Amplify Energy Corp (AMPY) 2024 Q3 法說會逐字稿

Welcome to Amplify Energy's third quarter, 2024 investor conference call, Amplify's operating and financial results were released yesterday after market close on November 6th 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 the call will be accessible until November 21st 2024 by dialling 806541563 and then entering access code 10171254. I would now like to turn the conference call over to James Frew, Senior Vice President and Chief Financial Officer of Amplify Energy Corp.

歡迎參加 Amplify Energy 2024 年第三季投資者電話會議，Amplify 的營運和財務結果於昨天 2024 年 11 月 6 日收盤後發布，可在 Amplify 網站 www.amplifyenergy.com 上查閱。在本次電話會議期間，所有參與者將處於只聽模式，今天的通話正在錄音。撥打 806541563 並輸入接入碼 10171254 即可在 2024 年 11 月 21 日之前重播該通話。現在，我想將電話會議轉給 Amplify Energy Corp 的高級副總裁兼財務長 James Frew。

Good morning and welcome to the Amplify Energy conference call to discuss operating and financial results for the third 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. 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 that it takes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this earnings call. 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. Also non gap financial measures may be disclosed during this call, reconciliations of those measures to comparable gap measures may be found in our earnings release or on our website at www.amplifyenergy.com. During the call, Martyn Willsher Amplify's President and Chief Executive Officer will review our third quarter performance and provide an update regarding our previously announced strategic initiatives. Next Daniel Furbee, Senior Vice President and Chief Operating Officer will provide an overview of third quarter operational performance. Following that I will discuss third 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 with that I will hand it over to Martyn.

早安，歡迎參加 Amplify Energy 電話會議，討論 2024 年第三季的營運和財務表現。在開始之前，我們想提醒您，我們的一些評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，並受各種風險、不確定性、預期和假設的影響。儘管管理階層認為此類前瞻性聲明所反映的預期是合理的，但無法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本次收益電話會議後發生的事件或情況。請參閱我們的新聞稿和證券交易文件，以了解可能導致實際結果與本次電話會議中前瞻性陳述的結果有重大差異的因素清單。此外，這裡重點介紹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。如需更多詳細披露，我們建議您閱讀我們昨天下午提交的 10-Q 表。此外，本次電話會議中也可能揭露非缺口財務指標，這些指標與可比較缺口指標的對帳可以在我們的收益報告或網站 www.amplifyenergy.com 上找到。在電話會議中，Martyn Willsher Amplify 總裁兼執行長將回顧我們第三季的業績，並提供有關我們先前宣布的策略舉措的最新進展。接下來，資深副總裁兼營運長 Daniel Furbee 將概述第三季的營運表現。接下來，我將討論第三季度的財務業績，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，在開始提問之前，馬丁將以最後的想法結束我們準備好的發言，我將把提問時間交給馬丁。

Thank you James, Amplify continued its strong performance in the third quarter of 2024, the company generated $25.5 million of adjusted EBITDA and $3.6 million of free cash flow during the quarter both in line with expectations as previewed in our last earnings call, we continue to evaluate several proposals regarding the modernization of our Wyoming assets in the third quarter while we have been encouraged by the interest received in these assets volatility in crude prices has affected the valuation process with potential buyers at this time, we believe that retaining ownership of the assets and continuing to benefit from the asset cash flows maximize value for our shareholders while we are unlikely to transact in the near term, we remain open to a potential transaction if it is in the best interest of shareholders. At beta we continue to make progress in our 2024 development program. Daniel will provide more details in a moment but we are pleased to announce that we successfully drilled and brought online the C59 well in early October with strong results. With the results of the A50 C59 wells exceeding initial projections and the C48 expected to come online in mid November. We intend to include a number of additional development locations into our proved reserves at year end 2024. We are also refining our development program schedule and expect to have an updated plan with additional details in the first quarter of 2025. Yesterday Amplify issued its second annual sustainability report which provides additional disclosures to our stakeholders regarding our business and operating practices. In the report, we discussed the significant progress we have made in the past year including a substantial reduction in scope one emissions and methane intensity. The report also details our safety procedures, environmental performance efforts to enhance the long term sustainability of our business and dedication to sound corporate governance. I highly encourage our stakeholders to read the report which can be found under the sustainability section of our website, www.amplifyenergy.com. We remain committed to continuing to improve our disclosures and to providing updates on our sustainability milestones. In summary, we continue to be excited about our development program at beta which has the potential to deliver outstanding returns on investment, significant incremental free cash flow and materially improve the value of our beta reserves. Combining this organic development with the additional non operated investment opportunities in East Texas and Eagle Ford, continuing focus on optimization initiatives will help realize the full potential of Amplify diverse portfolio of assets and deliver substantial benefits and long term value to our shareholders, with that I will hand over to Daniel.

