Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | AMPY | |
Entity Registrant Name | Amplify Energy Corp. | |
Entity Central Index Key | 0001533924 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Tax Identification Number | 82-1326219 | |
Entity File Number | 001-35512 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 500 Dallas Street | |
Entity Address, Address Line Two | Suite 1700 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77002 | |
City Area Code | 713 | |
Local Phone Number | 490-8900 | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock | |
Entity Common Stock, Shares Outstanding | 37,993,026 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 15,150 | $ 10,364 |
Accounts receivable, net | 39,647 | 30,901 |
Prepaid expenses and other current assets | 12,570 | 15,572 |
Total current assets | 67,367 | 56,837 |
Property and equipment, at cost: | ||
Oil and natural gas properties, successful efforts method | 786,089 | 775,167 |
Support equipment and facilities | 144,458 | 142,208 |
Other | 9,553 | 9,102 |
Accumulated depreciation, depletion and amortization | (620,881) | (609,231) |
Property and equipment, net | 319,219 | 317,246 |
Long-term derivative instruments | 0 | 873 |
Restricted investments | 4,623 | 4,623 |
Operating lease - long term right-of-use asset | 1,771 | 2,500 |
Other long-term assets | 2,345 | 2,680 |
Total assets | 395,325 | 384,759 |
Current liabilities: | ||
Accounts payable | 14,382 | 798 |
Revenues payable | 19,159 | 22,563 |
Accrued liabilities (see Note 12) | 26,060 | 22,677 |
Short-term derivative instruments | 63,071 | 10,824 |
Total current liabilities | 122,672 | 56,862 |
Long-term debt (see Note 7) | 235,000 | 260,516 |
Asset retirement obligations | 99,412 | 96,725 |
Long-term derivative instruments | 17,739 | 847 |
Operating lease liability | 301 | 266 |
Other long-term liabilities | 7,576 | 3,280 |
Total liabilities | 482,700 | 418,496 |
Commitments and contingencies (see Note 14) | ||
Stockholders' equity (deficit): | ||
Preferred stock, $0.01 par value: 50,000,000 shares authorized; no shares issued and outstanding at June 30, 2021 and December 31, 2020 | 0 | 0 |
Warrants, 2,173,913 warrants issued and outstanding at June 30, 2021 and December 31, 2020 | 4,788 | 4,788 |
Common stock, $0.01 par value: 250,000,000 shares authorized; 37,987,145 and 37,663,509 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively | 381 | 378 |
Additional paid-in capital | 424,814 | 424,104 |
Accumulated deficit | (517,358) | (463,007) |
Total stockholders' deficit | (87,375) | (33,737) |
Total liabilities and equity | $ 395,325 | $ 384,759 |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Warrants issued | 2,173,913 | 2,173,913 |
Warrants outstanding | 2,173,913 | 2,173,913 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 37,987,145 | 37,663,509 |
Common stock, shares outstanding | 37,987,145 | 37,663,509 |
UNAUDITED CONDENSED CONSOLIDA_3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues: | ||||
Total revenues | $ 80,393 | $ 35,171 | $ 152,862 | $ 93,307 |
Costs and expenses: | ||||
Lease operating expense | 28,653 | 27,828 | 57,559 | 63,551 |
Taxes other than income | 5,071 | 2,195 | 9,684 | 6,181 |
Depreciation, depletion and amortization | 7,389 | 7,623 | 14,736 | 23,179 |
Impairment expense | 0 | 0 | 0 | 455,031 |
General and administrative expense | 6,030 | 6,755 | 12,951 | 15,108 |
Accretion of asset retirement obligations | 1,638 | 1,539 | 3,253 | 3,052 |
(Gain) loss on commodity derivative instruments | 63,898 | 19,165 | 98,486 | (88,548) |
Other, net | 12 | 3 | 96 | 19 |
Total costs and expenses | 117,741 | 69,797 | 206,394 | 487,315 |
Operating income (loss) | (37,348) | (34,626) | (53,532) | (394,008) |
Other income (expense): | ||||
Interest expense, net | (3,137) | (6,209) | (6,249) | (13,856) |
Other expense | (54) | (250) | (80) | (234) |
Gain on extinguishment of debt | 5,516 | 0 | 5,516 | 0 |
Total other income (expense) | 2,325 | (6,459) | (813) | (14,090) |
Loss before reorganization items, net and income taxes | (35,023) | (41,085) | (54,345) | (408,098) |
Reorganization items, net | 0 | (166) | (6) | (352) |
Income tax expense | 0 | (85) | 0 | (85) |
Net loss | $ (35,023) | $ (41,336) | $ (54,351) | $ (408,535) |
Earnings (loss) per share: (See Note 9) | ||||
Basic and diluted loss per share | $ (0.92) | $ (1.10) | $ (1.43) | $ (10.87) |
Weighted average common shares outstanding: | ||||
Basic and diluted | 37,983 | 37,595 | 37,907 | 37,582 |
Oil and Natural Gas Sales [Member] | ||||
Revenues: | ||||
Total revenues | $ 80,338 | $ 34,888 | $ 152,669 | $ 92,675 |
Other Revenues [Member] | ||||
Revenues: | ||||
Total revenues | 55 | 283 | 193 | 632 |
Gathering, Processing and Transportation [Member] | ||||
Costs and expenses: | ||||
Gathering, processing and transportation | $ 5,050 | $ 4,689 | $ 9,629 | $ 9,742 |
UNAUDITED CONDENSED CONSOLIDA_4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (54,351) | $ (408,535) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 14,736 | 23,179 |
Impairment expense | 0 | 455,031 |
(Gain) loss on derivative instruments | 98,443 | (84,494) |
Cash settlements (paid) received on expired derivative instruments | (28,432) | 39,471 |
Cash settlements (paid) received on terminated derivative instruments | 0 | 17,977 |
Bad debt expense | 94 | 252 |
Amortization and write-off of deferred financing costs | 360 | 2,999 |
Gain on extinguishment of debt | (5,516) | 0 |
Accretion of asset retirement obligations | 3,253 | 3,052 |
Share-based compensation (see Note 10) | 730 | (632) |
Settlement of asset retirement obligations | (162) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (8,851) | 5,762 |
Prepaid expenses and other assets | 3,002 | 659 |
Payables and accrued liabilities | 13,505 | (11,345) |
Other | (408) | (387) |
Net cash provided by operating activities | 36,403 | 42,989 |
Cash flows from investing activities: | ||
Additions to oil and gas properties | (11,528) | (26,123) |
Additions to other property and equipment | (451) | (719) |
Other | 404 | 0 |
Net cash used in investing activities | (11,575) | (26,842) |
Cash flows from financing activities: | ||
Advances on revolving credit facility | 0 | 25,000 |
Payments on revolving credit facility | (20,000) | (30,000) |
Proceeds from the paycheck protection program | 0 | 5,516 |
Deferred financing costs | (25) | 0 |
Dividends to stockholders | 0 | (3,786) |
Shares withheld for taxes | (17) | (35) |
Other | 0 | 35 |
Net cash used in financing activities | (20,042) | (3,270) |
Net change in cash, cash equivalents and restricted cash | 4,786 | 12,877 |
Cash, cash equivalents and restricted cash, beginning of period | 10,364 | 325 |
Cash, cash equivalents and restricted cash, end of period | $ 15,150 | $ 13,202 |
UNAUDITED CONDENSED CONSOLIDA_5
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) - USD ($) $ in Thousands | Total | Common Stock [Member] | Warrants [Member] | Additional Paid in Capital [Member] | Accumulated Earnings (Deficit) [Member] |
Balance at Dec. 31, 2019 | $ 434,207 | $ 209 | $ 4,790 | $ 424,399 | $ 4,809 |
Net loss | (367,199) | 0 | 0 | 0 | (367,199) |
Share-based compensation expense | (1,112) | 0 | 0 | (1,112) | 0 |
Shares withheld for taxes | (14) | 0 | 0 | (14) | 0 |
Dividends | (3,786) | 0 | 0 | 0 | (3,786) |
Balance at Mar. 31, 2020 | 62,096 | 209 | 4,790 | 423,273 | (366,176) |
Balance at Dec. 31, 2019 | 434,207 | 209 | 4,790 | 424,399 | 4,809 |
Net loss | (408,535) | ||||
Balance at Jun. 30, 2020 | 21,255 | 209 | 4,788 | 423,770 | (407,512) |
Balance at Mar. 31, 2020 | 62,096 | 209 | 4,790 | 423,273 | (366,176) |
Net loss | (41,336) | 0 | 0 | 0 | (41,336) |
Share-based compensation expense | 480 | 0 | 0 | 480 | 0 |
Expiration of warrants | 0 | 0 | (2) | 2 | 0 |
Shares withheld for taxes | (20) | 0 | 0 | (20) | 0 |
Other | 35 | 0 | 0 | 35 | 0 |
Balance at Jun. 30, 2020 | 21,255 | 209 | 4,788 | 423,770 | (407,512) |
Balance at Dec. 31, 2020 | (33,737) | 378 | 4,788 | 424,104 | (463,007) |
Net loss | (19,328) | 0 | 0 | 0 | (19,328) |
Share-based compensation expense | (204) | 0 | 0 | (204) | 0 |
Shares withheld for taxes | (5) | 0 | 0 | (5) | 0 |
Other | 0 | 3 | 0 | (3) | 0 |
Balance at Mar. 31, 2021 | (53,274) | 381 | 4,788 | 423,892 | (482,335) |
Balance at Dec. 31, 2020 | (33,737) | 378 | 4,788 | 424,104 | (463,007) |
Net loss | (54,351) | ||||
Balance at Jun. 30, 2021 | (87,375) | 381 | 4,788 | 424,814 | (517,358) |
Balance at Mar. 31, 2021 | (53,274) | 381 | 4,788 | 423,892 | (482,335) |
Net loss | (35,023) | 0 | 0 | 0 | (35,023) |
Share-based compensation expense | 934 | 0 | 0 | 934 | 0 |
Shares withheld for taxes | (12) | 0 | 0 | (12) | 0 |
Balance at Jun. 30, 2021 | $ (87,375) | $ 381 | $ 4,788 | $ 424,814 | $ (517,358) |
Organization and Basis of Prese
Organization and Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Note 1. Organization and Basis of Presentation General Amplify Energy Corp. (“Amplify Energy,” or the “Company”), is a publicly traded Delaware corporation, in which our common stock is listed on the NYSE under the symbol “AMPY.” We operate in one reportable segment engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Our management evaluates performance based on one reportable business segment as the economic environments are not different within the operation of our oil and natural gas properties. Our assets consist primarily of producing oil and natural gas properties and are located in Oklahoma, the Rockies, federal waters offshore Southern California, East Texas / North Louisiana and the Eagle Ford. Most of our oil and natural gas properties are located in large, mature oil and natural gas reservoirs. The Company’s properties consist primarily of operated and non-operated working interests in producing and undeveloped leasehold acreage and working interests in identified producing wells. Basis of Presentation Our Unaudited Condensed Consolidated Financial Statements included herein have been prepared pursuant to the rules and guidelines of the SEC. The results reported in these Unaudited Condensed Consolidated Financial Statements should not necessarily be taken as indicative of results that may be expected for the entire year. In our opinion, the accompanying Unaudited Condensed Consolidated Financial Statements include all adjustments of a normal recurring nature necessary for fair presentation. Although we believe the disclosures in these financial statements are adequate, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the SEC. Material intercompany transactions and balances have been eliminated in preparation of our consolidated financial statements. 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; depreciation, depletion and amortization of proved oil and natural gas properties; future cash flows from oil and natural gas properties; impairment of long-lived assets; fair value of derivatives; fair value of equity compensation; fair values of assets acquired and liabilities assumed in business combinations and asset retirement obligations. Market Conditions and COVID-19 In March 2020, the World Health Organization classified the outbreak of COVID-19 as a pandemic. The nature of COVID-19 led to worldwide shutdowns, reductions in commercial and interpersonal activity and changes in consumer behavior. In attempting to control the spread of COVID-19, governments around the world imposed laws and regulations such as shelter-in-place orders, quarantines, executive orders and similar restrictions. As a result, the global economy has been marked by significant slowdown and uncertainty, which in turn has led to a precipitous decline in commodity prices in response to decreased demand, further exacerbated by global energy storage shortages and by the price war among members of the Organization of Petroleum Exporting Countries (“OPEC”) and other non-OPEC producer nations (collectively with OPEC members, “OPEC+”) beginning in the first quarter of 2020. As of the first quarter of 2021, commodity prices have recovered to pre-pandemic levels, due in part to the accessibility of vaccines, reopening of economies after the lockdown, and optimism about the economic recovery. The continued spread of COVID-19, including vaccine resistant strains, or repeated deterioration in oil and natural gas prices could result in additional adverse impacts on the Company's results of operations, cash flows and financial position, including further asset impairments. COVID-19 Relief Funding Paycheck Protection Program . On June 22, 2021, KeyBank National Association (“KeyBank”) notified the Company that the loan under the Paycheck Protection Program (the “PPP Loan”) had been approved for full and complete forgiveness by the Small Business Association. For the three and six months ended June 30, 2021, the Company reported