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Amplify Energy’s remaining operations are Bairoil in Wyoming and Beta offshore Southern California. After selling other properties, it no longer produces or sells natural gas. Customers pay for its crude oil under sales agreements generally tied to prevailing market prices, so revenue depends on both the oil delivered and the price received.
At Beta, the company separates oil from water and gas on the Elly platform, then sends sale-ready oil through its own pipeline to shore at the Port of Long Beach. At Bairoil, it injects water and carbon dioxide into reservoirs to help recover more oil. Keeping production flowing therefore depends on Beta’s pipeline and sufficient carbon dioxide supplies at Bairoil, as well as continued development to replace oil extracted from its fields.
Major buyers have included HF Sinclair and Phillips 66. The Phillips 66 agreement ended after its Los Angeles-area refinery closed, and Amplify Energy arranged other buyers for Beta crude. Access to buyers remains important: losing a large customer without a replacement can interrupt sales and production. Beta crude can also sell below benchmark prices because its characteristics require more complex refining. Operations require environmental and other permits, and the company must set aside funds for decommissioning Beta’s facilities.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Amplify depends directly on HF Sinclair Corporation's purchases: the fuel producer bought production accounting for 21% of Amplify's reported 2025 revenue. Watch its purchasing demand, since losing a large buyer without replacement could delay Amplify's oil sales and production.
Ring Energy Inc. and Amplify both earn production revenue exposed to crude prices and field operating costs; Ring sells Texas Permian oil and gas to end users and marketers. Its oil selling prices offer a comparison for Amplify's remaining Bairoil and Beta oil fields.
Crescent Energy Company's long-lived oil and gas production offers a cash-flow comparison for Amplify's long-reserve-life oil fields. Watch how much Crescent spends to sustain production: it says its slower-declining production base needs relatively modest investment to maintain output and cash flow.
Occidental Petroleum Corporation and Amplify share exposure to oil prices and the cost of keeping established fields producing. Occidental uses water, CO2 and steam injection to recover more oil; its recovery costs provide a comparison for Amplify's Beta field, where recycled water maintains reservoir pressure.
Evolution Petroleum Corporation's interests in long-lived oil and gas properties offer a comparison for Amplify's long-reserve-life fields. Unlike Amplify's operated fields, Evolution largely relies on other operators; its royalty interests generally receive production income without paying extraction or drilling costs.
Empire Petroleum Corporation and Amplify both sell produced crude at market-based prices, so what they keep after price adjustments matters alongside oil prices. Empire sells oil to third-party buyers at its properties with adjustments for oil quality; watch those realized prices against Amplify's sales prices after fees.
SM Energy Company's cash flow is heavily exposed to the crude prices that drive Amplify's remaining oil fields: oil supplied 82% of SM's production revenue in 2025. Its oil sales revenue is the closer comparison, rather than its combined oil, gas and NGL revenue.
Chord Energy Corporation's oil-focused Williston production shares Amplify's exposure to crude prices, but local selling-price adjustments can separate their results. Chord sells to refiners and marketers at prices adjusted for regional differences and transportation costs; watch the price it actually receives for oil.
Devon Energy Corporation and Amplify both sell oil at market-sensitive prices and face U.S. field costs. Devon's oil-weighted Rockies operations offer a comparison for Amplify's Wyoming Bairoil production, while even Devon's longer-term oil sales agreements retain market-price exposure.
Murphy Oil Corp. and Amplify both produce crude, so the oil-price cycle affects their production revenue and margins. Murphy produces mainly in the United States and Canada, making its crude business a comparison rather than a match for Amplify's U.S.-only fields.
PrimeEnergy Resources Corporation and Amplify acquire and produce U.S. oil properties, leaving production margins and investment returns exposed to oil prices. PrimeEnergy's oil and gas properties are mainly in Texas and Oklahoma, so its field-development results provide a comparison across different operating regions.
Magnolia Oil & Gas Corporation and Amplify both generate cash from U.S. oil production whose selling prices and operating costs determine margins, though Magnolia operates in South Texas. Watch Magnolia's cash left after drilling and completing wells as a comparison for production cash generation, not a shared asset base: Amplify sold its Eagle Ford assets in 2025.
Permian Resources Corporation and Amplify both sell produced oil at prevailing market prices, so changes in actual crude selling prices affect both. Most Permian Resources sales contracts run longer than 12 months, but pricing still follows the market, sometimes with contractual adjustments.
Northern Oil and Gas, Inc. shares Amplify's oil-price exposure by paying for a share of wells run by other operators and receiving a share of production revenue. Watch its willingness to fund new wells: lower oil prices typically reduce both the proposals it receives and the proportion it joins.
Granite Ridge Resources, Inc.'s shares of oil-well production and Amplify's operated oil fields both earn revenue tied to spot crude markets. Granite Ridge generally relies on partners to operate wells and sell its share of output, so its oil selling prices are the comparison to watch rather than direct operating control.
Diamondback Energy, Inc.'s oil-focused Permian production shares the crude-price driver of Amplify's remaining oil fields, but its development approach differs. Diamondback drills horizontal wells and uses contiguous acreage for repeatable, large-scale development; its cost efficiencies provide a contrast to Amplify's long-lived fields.
EOG Resources, Inc. and Amplify both produce and market crude, making oil prices a shared influence on sales revenue and field returns. EOG's emphasis on low-cost reserves and operating costs makes its production margins a useful comparison for Amplify.
ConocoPhillips and Amplify both sell produced crude at market-sensitive prices, though ConocoPhillips has much broader international and gas operations. Watch its crude selling prices after location, quality and transportation adjustments rather than treating its overall commodity revenue as a direct match for Amplify.
HF Sinclair Corporation earningsDINO
HF Sinclair bought production representing 21% of Amplify Energy’s reported 2025 revenue, so its report can show whether this major buyer’s purchasing demand remains firm.
Look for HF Sinclair’s reported purchasing demand alongside what it says about fuel demand and refinery operations. Steady demand would indicate that this major buyer may continue taking Amplify’s oil; weaker demand could leave Amplify seeking replacement buyers, and a delay in replacing them could disrupt sales and production.
Amplify Energy Corp. earningsThis company
Amplify Energy now relies on its Bairoil and offshore Beta oil fields, and this report will show whether oil sales after fees and field output generate enough operating cash to keep them running.
Read oil production, realized sales prices after applicable fees, and cash from operations together. Steady output and realized prices alongside stronger operating cash would show the remaining fields are generating cash to support operations; weaker output or prices and less operating cash would show that support is under pressure. Net income can also reflect asset-sale gains and derivative gains or losses, so it is not a stand-alone measure of field performance.
Devon Energy Corporation earningsDVN
Devon Energy’s Rockies operations offer a regional comparison for Amplify Energy’s Wyoming Bairoil field, showing how oil prices and field costs affect oil production economics.
Compare Devon’s Rockies oil sales and operating results, noting whether realized prices reflect location, quality, or transportation adjustments. Resilient sales and operations would suggest regional fields can withstand market-price and cost adjustments, a favorable comparison for Bairoil; weaker results would point to pressure on similar regional economics, though the companies’ assets and costs differ.
