What changed in this filing

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Item 1. Financial Statements

2026-08-10 compared with 2026-05-11 · 161 added, 114 removed, 511 unchanged (35% of the section changed)

27 unchanged sentences

Asset retirement obligations

Long-term derivative instruments

Operating lease liability

5 unchanged sentences

50,000,000 shares authorized;

no shares issued and outstanding at March 31, 2026 and December 31, 2025

no shares issued and outstanding at June 30, 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

41,289,239 and 40,719,957 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively

Additional paid-in capital

7 unchanged sentences

For the Three Months Ended

For the Six Months Ended

Oil and natural gas sales

6 unchanged sentences

Depreciation, depletion and amortization

Impairment expense

General and administrative expense

2 unchanged sentences

Pipeline incident loss

(Gain) loss on sale of properties

Gain on sale of properties

Total costs and expenses

8 unchanged sentences

Net income (loss)

Allocation of net income (loss) to:

Net income (loss) available to common stockholders

Net income (loss) allocated to participating securities

Net income (loss) available to Amplify Energy Corp.

Earnings (loss) per share:

7 unchanged sentences

(In thousands)

For the Three Months Ended

For the Six Months Ended

Cash flows from operating activities:

2 unchanged sentences

Depreciation, depletion and amortization

Impairment expense

Loss (gain) on derivative instruments

3 unchanged sentences

Accretion of asset retirement obligations

(Gain) loss on sale of properties

Gain on sale of properties

Share-based compensation (see Note 11)

1 unchanged sentence

Amortization and write-off of deferred financing costs

Bad debt expense

Changes in operating assets and liabilities:

7 unchanged sentences

Additions to restricted investments

Divestiture post-closing adjustment receipts

Proceeds from the sale of other oil and natural gas properties

3 unchanged sentences

Payments on Revolving Credit Facility

Deferred financing costs

Shares withheld for taxes

Net cash used in financing activities

Net cash (used in) provided by financing activities

Net change in cash and cash equivalents

11 unchanged sentences

Balance at March 31, 2026

Net income (loss)

Share-based compensation expense

Shares withheld for taxes

Balance at June 30, 2026

Stockholders' Equity

4 unchanged sentences

Balance at March 31, 2025

Net income (loss)

Share-based compensation expense

Shares withheld for taxes

Balance at June 30, 2025

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

10 unchanged sentences

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.

As of June 30, 2026, the Company’s properties consist of its Bairoil and Beta oil and NGL producing properties.

The oil and NGL properties are located in mature oil reservoirs.

As of June 30, 2026, the Company is the operator of record for properties containing 100 % of its total estimated proved reserves.

Basis of Presentation

18 unchanged sentences

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.

In November 2024, the Financial Accounting Standards Board (“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:

3 unchanged sentences

Adoption of the update is not expected to impact the Company’s financial position, results of operations or liquidity.

Interim Reporting - Narrow Scope Improvements.

In December 2025, the FASB issued an accounting standard update which clarifies the scope and presentation requirements for interim GAAP financial statements and consolidates interim disclosure requirements.

The guidance requires entities to disclose events or changes that have occurred since the end of the previous annual reporting period and have a material impact on the entity.

The new guidance is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption allowed.

The Company is currently evaluating the effect the updated guidance will have on the Company’s financial statements and related disclosures.

Environmental Credits and Environmental Credit Obligations.

In May 2026, the FASB issued an accounting standard update which provides recognition, measurement, presentation and disclosure requirements for (1) environmental credits and (2) compliance obligations that may be settled by using environmental credits.

The guidance is effective for annual periods (and interim reporting periods within those annual periods) beginning after December 15, 2027.

The Company is currently evaluating the impact of this guidance on the Company’s financial presentation and disclosures.

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.

2 unchanged sentences

(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.

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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.

2 unchanged sentences

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.

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Disaggregation of Revenue

4 unchanged sentences

For the Three Months Ended

For the Six Months Ended

(In thousands)

2 unchanged sentences

NGLs produced in Bairoil are treated as condensate and reflected within the commodity line for oil.

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.

Revenues for the three and six months ended June 30, 2026 included post-divestiture true-ups related to the Company’s East Texas and Oklahoma assets divestitures that were completed during the fourth quarter of 2025.

The Company did not have any revenue sales related to natural gas and NGLs for the three and six months ended June 30, 2026 and therefore the revenues for the period are not indicative of ongoing commodity sales from retained assets.

