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Stock Markets

5 Oct 2021

Amplify Energy Stocks Fall by 44% after Oil Spill

Amplify Energy Stocks Fall by 44% after Oil Spill

The Index Today

Amplify Energy Corporation saw its stocks plummet over 44% to $3.23 on Monday as the California Oil Spill continued. The Energy firm reportedly lost half of its market value and had to seize all of its oil and gas production.

It has been estimated that around 126,000 gallon spill occurred from Newport Beach all the way down to Huntington Beach. Amplify has had to close down it pipeline operations in the oil spill area and has sent a remotely operated vehicle to search for the source of the oil spill.

Chief Executive of Amplify has said their oil platform has an oil input from around 70 wells which is then sourced to refineries. Workers conducting a line inspection reported seeing a sheen in the water which was then notified to the Coast Guard. Residents in the affected area have been told to avoid swimming and surfing until the clean-up process is complete.

©Photo: AP Photo/Ringo H.W. Chiu