Amplify Energy reports Q3 EPS 54c, consensus 27c

Reports Q3 revenue $69.86M, consensus $76.36M. Martyn Willsher, Amplify’s President and Chief Executive Officer, commented, “Amplify continued to deliver strong operating and financial performance in the third quarter. We are excited about the tremendous progress and results of our development program at Beta, where we successfully drilled and completed the C59 well in early October. The well’s 30-day IP rate of 590 gross barrels of oil per day exceeded projections, and based on early results and current commodity prices, we expect it will pay out in six to nine months. We are also in the process of completing the C48 well, and we are excited to see how it will perform. Having successfully drilled wells from both the Ellen and Eureka platforms, we are increasingly confident about the future inventory and development plan for Beta.”