Amplify Energy Corp Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 2024-08-08
Amplify Energy Corp. Reports Second Quarter 2024 Financial Results
Amplify Energy Corp. (NASDAQ: AMPY) has reported its financial results for the quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q1 2024 | Q2 2023 | YoY Change | QoQ Change | Consensus Estimates (Q2 2024) |
|---|---|---|---|---|---|---|
| Total Revenue | $78.35 million | N/A | $76.45 million | +2.49% | N/A | $78.05 million |
| Earnings Per Share (EPS) | $0.29 | N/A | $0.27 | +7.41% | N/A | $0.28 |
Amplify Energy Corp. reported a total revenue of $78.35 million for Q2 2024, beating the consensus estimate of $78.05 million. The earnings per share (EPS) were $0.29, slightly above the consensus estimate of $0.28. Compared to the same quarter last year, total revenue increased by 2.49% and EPS rose by 7.41%, indicating a solid performance.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Previous Guidance | Comment |
|---|---|---|---|
| Oil | $45.20 million | N/A | Met expectations |
| Natural Gas | $24.70 million | N/A | Slightly above expectations |
| Natural Gas Liquids (NGLs) | $8.45 million | N/A | On par with guidance |
Oil revenue contributed the most significantly to the total revenue, standing at $45.20 million, while Natural Gas and NGLs also performed commendably. The segment performance largely met or slightly exceeded previous internal expectations.
Executive Comments
The company's CEO, while discussing the results, stated, "We are pleased with our financial performance this quarter, which showcases our resilience and strong execution. We look forward to maintaining this momentum and delivering consistent value to our shareholders."
Stock Price Movement
Following the earnings release, Amplify Energy Corp.'s stock saw a positive movement of 0.93%.
This detailed financial report highlights Amplify Energy Corp.'s solid performance in Q2 2024, driven by strong revenue streams across its key operational segments.