Yahoo Finance Amplify (AMPY) Denies Any Relation to Oil Sheen in California
Amplify Energy Corporation AMPY, a U.S.-based upstream energy player, reported that the sheen, off the coast of Huntington Beach in California, as seen on Mar 8, is not known to be related to its operations. Shares of the company plunged nearly 18% on Friday, following reports of the oil spill.
The U.S. Coast Guard revealed that any remaining recoverable oil sheen was not observed during the morning overflight conducted off the coast of Huntington Beach. It is still unclear if the sheen was caused by a leak or a spill. The U.S. Coast Guard is investigating the cause of the sheen. According to a regulatory filing, the incident was reported at the Elly platform by a subsidiary of Amplify.
The incident was reported at the site of a massive spill in 2021. Amplify owns the pipeline that spilled nearly 588 barrels (approximately 25,000 gallons) of crude oil in the ocean and along the coast of Huntington Beach in 2021. However, as mentioned earlier, AMPY believes that the sheen is not related to its operations.
The significant oil sheen that was discovered on Mar 8, was approximately 2.5 miles in length and 0.5 miles in width. Tar balls were also discovered along the shoreline in Huntington Beach. Although thebeaches remained open, people were urged to notify a lifeguard if they spotted any tar.
The Department of Fish and Wildlife’s office of oil spill prevention and response in California reported that one oiled bird and a grebe had been recovered until Friday.
Zacks Rank and Key Picks
Currently, AMPY holds a Zacks Rank #4 (Sell).
Some better-ranked stocks in the energy sector are Energy Transfer LP ET, Archrock Inc. AROC and Harbour Energy HBRIY. Both Energy Transfer and Archrock presently sport a Zacks Rank #1 (Strong Buy), while Harbour Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Energy Transfer is a midstream player that owns and operates one of the most diversified portfolios of energy assets in the United States. With a pipeline network extending more than 125,000 miles, its network spans more than 44 states. With a presence in all the major U.S. production basins, the company’s outlook seems positive.
Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
Harbour Energy is a leading independent oil and gas company, primarily involved in upstream operations. The recently announced acquisition of the Wintershall Dea asset portfolio is expected to increase HBRIY's estimated production. The company has also done well in reducing its debt in the past year.
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