Welcome to Amplify Energy’s Fourth Quarter 2022 Investor Conference Call. Amplify’s operating and financial results were released yesterday after market close on March 9, 2023 and are available on Amplify’s website at www.amplifyenergy.com. [Operator Instructions] Today’s call is being recorded. A replay of the call will be accessible until Friday, March 24, by dialing 800-654-1563 and then entering access code 21021351. I would now like to turn the conference call over to Eric Willis, Senior Vice President and General Counsel of Amplify Energy Corp.

Good morning and welcome to the Amplify Energy conference call to discuss operating and financial results for the fourth quarter of 2022. Before we get started, we would like to remind you that some of our remarks may contain forward-looking statements which reflect management’s current views of future events and are subject to various risks, uncertainties, expectations 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. . 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 Form 10-K that was filed yesterday afternoon. Also, non-GAAP financial measures maybe disclosed during this call. Reconciliations of these measures to comparable GAAP measures maybe found in our earnings release or on our website at www.amplifyenergy.com. During the call, Martyn Willsher, Amplify’s President and Chief Executive Officer, will provide an update regarding our assets in Southern California, fourth quarter financial and operational highlights and our hedging program and balance sheet. Martyn will conclude our prepared remarks with comments regarding Amplify’s 2023 guidance and strategy and we will then have a question-and-answer session.

Thank you, Eric. Before we get into the quarterly results and our 2023 outlook, I will begin with an update regarding our Southern California assets. I am pleased to announce that we have safely and successfully completed the scheduled repair operations to remove and replace the sections of pipeline damaged by anchor strikes from two shipping vessels in 2021. Upon completion of the repairs, the pipeline also underwent a series of safety tests and inspections, the results of which are being evaluated by federal regulators. We are currently awaiting regulatory approval to restart production and we will update the market when we have additional clarity on timing. In addition, as we announced last week, Amplify reached a $96.5 million settlement with the vessels and their respective owners and operators, which resolves our affirmative claims related to the pipeline incident. The overall resolution includes subrogation claims by Amplify’s property damage and loss of production income or LOPI insurers with Amplify ultimately receiving a net payment of approximately $85 million. The Marine Exchange has agreed to non-monetary terms as well. The response to the incident, resulting litigation and repair and restart operations have demanded considerable resources and focus from Amplify’s employees, management team and Board of Directors. We are eager to move forward from this unfortunate and preventable event and to dedicate all of our attention to safely resuming operations of Beta, our business as a whole and the strategic direction of the company. Now on to the quarter. Production for the fourth quarter of 2022 averaged approximately 20,800 Boe per day, a reduction of 1% compared to 21,000 Boe per day in the third quarter. The slight quarter-over-quarter decrease was driven by lower production in the Eagle Ford and Oklahoma partially offset by higher production at Bairoil and in East Texas.…

Yes. Thank you. As usual, at this point, we will respond to some questions that we’ve received from shareholders as well during since the time that we released earnings. We will start with the Beta restart. Obviously, there is a lot of interest in exactly when we are restarting. At this point, as our guidance suggests, our plant has to come online early in early in April of 2023. That’s been consistent. We are obviously getting very close to that date, and we are still increasingly optimistic and believe that that’s a very viable start date. We have completed everything that we need to do. And right now, we are just working with the regulators to get that final sign-off. Secondarily, there has been questions about the free cash flow profile for ‘23 through ‘25 and what the major impacts have been there. I think that’s largely been driven primarily by natural gas and NGL prices. Obviously, the last time we put this out was actually ‘22 through ‘24, and really was $235 million. At this time, we are like I said, more like $180 million, which is driven primarily, like I said, by natural gas and NGL prices. There is a little bit of an impact as well. We are taking a more conservative approach to the ramp-up on Beta, and we have increased cost a little bit to – for potential workovers and things of that nature in the short-term to make sure that we are allocating enough costs there during the short-term to get that production back online and fully up to speed, hopefully by the end of the year, which is kind of the ramp-up process that we have in place in the guidance forecast that you see. Third, there is a little bit of additional…

That concludes today’s teleconference. Thank you for your participation. You may now disconnect.