謝謝詹姆斯，Amplify 在 2024 年第三季度繼續保持強勁表現，公司本季度創造了 2550 萬美元的調整後 EBITDA 和 360 萬美元的自由現金流，均符合我們上次財報電話會議預測的預期，我們將繼續評估有關第三季度懷俄明州資產現代化的估值我們的股東實現價值最大化，雖然我們不太可能在短期內進行交易，但如果這符合股東的最佳利益，我們仍對潛在交易持開放態度。在測試階段，我們繼續在 2024 年開發計畫中取得進展。丹尼爾稍後會提供更多細節，但我們很高興地宣布，我們在 10 月初成功鑽探並投​​產 C59 井，並取得了良好的效果。A50 C59 井的成果超過了最初的預測，C48 井預計將於 11 月中旬投產。我們打算在 2024 年底將一些額外的開發地點納入我們的已探明儲量中。我們也正在完善我們的開發計畫時間表，並預計在 2025 年第一季推出包含更多細節的更新計畫。昨天，Amplify 發布了第二份年度永續發展報告，向我們的利害關係人提供有關我們的業務和營運實踐的更多揭露。在報告中，我們討論了過去一年的重大進展，包括大幅減少範圍一排放和甲烷強度。該報告還詳細介紹了我們的安全程序、環境績效努力，以提高我們業務的長期可持續性以及對良好公司治理的致力於。我強烈鼓勵我們的利害關係人閱讀該報告，該報告可在我們網站 www.amplifyenergy.com 的可持續發展部分找到。我們將繼續致力於繼續改進我們的揭露資訊並提供有關我們永續發展里程碑的更新。總而言之，我們繼續對我們的 Beta 開發計劃感到興奮，它有可能帶來出色的投資回報、顯著的增量自由現金流並大幅提高我們的 Beta 儲備的價值。將這一有機發展與東德克薩斯州和鷹福特的其他非經營性投資機會相結合，繼續關注優化舉措將有助於充分發揮 Amplify 多元化資產組合的潛力，並為我們的股東帶來可觀的利益和長期價值，我將把這些交給丹尼爾。

Thank you Martyn, Total production for the third quarter averaged approximately 19,000 BOE per day, a decrease of 1,300 BOE per day from the second quarter which benefited from a onetime prior period adjustment of approximately 1,200 BOE per day, adjusting for this onetime benefit in the second quarter, third quarter, production was approximately flat to the prior quarter despite a scheduled multi day shut in at beta. As discussed earlier in the year the emissions reduction and electrification project required certain electrical work to be completed for which production operations need to be suspended for several days. Our production commodity mix for the quarter was 43% oil, 17% NGLS and 40% natural gas, for the third quarter these offering expenses were approxly $33.3 million, a $3 million decrease from the second quarter. Gathering processing and transportation costs were $4.3 million and production taxes were $6 million. The decrease in lease operating expenses was driven by a $1.2 million reclassification of certain expenses to taxes other than income and our continued LOE optimization. These operating expenses do not reflect $800,000 of income generated by magnify energy services. Since inception, Amplify has invested across $1.5 million in magnify and generate over $2.9 million in EBIDTA. Going forward we project to generate a run rate just in EBIDTA of over $3 million per year after just over one year of operations and we will continue to explore opportunities to expand magnify service lines in 2025.

謝謝你，馬丁。正如今年稍早所討論的那樣，減排和電氣化項目需要完成某些電氣工作，因此生產營運需要暫停幾天。我們本季的生產商品結構為 43% 的石油、17% 的 NGLS 和 40% 的天然氣，第三季這些供應費用約為 3,330 萬美元，比第二季減少 300 萬美元。收集加工和運輸成本為 430 萬美元，生產稅為 600 萬美元。租賃營運費用的減少是由於將某些費用重新歸類為除收入之外的稅款 120 萬美元以及我們持續的 LOE 優化。這些營運費用並未反映放大能源服務公司產生的 80 萬美元收入。自成立以來，Amplify 已在 magnify 上投資了超過 150 萬美元，並產生了超過 290 萬美元的 EBIDTA。展望未來，我們預計營運一年多後，EBIDTA 的年運行率將超過 300 萬美元，我們將在 2025 年繼續探索擴展服務線的機會。

The company's total capital investment for the quarter was $18.2 million approximately $12 million of this capital was invested at beta where we have continued our development drilling program and our electrification and emissions reduction facility project. The remaining capital was invested in non operated drilling in Eagle Ford and East Texas as well as various capital workovers and facility projects across our asset base. Capital for the fourth quarter of 2024 is primarily being allocated to the 2024 development drilling program beta and the continuation of the non operated drilling projects. As we noted in our second quarter, Earnings call in the Eagle Ford, the company is participating in 14 gross 0.7 net new development wells and 2 gross 0.4 net recompletion projects. In East Texas the company is participating in 4 gross one net wells with two wells targeting the Haynesville formation and the remaining two wells targeting valley formation. These projects will provide additional volumes and cash flow in early 2025. We are also evaluating opportunities to extract incremental value from our Hazelridge through non operating partnerships and potential monetization opportunities. As for our beta development program in the third quarter, we successfully drilled and completed the C59 well from the Eureka platform and brought it online in early October. The well achieved an IP 30 gross oil rate of approximately 590 barrels of oil per day. The C 59 well achieved the third day IP despite being artificially restricted as we are currently producing the well with over 1,000 PSI of bottom of pressure due to our initial pump setting depth, we intend to lower the pump in the fourth quarter after giving the well sufficient time to freeze the initial solids which is often expected gravel pack completions in the unconsolidated sands. This well was drilled in the far southern area of the beta field which is largely undeveloped and reservoir logs indicated excellent reservoir quality, giving us a high degree of confidence of significant future inventory in this area of the field. In early October, we spotted the C48 well from the Eureka platform which we are currently in the process of completing and expect to bring online in the middle of this month. The A50 well, which was the first well we completed at beta this year has been online for approximately five months and it's already achieved pay out with punitive production to date of approximately 85,000 gross barrels of oil despite the impact of the planned facility shut ins discussed on this call with excellent results from the A50 well, drove from the one platform strong initial results from the C59 well and high expectations for the C48 well, both drove from the Eureka platform. We are very excited about the long term development opportunities at beta after the completion of the C48. Well, this month, the remainder 2024 activity at beta will focus on workover projects, completing the emission reduction electrification project and preparing for a 2025 development program. With that I will turn it over to James.

