AmplifyBusinessenergy

Amplify Energy stock set for record selloff, to snap 9-day win streak after Southern California oil spill

Shares of Amplify Energy Corp.
AMPY,
-43.83%

plummeted toward a record selloff in active premarket trading Monday, after the oil and gas company announced a large oil spill in Southern California over the weekend. The stock fell 59.1% to pace all premarket decliners. The stock’s record one-day selloff during regular session hours was 38.2% on March 18, 2020. Trading volume has swelled to 5.2 million shares in the premarket, compared with the full-day average of about 393,000 shares. The stock’s selloff is set to snap a nine-session win streak, which propelled the stock to close Friday at the highest price since Feb. 13, 2020. The company said on Monday that its Beta Offshore subsidiary first observed and notified the U.S. Coast Guard an oil sheen about four miles off the cost in Southern California. “As a precautionary measure, all of the company’s production and pipeline operations at the Beat Field have been shut down,” the company said. The stock has rocketed 338.9% year to date through Friday, while the SPDR Energy Select Sector ETF
XLE,
+2.52%

has climbed 42.1% and the S&P 500
SPX,
-1.51%

has gained 16.0%.

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