AMPY on NYSE

Amplify Energy

Logo: https://www.amplifyenergy.com/home/default.aspx, Non-free logo, via Wikipedia4

American oil company

Amplify Energy Corp is a crude oil company based in Houston, Texas, USA. The company was founded in 2017, and is traded on the New York Stock Exchange.3 Its shares trade on NYSE under the symbol AMPY.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

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  • TickerAMPY on NYSE1
  • IndustryCrude Petroleum & Natural Gas1
  • HeadquartersOne Allen Center1
  • Websitewww.amplifyenergy.com
  • Business address500 Dallas Street, Suite 1700, Houston, Tx 770025
  • Filer categoryAccelerated filer, Smaller reporting company5

Amplify Energy Corp is a crude oil company based in Houston, Texas, USA. The company was founded in 2017, and is traded on the New York Stock Exchange.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

29.2%Operating margin8
16.7%Net margin8
-10.6%Revenue growth, 20258
9.6%Return on equity8
0.00×Debt to equity8

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Oil and Gas brought in 97% of the revenue Amplify Energy broke down this way in fiscal 2025.

  1. Oil and Gas$256.1M897%down 10% from 2024
  2. Product and Service, Other$7.3M83%down 38% from 2024
Products and services by year
Products and services20242025
Oil and Gas$283.0M$256.1M
Product and Service, Other$11.7M$7.3M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue7¢$17.8M
  • Other costs70¢$184.7M
  • Income tax6¢$16.9M
  • Profit17¢$44.0M

Out of $263.4M in revenue.8

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$49.2M

Out of $49.2M of cash from operations.8

Financial statements

Revenue9101112138$263.4M in 2025−4% since 2019
0$200.0M$400.0M$600.0M2019: $275.6M$275.6M20192020: $202.1M$202.1M2020−27%2021: $342.9M$342.9M2021+70%2022: $458.5M$458.5M2022+34%2023: $307.6M$307.6M2023−33%2024: $294.7M$294.7M2024−4%2025: $263.4M$263.4M2025−11%
Operating income9101112138$76.9M in 2025
-$600.0M-$400.0M-$200.0M0$200.0M2019: -$12.0M-$12.0M20192020: -$441.9M-$441.9M2020+3591%2021: -$25.6M-$25.6M2021−94%2022: $72.0M$72.0M20222023: $76.2M$76.2M2023+6%2024: $30.4M$30.4M2024−60%2025: $76.9M$76.9M2025+153%
Net income141011158$44.0M in 2025
-$500.0M-$250.0M0$250.0M$500.0M2019: -$35.2M-$35.2M20192020: -$464.0M-$464.0M2020+1218%2021: -$32.1M-$32.1M2021−93%2022: $57.9M$57.9M20222023: $392.8M$392.8M2023+579%2024: $12.9M$12.9M2024−97%2025: $44.0M$44.0M2025+240%

Every line of the income statement as filed: the last 2 fiscal years, latest first.8

Period ending2025-12-312024-12-31
Total revenues$263.4M$294.7M
Lease operating expense$141.3M$142.9M
Gathering, processing and transportation$17.8M$18.4M
Taxes other than income$15.9M$20.9M
Depreciation, depletion and amortization$32.5M$32.6M
Impairment expense$42.5M$0
General and administrative expense$52.1M$35.9M
Accretion of asset retirement obligations$8.9M$8.4M
Loss (gain) on commodity derivative instruments-$28.4M$2.0M
Pipeline incident loss$2.4M$3.9M
(Gain) loss on sale of properties-$99.5M-$1.4M
Other, net$1.1M$531.0K
Total costs and expenses$186.4M$264.3M
Operating income (loss)$76.9M$30.4M
Interest expense, net-$15.6M-$14.6M
Other income (expense)-$524.0K-$447.0K
Total other income (expense)-$16.1M-$15.0M
Income (loss) before income taxes$60.8M$15.4M
Income tax (expense) benefit - current$1.4M-$232.0K
Income tax (expense) benefit - deferred-$18.2M-$2.2M
Net income (loss)$44.0M$12.9M
Net income (loss) available to common stockholders, Basic$41.6M$12.3M
Net income (loss) available to common stockholders, Diluted$41.6M$12.3M
Net income (loss) allocated to participating securities$2.4M$622.0K
Basic earnings (loss) per share (in $ per share)$1.03$0.31
Diluted earnings (loss) per share (in $ per share)$1.03$0.31
Basic (in shares)40.4M shares39.7M shares
Diluted (in shares)40.4M shares39.7M shares

