AMPY - Amplify Energy reaches settlement with businesses in California pipeline spill

Amplify Energy ( NYSE: AMPY ) said Thursday it reached a settlement with Southern California businesses in a class action lawsuit that followed a crude oil spill off the coast in October 2021 near Huntington Beach.

The pipeline operator did not say how much the businesses would be paid but said its insurance policies will cover the cost of the settlement.

While less severe than originally feared, the spill of ~25K gallons of crude into the Pacific Ocean four miles offshore shuttered beaches for a week and fisheries for more than a month, while threatening area wetlands.

Amplify ( AMPY ) said the settlement does not affect its claims against an organization that helps oversee marine traffic; the company contends that two ships damaged the pipeline when they dragged their anchors across it .

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