本季公司的總資本投資為 1,820 萬美元，其中約 1,200 萬美元投資於 Beta 階段，我們繼續開展開發鑽探計劃以及電氣化和減排設施項目。剩餘資本投資於鷹福特和德克薩斯州東部的非營運鑽探以及我們資產基礎上的各種資本修井和設施項目。2024 年第四季的資本主要分配給2024 年開發鑽探計畫測試版以及未營運鑽探計畫的延續。正如我們在第二季度 Eagle Ford 收益電話會議上所指出的那樣，該公司正在參與 14 個總淨增 0.7 口新開發井和 2 個總淨增 0.4 口再完井項目。在德州東部，該公司參與了 4 口總井和 1 口淨井的開採，其中兩口井的目標是海恩斯維爾地層，其餘兩口井的目標是山谷地層。這些項目將在 2025 年初提供額外的產量和現金流。我們也正在評估透過非營運合作夥伴關係和潛在的貨幣化機會從 Hazelridge 提取增量價值的機會。至於我們第三季的 beta 開發計劃，我們在 Eureka 平台成功鑽探並完成了 C59 井，並於 10 月初投入使用。該井的 IP 30 總產油量達到約 590 桶/天。儘管受到人為限制，C59井仍取得了第三天的IP，因為由於我們最初的泵安裝深度，我們目前正在以超過1,000 PSI的壓力底部生產井，我們打算在第四季度降低泵，讓井有足夠的時間來凍結初始固體，這通常是未固結砂層中礫石充填完井所期望的。該井位於β油田最南端，該地區大部分尚未開發，儲層測井顯示儲層品質優良，這使我們對該油田這一區域未來儲量巨大充滿信心。十月初，我們在 Eureka 平台上發現了 C48 井，目前我們正處於完工階段，預計將於本月中旬上線。A50 井是我們今年在測試階段完工的第一口井，已經投產約 5 個月，儘管受到了本次電話會議中討論的計劃內設施關閉的影響，但迄今為止，該井已實現約 85,000 桶石油的懲罰性生產，A50 井的優異表現源於一個平台的推動，C59 井的初步期望我們對 C48 完成後 Beta 的長期發展機會感到非常興奮。那麼本月，Beta 剩餘的 2024 年活動將集中在修井工程、完成減排電氣化工程和為 2025 年發展計畫做準備。現在我將把話題交給詹姆斯。

Thank you Dan. I would now like to discuss the following items. Third quarter, financial performance, balance sheet and liquidity and hedging, with respect to third quarter financial performance. The company reported net income of approximately $22.7 million compared to $7.1 million of net income in the prior quarter. The change was primarily attributable to a noncash unrealized gain on commodity derivatives in the third quarter compared to an unrealized loss in the prior quarter. As Martyn previously mentioned, third quarter adjusted EBITDA was $25.5 million which was in line with expectations. Third quarter, lease operating expenses were approximately $33.3 million which were also in line with expectations. LOE was lower than the prior quarter, primarily due to continued optimization initiatives and a reclassification of certain expenses to taxes other than income, excluding the reclassification Amplify, expects fourth quarter LOE will be lower than the third quarter and in line with our guidance, with respect to other costs third quarter GPT costs were $4.3 million or $2.45 per BOE, while production taxes were $6 million or 8.8% of oil and gas revenue. Taxes were higher than the prior quarter due to the previously mentioned reclassification of lease operating expense. The company anticipates that taxes as a percentage of revenue will remain within the previously announced guidance range for 2024. Cash G&A in the third quarter was $6.2 million or $3.55 per BOE which was down $0.4 million from the prior quarter. This decrease was in line with expectations and primarily due to lower legal fees. The company anticipates that quarterly cash G&A expenses will remain at approximately the same level in the fourth quarter. In the third quarter, we incurred $3.8 million of interest expense a $0.2 million compared to the prior quarter. With respect to capital Amplify, invested $18.2 million in the third quarter, which was in line with internal expectations. The company's capital allocation was approximately 66% for beta facility projects and development drilling with the remainder distributed across the company's other assets. As Dan mentioned, we are also participating in non operated development projects in the Eagle Ford in East Texas due to the acceleration of non operative development costs in the fourth quarter. Amplify, expects total capital to be at or slightly above the high end of its current annual guidance range of $60 to $65 million, free cash flow defined as adjusted EBIDTA, less Capex and cash interest expense was $3.6 million for the third quarter of 2024. Amplify has now generated positive free cash flow in 17 of the last 18 quarters, illustrating the strong sustainable cash generating potential of our mature diversified asset base. On October 25th, 2024 Amplify, completed the regularly scheduled semi annual redetermination of its borrowing base. As a result of this redetermination, the borrowing base was reduced $5 million while elected commitments were increased $10 million bringing the borrowing base and elected commitments to $145 million. The increase in elected commitments improves the company's liquidity and provides additional flexibility. The next regularly scheduled borrowing base redetermination is expected to occur in the second quarter of 2025. As of September 30th Amplify had $120 million of debt outstanding under its revolving credit facility. Third quarter, net debt increased slightly from the prior quarter due to expected changes in working capital and increased development activity primarily at beta. Our leverage ratio improved quarter over quarter to 1.1 times from 1.2 times due to increased last 12 months adjusted EBITDA, recently amplify took advantage of volatility in the market to add to our head position further protecting future cash flows Amplify, executed crude oil swash for 2025 and 2026 at weighted average prices of $69.39 and $68.12 per barrel respectively. Furthermore, the company monetized a small portion of in the money gap hedges to stay in compliance with our credit facility as of November 6th, our forecasted PDP crude oil production was approximately 75% to 80% hedged for the remainder of 2024 and for full year 2025 with 20% to 25% hedged in 2026. On the gas side, our forecasted PDP production is 80% to 85% hedged for the remainder of 2024 through full year. 2026. We will continue monitoring the market and we will look for opportunities to add to our strong hedge positions. With that. I'll turn the call back to Martin.

