Amplify Energy's second quarter of 2026 reads two ways on the page, and the difference is the report. The headline, that net income of $17.3 million collapsed to zero when the half is totaled, makes the company look like it is bleeding through. The ledgers tell a different story: the second quarter is the first full quarter with the company stripped to two assets, Beta offshore California and Bairoil in Wyoming, after a year in which it divested East Texas, Oklahoma, and its non-operated Eagle Ford position and paid off all outstanding debt. Production is lower because the asset base is smaller; realized oil prices more than doubled year over year; and the company exited June with $36.2 million of liquidity, no borrowings, and a freshly authorized $15 million share repurchase program representing roughly 10% of outstanding shares.
The single number that frames the quarter is the realized price. Average net production of 6.8 MBoe/d for the three months ended June 30, 2026, less than half the prior-year 19.1 MBoe/d, sounds like decline until paired with the realized oil price of $85.14 per Boe against $38.38 a year earlier. The 2025 numbers are not a steady-state comparison: that quarter still carried a full quarter of production from divested assets. On a like-for-like basis, the surviving two-asset business earned oil revenue of $52.5 million against $37.9 million a year ago, higher on both price and volume at the retained fields. The H1 2026 GAAP net loss of $20.8 million looks worse than H1 2025 net income of $0.5 million, but the half is dragged by a $36.8 million non-cash loss on commodity derivative fair value that reversed an $11.0 million H1 2025 gain, an impairment-free quarter versus an $8.4 million non-op Eagle Ford write-down, and the absence of a $7.8 million H1 2025 property-sale gain.
The numbers management is steering by, Adjusted EBITDA, came in at $8.6 million for the quarter and $12.4 million for the half, with full-year guidance of $30 to $40 million broadly unchanged from the prior range. Net cash from operations was $7.3 million for the half against $42.3 million of capital investment, with a $15 million repurchase authorization underwritten by the $21.2 million cash balance and an undrawn $15 million elected-commitment revolver. The buyback, which can run through December 31, 2026, is the company's clearest signal of how it views the current price: $4.39, off the 52-week high of $6.79 in late March and well above the $3.65 low touched in late July.