Amplify Energy Corp. 10-Q

ITEM 1. FINANCIAL STATEMENTS. AMPLIFY ENERGY CORP. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except outstanding shares) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ ​ December 31, ​ ​ ​ ​ 2026 ​ 2025 ASSETS ​ ​ ​ ​ Current assets: ​ ​ ​ ​ Cash and cash equivalents ​ $ 41,486 ​ $ 60,666 Accounts receivable, net (see Note 13) ​ 19,860 ​ 30,141 Short-term derivative instruments ​ — ​ 15,429 Prepaid expenses and other current assets ​ 23,926 ​ 24,358 Total current assets ​ 85,272 ​ 130,594 Property and equipment, at cost: ​ ​ ​ ​ Oil and natural gas properties, successful efforts method ​ 409,197 ​ 388,920 Support equipment and facilities ​ 155,576 ​ 154,954 Other ​ 9,637 ​ 9,601 Accumulated depreciation, depletion and amortization ​ ( 370,194 ) ​ ( 364,534 ) Property and equipment, net ​ 204,216 ​ 188,941 Long-term derivative instruments ​ — ​ 3,425 Restricted investments ​ 42,747 ​ 40,241 Operating lease - long term right-of-use asset ​ 2,698 ​ 2,998 Deferred tax asset ​ ​ 244,892 ​ ​ 233,334 Other long-term assets ​ 1,281 ​ 1,367 Total assets ​ $ 581,106 ​ $ 600,900 ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND EQUITY ​ ​ ​ ​ Current liabilities: ​ ​ ​ ​ Accounts payable ​ $ 22,477 ​ $ 17,901 Revenues payable ​ 7,505 ​ 5,638 Accrued liabilities (see Note 13) ​ 20,684 ​ 34,518 Short-term derivative instruments ​ 22,776 ​ — Total current liabilities ​ 73,442 ​ 58,057 Asset retirement obligations ​ 73,504 ​ 72,376 Long-term derivative instruments ​ 1,818 ​ — Operating lease liability ​ 2,341 ​ 2,568 Other long-term liabilities ​ 9,434 ​ 9,176 Total liabilities ​ 160,539 ​ 142,177 Commitments and contingencies (see Note 16) ​ ​ ​ ​ Stockholders' equity: ​ ​ ​ ​ Preferred stock, $ 0.01 par value: 50,000,000 shares authorized; no shares issued and outstanding at March 31, 2026 and December 31, 2025 ​ — ​ — Common stock, $ 0.01 par value: 250,000,000 shares authorized; 41,288,706 and 40,719,957 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively ​ 413 ​ 407 Additional paid-in capital ​ 445,770 ​ 445,816 Accumulated earnings (deficit) ​ ( 25,616 ) ​ 12,500 Total stockholders' equity ​ 420,567 ​ 458,723 Total liabilities and equity ​ $ 581,106 ​ $ 600,900 ​ See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements. ​ 9 Table of Contents AMPLIFY ENERGY CORP. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ ​ ​ March 31, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 Revenues: ​ ​ ​ ​ Oil and natural gas sales ​ $ 37,263 ​ $ 70,341 Other revenues ​ 201 ​ 1,709 Total revenues ​ 37,464 ​ 72,050 ​ ​ ​ ​ ​ ​ ​ Costs and expenses: ​ ​ ​ ​ Lease operating expense ​ 22,154 ​ ​ 37,417 Gathering, processing and transportation ​ 759 ​ ​ 4,286 Taxes other than income ​ 2,340 ​ ​ 4,384 Depreciation, depletion and amortization ​ 5,660 ​ ​ 8,494 General and administrative expense ​ 8,913 ​ ​ 10,815 Accretion of asset retirement obligations ​ 1,248 ​ ​ 2,183 Loss (gain) on commodity derivative instruments ​ 45,822 ​ ​ 14,317 Pipeline incident loss ​ ​ 12 ​ ​ 396 (Gain) loss on sale of properties ​ ​ ( 164 ) ​ ​ ( 6,251 ) Other, net ​ 30 ​ ​ 3 Total costs and expenses ​ 86,774 ​ 76,044 Operating income (loss) ​ ( 49,310 ) ​ ( 3,994 ) Other income (expense): ​ ​ ​ ​ Interest expense, net ​ ( 988 ) ​ ​ ( 3,519 ) Other income (expense) ​ ​ 624 ​ ​ 115 Total other income (expense) ​ ( 364 ) ​ ( 3,404 ) Income (loss) before income taxes ​ ( 49,674 ) ​ ( 7,398 ) Income tax (expense) benefit - current ​ — ​ ​ ( 1 ) Income tax (expense) benefit - deferred ​ 11,558 ​ ​ 1,538 Net income (loss) ​ $ ( 38,116 ) ​ $ ( 5,861 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per share: (See Note 10) ​ ​ ​ ​ Basic and diluted earnings (loss) per share ​ $ ( 0.93 ) ​ $ ( 0.15 ) Weighted average common shares outstanding: ​ ​ ​ ​ Basic and diluted ​ 41,143 ​ ​ 40,188 ​ See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements. ​ 10 Table of Contents AMPLIFY ENERGY CORP. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ ​ ​ March 31, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 Cash flows from operating activities: ​ ​ ​ ​ Net income (loss) ​ $ ( 38,116 ) ​ $ ( 5,861 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: ​ ​ ​ ​ Depreciation, depletion and amortization ​ 5,660 ​ 8,494 Loss (gain) on derivative instruments ​ 45,822 ​ 14,317 Cash settlements (paid) received on expired derivative instruments ​ ( 2,554 ) ​ 503 Cash settlements received (paid) on terminated derivative instruments ​ ​ ( 350 ) ​ ​ — Deferred income tax expense (benefit) ​ ​ ( 11,558 ) ​ ​ ( 1,538 ) Accretion of asset retirement obligations ​ 1,248 ​ 2,183 (Gain) loss on sale of properties ​ ​ ( 164 ) ​ ​ — Share-based compensation (see Note 11) ​ 2,056 ​ 1,890 Settlement of asset retirement obligations ​ — ​ ( 174 ) Amortization and write-off of deferred financing costs ​ 80 ​ 315 Changes in operating assets and liabilities: ​ ​ ​ ​ Accounts receivable ​ 10,280 ​ 3,820 Prepaid expenses and other assets ​ 437 ​ 3,073 Payables and accrued liabilities ​ ( 8,626 ) ​ ( 1,521 ) Other ​ 259 ​ — Net cash provided by operating activities ​ 4,474 ​ 25,501 Cash flows from investing activities: ​ ​ ​ ​ Additions to oil and gas properties ​ ( 19,016 ) ​ ( 24,899 ) Additions to other property and equipment ​ ( 36 ) ​ ( 313 ) Additions to restricted investments ​ ( 2,506 ) ​ ( 2,536 ) Proceeds from the sale of other oil and natural gas properties ​ ​ — ​ ​ 6,251 Net cash used in investing activities ​ ( 21,558 ) ​ ( 21,497 ) Cash flows from financing activities: ​ ​ ​ ​ Advances on Revolving Credit Facility ​ — ​ 34,000 Payments on Revolving Credit Facility ​ — ​ ( 36,000 ) Shares withheld for taxes ​ ( 2,096 ) ​ ( 2,004 ) Net cash used in financing activities ​ ( 2,096 ) ​ ( 4,004 ) Net change in cash and cash equivalents ​ ( 19,180 ) ​ — Cash and cash equivalents, beginning of period ​ 60,666 ​ — Cash and cash equivalents, end of period ​ $ 41,486 ​ $ — ​ See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements. ​ 11 Table of Contents AMPLIFY ENERGY CORP. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders' Equity ​ ​ ​ ​ ​ Additional ​ Accumulated ​ ​ ​ ​ ​ Common ​ Paid-in ​ Earnings ​ ​ ​ ​ ​ ​ ​ Stock ​ ​ ​ Capital ​ ​ ​ (Deficit) ​ ​ ​ Total Balance at December 31, 2025 $ 407 ​ $ 445,816 ​ $ 12,500 ​ $ 458,723 Net income (loss) ​ — ​ — ​ ( 38,116 ) ​ ( 38,116 ) Share-based compensation expense ​ — ​ 2,056 ​ — ​ 2,056 Shares withheld for taxes ​ — ​ ( 2,096 ) ​ — ​ ( 2,096 ) Other ​ 6 ​ ( 6 ) ​ — ​ — Balance at March 31, 2026 ​ ​ 413 ​ ​ 445,770 ​ ​ ( 25,616 ) ​ ​ 420,567 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders' Equity ​ ​ ​ ​ ​ Additional ​ Accumulated ​ ​ ​ ​ Common ​ Paid-in ​ Earnings ​ ​ ​ ​ ​ ​ ​ Stock ​ ​ ​ Capital ​ ​ ​ (Deficit) ​ ​ ​ Total Balance at December 31, 2024 $ 399 ​ $ 439,981 ​ $ ( 31,468 ) ​ $ 408,912 Net income (loss) ​ — ​ — ​ ( 5,861 ) ​ ( 5,861 ) Share-based compensation expense ​ — ​ 1,890 ​ — ​ 1,890 Shares withheld for taxes ​ — ​ ( 2,004 ) ​ — ​ ( 2,004 ) Other ​ 5 ​ ( 5 ) ​ — ​ — Balance at March 31, 2025 ​ ​ 404 ​ ​ 439,862 ​ ​ ( 37,329 ) ​ ​ 402,937 ​ ​ See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements. ​ ​ 12 Table of Contents AMPLIFY ENERGY CORP. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Note 1. Organization and Basis of Presentation General Amplify Energy Corp. (“Amplify Energy,” “Amplify,” “it” or the “Company”) is a publicly traded Delaware corporation whose common stock, par value $ 0.01 per share (“Common Stock”), is listed on the NYSE under the symbol “AMPY.” The Company operates in one reportable segment that is engaged in the acquisition, development, exploitation and production of oil and natural gas properties. The Company’s management evaluates performance based on one reportable business segment as there are not different economic environments within the operation of the Company’s oil and natural gas properties. The Company’s assets have historically consisted primarily of producing oil and natural gas properties located in Oklahoma, the Rockies (“Bairoil”), federal waters offshore Southern California (“Beta”), East Texas/North Louisiana and the Eagle Ford (non-op). The Company’s oil and natural gas properties were located in large, mature oil and natural gas reservoirs. The Company’s properties historically consisted primarily of operated and non-operated working interests in producing and undeveloped leasehold acreage and working interests in identified producing wells. The Company divested its assets in Oklahoma, East Texas/North Louisiana and the Eagle Ford (non-op) during the year ended December 31, 2025. As of March 31, 2026, the Company’s properties consist of its Bairoil and Beta oil and NGL producing properties. The oil properties are located in mature oil reservoirs. As of March 31, 2026, the Company is the operator of record for properties containing 100 % of its total estimated proved reserves. Basis of Presentation The Company’s accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries which have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In the Company’s opinion, the accompanying Unaudited Condensed Consolidated Financial Statements include all adjustments of a normal recurring nature necessary for fair presentation. Material intercompany transactions and balances have been eliminated. The results reported in these Unaudited Condensed Consolidated Financial Statements are not necessarily indicative of results that may be expected for the entire year. Furthermore, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. Accordingly, the accompanying Unaudited Condensed Consolidated Financial Statements and Notes should be read in conjunction with the Company’s annual financial statements included in its 2025 Form 10-K. Use of Estimates The preparation of the accompanying Unaudited Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include, but are not limited to, oil and natural gas reserves, fair value estimates, revenue recognition, and contingencies and insurance accounting. 13 Table of Contents AMPLIFY ENERGY CORP. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Segments Operating segments are defined as components of an enterprise that engage in activities from which it may earn revenues and incur expenses for which separate operational financial information is available and is regularly evaluated by the chief operating decision maker (“CODM”). The Company’s Chief Executive Officer has been determined to be the Company’s CODM and as such, he allocates resources and assesses performance based upon consolidated financial information. See additional information in Note 15. Note 2. Summary of Significant Accounting Policies There have been no changes to the Company’s significant accounting policies as described in the Company’s annual financial statements included in its 2025 Form 10-K. New Accounting Pronouncements Income Statement –Expense Disaggregation Disclosures. In November 2024, the FASB issued an accounting standard update which requires disaggregated disclosures of income statement expenses for public business entities. The guidance will require companies to disclose disaggregated information about specific natural expense categories underlying certain income statement expense line items that are considered relevant because they include one or more of the five natural expense categories, as applicable: (1) purchase of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization and (5) depreciation, depletion and amortization (“DD&A”) recognized as part of oil and gas producing activities or other depletion expenses. The new guidance is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 31, 2027. The Company is currently evaluating the impact of this guidance on the Company’s financial disclosures. Adoption of the update is not expected to impact the Company’s financial position, results of operations or liquidity. Other accounting standards that have been issued by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. Note 3. Revenue Revenue from Contracts with Customers Revenue is recognized when the following five steps are completed: (1) identify the contract with the customer, (2) identify the performance obligation (promise) in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when the reporting organization satisfies a performance obligation. The Company has determined that its contracts for the sale of crude oil, unprocessed natural gas, residue gas and NGLs contain monthly performance obligations to deliver product at locations specified in the contract. Control is transferred at the delivery location, at which point the performance obligation has been satisfied and revenue is recognized. Fees included in the contract that are incurred prior to control transfer are classified as gathering, processing and transportation and fees incurred after control transfers are included as a reduction to the transaction price. The transaction price at which revenue is recognized consists entirely of variable consideration based on quoted market prices less various fees and the quantity of volumes delivered. 14 Table of Contents AMPLIFY ENERGY CORP. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Disaggregation of Revenue The Company historically identified three material revenue streams in its business: oil, natural gas and NGLs. Starting in 2026, the Company identified one material revenue stream in its business: oil. The following table presents the Company’s revenues disaggregated by revenue stream. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ ​ ​ March 31, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ (In thousands) Revenues ​ ​ ​ ​ Oil (1) ​ $ 37,408 ​ $ 49,982 NGLs (2) ​ ​ ( 93 ) ​ ​ 6,157 Natural gas (2) ​ ​ ( 52 ) ​ ​ 14,202 Oil and natural gas sales ​ $ 37,263 ​ $ 70,341 (1) NGLs produced in Bairoil are treated as condensate and reflected within the commodity line for oil. (2) Revenues for the three months ended March 31, 2026 included post-divestiture accrual true-ups related to the Company’s East Texas and Oklahoma assets divestitures that were completed during the fourth quarter of 2025, which negatively impacted revenues for the period. The Company did not have any revenue sales related to natural gas and NGLs for the three months ended March 31, 2026 and therefore the revenues for the period are not indicative of ongoing commodity sales from retained assets. ​ Contract Balances Under the Company’s sales contracts, the Company invoices customers once its performance obligations have been satisfied, at which point payment is unconditional. Accordingly, the Company’s contracts do not give rise to contract assets or liabilities. Accounts receivable attributable to the Company’s revenue contracts with customers were $ 9.0 million at March 31, 2026, $ 23.0 million at December 31, 2025 and $ 28.5 million at December 31, 2024. Transaction Price Allocated to Remaining Performance Obligations For the Company’s contracts that have a contract term greater than one year , the Company has utilized the practical expedient in ASC 606, which states that a company is not required to disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under the Company’s contracts, each unit of product delivered to the customer represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. For the Company’s contracts that have a contract term of one year or less, the Company has utilized the practical expedient in ASC 606, which states that a company is not required to disclose the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. Note 4. Acquisitions and Divestitures 2026 Acquisitions and Divestitures No acquisition or divestiture activity occurred during the three months ended March 31, 2026. 