and of for you thank us our Thank today. stakeholders all Eric, you, joining to
the have would our our the important procedures sacrifices we accidents, Thanks positive few only to months the to sector, our that, in and COVID-XX. mind, this had discuss global to and I by small to the to This have zero my lost express gas also the flexibility testament contractors I appreciation or time that COVID-XX and downtime oil due also I zero most tremendous a in to those not had zero part and last say strong us we all for community due time for for is during test of have able impact be due pandemic. resource, Amplify have am With at pleased this of profound people. that of standards in them COVID-XX. field the staff. employees we but of for no with first like operational enacted ingenuity Company, Not The operating excellent to to safety this of teams, people our their the time. strength office and only and difficult, been initiatives to maintained our and extremely
outlook. My hedge remaining enhancement remarks providing on concluding our on program an with our along liquidity the before with quarter, operational first on recent our performance provide details initiatives, in will additional comments and update
of which averaged with the to operated high connection across all results range quarter day, start-up of strong was This the approximately first XX,XXX the our part per was January. in including at due the in steadily for expansion performance our Production end Boe areas, of which quarter. challenges early following Bairoil, the for guidance produced project
levels. fourth targeted areas wells other which quarter. stabilized from Mississippi than enhanced, addition, Lime better backlog Texas at East or the operated quarter, the an during In workover of and following All the reduced production including substantially forecasted California program offline produced
than per were This quarter better our expected below result was due expenses guidance $XX.X Lease Boe, million was $XX.XX primarily first range. of to or which the production. operating in the midpoint
million, the $XX approximately Capital guidance million. spending of $XX midpoint was below quarter for first was which the
completion commodity price the which rate activity, return maintain collapse First our remainder to primarily spent delivering Ford, Eagle spent quarter facilities the to area, million as Ford. equipment, and capital the In The incurred was occurred rod workover prior on was related in Mississippi quarter and Mississippi well and drilling $X we as spending million non-operated Lime selectively In was ESP capital $X.X Eagle replacements. for primarily the lift Lime to of mid-March. of first projects. high focused conversions and
fourth one-time of with was first Amplify’s basis, in costs G&A a was year-end benefit, transaction the legal unit G&A million on $X.X was of included increase $X.X per quarter $X.X $X.XX a per compensation. for a our million stock G&A along quarter and and expenses line first Due cash in which of or and million, some quarter with $X.X cash costs, front-loaded Boe. costs, employee to IT-related million, reversal
expect reduction and However, as consider million outlier. we be before cash $X quarter be to second our costs, quarter front-loaded our third to the million a tapering result of approximately and currently a significant of cost the initiatives thereafter. G&A quarter falling in $X.X to the approximately G&A in We first
cash downturn first driven the quarter CapEx expense, oil $XX committed to million approximately interest as million, spending which and free The was negative negative of which respectively. and free define flow was market. the quarter, by cash to adjusted flow, we the and in was First EBITDA our cash $X primarily prior less adjusted capital EBITDA,
drove from mention current Texas, decrease commodity Due well prices substantial of leasehold is unlikely on incurred as Oklahoma loss in to for first that also non-cash Amplify’s quarter. the the quarter that This fields impairments on moving acreage million. the as prior to property during the be results, I first Amplify would in to our our developed lease commodity expiration Beta based charges to asset net quarter, impairment Before $XXX operated non-cash like East impairments of Bairoil and prices. included
backdrop. I initiatives economic that with changing working enhancement our response the Now, like to has you Amplify been to share the would liquidity in on team
and XXXX monetization receipt position of the market of the relief of the better portion to this enhancement crude commodity from through a material decreases the This federal made many includes and G&A campaign uncertainty expenses, suspension Company the period operating this has liquidity unprecedented Company’s progress downturn. substantial Amplify initiatives prices, capital the government’s in executing quarterly low During and of royalty dividend. Beta hedges, reductions the programs, Program, loan proceeds of oil Protection Paycheck significant to
bottom-up numerous approximately with annual costs First, supplies to LOE million $XX Company meaningfully corporate with Amplify G&A. and implemented has will overhead and and reduction cost and operating opportunities that of closely services, which reductions. savings. a team performed reduce The The associated to cost has to projects generate saving decrease worked identify forecasted cost vendors its are evaluation
Company annual earlier, deliver Additionally, savings the to reduced expenses. $X.X as cash least mentioned expected at is million from in G&A
second in realized the We these savings expect third realized of XXXX. by will quarter fully be then and that quarter partially the
capital Second, reductions.
