AMPY - Amplify Energy surges after reaching $96.5M settlement with shippers

Amplify Energy ( NYSE: AMPY ) +18.1% on Wednesday after saying it reached settlements totaling $96.5M with shipping companies related to the anchor strikes by the containerships that damaged Amplify's underwater Southern California pipeline, interrupted its business and led to the 2021 spill off Huntington Beach.

The overall resolution includes subrogation claims by Amplify's ( AMPY ) property damage and loss of production insurers, with the company expecting to ultimately receive ~$85M in net payment.

The Marine Exchange also agreed to non-monetary terms in the settlement, which resolves Amplify's ( AMPY ) affirmative claims related to the Southern California pipeline incident.

"We are eager to move forward and turn the page on this unfortunate and preventable event," President and CEO Martyn Willsher said.

Amplify Energy ( AMPY ) could be net debt free within a year once Beta is back on, Chris DeMuth Jr. writes in an analysis published on Seeking Alpha .

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