AMPY - Amplify Energy restarts operations at California's Beta Field

2023-04-10 08:41:30 ET

Amplify Energy ( NYSE: AMPY ) +2.6% pre-market Monday after saying it received the required approvals from federal regulatory agencies to restart operations at the Beta Field offshore southern California.

The company said initial steps to resume full operations will involve filling the San Pedro Bay Pipeline with production, a process which began during the past weekend and is expected to take roughly two weeks to complete.

"The approval from federal regulatory agencies and the receipt of $85M in net proceeds from the vessels that struck and damaged our pipeline substantially concludes a very challenging last 18 months for the company," President and CEO Martyn Willsher said.

Last month , Amplify ( AMPY ) said it reached settlements totaling $96.5M with shipping companies related to anchor strikes by containerships that damaged its underwater pipeline, interrupted its business and led to the 2021 oil spill off Huntington Beach.

Amplify Energy's ( AMPY ) balance sheet is now healthy being significantly deleveraged to less than 1x, and its forward free cash flow multiple of 5x limits downside, Equanimity Investing writes in an analysis published recently on Seeking Alpha .

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