kerry should explain to biden that unless 20+ people are jailed for amplify's oil spill nobody needs to listen to us on anything green- how rotten can legislated scams become
Amplify Energy
Amplify Energy Corp is an oil company based in Houston, Texas. It trades as NYSE: AMPY and has 230 employees.[1] it has just ruined tens of miles of ca beaches with its broken pipe line
Wells[edit]
Its assets are in Texas and the West, with about 1000 oil wells and 1500 natural gas wells. The company uses fracking in "almost every well", including CO2/water injection in their Bairoil, Wyoming wells, and large volumes of brine water in their wells in Oklahoma. Reinjection of brine water into wells has led to seismic activity, so Amplify's permits to inject waste water have been limited.[2][3][1]
Beta platforms[edit]
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Amplify, through its Beta Offshore (Beta Operating Company LLC, registered in Delaware) subsidiary, owns three oil platforms near Los Angeles, California, titled Elly, Ellen, and Eureka. Elly and Ellen are connected. Ellen and Eureka have production oil wells, and are connected by pipeline to Elly. Elly separates the oil, gas, and water, burns the gas for fuel, and pumps the oil through a 16 16 inches (41 cm) pipeline, to the Port of Long Beach. Amplify's subsidiary, San Pedro Bay Pipeline Company, registered in California, owns and operates the 17.5 miles (28.2 km) pipeline. Fracking is not used in the Beta unit, and would be banned or heavily restricted, per a court order given to Bureau of Ocean Energy Management.[4][1]
A major oil spill off the California coast has caused dead birds, fish and oil to wash up on Huntington Beach, Huntington Beach Mayor Kim Carr say. A spill of about 3,000 barrels of oil caused by Elly Oil Rig owned by Amplify Energy through Beta Operating LLC -- or roughly 126,000 gallons of post-production crude -- off the coast of Southern California is a "potential ecological disaster," Huntington Beach Mayor Kim Carr said Saturday Oct 2nd, 2021. [5]
History[edit]
Amplify is the successor of Memorial Production Partners, which went into Chapter 11 bankruptcy in 2017 and was traded as Nasdaq: MEMP. Amplify's CEO beginning May 2018 was Ken Mariani, previously from Enervest. Midstates Petroleum (previously NYSE: MPO) of Tulsa, Oklahoma was merged with Amplify in 2019; Midstates went through bankruptcy in 2016.[6][7][8]
David J. Sambrooks, former CEO of Midstates, received $5.3 million in compensation in 2019, $1.1 million in 2018, $2.7 million in 2017. The 2019 compensation included $3.5 million in severance benefits. Likewise, Scott C. Weatherholt, EVP and general counsel, received $3 million compensation in 2019 (including $1.9 million in severance benefits), $1.6 million in 2018, and $416,000 in 2017.[9]
Before the merger, the company bought back $1.3 million in stock in early 2019, having approved up to $25 million of buyback in 2018. After the mid-2019 merger, another $25 million buyback was approved, and the company purchased $24.9 in stock in late 2019.[1]
Amplify's 2019 gross income was $275.6 million, versus $340 million in 2018. Two dividends were issued in 2019 totaling $15.9 million. The company had a revolving credit line with Bank of Montreal for $450 million; the company had an average of $265 million borrowed. The line of credit was reduced to $285 million in June 2020, and would be reduced monthly until it was at $260 million. In June the company had $264 million used in the line of credit.[1][10][11][12][13]
Fir Tree Capital Management, a hedge fund founded by Jeff Tannenbaum, owns approximately 27.7% of Amplify's outstanding stock.[14] Brigade Capital Management owns approximately 10.7%.[9]
In 2019, its largest customers were Phillips 66 (27%), Sinclair Oil (21%), and BP America (13%).[1]
CEO Mariani announced his retirement on April 1, 2020. CFO Martyn Willsher was announced as the interim CEO.[15][9]
On April 20, 2020, the company was notified by NYSE that it was at risk of delisting for its low share price. Amplify had 6 months to cure this, but regained compliance by June 2020.[16][17][18]
As part of the COVID-19 pandemic, the company announced on May 6, 2020, that it received $5.5 million in federally backed small business loans on April 24 as part of the Paycheck Protection Program. The Washington Posthighlighted the loan, especially since Amplify is a public company and spent $26 million on stock buybacks; Reuters highlighted Amplify as an energy company that has not indicated it would return the funds before the amnesty deadline. Amplify expected most of that money would be forgiven per the PPP's terms.[19][20][18][21][22][23][24]
Leadership[edit]
- Martyn Willsher, CFO and interim CEO, 2020 base salary $350,000.[15][9]
- Ken Mariani, CEO, 2018–2020. Hired with a $600,000 salary, up to $600,000 yearly as a target bonus in cash and stock, and 250,000 shares of stock on a vesting plan. Mariani received a cash incentive award of $334,000 in 2019.[25][9]
- William Scarff, CEO, 2016-2018[26]
- John Weinzierl, CEO, 2011-2016[26]
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