Amplify Energy Corp (NYSE: AMPY) is an oil and natural gas exploration and production company that acquires, develops, and operates oil and natural gas properties in the United States. Revenue comes from selling crude oil, natural gas, and natural gas liquids (NGLs) produced from its operated working interests, priced against NYMEX-WTI, ICE Brent, and Henry Hub benchmarks. As of December 31, 2025, all leasehold acreage was held by production, with the company serving as operator across its remaining asset base. The company carried long-term debt as of December 31, 2025 and reported a net gain of $28.4 million on commodity derivative instruments for the year ended December 31, 2025, comprising $12.2 million in fair value increases on open positions and $16.8 million in cash settlements received on expired positions. General and administrative expense rose to $52.1 million for the year ended December 31, 2025, up from $35.9 million for the year ended December 31, 2024, driven by acquisition and divestiture costs, severance, and legal expenses.

Revenue model

Transactional: revenue generated from the sale of crude oil, natural gas, and NGLs produced from operated working interests. The company also uses commodity derivative instruments to hedge price exposure.

Products and services

Crude oil, natural gas, and natural gas liquids (NGLs) produced from operated working interests. As of December 31, 2025, proved undeveloped reserves (PUDs) totaled 13,475 MBoe, comprised entirely of 13,475 MBbls of oil.

Customers and end markets

Oil and natural gas commodity markets. The company has no commitments to deliver a fixed and determinable quantity of oil production in the near future under existing sales contracts, as disclosed in the 10-K filed 2026-03-09.

Value-chain role

Upstream operator: drills, completes, and produces oil and natural gas from leased acreage, then delivers production to market via third-party gathering, processing, and transportation. Lease operating costs include utilities, direct labor, water injection and disposal, CO2 injection, chemicals, compression, and workovers.

Geographic exposure

United States. As of December 31, 2025, the company divested non-operated Eagle Ford assets (Texas), and sold interests in the Cotton Valley and Haynesville basins in Harrison County, Texas. Remaining operations are domestic.

Source: SEC 10-K, filed 2026-03-09

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