Compare Amplify Energy with another company

Corporate structure

Amplify Energy sits at the top of its group. 10 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Amplify Energy

  • Amplify Energy One Allen Center
    • Amplify Acquisitionco LLC Subsidiary · Delaware, United States
    • Amplify Energy Holdings LLC Subsidiary · Delaware, United States
    • Amplify Energy Operating LLC Subsidiary · Delaware, United States
    • Amplify Energy Services LLC Subsidiary · Delaware, United States
    • Amplify Oklahoma Operating LLC (f/k/a Midstates Petroleum Company LLC) Subsidiary · Delaware, United States
    • Amplify Royalties LLC Subsidiary · Delaware, United States
    • Beta Operating Company, LLC Subsidiary · Delaware, United States
    • Magnify Energy Services LLC Subsidiary · Delaware, United States
    • San Pedro Bay Pipeline Company Subsidiary · California, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Amplify Energy reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Machinery and equipment$155.0M8 Dec 31, 2025$150.5M8 Dec 31, 2024+3.0%
Property and equipment, net$188.9M8 Dec 31, 2025$386.2M8 Dec 31, 2024−51.1%
Operating-lease assets (leased space)$3.0M8 Dec 31, 2025$4.5M8 Dec 31, 2024−34.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$60.7M8 Dec 31, 2025$20.7M13 Dec 31, 2023+192.4%

Properties, in its own words

Information regarding our properties is contained in “Item 1. Business — Our Areas of Operation” and “—Our Oil and Natural Gas Data” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations —Results of Operations” contained herein.

Item 2 of the 10-K filed Mar 9, 2026.18

The story

Amplify is the successor of Memorial Production Partners, which went into Chapter 11 bankruptcy in 2017 and was traded as Nasdaq: MEMP. Amplify's CEO beginning May 2018 was Ken Mariani, previously from EnerVest. Midstates Petroleum (previously NYSE: MPO) of Tulsa, Oklahoma, which had gone through bankruptcy in 2016, was merged with Amplify in 2019.

In the Memorial Production Partners 2017 bankruptcy, debt was reduced from $1.3 billion to $430 million. Memorial itself had, earlier, emerged from the NGP private equity fund and the Beta field in turn had been originally discovered in 1976 by Royal Dutch Shell. Huntington Beach field as a whole "was once considered the 12th largest in the nation, having produced more than a billion barrels since discovery by the Standard Oil Co. in 1920.

David J. Sambrooks, former CEO of Midstates, received $5.3 million in compensation in 2019, $1.1 million in 2018, $2.7 million in 2017. The 2019 compensation included $3.5 million in severance benefits. Likewise, Scott C. Weatherholt, EVP and general counsel, received $3 million compensation in 2019 (including $1.9 million in severance benefits), $1.6 million in 2018, and $416,000 in 2017.

Before the merger, the company bought back $1.3 million in stock in early 2019, having approved up to $25 million of buyback in 2018. After the mid-2019 merger, another $25 million buyback was approved, and the company purchased $24.9 in stock in late 2019.

Amplify's 2019 gross income was $275.6 million, versus $340 million in 2018. Two dividends were issued in 2019 totaling $15.9 million. The company had a revolving credit line with Bank of Montreal for $450 million; the company had an average of $265 million borrowed. The line of credit was reduced to $285 million in June 2020, and would be reduced monthly until it was at $260 million. In June the company had $264 million used in the line of credit.

Fir Tree Capital Management, a hedge fund founded by Jeff Tannenbaum, owns approximately 27.7% of Amplify's outstanding stock. Brigade Capital Management owns approximately 10.7%.