謝謝你，丹。現在我想討論以下事項。第三季度，財務業績，資產負債表和流動性及對沖，關於第三季度的財務業績。該公司報告淨收入約為 2,270 萬美元，而上一季的淨收入為 710 萬美元。這項變更主要歸因於第三季商品衍生性商品的非現金未實現收益，而上一季則為未實現損失。正如馬丁之前提到的，第三季調整後的 EBITDA 為 2550 萬美元，符合預期。第三季度，租賃營運費用約為 3,330 萬美元，這也符合預期。LOE 低於上一季度，主要由於持續的優化舉措和將某些費用重新分類為除收入以外的稅款，但不包括重新分類 Amplify，預計第四季度 LOE 將低於第三季度並符合我們的預期，就其他成本而言，第三季度 GPT 成本為 430 萬美元或每桶油當量 2.45 美元，而生產稅為 600 萬美元的 8.8%。由於前面提到的租賃經營費用重新分類，稅收高於上一季。該公司預計，稅收佔收入的百分比將保持在先前宣布的 2024 年指導範圍內。第三季現金 G&A 為 620 萬美元，每桶油當量 3.55 美元，較上一季下降 40 萬美元。這一下降符合預期，主要由於法律費用下降。該公司預計第四季的季度現金一般及行政開支將保持大致相同的水平。第三季度，我們的利息支出為 380 萬美元，與上一季相比增加 20 萬美元。資本方面，Amplify 第三季投資 1,820 萬美元，符合內部預期。該公司的資本配置約有 66% 用於測試設施項目和開發鑽探，其餘部分則分佈在公司的其他資產中。正如丹所提到的，由於第四季度非營運開發成本的加速，我們也參與了位於德克薩斯州東部鷹福特的非營運開發項目。Amplify 預計總資本將達到或略高於其當前年度指引範圍 6,000 萬至 6,500 萬美元的高端，自由現金流定義為調整後的 EBIDTA 減去資本支出和現金利息支出，2024 年第三季為 360 萬美元。Amplify 在過去 18 個季度中 17 個季度都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創造潛力。2024 年 10 月 25 日，Amplify 完成了定期的半年度借款基數重新確定。經過重新確定，借款基數減少了 500 萬美元，而選定承諾增加了 1000 萬美元，使借款基數和選定承諾達到 1.45 億美元。選定承諾的增加提高了公司的流動性並提供了額外的靈活性。下一次定期借款基數重新確定預計將在 2025 年第二季進行。截至 9 月 30 日，Amplify 的循環信貸額度下未償還債務為 1.2 億美元。第三季度，淨債務較上一季略有增加，原因是預期營運資本變動和主要在測試階段的開發活動增加。由於過去 12 個月調整後的 EBITDA 增加，我們的槓桿率從上一季的 1.2 倍改善至 1.1 倍，最近，Amplify 利用市場波動增強了我們的領先地位，進一步保護了未來的現金流，Amplify 分別以每桶 69.39 美元和 68.12 美元的加權交易價格執行了 2025 年原油和 2025 年的平均價格。此外，截至 11 月 6 日，公司將一小部分資金缺口對沖貨幣化以符合我們的信貸安排，我們預測的 PDP 原油產量在 2024 年剩餘時間和 2025 年全年的對沖比例約為 75% 至 80%，2026 年的對沖比例為 20% 至 25%。在天然氣方面，我們預測 2024 年剩餘時間至全年的 PDP 產量將有 80% 至 85% 被對沖。2026年。我們將繼續監測市場，並尋找機會增強我們的強勢對沖部位。就這樣。我會把電話轉回給馬丁。

Thank you, James. In summary, the first nine months of 2024 have exceeded our expectations and we continue to be excited about the strong early results from our beta development program. We remain confident that the combination of our beta and non operated development opportunities coupled with our strong balance sheet and unrelenting efforts to reduce operating costs have the potential to be transformative for the company providing a catalyst to market our performance while also enhancing our flexibility as we consider and evaluate potential capital return options in future periods. With that operator, we are now open for questions.

謝謝你，詹姆斯。總而言之，2024 年的前 9 個月超出了我們的預期，我們繼續對 Beta 開發計劃的強勁早期成果感到興奮。我們堅信，我們的測試版和非營運開發機會，加上我們強勁的資產負債表和不懈的降低營運成本的努力，有可能為公司帶來變革，為推銷我們的業績提供催化劑，同時也增強我們的靈活性，因為我們考慮和評估未來時期的潛在資本回報選擇。有了這個接線員，我們現在就可以回答問題了。

If you would like to ask a question, please press star and one on your telephone keypad now and you'll be placed into the queue in the order received. If you would like to remove yourself at any time, press pound and one to be removed from the queue. Once again, If you would like to ask a question, please press star and one on your phone now.

如果您想提問，請立即按下電話鍵盤上的“星號”和“一”，然後我們會按照收到的順序將您排入隊列。如果您想隨時退出，請按井號鍵和一鍵退出佇列。再次強調，如果您想提問，請立即按下手機上的星號和一鍵。

And our first question comes from Jeff Graham of Alliance global Partners.

