The Q2 beat and $15M buyback are positive, but the updated FY guidance shows a lower production midpoint and wider oil differentials, signaling ongoing marketing headwinds in California. The stock may rally on the buyback and earnings beat, but the guidance revision caps upside. Monitor Beta drilling results and California marketing developments for the next catalyst.
Price Chart
Executive Summary
Amplify Energy reported Q2 2026 GAAP EPS of $0.40, swinging from a net loss of $38.1M in Q1 to net income of $17.3M, driven by a $22.6M non-cash unrealized gain on derivatives. Production rose 6% QoQ to 6.8 MBopd, benefiting from Beta royalty relief and strong well results. The board approved a $15M share repurchase program (~10% of shares), while FY2026 guidance was updated with a lower production midpoint (7.0-7.5 MBbls/d vs 6.7-7.9) and wider oil differentials, offset by reduced LOE guidance and a relatively unchanged Adjusted EBITDA range of $30-40M.
Key Financial Metrics
Key Facts
- Q2 2026 GAAP net income of $17.3M vs net loss of $38.1M in Q1 2026
- GAAP EPS of $0.40 vs consensus estimate of $0.12 (beat)
- Total revenues (ex-hedges) of $52.7M vs consensus estimate of $45.8M (beat)
- Average daily production of 6.8 MBopd (100% oil), up ~6% QoQ
- Adjusted EBITDA of $8.6M, up from $3.8M in Q1 2026
- Free Cash Flow of -$12.9M, improved from -$18.1M in Q1 2026
- Board approved $15.0M share repurchase program (~10% of outstanding shares)
- Beta royalty relief effective May 1, 2026 reduced royalty burden from ~25% to ~12.5%
- FY2026 guidance updated: production 7.0-7.5 MBbls/d (prev 6.7-7.9), LOE $80-95M (prev $80-100M), Adjusted EBITDA $30-40M (prev $20-45M)
- No debt outstanding under $25M revolving credit facility; liquidity of $36.2M as of June 30, 2026
Financial Impact
Q2 revenue $52.7M, net income $17.3M, Adjusted EBITDA $8.6M, FCF -$12.9M; $15M buyback authorized
Risk Factors
- Widening California oil differentials pressuring realized prices
- Potential reduction/deferral of H2 2026 drilling activity in favor of buyback
- Beta royalty relief subject to pricing and production thresholds
- Negative free cash flow of -$12.9M in Q2 2026
- Marketing deducts increasing due to declining California refining capacity
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-093400 |
| Document: ampy-20260810x8k.htm | 0001104659-26-093400 |
| Document: 0001104659-26-093400-index-headers.html | 0001104659-26-093400 |
| Document: 0001104659-26-093400-index.html | 0001104659-26-093400 |
| Document: 0001104659-26-093400.txt | 0001104659-26-093400 |
| 8-K Data (Synthetic) | 0001104659-26-093400 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 10w ago | 8-K | $4.51 | awaiting T+60 | — | $4.51 (+0.00%) |
Jun 11, 2026 19w ago | Institutional Cluster | $4.38 $4.90 | ▲ +11.87% | ▲ +7.48% | $4.51 (+2.97%) |
May 11, 2026 23w ago | 8-K | $5.27 $4.08 | ▼ −22.58% | ▼ −26.96% | $4.51 (−14.42%) |
May 11, 2026 23w ago | Press Release | $5.27 $4.08 | ▼ −22.58% | ▼ −26.96% | $4.51 (−14.42%) |
Apr 23, 2026 26w ago | DEFA14A | $5.84 $4.03 | ▼ −30.99% | ▼ −36.07% | $4.51 (−22.77%) |
Mar 13, 2026 32w ago | 8-K/A | $6.54 $4.55 | ▼ −30.43% | ▼ −42.04% | $4.51 (−31.04%) |
Mar 4, 2026 33w ago | Press Release | $6.00 $4.77 | ▲ +20.50% | ▲ +31.80% | $4.51 (+24.83%) |
US Market Status
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