AMPY - Amplify Energy surges after Army Corps OKs San Pedro pipeline repair plan

Amplify Energy ( NYSE: AMPY ) +15.6% in Monday's trading after saying it received a key permit from the U.S. Army Corps of Engineers to proceed with repair plans for the San Pedro Bay pipeline in California that were reviewed and approved by federal pipeline safety regulators earlier this year.

By removing damaged segments of the pipeline, regulators, Amplify ( AMPY ) said the parties in litigation and the company will be able to complete further analysis of the impact from the vessels dragging their anchors and striking the pipeline in January 2021.

Following removal of the pipe segments, new segments will be installed in accordance with the approved repair plans.

The company estimates the work will take 3-4 weeks to complete after a repair barge is deployed.

Amplify Energy ( AMPY ) has "fantastic revenue [but] poor profitability and appears overpriced vs. peers," Ben Clarence writes in an analysis posted recently on Seeking Alpha .

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