Amplify’s Shares Rise on Southern California Oil Sheen Update

Shares in Amplify Energy (NYSE: AMPY) rose nearly 20% in intraday trading on Monday after the company made two separate statements concerning an oil sheen that had appeared off the coast of Huntington Beach. Amplify said it was cooperating with the US Coast Guard in its investigations, and later announced it was “confident that the sheen is not related to our operations.”

 

Amplify stated that while it had reported a minor discharge of produced water from Platform Elly on the morning of March 8, U.S. Coast Guard/Unified Command reported over the weekend that, “the characteristics of the produced water from Platform Elly do not align with what was observed from the sheen. Currently, we do not believe the sheen and the discharge are related.” The Coast Guard also noted that offshore recovery assets would be demobilized following a March 10th overflight that “did not observe any sheen offshore.”

In recent years, California’s coastal waters have been grappling with oil sheen, which is a visible indicator of petroleum pollution that can result from sources, including offshore drilling, shipwrecks, or leaks from coastal infrastructure. The presence of oil sheens not only poses significant ecological threats to marine life and habitats but also jeopardizes the state’s vital tourism and fishing industries.

Amplify also stated that its Beta field operations and development program had not been disrupted.

About Amplify Energy

Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies (Bairoil), federal waters offshore Southern California (Beta), East Texas / North Louisiana, and the Eagle Ford (Non-op). For more information, visit www.amplifyenergy.com.

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Amplify’s Shares Rise on Southern California Oil Sheen Update

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