a gain on extinguishment of debt for $ 5.5 million for the PPP Loan forgiveness in the Unaudited Condensed Consolidated Statement s of Operations . See Note 7 for additional information. Employee Retention Credit. The Consolidated Appropriations Act extended and expanded the availability of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) employee retention credit through June 30, 2021. Subsequently, the American Rescue Plan Act of 2021 (the “ARP Act”), enacted on March 11, 2021, extended and expanded the availability of the employee retention credit through December 31, 2021, however, certain provisions applied only after December 31, 2020. This new legislation expanded the group of qualifying businesses to include businesses with fewer than 500 employees and those who previously qualified for the PPP Loan. The employee retention credit is calculated to be equal to 70% of qualified wages paid to employees after December 31, 2020, and before January 1, 2022. During calendar year 2021, a maximum of $10,000 in qualified wages for each employee per qualifying calendar quarter may be counted in determining the 70% credit. Therefore, the maximum tax credit that can be claimed by an eligible employer is $7,000 per employee per qualifying calendar quarter of 2021. The Company has determined that the qualifications for the credit were met in the first and second quarters of 2021. The Company recognized a $2.8 million employee retention credit during the three and six months ended June 30, 2021, which included an approximate $0.8 million credit to general and administrative expense and an approximate $2.0 million to lease operating expense in the Unaudited Condensed Consolidated Statements of Operations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies There have been no changes to the Company’s significant accounting policies and estimates as described in the Company’s annual financial statements included in our 2020 Form 10-K. New Accounting Pronouncements Reference Rate Reform. In March 2020, the Financial Accounting Standard Board (the “FASB”) issued an accounting standard update which provides optional expedients and expectations for applying GAAP to contracts, hedging relationships and other transactions to ease financial reporting burdens to the expected market transition from the London Interbank Offered Rate (“LIBOR”) or another reference rate to alternative reference rates. The amendments in this accounting standards update became effective on March 12, 2020, and an entity may elect to apply the amendments prospectively through December 31, 2022. The Company notes no material impact with applying this guidance. Income Taxes – Simplifying the Accounting for Income Taxes . In December 2019, the FASB issued an accounting standard update which simplified the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. This accounting standards update removed the following exceptions: (i) exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items; (ii) exception to the requirements to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment; (iii) exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary; and (iv) exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in the accounting standards update also improve consistency and simplify other areas of Topic 740 by clarifying and amending existing guidance. The guidance became effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. The Company adopted the guidance effective January 1, 2021, with all of the anticipated and applicable effects to be required on a prospective basis. The adoption of this guidance did not have a material impact on our consolidated financial statements. 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 and cash flows. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | Note 3. Revenue Revenue from Contracts with Customers 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. Oil and natural gas revenues are recorded using the sales method. Under this method, revenues are recognized based on actual volumes of oil and natural gas sold to purchasers, regardless of whether the sales are proportionate to our ownership in the property. An asset or a liability is recognized to the extent there is an imbalance in excess of the proportionate share of the remaining recoverable reserves on the underlying properties. No significant imbalances existed at June 30, 2021. Disaggregation of Revenue We have identified three material revenue streams in our business: oil, natural gas and NGLs. The following table presents our revenues disaggregated by revenue stream. For the Three Months Ended For the Six Months Ended June 30, June 30, 2021 2020 2021 2020 (in thousands) Revenues Oil $ 56,510 $ 22,963 $ 106,205 $ 64,814 NGLs 8,876 3,343 16,547 8,465 Natural gas 14,952 8,582 29,917 19,396 Oil and natural gas sales $ 80,338 $ 34,888 $ 152,669 $ 92,675 Contract Balances Under our sales contracts, we invoice customers once our performance obligations have been satisfied, at which point payment is unconditional. Accordingly, our contracts do not give rise to contract assets or liabilities. Accounts receivable attributable to our revenue contracts with customers was $34.9 million at June 30, 2021 and $25.6 million at December 31, 2020. |
Fair Value Measurements of Fina
Fair Value Measurements of Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements of Financial Instruments | Note 4. 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 June 30, 2021 and December 31, 2020. 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 June 30, 2021 and December 31, 2020 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 June 30, 2021 and December 31, 2020 for each of the fair value hierarchy levels: Fair Value Measurements at June 30, 2021 Using Quoted Prices in Significant Other Significant Active Market Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Fair Value (In thousands) Assets: Commodity derivatives $ — $ 5,295 $ — $ 5,295 Interest rate derivatives — — — — Total assets $ — $ 5,295 $ — $ 5,295 Liabilities: Commodity derivatives $ — $ 84,336 $ — $ 84,336 Interest rate derivatives — 1,769 — 1,769 Total liabilities $ — $ 86,105 $ — $ 86,105 Fair Value Measurements at December 31, 2020 Using Quoted Prices in Significant Other Significant Active Market Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Fair Value (In thousands) Assets: Commodity derivatives $ — $ 15,449 $ — $ 15,449 Interest rate derivatives — — — — Total assets $ — $ 15,449 $ — $ 15,449 Liabilities: Commodity derivatives $ — $ 23,495 $ — $ 23,495 Interest rate derivatives — 2,752 — 2,752 Total liabilities $ — $ 26,247 $ — $ 26,247 See Note 5 for additional information regarding our 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 6 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). • No • For the six months ended June 30, 2020, we recognized $405.7 million of impairment expense on our proved oil and natural gas properties. These impairments related to certain properties located in East Texas, the Rockies and offshore Southern California. The estimated future cash flows expected from these properties were compared to their carrying values and determined to be unrecoverable primarily as a result of declining commodity prices. The impairments were due to a decline in the value of estimated proved reserves based on declining commodity prices in 2020. • Unproved oil and natural gas properties are reviewed for impairment based on time or geological factors. Information such as drilling results, reservoir performance, seismic interpretation or future plans to develop acreage is also considered. • No • We recognized $49.3 million of impairment expense on unproved properties for the six months ended June 30, 2020, which was related to expiring leases and the evaluation of qualitative and quantitative factors related to the decline in commodity prices in 2020. |
Risk Management and Derivative
Risk Management and Derivative Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Risk Management and Derivative Instruments | Note 5. Risk Management and Derivative Instruments Derivative instruments are utilized to manage exposure to commodity price fluctuations and achieve a more predictable cash flow in connection with natural gas and oil sales from production 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. Market risk is the risk that the price of natural gas or oil will change, either favorably or unfavorably, in response to changing market conditions. Credit risk is the risk of loss from nonperformance by the counterparty to a contract. It is our policy to enter into derivative contracts only with creditworthy counterparties, which generally are financial institutions, deemed by management as competent and competitive market makers. Some of the lenders, or certain of their affiliates, under our current credit agreements are counterparties to our 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. We have also entered into International Swaps and Derivatives Association Master Agreements (“ISDA Agreements”) with each of our counterparties. The terms of the ISDA Agreements provide us and each of our counterparties with rights of set-off upon the occurrence of defined acts of default by either us or our 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 7 for additional information regarding our Revolving Credit Facility. Commodity Derivatives We may use a combination of commodity derivatives (e.g., floating-for-fixed swaps, put options, costless collars and three-way collars) to manage exposure to commodity price volatility. We recognize all derivative instruments at fair value. We enter into natural gas derivative contracts that are indexed to NYMEX-Henry Hub. We also enter into oil derivative contracts indexed to NYMEX-WTI. Our NGL derivative contracts are primarily indexed to OPIS Mont Belvieu. In April 2020, the Company monetized a portion of its 2021 crude oil hedges for total cash proceeds of approximately $18.0 million. At June 30, 2021, we had the following open commodity positions: Remaining 2021 2022 2023 Natural Gas Derivative Contracts: Fixed price swap contracts: Average monthly volume (MMBtu) 970,000 695,000 — Weighted-average fixed price $ 2.49 $ 2.56 $ — Collar contracts: Two-way collars Average monthly volume (MMBtu) 830,000 595,000 140,000 Weighted-average floor price $ 2.06 $ 2.37 $ 2.40 Weighted-average ceiling price $ 3.28 $ 3.09 $ 2.91 Natural Gas Basis Swaps: PEPL basis swaps: Average monthly volume (MMBtu) 500,000 — — Weighted-average spread $ (0.40 ) $ — $ — Crude Oil Derivative Contracts: Fixed price swap contracts: Average monthly volume (Bbls) 172,500 99,000 55,000 Weighted-average fixed price $ 49.37 $ 55.68 $ 57.30 Collar contracts: Two-way collars Average monthly volume (Bbls) — 7,500 — Weighted-average floor price $ — $ 55.00 $ — Weighted-average ceiling price $ — $ 60.25 $ — Three-way collars Average monthly volume (Bbls) 72,500 89,000 30,000 Weighted-average ceiling price $ 50.36 $ 55.55 $ 67.15 Weighted-average floor price $ 40.00 $ 42.92 $ 55.00 Weighted-average sub-floor price $ 30.00 $ 32.58 $ 40.00 NGL Derivative Contracts: Fixed price swap contracts: Average monthly volume (Bbls) 20,300 — — Weighted-average fixed price $ 23.74 $ — $ — Interest Rate Swaps Periodically, we enter into interest rate swaps to mitigate exposure to market rate fluctuations by converting variable interest rates such as those in our Credit Agreement to fixed interest rates. At June 30, 2021, we had the following interest rate swap open positions: Remaining 2021 2022 Average Monthly Notional (in thousands) $ 125,000 $ 75,000 Weighted-average fixed rate 1.612 % 1.281 % Floating rate 1 Month LIBOR 1 Month LIBOR 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 June 30, 2021 and December 31, 2020. There was no cash collateral received or pledged associated with our derivative instruments since most of the counterparties, or certain of their affiliates, to our derivative contracts are lenders under our Revolving Credit Facility. Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives June 30, June 30, December 31, December 31, Type Balance Sheet Location 2021 2021 2020 2020 (In thousands) Commodity contracts Short-term derivative instruments $ 1,172 $ 62,901 $ 6,088 $ 15,007 Interest rate swaps Short-term derivative instruments — 1,342 — 1,905 Gross fair value 1,172 64,243 6,088 16,912 Netting arrangements (1,172 ) (1,172 ) (6,088 ) (6,088 ) Net recorded fair value Short-term derivative instruments $ — $ 63,071 $ — $ 10,824 Commodity contracts Long-term derivative instruments $ 4,124 $ 21,436 $ 9,361 $ 8,488 Interest rate swaps Long-term derivative instruments — 427 — 847 Gross fair value 4,124 21,863 9,361 9,335 Netting arrangements (4,124 ) (4,124 ) (8,488 ) (8,488 ) Net recorded fair value Long-term derivative instruments $ — $ 17,739 $ 873 $ 847 (Gains) Losses on Derivatives We do 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 For the Six Months Ended Statements of June 30, June 30, Operations Location 2021 2020 2021 2020 Commodity derivative contracts (Gain) loss on commodity derivatives $ 63,898 $ 19,165 $ 98,486 $ (88,548 ) (Gain) loss on interest rate derivatives Interest expense, net 18 438 (44 ) 4,054 |
