Amplify Energy Corp. 8-K Summary
Business Context and Reporting Period
This Form 8-K was filed by Amplify Energy Corp. on November 12, 2019, reporting an event that occurred on November 8, 2019. The filing addresses the company's fall 2019 semiannual borrowing base redetermination under its Revolving Credit Facility.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, or liquidity data. The primary financial metric disclosed is the adjustment to the company's borrowing capacity:
- Previous Borrowing Base: $530 million
- New Borrowing Base: $450 million
- Reduction Amount: $80 million
- Facility Maturity: November 2, 2023
Material Changes
The material change reported is the decrease in the borrowing base and lender commitments from $530 million to $450 million. This reduction was executed as part of the standard semiannual redetermination process for the reserve-based revolving credit facility.
Outlook and Management Commentary
The next borrowing base redetermination is scheduled for spring 2020. The filing contains no additional management commentary, forward-looking guidance, or discussion of specific risks beyond the reduction in credit availability.
Investor Verification Checklist
- Verify the company's current outstanding debt balance to assess the impact of the $80 million reduction in available capacity.
- Review the company's most recent quarterly report (10-Q) for underlying production and reserve data that likely drove the borrowing base reduction.
- Confirm the terms of the credit agreement regarding covenants and potential consequences if the borrowing base is reduced further in the spring 2020 redetermination.