Amplify Stock Climbs 12% On Coast Guard Report
By Katherine Hamilton
Shares of Amplify Energy were up 12% Monday morning after the U.S. Coast Guard/Unified Command over the weekend backed up Amplify's claims that its operations were not related to a more than two-mile sheen of oil off Huntington Beach, Calif.
The oil company's stock was up to $5.79. Shares fell 18% on Friday after initial reports of the oil sheen discovery.
Amplify said it "remains confident" it is not responsible for the spill, even though it reported a minor discharge of produced water on the morning of March 8. The sheen was reported to the local Coast Guard on the evening of March 7.
The Coast Guard said characteristics of the discharge reported by Amplify did not align with those of the sheen.
"Currently, we do not believe the sheen and the discharge are related," the Coast Guard said, noting that offshore recovery assets would be demobilized following a March 10 overflight that "did not observe any sheen offshore."
Houston-based Amplify said its Beta field operations and development program have not been disrupted.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
March 11, 2024 11:52 ET (15:52 GMT)
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