Asset Retirement Obligations
Asset Retirement Obligations | 6 Months Ended |
Jun. 30, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Note 6. 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 six months ended June 30, 2021 (in thousands): Asset retirement obligations at beginning of period $ 97,149 Liabilities added from acquisition or drilling 29 Liabilities settled (162 ) Liabilities removed upon sale of wells (113 ) Accretion expense 3,253 Revision of estimates 3 Asset retirement obligation at end of period 100,159 Less: Current portion (747 ) Asset retirement obligations - long-term portion $ 99,412 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 7. Long-Term Debt The following table presents our consolidated debt obligations at the dates indicated: June 30, December 31, 2021 2020 (In thousands) Revolving Credit Facility (1) $ 235,000 $ 255,000 Paycheck Protection Program loan (2) — 5,516 Total long-term debt $ 235,000 $ 260,516 (1) The carrying amount of our Revolving Credit Facility approximates fair value because the interest rates are variable and reflective of market rates. (2) See below for additional information regarding the receipt and forgiveness of the paycheck protection program loan. Revolving Credit Facility Amplify Energy Operating LLC, our wholly owned subsidiary (“OLLC”), is a party to a reserve-based revolving credit facility (the “Revolving Credit Facility”), subject to a borrowing base of $245.0 million as of June 30, 2021, which is guaranteed by us and all of our current subsidiaries. The Revolving Credit Facility matures on November 2, 2023. Our borrowing base under our Revolving Credit Facility is subject to redetermination on at least a semi-annual basis primarily based on a reserve engineering report. On June 16, 2021, the Company completed its scheduled semi-annual borrowing base redetermination process, pursuant to which the borrowing base under the Revolving Credit Facility was decreased from $260.0 million to $245.0 million. In addition to the redetermination, the administrative agent under the Revolving Credit Facility agreement was changed from Bank of Montreal to KeyBank. As of June 30, 2021, we were in compliance with all the financial (current ratio and total leverage ratio) and other covenants associated with our Revolving Credit Facility. Weighted-Average Interest Rates The following table presents the weighted-average interest rates paid, excluding commitment fees, on our consolidated variable-rate debt obligations for the periods presented: For the Three Months Ended For the Six Months Ended June 30, June 30, 2021 2020 2021 2020 Revolving Credit Facility 3.65% 3.12% 3.66% 3.55% Letters of Credit At June 30, 2021, we had no letters of credit outstanding. Unamortized Deferred Financing Costs Unamortized deferred financing costs associated with our Revolving Credit Facility was $1.2 million at June 30, 2021. Paycheck Protection Program On April 24, 2020, the Company received a $5.5 million PPP Loan. The PPP Loan was established as part of the CARES Act to provide loans to qualifying businesses. The PPP Loan was not part of the Revolving Credit Facility as described above. The loan and accrued interest were potentially forgivable provided that the borrower uses the loan proceeds for eligible purposes. The term of the Company’s PPP Loan was two years with an annual interest rate of 1% and no payments of principal or interest due during the six-month period beginning on the date of the PPP Loan. The Company applied for forgiveness of the amount due on the PPP Loan based on spending the loan proceeds on eligible expenses as defined by the statute. On June 22, 2021, KeyBank notified the Company that the PPP Loan had been approved for full and complete forgiveness by the Small Business Association. For the three and six months ended June 30, 2021, the company reported a gain on extinguishment of debt of $5.5 million for the PPP Loan forgiveness in the Unaudited Condensed Consolidated Statements of Operations. |
Equity (Deficit)
Equity (Deficit) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Equity (Deficit) | Note 8. Equity (Deficit) Common Stock The Company’s authorized capital stock includes 250,000,000 shares of common stock, $0.01 par value per share. The following is a summary of the changes in our common stock issued for the six months ended June 30, 2021: Common Stock Balance, December 31, 2020 37,663,509 Restricted stock units vested 29,621 Bonus stock awards (1) 455,973 Shares withheld for taxes (2) (161,958 ) Balance, June 30, 2021 37,987,145 (1) Reflects shares granted to certain executive officers and employees pursuant to our annual incentive bonus program. Shares were granted on February 12, 2021 at a grant price of $2.48 per share. (2) Represents the net settlement on vesting of restricted stock necessary to satisfy the minimum statutory tax withholding requirements Warrants On May 4, 2017, Legacy Amplify entered into a warrant agreement with American Stock Transfer & Trust Company, LLC, as warrant agent, pursuant to which Legacy Amplify issued warrants to purchase up to 2,173,913 shares of Legacy Amplify’s common stock, exercisable for a five-year Cash Dividend Payment On March 3, 2020, our board of directors approved a dividend of $0.10 per share of outstanding common stock or $3.8 million in aggregate, which was paid on March 30, 2020, to stockholders of record at the close of business on March 16, 2020. The board of directors subsequently suspended quarterly dividends. Future dividends, if any, are subject to debt covenants under our Revolving Credit Facility and discretionary approval by the board of directors. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Note 9. Earnings 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 For the Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net loss $ (35,023 ) $ (41,336 ) $ (54,351 ) $ (408,535 ) Less: Net income allocated to participating restricted stockholders — — — — Basic and diluted earnings available to common stockholders $ (35,023 ) $ (41,336 ) $ (54,351 ) $ (408,535 ) Common shares/units: Common shares outstanding — basic 37,983 37,595 37,907 37,582 Dilutive effect of potential common shares — — — — Common shares outstanding — diluted 37,983 37,595 37,907 37,582 Net earnings (loss) per share: Basic $ (0.92 ) $ (1.10 ) $ (1.43 ) $ (10.87 ) Diluted $ (0.92 ) $ (1.10 ) $ (1.43 ) $ (10.87 ) Antidilutive warrants (1) 2,174 2,174 2,174 2,174 (1) Amount represents warrants to purchase common stock that are excluded from the diluted net earnings per share calculations because of their antidilutive effect. |
Long-Term Incentive Plans
Long-Term Incentive Plans | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Long-Term Incentive Plans | Note 10. Long-Term Incentive Plans In May 2021, the shareholders approved a new Equity Incentive Plan (“EIP”) in which the Legacy Amplify Management Incentive Plan (the “Legacy Amplify MIP”) and the Legacy Amplify 2017 Non-Employee Directors Compensation Plan (the “Legacy Amplify Non-Employee Directors Compensation Plan”) replaced by the EIP and no further awards will be allowed to be granted under the Legacy Amplify MIP or the Legacy Amplify Non-Employee Directors Compensation Plan. As of June 30, 2021, an aggregate of 2,802,856 shares were available for future grants under the EIP. Restricted Stock Units Restricted Stock Units with Service Vesting Condition The restricted stock units with service vesting conditions (“TSUs”) 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. Compensation costs are recorded as general and administrative expense. The unrecognized cost associated with the TSUs was $2.7 million at June 30, 2021. We expect to recognize the unrecognized compensation cost for these awards over a weighted-average period of approximately 1.7 years. The following table summarizes information regarding the TSUs granted under the Legacy Amplify MIP for the period presented: Weighted- Average Grant Number of -Date Fair Value Units per Unit (1) TSUs outstanding at December 31, 2020 115,797 $ 4.47 Granted (2) 872,588 $ 3.52 Forfeited (1,244 ) $ 5.12 Vested (24,056 ) $ 3.91 TSUs outstanding at June 30, 2021 963,085 $ 3.62 (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 six months ended June 30, 2021 was $3.1 million based on a grant date market price of $3.52 per share. Restricted Stock Units with Market and Service Vesting Conditions The restricted stock units with market and service vesting conditions (“PSUs”) are accounted for as equity-classified awards. The grant-date fair value is recognized as compensation cost on a graded-vesting basis. As such, the Company recognizes compensation cost over the requisite service period for each separately vesting tranche of the award as though the award were, in substance, multiple awards. The Company accounts for forfeitures as they occur. Compensation costs are recorded as general and administrative expense. The unrecognized cost related to the PSUs was less than $0.1 million at June 30, 2021. We expect to recognize the unrecognized compensation cost for these awards over a weighted-average period of approximately 1.4 years. The PSUs will vest based on the satisfaction of service and market vesting conditions with market vesting based on the Company’s achievement of certain share price targets. The PSUs are subject to service-based vesting such that 50% of the PSUs service vest on the applicable market vesting date and an additional 25% In the event of a qualifying termination, subject to certain conditions, (i) all PSUs that have satisfied the market vesting conditions will fully service vest, upon such termination, and (ii) if the termination occurs between the second and third anniversaries of the grant date, then PSUs that have not market vested as of the termination will market vest to the extent that the share targets (in each case, reduced by $0.25) are achieved as of such termination. Subject to the foregoing, any unvested PSUs will be forfeited upon termination of employment. A Monte Carlo simulation was used in order to determine the fair value of these awards at the grant date. The following table summarizes information regarding the PSUs granted under the Legacy Amplify MIP for the period presented: Weighted- Average Grant Number of -Date Fair Value Units per Unit (1) PSUs outstanding at December 31, 2020 214,554 $ 2.36 Granted — $ — Forfeited (3,732 ) $ 2.11 Vested — $ — PSUs outstanding at June 30, 2021 210,822 $ 2.36 (1) Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. Restricted Stock Units with Market Vesting Conditions The restricted stock units with performance-based vesting conditions (“PRSUs”) are accounted for as equity-classified awards. The grant-date fair value is recognized as compensation cost on a graded-vesting basis. As such, the Company recognizes compensation cost over the requisite service period for each separately vesting tranche of the award as though the award were, in substance, multiple awards. The Company accounts for forfeitures as they occur. Compensation costs are recorded as general and administrative expense. The PRSUs are issued collectively in separate tranches with individual performances periods beginning in January 2021, 2022, and 2023 respectively. For each of the performance periods the awards will vest based on the percentage of the target PRSUs subject to the performance vesting condition with 25% able to vest during the period January 1, 2021 through December 31, 2021; 25% able to vest during the period January 1, 2022 through December 31, 2022 and 50% able to vest during the period of January 1, 2023 through December 31, 2023. Vesting of PRSUs can range from zero to 200% of the target units 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 performance period. The fair value of each PRSU award was estimated on their grant dates using a Monte Carlo simulation. The unrecognized cost associated with the PRSUs was $0.3 million at June 30, 2021. We expect to recognize the unrecognized compensation cost for these awards over a weighted-average period of approximately 2.1 years. The ranges for the assumptions used in the Monte Carlo model for the PRSUs granted during 2021 are presented as follows: 2021 Expected volatility 119.6 % Dividend yield 0.00 % Risk-free interest rate 0.31 % The following table summarizes information regarding the PRSUs granted under the Legacy Amplify MIP for the period presented: Number of Units Weighted-Average Grant-Date Fair Value per Unit (1) PRSUs outstanding at December 31, 2020 — $ — Granted (2) 196,377 $ 1.94 Forfeited — $ — Vested — $ — PRSUs outstanding at June 30, 2021 196,377 $ 1.94 (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 PRSUs issued for the six months ended June 30, 2021 was $0.4 million based on a grant-date market price ranging from $1.24 to $2.63 per share. 