Amplitude Energy (COPJF) Q4 2026 Earnings Report

The call presented a predominately positive operational and financial update: record production, revenue, margins and strong cash generation alongside clear progress and funding for the transformational ECSP. Key negatives were an exploration well failure with a ~ $100m write‑off, some regional production weakness (Cooper Basin) and regulatory uncertainty around the domestic gas reservation policy. On balance the business appears robust with growth catalysts ahead and manageable near‑term costs and risks.

For FY‑27 Amplitude guided group production of 26.6–28.5 PJ (≈73–78 TJ/day) — reflecting Orbost’s ability to produce above 70 TJ/day but allowing for a 10‑day planned Orbost statutory shutdown, normal downtime and natural decline — production expenses of $58–64m, other cash expenses and cost of sales of $27–31m (now including selling/transport to Sydney), and CapEx of $250–310m (covering Juliet/Annie drilling and long‑lead orders; excludes uncommitted Nestor drilling and the Artisan upfront consideration); they also flagged ~$5m for Patricia Baleen well inspections and $6–7m for ERP replacement, aim to keep operated plant reliability loss below 1%, to maximize Orbost throughput when market conditions support >70 TJ/day, to complete the ECSP drilling phase by year‑end and remain on track for first gas in 2028.