2025 Divestitures As discussed in Note 1 above, the Company completed several divestiture transactions during 2025. During the first quarter of 2025, the Company completed an East Texas Haynesville monetization transaction for total net proceeds of $ 6.3 million, as further described below. Subsequent to March 31, 2025, the Company completed additional divestiture transactions, including another East Texas Haynesville monetization in May 2025 and the disposition of other assets later in the year. The dispositions did not qualify as discontinued operations. 15 Table of Contents AMPLIFY ENERGY CORP. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS As a result of the divestitures, as of March 31, 2026, the Company no longer held any assets in the East Texas/North Louisiana, Oklahoma, or Eagle Ford (non-op) areas. East Texas Haynesville Monetization On January 15, 2025, the Company sold 90 % of its interest in certain units with rights in the Cotton Valley and Haynesville basins in Harrison County, Texas and purchased a 10 % interest in adjacent acreage, generating $ 6.3 million in net proceeds from the transactions. These transactions also established an area of mutual interest with the counterparty covering 10,000 gross acres. Amplify retained a 10 % working interest in the units it divested and purchased a 10 % working interest in the counterparty’s acreage. The net proceeds received from the purchase and sale transactions of $ 6.3 million is classified as a (gain) loss on sale of properties in our Unaudited Consolidated Statement of Operations. The Company sold its remaining 10 % interest in those units with rights in the Cotton Valley and Haynesville basins during the fourth quarter of 2025. Contemplated Merger with Juniper Capital On January 14, 2025, the Company entered into an Agreement and Plan of Merger, as subsequently amended (the “Merger Agreement”) with Amplify DJ Operating LLC, a Delaware limited liability company and indirect wholly owned subsidiary of the Company (“First Merger Sub”), Amplify PRB Operating LLC, a Delaware limited liability company and indirect wholly owned subsidiary of Amplify (“Second Merger Sub”), North Peak Oil & Gas, LLC, a Delaware limited liability company (“NPOG”), Century Oil and Gas Sub-Holdings, LLC, a Delaware limited liability company (“COG” and, together with NPOG, the “Acquired Companies”), and, solely for the limited purposes set forth in the Merger Agreement, Juniper Capital Advisors, L.P. (“Juniper Capital”) and the Specified Company Entities set forth on Annex A thereto, pursuant to which, at the effective time of the Contemplated Mergers (as defined below) (the “Effective Time”), it was contemplated that (i) NPOG would merge with and into First Merger Sub, with NPOG surviving the merger as an indirect, wholly owned subsidiary of the Company and (ii) COG would merge with and into Second Merger Sub, with COG surviving the merger as an indirect, wholly owned subsidiary of the Company, in each case, subject to the terms and conditions of the Merger Agreement (clauses (i) and (ii), together, the “Contemplated Mergers”). On April 25, 2025, pursuant to Section 8.1(a) of the Merger Agreement, the Company and the Acquired Companies entered into a mutual termination agreement (the “Termination Agreement”) to terminate the Merger Agreement (the “Termination”), effective immediately. As a result of the Termination Agreement, the Merger Agreement is of no further force and effect. Acquisition and Divesture Expenses Acquisition and divestiture related expenses for third-party transactions are included in general and administrative expense in the accompanying Unaudited Condensed Statement of Consolidated Operations for the periods indicated below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ ​ 2026 ​ 2025 Cost incurred related to the contemplated merger with Juniper Capital ​ $ — ​ $ 1,591 Cost incurred related to the East Texas and Oklahoma divestitures ​ ​ 73 ​ ​ — Other acquisition and divestitures expenses ​ ​ — ​ ​ 38 ​ ​ $ 73 ​ $ 1,629 ​ ​ ​ 16 Table of Contents AMPLIFY ENERGY CORP. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Note 5. Fair Value Measurements of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at a specified measurement date. Fair value estimates are based on either (i) actual market data or (ii) assumptions that other market participants would use in pricing an asset or liability, including estimates of risk. A three-tier hierarchy has been established that classifies fair value amounts recognized or disclosed in the financial statements. The hierarchy considers fair value amounts based on observable inputs (Levels 1 and 2) to be more reliable and predictable than those based primarily on unobservable inputs (Level 3). All the derivative instruments reflected on the accompanying Unaudited Condensed Consolidated Balance Sheets were considered Level 2. The carrying values of accounts receivables, accounts payables (including accrued liabilities), restricted investments and amounts outstanding under long-term debt agreements with variable rates included in the accompanying Unaudited Condensed Consolidated Balance Sheets approximated fair value at March 31, 2026 and December 31, 2025. The fair value estimates are based upon observable market data and are classified within Level 2 of the fair value hierarchy. These assets and liabilities are not presented in the following tables. Assets and Liabilities Measured at Fair Value on a Recurring Basis The fair market values of the derivative financial instruments reflected on the accompanying Unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 were based on estimated forward commodity prices. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement in its entirety. The significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The following tables present the gross derivative assets and liabilities that are measured at fair value on a recurring basis at March 31, 2026 and December 31, 2025 for each of the fair value hierarchy levels: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at March 31, 2026 ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Quoted Prices in ​ Significant Other ​ Unobservable ​ ​ ​ ​ ​ Active Market ​ Observable Inputs ​ Inputs ​ ​ ​ ​ ​ ​ ​ (Level 1) ​ ​ ​ (Level 2) ​ ​ ​ (Level 3) ​ ​ ​ Fair Value ​ ​ (In thousands) Assets: ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivatives ​ $ — ​ $ 3,972 ​ $ — ​ $ 3,972 Interest rate derivatives ​ — ​ — ​ — ​ — Total assets ​ $ — ​ $ 3,972 ​ $ — ​ $ 3,972 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivatives ​ $ — ​ $ 28,566 ​ $ — ​ $ 28,566 Interest rate derivatives ​ — ​ — ​ — ​ — Total liabilities ​ $ — ​ $ 28,566 ​ $ — ​ $ 28,566 ​ 17 Table of Contents AMPLIFY ENERGY CORP. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at December 31, 2025 ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Quoted Prices in ​ Significant Other ​ Unobservable ​ ​ ​ ​ ​ Active Market ​ Observable Inputs ​ Inputs ​ ​ ​ ​ ​ ​ ​ (Level 1) ​ ​ ​ (Level 2) ​ ​ ​ (Level 3) ​ ​ ​ Fair Value ​ ​ (In thousands) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivatives ​ $ — ​ $ 18,854 ​ $ — ​ $ 18,854 Interest rate derivatives ​ — ​ — ​ — ​ — Total assets ​ $ — ​ $ 18,854 ​ $ — ​ $ 18,854 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivatives ​ $ — ​ $ — ​ $ — ​ $ — Interest rate derivatives ​ — ​ — ​ — ​ — Total liabilities ​ $ — ​ $ — ​ $ — ​ $ — ​ See Note 6 for additional information regarding the Company’s derivative instruments. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain assets and liabilities are reported at fair value on a nonrecurring basis, as reflected on the accompanying Unaudited Condensed Consolidated Balance Sheets. The following methods and assumptions are used to estimate the fair values: ● The fair value of asset retirement obligations (“AROs”) is based on discounted cash flow projections using numerous estimates, assumptions and judgments regarding factors such as the existence of a legal obligation for an ARO, amounts and timing of settlements, the credit-adjusted risk-free rate and inflation rates. The initial fair value estimates are based on unobservable market data and are classified within Level 3 of the fair value hierarchy. See Note 7 for a summary of changes in AROs. ● Proved oil and natural gas properties are reviewed for impairment when events and circumstances indicate a possible decline in the recoverability of the carrying value of such properties. The Company uses an income approach based on the discounted cash flow method, whereby the present value of expected future net cash flows is discounted by applying an appropriate discount rate, for purposes of placing a fair value on the assets. The future cash flows are based on management’s estimates for the future. The unobservable inputs used to determine fair value include, but are not limited to, estimates of proved reserves, estimates of probable reserves, future commodity prices, the timing of future production and capital expenditures and a discount rate commensurate with the risk reflective of the lives remaining for the respective oil and natural gas properties (some of which are Level 3 inputs within the fair value hierarchy). o No impairment expense was recorded on proved oil and natural gas properties during the three months ended March 31, 2026 and 2025. Note 6. Risk Management and Derivative Instruments Derivative instruments are utilized to manage exposure to commodity price and interest rate fluctuations and to achieve a more predictable cash flow in connection with oil sales and borrowing related activities. These instruments limit exposure to declines in prices but also limit the benefits that would be realized if prices increase. 18 Table of Contents AMPLIFY ENERGY CORP. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Certain inherent business risks are associated with commodity derivative contracts, including market risk and credit risk. Market risk is the risk that the price of oil will change, either favorably or unfavorably, in response to changing market conditions. Credit risk is the risk of loss from non-performance by the counterparty to a contract. It is the Company’s policy to enter into derivative contracts only with creditworthy counterparties, which are generally financial institutions, deemed by management as competent and competitive market makers. Some of the lenders, or certain of their affiliates, under the Company’s current credit agreements are counterparties to its derivative contracts. While collateral is generally not required to be posted by counterparties, credit risk associated with derivative instruments is minimized by limiting exposure to any single counterparty and entering into derivative instruments only with creditworthy counterparties that are generally large financial institutions. Additionally, master netting agreements are used to mitigate risk of loss due to default with counterparties on derivative instruments. The Company has also entered into International Swaps and Derivatives Association Master Agreements (“ISDA Agreements”) with each of its counterparties. The terms of the ISDA Agreements provide the Company and each of its counterparties with rights of set-off upon the occurrence of defined acts of default by either the Company or its counterparty to a derivative, whereby the party not in default may set-off all liabilities owed to the defaulting party against all net derivative asset receivables from the defaulting party. See Note 8 for additional information regarding the Company’s Revolving Credit Facility. Commodity Derivatives The Company may use a combination of commodity derivatives (e.g., floating-for-fixed swaps, put options and costless collars) to manage exposure to commodity price volatility. The Company recognizes all derivative instruments at fair value. The Company also enters into oil derivative contracts indexed to NYMEX-WTI and ICE Brent. At March 31, 2026, the Company had the following open commodity positions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ ​ ​ ​ 2026 ​ 2027 Crude Oil Derivative Contracts: ​ ​ ​ ​ Fixed price swap contracts (WTI): ​ ​ ​ ​ Average monthly volume (Bbls) ​ 151,333 ​ 76,167 Weighted-average fixed price ​ $ 65.27 ​ $ 64.02 ​ ​ ​ ​ ​ ​ ​ Fixed price swap contracts (ICE Brent) : ​ ​ ​ ​ Average monthly volume (Bbls) ​ 6,667 ​ — Weighted-average fixed price ​ $ 84.25 ​ $ — ​ ​ ​ ​ ​ ​ ​ Collar contracts: ​ ​ ​ ​ Two-way collars (WTI) ​ ​ ​ ​ ​ ​ Average monthly volume (Bbls) ​ ​ — ​ ​ 3,750 Weighted-average floor price ​ $ — ​ $ 65.00 Weighted-average ceiling price ​ $ — ​ $ 77.50 ​ ​ ​ ​ ​ ​ ​ Two-way collars (ICE Brent) ​ ​ ​ ​ ​ ​ Average monthly volume (Bbls) ​ ​ — ​ ​ 30,000 Weighted-average floor price ​ $ — ​ $ 74.00 Weighted-average ceiling price ​ $ — ​ $ 83.35 ​ 19 Table of Contents AMPLIFY ENERGY CORP. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Balance Sheet Presentation The following table summarizes both: (i) the gross fair value of derivative instruments by the appropriate balance sheet classification even when the derivative instruments are subject to netting arrangements and qualify for net presentation in the balance sheet and (ii) the net recorded fair value as reflected on the balance sheet at March 31, 2026 and December 31, 2025. There was no cash collateral received or pledged associated with the Company’s derivative instruments since most of its counterparties, or certain of its affiliates, to its derivative contracts are lenders under its Revolving Credit Facility. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset ​ ​ ​ Liability ​ ​ ​ Asset ​ ​ ​ Liability ​ ​ ​ ​ Derivatives ​ Derivatives ​ Derivatives ​ Derivatives ​ ​ ​ ​ March 31, ​ March 31, ​ December 31, ​ December 31, Type ​ ​ ​ Balance Sheet Location ​ ​ ​ 2026 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2025 ​ ​ ​ ​ (In thousands) Commodity contracts Short-term derivative instruments ​ $ 1,344 ​ $ 24,120 ​ $ 15,429 ​ $ — Interest rate swaps Short-term derivative instruments ​ — ​ — ​ — ​ — Gross fair value ​ ​ 1,344 ​ 24,120 ​ 15,429 ​ — Netting arrangements ​ ​ ( 1,344 ) ​ ( 1,344 ) ​ — ​ — Net recorded fair value Short-term derivative instruments ​ $ — ​ $ 22,776 ​ $ 15,429 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity contracts Long-term derivative instruments ​ $ 2,628 ​ $ 4,446 ​ $ 3,425 ​ $ — Interest rate swaps Long-term derivative instruments ​ — ​ — ​ — ​ — Gross fair value ​ ​ 2,628 ​ 4,446 ​ 3,425 ​ — Netting arrangements ​ ​ ( 2,628 ) ​ ( 2,628 ) ​ — ​ — Net recorded fair value Long-term derivative instruments ​ $ — ​ $ 1,818 ​ $ 3,425 ​ $ — ​ Loss (Gain) on Derivative Instruments The Company does not designate derivative instruments as hedging instruments for accounting and financial reporting purposes. Accordingly, all gains and losses, including changes in the derivative instruments’ fair values, have been recorded in the accompanying Unaudited Condensed Consolidated Statements of Operations. The following table details the gains and losses related to derivative instruments for the periods indicated (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ Statements of ​ ​ ​ March 31, ​ ​ ​ ​ Operations Location ​ 2026 ​ ​ ​ 2025 Commodity derivative contracts Loss (gain) on commodity derivatives ​ $ 45,822 ​ $ 14,317 ​ ​ Note 7. Asset Retirement Obligations The Company’s asset retirement obligations primarily relate to the Company’s portion of future plugging and abandonment costs for wells and related facilities. The following table presents the changes in the asset retirement obligations for the three months ended March 31, 2026 (in thousands): ​ ​ ​ ​ ​ Asset retirement obligations at beginning of period ​ $ 72,676 Liabilities added from acquisition or drilling ​ — Liabilities settled ​ — Liabilities removed upon sale of wells ​ — Accretion expense ​ 1,248 Revision of estimates ​ — Asset retirement obligation at end of period ​ 73,924 Less: Current portion ​ 420 Asset retirement obligations - long-term portion ​ $ 73,504 ​ ​ 20 Table of Contents AMPLIFY ENERGY CORP. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Note 8. Long-Term Debt The Company had no debt outstanding at March 31, 2026 and December 31, 2025. ​ Amended and Restated Credit Agreement On July 31, 2023, OLLC and Amplify Acquisitionco LLC (“Acquisitionco”), as the direct parent of OLLC and wholly owned subsidiary of the Company, entered into the Amended and Restated Credit Agreement, providing for a senior secured reserve-based revolving credit facility. The Revolving Credit Facility is guaranteed by the Company and all of its material subsidiaries and secured by substantially all of their assets. On December 31, 2025, OLLC entered into the Borrowing Base Redetermination, Commitment Increase and Second Amendment to the Credit Agreement (the “Second Amendment”), among OLLC, Acquisitionco, the guarantors party thereto, the lenders party thereto and Citizens Bank, N.A., as administrative agent for the lenders. The Second Amendment amended the Revolving Credit Facility to, among other things: (i) set the Borrowing Base at $ 25.0 million, with elected commitments of $ 15.0 million and (ii) extend the maturity date under the Revolving Credit Facility to December 31, 2028. Immediately prior to entering into the Second Amendment, KeyBank, National Association resigned as administrative agent under the Revolving Credit Facility and was replaced by Citizens Bank, N.A. As of March 31, 2026, the borrowing base under the facility was $ 25.0 million with elected commitments of $ 15.0 million. The Revolving Credit Facility borrowing base is subject to redetermination on at least a semi-annual basis, primarily based on a reserve engineering report. Certain key terms and conditions under the Revolving Credit Facility, as amended, include (but are not limited to): ● A maturity date of December 31, 2028; ● The loans shall bear interest at a rate per annum equal to (i) adjusted SOFR or (ii) an adjusted base rate, plus an applicable margin based on a utilization ratio of the lesser of the borrowing base and the aggregate commitments. The applicable margin ranges from 2.00 % to 3.00 % for adjusted base rate borrowings, and 3.00 % to 4.00 % for adjusted SOFR borrowings; ● The unused commitments under the Revolving Credit Facility will accrue a commitment fee of 0.50 % , payable quarterly in arrears; ● Certain financial covenants, including the maintenance of (i) a net debt leverage ratio not to exceed 3.00 to 1.00, determined as of the last day of each fiscal quarter for the four fiscal-quarter period then ending and (ii) a current ratio of not less than 1.00 to 1.00, determined as of the last day of each fiscal quarter; ● Certain events of default, including, without limitation: non-payment; breaches of representations and warranties; non-compliance with covenants or other agreements; cross-default to material indebtedness; judgments; change of control; and voluntary and involuntary bankruptcy; and ● Minimum hedging requirements ranging from 25 % to 75 % depending on availability under the Revolving Credit Facility, of the reasonably projected monthly production of hydrocarbons from proved developed producing reserves for the 12-month period immediately following the date of determination. As of March 31, 2026, the Company was in compliance with all the financial covenants (current ratio and total leverage ratio) and non-financial covenants associated with the Revolving Credit Facility. 21 Table of Contents AMPLIFY ENERGY CORP. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Weighted-Average Interest Rates The following table presents the weighted-average interest rates paid, excluding commitment fees, on the Company’s consolidated variable-rate debt obligations for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ ​ March 31, ​ ​ ​ 2026 ​ 2025 ​ Revolving Credit Facility ​ — % 8.49 % ​ Letters of Credit At March 31, 2026, the Company had no letters of credit outstanding. Unamortized Deferred Financing Costs Unamortized deferred financing costs associated with the Company’s Revolving Credit Facility were $ 0.9 million at March 31, 2026. Note 9. Equity Common Stock The Company’s authorized capital stock includes 250,000,000 shares of Common Stock. The following is a summary of the changes in the Company’s Common Stock issued for the three months ended March 31, 2026: ​ ​ ​ ​ ​ ​ ​ ​ Common Stock Balance, December 31, 2025 40,719,957 Issuance of Common Stock — Restricted stock units vested 890,689 Shares withheld for taxes (1) ​ ( 321,940 ) Balance, March 31, 2026 41,288,706 (1) Represents the net settlement on vesting of restricted stock to satisfy tax withholding requirements. ​ 22 Table of Contents AMPLIFY ENERGY CORP. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Note 10. Earnings (Loss) per Share The following sets forth the calculation of earnings (loss) per share, or EPS, for the periods indicated (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ ​ 2026 ​ 2025 Net income (loss) ​ $ ( 38,116 ) ​ $ ( 5,861 ) Less: Net income allocated to participating securities ​ — ​ — Basic and diluted earnings available to common stockholders ​ $ ( 38,116 ) ​ $ ( 5,861 ) ​ ​ ​ ​ ​ ​ ​ Common shares: ​ ​ ​ ​ Common shares outstanding — basic ​ 41,143 ​ 40,188 Dilutive effect of potential common shares ​ — ​ — Common shares outstanding — diluted ​ 41,143 ​ 40,188 ​ ​ ​ ​ ​ ​ ​ Net earnings (loss) per share: ​ ​ ​ ​ Basic ​ $ ( 0.93 ) ​ $ ( 0.15 ) Diluted (1) ​ $ ( 0.93 ) ​ $ ( 0.15 ) (1) The Company excluded 423,257 and 248,775 restricted stock units from the diluted weighted-average common shares outstanding for the three months ended March 31, 2026 and 2025, respectively, because their effect was anti-dilutive. ​ Note 11. Long-Term Incentive Plans On May 15, 2024, the Company’s shareholders approved the Amplify Energy Corp. 2024 Equity Incentive Plan (the “2024 EIP”), which had previously been approved by the board of directors of the Company. No further awards will be granted under the prior Legacy Equity Incentive Plan (“EIP,” and together with the 2024 EIP, the “EIP Plans”). The 2024 EIP provides for awards that can be granted in the form of nonqualified stock options, incentive stock options, restricted stock awards, restricted stock units, stock appreciation rights, performance awards, stock awards and other incentive awards. To the extent that an award, other than stock options or stock appreciation rights, under the 2024 EIP has expired or been forfeited or canceled for any reason without having been exercised in full, the unexercised award would then be available again for future grants under the 2024 EIP. The 2024 EIP is administered by the board of directors of the Company. Restricted Stock Units Restricted Stock Units with Service Vesting Condition Restricted stock units with service vesting conditions (“TSUs”) are accounted for as either equity-classified awards or liability-classified awards. The Company considered its intent and ability to settle awards in cash or shares of stock in determining whether to classify the awards as equity or liability awards. Compensation costs for equity-classified awards are recorded as general and administrative expense. The fair value of liability-classified awards is determined on a quarterly basis beginning at the grant date until final vesting. Changes in the fair value of liability-classified awards are recorded to general administrative expense and are remeasured at fair value each reporting period. 23 Table of Contents AMPLIFY ENERGY CORP. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS As of March 31, 2026, TSU grants are accounted for as equity-classified awards. The grant-date fair value is recognized as compensation cost on a straight-line basis over the requisite service period and forfeitures are accounted for as they occur. The unrecognized cost associated with the TSUs was $ 5.7 million at March 31, 2026. The Company expects to recognize the unrecognized compensation cost for these awards over a weighted average period of approximately 2.2 years. The following table summarizes information regarding the TSUs activity for the period presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average Grant- ​ ​ Number of ​ Date Fair Value ​ ​ Units ​ per Unit (1) TSUs outstanding at December 31, 2025 1,252,925 ​ $ 5.63 Granted (2) 678,402 ​ $ 5.02 Forfeited ( 12,459 ) ​ $ 5.02 Vested ( 663,414 ) ​ $ 6.18 TSUs outstanding at March 31, 2026 1,255,454 ​ $ 5.01 (1) Determined by dividing the aggregate grant-date fair value of awards by the number of awards issued. (2) The aggregate grant-date fair value of TSUs issued for the three months ended March 31, 2026 was $ 3.4 million based on a grant-date market price at $ 5.02 per share. Restricted Stock Units with Market and Service Vesting Conditions Restricted stock units with market and service vesting conditions (“PSUs”) are accounted for as either equity-classified or liability-classified awards. The grant-date fair value is recognized as compensation cost on a graded-vesting basis. The fair value of the awards is estimated on their grant dates using a Monte Carlo simulation. The Company recognizes compensation cost over the requisite service or performance period. The Company accounts for forfeitures as they occur. Vesting of PSUs can range from 0 % to 200 % of the target awards granted based on the Company’s relative total shareholder return as compared to the total shareholder return of the Company’s performance peer group over the applicable performance period. The 2024, 2025 and 2026 PSU awards are accounted for as equity-classified awards and were issued with a three-year vesting period beginning on the grant date and ending on the third anniversary of the grant date. The three-year performance period for the 2024 awards is January 1, 2024 through December 31, 2026. The three-year performance period for the 2025 awards is January 1, 2025 through December 31, 2027. The three-year performance period for the 2026 awards is January 1, 2026 through December 31, 2028. In connection with Mr. Daniel Furbee’s appointment as Chief Executive Officer, he received a grant of 100,000 PSUs (the “Target PSUs”) on July 22, 2025. The Target PSUs are subject to a performance period that began on July 22, 2025 and ends on March 31, 2028 (the “Performance Period”). The Target PSUs will vest, subject to Mr. Furbee’s continued employment through the settlement date, as follows: (i) 50 % of the Target PSUs will vest if the 20 -day volume-weighted average closing price (“VWAP”) of a share of Company common stock for the 20 consecutive trading days immediately preceding the end of the Performance Period equals at least $ 6.00 but less than $ 8.00 , (ii) 100 % of the Target PSUs will vest if the 20 -day VWAP of a share of Company common stock for the 20 consecutive trading days immediately preceding the end of the Performance Period equals at least $ 8.00 , but less than $ 10.00 , and (iii) 200 % of the Target PSUs will vest if the 20 -day VWAP of a share of the Company’s common stock for the 20 consecutive trading days immediately preceding the end of the Performance Period equals at least $ 10.00 , with linear interpolation to apply for actual performance achieved between the foregoing thresholds. Compensation costs related to PSU awards are recorded as general and administrative expense. The unrecognized cost associated with PSU awards was $ 2.6 million at March 31, 2026. The Company expects to recognize the unrecognized compensation cost for PSU awards over a weighted-average period of approximately 2.2 years. 24 Table of Contents AMPLIFY ENERGY CORP. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The below table reflects the ranges for the assumptions used in the Monte Carlo model for the 2026 PSUs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ February 2026 ​ ​ Expected volatility ​ 57.0 % ​ Dividend yield ​ 0.00 % ​ Risk-free interest rate ​ 3.56 % ​ ​ The following table summarizes information regarding the PSU activity for the period presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average Grant- ​ ​ Number of ​ Date Fair Value ​ ​ Units ​ per Unit (1) PSUs outstanding at December 31, 2025 676,425 ​ $ 8.79 Granted (2) 204,925 ​ $ 6.86 Forfeited ( 58,224 ) ​ $ 7.50 Vested ( 227,275 ) ​ $ 12.75 PSUs outstanding at March 31, 2026 595,851 ​ $ 6.74 (1) Determined by dividing the aggregate grant-date fair value of awards by the number of awards issued. (2) The aggregate grant-date fair value of PSUs issued for the three months ended March 31, 2026 was $ 1.4 million based on a calculated fair value price at $ 6.86 per share. Compensation Expense The following table summarizes the amount of recognized compensation expense associated with the EIP Plans, which are reflected in the accompanying Unaudited Condensed Consolidated Statements of Operations for the periods presented (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ ​ 2026 ​ 2025 Share-based compensation costs ​ ​ ​ ​ ​ ​ TSUs ​ $ 1,771 ​ $ 1,288 PSUs ​ 285 ​ 602 ​ ​ $ 2,056 ​ $ 1,890 ​ ​ Note 12. Leases The Company has leases for office space, warehouse space and equipment in its corporate office and operating regions as well as vehicles, compressors and surface rentals related to its business operations. In addition, the Company has right-of-way leases to operate the San Pedro Bay Pipeline. Most of the Company’s leases, other than its corporate office lease, have an initial term and may be extended on a month-to-month basis after expiration of the initial term. Most of the Company’s leases can be terminated with 30-day prior written notice. The majority of its month-to-month leases are not included as a lease liability in its balance sheet because continuation of the lease is not reasonably certain. Additionally, the Company elected the short-term practical expedient to exclude leases with a term of twelve months or less. For the quarter ended March 31, 2026, all of the Company’s leases qualified as operating leases, and it did not have any existing or new leases qualifying as financing leases or variable leases. The Company’s corporate office lease does not provide an implicit rate. To determine the present value of the lease payments, the Company uses an incremental borrowing rate based on the information available at the inception date. To determine the incremental borrowing rate, the Company applies a portfolio approach based on the applicable lease terms and the current economic environment. The Company uses a reasonable market interest rate for its office equipment and vehicle leases. 25 Table of Contents AMPLIFY ENERGY CORP. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the three months ended March 31, 2026 and 2025, the Company recognized approximately $ 0.4 million and $ 0.6 million, respectively, of costs relating to the operating leases in the Unaudited Condensed Consolidated Statements of Operations. Supplemental cash flow information related to the Company’s lease liabilities is included in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ ​ 2026 ​ 2025 ​ ​ (In thousands) Non-cash amounts included in the measurement of lease liabilities: ​ ​ ​ ​ Operating cash flows from operating leases $ 299 ​ $ 72 ​ The following table presents the Company’s right-of-use assets and lease liabilities for the period presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2026 ​ 2025 ​ ​ (In thousands) Right-of-use asset ​ $ 2,698 ​ $ 2,998 ​ ​ ​ ​ ​ ​ ​ Lease liabilities: ​ ​ ​ ​ Current lease liability ​ 1,064 ​ 1,184 Long-term lease liability ​ 2,341 ​ 2,568 Total lease liability ​ $ 3,405 ​ $ 3,752 ​ The following table reflects the Company’s maturity analysis of the minimum lease payment obligations under non-cancelable operating leases with a remaining term in excess of one year (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Office and ​ Leased vehicles ​ ​ ​ ​ ​ ​ warehouse ​ and office ​ ​ ​ ​ ​ ​ ​ leases ​ ​ ​ equipment ​ ​ ​ Total 2026 ​ $ 863 ​ $ 156 ​ $ 1,019 2027 ​ ​ 849 ​ ​ 192 ​ ​ 1,041 2028 ​ ​ 730 ​ ​ 14 ​ ​ 744 2029 ​ ​ 730 ​ ​ — ​ ​ 730 2030 and thereafter ​ 365 ​ — ​ 365 Total lease payments ​ 3,537 ​ 362 ​ 3,899 Less: interest ​ 467 ​ 27 ​ 494 Present value of lease liabilities ​ $ 3,070 ​ $ 335 ​ $ 3,405 ​ The weighted average remaining lease terms and discount rate for all of the Company’s operating leases for the period presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ 2026 ​ 2025 Weighted average remaining lease term (years): ​ ​ ​ ​ Office and warehouse space 3.42 3.33 ​ Vehicles 0.15 0.44 ​ Weighted average discount rate: ​ ​ ​ Office and warehouse space 6.36 % 5.13 % Vehicles 0.80 % 1.83 % ​ ​ 26 Table of Contents AMPLIFY ENERGY CORP. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Note 13. Supplemental Disclosures to the Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statements of Cash Flows Accrued Liabilities Current accrued liabilities consisted of the following at the dates indicated (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2026 ​ 2025 Accrued capital expenditures ​ $ 7,053 ​ $ 5,335 Accrued lease operating expense ​ ​ 6,363 ​ ​ 9,893 Accrued general and administrative expense ​ 3,873 ​ 7,616 Accrued production and ad valorem tax ​ 1,967 ​ 2,085 Operating lease liability ​ ​ 1,064 ​ ​ 1,184 Asset retirement obligations ​ 420 ​ 300 Accrued severance expense ​ ​ — ​ ​ 6,306 Accrued commitment fee and other expense (1) ​ ( 64 ) ​ 1,799 Other ​ 8 ​ — Accrued liabilities ​ $ 20,684 ​ $ 34,518 (1) Accrued commitment fee and other expense at March 31, 2026 included post-divestiture accrual true-ups related to the Company’s East Texas and Oklahoma assets divestitures that were completed during the fourth quarter of 2025. ​ Accounts Receivable Accounts receivable consisted of the following at the dates indicated (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ December 31, ​ ​ 2026 ​ ​ 2025 Oil and natural gas receivables ​ $ 9,009 ​ ​ $ 23,010 Other accounts receivable ​ ​ 13,768 ​ ​ ​ 10,048 Total accounts receivable ​ 22,777 ​ ​ 33,058 Less: allowance for credit losses ​ ( 2,917 ) ​ ​ ( 2,917 ) Total accounts receivable, net ​ $ 19,860 ​ ​ $ 30,141 ​ Supplemental Cash Flows Supplemental cash flows for the periods presented (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ ​ 2026 ​ 2025 Supplemental cash flows: ​ ​ ​ ​ ​ ​ Cash paid for interest, net of amounts capitalized ​ $ — ​ $ 2,291 ​ ​ ​ ​ ​ ​ ​ Supplemental non-cash activity: ​ ​ ​ Increase (decrease) in capital expenditures included in accrued liabilities 1,719 ​ 6,167 ​ ​ 27 Table of Contents AMPLIFY ENERGY CORP. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Note 14. Related Party Transactions Related Party Agreements There have been no transactions between the Company and any related person in which the related person had a direct or indirect material interest for the three months ended March 31, 2026 and 2025. Note 15. Segment Reporting The Company’s operations are all related to the exploration, development and production of oil and natural gas in the United States, from which the Company derives all of its revenues. The Company manages its business as a single reportable segment, as its operations are focused on assets with similar economic characteristics, production processes, types of purchasers, regulatory environment and customers which are consistent across the Company. Therefore, the Company aggregates its operating regions into one reportable segment. The CODM uses consolidated net income to assess financial performance, allocating capital and other resources. The CODM uses consolidated net income in the annual budgeting and monthly forecasting process. Additionally, the CODM is regularly provided information on lease operating expense, gathering, processing and transportation and taxes other than income. Other segment items primarily consist of DD&A, accretion expense, general and administrative expense, pipeline incident loss, loss (gain) on commodity derivative, interest expense and income tax expense (benefit). Our significant segment expenses and other segment items are derived from and can be found within the Unaudited Consolidated Statement of Operations. The measure of segment assets is reported on the Unaudited Condensed Consolidated Balance Sheet as total assets and the measure of capital expenditures is reflected in the Unaudited Condensed Consolidated Statement of Cash Flows. The following table provides financial information with respect to the Company’s single reportable segment for the periods indicated below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ ​ 2026 ​ ​ ​ 2025 ​ ​ (In thousands) Revenue ​ $ 37,464 ​ $ 72,050 Less: ​ ​ ​ ​ ​ ​ Lease operating expense ​ ​ 22,154 ​ ​ 37,417 Gathering, processing and transportation ​ ​ 759 ​ ​ 4,286 Taxes other than income ​ ​ 2,340 ​ ​ 4,384 Other segment items ​ ​ 50,327 ​ ​ 31,824 Net income (loss) ​ $ ( 38,116 ) ​ $ ( 5,861 ) ​ ​ Note 16. Commitments and Contingencies Litigation and Environmental As part of our normal business activities, we may be named as defendants in litigation and legal proceedings, including those arising from regulatory and environmental matters. Although the Company is insured against various risks to the extent it believes it is prudent, there is no assurance that the nature and amount of such insurance will be adequate, in every case, to indemnify it against liabilities arising from future legal proceedings. 