In 2019, its largest customers were Phillips 66 (27%), Sinclair Oil (21%), and BP America (13%).

CEO Mariani announced his retirement on April 1, 2020. CFO Martyn Willsher was announced as the interim CEO.

Read the full text

On April 20, 2020, the company was notified by NYSE that it was at risk of delisting for its low share price. Amplify had 6 months to cure this, but regained compliance by June 2020.

As part of the COVID-19 pandemic, the company announced on May 6, 2020, that it received $5.5 million in federally backed small business loans on April 24 as part of the Paycheck Protection Program. The Washington Post highlighted the loan, especially since Amplify is a public company and spent $26 million on stock buybacks; Reuters highlighted Amplify as an energy company that has not indicated it would return the funds before the amnesty deadline. Amplify expected most of that money would be forgiven per the PPP's terms.

From Wikipedia’s article on Amplify Energy, shared under CC BY-SA 4.0.6

Leadership

Who has led Amplify Energy, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (77)

Products and brands

Amplify, through its Beta Offshore (Beta Operating Company LLC, registered in Delaware) subsidiary, owns three oil platforms near Los Angeles, California, titled Elly, Ellen, and Eureka. Elly and Ellen are connected. Ellen and Eureka have production oil wells and are connected by pipeline to Elly.

Elly separates the oil, gas, and water, burns the gas for fuel, and pumps the oil through a 16 inches (41 cm) pipeline, to the Port of Long Beach. San Pedro Bay Pipeline Company owns and operates the 17.5 miles (28.2 km) pipeline. Fracking is not used in the Beta field's unit, and would be banned or heavily restricted, per a court order given to Bureau of Ocean Energy Management.

San Pedro Bay Pipeline Company, registered in California, is owned by Amplify per Amplify's 2019 10-K. The Elly platform was installed in 1980, according to the U.S. Bureau of Safety and Environmental Enforcement.

From Wikipedia’s article on Amplify Energy, shared under CC BY-SA 4.0.6

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Amplify Acquisitionco LLC Delaware7
  • Amplify Energy Holdings LLC Delaware7
  • Amplify Energy Operating LLC Delaware7
  • Amplify Energy Services LLC Delaware7
  • Amplify Oklahoma Operating LLC (f/k/a Midstates Petroleum Company LLC) Delaware7
  • Amplify Royalties LLC Delaware7
  • Beta Operating Company, LLC Delaware7
  • Magnify Energy Services LLC Delaware7
  • San Pedro Bay Pipeline Company California7

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Midstates Petroleum Company, Inc.Nov 14, 2011 to Aug 5, 20195

Timeline

  1. Aug 10, 20268-K Results of operations; Regulation FD disclosure; Other events108
  2. Jun 3, 20268-K Shareholder vote109
  3. May 11, 20268-K Results of operations; Regulation FD disclosure110
  4. Mar 13, 20268-K Change of auditor111
  5. Mar 9, 20268-K Results of operations; Regulation FD disclosure112
  6. Jan 15, 20268-K Change of auditor113
  7. Dec 31, 20258-K Entered a material agreement; New debt or obligation; Regulation FD disclosure114
  8. Dec 29, 20258-K Completed an acquisition or sale; Regulation FD disclosure115
  9. Dec 23, 20258-K Completed an acquisition or sale; Regulation FD disclosure116
  10. Nov 14, 20258-K Executive or director change117
  11. Nov 5, 20258-K Entered a material agreement; Regulation FD disclosure118
  12. Nov 5, 20258-K Results of operations; Regulation FD disclosure119
  13. Jan 22, 2021New chief executive Martyn Willsher becomes CEO19
  14. Aug 6, 2019New chief executive Kenneth Mariani becomes CEO20
  15. Nov 3, 2017New chief executive David J. Sambrooks becomes CEO21
  16. Mar 17, 2015New chief executive Frederic F. Brace becomes CEO22
  17. Apr 26, 2012New chief executive John A. Crum becomes CEO23
  18. Dec 8, 2011New chief executive John A. Weinzierl becomes CEO24

