的價值產生重大影響，並展示這一多產資產的戰略價值。

In summary, we continue to focus on optimizing future cash flow generation by pursuing our strategic initiatives at Bairoil and Beta and capitalizing on incremental non-operated investment opportunities in East Texas and the Eagle Ford. We believe this strategy will unlock the full potential of Amplify diverse portfolio of assets and deliver substantial benefits on long-term value to our shareholders.

總而言之，我們繼續致力於透過在 Bairoil 和 Beta 實施我們的策略性舉措，並利用東德州和 Eagle Ford 的增量非經營投資機會，優化未來的現金流生成。我們相信這項策略將釋放 Amplify 多元化資產組合的全部潛力，並為我們的股東帶來長期價值的巨大利益。

With that, I’ll hand it over to Dan.

這樣，我就把它交給丹了。

Thank you, Martyn. Total production for the second quarter averaged approximately 20,300 Boe per day. Second quarter production benefited from a one-time prior period adjustment of approximately 1,200 Boe per day, which was partially offset by production curtailments in East Texas related to significant flooding events.

謝謝你，馬丁。第二季的總產量平均約為每天 20,300 桶油當量。第二季產量受益於前期約每天 1,200 桶油當量的一次性調整，但這項調整被德州東部因重大洪水事件導致的減產部分抵消。

For over 100 days, the high level of the Sabine River impeased access to a significant number of wells in East Texas, forcing shutting across the asset base. The team did an excellent job of minimizing the impact of the flooding and conditions have significantly improved as of this month.

100 多天來，薩賓河的高水位阻礙了德州東部大量油井的通行，迫使整個資產基礎關閉。該團隊在最大限度地減少洪水的影響方面做得非常出色，截至本月，情況已顯著改善。

Excluding the impact from the prior period adjustment, our production commodity mix for the quarter was 41% oil, 19% NGLs, and 40% natural gas. For the second quarter, lease operating expenses were approximately $36.3 million, a $2 million decrease from the first quarter. Gathering, processing and transportation costs were $4.9 million, and production taxes were $4.6 million.

排除前期調整的影響，本季我們的生產商品結構為 41% 石油、19% 液化天然氣和 40% 天然氣。第二季的租賃營運費用約為 3,630 萬美元，比第一季減少 200 萬美元。採集、加工和運輸成本為 490 萬美元，生產稅為 460 萬美元。

The decrease in lease operating expenses is partly related to annual maintenance expenses taking place in the first quarter as well as continued cost reduction efforts from the team. which are expected to persist for the remainder of the year. These efforts include previously discussed initiatives with Magnify Energy Services, our wholly-owned subsidiary.

租賃營運費用的減少部分與第一季的年度維護費用以及團隊持續降低成本的努力有關。預計這種情況將持續到今年剩餘時間。這些努力包括先前與我們的全資子公司 Magnify Energy Services 討論過的措施。

Magnify generated approximately $900,000 of adjusted EBITDA in the quarter through compression rentals, vacuum truck services, slip line work and well testing services. Since inception, Amplify has invested approximately $1.5 million in Magnify, which is projected to generate a run rate adjusted EBITDA of over $3 million per year after only one year of operations. We will continue to explore additional services for Magnify in the coming quarters.

Magnify 在本季度透過壓縮租賃、真空卡車服務、滑線作業和油井測試服務產生了約 90 萬美元的調整後 EBITDA。自成立以來，Amplify 已向 Magnify 投資了約 150 萬美元，預計營運僅一年後，每年的運行率調整後 EBITDA 將超過 300 萬美元。我們將在未來幾季繼續探索 Magnify 的其他服務。

The company’s total capital investment for the quarter was $18 million, approximately $16 million of this capital was invested in Beta, where we continue our electrification and emission reduction facility project and our development drilling program. The remaining capital was invested in various capital workovers and facility projects across our asset base.

該公司本季的總資本投資為 1800 萬美元，其中約 1,600 萬美元投資於 Beta，我們將在那裡繼續我們的電氣化和減排設施項目以及開發鑽井計劃。剩餘資本投資於我們資產基礎上的各種資本修井和設施項目。

Capital for the second half of 2024 will primarily be allocated to continued development and facility enhancements at Beta and non-operated drilling projects in the Eagle Ford and East Texas. In the Eagle Ford, the company expects to participate in 14 gross 0.7 net new development wells and 2 gross, 0.4 net recompletion projects. In East Texas, the company expects to participate in 4 gross on net wells with 2 wells targeting the Haynesville formation and the remaining 2 wells targeting the Cotton Valley formation.

2024 年下半年的資金將主要分配給 Eagle Ford 和東德州 Beta 和非營運鑽井專案的持續開發和設施增強。在Eagle Ford，該公司預計將參與14個總產量0.7淨值的新開發井和2個總產量0.4淨值的再完井項目。在德州東部，該公司預計將參與4口淨淨井，其中2口井針對Haynesville地層，其餘2口井針對Cotton Valley地層。

These projects will provide additional volumes and cash flow in early 2025. The two new development wells in the Haynesville Shale represent new opportunity for Amplify, as development of the Haynesville has continued to move west and activity has increased new [acreage] position. With the incremental optionality provided by the Haynesville opportunities, we believe that we will be in a strong position to extract additional value from this area in the future.

