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Amplify Energy Shares Crash 35% After Southern California Oil Spill

Courtesy of ZeroHedge View original post here.

Amplify Energy shares crashed as much as 35% premarket Monday after its subsidiary, Beta Offshore notified the US Coast Guard on Oct. 2 of an oil leak coming from one of its underwater pipelines that have caused a possible 'ecological disaster' for Southern California beaches, according to Bloomberg

A company statement said operations at the Beta Field had been shut down as a precautionary measure, and an Oil Spill Prevention and Response Plan has been initiated as city authorities for Huntington Beach, which is a beach town within Orange County, estimates 126,000 gallons of oil leaked from a broken underwater pipeline, covering beaches and wetlands with crude. 

Over the weekend, Huntington Beach officials warned residents to stay away from beaches as oil washed ashore and blackened the sand. There's also been reports of oil-covered birds and marine wildlife washing ashore. Some described the spill as a potential ecological disaster. 

The news of the oil spill has been compounding trouble for one billionaire, Marc Lasry, who owns a 6.7% stake in the company. The spill comes just a few weeks after he took on the role of chairman at Ozy Media, which just shut down after a report in NYT about its dubious business practices.

The oil spill couldn't have come at the worst time for the fossil fuel industry, as a green push has ignited a movement to decarbonize power grids. 


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