Welcome to the Amplify Energy's Fourth Quarter 2018 Investor Conference Call. Amplify’s operating and financial results were released earlier today and are available on Amplify’s website at www.amplifyenergy.com. During this presentation, all participants will be in a listen-only mode. Today’s call is being recorded. A replay of the call will be accessible until Wednesday, March 20th by dialing 855-859-2056 and then entering conference ID 5469647 or by visiting Amplify’s website, www.amplifyenergy.com. I would now like to turn the conference over to Martyn Willsher, Senior Vice President and Chief Financial Officer of Amplify Energy Corp.

Good morning and welcome to the Amplify Energy conference call to discuss operating and financial results for the fourth quarter 2018. We appreciate you joining us today. Ken Mariani, Amplify’s President and Chief Executive Officer, will begin the call by updating our stakeholders on the company’s strategic progress and operating results, and I will follow with an update on our financial results. First, we would like to remind you that some of our remarks may contain forward-looking statements and are based on certain assumptions and expectations of Amplify’s management team. These remarks reflect management’s current views with regard to future events and are subject to various risks, uncertainties and assumptions. Although management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct and undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this earnings call. Forward-looking statements include, but are not limited to, our statements about and our discussion of, first quarter and full year 2019 guidance. Please refer to our press release and SEC filings for a list of factors that may cause actual results to differ materially from those in the forward-looking statements made during this call. In addition, the unaudited financial information that will be highlighted here is derived from our internal financial books, records, and reports. For additional detailed disclosure, we encourage you to read our annual report on Form 10-K, which we expect to file later today. Also, non-GAAP financial measures may be disclosed during this call. Reconciliations of those measures to comparable GAAP measures may be found in our press release or on our website at www.amplifyenergy.com. With this in mind, I will now turn the call over to Ken Mariani. Ken?

Thank you, Martyn. I appreciate our stakeholders joining us today. My remarks on this call will provide an update on our return of capital to shareholders, our operational performance in the fourth quarter year end 2018 proved reserves and our initial guidance for 2019. During the last few months, the Amplify team has made great progress across multiple fronts to position the company for a transformative year in 2019. As mentioned on the last earnings call, we believe that maintaining capital disciplines and returning capital to shareholders will be key components of our go forward strategy. To that end in the fourth quarter, Amplify completed $35 million repurchase of stock through a tender offer process. At a purchase price of $12 per share, Amplify repurchased and retired approximately 2.9 million shares. Subsequent to closing of the tender offer, Amplify’s board of directors authorized a share repurchase program of up to $25 million with repurchases to begin on or after January 9, 2019. As of February 28, 2019, Amplify has repurchased approximately 43,000 shares at an average weighted price of $8.63 per share for total consideration of approximately $400,000. We will continue to execute this program to repurchase stock as market conditions allow and will consider additional returns of capital to shareholders later in the year as our 2019 cleaning takes shape. Our assets continue to perform in line with expectations during the fourth quarter as we generated $32.4 million of adjusted EBITDA, which was within our guidance range of $31 million to $37 million. Production for the fourth quarter averaged approximately 143 million cubic feet of gas per day, a reduction of 6% from the previous quarter, but above the midpoint of our quarterly guidance. This anticipated quarter-over-quarter decrease was driven primarily by natural production declines in our maintenance turnaround…

Thank you, Ken. I'd like to start by discussing our financial results for the quarter, followed by additional details on our liquidity, hedge positions and initial guidance for the first quarter and full year 2019. Starting with our fourth quarter results, net cash from operating activities was $25.2 million, which was lower than our third quarter of $32.3 million. This decline was primarily because of lower adjusted EBITDA for the quarter and working capital adjustments due to reduced activity levels. Adjusted EBITDA for the fourth quarter was $32.4 million, which was slightly below the midpoint of the guidance range of $31 million to $37 million. This result was due to lower than expected liquids production in pricing, along with additional operating costs, primarily associated with our second rig crew in California. G&A in the fourth quarter was $7.4 million, which included $1.1 million of non-cash compensation expenses plus a reversal of $0.6 million of previously recorded divestiture expenses. Excluding these one-time expenses, cash G&A was $6.9 million for the fourth quarter and in line with our expectations. For the full year 2018, our cash G&A was $31 million after adjusting for certain one-time payments made during the year. Going forward, we expect cash G&A of approximately $6 million in the first quarter 2019 declining to approximately $5.7 million per quarter for the remainder of 2019. Comparing year-over-year, our full year 2019 cash G&A forecasts of approximately $23 million is a reduction of more than 25% from our adjusted full year of 2018 cash G&A of $31 million. We continued to keep close control of our G&A expenses. We'll look for further reductions in future periods. Free cash flow, which again we defined as adjusted EBITDA, less cash interest expense and capital expenditures, was $18 million for the fourth quarter and…

Thank you, Martyn. In closing, I want to thank our employees for making 2018 a great year here at Amplify. I have now been here almost a year and I am confident that we are in a position to build a stronger, more efficient company in 2019, while also meaningfully increasing shareholder value. This concludes our prepared remarks. Thank you for joining us today and as always please don't hesitate to reach out to us with any questions.

Thank you for joining us today. As a reminder, you can listen to the replay of the call by dialing (855) 859-2056 and entering conference ID number 5469647 or by visiting www.amplifyenergy.com. This concludes today's call. Thank you for your participation. You may now disconnect.