這些項目將在 2025 年初提供額外的銷售和現金流。海恩斯維爾頁岩的兩口新開發井為 Amplify 帶來了新的機遇，因為海恩斯維爾頁岩的開發繼續向西移動，並且活動增加了新的[面積]位置。憑藉海恩斯維爾機會提供的增量選擇，我們相信未來我們將處於有利地位，可以從該領域獲得額外價值。

At Beta, we continue the third and final phase of electrification and emission reduction project involving the installation of selective catalytic reducers when the platform generators and rig engines. We are on schedule to complete this multiyear project in the fourth quarter of this year, which will lower operating expenses by reducing diesel usage and emission credit purchases, increased redundancy across our operations and bring us in line with regional care quality standards.

在 Beta，我們繼續第三階段也是最後階段的電氣化和減排項目，涉及在平台發電機和鑽機引擎上安裝選擇性催化還原器。我們按計劃在今年第四季度完成這個多年期項目，這將透過減少柴油使用和排放信用購買、增加整個營運的冗餘來降低營運費用，並使我們符合地區護理品質標準。

We are projected to invest $14 million towards this project this year. And once completed, we do not anticipate significant facility capital investments of Beta in the coming years. With the fixed cost improvements from these upgrades and the use of modern technologies in our drilling program, we believe we can recover the massive remaining reserves in the Beta field.

我們預計今年將為此項目投資 1400 萬美元。一旦完成，我們預計未來幾年不會對 Beta 進行大量設施資本投資。透過這些升級帶來的固定成本改善以及在鑽井計劃中使用現代技術，我們相信我們能夠回收 Beta 油田的大量剩餘儲量。

Asset development program, we successfully drilled and completed the A50 Well from the Ellen platform less than 30 days and brought online in early June. The well achieved a gross peak IP30 oil rate of approximately 730 barrels of oil per day. Rates from the well after approximately two months of production were in excess of 650 barrels of oil per day.

資產開發計劃，我們在 Ellen 平台不到 30 天的時間內成功鑽完 A50 井，並於 6 月初上線。該井的總峰值 IP30 產油量約為每天 730 桶油。大約生產兩個月後，該油井的產量超過了每天 650 桶石油。

These early production results exceed the high end of the cumulative production range presented in our investor deck. We invested approximately $4.2 million as well. And at current oil prices, we project a quick payback of approximately four months.

這些早期生產結果超出了我們投資者平台中呈現的累積生產範圍的高端。我們還投資了大約 420 萬美元。以目前的油價，我們預計大約四個月就能快速收回投資。

The excellent results this well reinforce the substantial upside that can be achieved through a successful development campaign, utilizing modern technology to drill extended reach laterals to parts of the Beta field that were not accessible in previous drilling programs.

這口井的出色成果強化了透過成功的開發活動可以實現的巨大優勢，利用現代技術對 Beta 油田的部分延伸段進行鑽探，而這在以前的鑽井計劃中是無法實現的。

In the third quarter, we are drilling the C59 well from the Eureka platform and then intend to draw a second well in Eureka before returning to Ellen likely late in the fourth quarter to finish the A45 Well, which was deferred earlier this year.

第三季度，我們正在尤里卡平台鑽探 C59 井，然後打算在尤里卡開採第二口井，然後可能在第四季度末返回艾倫完成今年早些時候推遲的 A45 井。

And with that, I will turn it over to Jim.

有了這個，我會把它交給吉姆。

Thank you, Dan. I would now like to discuss the following items: second quarter financial performance, balance sheet and liquidity and hedging. With respect to second quarter financial performance, the company reported net income of approximately $7.1 million compared to a $9.4 million net loss in the prior quarter. The change was primarily attributable to lower noncash unrealized losses on commodity derivatives in the quarter.

謝謝你，丹。我現在想討論以下事項：第二季財務業績、資產負債表以及流動性和避險。至於第二季的財務業績，該公司報告淨利潤約為 710 萬美元，而上一季的淨虧損為 940 萬美元。這項變更主要歸因於本季商品衍生性商品的非現金未實現損失減少。

As Martyn previously mentioned, second quarter adjusted EBITDA was $30.7 million, which was well above expectations. In addition to the strong operating performance outlined by Dan, Amplify benefited from a one-time prior period accounting adjustment. In the first half of the year, the company undertook a comprehensive review of its suspense accounts.

正如 Martyn 先前提到的，第二季調整後 EBITDA 為 3,070 萬美元，遠高於預期。除了 Dan 概述的強勁營運業績外，Amplify 還受益於前期的一次性會計調整。上半年，公司對其暫記帳戶進行了全面審查。

Based on the results of our research, we determined that a portion of our suspense balance should be released and credited to Amplify. The net impact of these adjustments positively impacted adjusted EBITDA by approximately $7 million in the second quarter.