Contract Balances

1 unchanged sentence

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.

Accounts receivable attributable to the Company’s revenue contracts with customers were $ 17.4 million at June 30, 2026, $ 23.0 million at December 31, 2025 and $ 28.5 million at December 31, 2024.

Transaction Price Allocated to Remaining Performance Obligations

5 unchanged sentences

2026 Acquisitions and Divestitures

No acquisition or divestiture activity occurred during the three months ended March 31, 2026.

No acquisition or divestiture activity occurred during the three or six months ended June 30, 2026.

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2025 Divestitures

1 unchanged sentence

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 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.

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.

As a result of the divestitures, as of June 30, 2026, the Company no longer holds any assets in the East Texas/North Louisiana, Oklahoma, or Eagle Ford (non-op) areas.

During the six months ended June 30, 2026, the Company finalized customary post-closing adjustments related to the prior year sale of certain oil and natural gas properties.

As a result of the final settlement process, the Company recognized an additional gain of $ 1.7 million, which was recorded in gain on sale of properties in our Unaudited Consolidated Statement of Operations.

East Texas Haynesville Monetization

2 unchanged sentences

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 net proceeds received from the purchase and sale transactions of $ 6.3 million is classified as a gain 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.

On May 1, 2025, the Company sold 90 % of its interest in three additional units with rights in the Haynesville basin in Panola and Shelby Counties, Texas to a third party.

Amplify retained a 10 % working interest in the units it divested.

The net proceeds from the transaction of $ 1.5 million are classified as a gain on sale of properties in our Unaudited Consolidated Statement of Operations.

Sale of Non-Operated Eagle Ford Assets

On July 1, 2025, the Company closed a transaction to divest certain of its non-operated Eagle Ford assets for an aggregate cash purchase price of $ 23.0 million, excluding $ 1.9 million final post-closing adjustments, resulting in a final adjusted purchase price of $ 21.1 million (the “Eagle Ford Asset Sale”).

Contemplated Merger with Juniper Capital

3 unchanged sentences

As a result of the Termination Agreement, the Merger Agreement is of no further force and effect.

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Acquisition and Divesture Expenses

1 unchanged sentence

For the Three Months Ended

For the Six Months Ended

Cost incurred related to the contemplated merger with Juniper Capital

1 unchanged sentence

Other acquisition and divestitures expenses

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Fair Value Measurements of Financial Instruments

4 unchanged sentences

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.

1 unchanged sentence

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.

The fair market values of the derivative financial instruments reflected on the accompanying Unaudited Condensed Consolidated Balance Sheets as of June 30, 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

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The following tables present the gross derivative assets and liabilities that are measured at fair value on a recurring basis at June 30, 2026 and December 31, 2025 for each of the fair value hierarchy levels:

Fair Value Measurements at June 30, 2026

Quoted Prices in

4 unchanged sentences

Commodity derivatives

Interest rate derivatives

Commodity derivatives

Interest rate derivatives

Total liabilities

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Fair Value Measurements at December 31, 2025

5 unchanged sentences

Commodity derivatives

Interest rate derivatives

Commodity derivatives

Interest rate derivatives

Total liabilities

10 unchanged sentences

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.

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.

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

o No impairment expense was recorded on proved oil and natural gas properties during the three and six months ended June 30, 2026.

o The Company recorded an impairment expense of $ 8.4 million for both the three and six months ended June 30, 2025 to reduce the net book value of our non-operated Eagle Ford assets to fair value less costs to sell.

See additional information regarding Eagle Ford Asset Sale in Note 4.

Risk Management and Derivative Instruments

Derivative instruments are utilized to manage exposure to commodity price 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.

Certain inherent business risks are associated with commodity derivative contracts, including market risk and credit risk.

7 unchanged sentences

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

2 unchanged sentences

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:

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

At June 30, 2026, the Company had the following open commodity positions:

Crude Oil Derivative Contracts:

14 unchanged sentences

Weighted-average ceiling price

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.

3 unchanged sentences

Short-term derivative instruments

Interest rate swaps

Short-term derivative instruments

Gross fair value

4 unchanged sentences

Long-term derivative instruments

Interest rate swaps

Long-term derivative instruments

Gross fair value

2 unchanged sentences

Long-term derivative instruments

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Loss (Gain) on Derivative Instruments

3 unchanged sentences

For the Three Months Ended

For the Six Months Ended

Statements of

4 unchanged sentences

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):

The following table presents the changes in the asset retirement obligations for the six months ended June 30, 2026 (in thousands):

Asset retirement obligations at beginning of period

7 unchanged sentences

Asset retirement obligations - long-term portion

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Long-Term Debt

The Company had no debt outstanding at March 31, 2026 and December 31, 2025.