2017 Non-Employee Directors Compensation Plan In June 2017, Legacy Amplify implemented the Legacy Amplify Non-Employee Directors Compensation Plan to attract and retain the services of experienced non-employee directors of Legacy Amplify or its subsidiaries. In connection with the closing of the merger, on August 6, 2019, the Company assumed the Legacy Amplify Non-Employee Directors Compensation Plan. As noted above, the Legacy Amplify Non-Employee Directors Compensation Plan was replaced by the EIP in May 2021. The restricted stock units with a service vesting condition (“Board RSUs”) 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. Compensation costs are recorded as general and administrative expense. The unrecognized cost associated with restricted stock unit awards was less than $0.1 million at June 30, 2021. We expect to recognize the unrecognized compensation cost for these awards over a weighted-average period of approximately 0.8 years. The following table summarizes information regarding the Board RSUs granted under the Legacy Amplify Non-Employee Directors Compensation Plan for the period presented: Weighted- Average Grant Number of -Date Fair Value Units per Unit (1) Board RSUs outstanding at December 31, 2020 8,898 $ 5.12 Granted — $ — Forfeited — $ — Vested (5,565 ) $ 5.12 Board RSUs outstanding at June 30, 2021 3,333 $ 5.12 (1) Determined by dividing the aggregate grant-date fair value of awards by the number of awards issued. Compensation Expense The following table summarizes the amount of recognized compensation expense associated with the Legacy Amplify MIP and Legacy Amplify Non-Employee Directors Compensation Plan, which are reflected in the accompanying Unaudited Condensed Consolidated Statements of Operations for the periods presented (in thousands): For the Three Months Ended For the Six Months Ended June 30, June 30, 2021 2020 2021 2020 Equity classified awards TSUs 582 (6 ) 657 125 PSUs 16 5 39 10 Board RSUs 4 2 8 40 PRSUs $ 89 $ — $ 89 $ — $ 691 $ 1 $ 793 $ 175 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | Note 11. Leases For the quarter ended June 30, 2021, our leases qualify as operating leases and we did not have any existing or new leases qualifying as financing leases or variable leases. We have leases for office space and equipment in our corporate office and operating regions as well as vehicles, compressors and surface rentals related to our business operations. In addition, we have offshore Southern California pipeline right-of-way use agreements. Most of our leases, other than our 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 our leases can be terminated with 30-day prior written notice. The majority of our month-to-month leases are not included as a lease liability in our balance sheet under ASC 842 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. Our corporate office lease does not provide an implicit rate. To determine the present value of the lease payments, we use our incremental borrowing rate based on the information available at the inception date. To determine the incremental borrowing rate, we apply a portfolio approach based on the applicable lease terms and the current economic environment. We use a reasonable market interest rate for our office equipment and vehicle leases. For the six months ended June 30, 2021 and 2020, we recognized approximately $1.2 million and $1.2 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 are included in the table below: For the Six Months Ended June 30, 2021 2020 (In thousands) Non-cash amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 729 $ 877 The following table presents the Company’s right-of-use assets and lease liabilities for the period presented: June 30, December 31, 2021 2020 (In thousands) Right-of-use asset $ 1,771 $ 2,500 Lease liabilities: Current lease liability 1,480 2,258 Long-term lease liability 301 266 Total lease liability $ 1,781 $ 2,524 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 leases Leased vehicles and office equipment Total Remaining 2021 $ 816 $ 370 $ 1,186 2022 140 290 430 2023 — 195 195 2024 and thereafter — 14 14 Total lease payments 956 869 1,825 Less: interest 16 28 44 Present value of lease liabilities $ 940 $ 841 $ 1,781 The weighted average remaining lease terms and discount rate for all of our operating leases for the period presented: June 30, 2021 2020 Weighted average remaining lease term (years): Office leases 0.30 1.10 Vehicles 0.77 0.53 Office equipment 0.02 0.06 Weighted average discount rate: Office leases 2.57 % 3.49 % Vehicles 1.57 % 0.94 % Office equipment 0.14 % 0.17 % |
Supplemental Disclosures to the
Supplemental Disclosures to the Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statements of Cash Flows | 6 Months Ended |
Jun. 30, 2021 | |
Supplemental Disclosures To Condensed Consolidated Statements Of Cash Flows [Abstract] | |
Supplemental Disclosures to the Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statements of Cash Flows | Note 12. 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): June 30, December 31, 2021 2020 Accrued lease operating expense $ 7,725 $ 8,978 Accrued capital expenditures 5,376 173 Accrued commitment fee and other expense 3,719 4,404 Accrued production and ad valorem tax 3,612 2,601 Accrued general and administrative expense 3,051 3,349 Operating lease liability 1,480 2,258 Asset retirement obligations 747 424 Accrued current income taxes — 110 Other 350 380 Accrued liabilities $ 26,060 $ 22,677 Supplemental Cash Flows Supplemental cash flows for the periods presented (in thousands): For the Six Months Ended June 30, 2021 2020 Supplemental cash flows: Cash paid for interest, net of amounts capitalized $ 4,429 $ 5,380 Cash paid for reorganization items, net 6 351 Cash paid for taxes — 85 Noncash investing and financing activities: Increase (decrease) in capital expenditures in payables and accrued liabilities 5,203 (3,618 ) |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 13. Related Party Transactions Related Party Agreements There have been no transactions between us 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, 2021 and 2020. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 14. Commitments and Contingencies Litigation and Environmental We are not aware of any litigation, pending or threatened, that we believe will have a material adverse effect on our financial position, results of operations or cash flows; however, cash flow could be significantly impacted in the reporting periods in which such matters are resolved. Although we are insured against various risks to the extent we believe it is prudent, there is no assurance that the nature and amount of such insurance will be adequate, in every case, to indemnify us against liabilities arising from future legal proceedings. At June 30, 2021 and December 31, 2020, we had no environmental reserves recorded on our Unaudited Condensed Consolidated Balance Sheet. Minimum Volume Commitment The Company is party to a gas purchase, gathering and processing contract in Oklahoma, which includes certain minimum NGL commitments. To the extent the Company does not deliver natural gas volumes in sufficient quantities to generate, when processed, the minimum levels of recovered NGLs, it would be required to reimburse the counterparty an amount equal to the sum of the monthly shortfall, if any, multiplied by a fee. The Company is not meeting the minimum volume required under this contractual provision. The commitment fee expense for the three and six months ended June 30, 2021, was approximately $0.5 million and $0.8 million, respectively. The minimum volume commitment for Oklahoma ends on June 30, 2023. The Company is party to a gas purchase, gathering and processing contract in East Texas, which includes certain minimum gas commitments. The Company is not meeting the minimum volume required under this contractual provision. The commitment fee expense for the three and six months ended June 30, 2021, was approximately $0.5 million and $0.9 million, respectively. The minimum volume commitment for East Texas ends on November 30, 2022. Supplemental Bond for Decommissioning Liabilities Trust Agreement Beta Operating Company, LLC, has an obligation with the BOEM in connection with its 2009 acquisition of our properties in federal waters offshore Southern California. The Company supports this obligation with $161.3 million of A-rated surety bonds and $0.3 million of cash as of June 30, 2021. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Note 15. Income Taxes The Company had no income tax expense for the three and six months ended June 30, 2021, respectively, and less than $0.1 million in income tax expense for the three and six months ended June 30, 2020, respectively. The Company’s effective tax rate was 0.0% for the three and six months ended June 30, 2021, respectively, and 0.2% and 0.0% for the three and six months ended June 30, 2020, respectively. The effective tax rates for the three and six months ended June 30, 2021 and 2020 are different from the statutory U.S. federal income tax rate primarily due to our recorded valuation allowances. In March 2021, the President of the United States signed the ARP Act, to respond to the COVID-19 emergency and address its economic effects. The ARP Act did not have a material impact on the Company’s current year tax provision. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
General | General Amplify Energy Corp. (“Amplify Energy,” or the “Company”), is a publicly traded Delaware corporation, in which our common stock is listed on the NYSE under the symbol “AMPY.” We operate in one reportable segment engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Our management evaluates performance based on one reportable business segment as the economic environments are not different within the operation of our oil and natural gas properties. Our assets consist primarily of producing oil and natural gas properties and are located in Oklahoma, the Rockies, federal waters offshore Southern California, East Texas / North Louisiana and the Eagle Ford. Most of our oil and natural gas properties are located in large, mature oil and natural gas reservoirs. The Company’s properties consist primarily of operated and non-operated working interests in producing and undeveloped leasehold acreage and working interests in identified producing wells. |
Basis of Presentation | Basis of Presentation Our Unaudited Condensed Consolidated Financial Statements included herein have been prepared pursuant to the rules and guidelines of the SEC. The results reported in these Unaudited Condensed Consolidated Financial Statements should not necessarily be taken as indicative of results that may be expected for the entire year. In our opinion, the accompanying Unaudited Condensed Consolidated Financial Statements include all adjustments of a normal recurring nature necessary for fair presentation. Although we believe the disclosures in these financial statements are adequate, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the SEC. Material intercompany transactions and balances have been eliminated in preparation of our consolidated financial statements. |
Use of Estimates | 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; depreciation, depletion and amortization of proved oil and natural gas properties; future cash flows from oil and natural gas properties; impairment of long-lived assets; fair value of derivatives; fair value of equity compensation; fair values of assets acquired and liabilities assumed in business combinations and asset retirement obligations. |