根據我們的研究結果，我們確定應釋放部分懸念餘額並記入 Amplify。這些調整的淨影響對第二季調整後的 EBITDA 產生了約 700 萬美元的正面影響。

Second quarter lease operating expenses were approximately $36.3 million, which was in line with expectations. LOE was lower than the prior quarter, primarily due to onetime costs that impacted the prior quarter. Amplify expects second half LOE will be lower than the first half with full year LOE remaining within the original guidance range.

第二季租賃營運費用約 3,630 萬美元，符合預期。LOE 低於上一季度，主要是因為一次性成本影響了上一季。Amplify 預計下半年 LOE 將低於上半年，全年 LOE 仍保持在原始指引範圍內。

With respect to other costs, second quarter GPT costs were $4.9 million or $2.66 per Boe while production taxes were $4.6 million or 6.4% of oil and gas revenue. Due to low gas prices in 2024, we expect Avalon taxes will be lower for the remainder of the year and we have updated guidance to reflect that change.

至於其他成本，第二季 GPT 成本為 490 萬美元，即每桶油當量 2.66 美元，而生產稅為 460 萬美元，即石油和天然氣收入的 6.4%。由於 2024 年汽油價格較低，我們預計今年剩餘時間阿瓦隆稅將較低，並且我們更新了指導意見以反映這一變化。

Cash G&A in the second quarter was $6.6 million or $3.57 per Boe, which was down $1.3 million from the prior quarter. This decrease was in line with expectations and primarily due to year-end processes that increased costs in the first quarter. The company anticipates that quarterly cash G&A expenses will be relatively flat through the remainder of the year. And as a result, we have not adjusted our original G&A guidance range.

第二季現金管理費用為 660 萬美元，每桶當量 3.57 美元，比上一季減少 130 萬美元。這一下降符合預期，主要是由於年終流程增加了第一季的成本。該公司預計，在今年剩餘時間內，季度現金管理及行政費用將相對持平。因此，我們沒有調整原來的 G&A 指導範圍。

In the second quarter, we incurred $3.6 million of interest expense up $0.1 million compared to the prior quarter. With respect to capital, Amplify invested $18 million in the second quarter, which was in line with internal expectations. As Dan mentioned, we have now elected to participate in non-operated development projects totaling $7 million to $9 million in the Eagle Ford and East Texas and have updated our guidance accordingly. We now expect to invest $60 million to $65 million of capital in 2024.

第二季度，我們產生了 360 萬美元的利息支出，比上一季增加了 10 萬美元。資本方面，Amplify第二季投資1,800萬美元，符合內部預期。正如丹所提到的，我們現在選擇參與伊格爾福特和東德克薩斯州總計 700 萬至 900 萬美元的非營運開發項目，並相應更新了我們的指導。我們現在預計在 2024 年投資 6,000 萬至 6,500 萬美元的資本。

Free cash flow, defined as adjusted EBITDA less CapEx and cash interest expense, was $9.2 million for the second quarter of 2024. Amplify has now generated positive free cash flow in 16 of the last 17 quarters, illustrating the strong sustainable cash generating potential of our mature diversified asset base. As of June 30, Amplify had net debt of approximately $117.5 million, consisting of $118 million outstanding under our revolving credit facility and $0.5 million of cash and cash equivalents.

2024 年第二季的自由現金流量（定義為調整後 EBITDA 減去資本支出和現金利息費用）為 920 萬美元。Amplify 目前在過去 17 個季度中的 16 個季度中產生了正的自由現金流，這表明我們成熟的多元化資產基礎具有強大的可持續現金產生潛力。截至 6 月 30 日，Amplify 的淨債務約為 1.175 億美元，其中包括循環信貸安排下的 1.18 億美元未償債務以及 50 萬美元的現金和現金等價物。

At the end of the second quarter, the company’s liquidity was $17.5 million, and net debt to last 12-month adjusted EBITDA was 1.2x. The slight increase in net debt versus the prior quarter was primarily due to expected changes in working capital and increased investment activity primarily at Beta. The next redetermination of our borrowing base is expected in the fourth quarter of 2024.

截至第二季末，該公司的流動資金為 1,750 萬美元，淨債務與過去 12 個月調整後 EBITDA 的比為 1.2 倍。淨債務較上一季略有增加，主要是由於營運資本的預期變化以及主要是 Beta 投資活動的增加。預計我們的下一次借款基礎將在 2024 年第四季重新確定。

As of August 7, our forecasted proved developed producing crude oil production was approximately 70% to 75% hedged for the second half of 2024, 55% to 60% hedged for 2025 and 10% to 15% hedged in 2026. On the gas side, our forecasted PDP production is 85% to 90% hedged for the remainder of 2024 and for full year 2025, with 80% to 85% hedged in 2026. In the second quarter, we added gas hedges covering a portion of our expected 2026 production and crude hedges covering a portion of our 2025 expected production.

