Amplify energy reaches $96.5 million settlement with the shipping companies related to the containerships' anchor strikes of amplify's pipeline

Houston, march 01, 2023 (globe newswire) -- amplify energy corp. (“amplify” or the “company”) (nyse: ampy) today announced that it has reached a settlement of its claims against the m/v danit (in rem) and its affiliated corporate entities; the m/v beijing and its affiliated corporate entities, as well as the cosco marine entities and the marine exchange. the m/v danit and its affiliated corporate entities and the m/v beijing and its affiliated corporate entities have agreed to pay amplify $96.5 million in connection with the anchor strikes by the containerships that damaged the pipeline, interrupted amplify's business and led to the 2021 southern california pipeline incident. the overall resolution includes subrogation claims by amplify's property damage and loss of production insurers, with amplify ultimately receiving a net payment of approximately $85 million.
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