Market Conditions and COVID-19 | Market Conditions and COVID-19 In March 2020, the World Health Organization classified the outbreak of COVID-19 as a pandemic. The nature of COVID-19 led to worldwide shutdowns, reductions in commercial and interpersonal activity and changes in consumer behavior. In attempting to control the spread of COVID-19, governments around the world imposed laws and regulations such as shelter-in-place orders, quarantines, executive orders and similar restrictions. As a result, the global economy has been marked by significant slowdown and uncertainty, which in turn has led to a precipitous decline in commodity prices in response to decreased demand, further exacerbated by global energy storage shortages and by the price war among members of the Organization of Petroleum Exporting Countries (“OPEC”) and other non-OPEC producer nations (collectively with OPEC members, “OPEC+”) beginning in the first quarter of 2020. As of the first quarter of 2021, commodity prices have recovered to pre-pandemic levels, due in part to the accessibility of vaccines, reopening of economies after the lockdown, and optimism about the economic recovery. The continued spread of COVID-19, including vaccine resistant strains, or repeated deterioration in oil and natural gas prices could result in additional adverse impacts on the Company's results of operations, cash flows and financial position, including further asset impairments. COVID-19 Relief Funding Paycheck Protection Program . On June 22, 2021, KeyBank National Association (“KeyBank”) notified the Company that the loan under the Paycheck Protection Program (the “PPP Loan”) had been approved for full and complete forgiveness by the Small Business Association. For the three and six months ended June 30, 2021, the Company reported a gain on extinguishment of debt for $ 5.5 million for the PPP Loan forgiveness in the Unaudited Condensed Consolidated Statement s of Operations . See Note 7 for additional information. |
Employee Retention Credit | Employee Retention Credit. The Consolidated Appropriations Act extended and expanded the availability of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) employee retention credit through June 30, 2021. Subsequently, the American Rescue Plan Act of 2021 (the “ARP Act”), enacted on March 11, 2021, extended and expanded the availability of the employee retention credit through December 31, 2021, however, certain provisions applied only after December 31, 2020. This new legislation expanded the group of qualifying businesses to include businesses with fewer than 500 employees and those who previously qualified for the PPP Loan. The employee retention credit is calculated to be equal to 70% of qualified wages paid to employees after December 31, 2020, and before January 1, 2022. During calendar year 2021, a maximum of $10,000 in qualified wages for each employee per qualifying calendar quarter may be counted in determining the 70% credit. Therefore, the maximum tax credit that can be claimed by an eligible employer is $7,000 per employee per qualifying calendar quarter of 2021. The Company has determined that the qualifications for the credit were met in the first and second quarters of 2021. The Company recognized a $2.8 million employee retention credit during the three and six months ended June 30, 2021, which included an approximate $0.8 million credit to general and administrative expense and an approximate $2.0 million to lease operating expense in the Unaudited Condensed Consolidated Statements of Operations. |
New Accounting Pronouncements | New Accounting Pronouncements Reference Rate Reform. In March 2020, the Financial Accounting Standard Board (the “FASB”) issued an accounting standard update which provides optional expedients and expectations for applying GAAP to contracts, hedging relationships and other transactions to ease financial reporting burdens to the expected market transition from the London Interbank Offered Rate (“LIBOR”) or another reference rate to alternative reference rates. The amendments in this accounting standards update became effective on March 12, 2020, and an entity may elect to apply the amendments prospectively through December 31, 2022. The Company notes no material impact with applying this guidance. Income Taxes – Simplifying the Accounting for Income Taxes . In December 2019, the FASB issued an accounting standard update which simplified the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. This accounting standards update removed the following exceptions: (i) exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items; (ii) exception to the requirements to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment; (iii) exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary; and (iv) exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in the accounting standards update also improve consistency and simplify other areas of Topic 740 by clarifying and amending existing guidance. The guidance became effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. The Company adopted the guidance effective January 1, 2021, with all of the anticipated and applicable effects to be required on a prospective basis. The adoption of this guidance did not have a material impact on our consolidated financial statements. 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 and cash flows. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Revenues Disaggregated | We have identified three material revenue streams in our business: oil, natural gas and NGLs. The following table presents our revenues disaggregated by revenue stream. For the Three Months Ended For the Six Months Ended June 30, June 30, 2021 2020 2021 2020 (in thousands) Revenues Oil $ 56,510 $ 22,963 $ 106,205 $ 64,814 NGLs 8,876 3,343 16,547 8,465 Natural gas 14,952 8,582 29,917 19,396 Oil and natural gas sales $ 80,338 $ 34,888 $ 152,669 $ 92,675 |
Fair Value Measurements of Fi_2
Fair Value Measurements of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present the gross derivative assets and liabilities that are measured at fair value on a recurring basis at June 30, 2021 and December 31, 2020 for each of the fair value hierarchy levels: Fair Value Measurements at June 30, 2021 Using Quoted Prices in Significant Other Significant Active Market Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Fair Value (In thousands) Assets: Commodity derivatives $ — $ 5,295 $ — $ 5,295 Interest rate derivatives — — — — Total assets $ — $ 5,295 $ — $ 5,295 Liabilities: Commodity derivatives $ — $ 84,336 $ — $ 84,336 Interest rate derivatives — 1,769 — 1,769 Total liabilities $ — $ 86,105 $ — $ 86,105 Fair Value Measurements at December 31, 2020 Using Quoted Prices in Significant Other Significant Active Market Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Fair Value (In thousands) Assets: Commodity derivatives $ — $ 15,449 $ — $ 15,449 Interest rate derivatives — — — — Total assets $ — $ 15,449 $ — $ 15,449 Liabilities: Commodity derivatives $ — $ 23,495 $ — $ 23,495 Interest rate derivatives — 2,752 — 2,752 Total liabilities $ — $ 26,247 $ — $ 26,247 |
Risk Management and Derivativ_2
Risk Management and Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Open Commodity Positions | At June 30, 2021, we had the following open commodity positions: Remaining 2021 2022 2023 Natural Gas Derivative Contracts: Fixed price swap contracts: Average monthly volume (MMBtu) 970,000 695,000 — Weighted-average fixed price $ 2.49 $ 2.56 $ — Collar contracts: Two-way collars Average monthly volume (MMBtu) 830,000 595,000 140,000 Weighted-average floor price $ 2.06 $ 2.37 $ 2.40 Weighted-average ceiling price $ 3.28 $ 3.09 $ 2.91 Natural Gas Basis Swaps: PEPL basis swaps: Average monthly volume (MMBtu) 500,000 — — Weighted-average spread $ (0.40 ) $ — $ — Crude Oil Derivative Contracts: Fixed price swap contracts: Average monthly volume (Bbls) 172,500 99,000 55,000 Weighted-average fixed price $ 49.37 $ 55.68 $ 57.30 Collar contracts: Two-way collars Average monthly volume (Bbls) — 7,500 — Weighted-average floor price $ — $ 55.00 $ — Weighted-average ceiling price $ — $ 60.25 $ — Three-way collars Average monthly volume (Bbls) 72,500 89,000 30,000 Weighted-average ceiling price $ 50.36 $ 55.55 $ 67.15 Weighted-average floor price $ 40.00 $ 42.92 $ 55.00 Weighted-average sub-floor price $ 30.00 $ 32.58 $ 40.00 NGL Derivative Contracts: Fixed price swap contracts: Average monthly volume (Bbls) 20,300 — — Weighted-average fixed price $ 23.74 $ — $ — |
Interest Rate Swap Open Positions | At June 30, 2021, we had the following interest rate swap open positions: Remaining 2021 2022 Average Monthly Notional (in thousands) $ 125,000 $ 75,000 Weighted-average fixed rate 1.612 % 1.281 % Floating rate 1 Month LIBOR 1 Month LIBOR |
Gross Fair Value of Derivative Instruments by Appropriate Balance Sheet | 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 June 30, 2021 and December 31, 2020. There was no cash collateral received or pledged associated with our derivative instruments since most of the counterparties, or certain of their affiliates, to our derivative contracts are lenders under our Revolving Credit Facility. Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives June 30, June 30, December 31, December 31, Type Balance Sheet Location 2021 2021 2020 2020 (In thousands) Commodity contracts Short-term derivative instruments $ 1,172 $ 62,901 $ 6,088 $ 15,007 Interest rate swaps Short-term derivative instruments — 1,342 — 1,905 Gross fair value 1,172 64,243 6,088 16,912 Netting arrangements (1,172 ) (1,172 ) (6,088 ) (6,088 ) Net recorded fair value Short-term derivative instruments $ — $ 63,071 $ — $ 10,824 Commodity contracts Long-term derivative instruments $ 4,124 $ 21,436 $ 9,361 $ 8,488 Interest rate swaps Long-term derivative instruments — 427 — 847 Gross fair value 4,124 21,863 9,361 9,335 Netting arrangements (4,124 ) (4,124 ) (8,488 ) (8,488 ) Net recorded fair value Long-term derivative instruments $ — $ 17,739 $ 873 $ 847 |
Unrealized and Realized Gains and Losses Related to Derivative Instruments | The following table details the gains and losses related to derivative instruments for the periods indicated (in thousands): For the Three Months Ended For the Six Months Ended Statements of June 30, June 30, Operations Location 2021 2020 2021 2020 Commodity derivative contracts (Gain) loss on commodity derivatives $ 63,898 $ 19,165 $ 98,486 $ (88,548 ) (Gain) loss on interest rate derivatives Interest expense, net 18 438 (44 ) 4,054 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Summary of Changes in 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 six months ended June 30, 2021 (in thousands): Asset retirement obligations at beginning of period $ 97,149 Liabilities added from acquisition or drilling 29 Liabilities settled (162 ) Liabilities removed upon sale of wells (113 ) Accretion expense 3,253 Revision of estimates 3 Asset retirement obligation at end of period 100,159 Less: Current portion (747 ) Asset retirement obligations - long-term portion $ 99,412 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Consolidated Debt Obligations | The following table presents our consolidated debt obligations at the dates indicated: June 30, December 31, 2021 2020 (In thousands) Revolving Credit Facility (1) $ 235,000 $ 255,000 Paycheck Protection Program loan (2) — 5,516 Total long-term debt $ 235,000 $ 260,516 (1) The carrying amount of our Revolving Credit Facility approximates fair value because the interest rates are variable and reflective of market rates. (2) See below for additional information regarding the receipt and forgiveness of the paycheck protection program loan. |
Summary of Weighted-Average Interest Rates Paid on Variable-Rate Debt Obligations | The following table presents the weighted-average interest rates paid, excluding commitment fees, on our consolidated variable-rate debt obligations for the periods presented: For the Three Months Ended For the Six Months Ended June 30, June 30, 2021 2020 2021 2020 Revolving Credit Facility 3.65% 3.12% 3.66% 3.55% |
Equity (Deficit) (Tables)
Equity (Deficit) (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Summary of Changes in Common Stock Issued | The following is a summary of the changes in our common stock issued for the six months ended June 30, 2021: Common Stock Balance, December 31, 2020 37,663,509 Restricted stock units vested 29,621 Bonus stock awards (1) 455,973 Shares withheld for taxes (2) (161,958 ) Balance, June 30, 2021 37,987,145 (1) Reflects shares granted to certain executive officers and employees pursuant to our annual incentive bonus program. Shares were granted on February 12, 2021 at a grant price of $2.48 per share. (2) Represents the net settlement on vesting of restricted stock necessary to satisfy the minimum statutory tax withholding requirements |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Calculation of 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 For the Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net loss $ (35,023 ) $ (41,336 ) $ (54,351 ) $ (408,535 ) Less: Net income allocated to participating restricted stockholders — — — — Basic and diluted earnings available to common stockholders $ (35,023 ) $ (41,336 ) $ (54,351 ) $ (408,535 ) Common shares/units: Common shares outstanding — basic 37,983 37,595 37,907 37,582 Dilutive effect of potential common shares — — — — Common shares outstanding — diluted 37,983 37,595 37,907 37,582 Net earnings (loss) per share: Basic $ (0.92 ) $ (1.10 ) $ (1.43 ) $ (10.87 ) Diluted $ (0.92 ) $ (1.10 ) $ (1.43 ) $ (10.87 ) Antidilutive warrants (1) 2,174 2,174 2,174 2,174 (1) Amount represents warrants to purchase common stock that are excluded from the diluted net earnings per share calculations because of their antidilutive effect. |