截至8月7日，我們預測2024年下半年已探明的已開發原油產量約為70%至75%對沖，2025年55%至60%對沖，2026年10%至15%對沖。在天然氣方面，我們預測 2024 年剩餘時間和 2025 年全年 PDP 產量的 85% 至 90% 將被對沖，2026 年將有 80% 至 85% 對沖。第二季度，我們增加了涵蓋 2026 年部分預期產量的天然氣對沖，以及涵蓋 2025 年部分預期產量的原油對沖。

Amplify executed 2026 natural gas swaps at a weighted average price of $3.88 per MMBtu and natural gas collars with a floor of $3.62 per MMBtu and a ceiling of $4.27 per MMBtu. Amplify also executed crude oil stops for 2025 at a weighted average price of $74.10 per barrel. We will continue monitoring the market to supplement our strong hedge positions going forward.

Amplify 以每 MMBtu 3.88 美元的加權平均價格執行了 2026 年天然氣互換，天然氣上限為每 MMBtu 3.62 美元，上限為每 MMBtu 4.27 美元。Amplify 還以每桶 74.10 美元的加權平均價格執行了 2025 年原油停產。我們將繼續監控市場，以補充我們未來強大的對沖部位。

And with that, I’ll turn the call back to Martyn.

然後，我會將電話轉回給馬丁。

Thank you, Jim. As I mentioned earlier on this call, we are updating guidance based on our strong first half results and the company’s election to participate in non-operated development wells in East Texas and the Eagle Ford. Amplify’s updated guidance is based on full year 2024 commodity prices for WTI crude of $76 a barrel and Henry Hub Natural Gas of $2.25 per MMBtu.

謝謝你，吉姆。正如我之前在本次電話會議上提到的，我們正在根據上半年的強勁業績以及公司選擇參與東德克薩斯州和伊格爾福特的非營運開發井來更新指導。Amplify 的更新指引是基於 2024 年全年 WTI 原油商品價格為每桶 76 美元，亨利中心天然氣價格為每 MMBtu 2.25 美元。

As previously disclosed, the company expects to invest 85% to 95% of its capital in the first three quarters primarily in connection with the Beta projects. Additional guidance details are provided in our earnings release and can be found in the latest investor presentation currently available on our website.

如同先前所揭露的，該公司預計前三季將投入 85% 至 95% 的資本，主要用於 Beta 專案。我們的收益報告中提供了其他指導詳細信息，並且可以在我們網站上目前提供的最新投資者簡報中找到。

In summary, the first half of 2024 has exceeded expectations and we are excited about the initial results of our development program at Beta. The successful development program of Beta is key to demonstrating the strategic potential of the asset.

總之，2024 年上半年超出了預期，我們對 Beta 開發計畫的初步結果感到興奮。Beta 的成功開發計畫是展示該資產策略潛力的關鍵。

The potential to materially increase cash flow and long-term value for the company, we remain confident that the combination of our exciting Beta and non-operated development opportunities, coupled with our strong balance sheet and relentless focus on cost structure have the potential to be transformative for the company, providing a catalyst or market outperformance, while also enhancing our flexibility as we consider and evaluate potential capital return options in future periods.

有潛力大幅增加公司的現金流量和長期價值，我們仍然相信，我們令人興奮的 Beta 和非營運開發機會的結合，加上我們強大的資產負債表和對成本結構的不懈關注，有可能成為對公司來說具有變革性，提供催化劑或超越市場表現，同時也增強我們在考慮和評估未來時期潛在資本回報選擇時的靈活性。

With that, operator, we are now open for questions.

話務員，現在我們可以接受提問了。

(Operator Instructions). Jeff Grampp, Alliance Global Partners.

（操作員說明）。傑夫·格蘭普，聯盟全球合作夥伴。

Good morning guys, and congrats on getting the Beta news out. I wanted to unsurprisingly start there. So I think when you guys originally announced this development program. It included the four wells for this year, as you guys have talked about.

大家早安，恭喜您發布了 Beta 版消息。毫不奇怪，我想從那裡開始。所以我想當你們最初宣布這個開發計劃時。正如你們所談論的，它包括今年的四口井。

And then I think the plan was as, I think, three wells in 2025 given the results so far, I know we still have a few more wells to continue to derisk this, but what are the constraints to doing more than those three wells in 2025? Or how do you guys just generally think about a potential acceleration case there?

然後我認為計劃是在 2025 年打三口井，鑑於迄今為止的結果，我知道我們還有更多的口井來繼續消除這種風險，但是除了這三口井之外，還有哪些限制因素？年？或者你們一般如何看待潛在的加速案例？

Yeah. I think that’s something that we’re going to take a closer look at through the second half of this year, especially as we continue to get additional results. Obviously, we can drill and complete these in approximately 30 days. So we do mix in workovers using the same rigs during the course of the year.

是的。我認為這是我們將在今年下半年仔細研究的事情，特別是當我們繼續獲得更多結果時。顯然，我們可以在大約 30 天內鑽探並完成這些工作。因此，我們在這一年中確實使用相同的鑽孔機進行混合修井。

And we obviously always want to keep our eye on total capital, but we do have the flexibility to adjust that a little bit as we go forward. And that’s something that we’ll look at, like I said, as we continue to get additional results here in the third and fourth quarter.

顯然，我們始終希望專注於總資本，但我們確實可以靈活地在未來進行一些調整。正如我所說，隨著我們在第三季和第四季繼續獲得更多結果，我們將關注這一點。

Okay. Understood. And then on the well cost front, I think you guys were originally targeting kind of $5 million to $6 million. This one came in, in kind of the low 4s. What’s your assessment of the repeatability of that? I mean, if anything, I would think the earlier wells would be on the more expensive side as you guys kind of ramp up efficiencies and learnings and things of that nature. What’s kind of the confidence level to continue to come in under that initial 5% to 6% range?

好的。明白了。然後在油井成本方面，我認為你們最初的目標是 500 萬至 600 萬美元。這個進來了，有點像低四號。您對此的可重複性有何評價？我的意思是，如果有的話，我認為早期的井會更昂貴，因為你們會提高效率和學習以及類似性質的事情。繼續保持在最初的 5% 到 6% 範圍內的信心水準是多少？

Hey Jeff, this is Dan. The $5 million to $6 million estimate. So we made that obviously, before we start drilling wells out here. The team did a great job of A50. We’re very efficient, to well done on time. And we’ll see as we go. We won’t get a few more wells under our belt before we lower our overall expectation, but it’s certainly possible to drill these wells for less than $5 million.

嘿傑夫，這是丹。預估為 500 萬至 600 萬美元。因此，在我們開始在這裡鑽井之前，我們顯然已經做到了這一點。A50團隊做得非常出色。我們非常高效，按時完成任務。我們將邊走邊看看。在我們降低整體預期之前，我們不會再獲得更多的油井，但以低於 500 萬美元的價格鑽探這些油井肯定是可能的。

Okay. Great. And then if I could sneak one more in. The new non-op wells that you guys elected to participate in that popped up in East Texas. Obviously, gas prices are not tremendously high right now, but I assume they kind of met your hurdle rate, but just kind of wondering what your assessment is?

好的。偉大的。然後如果我能再偷偷溜進去一次的話。你們選擇參與的新非作業井出現在德州東部。顯然，目前汽油價格並不是很高，但我認為它們達到了您的最低門檻，但只是想知道您的評估是什麼？

Is this kind of setting up a potential longer-term capital allocation potential in East Texas? Or is this just a couple maybe one-offs where you guys just kind of wanted to participate and kind of get a look for what these well economics could be down the road?

這是否在德州東部建立了潛在的長期資本配置潛力？或者這只是一些一次性的事情，你們只是想參與其中，看看這些好的經濟學在未來會發生什麼？

So I think it’s a combination of both, but I’ll say that the Haynesville has been obviously prospective in our area, but the activity keeps getting closer and closer now is obviously on our acreage. And we have a meaningful amount of Haynesville acreage that is now prospective.

所以我認為這是兩者的結合，但我想說的是，海恩斯維爾在我們地區顯然是有前景的，但現在活動顯然越來越接近我們的土地。我們現在擁有大量具有前景的海恩斯維爾土地。

And obviously, we want to learn firsthand, especially as we look to decide what to do with – we have some contiguous acres where you could have an entirely different drilling program and whether we want to partner up or do something different with some of those acres.

顯然，我們希望獲得第一手資料，尤其是當我們希望決定如何處理時——我們有一些連續的土地，您可以在那裡進行完全不同的鑽探計劃，以及我們是否想要合作或與某些項目做一些不同的事情那些英畝。

And so this is an opportunity to learn more while participating in a kind of a lower risk kind of 25% working interest level. But we do have some interesting opportunities now in Haynesville. And obviously, yes, gas prices are low, they’re forecasted to be better next year.

因此，這是一個在參與 25% 工作利息水準的較低風險的同時了解更多資訊的機會。但我們現在在海恩斯維爾確實有一些有趣的機會。顯然，是的，天然氣價格很低，預計明年會更好。

But even with where they’re currently projected, we feel comfortable with the returns. And like I said, we like understanding what our optionality is going to be down the road in this area, which is, like I said, an area which could increase and importance to us for 2025 and beyond.

但即使按照目前的預期，我們對回報也感到滿意。就像我說的，我們喜歡了解我們在這一領域的選擇權，正如我所說，這個領域在 2025 年及以後對我們的重要性可能會增加。

Okay. Sounds good. Thank you guys for the time.

好的。聽起來不錯。謝謝你們抽出時間。

Thank you, Jeff.

謝謝你，傑夫。

Thank you, Jeff.

謝謝你，傑夫。

John White, Roth Capital.

約翰懷特，羅斯資本。

Good morning and congratulations on a strong quarter and getting your bids in on the Bairoil property. You mentioned several times maximizing shareholder value. Assuming a close – excuse me, assuming a closing and a robust amount of sale proceeds from Bairoil, do you have a preference at this time for capital returns would it be instituting a stock buyback or initiating a stock dividend program.

早安，恭喜本季業績強勁，並成功競標 Bairoil 地產。您多次提到股東價值最大化。假設交易結束——對不起，假設交易結束並且 Bairoil 獲得大量銷售收益，您目前對資本回報的偏好是進行股票回購還是啟動股票股息計劃。

Yeah. So let me kind of take both parts of that. So obviously, when you’re in an active discussion, we have to be very careful about what information we disclose. And so I’m sure while we’d love to kind of say more that we have the option to sell it outright. There the option to potentially monetize it partially or the option to just hold it if we think that’s what’s best for the company longer term. So that’s all in – like I said, that’s a process that’s currently still very active, and we can only provide the updates once they’re more definitive.

