Amplify Energy $AMPY stock has done a symmetrical triangleThe symmetrical triangle pattern is one of the most popular chart patterns in the world of technical analysis. This pattern is a result of the convergence of two lines that form a ... breakout on March 1, 2023. The breakout occurred on the news that Amplify Energy has won a $96 million settlement.
Amplify Energy Wins $96.5 Million Settlement
Amplify Energy declared that it had settled its legal disputes with the M/V Danit and the M/V Beijing on March 1, 2023. In relation to the anchor strikes by the containerships that damaged the pipeline, disrupted Amplify’s operations, and caused the 2021 Southern California Pipeline Incident, the M/V Danit and the M/V Beijing have agreed to pay Amplify $96.5 million. The total settlement includes subrogation claims from Amplify’s property damage and loss of production insurers, and Amplify ultimately received a net payment of about $85 million.
The Marine Exchange also consented to non-monetary terms in this settlement. The documentation for the settlement agreement is currently being finalized by the parties. Amplify’s affirmative claims pertaining to the Southern California Pipeline Incident in 2021 are resolved by the settlement. Amplify will also waive all of its remaining legal claims against those parties as part of the settlement after payment has been received.
Martyn Willsher, Amplify’s President and Chief Executive Officer, commented, “The resolution of Amplify’s claims against the vessels and their affiliated entities concludes our involvement in the litigation related to the 2021 pipeline incident, which has demanded considerable focus and allocation of Company resources. We are eager to move forward and turn the page on this unfortunate and preventable event and to dedicate all of our attention to operations at Beta, our business as a whole and the strategic direction of the Company. Amplify has operated off the coast of California for years in a safe and responsible manner and we remain committed to ensuring the safety and protection of our employees, the environment and our surrounding communities.”