Long-Term Incentive Plans (Tabl
Long-Term Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Amount of Compensation Expense Recognized | The following table summarizes the amount of recognized compensation expense associated with the Legacy Amplify MIP and Legacy Amplify Non-Employee Directors Compensation Plan, which are reflected in the accompanying Unaudited Condensed Consolidated Statements of Operations for the periods presented (in thousands): For the Three Months Ended For the Six Months Ended June 30, June 30, 2021 2020 2021 2020 Equity classified awards TSUs 582 (6 ) 657 125 PSUs 16 5 39 10 Board RSUs 4 2 8 40 PRSUs $ 89 $ — $ 89 $ — $ 691 $ 1 $ 793 $ 175 |
2017 Non-Employee Directors Compensation Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Information Regarding Restricted Stock Unit Awards | The following table summarizes information regarding the Board RSUs granted under the Legacy Amplify Non-Employee Directors Compensation Plan for the period presented: Weighted- Average Grant Number of -Date Fair Value Units per Unit (1) Board RSUs outstanding at December 31, 2020 8,898 $ 5.12 Granted — $ — Forfeited — $ — Vested (5,565 ) $ 5.12 Board RSUs outstanding at June 30, 2021 3,333 $ 5.12 (1) Determined by dividing the aggregate grant-date fair value of awards by the number of awards issued. |
TSUs [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Information Regarding Restricted Stock Unit Awards | The following table summarizes information regarding the TSUs granted under the Legacy Amplify MIP for the period presented: Weighted- Average Grant Number of -Date Fair Value Units per Unit (1) TSUs outstanding at December 31, 2020 115,797 $ 4.47 Granted (2) 872,588 $ 3.52 Forfeited (1,244 ) $ 5.12 Vested (24,056 ) $ 3.91 TSUs outstanding at June 30, 2021 963,085 $ 3.62 (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 six months ended June 30, 2021 was $3.1 million based on a grant date market price of $3.52 per share. |
PSUs [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Information Regarding Restricted Stock Unit Awards | The following table summarizes information regarding the PSUs granted under the Legacy Amplify MIP for the period presented: Weighted- Average Grant Number of -Date Fair Value Units per Unit (1) PSUs outstanding at December 31, 2020 214,554 $ 2.36 Granted — $ — Forfeited (3,732 ) $ 2.11 Vested — $ — PSUs outstanding at June 30, 2021 210,822 $ 2.36 (1) Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. |
PRSU [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Information Regarding Restricted Stock Unit Awards | The following table summarizes information regarding the PRSUs granted under the Legacy Amplify MIP for the period presented: Number of Units Weighted-Average Grant-Date Fair Value per Unit (1) PRSUs outstanding at December 31, 2020 — $ — Granted (2) 196,377 $ 1.94 Forfeited — $ — Vested — $ — PRSUs outstanding at June 30, 2021 196,377 $ 1.94 (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 PRSUs issued for the six months ended June 30, 2021 was $0.4 million based on a grant-date market price ranging from $1.24 to $2.63 per share. |
Ranges for the Assumptions Used in Monte Carlo Model for PRSUs Granted | The ranges for the assumptions used in the Monte Carlo model for the PRSUs granted during 2021 are presented as follows: 2021 Expected volatility 119.6 % Dividend yield 0.00 % Risk-free interest rate 0.31 % |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Schedule of Supplemental Cash Flow Information Related to Lease Liabilities | Supplemental cash flow information related to the Company’s lease liabilities are included in the table below: For the Six Months Ended June 30, 2021 2020 (In thousands) Non-cash amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 729 $ 877 |
Schedule of Right-of-Use Assets and Lease Liabilities | The following table presents the Company’s right-of-use assets and lease liabilities for the period presented: June 30, December 31, 2021 2020 (In thousands) Right-of-use asset $ 1,771 $ 2,500 Lease liabilities: Current lease liability 1,480 2,258 Long-term lease liability 301 266 Total lease liability $ 1,781 $ 2,524 |
Schedule of Maturity Analysis of Minimum Lease Payment Obligation Under Non-cancellable Operating Leases | 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 leases Leased vehicles and office equipment Total Remaining 2021 $ 816 $ 370 $ 1,186 2022 140 290 430 2023 — 195 195 2024 and thereafter — 14 14 Total lease payments 956 869 1,825 Less: interest 16 28 44 Present value of lease liabilities $ 940 $ 841 $ 1,781 |
Schedule of Weighted Average Remaining Lease Terms and Discount Rate of Operating Leases | The weighted average remaining lease terms and discount rate for all of our operating leases for the period presented: June 30, 2021 2020 Weighted average remaining lease term (years): Office leases 0.30 1.10 Vehicles 0.77 0.53 Office equipment 0.02 0.06 Weighted average discount rate: Office leases 2.57 % 3.49 % Vehicles 1.57 % 0.94 % Office equipment 0.14 % 0.17 % |
Supplemental Disclosures to t_2
Supplemental Disclosures to the Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statements of Cash Flows (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Current Accrued Liabilities | Current accrued liabilities consisted of the following at the dates indicated (in thousands): June 30, December 31, 2021 2020 Accrued lease operating expense $ 7,725 $ 8,978 Accrued capital expenditures 5,376 173 Accrued commitment fee and other expense 3,719 4,404 Accrued production and ad valorem tax 3,612 2,601 Accrued general and administrative expense 3,051 3,349 Operating lease liability 1,480 2,258 Asset retirement obligations 747 424 Accrued current income taxes — 110 Other 350 380 Accrued liabilities $ 26,060 $ 22,677 |
Summary of Supplemental Cash Flows | Supplemental cash flows for the periods presented (in thousands): For the Six Months Ended June 30, 2021 2020 Supplemental cash flows: Cash paid for interest, net of amounts capitalized $ 4,429 $ 5,380 Cash paid for reorganization items, net 6 351 Cash paid for taxes — 85 Noncash investing and financing activities: Increase (decrease) in capital expenditures in payables and accrued liabilities 5,203 (3,618 ) |
Organization and Basis of Pre_3
Organization and Basis of Presentation - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)Segment | Jun. 30, 2020USD ($) | |
Consolidation And Basis Of Presentation [Line Items] | ||||
Number of reportable business segments | Segment | 1 | |||
Gain on extinguishment of debt | $ 5,516 | $ 0 | $ 5,516 | $ 0 |
Percentage of employee retention | 70.00% | |||
Maximum qualified wages | $ 10,000 | |||
Maximum tax credit claimed | 7,000 | |||
Employee retention credit | 2,800 | 2,800 | ||
General and Administrative Expense [Member] | ||||
Consolidation And Basis Of Presentation [Line Items] | ||||
Employee retention credit | 800 | 800 | ||
Operating Lease Expense [Member] | ||||
Consolidation And Basis Of Presentation [Line Items] | ||||
Employee retention credit | $ 2,000 | $ 2,000 |
Revenue - Summary of Revenues D
Revenue - Summary of Revenues Disaggregated (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues: | ||||
Total revenues | $ 80,393 | $ 35,171 | $ 152,862 | $ 93,307 |
Oil and Natural Gas Sales [Member] | ||||
Revenues: | ||||
Total revenues | 80,338 | 34,888 | 152,669 | 92,675 |
Oil [Member] | ||||
Revenues: | ||||
Total revenues | 56,510 | 22,963 | 106,205 | 64,814 |
NGLs [Member] | ||||
Revenues: | ||||
Total revenues | 8,876 | 3,343 | 16,547 | 8,465 |
Natural Gas [Member] | ||||
Revenues: | ||||
Total revenues | $ 14,952 | $ 8,582 | $ 29,917 | $ 19,396 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Revenue From Contract With Customer [Abstract] | ||
Accounts receivable attributable to revenue contracts with customers | $ 34.9 | $ 25.6 |
Fair Value Measurements of Fi_3
Fair Value Measurements of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||
Total assets | $ 5,295 | $ 15,449 |
Total liabilities | 86,105 | 26,247 |
Quoted Prices in Active Market (Level 1) [Member] | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||
Total assets | 5,295 | 15,449 |
Total liabilities | 86,105 | 26,247 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Commodity derivatives [Member] | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||
Total assets | 5,295 | 15,449 |
Total liabilities | 84,336 | 23,495 |
Commodity derivatives [Member] | Quoted Prices in Active Market (Level 1) [Member] | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Commodity derivatives [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||
Total assets | 5,295 | 15,449 |
Total liabilities | 84,336 | 23,495 |
Commodity derivatives [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Interest rate derivatives [Member] | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||
Total assets | 0 | 0 |
Total liabilities | 1,769 | 2,752 |
Interest rate derivatives [Member] | Quoted Prices in Active Market (Level 1) [Member] | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Interest rate derivatives [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||
Total assets | 0 | 0 |
Total liabilities | 1,769 | 2,752 |
Interest rate derivatives [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||
Total assets | 0 | 0 |
Total liabilities | $ 0 | $ 0 |
Fair Value Measurements of Fi_4
Fair Value Measurements of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Assets And Liabilities Carrying Value And Fair Value [Line Items] | ||||
Impairment expense | $ 0 | $ 0 | $ 0 | $ 455,031 |
Proved Developed and Producing Oil and Gas Properties [Member] | ||||
Assets And Liabilities Carrying Value And Fair Value [Line Items] | ||||
Impairment expense | 0 | 0 | 405,700 | |
Unproved Properties [Member] | ||||
Assets And Liabilities Carrying Value And Fair Value [Line Items] | ||||
Impairment expense | $ 0 | $ 0 | $ 49,300 |
Risk Management and Derivativ_3
Risk Management and Derivative Instruments - Additional Information (Detail) $ in Millions | 1 Months Ended |
Apr. 30, 2020USD ($) | |
Fair Value Disclosures [Abstract] | |
Derivative Cash Received On Hedge | $ 18 |
Risk Management and Derivativ_4
Risk Management and Derivative Instruments - Open Commodity Positions (Detail) | 6 Months Ended |
Jun. 30, 2021MMBTU$ / MMBTU$ / bblbbl | |
Natural Gas Derivative Contracts Fixed Price Swap Remaining 2021 [Member] | |
Derivative [Line Items] | |
Average monthly volume (MMBtu) | MMBTU | 970,000 |
Weighted-average fixed price | $ / MMBTU | 2.49 |
Natural Gas Derivative Two Way Collars Contracts Remaining 2021 [Member] | |
Derivative [Line Items] | |
Average monthly volume (MMBtu) | MMBTU | 830,000 |
Weighted-average floor price | 2.06 |
Weighted-average ceiling price | 3.28 |
Natural Gas PEPL Basis Swaps Remaining Remaining 2021 [Member] | |
Derivative [Line Items] | |
Average monthly volume (MMBtu) | MMBTU | 500,000 |
Weighted-average spread | $ / MMBTU | (0.40) |
Crude Oil Derivative Contracts Fixed Price Swap Remaining 2021 [Member] | |
Derivative [Line Items] | |
Average monthly volume (Bbls) | bbl | 172,500 |
Weighted-average fixed price | 49.37 |
Crude Oil Derivative Two Way Collars Contracts Remaining 2021 [Member] | |
Derivative [Line Items] | |
Average monthly volume (Bbls) | bbl | 0 |
Weighted-average floor price | 0 |
Weighted-average ceiling price | 0 |
Crude Oil Derivative Three Way Collars Contracts Remaining 2021 [Member] | |
Derivative [Line Items] | |
Average monthly volume (Bbls) | bbl | 72,500 |
Weighted-average floor price | 40 |
Weighted-average ceiling price | 50.36 |
Weighted-average sub-floor price | 30 |
NGL Derivative Contracts Fixed Price Swap Remaining 2021 [Member] | |
Derivative [Line Items] | |
Average monthly volume (Bbls) | bbl | 20,300 |
Weighted-average fixed price | 23.74 |
Natural Gas Derivative Contracts Fixed Price Swap 2022 [Member] | |
Derivative [Line Items] | |
Average monthly volume (MMBtu) | MMBTU | 695,000 |
Weighted-average fixed price | $ / MMBTU | 2.56 |
Natural Gas Derivative Two Way Collars Contracts 2022 [Member] | |
Derivative [Line Items] | |
Average monthly volume (MMBtu) | MMBTU | 595,000 |
Weighted-average floor price | 2.37 |
Weighted-average ceiling price | 3.09 |
Natural Gas PEPL Basis Swaps 2022 [Member] | |
Derivative [Line Items] | |
Average monthly volume (MMBtu) | MMBTU | 0 |
Weighted-average spread | $ / MMBTU | 0 |