是的。讓我來談談這兩個部分。顯然，當您進行積極的討論時，我們必須非常小心我們披露的資訊。因此，我確信，雖然我們很想多說一點，但我們可以選擇直接出售它。如果我們認為這對公司的長期發展是最好的，那麼可以選擇將其部分貨幣化，也可以選擇只持有它。所以這一切都在 - 就像我說的那樣，這是一個目前仍然非常活躍的過程，只有在更新更加明確後我們才能提供更新。

At the same time, in terms of capital returns, I always say that this is going to be kind of dependent on what we see at the time. In the past, we’ve done both dividends and stock buybacks. So both of those are certainly on the table. It could be one or the other. It could be a combination of both.

同時，就資本回報而言，我總是說這將取決於我們當時所看到的情況。過去，我們既進行了股利分配，又進行了股票回購。所以這兩個問題肯定都擺在桌面上。可能是其中之一。它可能是兩者的結合。

So whether we accelerate that by monetizing in some way barrel or whether we do it to cash flow generation, which will pick up considerably in Q4 and beyond, where we’ll evaluate both of those options at the appropriate time. But at this point, be inappropriate for me to basically speculate on what the Board will decide to do at that time.

因此，無論我們是透過某種方式貨幣化來加速這一進程，還是透過現金流產生來加速這一進程，現金流將在第四季度及以後大幅增加，我們將在適當的時候評估這兩種選擇。但在這一點上，我基本上不適合猜測董事會屆時將決定做什麼。

I understand your constraints in your communication, and thanks for addressing it. I’ll turn the call back.

我理解您在溝通上的局限性，並感謝您解決這個問題。我會回電。

Thank you, John.

謝謝你，約翰。

Subash Chandra, Benchmark.

蘇巴什·錢德拉，基準。

Yeah, thanks. Yeah, congrats, too, on finally showing the value of Beta. Were the cycle times pretty much what you expected on the A50 or were they – was it faster?

是的，謝謝。是的，也恭喜你終於展現了 Beta 的價值。A50 的循環時間與您的預期相當嗎？

It’s about what’s expected. Drill and complete time, we expect less than a month. Every well out here is a little different. Some will take a little longer than this one did, and we’ll take a little shorter. But every well we currently are looking at in their inventory should be less than a month if the drilling pace as we expect it to.

這與預期有關。鑽探和完成時間，我們預計不到一個月。這裡的每口井都有點不同。有些會比這個花費更長的時間，而我們會花費更短的時間。但如果鑽探速度符合我們的預期，我們目前在庫存中查看的每口井都應該不到一個月。

Got it. Okay. So I think back to maybe a question that Jeff had asked. So I guess with the Haynesville play, you want to take a look and maybe this is a cost-effective way of taking a look at what the value of the acreage is? Or it could have been arguably two more California wells? So how did that sort of value proposition? How do you sort of walk through that?

知道了。好的。所以我回想起傑夫問過的一個問題。所以我想透過海恩斯維爾的比賽，你想看一下，也許這是一種經濟有效的方式來看看面積的價值是多少？或者它可能是加州另外兩口井？那麼這種價值主張是如何實現的呢？你是如何度過這個過程的？

Yeah. I don’t think our ultimate constraint on California is going to be the capital. I think, obviously, with the quick payback of these wells, you’re – we can – we have the ability to ramp up if it makes sense to do so. And so that’s something that, like I said, we’ll obviously be cognizant of capital allocation.

是的。我不認為我們對加州的最終限制將是首都。我認為，顯然，隨著這些油井的快速回報，您——我們可以——如果有意義的話，我們有能力提高產能。因此，正如我所說，我們顯然會認識到資本配置。

But with the free cash flow we’re generating, like I said, more so starting in the fourth quarter, I think we’ll have optionality there to both participate in Haynesville, if that makes sense.

但正如我所說，隨著我們正在產生的自由現金流，從第四季度開始更是如此，我認為如果有意義的話，我們將有選擇參與海恩斯維爾。

But also, if we decide to go a little faster and increase activity in California, we can do that as well. So I don’t think one precludes the other. It’s – you’ve got to kind of take advantage of opportunities as they come up, and so we’re going to (technical difficulty) we’re also full speed ahead right now and obviously on Beta with the next two wells coming up right after in this quarter and should be online before our next call.

而且，如果我們決定加快腳步並增加加州的活動，我們也可以做到。所以我不認為其中一個會排除另一個。而是——你必須在機會出現時充分利用它們，所以我們——（技術難度）——我們現在也全速前進，顯然還處於 Beta 階段接下來的兩口井將在本季度之後開採，並且應該在我們下次電話會議前上線。

Great. Yeah. No, that makes sense. I mean, I guess the acceleration let’s say, a significant acceleration. Would that be – because you have a lot of free cash flow coming for sure, but then you have these monetization events that are potential.

