A small oil company lost an estimated 3,000 barrels or 126,000 gallons of oil about four miles off the coast of Huntington Beach, California on October 4th, 2021, according to CNN’s Chris Isadore. The company, Amplifier Energy, is a very small company with only 222 employees as of the end of 2018. This company could face big penalties for this massive oil spill. Orange County Supervisor Katrina Foley says that she is concerned that this oil spill will take years to clean up. 

Amplifiers stock has been rising 339% year-to-date through the close of trading Friday. Although it seems like they are doing great with this rising, however, this company’s stock price on Friday was the same as where it stood before the downfall of energy prices in the early days of the pandemic when oil prices turned negative, said Isadore. 

Most recent financial reports show sales of $153 million with year-to-date losses of $54.4 million through the end of the summer. The operating income was at $47 million. The only factor of this financial report that helped its results was full forgiveness of a $5.5 million payroll protection program loan, said Isadore. 

Due to this massive oil spill, Amplifier shares have plunged about 44%. This company is Houston-based and was created in 2017 out of the bankruptcy of another small oil company, said Isadore. 

Source: 

https://www.cnn.com/us/live-news/california-oil-spill-10-04-21/index.html