Shares fall 50% in the company behind the historic California oil spill
As crews start cleaning the 3,000 barrels of crude oil washing up on the beaches of Huntington Beach, the bull’s-eye is now on Amplify Energy, which owns the offshore Beta oilfield. Amplify says that the leaking has stopped, and the 17-mile pipeline secured. Yet to be revealed is what caused the spill; authorities Monday afternoon said they were investigating the possibility that a ship’s anchor ruptured a pipeline. Investors weren’t waiting. Shares in Amplify are down 50% today.
This doesn’t look to be a case of neglected assets. Amplify has been active in the Beta field, and this year has invested several million dollars in recent quarters there, rehabbing one well and planning to redrill two others. “The initial phase of the Beta field development program is currently underway,” the company said in its second-quarter results.
Amplify needed the uplift, having lost $35 million in the second quarter on revenue of $80 million. The spill, however, makes it more likely that instead of redeveloping the Beta field, Amplify will end up shutting it down. That is, if it can even afford the cleanup cost. with 3,000 barrels that leaked from a field operated by Venoco with pipelines operated by Plains All-American.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The 50 Best Restaurants In The World 2021: Copenhagen’s Noma At The Top, AgainCopenhagen has confirmed its reputation as the global dining destination after two of its restaurants won first and second places at the “Oscars of gastronomy.”
Read more »
Dannii Minogue excited to turn 50 as she talks 'tragic' exercise and dietAustralian sweetheart Dannii Minogue is set to celebrate her 50th later this month - and she has opened up about life ahead of her milestone birthday
Read more »
'White Lotus' Star Sydney Sweeney Shares the Eyelash Serum That Made Her Lashes Grow ‘Like Crazy’Sydney Sweeney Shares the Eyelash Serum That Made Her Lashes Grow ‘Like Crazy’
Read more »
Beloved fashion designer shares graphic image, reveals he survived scary fireplace explosionRousteing, the creative director of Balmain, shared on Saturday that one year ago his fireplace exploded.
Read more »
Amy Robach shares painful story with fans as she marks major family milestoneGMA star Amy Robach has revealed the 'pain' and 'determination' that went into her Berlin marathon run with a series of pictures
Read more »