偉大的。是的。不，這是有道理的。我的意思是，我想加速度可以說是顯著的加速度。這是因為你肯定會獲得大量的自由現金流，但隨後你會遇到這些潛在的貨幣化事件。

Do we need both to sort of see a material acceleration in California and understanding that you’re walking through the results of the wells, but let’s say, they all come out looking like A50. Do you need both to occur? Or do you think you can materially curate just through organic free cash flows?

我們是否需要既看到加州的物質加速，又要了解您正在查看油井的結果，但我們可以說，它們看起來都像 A50。您需要兩者都發生嗎？或者您認為您可以僅透過有機自由現金流來進行實質管理嗎？

I think we can clearly are – even if you doubled activity levels in 2025, just as an example, I think have more than sufficient organic free cash flow to do that. The infrastructure project at Beta is obviously due a lot of that free cash through and we’ll continue to through the third quarter, which is why we’ve talked about how the fourth quarter is really where we’ll start to generate more of a go-forward free cash flow look that will – but that is also impactful from a full fixed cost perspective on that platform.

我認為我們顯然可以做到——即使你在 2025 年將活動水平翻倍，舉個例子，我認為我們也有足夠的有機自由現金流來做到這一點。Beta 的基礎設施項目顯然需要大量的自由現金，我們將在第三季度繼續這樣做，這就是為什麼我們已經討論了第四季度我們將如何真正開始產生資金更多的是未來的自由現金流看起來會- 但從該平台的完全固定成本角度來看，這也具有影響力。

So it will also once again, kind of increase the cash flow off the Beta of assets, not just from the development side, but also reducing off side going forward. And so there – it’s much more meaningful in the fourth quarter and beyond, like I said, so I don’t think it’s impeding us if it’s not going to be the constraint to a faster program, if that’s what we choose to.

因此，這也將再次增加資產 Beta 版的現金流，不僅來自開發方面，而且還減少未來的非面向。因此，正如我所說，它在第四季度及以後更有意義，所以我認為如果它不會成為限制，它就不會阻礙我們更快的程序，如果我們選擇的話。

Got it. Yeah. So it’s that operating leverage that we really should begin to see in the fourth quarter with the four wells on.

知道了。是的。因此，我們真正應該在第四季開始看到四口油井的營運槓桿。

Yeah, I guess that wasn’t a question.

是的，我想這不是一個問題。

All right, thanks, guys.

好的，謝謝大家。

Thank you.

謝謝。

Jeff Robertson, Water Tower Research.

傑夫·羅伯遜，水塔研究。

Thank you. Martyn, following up on where you ended that. Can you talk at all or can you provide some color on where you think LOE and Beta will go with the electrification and the additional volumes?

謝謝。馬丁，跟進你結束的地方。您能談談嗎？

Yes. Hi This is Dan. LOE and Beta, yes, as we finish this project, and this project is doing several things, it’s redundancy will lower LOE, and it’s required by the air quality standards by the South Coast Air Quality District in Southern California. But what this will do for us, it will reduce essentially all of our diesel usage in California from an operating standpoint and it should reduce overall power costs.

是的。嗨，這是丹。LOE 和 Beta，是的，當我們完成這個專案時，這個專案正在做幾件事，它的冗餘將降低 LOE，並且它是南加州南海岸空氣品質區的空氣品質標準所要求的。但這將為我們帶來什麼，從營運角度來看，它將基本上減少我們在加州的所有柴油使用量，並且應該降低整體電力成本。

And a big part of our LOE right now is, in addition to diesel Beta, we have to buy NOx credits, mission credits to offset our NOx emissions. After this project, NOx emissions be almost nonexistent. So we’ll save those costs as well. So we expect next year to see a sizable reduction in total Beta LOE once this project is fully completed.

現在我們的 LOE 的一個重要部分是，除了柴油 Beta 之外，我們還必須購買氮氧化物積分、任務積分來抵消我們的氮氧化物排放。該計畫實施後，氮氧化物排放幾乎不存在。因此，我們也將節省這些成本。因此，我們預計，一旦該專案完全完成，明年 Beta LOE 總量將大幅減少。

I think, Dan, in the second quarter, LOE and Beta was just short of $43, excuse me, per Boe. Do you know where that could go? I think you were at $34 a Boe in the fourth quarter of 2024 – I’m sorry, 2023.

Dan，我認為第二季 LOE 和 Beta 的價格僅差 43 美元，請原諒，根據 Boe。你知道那會去哪裡嗎？我認為 2024 年第四季的價格為每桶油 34 美元——對不起，2023 年。

Yeah. And quarter-by-quarter, it’s going to jump around some as part of our LOE as well is workover expenses. So in addition to drilling wells, our rig crews out there, we have to pull ESPs at different times when they fail throughout the year. So depending if we’re doing expense workovers or drilling wells within a certain quarter, that will move that LOE number up and down.