我們的第一個問題來自 Alliance Global Partners 的 Jeff Graham。

Couple questions on beta for you. You mentioned the prepared remarks and you guys think you've got a decent batch of puds you think you can put on the year end reserve report. I'm curious, you know, ballpark numbers, how many locations do you guys think you de risked with the development you've done so far? And then as we think about kind of medium longer term development plans, how do you guys think about balancing, you know, going for those kind of de risk pud locations versus maybe stepping out into some newer areas in beta to continue to prove this new strategy out.

我想問您幾個關於 Beta 版的問題。您提到了準備好的發言稿，並且您認為您已經準備好了一批不錯的材料可以放在年終儲備報告中。我很好奇，大概的數字，你們認為到目前為止，你們所做的開發降低了多少地點的風險？然後，當我們考慮中長期發展計畫時，你們如何考慮平衡，是選擇那些低風險的地點，還是進入一些較新的測試領域以繼續證明這個新策略。

Hey, Jeff, this is Dan, kind of hit the last part of your question. The C59 well, we drilled as we'll talk more about as we finalize our plans for 2025 and beyond. It really proved up a big chunk of southern part of the acreage that before hasn't really been drilled in this area and the main part of that was, you know, in the past when shell drilled the, as well as most of these wells, the 80s technologies didn't exist to target this part of the reservoir. From where the platforms are. So we're very excited about the results receiving this well, and specific numbers of locations. We haven't, we're not quite there yet, but we, we expect in this area locations, we'll be talking about that, you know, was kind of the biggest area to prove of outside of this area, you know, the rest of the reservoir is pretty much defined. So I think we got a very good idea of how many locations we'll be able to target and then how many pods we book this year? Something we'll work through as well in terms of our timing and what we feel comfortable with declaring us puds. So we're excited about that.

嘿，傑夫，我是丹，我有點觸及你問題的最後一部分。我們鑽探了 C59 井，我們將在最終確定 2025 年及以後的計劃時進一步討論。事實證明，該區域南部的一大塊區域以前從未被鑽探過，而且主要的原因是，你知道，過去當殼牌鑽探這些油井時，80 年代的技術還不存在，無法針對這部分油藏進行勘探。平台位於何處。因此，我們對這口井的接收結果以及具體位置數量感到非常興奮。我們還沒有，我們還沒有完全到達那裡，但是我們預計在這個區域的位置，我們將討論這個，你知道，這是需要證明的最大的地區，在這個區域之外，你知道，水庫的其餘部分基本上已經確定了。所以我認為我們非常清楚今年我們能夠定位多少個地點以及我們能夠預訂多少個吊艙？我們也會在時間安排以及我們覺得如何稱呼自己為 puds 方面做一些努力。我們對此感到很興奮。

Yeah, and I'll just add, obviously, we only had four puds be on our books for this year. We didn't have anything beyond this year booked and so what we're talking about is adding 2025 to 2029 type development program and, you know, we're always typically a little bit more conservative than most and in trying to book puds and making sure that we're converting the puds over time. But, you know, we feel increasingly confident in the return profile of these wells that allows us to put things on the books. Now, moving forward that we think will, you know, substantially change, kind of the outlook for the approved.

是的，我只想補充一點，很明顯，今年我們只有四個布丁。我們今年以後沒有任何預訂，所以我們正在談論的是添加 2025 年至 2029 年類型的開發計劃，而且您知道，我們通常總是比大多數人更保守一些，並試圖預訂 puds 並確保我們隨著時間的推移轉換 puds。但是，你知道，我們對這些油井的回報情況越來越有信心，這讓我們能夠把事情記錄下來。現在，我們認為，展望未來，這將大大改變批准的前景。

Perfect, that's helpful. Thank you and for my follow up on the cost side, I think on this the second. Well, I think 5.9 million was the number you guys quoted, which is still within that $5 to $6 million range you guys initially put out, but obviously a bit above that first. Well, so just overall wanted to see, I guess if you guys compare contrast, you know what, what drove that cost difference and then just bigger picture your overall comfortability with that $5 to $6 million range is if that's still a good number.

非常好，非常有幫助。謝謝您對成本方面的跟進，我認為這是第二個問題。嗯，我認為你們報價是 590 萬，這仍然在你們最初提出的 500 萬到 600 萬美元的範圍內，但顯然略高於這個數字。好吧，所以總的來說，我想看看，如果你們比較一下對比，你知道是什麼導致了成本差異，然後從更大的角度來看，你對 500 萬到 600 萬美元範圍的整體舒適度是這是否仍然是一個好數字。

Yeah, now we feel like that's a good number. Comparing to the 850 well, for example, which you drilled in the low to mid $4 million range. So the C59 well, for example, we had about eight extra days of drilling. It's mostly driven by, we had to control drill part of the well at a lower rate of penetration because we had very narrow windows, track gradient, poor pressure gradient, we just manage through that and we had to make an extra trip for tool failure while drilling, for example. So yeah, I think if we have no issues and no tool failures while drilling, you know, something similar to A50 well, is it still achievable if we have, you know, these kind of, you know, typical type of issues while drilling? We could be towards the near end of the, the $5 to $6 million range to talk about. So we still feel good about our estimates going forward.

