Amplify Energy is a small independent oil producer that, following a series of divestitures in 2025, operates two assets: Beta, an offshore oil field in federal waters off Long Beach, California, and Bairoil, onshore oil fields in Wyoming. Beta is Amplify's primary growth asset, accounting for roughly 56% of production and 64% of proved reserves; Bairoil accounts for the remainder. Amplify owns 100% working interest in both assets, bearing all costs and capturing all production. Revenue is driven by crude oil production volumes and realized WTI-linked prices. Lease operating costs are relatively high — around $38/Boe at Beta and $45/Boe at Bairoil — reflecting the mature, complex nature of both assets. Both assets experience natural production declines, requiring continuous capital investment to sustain output. Amplify hedges a significant portion of production using crude oil swaps and collars to manage price volatility. Beta is the centerpiece of Amplify's growth strategy, with management focused on drilling horizontal development wells in the D-Sand formation. Amplify estimates at least 25 proved undeveloped locations at Beta, with well costs of $5–6M each and management-cited breakevens below $35/Bbl. Development pace is tied to oil prices and balance sheet management, with Amplify targeting net debt to EBITDA of 0.5x–1.0x.