是的。每個季度，作為我們的 LOE 的一部分以及修井費用，它都會跳躍。因此，除了鑽井之外，我們的鑽井人員還必須在一年中的不同時間，在 ESP 發生故障時拉動 ESP。因此，根據我們是否在某個季度內進行費用修井或鑽井，LOE 數字將會上下移動。

But we’ll have more information as we get further in the year as to what our LOE is going to look like on a total absolute basis of Beta and on a unit basis, like you’re talking about here for next year. What we expect to be trending down.

但是，隨著今年的進一步進展，我們將獲得更多信息，了解我們的 LOE 在 Beta 的絕對絕對基礎上和單位基礎上的樣子，就像您明年在這裡談論的那樣。我們預期趨勢會下降。

Jeff, the other thing I would add to that – this is Jim, is as we ramp up bonds, you’re talking per Boe, right? So as we ramp volumes with the drilling program, our costs are generally fixed out here. So our per Boe costs are going to come down as we increase our volumes. So again, we’ll have more on this coming forward, but I think that the story is generally a positive one.

傑夫，我要補充的另一件事是——這是吉姆，當我們增加債券時​​，你是在按照鮑伊的說法說話，對嗎？因此，當我們透過鑽探計劃增加產量時，我們的成本通常會在這裡固定下來。因此，隨著我們產量的增加，我們的每桶當量成本將會下降。再說一遍，我們將對此進行更多報道，但我認為這個故事總體上是積極的。

Right. Costs come down and margins go up.

正確的。成本下降，利潤上升。

That’s right.

沒錯。

Jim, on the RBL redetermination in the fall. I think before Al went offline, the borrowing base was $225 million to $240 million. With the Bairoil sale and having Beta on in the development, can you give any color on where you think an RBL might be after the redetermination and what that will do just for the liquidity on paper?

Jim，關於秋季 RBL 的重新決定。我認為在 Al 下線之前，借款基礎為 2.25 億至 2.4 億美元。隨著 Bairoil 的出售以及 Beta 版的開發，您能否給出您認為重新確定後 RBL 可能處於什麼位置以及這對紙面流動性有何影響？

So like Martyn said, right, I think it’s a little bit early to speculate in terms of the barrel monetization and what that may do. So it makes it a little difficult to answer your question. That being said, right, we are generating free cash flow.

正如馬丁所說，我認為現在就桶貨幣化及其可能產生的作用進行推測還為時過早。所以回答你的問題有點困難。話雖如此，我們正在產生自由現金流。

So there’s not a huge need for us to increase the size of the facility today. I think – but again, as we add reserves and as we add value, we will have the option to do that assuming our lenders are supportive. So from our perspective, it’s not a major concern right now. And again, kind of similar to what I just said, more upside than not as we continue to do things at Beta.

因此，我們現在並沒有太大的必要增加設施的規模。我認為——但同樣，當我們增加準備金和增加價值時，假設我們的貸款人支持的話，我們將可以選擇這樣做。因此，從我們的角度來看，目前這不是一個主要問題。再說一遍，有點類似我剛才所說的，隨著我們繼續在 Beta 上做事，好處總比壞處多。

Yeah. And I’ll just add that the Bairoil facility does not meaningfully impact the credit facility. So – and our borrowing base is higher than our committed capital. So there’s selling it wouldn’t have a huge impact on the availability of the credit facility. And obviously, so whatever you sold before, monetize it for would obviously be incremental liquidity.

是的。我只想補充一點，貝羅伊爾貸款不會對信貸安排產生重大影響。因此，我們的借貸基礎高於我們的承諾資本。因此，出售它不會對信貸安排的可用性產生巨大影響。顯然，無論你之前出售什麼，將其貨幣化顯然都會增加流動性。

Once again, where given the nature of and status of our discussions, we’re not alluding to whether or not we’re going to transact on it or not at this point. We just want to make sure that we’re, like I said, open to all opportunities.

再次，考慮到我們討論的性質和狀態，我們並不是在暗示我們此時是否會就此進行交易。正如我所說，我們只是想確保我們對所有機會持開放態度。

Thanks, Martyn.

謝謝，馬丁。

Thank you. It appears that we have no further questions at this time. I will now turn the program back to our presenters for closing remarks.

謝謝。目前看來我們沒有其他問題了。現在我將把節目交回給我們的主持人做閉幕詞。

Thank you. With that, I’d just like to say thank you to all of our employees for their outstanding efforts and dedication this year. And I also like to express my appreciation to all of our stakeholders for their continuing support. We appreciate you all participating in our call today. And as always, if you have any other follow-up questions, please don’t hesitate to reach out directly to us. Thank you, everyone.

謝謝。在此，我謹對我們所有員工今年的出色努力和奉獻表示感謝。我還要對所有利害關係人的持續支持表示感謝。我們感謝大家今天參與我們的電話會議。像往常一樣，如果您有任何其他後續問題，請隨時直接與我們聯繫。謝謝大家。

Thank you. This does conclude today’s Amplify Energy’s Second Quarter 2024 Investor Conference Call. Thank you for your participation. You may disconnect at any time.

謝謝。今天的 Amplify Energy 2024 年第二季投資者電話會議到此結束。感謝您的參與。您可以隨時斷開連線。