是的，現在我們覺得這是一個不錯的數字。例如，與 850 口井相比，其鑽探成本約為 400 萬美元。以 C59 井為例，我們的鑽探時間增加了約八天。主要原因是，我們必須以較低的鑽進速度控制部分井的鑽進速度，因為我們的窗口非常窄，軌道梯度、壓力梯度都很差，我們只能設法度過難關，例如，我們不得不在鑽井過程中額外跑一次以應對工具故障。是的，我認為如果我們在鑽井時沒有遇到任何問題，也沒有工具故障，你知道，與 A50 井類似，如果我們在鑽井時遇到這種典型的問題，我們還能實現嗎？我們可能正接近討論 500 萬到 600 萬美元的範圍。因此，我們對於未來的估計仍然充滿信心。

Yeah, this is the first, well, we've drilled up Eureka. So, you know, just kind of managing the drilling in a different area of a different platform with a, with a different rig. We were, you know, trying to kind of make sure that we were managing, you know, the drilling in a conservative manner as we went through. So hopefully they can move up but, or move down, so to speak. But, you know, we're comfortable in that 5 to $6 million range going forward and hopefully we can continue to improve.

是的，這是我們第一次對尤里卡進行鑽探。所以，你知道，這只是用不同的鑽孔機在不同平台的不同區域進行鑽探的管理。你知道，我們在嘗試確保以保守的方式進行鑽探。所以希望他們能夠晉升，或是下降，可以這麼說。但是，您知道，我們對未來 500 萬至 600 萬美元的範圍感到滿意，並希望我們能夠繼續提高。

Understood the details, Thank you guys.

了解詳細信息，謝謝大家。

Our next question comes from Subash Chandra of Benchmark.

我們的下一個問題來自 Benchmark 的 Subash Chandra。

Yeah, thanks. Doing the quick math, I guess on the first well, it seems like it barely declined and you know, if that's a fair interpretation and what do you think of like a an exit rate could be on these wells from IP at the end of the year?

是的，謝謝。透過簡單的計算，我猜對於第一口井來說，似乎產量幾乎沒有下降，您知道，如果這是一個合理的解釋，那麼您認為到年底這些井的 IP 退出率是多少？

Yeah, the A50 well, which is typical in this this field in this reservoir did not see a sharp decline from this initial 30 day IP. It's probably producing in about 500 barrels a day now. Exit rate IP on these wells and of the year, it's hard to say, I mean, I'll say the characteristics of wells in this field if you look back historically on their drill, they have obviously higher production. At first you see a low with decline and then if you look at all the wells in the field, this is a normally pressured reservoir that has water flood injection support. So you know, the decline profile of these wells is fairly flat. With that being said, this is one of the first wells we drilled with this type of completion technique as a horizontal well through the de sand, we call it the prolific sand in this field by itself. So exactly how it's going to impact the future we don't have a great idea, but you know, the results so far are great and you know, we have high expectations going forward that the decline will be you know, fairly shallow.

是的，A50 井是該油田中該油藏的典型井，從最初 30 天的 IP 來看，並沒有急劇下降。現在它每天的產量大概是500桶。這些井的出口率 IP 以及年度出口率很難說，我的意思是，如果你回顧歷史上的鑽探，我會說這個油田井的特點，它們的產量顯然更高。首先，你會看到一個下降的低點，然後如果你看看油田裡的所有油井，這是一個正常壓力的油藏，有註水支持。所以你知道，這些油井的下降曲線相當平坦。話雖如此，這是我們採用這種完井技術鑽探的第一口井，是一口穿過脫砂層的水平井，我們稱之為該油田的多產砂層。所以對於它究竟會如何影響未來，我們還沒有一個很好的想法，但你知道，到目前為止的結果都很棒，而且我們對未來抱有很高的期望，希望下降幅度會比較小。

And did I hear you mentioned that the second, well, you encountered a high bottom hole pressures and sort of what do you attribute that to.

我是否聽到您提到過，第二個問題是，您遇到了很高的井底壓力，您認為這是什麼原因造成的？

In the remarks earlier what I was referring to is the way we're producing the well now is with a high bottom hole pressure compared to A50 compared to the other wells producing in the field, that's due to where we set our pump. So all these wells are produced with electric Submersible pumps. We set the pump deliberately high in this well, because we didn't want to put the pump into a smaller casing closer to the reservoir. The reason for that is all these wells are unconsolidated sands. We complete them with gravel packs and there's a chance of initial solids and sand production. So we want to keep that pump out of the smaller casing just to avoid any risk to get that pump stuck if you're producing a lot of sand. So we believe this will be our kind of our mode of operation going forward. These pumps will be set higher if they need to be to stay out of the smaller casing. After you produce the wells for a couple of months, we'll lower the pump, lowering that pump down will lower the bottom o pressure, lowering bottom o pressure, especially in these reservoirs. We expect to see higher production. So I just made that comment and saying, you know, we saw a very good IP30 on this well, but there's still a lot of drawdown in this. Well, after we lower the pump, which we expect to do before the end of the year.

在先前的評論中，我指的是我們現在生產油井的方式，與 A50 相比，與該油田生產的其他油井相比，井底壓力較高，這是由於我們安裝泵的位置所致。因此，所有這些井都是用電動潛水泵進行生產的。我們特意將幫浦安裝到這口井的高處，因為我們不想將幫浦放入更靠近油藏的較小的套管中。原因是這些井都是未固結的砂岩。我們用礫石填充來完成它們，並且有可能產生初始固體和沙子。因此，我們希望將泵放在較小的套管之外，以避免在生產大量沙子時泵被卡住的風險。因此我們相信這將成為我們未來的營運模式。如果需要的話，這些幫浦將會被設定得更高，以避免較小的殼體。在油井生產幾個月後，我們會降低泵，降低泵的壓力會降低底部壓力，降低底部壓力，特別是在這些油藏中。我們期望看到更高的產量。所以我剛剛發表了評論，說你知道，我們看到這口井的 IP30 非常好，但仍然有很大下降。好吧，在我們降低油價之後，我們預計在年底前完成。

Okay, thanks. Yeah, that's helpful and then finally, I, I guess the the monetization opportunities you mentioned in the Haynesville, you know, how do we see how and when do we see that manifest? And you know, maybe some rough contours of, of what kind of value we're talking about.

