Business Context and Reporting Period
This Form 8-K is filed by Midstates Petroleum Company, Inc. (not Amplify Energy Corp.) with a report date of January 30, 2019, and a signature date of February 5, 2019. The filing primarily serves to announce the issuance of a press release regarding year-end 2018 reserves and an operational/strategic update, as well as to disclose a new employee compensation plan.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. These metrics are referenced as being contained within the press release furnished as Exhibit 99.1, which is not included in the provided text.
Material Changes and Operational Updates
- Reserves and Strategy: The Company announced year-end 2018 reserves and provided an operational and strategic update via a press release dated February 5, 2019.
- Compensation Plan: On January 30, 2019, the Compensation Committee approved a short-term annual bonus plan for fiscal year 2019. This plan covers all employees and is designed to ensure operational effectiveness.
Guidance, Outlook, and Risks
The filing does not contain specific forward-looking guidance, risk factors, or contingency details within the text provided. It notes that the information in the press release (Exhibit 99.1) is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 and will not be incorporated by reference unless specifically identified.
Details of the 2019 Bonus Plan
- Eligibility: All employees employed by the Company.
- Structure: Employees are entitled to receive 50% of their 2019 target bonus during the current year.
- Payment Schedule:
- 25% on March 1, 2019
- 25% on July 1, 2019
- 50% on December 30, 2019
Investor Verification Checklist
- Verify the specific year-end 2018 reserve numbers and strategic details in the press release (Exhibit 99.1), as they are not listed in this summary text.
- Confirm the company identity: The filing is for Midstates Petroleum Company, Inc., not Amplify Energy Corp.
- Review the cash flow impact of the new bonus plan, noting the specific payout dates in March, July, and December 2019.
- Check if the press release has been incorporated by reference into other registration statements, as the filing explicitly states it is not automatically incorporated.