Calendar

Coming up

  1. Nov 4, 2026Reports results for the quarter ending Sep/2026120

When it reported results

  1. Aug 10, 2026Reported quarterly or annual results108
  2. May 11, 2026Reported quarterly or annual results110
  3. Mar 9, 2026Reported quarterly or annual results112
  4. Nov 5, 2025Reported quarterly or annual results119
  5. Aug 6, 2025Reported quarterly or annual results121
  6. May 12, 2025Reported quarterly or annual results122
  7. Mar 5, 2025Reported quarterly or annual results123
  8. Nov 6, 2024Reported quarterly or annual results124

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

300 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 55 major events, 136 insider forms, 28 large holders, 60 other. The latest 20:

  1. Aug 10, 202610-Q EDGAR
  2. Aug 10, 20268-K EDGAR
  3. Jul 27, 2026SCHEDULE 13G EDGAR
  4. Jul 14, 2026SCHEDULE 13G/A EDGAR
  5. Jul 14, 20264 OWNERSHIP DOCUMENT EDGAR
  6. Jul 14, 20263 OWNERSHIP DOCUMENT EDGAR
  7. Jul 14, 2026SCHEDULE 13G/A EDGAR
  8. Jul 2, 20264 EDGAR
  9. Jul 2, 20264 EDGAR
  10. Jul 2, 20264 EDGAR
  11. Jul 2, 20264 EDGAR
  12. Jun 23, 20264 EDGAR
  13. Jun 11, 2026S-8 EDGAR
  14. Jun 3, 20268-K EDGAR
  15. May 11, 202610-Q EDGAR
  16. May 11, 20268-K EDGAR
  17. May 11, 2026SCHEDULE 13G/A EDGAR
  18. Apr 23, 2026DEFA14A EDGAR
  19. Apr 23, 2026DEF 14A EDGAR
  20. Apr 23, 2026ARS EDGAR

The 300 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

33 open-market trades by officers, directors and large owners since October 2021: 23 buys and 10 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 23, 2026FREW JAMESSEE REMARKSBuy25,000$3.95$98.8KForm 4
Mar 17, 2026COGHILL CLINT DDirectorSale242,489$6.31$1.5MForm 4
Mar 16, 2026COGHILL CLINT DDirectorSale501,279$6.42$3.2MForm 4
Mar 13, 2026COGHILL CLINT DDirectorSale256,232$6.66$1.7MForm 4
Aug 14, 2025COGHILL CLINT DDirectorBuy65,494$3.89$254.8KForm 4
Aug 13, 2025COGHILL CLINT DDirectorBuy167,086$3.88$648.3KForm 4
Aug 12, 2025FREW JAMESSEE REMARKSBuy25,000$3.70$92.5KForm 4
Aug 12, 2025COGHILL CLINT DDirectorBuy117,420$3.69$433.3KForm 4
Aug 11, 2025FREW JAMESSEE REMARKSBuy50,000$3.50$175.0KForm 4
Jun 23, 2025Dulany Eric EdwardSEE REMARKSSale5,500$3.65$20.1KForm 4
Jun 20, 2025COGHILL CLINT DDirectorBuy150,000$3.67$550.5KForm 4
Jun 18, 2025Hamm Christopher W.DirectorBuy77,176$3.67$283.2KForm 4
Jun 6, 2025COGHILL CLINT DDirectorBuy31,000$3.40$105.4KForm 4
Jun 5, 2025COGHILL CLINT DDirectorBuy92,000$3.26$299.9KForm 4
Jun 4, 2025COGHILL CLINT DDirectorBuy181,000$3.27$591.9KForm 4
May 30, 2025FURBEE DANIELSEE REMARKSBuy10,000$2.97$29.7KForm 4
Mar 11, 2025Adams Deborah GDirectorBuy10,000$4.14$41.4KForm 4
Mar 7, 2025Snyder Todd RDirectorBuy25,000$3.83$95.8KForm 4
Mar 7, 2025FREW JAMESSEE REMARKSBuy15,000$3.85$57.8KForm 4
Mar 7, 2025Willsher MartynSEE REMARKSBuy15,000$3.84$57.6KForm 4

