Amplify Energy Corp. will resolve all civil claims against the company and its subsidiaries through an agreement in principle with plaintiffs on Aug. 25, according to a press release.
The final agreement, which dictates that the settlement will be funded under Amplify's insurance policies, will be subject to court approval.
In December 2021, Amplify and its two subsidiaries, Beta Operating Co. and San Pedro Bay Pipeline Co. were charged with criminal negligence after a pipeline ruptured off the coast of California in October, spilling an approximated 25,000 gallons of oil.
According to the U.S. Attorneys Office, the the companies acted negligent in "at least six different ways in response to the pipeline's leak alarms."
President and CEO Martyn Willsher commented in the release that the company negotiated in good faith, coming to "reasonable and fair resolution."
"We are pleased to have reached an agreement in principle regarding the civil litigation resulting from the Southern California Pipeline Incident last October," he added.
In February 2022, Amplify filed a complaint against two shipping companies that it claims struck the pipeline, contributing to the spill, as well as the Marine Exchange of Southern California for failing to notify the company.
"We will continue to vigorously pursue our substantial claims for damages against the ships that struck our pipeline, and the Marine Exchange of Southern California that failed to notify us of the anchor strikes," Willsher continued.
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