Business Context and Reporting Period
This Form 8-K is filed by Midstates Petroleum Company, Inc. (not Amplify Energy Corp.) on January 17, 2017. The report addresses the company's emergence from Chapter 11 bankruptcy, specifically providing unaudited pro forma condensed consolidated financial information following the effective date of its Reorganization Plan on October 21, 2016. The company filed for voluntary reorganization on April 30, 2016, and satisfied all conditions of the plan on the effective date.
Key Financial Metrics
The filing does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity within the text body. Instead, it references Exhibit 99.1, which contains the unaudited pro forma condensed consolidated balance sheet and income statement for:
- The nine months ended September 30, 2016.
- The year ended December 31, 2015.
These figures reflect the application of fresh start accounting in accordance with FASB ASC 852 and the effects of the Reorganization Plan.
Material Changes
The primary material change is the company's emergence from bankruptcy and the implementation of fresh start accounting. This accounting treatment resets the company's financial history to reflect the new capital structure and asset valuations established by the Reorganization Plan effective October 21, 2016.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future operations, or specific risk factors beyond the context of the bankruptcy reorganization. The stated purpose of the filing is to incorporate the pro forma financial information by reference into a future registration statement with the SEC.
Investor Verification Checklist
- Verify the specific pro forma financial figures (revenue, debt reduction, equity structure) in Exhibit 99.1 attached to this filing.
- Confirm the details of the "Finding of Fact, Conclusions of Law, and Order" that confirmed the Reorganization Plan.
- Review the future registration statement referenced in the filing to understand how the pro forma data will be utilized.
- Note that the company name in the metadata request (Amplify Energy Corp.) differs from the registrant in the filing (Midstates Petroleum Company, Inc.); verify if a name change occurred post-filing or if the metadata is incorrect.