All 33 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Martyn WillsherFormer President and Chief Executive Officer$542.0K$3.9M133
2025Daniel FurbeeChief Executive Officer43$430.5K$1.9M133
2025Eric M. WillisSenior Vice President, General Counsel & Corporate Secretary47$408.1K$1.5M133
2025James Frew President & Chief Financial Officer48$408.1K$1.5M133
2024Martyn WillsherFormer President and Chief Executive Officer$539.9K$2.5M133
2024Eric M. WillisSenior Vice President, General Counsel & Corporate Secretary47$378.4K$1.6M133
2024Daniel FurbeeChief Executive Officer43$397.0K$1.4M133

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
CDC Financial, Inc.2,587,347$10.3M7.9%No change
BlackRock, Inc.2,462,227$9.8M0.0%+1,886,084
Vanguard Capital Management LLC1,656,122$6.6M0.0%+22,980
Dimensional Fund Advisors LP1,594,952$6.3M0.0%−37,811
American Century Companies Inc1,377,845$5.5M0.0%−60,962
Geode Capital Management, LLC908,291$3.6M0.0%+492,868
D. E. Shaw & Co., Inc.660,670$2.6M0.0%+338,641
Caption Management, LLC571,685$2.3M0.1%−301,906
Bridgeway Capital Management, LLC531,663$2.1M0.0%+104,182
Qube Research & Technologies Ltd523,566$2.1M0.0%+283,212
Marshall Wace, Llp513,603$2.0M0.0%−743,549
Morgan Stanley457,764$1.8M0.0%+49,499
State Street Corp398,857$1.6M0.0%+229,600
Connor, Clark & Lunn Investment Management Ltd.336,779$1.3M0.0%+118,706
Citadel Advisors LLC325,757$1.3M0.0%+85,973
Trexquant Investment LP285,137$1.1M0.0%+198,302
De Lisle Partners LLP284,651$1.1M0.1%+20,000
Jacobs Levy Equity Management, Inc276,646$1.1M0.0%+108,993
Northern Trust Corp276,289$1.1M0.0%+182,039
Empowered Funds, LLC272,763$1.1M0.0%+19,182
Inlight Wealth Management, LLC269,773$1.1M0.3%−3,261
Vanguard Fiduciary Trust Co242,495$965.1K0.0%+27,703
Vanguard Portfolio Management LLC241,286$960.3K0.0%New
RBF Capital, LLC241,263$960.2K0.0%No change
Ameriprise Financial Inc215,238$856.6K0.0%+12,808

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Amplify Energy is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARAmplify Energy Corp.2
  • CIK0001533924
  • Employer ID (EIN)82-132621918
  • Filer statusAccelerated filer not an emerging growth company; a smaller reporting company; not a shell company18
  • Incorporated inDelaware18
  • Fiscal year endsDecember 312
  • Industry code (SIC)1311 Crude Petroleum & Natural Gas2
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance2
  • Business address500 Dallas Street, Suite 1700, Houston, TX 770022
  • Phone713-588-83692
  • Shares outstanding41,456,450 as of Aug 6, 202617
  • Public float$101.0M as of Jun 30, 202518
  • AuditorDELOITTE & TOUCHE LLP, Houston, Texas PCAOB ID 34; it also attests to the company’s internal control over financial reporting18
  • On EDGAR sinceNov 14, 20112
  • Filings1,010 in all: 4 (417), 8-K (184), 3 (73), 10-Q (44), SC 13D/A (27), CORRESP (23), SC 13G/A (20), DEFA14A (18)2
    All 50 form types

