Amplify Energy Corp. (NYSE:AMPY) Q2 2022 Results Conference Call August 4, 2022 11:00 AM ET

Company Participants

Jason McGlynn - Senior Vice President and Chief Financial Officer

Martyn Willsher - President and Chief Executive Officer

Conference Call Participants

John White - ROTH Capital

Jason McGlynn

Good morning, and welcome to the Amplify Energy conference call to discuss operating and financial results for the second quarter of 2022.

Joining me on the call today is Martyn Willsher, Amplify's President and Chief Executive Officer.

Before we get started, we'd 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 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 Form 10-Q that was filed yesterday afternoon.

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.

During the call, Martyn will provide an update regarding our assets in Southern California, followed by our second quarter highlights and revised full year guidance. I will then discuss the second quarter results in greater detail and provide an update to our hedging program and balance sheet and additional details regarding guidance for the remainder of the year.

Martyn will conclude our prepared remarks with comments regarding performance during the quarter, current projections and strategic goals. We will then have a question-and-answer session before concluding this call.

Martyn Willsher

Thank you, Jason. I would like to start by providing a brief update regarding our Southern California assets. As discussed earlier this year, the company is required to obtain approvals from PHMSA and the Army Corps of Engineers in order to proceed with the permanent repair of the pipeline. In mid-April, we received PHMSA's approval for the permanent repair plan, and we are continuing to work cooperatively with the Army Corps of Engineers to obtain the remaining permit. Although we cannot predict when we receive approval from the Corps, we expect that within 3 to 4 months from the approval date, we can complete the PHMSA-approved repairs, satisfy the regulatory requirements and safely inspect, test and restart the pipeline and return the platform's production.