Business Context and Reporting Period
This Form 8-K was filed by Amplify Energy Corp. on June 22, 2021, reporting events that occurred on June 16, 2021. The filing addresses Item 8.01 (Other Events) concerning the company's credit facility and administrative agent changes.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, or cash flow data. The specific financial metric disclosed relates to the company's debt capacity:
- Borrowing Base: Decreased from $260 million to $245 million.
- Administrative Agent: Changed from Bank of Montreal to KeyBank National Association.
Material Changes
The primary material change reported is the reduction in the borrowing base under the existing revolving credit agreement following a scheduled semi-annual redetermination. Additionally, the administrative agent for the facility was swapped as part of a prior agreement dated May 20, 2021.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future operations, or specific risk factors beyond the disclosed reduction in borrowing capacity. The text does not provide a clear value for liquidity metrics other than the borrowing base limit.
Investor Verification Checklist
- Verify the impact of the $15 million reduction in the borrowing base on current liquidity and leverage ratios.
- Confirm the terms of the transition from Bank of Montreal to KeyBank National Association.
- Review the underlying commodity price assumptions used in the semi-annual redetermination process.