    144 (17), SC 13G (16), UPLOAD (15), 10-K (14), DEF 14A (13), EFFECT (12), PX14A6G (11), 424B3 (10), SCHEDULE 13G/A (9), 8-K/A (8), S-1/A (8), S-8 (8), SC 13D (6), 4/A (5), S-4 (5), SCHEDULE 13D/A (5), S-3 (4), SCHEDULE 13G (4), 8-A12B (3), SC TO-I/A (3), 425 (2), ARS (2), CERTNYS (2), POS AM (2), PRE 14A (2), S-1 (2), 10-K/A (1), 25 (1), 25-NSE (1), 424B4 (1), CERTNAS (1), DEF 14C (1), DEFM14A (1), DEFR14C (1), FWP (1), NT 10-K (1), PRE 14C (1), PREM14A (1), S-3/A (1), S-4/A (1), SC TO-I (1), SCHEDULE 13D (1)

  • Latest filingsAnnual report (10-K) Mar 9, 2026
    Quarterly report (10-Q) Aug 10, 2026
    Proxy statement (DEF 14A) Apr 23, 2026
    Latest 8-K (8-K) Aug 10, 2026

Securities registered for trading

ClassSymbolExchange
Common StockAMPYNYSE

From the cover page of the 10-K filed Mar 9, 2026 (Section 12(b) of the Exchange Act).18

Risk factors and legal proceedings

The risks Amplify Energy names in Item 1A of its 10-K filed Mar 9, 2026: 41 risks under these headings, as written.18