Crude Oil Derivative Contracts Fixed Price Swap 2022 [Member] | |
Derivative [Line Items] | |
Average monthly volume (Bbls) | bbl | 99,000 |
Weighted-average fixed price | 55.68 |
Crude Oil Derivative Two Way Collars Contracts 2022 [Member] | |
Derivative [Line Items] | |
Average monthly volume (Bbls) | bbl | 7,500 |
Weighted-average floor price | 55 |
Weighted-average ceiling price | 60.25 |
Crude Oil Derivative Three Way Collars Contracts 2022 [Member] | |
Derivative [Line Items] | |
Average monthly volume (Bbls) | bbl | 89,000 |
Weighted-average floor price | 42.92 |
Weighted-average ceiling price | 55.55 |
Weighted-average sub-floor price | 32.58 |
NGL Derivative Contracts Fixed Price Swap 2022 [Member] | |
Derivative [Line Items] | |
Average monthly volume (Bbls) | bbl | 0 |
Weighted-average fixed price | 0 |
Natural Gas Derivative Fixed Price Swaps 2023 [Member] | |
Derivative [Line Items] | |
Average monthly volume (MMBtu) | MMBTU | 0 |
Weighted-average fixed price | $ / MMBTU | 0 |
Natural Gas Derivative Two Way Collar Contracts 2023 [Member] | |
Derivative [Line Items] | |
Average monthly volume (MMBtu) | MMBTU | 140,000 |
Weighted-average floor price | 2.40 |
Weighted-average ceiling price | 2.91 |
Natural Gas PEPL Basis Swaps 2023 [Member] | |
Derivative [Line Items] | |
Average monthly volume (MMBtu) | MMBTU | 0 |
Weighted-average spread | $ / MMBTU | 0 |
Crude Oil Derivative Fixed Price Swaps 2023 [Member] | |
Derivative [Line Items] | |
Average monthly volume (Bbls) | bbl | 55,000 |
Weighted-average fixed price | 57.30 |
Crude Oil Derivative Two Way Collars Contracts 2023 [Member] | |
Derivative [Line Items] | |
Average monthly volume (Bbls) | bbl | 0 |
Weighted-average floor price | 0 |
Weighted-average ceiling price | 0 |
Crude Oil Derivative Three Way Collars Contracts 2023 [Member] | |
Derivative [Line Items] | |
Average monthly volume (Bbls) | bbl | 30,000 |
Weighted-average floor price | 55 |
Weighted-average ceiling price | 67.15 |
Weighted-average sub-floor price | 40 |
NGL Derivative Contracts Fixed Price Swap 2023 [Member] | |
Derivative [Line Items] | |
Average monthly volume (Bbls) | bbl | 0 |
Weighted-average fixed price | 0 |
Risk Management and Derivativ_5
Risk Management and Derivative Instruments - Interest Rate Swap Open Positions (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Interest Rate Swap Open Position Remaining 2021 [Member] | |
Derivative [Line Items] | |
Average Monthly Notional (in thousands) | $ 125,000 |
Weighted-average fixed rate | 1.612% |
Floating rate | 0 |
Interest Rate Swap Open Position 2022 [Member] | |
Derivative [Line Items] | |
Average Monthly Notional (in thousands) | $ 75,000 |
Weighted-average fixed rate | 1.281% |
Floating rate | 0 |
Risk Management and Derivativ_6
Risk Management and Derivative Instruments - Gross Fair Value of Derivative Instruments by Appropriate Balance Sheet (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative Instruments and Hedges, Assets [Abstract] | ||
Asset Derivatives, Net recorded fair value | $ 0 | $ 873 |
Liability Derivatives, Net recorded fair value | 63,071 | 10,824 |
Liability Derivatives, Net recorded fair value | 17,739 | 847 |
Short-Term Derivative Instruments [Member] | ||
Derivative Instruments and Hedges, Assets [Abstract] | ||
Total assets | 1,172 | 6,088 |
Asset Derivatives, Netting arrangements | (1,172) | (6,088) |
Asset Derivatives, Net recorded fair value | 0 | 0 |
Liability Derivatives, Gross fair value | 64,243 | 16,912 |
Liability Derivatives, Netting arrangements | (1,172) | (6,088) |
Liability Derivatives, Net recorded fair value | 63,071 | 10,824 |
Short-Term Derivative Instruments [Member] | Commodity derivatives [Member] | ||
Derivative Instruments and Hedges, Assets [Abstract] | ||
Total assets | 1,172 | 6,088 |
Liability Derivatives, Gross fair value | 62,901 | 15,007 |
Short-Term Derivative Instruments [Member] | Interest Rate Swaps [Member] | ||
Derivative Instruments and Hedges, Assets [Abstract] | ||
Total assets | 0 | 0 |
Liability Derivatives, Gross fair value | 1,342 | 1,905 |
Long-Term Derivative Instruments [Member] | ||
Derivative Instruments and Hedges, Assets [Abstract] | ||
Total assets | 4,124 | 9,361 |
Asset Derivatives, Netting arrangements | (4,124) | (8,488) |
Asset Derivatives, Net recorded fair value | 0 | 873 |
Liability Derivatives, Gross fair value | 21,863 | 9,335 |
Liability Derivatives, Netting arrangements | (4,124) | (8,488) |
Liability Derivatives, Net recorded fair value | 17,739 | 847 |
Long-Term Derivative Instruments [Member] | Commodity derivatives [Member] | ||
Derivative Instruments and Hedges, Assets [Abstract] | ||
Total assets | 4,124 | 9,361 |
Liability Derivatives, Gross fair value | 21,436 | 8,488 |
Long-Term Derivative Instruments [Member] | Interest Rate Swaps [Member] | ||
Derivative Instruments and Hedges, Assets [Abstract] | ||
Total assets | 0 | 0 |
Liability Derivatives, Gross fair value | $ 427 | $ 847 |
Risk Management and Derivativ_7
Risk Management and Derivative Instruments - Unrealized and Realized Gains and Losses Related to Derivative Instruments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative Instruments Gain Loss [Line Items] | ||||
(Gain) loss on commodity derivative instruments | $ 63,898 | $ 19,165 | $ 98,486 | $ (88,548) |
Interest expense, net | (3,137) | (6,209) | (6,249) | (13,856) |
Commodity derivatives [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
(Gain) loss on commodity derivative instruments | 63,898 | 19,165 | 98,486 | (88,548) |
Interest Rate Swaps [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Interest expense, net | $ 18 | $ 438 | $ (44) | $ 4,054 |
Asset Retirement Obligations -
Asset Retirement Obligations - Summary of Changes in Asset Retirement Obligations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Asset Retirement Obligation Disclosure [Abstract] | |||||
Asset retirement obligations at beginning of period | $ 97,149 | ||||
Liabilities added from acquisition or drilling | 29 | ||||
Liabilities settled | (162) | ||||
Liabilities removed upon sale of wells | (113) | ||||
Accretion expense | $ 1,638 | $ 1,539 | 3,253 | $ 3,052 | |
Revision of estimates | 3 | ||||
Asset retirement obligation at end of period | 100,159 | 100,159 | |||
Less: Current portion | (747) | (747) | $ (424) | ||
Asset retirement obligations - long-term portion | $ 99,412 | $ 99,412 | $ 96,725 |
Long-Term Debt - Consolidated D
Long-Term Debt - Consolidated Debt Obligations (Detail) - USD ($) $ in Thousands | Apr. 24, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | |||
Line Of Credit Facility [Line Items] | ||||||
Paycheck Protection Program loan | $ 5,500 | $ 0 | [1] | $ 5,516 | [1] | |
Total long-term debt | 235,000 | 260,516 | ||||
Revolving Credit Facility [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Aggregate principal outstanding | [2] | $ 235,000 | $ 255,000 | |||
[1] | See below for additional information regarding the receipt and forgiveness of the paycheck protection program loan. | |||||
[2] | The carrying amount of our Revolving Credit Facility approximates fair value because the interest rates are variable and reflective of market rates. |
Long-Term Debt - Credit Facilit
Long-Term Debt - Credit Facility - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 16, 2021 | Mar. 31, 2021 | |
Line Of Credit Facility [Line Items] | |||
Letters of credit outstanding | $ 0 | ||
Revolving Credit Facility [Member] | |||
Line Of Credit Facility [Line Items] | |||
Borrowing base | $ 245 | $ 245 | $ 260 |
Maturity date | Nov. 2, 2023 |
Long-Term Debt - Summary of Wei
Long-Term Debt - Summary of Weighted-Average Interest Rates Paid on Variable-Rate Debt Obligations (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revolving Credit Facility [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Revolving credit facility, weighted-average interest rates | 3.65% | 3.12% | 3.66% | 3.55% |
Long-Term Debt - Unamortized De
Long-Term Debt - Unamortized Deferred Financing Costs - Additional Information (Detail) $ in Millions | Jun. 30, 2021USD ($) |
Revolving Credit Facility [Member] | |
Line Of Credit Facility [Line Items] | |
Unamortized deferred financing costs | $ 1.2 |
Long-Term Debt - Paycheck Prote
Long-Term Debt - Paycheck Protection Program - Additional Information (Detail) - USD ($) | Apr. 24, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | [1] | |
Debt Disclosure [Abstract] | ||||||||
Loan amount received under paycheck protection plan | $ 5,500,000 | $ 0 | [1] | $ 5,516,000 | ||||
Paycheck protection program loan of 2020, term | 2 years | |||||||
Paycheck protection program Loan of 2020, interest rate | 1.00% | |||||||
Paycheck protection program loan, principal or interest due next six months | $ 0 | |||||||
Gain on extinguishment of debt | $ 5,516,000 | $ 0 | $ 5,516,000 | $ 0 | ||||
[1] | See below for additional information regarding the receipt and forgiveness of the paycheck protection program loan. |
Equity (Deficit) - Additional I
Equity (Deficit) - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Mar. 03, 2020 | May 04, 2017 | Jun. 30, 2021 | Dec. 31, 2020 |
Equity And Distributions [Line Items] | ||||
Common stock, shares authorized | 250,000,000 | 250,000,000 | ||
Common stock, par value | $ 0.01 | $ 0.01 | ||
Dividend declared date | Mar. 3, 2020 | |||
Dividends declared per share | $ 0.10 | |||
Dividends paid | $ 3.8 | |||
Dividend payable record date | Mar. 16, 2020 | |||
Warrants [Member] | ||||
Equity And Distributions [Line Items] | ||||
Warrant issued during period | 2,173,913 | |||
Warrant life period | 5 years | |||
Warrant exercise price | $ 42.60 |
Equity (Deficit) - Summary of C
Equity (Deficit) - Summary of Changes in Number of Outstanding Common Units and Shares of Common Stock (Detail) | 6 Months Ended | |
Jun. 30, 2021shares | ||
Summary Of Changes In Number Of Outstanding Units Or Shares [Line Items] | ||
Beginning balance | 37,663,509 | |
Ending balance | 37,987,145 | |
Common Stock [Member] | ||
Summary Of Changes In Number Of Outstanding Units Or Shares [Line Items] | ||
Beginning balance | 37,663,509 | |
Restricted stock units vested | 29,621 | |
Bonus stock awards | 455,973 | [1] |
Shares withheld for taxes | (161,958) | [2] |
Ending balance | 37,987,145 | |
[1] | Reflects shares granted to certain executive officers and employees pursuant to our annual incentive bonus program. Shares were granted on February 12, 2021 at a grant price of $2.48 per share. | |
[2] | Represents the net settlement on vesting of restricted stock necessary to satisfy the minimum statutory tax withholding requirements |
Equity (Deficit) - Summary of_2
Equity (Deficit) - Summary of Changes in Number of Outstanding Common Units and Shares of Common Stock (Parenthetical) (Detail) | Feb. 12, 2021$ / shares |
Bonus Stock Awards [Member] | |
Summary Of Changes In Number Of Outstanding Units Or Shares [Line Items] | |
Shares grant price | $ 2.48 |
Earnings per Share - Calculatio
Earnings per Share - Calculation of Earnings (Loss) per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Earnings Per Share [Line Items] | |||||||
Net loss | $ (35,023) | $ (19,328) | $ (41,336) | $ (367,199) | $ (54,351) | $ (408,535) | |
Less: Net (income) loss allocated to participating restricted stockholders | 0 | 0 | 0 | 0 | |||
Basic and diluted earnings available to common stockholders | $ (35,023) | $ (41,336) | $ (54,351) | $ (408,535) | |||
Common shares/units: | |||||||
Common shares outstanding — basic | 37,983 | 37,595 | 37,907 | 37,582 | |||
Dilutive effect of potential common shares | 0 | 0 | 0 | 0 | |||
Common shares outstanding — diluted | 37,983 | 37,595 | 37,907 | 37,582 | |||
Net earnings (loss) per share: | |||||||
Basic | $ (0.92) | $ (1.10) | $ (1.43) | $ (10.87) | |||
Diluted | $ (0.92) | $ (1.10) | $ (1.43) | $ (10.87) | |||
Warrants [Member] | |||||||
Net earnings (loss) per share: | |||||||
Antidilutive stock options or warrants | [1] | 2,174 | 2,174 | 2,174 | 2,174 | ||
[1] | Amount represents warrants to purchase common stock that are excluded from the diluted net earnings per share calculations because of their antidilutive effect. |
Long-Term Incentive Plans - Add
Long-Term Incentive Plans - Additional Information (Detail) $ / shares in Units, $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | |
EIP [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares Available for Future Grants Issuance | shares | 2,802,856 |
TSUs [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 2.7 |
Weighted-average period of unrecognized compensation cost | 1 year 8 months 12 days |
PSUs [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Weighted-average period of unrecognized compensation cost | 1 year 4 months 24 days |
Decrease in share targets | $ / shares | $ 0.25 |