28 Table of Contents AMPLIFY ENERGY CORP. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Environmental costs for remediation are accrued based on estimates of known remediation requirements. Such accruals are based on management’s best estimate of the ultimate cost to remediate a site and are adjusted as further information and circumstances develop. Those estimates may change substantially depending on information about the nature and extent of contamination, appropriate remediation technologies and regulatory approvals. Expenditures to mitigate or prevent future environmental contamination are capitalized. Ongoing environmental compliance costs are charged to expense as incurred. In accruing for environmental remediation liabilities, costs of future expenditures for environmental remediation are not discounted to their present value, unless the amount and timing of the expenditures are fixed or reliably determinable. At March 31, 2026 and December 31, 2025, the Company had no environmental reserves recorded in its Unaudited Condensed Consolidated Balance Sheet. Beta Pipeline Incident There have been no material changes to the legal proceedings, insurance receivables and costs associated with the incident that occurred at our producing oil property located at Beta (the “Incident”) as described in the Company’s annual financial statements included in its 2025 Form 10-K, except with respect to that disclosed below. Excluding the costs associated with the resolution of the federal and state matters discussed in the 2025 Form 10-K, for the three months ended March 31, 2026, the Company incurred legal fees, loss load and other non-reimbursable expenses of less than $ 0.1 million that are classified as “Pipeline Incident Loss” on the Company’s Unaudited Condensed Consolidated Statements of Operations. For more information, please see the 2025 Form 10-K. Sinking Fund Trust Agreement Beta Operating Company, LLC (“Beta LLC”), a wholly owned subsidiary, assumed an obligation with a third party to make payments into a sinking fund in connection with the Company’s properties in federal waters offshore Southern California, the purpose of which is to provide funds adequate to decommission the portion of the San Pedro Bay Pipeline that lies within state waters and the surface facilities. Interest earned in the account stays in the account. The obligation to fund ceases when the aggregate value of the account reaches $ 4.3 million. As of March 31, 2026, the account balance included in restricted investments was approximately $ 4.7 million. Supplemental Bond for Decommissioning Liabilities Trust Agreement Beta LLC has a decommissioning obligation with BOEM in connection with the Company’s properties in federal waters offshore Southern California. The Company supports its decommissioning obligation with $ 161.3 million of A-rated surety bonds. In December 2021, the Company entered into two escrow funding agreements with its surety providers to fund interest-bearing escrow accounts on a quarterly basis to reimburse and indemnify the surety providers for any claims arising under the surety bonds related to the decommissioning of our Beta LLC properties. The obligation for these agreements ceases when the total aggregate value of the escrow accounts reaches $ 172.6 million. 29 Table of Contents AMPLIFY ENERGY CORP. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The below table outlines the updated funding commitment for these agreements at March 31, 2026 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payment Due by Period Funding commitment ​ Total ​ ​ ​ Remaining 2026 ​ ​ ​ 2027 ​ ​ ​ 2028 ​ ​ ​ 2029 ​ ​ ​ 2030 ​ ​ ​ Thereafter (1) Federal escrow fund payments ​ $ 126,705 ​ $ 6,000 ​ $ 8,000 ​ $ 8,000 ​ $ 8,000 ​ $ 8,000 ​ $ 88,705 State escrow fund payments ​ ​ 7,804 ​ ​ 775 ​ ​ 1,034 ​ ​ 1,034 ​ ​ 1,034 ​ ​ 1,034 ​ ​ 2,893 Total sinking fund payments ​ $ 134,509 ​ $ 6,775 ​ $ 9,034 ​ $ 9,034 ​ $ 9,034 ​ $ 9,034 ​ $ 91,598 (1) The remaining payments will be made during the years 2030 through 2042. As of March 31, 2026, the Company has funded $ 38.1 million into the escrow accounts which is reflected in “Restricted investments” on the Unaudited Condensed Consolidated Balance Sheet. Note 17. Income Taxes The Company’s current income tax benefit (expense) was $ 0.0 million and less than ($ 0.1 ) million for the three months ended March 31, 2026 and 2025, respectively. The Company’s deferred income tax benefit (expense) was $ 11.6 million and $ 1.5 million for the three months ended March 31, 2026 and 2025, respectively. The effective tax rates for the three months ended March 31, 2026 and 2025 were 23.3 % and 20.8 %, respectively. The difference between the statutory U.S. federal income tax rate of 21 % and the effective tax rate for the three months ended March 31, 2026 was primarily attributable to vested stock compensation and unrealized hedging book losses for 2026. Both items represent negative income drivers and moved in the same direction, resulting in an effective tax rate that exceeded the statutory rate. The difference between the statutory U.S. federal income tax rate of 21 % and the effective tax rate for the three months ended March 31, 2025 was primarily due to vested stock compensation. Note 18. Subsequent Events Beta Royalty Relief On, April 30, 2026, the Bureau of Safety and Environmental Enforcement (“BSEE”) informed the Company that it had been approved for End-of-Life Royalty Relief for the Company’s interests in three Pacific Outer Continental Shelf blocks (P-300, P-0301, and P-0306), referred to as the Beta unit in the Beta Field located in federal waters approximately 11 miles offshore from the Port of Long Beach, California. The royalty relief is effective beginning May 1, 2026 for the Beta leases. On the Company’s two primary producing leases, the royalty rate was reduced from approximately 25 % to 12.5 %, and on the third lease, the royalty rate was reduced from 16.67 % to 8.33 %. Royalty relief rates will be suspended in months in which the rolling 12 -month weighted average NYMEX oil and Henry Hub gas price exceeds $ 79.65 per BOE, which represents a 25 % premium to the average realized price recognized by the Company during the qualification period. Royalty relief will end in the event that the rolling 12 -month weighted average commodity prices exceed $ 79.65 per BOE, or if monthly production doubles the qualifying months’ average for 12 consecutive months. ​ ​ ​ ​ 30 Table of Contents