好的，謝謝。是的，這很有幫助，最後，我想您在海恩斯維爾提到的貨幣化機會，您知道，我們如何看待它以及何時能看到它實現？你知道，也許我們正在談論的價值有一些粗略的輪廓。

Without getting into too many specifics you know, one of the things we've mentioned on prior calls is that, you know, our, our East Texas acreage has become more valuable over time as the play has come towards us you know, we're looking at different opportunities. Some of them involve creating new AMIS and maybe selling down some of our position, others involved just at maybe acreage sales and so we're looking at these different opportunities, and we expect these will be realized fairly soon, probably between say now and, and kind of the middle of the first quarter kind of time frame and the order of the magnitude could be, you know, several million dollars to, you know, a little bit more than that. So, we're looking at different, like I said, different opportunities and it depends on how we end up structuring the deals but it is something where we've obviously never really attributed a lot of value in the past where we think we're bringing, we can bring some of that value forward while also retaining, you know, some optionality to participate in some of these wells. Although albeit at a non operated level of interest, similar to how we've structured other deals in the past in the East Texas area.

您無需談論太多細節，我們在之前的電話會議中提到的一件事是，隨著劇情的發展，我們在東德克薩斯州的土地價值隨著時間的推移變得越來越高，我們正在尋找不同的機會。其中一些涉及創建新的 AMIS 並可能出售我們的部分頭寸，其他一些可能僅涉及土地銷售，因此我們正在尋找這些不同的機會，我們預計這些機會將很快實現，可能在現在到第一季度中期這樣的時間範圍內，數量級可能是幾百萬美元到略多一點。所以，就像我說的，我們正在尋找不同的機會，這取決於我們最終如何建立交易，但顯然我們過去從未真正賦予太多價值，我們認為我們可以帶來其中的一些價值，同時保留一些參與這些油井的選擇權。儘管利益水平尚未充分運營，但與我們過去在東德克薩斯地區構建的其他交易類似。

Okay, thanks and one more and I'll hop off, when do you envision a return of capital? You know, I think there's a you have to get below say $90 million or so on, on the bank utilization but do you think of, that being the trigger or, you know, would you want to be more delivered?

好的，謝謝，再問一句我就走了，您預計什麼時候能收回資本？你知道，我認為你必須將銀行利用率控制在 9,000 萬美元以下，但你是否認為這是觸發因素，或者你是否希望獲得更多？

Great question, I think, you know, with the increase in and actually with the increase in the kind of the credit facility elected commitments, that number has gone from, call it $90 million up to around $100 million to where you're, you know, you're below that threshold. So, you know, certainly something that we, we hope to be looking at in 2025 not going to put in an exact date on it yet. But, you know, it also depends on development activity and how fast we drill and develop beta. So there's a little bit of a, you know, moving target there depending on how, how do we are we going to increase the level of activity at beta and if so that might, you know, delay in a quarter or so we're, we're going, we're looking at that, that's kind of part of the kind of the plan for and part of why we're kind of looking at budget for next year and kind of really making sure that we're comfortable with the timing assumptions on the capital spending and how it impacts free cash flow and the ability to return capital at some point in 2025.

好問題，我認為，隨著信貸安排選定承諾的增加，這個數字已經從 9,000 萬美元上升到 1 億美元左右，現在低於這個門檻了。所以，您知道，我們當然希望在 2025 年實現這一目標，但目前還不會確定具體的日期。但是，你知道，這也取決於開發活動以及我們鑽探和開發 beta 的速度。因此，這裡有一個移動的目標，這取決於我們如何提高測試版的活動水平，如果是這樣，那可能會延遲一個季度左右，我們正在研究這個問題，這是計劃的一部分，也是我們研究明年預算的一部分，真正確保我們對資本支出的時間假設感到滿意，以及它如何影響自由現金流和在 2025 年某個時候返還資本的能力。

Great. Thank you all.

偉大的。謝謝大家。

Our next question comes from Jeff Robertson of Water Tower Research.

我們的下一個問題來自 Water Tower Research 的 Jeff Robertson。

Thank you good morning Dan can you remind me how many currently permitted locations you have at beta?

謝謝你早安丹，你能提醒我你在測試版中目前允許多少個位置嗎？

Current permits of beta is 7 to 10. As some of them are being amended right now. So we have permits, we can amend them, but we're currently in the process of permitting more and just a reminder we're in federal waters. So, we don't, we don't permit through the state of California and permits in the past has not been an issue for us at beta.

目前 beta 許可證數量為 7 到 10。因為其中一些現在正在被修改。所以我們有許可證，我們可以修改它們，但我們目前正在許可更多，提醒一下我們在聯邦水域。因此，我們沒有通過加州的許可，而且過去的許可對我們來說也不是問題。

Do you need the way you book pud reserves at a field like beta? Do you need permits in hand to be able to include them into your development plan?

您是否需要使用像 Beta 這樣的油田預訂儲量的方式？您是否需要持有許可證才能將它們納入您的開發計劃？

No, as long as it's reasonable, we'll be able to get them, which today has been, we don't need those in hand.

