Amplify Energy (AMPY) issues statement on environmental remediation efforts in Southern California

October 18, 2021 8:22 AM EDT
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Amplify Energy Corp. (NYSE: AMPY) (“Amplify”, “Amplify Energy” or the “Company”), parent company to Beta Operating Company, LLC, issued the following statement regarding the ongoing environmental remediation efforts in Southern California:

Over the course of the past two weeks, the Amplify Energy team has worked closely with the U.S. Coast Guard and the California Department of Fish and Wildlife’s Office of Spill Prevention and Response (CDFW-OSPR) as part of the Unified Command, and also with many other federal, state and local agencies on the remediation efforts in response to this event. We are grateful for the efforts of all parties involved, and we will continue to collaborate closely as cleanup and restoration progresses. On October 15, 2021, Unified Command reported that trained oil observers and beach cleanup contractors witnessed significant progress in cleanup operations and are assessing the beaches to determine whether any further treatment is needed.

We are fully committed to supporting the Unified Command and complying with all regulatory requirements and investigations. These investigations take time, given their complexity, and Amplify Energy remains committed to cooperating with the federal and state agencies looking into this matter. It is our expectation that all other relevant parties will make this same commitment. The sharing of information with regulatory agencies is critical to understanding the events surrounding and potential impacts of the incident, including the magnitude of the spill. On October 14, 2021, the U.S. Coast Guard announced that it has a high degree of confidence the size of the release was approximately 588 barrels, which is below the previously reported maximum estimate of 3,134 barrels.

Offshore energy development and maritime traffic can and have coexisted in this region for decades and we are committed to working with maritime stakeholders to investigate this incident and ensure something like this does not happen again.

Amplify Energy is committed to safely operating in a way that ensures the protection of the environment and the surrounding communities – communities where many of our employees live and raise their families. This commitment will continue to guide our response to this incident, and we will work closely and cooperate with all regulatory and governmental bodies.

For additional information on the Unified Command response, visit: https://socalspillresponse.com/.



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