The S&P/ASX 300 Index (ASX: XKO) energy stock Amplitude Energy Ltd (ASX: AEL) is slipping today.
Amplitude Energy shares closed on Friday trading for $1.745. In early morning trade on Monday, shares are changing hands for $1.73 apiece, down 0.9%.
For some context, the ASX 300 is down 0.5% at this same time.
This follows the release of Amplitude Energy's third-quarter update (Q3 FY 2026).
Here's what we know.
ASX 300 energy stock dips despite record revenue
Over the three months to 31 March, Amplitude Energy reported quarterly production of 6.86 petajoules equivalent (PJe), up 12% year on year. And FY 2026 year-to-date production of 20.75 PJe is up 6% from the first three quarters of FY 2025.
The ASX 300 energy stock achieved record quarterly revenue of $74.1 million, up 17% year on year. That was spurred by a record quarterly average realised gas price of $10.74 per gigajoule (GJ), up 4% from the prior quarter.
Q3 also saw Amplitude engage in successful production trials at its Orbost Gas Processing Plant, located in Victoria. The company noted that Orbost produced above prior nameplate capacity and set new records. Those included a seven-day average production rate of 71.0 terajoules per day, and a 30-day average rate of 70.2 TJ/d.
In other major project news, the ASX 300 energy stock said that Front-End Engineering Design (FEED) for the East Coast Supply Project (ECSP) subsea development phase is complete. The company highlighted that the project remains on budget and is scheduled to achieve first gas by calendar year 2028.
Amplitude Energy ended the quarter with cash and cash equivalents of $96 million, up 70% from Q3 FY 2025.
What did Amplitude Energy management say?
Commenting on the results that have yet to lift the ASX 300 energy stock today, Amplitude CEO Jane Norman said, "Amplitude Energy continued its strong operational and financial momentum in Q3 FY26."
Norman added:
Orbost has demonstrated the ability to run at levels above 70 TJ/day and set new production records during the quarter. Pleasingly, group production is already tracking towards the upper end of our recently-upgraded guidance of 73-77 TJe/day with strong potential for further improvement into the end of FY26.
As for the recent exploration setbacks at the company's Otway Basin project, Norman noted:
In the Otway Basin, whilst the exploration results were disappointing at our first ECSP well, we remain excited about the remainder of the program. With Annie as a discovered resource, existing infrastructure already in place and high-probability exploration targets still to drill, the ECSP remains a very attractive project.
The post ASX 300 energy stock slips despite record quarterly revenue and gas prices appeared first on The Motley Fool Australia.
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