Shares of Amplify Energy Corp. fell more than 30% in premarket trading Monday after a major oil spill at the company’s platform off the coast of Orange County, Calif., over the weekend.
California officials on Sunday were trying to limit damage from the spill of an estimated 126,000 gallons that extended from Newport Beach to Huntington Beach, a distance of about six miles.
Amplify, a Houston oil and natural-gas company, on Monday said it has shut down all of its production and pipeline operations in the area as a precautionary measure, adding that it has sent a remotely operated vehicle to investigate and attempt to confirm the source of the release.
Amplify shares, which closed Friday at $5.75, were down 33.2% in premarket trading Monday.