Amplify Energy Corp (NYSE:AMPY) Q2 2020 Earnings Conference Call - Final Transcript

Aug 05, 2020 • 11:00 am ET

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Amplify Energy Corp (NYSE:AMPY) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Welcome to Amplify Energy's Second Quarter 2020 Investor Conference Call. Amplify's operating and financial results were released earlier today and are available on Amplify's website at www.amplifyenergy.com. During this conference call, all participants will be placed in a listen-only mode. Today's call is being recorded. A replay of the call will be accessible until Thursday, August 19, by dialing 855-859-2056 and then entering conference ID number 4185547, or by visiting Amplify's website, www.amplifyenergy.com.

I would now like to turn the conference over to Eric Willis, Senior Vice President and General Counsel of Amplify Energy Corp.

Executive
Eric M. Willis

Good morning, and welcome to the Amplify Energy conference call to discuss operating and financial results, the second quarter of 2020. We appreciate you joining us today. Martyn Willsher, Amplify's Interim Chief Executive Officer and Chief Financial Officer will lead the call with comments on our second quarter results and liquidity enhancement initiatives before concluding with comments about our liquidity, hedge positions and outlook for the second half of 2020. We would like to remind you that some of our remarks may contain forward-looking statements and are based on certain assumptions and expectations of Amplify's management team. These remarks reflect management's current views with regard to future events and are subject to various risks, uncertainties and assumptions. Although management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance 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. 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 quarterly report on Form 10-Q, which we expect to file later today.

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

With this in mind, I will now turn the call over to Martyn Willsher. Martyn?

Executive
Martyn Willsher

Thank you, Eric. Before discussing our quarterly results, I would like to again express my appreciation for the Amplify team. Despite market disruptions related to the ongoing COVID-19 pandemic, we delivered in an outstanding quarter and exceeded our expectation regarding the liquidity enhancement initiatives that were previously discussed during our first quarter earnings call.

I'm extremely grateful for the dedication and professionalism demonstrated by our employees across the organization and reaffirm Amplify's commitment to operate in an efficient and safety focused Company. During this call, I will provide comments on our second quarter performance as well as updates regarding our previously announced liquidity enhancement initiatives and hedging program.

Production for the second quarter averaged personally only 27,700 Boe per