The GAAP loss is non-cash and not operational—focus on adjusted EBITDA and the royalty relief catalyst. The Beta drilling program has one well abandoned (C32) and one delayed (C55), pushing initial four-well completion to early Q3 2026. Monitor the Q2 2026 10-Q for the full impact of royalty relief and drilling progress. The stock may trade on oil price direction and Beta execution rather than this quarter's GAAP results.
Price Chart
Executive Summary
Amplify Energy reported a GAAP net loss of $38.1M for Q1 2026, driven by a $43.4M non-cash unrealized loss on derivatives, versus net income of $64.4M in Q4 2025 (which included a $90M gain on asset sales). Adjusted EBITDA of $3.8M was in line with expectations, and the company reaffirmed full-year 2026 guidance. The headline GAAP loss is misleading due to non-cash derivative losses, but the underlying operational metrics—production of 6.4 Mbopd (100% oil) and adjusted net income of $5.3M—show a stable, streamlined business post-divestitures.
Key Financial Metrics
Key Facts
- Q1 2026 GAAP net loss of $38.1M vs Q4 2025 net income of $64.4M (which included $90M gain on asset sales)
- Adjusted EBITDA of $3.8M in Q1 2026 vs $21.5M in Q4 2025, in line with expectations
- Adjusted net income of $5.3M in Q1 2026 vs adjusted net loss of $10.4M in Q4 2025
- Average daily production of 6.4 Mbopd (100% oil), down from 17.1 MBoe/d in Q4 2025 due to asset divestitures
- Beta field royalty relief effective May 1, 2026, reducing royalty burden from 25% to ~12.5%, expected to generate >$1M/month incremental revenue
- No debt outstanding on $25M revolving credit facility; liquidity of $56.5M ($41.5M cash + $15M borrowing capacity)
- Full-year 2026 guidance reaffirmed: production 6.7-7.9 Mbopd, Adjusted EBITDA $20-45M, capital $45-65M
- Free cash flow was negative $18.1M in Q1 2026 due to $21M in capital spending
Financial Impact
GAAP net loss of $38.1M driven by $43.4M non-cash unrealized derivative loss; adjusted net income of $5.3M; royalty relief expected to add >$1M/month incremental revenue
Risk Factors
- Beta drilling delays (C32 abandoned, C55 delayed) could push production growth and cash flow inflection beyond expectations
- Oil price volatility—Q1 2026 realized price $64.93/Bbl (ex-derivatives) vs WTI average $71.93; any sustained decline below $65 WTI would pressure economics
- Bairoil production declined 6% QoQ due to compressor downtime; further operational issues could impact full-year guidance
- Semi-annual borrowing base redetermination pending—though no changes expected, any reduction would tighten liquidity
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3292309 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 11w ago | 8-K | $4.51 | awaiting T+60 | — | $4.43 (−1.66%) |
Jun 11, 2026 19w ago | Institutional Cluster | $4.38 $4.90 | ▲ +11.87% | ▲ +7.48% | $4.43 (+1.26%) |
May 11, 2026 24w ago | 8-K | $5.27 $4.08 | ▼ −22.58% | ▼ −26.96% | $4.43 (−15.84%) |
May 11, 2026 24w ago | Press Release | $5.27 $4.08 | ▼ −22.58% | ▼ −26.96% | $4.43 (−15.84%) |
Apr 23, 2026 26w ago | DEFA14A | $5.84 $4.03 | ▼ −30.99% | ▼ −36.07% | $4.43 (−24.06%) |
Mar 13, 2026 32w ago | 8-K/A | $6.54 $4.55 | ▼ −30.43% | ▼ −42.04% | $4.43 (−32.19%) |
Mar 4, 2026 33w ago | Press Release | $6.00 $4.77 | ▲ +20.50% | ▲ +31.80% | $4.43 (+26.08%) |
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