AMPY Stock: Why It Substantially Decreased Today

By Amit Chowdhry ● Oct 4, 2021
  • The stock price of Amplify Energy Corp. (NYSE: AMPY) fell by over 30% pre-market today. This is why it happened.

The stock price of Amplify Energy Corp. (NYSE: AMPY) fell by over 30% pre-market today. Investors are responding negatively to Amplify Energy announcing that on Saturday, October 2, 2021, Beta Offshore (a subsidiary of Amplify Energy) first observed and notified the US Coast Guard of an oil sheen approximately 4 miles off the coast in Southern California and initiated its Oil Spill Prevention and Response Plan.

Amplify Energy has sent a remotely operated vehicle (ROV) to investigate and attempt to confirm the source of the release. And as a precautionary measure, all of Amplify Energy’s production and pipeline operations at the Beta Field have been shut down.

Amplify Energy is a fully engaged member of and working cooperatively with the unified command, consisting of the Coast Guard, California Department of Fish and Wildlife’s Office of Spill Prevention and Response (CDFW-OSPR).Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.