不，只要合理，我們就能得到它們，就像今天這樣，我們不需要手上有這些。

Yeah, I think part of what we're doing between now and call it the early part of, you know, next year is when we're going to increase the number of permits that we do have in hand. Obviously, we're mapping out a number of additional locations through, you know, different areas of the field, taking advantage of the fact that we now have you refined our lowest known oil in the southern part of the Eureka acreage, you know, looking at the different wells that we're going to be kicking off from and putting in, you know, drilling plans, you know, reflecting those and so we're using this time to once again, you know, set up the 2025 plan, but also the plan beyond 2025 and looking at the specific well boards that we'll be using, you know, whether we're drilling some from the conductor or we're going to just drill all of them from existing well bores and so we have enough permits for next year. But we're going to, like I said, we might high grade new ones based on, you know, if we like a certain location helps kind of the the program and we're also more likely than not to, you know, stay on eureka for the early part of next year as well. Given that we are, you know, given the success we're seeing in some of the the the opportunities. So all of those things are being kind of, you know, work through as we get through the end of this year and into the beginning of next year so that we can set up the most successful 2025 program that we can create.

是的，我認為從現在到明年年初我們正在做的事情之一就是增加我們手中的許可證數量。顯然，我們正在規劃油田不同區域的許多其他位置，利用現在我們已經在尤里卡南部提煉了已知最低的石油這一事實，查看我們將要開始的不同油井，並製定鑽井計劃，反映這些計劃，所以我們利用這段時間再次製定 2025 年計劃，還有 2025 年以後的計劃，並查看我們將使用的特定許可證板，無論我們是從現有的導管但就像我說的，我們可能會根據某個地點是否有助於完成計劃而對新地點進行高評級，而且我們也更有可能在明年年初繼續留在尤里卡。鑑於我們在某些​​機會中看到的成功。所以，你知道，所有這些事情都正在努力完成，在今年年底和明年年初，以便我們能夠制定最成功的 2025 計劃。

Thanks and just to follow up on East Texas, did I hear right that the monetization is mostly currently non producing acreage that you might still retain in some sort of a non op type interest in.

謝謝，只是想跟進一下東德克薩斯州的情況，我是否聽到正確的說法，貨幣化主要是目前非生產性土地，您可能仍會保留某種非經營性類型的權益。

Yes. So most of this is acreage that's held by production in the Cotton Valley formation, but we also have the deep rights. So it's not something that you would see any value for in our reserve report, for example, we wouldn't have thrilling locations on, on this acreage and so it's a combination of once again, some, you know, monetization where we bring cash forward, but also the potential to, you know, allow ourselves to participate in some of these walls moving forward as well. So, you know, depending on what level of participation we, we decide to go forward with, you know, there could be more or less proceeds and that's why it's a little hard to kind of down a number in the near term but like I said, I think you'll, you'll see more from us between now and call it the middle part of Q1.

是的。因此，其中大部分土地屬於 Cotton Valley 地層的生產區域，但我們也擁有深層開採權。因此，您不會在我們的儲備報告中看到任何價值，例如，我們不會在這片土地上安排令人興奮的地點，因此，這再次是一種結合，即我們將現金提前兌現，但同時也有潛力讓我們自己參與其中的一些建設。所以，你知道，這取決於我們決定繼續進行的參與程度，你知道，收益可能會更多或更少，這就是為什麼在短期內很難降低一個數字，但就像我說的，我認為從現在開始，你會看到我們更多的成果，稱之為第一季度的中期。

Okay and last question (inaudible), on where you are, where you are a non interest owner. Can you share any colour on what you're seeing with, seeing with respect to a fes for the next say 6 to 9 months?

好的，最後一個問題（聽不清楚），您在哪裡，您是哪裡的非利益所有者。您能否分享一下您對未來 6 到 9 個月的 fes 的看法？

Yeah. So in East Texas and the Eagle Ford, Yes, obviously we're participating in the wells we mentioned. Currently that'll stretch in the first quarter of next year and beyond that, we don't have any concrete visibility into what we're going to see in 2025. Oftentimes, we, we see those those non operators submitting proposals 6 to 9 months ahead of time. So it is possible we see some more activity in 2025 that we just can't can't forecast yet.

是的。所以在東德克薩斯州和鷹福特，是的，顯然我們參與了我們提到的油井。目前來看，這一趨勢將持續到明年第一季及以後，我們對 2025 年的情況還沒有任何具體的預測。我們經常看到那些非運營商提前 6 到 9 個月提交提案。因此，我們可能會在 2025 年看到更多我們目前無法預測的活動。

Okay. Thank you.

好的。謝謝。

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

目前看來我們沒有其他問題了。現在我將節目交還給主持人，請他們作結束語。

Thank you. I'd just like to express my appreciation to all of our employees for their outstanding efforts and dedication this year as well as the continued support of all of our stakeholders. Thank you for participating in the call today. As always, if you have any follow up questions, please don't hesitate to reach out directly. Thank you.

謝謝。我只想對我們所有員工今年的傑出努力和奉獻以及所有利益相關者的持續支持表示感謝。感謝您參加今天的電話會議。像往常一樣，如果您有任何後續問題，請隨時直接與我們聯繫。謝謝。

Thank you. This does conclude today's Amplify Energy Q3 2024 earnings conference call. Thank you for your participation. You may disconnect at any time.

謝謝。今天的 Amplify Energy 2024 年第三季財報電話會議就到此結束了。感謝您的參與。您可以隨時斷開連線。