The Company had no debt outstanding at June 30, 2026 and December 31, 2025.

Amended and Restated Credit Agreement

5 unchanged sentences

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.

On June 10, 2026, the Company completed the spring borrowing base redetermination, which reaffirmed the borrowing base at $ 25.0 million.

The next regularly scheduled borrowing base redetermination is expected to occur in fall 2026.

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

As of June 30, 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.

8 unchanged sentences

● 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.

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

As of June 30, 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.

Weighted-Average Interest Rates

1 unchanged sentence

For the Three Months Ended

For the Six Months Ended

Revolving Credit Facility

Letters of Credit

At March 31, 2026, the Company had no letters of credit outstanding.

At June 30, 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.

Unamortized deferred financing costs associated with the Company’s Revolving Credit Facility were $ 0.9 million at June 30, 2026.

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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:

The following is a summary of the changes in the Company’s Common Stock issued for the six months ended June 30, 2026:

Balance, December 31, 2025

2 unchanged sentences

Shares withheld for taxes (1)

Balance, March 31, 2026

Balance, June 30, 2026

(1) Represents the net settlement on vesting of restricted stock to satisfy tax withholding requirements.

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Earnings (Loss) per Share

1 unchanged sentence

For the Three Months Ended

For the Six Months Ended

Net income (loss)

6 unchanged sentences

Net earnings (loss) per share:

(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.

(1) The Company excluded 282,181 and 518,527 restricted stock units from the diluted weighted-average common shares outstanding for the three and six months ended June 30, 2026, respectively, because their effect was anti-dilutive.

Long-Term Incentive Plans

On May 15, 2024, the Company’s shareholders approved the Amplify Energy Corp.

On May 15, 2024, the Company’s stockholders 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.

On June 3, 2026, the Company’s stockholders approved the Amplify Energy Corp.

2024 Amended and Restated Equity Incentive Plan (the “2024 A&R EIP”, and together with the 2024 EIP, the “EIP Plans”), which had previously been approved by the board of directors of the Company and which amended and restated the 2024 EIP.

No further awards will be granted under the 2024 EIP.

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The 2024 A&R 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 A&R 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 A&R EIP.

The 2024 A&R EIP is administered by the board of directors of the Company.

Restricted Stock Units

5 unchanged sentences

Changes in the fair value of liability-classified awards are recorded to general administrative expense and are remeasured at fair value each reporting period.

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

As of March 31, 2026, TSU grants are accounted for as equity-classified awards.

As of June 30, 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 unrecognized cost associated with the TSUs was $ 4.8 million at June 30, 2026.

The Company expects to recognize the unrecognized compensation cost for these awards over a weighted average period of approximately 2.0 years.

3 unchanged sentences

TSUs outstanding at December 31, 2025

TSUs outstanding at March 31, 2026

TSUs outstanding at June 30, 2026

(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.

(2) The aggregate grant-date fair value of TSUs issued for the six months ended June 30, 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

4 unchanged sentences

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.

Vesting of PSUs can range from 0 % to 200 % of the target awards granted based on the Company’s relative total stockholder return as compared to the total stockholder 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.

2 unchanged sentences

The three-year performance period for the 2026 awards is January 1, 2026 through December 31, 2028.

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

In connection with Mr.

5 unchanged sentences

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 unrecognized cost associated with PSU awards was $ 2.3 million at June 30, 2026.

The Company expects to recognize the unrecognized compensation cost for PSU awards over a weighted-average period of approximately 2.0 years.

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:

7 unchanged sentences

PSUs outstanding at December 31, 2025

PSUs outstanding at March 31, 2026

PSUs outstanding at June 30, 2026

(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.

(2) The aggregate grant-date fair value of PSUs issued for the six months ended June 30, 2026 was $ 1.4 million based on a calculated fair value price at $ 6.86 per share.

Compensation Expense

1 unchanged sentence

For the Three Months Ended

For the Six Months Ended

Share-based compensation costs

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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.

2 unchanged sentences

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.

The majority of its month-to-month leases are not included as a lease liability in its Unaudited Condensed Consolidated 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.

