Amplify Energy reduces capital expenditure budget by 37%

This post was originally published on this site

Amplify Energy (AMPY +37.7%) lowers its 2020 capital expenditure budget by ~37% to a midpoint estimate of $29 M, from a midpoint estimate of $46M, amid decline in commodity prices and overall downturn due to COVID-19 and OPEC’s decision to increase production.

In addition to capital reductions, Amplify has also initiated several additional cost reduction projects to materially reduce LOE and G&A, and positively impact free cash flow.

Source: dailystockbuzz

Leave a comment

Your email address will not be published. Required fields are marked *