PSUs [Member] | Third Anniversary Vesting [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock units vesting percentage | 50.00% |
PSUs [Member] | First Anniversary Vesting [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock units vesting percentage | 25.00% |
PSUs [Member] | Second Anniversary Vesting [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock units vesting percentage | 25.00% |
PSUs [Member] | Maximum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 0.1 |
2017 Non-Employee Directors Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Weighted-average period of unrecognized compensation cost | 9 months 18 days |
2017 Non-Employee Directors Compensation Plan [Member] | Maximum [Member] | Restricted Stock Units (RSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 0.1 |
PRSU [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 0.3 |
Weighted-average period of unrecognized compensation cost | 2 years 1 month 6 days |
Fair value estimation method | The fair value of each PRSU award was estimated on their grant dates using a Monte Carlo simulation. |
PRSU [Member] | Third Anniversary Vesting [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock units vesting percentage | 50.00% |
PRSU [Member] | First Anniversary Vesting [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock units vesting percentage | 25.00% |
PRSU [Member] | Second Anniversary Vesting [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock units vesting percentage | 25.00% |
PRSU [Member] | Maximum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Percentage of Potential Payout | 200.00% |
PRSU [Member] | Minimum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Percentage of Potential Payout | 0.00% |
Long-Term Incentive Plans - Sum
Long-Term Incentive Plans - Summary of Information Regarding Restricted Stock Unit Awards (Detail) | 6 Months Ended | |
Jun. 30, 2021$ / sharesshares | ||
PRSU [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding, Number of Units, Beginning Balance | shares | 0 | |
Granted, Number of Units | shares | 196,377 | [1] |
Forfeited, Number of Units | shares | 0 | |
Vested, Number of Units | shares | 0 | |
Outstanding, Number of Units, Ending Balance | shares | 196,377 | |
Outstanding, Weighted-Average Grant Date Fair Value per unit, Beginning balance | $ / shares | $ 0 | [2] |
Granted, Weighted-Average Grant Date Fair Value per Unit | $ / shares | 1.94 | [2] |
Forfeited, Weighted-Average Grant Date Fair Value per Unit | $ / shares | 0 | [2] |
Vested, Weighted-Average Grant Date Fair Value per Unit | $ / shares | 0 | [2] |
Outstanding, Weighted-Average Grant Date Fair Value per unit, Ending balance | $ / shares | $ 1.94 | [2] |
Management Incentive Plan [Member] | TSUs [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding, Number of Units, Beginning Balance | shares | 115,797 | |
Granted, Number of Units | shares | 872,588 | [3] |
Forfeited, Number of Units | shares | (1,244) | |
Vested, Number of Units | shares | (24,056) | |
Outstanding, Number of Units, Ending Balance | shares | 963,085 | |
Restricted Stock Units (RSUs) [Member] | TSUs [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding, Weighted-Average Grant Date Fair Value per unit, Beginning balance | $ / shares | $ 4.47 | [2] |
Granted, Weighted-Average Grant Date Fair Value per Unit | $ / shares | 3.52 | [2] |
Forfeited, Weighted-Average Grant Date Fair Value per Unit | $ / shares | 5.12 | [2] |
Vested, Weighted-Average Grant Date Fair Value per Unit | $ / shares | 3.91 | [2] |
Outstanding, Weighted-Average Grant Date Fair Value per unit, Ending balance | $ / shares | $ 3.62 | [2] |
Restricted Stock Units (RSUs) [Member] | 2017 Non-Employee Directors Compensation Plan [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding, Number of Units, Beginning Balance | shares | 8,898 | |
Granted, Number of Units | shares | 0 | |
Forfeited, Number of Units | shares | 0 | |
Vested, Number of Units | shares | (5,565) | |
Outstanding, Number of Units, Ending Balance | shares | 3,333 | |
Outstanding, Weighted-Average Grant Date Fair Value per unit, Beginning balance | $ / shares | $ 5.12 | [2] |
Granted, Weighted-Average Grant Date Fair Value per Unit | $ / shares | 0 | [2] |
Forfeited, Weighted-Average Grant Date Fair Value per Unit | $ / shares | 0 | [2] |
Vested, Weighted-Average Grant Date Fair Value per Unit | $ / shares | 5.12 | [2] |
Outstanding, Weighted-Average Grant Date Fair Value per unit, Ending balance | $ / shares | $ 5.12 | [2] |
[1] | The aggregate grant-date fair value of PRSUs issued for the six months ended June 30, 2021 was $0.4 million based on a grant-date market price ranging from $1.24 to $2.63 per share. | |
[2] | Determined by dividing the aggregate grant-date fair value of awards by the number of awards issued. | |
[3] | The aggregate grant-date fair value of TSUs issued for the six months ended June 30, 2021 was $3.1 million based on a grant date market price of $3.52 per share. |
Long-Term Incentive Plans - S_2
Long-Term Incentive Plans - Summary of Information Regarding Restricted Stock Unit Awards (Parenthetical) (Detail) $ / shares in Units, $ in Millions | Jun. 30, 2021USD ($)$ / shares |
TSUs [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Aggregate grant date fair value of restricted stock units issued | $ | $ 3.1 |
Grant Date Market Price | $ 3.52 |
PRSU [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Aggregate grant date fair value of restricted stock units issued | $ | $ 0.4 |
PRSU [Member] | Minimum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Grant Date Market Price | $ 1.24 |
PRSU [Member] | Maximum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Grant Date Market Price | $ 2.63 |
Long-Term Incentive Plans - S_3
Long-Term Incentive Plans - Summary of Information Regarding Restricted Stock Awards (Detail) - PSUs [Member] - Restricted Stock Units (RSUs) [Member] | 6 Months Ended | |
Jun. 30, 2021$ / sharesshares | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding, Number of Units, Beginning Balance | shares | 214,554 | |
Granted, Number of Units | shares | 0 | |
Forfeited, Number of Units | shares | (3,732) | |
Vested, Number of Units | shares | 0 | |
Outstanding, Number of Units, Ending Balance | shares | 210,822 | |
Outstanding, Weighted-Average Grant Date Fair Value per unit, Beginning balance | $ / shares | $ 2.36 | [1] |
Granted, Weighted-Average Grant Date Fair Value per Unit | $ / shares | 0 | [1] |
Forfeited, Weighted-Average Grant Date Fair Value per Unit | $ / shares | 2.11 | [1] |
Vested, Weighted-Average Grant Date Fair Value per Unit | $ / shares | 0 | [1] |
Outstanding, Weighted-Average Grant Date Fair Value per unit, Ending balance | $ / shares | $ 2.36 | [1] |
[1] | Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. |
Assumptions Used in Monte Carlo
Assumptions Used in Monte Carlo Model (Detail) - PRSU [Member] | 6 Months Ended |
Jun. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected volatility | 119.60% |
Dividend yield | 0.00% |
Risk-free interest rate | 0.31% |
Long-Term Incentive Plans - S_4
Long-Term Incentive Plans - Summary of Amount of Compensation Expense Recognized (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Equity based compensation expense (benefit) | $ 691 | $ 1 | $ 793 | $ 175 |
TSUs [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Equity based compensation expense (benefit) | 582 | (6) | 657 | 125 |
PSUs [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Equity based compensation expense (benefit) | 16 | 5 | 39 | 10 |
PRSU [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Equity based compensation expense (benefit) | 89 | 0 | 89 | 0 |
Restricted Stock Units (RSUs) [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Equity based compensation expense (benefit) | $ 4 | $ 2 | $ 8 | $ 40 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||
Lease, option to terminate | leases can be terminated with 30-day prior written notice. | |
Lease termination period with prior written notice | 30 days | |
Operating lease costs | $ 1.2 | $ 1.2 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information Related to Lease Liabilities (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Supplemental Cash Flow Information [Abstract] | ||
Non-cash amounts included in the measurement of lease liabilities, operating cash flows from operating leases | $ 729 | $ 877 |
Leases - Schedule of Right-of-U
Leases - Schedule of Right-of-Use Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Lessee Lease Description [Line Items] | ||
Right-of-use asset | $ 1,771 | $ 2,500 |
Long-term lease liability | 301 | 266 |
Total lease liability | 1,781 | 2,524 |
Accrued Liabilites [Member] | ||
Lessee Lease Description [Line Items] | ||
Current lease liability | $ 1,480 | $ 2,258 |
Leases - Schedule of Maturity A
Leases - Schedule of Maturity Analysis of Minimum Lease Payment Obligation Under Non-cancellable Operating Leases (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Lessee Lease Description [Line Items] | ||
Remaining 2021 | $ 1,186 | |
2022 | 430 | |
2023 | 195 | |
2024 and thereafter | 14 | |
Total lease payments | 1,825 | |
Less: interest | 44 | |
Present value of lease liabilities | 1,781 | $ 2,524 |
Office Leases [Member] | ||
Lessee Lease Description [Line Items] | ||
Remaining 2021 | 816 | |
2022 | 140 | |
2023 | 0 | |
2024 and thereafter | 0 | |
Total lease payments | 956 | |
Less: interest | 16 | |
Present value of lease liabilities | 940 | |
Leased Vehicles and Office Equipment [Member] | ||
Lessee Lease Description [Line Items] | ||
Remaining 2021 | 370 | |
2022 | 290 | |
2023 | 195 | |
2024 and thereafter | 14 | |
Total lease payments | 869 | |
Less: interest | 28 | |
Present value of lease liabilities | $ 841 |
Leases - Schedule of Weighted A
Leases - Schedule of Weighted Average Remaining Lease Terms and Discount Rate of Operating Leases (Detail) | Jun. 30, 2021 | Jun. 30, 2020 |
Office Leases [Member] | ||
Lessee Lease Description [Line Items] | ||
Weighted average remaining lease term | 3 months 18 days | 1 year 1 month 6 days |
Weighted average discount rate | 2.57% | 3.49% |
Vehicles [Member] | ||
Lessee Lease Description [Line Items] | ||
Weighted average remaining lease term | 9 months 7 days | 6 months 10 days |
Weighted average discount rate | 1.57% | 0.94% |
Office Equipment [Member] | ||
Lessee Lease Description [Line Items] | ||
Weighted average remaining lease term | 7 days | 21 days |
Weighted average discount rate | 0.14% | 0.17% |
Supplemental Disclosures to t_3
Supplemental Disclosures to the Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statements of Cash Flows - Summary of Current Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accrued Liabilities Current [Abstract] | ||
Accrued lease operating expense | $ 7,725 | $ 8,978 |
Accrued capital expenditures | 5,376 | 173 |
Accrued commitment fee and other expense | 3,719 | 4,404 |
Accrued production and ad valorem tax | 3,612 | 2,601 |
Accrued general and administrative expense | 3,051 | 3,349 |
Operating lease liability | 1,480 | 2,258 |
Asset retirement obligations | 747 | 424 |
Accrued current income taxes | 0 | 110 |
Other | 350 | 380 |
Accrued liabilities | $ 26,060 | $ 22,677 |
Supplemental Disclosures to t_4
Supplemental Disclosures to the Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statements of Cash Flows - Summary of Supplemental Cash Flows (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Supplemental cash flows: | ||
Cash paid for interest, net of amounts capitalized | $ 4,429 | $ 5,380 |
Cash paid for reorganization items, net | 6 | 351 |
Cash paid for taxes | 0 | 85 |
Noncash investing and financing activities: | ||
Increase (decrease) in capital expenditures in payables and accrued liabilities | $ 5,203 | $ (3,618) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2020 | |
Related Party Transactions [Abstract] | ||
Significant transaction with related party | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Additional Textual [Abstract] | |||
Remaining environmental accrued liability recorded | $ 0 | $ 0 | $ 0 |
Beta's decommissioning obligations, full supported by surety bonds | 161,300,000 | 161,300,000 | |
Beta's decommissioning obligations, cash | 300,000 | 300,000 | |
Oklahoma [Member] | |||
Commitments and Contingencies Additional Textual [Abstract] | |||
Commitment fee expense | 500,000 | 800,000 | |
East Texas [Member] | |||
Commitments and Contingencies Additional Textual [Abstract] | |||
Commitment fee expense | $ 500,000 | $ 900,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Line Items] | ||||
Income tax expense | $ 0 | $ (85) | $ 0 | $ (85) |
Effective tax rate | 0.00% | 0.20% | 0.00% | 0.00% |
Maximum [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Income tax expense | $ 0 | $ 100 | $ 0 | $ 100 |