  • Risks Related to Our Business
  • Oil, natural gas and NGL prices are volatile, due to factors beyond our control, and greatly affect our business, results of operations and financial condition. Any decline in, or sustained low levels of, oil, natural gas and NGL prices will cause a decline in our cash flow from operations, which could materially and adversely affect our business, results of operations and financial condition.
  • We are dependent upon a small number of significant customers for the majority of our production sales. The loss of those customers, if not replaced, could reduce our revenues and have a material adverse effect on our financial condition and results of operations.
  • Our business could be adversely affected by a decline in general economic conditions or a weakening of the broader energy industry, and inflation may adversely affect our financial position and operating results.
  • Our properties are concentrated in a limited number of geographic locations and adverse developments, including potential difficulties in the marketing of oil, in such operating areas could adversely affect our business, financial condition, results of operations and cash flows.
  • The inability of our significant customers, vendors or other counterparties to meet their obligations to us may adversely affect our financial results.
  • We are subject to, and in the future may be subject to additional complex federal, state, local and other laws and regulations that could adversely affect the cost, manner or feasibility of conducting our operations.
  • An increase in the differential between the NYMEX or other benchmark prices of oil and natural gas and the wellhead price we receive for our production could significantly reduce our cash flow and adversely affect our financial condition.
  • The production from our Bairoil properties could be adversely affected by the cessation or interruption of the supply of CO2 to those properties.
  • Certain carbon dioxide purchase agreements are priced based on our counterparty’s ability to claim federal income tax credits which depend, in part, on our compliance with the requirements of such tax credits. If we are unable to comply with those requirements, or if Congress enacts new legislation, we will face increased payment obligations for carbon dioxide, which will negatively impact our economics.
  • The failure to replace our proved oil reserves could adversely affect our business, financial condition, results of operations, production and cash flows.
  • Our estimated reserves and future production rates are based on many assumptions that may turn out to be inaccurate. Any material inaccuracies in our reserve estimates or underlying assumptions will materially affect the quantities and present value of our estimated reserves.
The other 30 risks
  • The standardized measure of our estimated proved reserves is not necessarily the same as the current market value of our estimated proved oil and natural gas reserves.
  • Developing and producing oil and natural gas are costly and high-risk activities with many uncertainties that may result in a total loss of investment or otherwise adversely affect our business, financial condition, results of operations and cash flows.
  • Expenses not covered by our insurance could have a material adverse effect on our financial position and results of operations.
  • Our business depends in part on pipelines, gathering systems and processing facilities owned by us or others. Any limitation in the availability of those facilities could interfere with our ability to market our oil production.
  • Development and production of oil and natural gas in offshore waters have inherent and historically higher risk than similar activities onshore.
  • Our hedging strategy may not effectively mitigate the impact of commodity price volatility from our cash flows, and our hedging activities could result in cash losses and may limit potential gains.
  • Many of our properties are in areas that may have been partially depleted or drained.
  • Our expectations for future development activities are planned to be realized over several years, making them susceptible to uncertainties that could materially alter the occurrence or timing of such activities.
  • Loss of our key executive officers or other key personnel, or an inability to attract and retain such officers and personnel, could negatively affect our business.
  • Part of our strategy may involve using horizontal drilling and completion techniques, which involve risks and uncertainties in their application.
  • Our potential use of 2-D and 3-D seismic data is subject to interpretation and may not accurately identify the presence of oil and natural gas, which could adversely affect the results of our drilling operations.
  • SEC rules could limit our ability to book additional PUDs in the future.
  • The unavailability or high cost of equipment, supplies and crews could delay our operations, increase our costs and delay forecasted revenue.
  • We may incur losses as a result of title defects in the properties in which we invest.
  • We may be unable to compete effectively with larger companies.
  • We may be unable to maintain compliance with the covenants in the Revolving Credit Facility, which could result in an event of default thereunder that, if not cured or waived, would have a material adverse effect on our business and financial condition.
  • Restrictive covenants in our Revolving Credit Facility could limit our growth and our ability to finance our operations, fund our capital needs, respond to changing conditions and engage in other business activities that may be in our best interests.
  • Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase.
  • Our lenders periodically redetermine the amount we may borrow under our Revolving Credit Facility, which may materially impact our operations.
  • Increasing scrutiny and changing stakeholder expectations in respect of environmental, social and governance (“ESG”) and sustainability practices may have an adverse effect on our business, financial condition and results of operations and damage our reputation.
  • Climate change legislation or regulations pertaining to emissions of “greenhouse gases,” or GHGs, could result in increased operating costs and reduced demand for the oil and natural gas that we produce, while the physical effects of climate change could disrupt our production and cause us to incur significant costs in preparing for or responding to those effects.
  • The listing of a species as either “threatened” or “endangered” under the federal Endangered Species Act could result in increased costs, new operating restrictions, or delays in our operations, which could adversely affect our results of operations and financial condition.
  • The third parties on whom we rely for gathering and transportation services are subject to complex federal, state and other laws that could adversely affect the cost, manner or feasibility of conducting our business.
  • Oil and natural gas producers’ operations, are substantially dependent on the availability of water and the disposal of waste, including produced water and drilling fluids. Restrictions on the ability to obtain water or dispose of waste may impact our operations.
  • The cost of decommissioning is uncertain.
  • We are required to post cash collateral, and in the future we may be required to post additional collateral, pursuant to our agreements with sureties under our existing or future bonding arrangements, which may have a material adverse effect on our liquidity and our ability to execute our capital expenditure plan, our ARO plan and comply with our existing debt instruments.
  • Certain U.S. federal income tax deductions currently available with respect to oil and natural gas exploration and production may be eliminated as a result of future legislation.
  • Our business could be negatively affected by security threats, including cybersecurity threats, destructive forms of protest and opposition by activists and other disruptions.
  • Any failure to maintain effective internal control over financial reporting could impair the reliability of our financial statements, which in turn could harm our business, impair investor confidence in the accuracy and completeness of our financial reports and our access to the capital markets and cause the price of our Common Stock to decline and subject us to regulatory penalties.
  • The operation of our business leverages IT infrastructure across our offices and facilities, and our business systems may (i) be susceptible to errors, shutdowns, sufficiency issues, or technical difficulties, (ii) experience security incidents impacting the integrity of sensitive data processed thereby, and (iii) be subject to evolving and potentially burdensome legal compliance requirements, including requirements around data privacy and security and the use of artificial intelligence technologies.

Legal proceedings

We are and may be, from time to time, party to various legal proceedings, government investigations and environmental proceedings. In addition, from time to time, we receive communications from government or regulatory agencies concerning investigations or allegations of noncompliance with laws or regulations in jurisdictions in which we operate. Information pertaining to legal proceedings is described in Note 17, “Commitments and Contingencies — Litigation and Environmental” of the Notes to Consolidated Financial Statements included under “Item 8. Financial Statements and Supplementary Data” of this Annual Report, which is incorporated herein by reference.

The opening of Item 3, Legal Proceedings.18

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