initial We high from maintenance capital focused and latest essential and XXXX million Amplify’s have reduced XXXX $XX to projects, are budget of which expenditure remaining of by estimate of workover the rate an the for largely capital of estimate on efficiency, on million select operational capital $XX integrity $XX XX% projects. is budget return to for million. approximately equipment
monetization. Third, our hedge
This additional as immediate we time moving XXXX approximately recently crude strategy of of million. proceeds our price flow X a our provided recovery barrels enhancement benefits, $XX forward. total oil nearly for commodity for has Amplify strategy, monetized consider of part transaction also As cash provides hedge million liquidity cash swaps but
At loans Fourth, are this $X.X interest to established that that weeks Protection on borrower under accrued the forgivable Program. provide loan forgiven after a the loan eligible businesses. time, CARES April Company million anticipates will the This the and Company qualifying be was XXXX, eight of part XX, loans of received substantial the loan a The uses program Paycheck to as majority for program. Act provided this purposes. the the under proceeds proceeds
royalty approved, barrels $X additional in production expects by Beta Once recent Fifth, XXXX, approximately barrel for equates Due revenue rate Safety annually at XX%, review of the royalty day, Beta U.S. relief approximately WTI by Amplify’s which to oil to qualify in decrease of Amplify Enforcement. will field prices, relief. third $XX royalty to million at the quarter per a Environmental XXX of per in its field price. Beta resulting subject assuming standard Bureau to reduction statutory the increased of and
of program. dividend our quarterly suspension the Finally,
of This dividend retained will dividend notice. Given and in price oil, Board result the the Amplify’s further to of improve $X.XX further will uncertainty cash, decided has quarterly suspend which until per approximately the Directors significant year volatile suspension on Company’s $XX environment in a of share, rate program dividend per in liquidity. quarterly the million based
relief Collectively, recurring costs the annual operating amount is due approximately and million. at the cash $XX improvement flow Beta the improvements to G&A, of total of in suspension dividend, royalty and
Paycheck the and $XX on recovery liquidity liquidity will Company commodity $XX.X and added is effectively has the help capital monetizations Amplify this million this addition, that capitalize Program. reductions, from both million additional and economy. hedge downturn prices in extraordinary of global weather over Combined, of enhancement the the In Protection
to on position. our liquidity Moving current
XXXX, a was base on $XX liquidity As capacity of with current million. cash $XXX credit and X, $XXX hand borrowing total borrowing debt had $XXX of consisting available its of $XXX revolving facility million. May of under million million Amplify’s Amplify of million, of
XXXX future utilized liquidity flow. borrowing increase in due change years has this base prices, have prior to spring the to time but and cash relative to Amplify’s we process redetermination substantial delayed commodity been near-term free
decks, in and we base quarter. completed banks due to in decrease While we our second the that price continue a later work collaboratively process expect expect the bank to the lower will be with borrowing
swaps Since has on for in with us gas and Moving the our on on percentage allow to These a opportunities in our latest hedged over benefit hedges hedge XXXX other half to year-end allowing in call also Inclusive risk. flows, of added and gas last us being the March, mitigating report while collars. Company of to in reserve upside positions is earnings lock our the XXXX Amplify’s based our hedge costless positions future natural being downside XX% cash certain half XXXX. new from Amplify forecast gas hedges, to position. the
XXXX to value value Amplify’s position reserve than on Xst, presentation today has hedges additional significant our provide more remainder volumes security hedged as report, quarter of a and our of was XX% website hedge more our posted was hedge of $XX Amplify our XXXX net crude price asset contains XXXX lowest of oil for details year-end the point As crude of Investor the Furthermore, second and the XX% curve. current million. crude first during under and section. May These mark-to-market to quarter Relations the volumes on will compared XXXX. of positions Amplify’s earlier shareholders than
as this tight-storage production identified of only April of capacity limitation first After delivering production the in plant strong curtailment capacity quarter, non-operated low-demand production due operators, an time, XXXX in is environment. most Amplify, XX% limitations. Amplify’s to X, faces this like Eagle the and uncertainty Company’s At Ford expected
addition, in properties. reduce regularly conduct across area. second quarter currently Company’s will not XXXX, Bairoil two in crude the does or its curtailments Amplify these will material turnaround that the Other anticipate volumes situations, than In plant its scheduled any temporarily shut-ins annual which
our we the to through access position broader as X, products an we likely as full current periods may the U.S. reassess at the Due to full-year producing the issued for and recovery, believe any markets on well based uncertainty for of impact and systems time this limitations continue the our are will gathering provide to future to COVID-XX economy, the period, our reasonably for change withdrawing end-users. While Management on this Board outlook ability capacity and regarding the are XXXX. transportation XXXX on we to or macroeconomic guidance investors. March due in
challenging The COVID-XX first was on due its global impact devastating quarter period and to economies demand. oil and a
continuing will look $XX to a is take improve balance maintain the and to balance steps to sheet at options downturn. consider we historic to start, Amplify million liquidity headwinds, liquidity campaign market despite strong to and this additional protect our our sheet enhancement proactive during We stability However, position. be continue
to Before in responsible we to these and a professionalism thank through business continue concluding, environmentally again commitment I would safe difficult our like our and manner as operate employees times. their for
do please out always, with as questions. And hesitate to to today. reach any additional us not joining for you Thank us
