Amplify Energy Corp AMPY Stock Analysis

About Amplify Energy Corp

Midstates Petroleum Company, Inc. is an independent exploration and production company focused on the application of modern drilling and completion techniques in oil and liquids-rich basins in the onshore U.S. The Company’s operations are currently focused on oilfields in the Mississippian Lime play in Oklahoma. MIDSTATES PETROLEUM COMPANY, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share amounts) (Unaudited) March 31, 2019 December 31, 2018 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 717 $ 11,341 Accounts receivable: Oil and gas sales 17,519 22,165 Joint interest billing 2,253 2,474 Other 377 1,374 Commodity derivative contracts 309 6,940 Other current assets 2,534 1,684 Total current assets 23,709 45,978 PROPERTY AND EQUIPMENT: Oil and gas properties, on the basis of full-cost accounting Proved properties 818,013 809,272 Unproved properties not being amortized 1,869 4,050 Other property and equipment 6,340 6,345 Less accumulated depreciation, depletion, amortization and impairment (287,544 ) (266,198 ) Net property and equipment 538,678 553,469 OTHER NONCURRENT ASSETS: Commodity derivative contracts — 791 Right-of-use lease assets 4,648 — Other noncurrent assets 5,762 5,257 Total other noncurrent assets 10,410 6,048 TOTAL $ 572,797 $ 605,495 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable $ 3,536 $ 6,511 Accrued liabilities 21,973 25,521 Commodity derivative contracts 908 — Lease liabilities 1,236 — Total current liabilities 27,653 32,032 LONG-TERM LIABILITIES: Asset retirement obligations 8,244 8,087 Commodity derivative contracts 251 80 Long-term debt 59,059 23,059 Long-term lease liabilities 4,041 — Other long-term liabilities — 560 Total long-term liabilities 71,595 31,786 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS’ EQUITY: Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued or outstanding at March 31, 2019 and December 31, 2018 — — Warrants, 6,979,609 and 6,625,554 warrants outstanding at March 31, 2019 and December 31, 2018 37,329 37,329 Common stock, $0.01 par value, 250,000,000 shares authorized; 20,619,765 shares issued and 20,414,422 shares outstanding at March 31, 2019; 25,520,170 shares issued and 25,345,981 shares outstanding at December 31, 2018 206 255 Treasury stock (2,717 ) (2,455 ) Additional paid-in-capital 481,901 531,911 Retained deficit (43,170 ) (25,363 ) Total stockholders’ equity 473,549 541,677 TOTAL $ 572,797 $ 605,495 MIDSTATES PETROLEUM COMPANY, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands) (Unaudited) For the Three Months Ended March 31, 2019 2018 REVENUES Oil sales $ 16,327 $ 32,414 Natural gas liquid sales 6,216 11,038 Natural gas sales 6,610 8,337 Other revenue 688 1,055 Total revenue from contracts with customers 29,841 52,844 Losses on commodity derivative contracts—net (7,732 ) (3,939 ) Total revenues 22,109 48,905 EXPENSES: Lease operating and workover 8,990 14,808 Gathering and transportation 19 57 Severance and other taxes 1,933 2,861 Asset retirement accretion 157 297 Depreciation, depletion, and amortization 11,794 15,213 Impairment in carrying value of oil and gas properties 9,653 — General and administrative 6,438 9,857 Total expenses 38,984 43,093 OPERATING INCOME (LOSS) (16,875 ) 5,812 OTHER EXPENSE Interest income 5 19 Interest expense—net of amounts capitalized (937 ) (1,827 ) Total other expense (932 ) (1,808 ) INCOME (LOSS) BEFORE TAXES (17,807 ) 4,004 Income tax expense — — NET INCOME (LOSS) $ (17,807 ) $ 4,004 Participating securities—non-vested restricted stock — (99 ) NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (17,807 ) $ 3,905 Basic and diluted net income (loss) per share attributable to common shareholders $ (0.78 ) $ 0.15 Basic and diluted weighted average number of common shares outstanding 22,837 25,299 MIDSTATES PETROLEUM COMPANY, INC. CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (In thousands) (Unaudited) Series A Preferred Stock Common Stock Warrants Treasury Stock…