Amplify Energy Corp. (NYSE:AMPY) Q1 2024 Earnings Call Transcript

Subash Chandra: Okay, got you. And if I can just ask on the sinking fund. So the 16 million goes to 9 million, is that fair? And when does that start? And is there any sort of offsetting balances? I don’t know how this stuff works, but maybe something on the credit facility or something. Or is this a pretty clean 16 goes to 9 on cash outlays?

Martyn Willsher: I think you said it perfectly the first time. There’s basically there’s a federal portion of this and the state portion of this and the federal portion is eight and the state portion is one. It was essentially so what was 16 is now 9. And I anticipate that’s kind of where we are going forward. And so that’s really the change that we made was basically replacing the Surety Group that had been in there for several years and basically reallocating ourselves with a different group as we kind of move forward and getting the right people in the right group to kind of manage that process going forward.

Subash Chandra: Okay. Good to know. If I just ask one last one and then I’ll hop back in the queue. So, Bairoil, when are the final bids due?

Martyn Willsher: So that process will take place basically. We’re kind of wrapping up kind of or middle of towards the end of data rooms at this point. Bids will be due towards the end of May. There’s traditionally a first round, second round and then you’ll negotiate a PSA. And obviously we’ve got the added complication of the fact that we’re doing kind of a dual process with a monetization structure as well. So we anticipate this will happen over the summer and potentially in advance of the next call. And so, we’ll obviously update the market at the appropriate time, but that is coming soon.

Subash Chandra: Thank you.

Operator: At this time, I would like to turn the call back to management for any additional or closing remarks.

Martyn Willsher: Thank you. With that, I’d just like to say thank you to all of our employees for their outstanding efforts and dedication so far this year. And also like to express my appreciation to all of our stakeholders for their continued support. Thank you for participating on the call today. And as always, if there are any questions, please don’t hesitate to reach out. Thank you, everyone.

Operator: Thank you. This does conclude the Amplify Energy’s first quarter 2024 investor conference call. You may disconnect your line at this time and have a wonderful day.