Amplify Energy Provides Update on the Southern California Release
Amplify Energy Corp. (NYSE: AMPY) provided an update on the Southern California oil release event from October 2021. The U.S. Coast Guard announced cleanup operations are complete as of February 2, 2022, with over 1,800 contractors deployed. Amplify has filed complaints against shipping companies for negligence leading to the incident. The company is now focused on advancing its permanent repair plan for the San Pedro Bay Pipeline, which includes the removal and replacement of damaged sections. Amplify is committed to environmental protection and compliance with regulatory bodies.
- Cleanup operations have been successfully completed, minimizing environmental impact.
- Amplify is advancing its permanent repair plan for the damaged pipeline with regulatory approval.
- Complaints filed against shipping companies indicate potential legal and financial liability.
- The incident reflects operational vulnerabilities which could affect future performance.
HOUSTON, March 01, 2022 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (NYSE: AMPY) (“Amplify” or the “Company”) issued the following update regarding the Southern California release event:
On December 28, 2021 the United States Coast Guard announced that the Unified Command had concluded cleanup operations in all counties impacted by the release event in October. On February 2, 2022, Unified Command stood down and announced that the response phase was officially complete. Amplify deployed upwards of 1,800 oil spill response contractors who worked under the direction of the Unified Command alongside government agencies, wildlife rescue organizations and local volunteers. We are grateful to our Unified Command partners for their collaboration and professionalism over the course of the response.
Investigation Update
Amplify continues to comply with all regulatory requirements and investigations and we look forward to reviewing the findings of these investigations once completed.
On February 28, 2022, Amplify filed a complaint against the two shipping companies whose anchors struck the San Pedro Bay Pipeline, damaging the pipeline and causing the oil release in early October. The Company also filed claims against the Marine Exchange of Southern California, which failed to notify Amplify of the anchor strikes.
Amplify filed complaints against these parties because their actions or inactions caused the October 2021 release event. If these parties had not been grossly negligent and if the maritime notification laws had been observed in January 2021, this entire event could have been avoided.
Operational Update
Amplify Energy continues to work cooperatively with the appropriate regulatory agencies to safely and promptly advance our permanent repair plan for the San Pedro Bay Pipeline, which was damaged by vessel anchor strikes in January 2021. Working with federal pipeline safety regulators and world class engineering and dive teams, we designed an approved temporary repair plan and have completed this phase of the work by safely and successfully removing any oil in our pipeline that remained following the shut-in of the pipeline on October 2, 2021.
We look forward to receiving the additional required approvals from the relevant regulators and safely executing the next stage of the repair plan, which will remove and replace the damaged pipeline, so that regulators and investigators can examine it and gain critical understanding for the entire maritime and energy industries.
Amplify Energy is committed to safely operating in a way that ensures the protection of the environment and the surrounding communities – communities where many of our employees live and raise their families. This commitment will continue to guide our response to this incident, and we will work closely and cooperate with all regulatory and governmental bodies.
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, federal waters offshore Southern California, East Texas / North Louisiana, and the Eagle Ford. For more information, visit www.amplifyenergy.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Amplify expects, believes or anticipates will or may occur in the future are forward-looking statements. Terminology such as “will,” “would,” “should,” “could,” “expect,” “anticipate,” “plan,” “project,” “intend,” “estimate,” “believe,” “target,” “continue,” “potential,” the negative of such terms or other comparable terminology are intended to identify forward-looking statements. Amplify believes that these statements are based on reasonable assumptions, but such assumptions may prove to be inaccurate. Such statements are also subject to a number of risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Amplify, which may cause Amplify’s actual results to differ materially from those implied or expressed by the forward-looking statements. Please read the Company’s filings with the Securities and Exchange Commission, including “Risk Factors” in its Annual Report on Form 10-K, and if applicable, its Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and other public filings and press releases for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. All forward-looking statements speak only as of the date of this press release. All forward-looking statements in this press release are qualified in their entirety by these cautionary statements. Amplify undertakes no obligation and does not intend to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.
Media contact: media@amplifyenergy.com
FAQ
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