Amplify Energy Commences Restart Operations at Beta Field
Amplify Energy Corp. (NYSE: AMPY) has received federal regulatory approvals to restart operations at the Beta Field after facing challenges over the past 18 months.
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Rhea-AI Summary
Amplify Energy Corp. (NYSE: AMPY) has received federal regulatory approvals to restart operations at the Beta Field after facing challenges over the past 18 months. The initial step includes filling the San Pedro Bay Pipeline with production, a process that began recently and will take approximately two weeks. Safety remains a priority throughout this restart phase, as emphasized by the company's President and CEO, Martyn Willsher. Additionally, Amplify has received $85 million in net proceeds from vessels that previously damaged its pipeline. This financial boost aims to enhance operational safety and focus on the strategic direction of the company.
Positive
- Received federal regulatory approvals to restart operations at the Beta Field.
- Commenced the pipeline filling process, expected to take about two weeks.
- Received $85 million in net proceeds from damaged vessels.
Negative
- None.
Details
News Market Reaction – AMPY
The recorded move for AMPY in the trading session of this news was +5.53%.
Data tracked by StockTitan Argus. Session date unavailable.
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HOUSTON, April 10, 2023 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (“Amplify” or the “Company”) (NYSE: AMPY) today announced that it has received the required approvals from federal regulatory agencies to restart operations at the Beta Field. Initial steps to resume full operations will involve filling the San Pedro Bay Pipeline with production, a process which commenced over the past weekend and is expected to take approximately two weeks to complete. Following the line fill process, the pipeline will be operated in accordance with the restart procedures that were reviewed and approved by the Pipeline and Hazardous Materials Safety Administration (PHMSA).
Martyn Willsher, Amplify’s President and Chief Executive Officer, commented, “Safety has driven every aspect of our response, repair and restart operations, and safety will continue to guide our operating philosophy as we bring the Beta asset back online. The approval from federal regulatory agencies and the receipt of
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.
Investor Relations Contact
Martyn Willsher – President and Chief Executive Officer
(832) 219-9047
martyn.willsher@amplifyenergy.com
Michael Jordan – Director, Finance and Treasurer
(832) 219-9051
michael.jordan@amplifyenergy.com
Media Contact
Amy Conway
Amy.Brown@fticonsulting.com
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