For the quarter ended June 30, 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.

2 unchanged sentences

The Company uses a reasonable market interest rate for its office equipment and vehicle leases.

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.

For the six months ended June 30, 2026 and 2025, the Company recognized approximately $ 0.7 million and $ 1.1 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

For the Six Months Ended

(In thousands)

8 unchanged sentences

Total lease liability

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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):

6 unchanged sentences

Office and warehouse space

Office equipment

Weighted average discount rate:

Office and warehouse space

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Office equipment

Supplemental Disclosures to the Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statements of Cash Flows

1 unchanged sentence

Current accrued liabilities consisted of the following at the dates indicated (in thousands):

Accrued capital expenditures

Accrued lease operating expense

Accrued capital expenditures

Accrued general and administrative expense

5 unchanged sentences

Accrued liabilities

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.

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Accounts Receivable

7 unchanged sentences

Supplemental cash flows for the periods presented (in thousands):

For the Three Months Ended

For the Six Months Ended

Supplemental cash flows:

Cash paid for interest, net of amounts capitalized

Cash paid for taxes

Supplemental non-cash activity:

Increase (decrease) in capital expenditures included in accrued liabilities

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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.

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 or six months ended June 30, 2026 and 2025.

Segment Reporting

8 unchanged sentences

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.

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

For the Six Months Ended

(In thousands)

8 unchanged sentences

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.

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Environmental costs for remediation are accrued based on estimates of known remediation requirements.

4 unchanged sentences

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.

At June 30, 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.

Excluding the costs associated with the resolution of the federal and state matters discussed in the 2025 Form 10-K, for the six months ended June 30, 2026, the Company incurred legal fees, loss load and other non-reimbursable expenses of $ 0.2 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.

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Sinking Fund Trust Agreement

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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.

As of June 30, 2026, the account balance included in restricted investments was approximately $ 4.7 million.

Supplemental Bond for Decommissioning Liabilities Trust Agreement

3 unchanged sentences

The obligation for these agreements ceases when the total aggregate value of the escrow accounts reaches $ 172.6 million.

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):

The below table outlines the updated funding commitment for these agreements at June 30, 2026 (in thousands):

Payment Due by Period

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(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.

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.

As of June 30, 2026, the Company has funded $ 40.6 million into the escrow accounts which is reflected in “Restricted investments” on the Unaudited Condensed Consolidated Balance Sheet.

The Company had no current income tax benefit (expense) for the three and six months ended June 30, 2026, respectively.

The Company’s current income tax benefit (expense) was ($ 0.5 ) million for each of the three and six months ended June 30, 2025, respectively.

The Company’s deferred income tax benefit (expense) was ($ 5.9 ) million and $ 5.7 million for the three and six months ended June 30, 2026, respectively.

The Company’s deferred income tax benefit (expense) was ($ 1.4 ) million and $ 0.1 million for the three and six months ended June 30, 2025, respectively.

The effective tax rates for the three and six months ended June 30, 2026 were 25.4 % and 21.4 %, respectively.

The effective tax rates for the three and six months ended June 30, 2025 were 23.1 % and 42.0 %, 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.

federal income tax rate of 21 % and the effective tax rate for the three and six months ended June 30, 2026 was primarily attributable to unrealized hedging book losses for 2026.

This represents a positive income driver, 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.

federal income tax rate of 21 % and the effective tax rate for the three and six months ended June 30, 2025 was primarily from higher discrete realized hedging income tax expense and lower book income in the second quarter of 2025.

AMPLIFY ENERGY CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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.

Share Repurchase Program

On August 6, 2026, the Company's board of directors approved a share repurchase program authorizing the repurchase of up to $ 15.0 million of Common Stock.

Using recent prices, a fully executed program would represent approximately 10 % of the Company's outstanding shares.

Under the share repurchase program, repurchases may begin after market open on August 11, 2026 and continue through and including December 31, 2026.

Repurchases under the share repurchase program may be made from time to time through open market repurchases or through privately negotiated transactions subject to market conditions, applicable legal requirements, and other relevant factors.

Open market repurchases may be structured to occur in accordance with the requirements of Rule 10b-18 under the Exchange Act.

The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of shares of its Common Stock under this authorization.

The Company is not obligated under the share repurchase program to acquire any particular amount of Common Stock, and the Company may terminate or suspend the share repurchase program at any time.

The timing and actual number of shares repurchased may depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements