U.S.-headquartered oil and gas company Amplify Energy expects its well at an oil field off the coast of California to start producing next month.
Underlining its commitment to simplifying its portfolio, Amplify explained it intends to become more oil-weighted, reduce debt, lower operating costs, and streamline the organization.
As part of this effort, the company is carrying out a drilling campaign at the C-08 well off the Eureka platform at its Beta field, with production expected to start in August. Amplify believes the potential monetization of assets would enable quicker development of the Beta program in the future.
This follows four wells previously brought online by the company, three in 2024: A-50 in June, C-59 in October, C-54 in mid-April, and C-48 in mid-February 2025. Based on Amplify’s May 2025 investor presentation, these four wells contributed to a 35% increase in Beta oil production.
On December 31, 2024, the Beta properties were estimated to contain 19.1 million barrels (MMBbls) of estimated net proved oil reserves.
Chris Hamm , Chairman of Amplify’s Board, stated: “Amplify is pursuing multiple paths to enhance shareholder value. We are taking steps to not only simplify the portfolio, but also the organization. By focusing on our low decline, oil-weighted assets with significant drilling and optimization upside, we believe we can generate outstanding returns for our investors.”
The Beta properties encompass two wellbore production platforms, Eureka and Ellen , and one production handling and processing platform, Elly .
San Pedro Bay Pipeline Company, which owns and operates an oil pipeline connecting one of the Beta platforms to the pump station located onshore at the Port of Long Beach, and an onshore tankage and metering facility also form part of Beta.
Beta was the location of a large oil spill in 2021, when around 25,000 gallons of crude oil were released into federal waters from the Elly platform’s pipeline. The U.S. player received the green light to resume operations in April 2023.
In addition to engaging in exploration activity, the company underwent management changes, with Martyn Willsher stepping down from his role as President and Chief Executive Officer (CEO) effective July 22, 2025. He will be replaced by Dan Furbee , who was previously the company’s Senior Vice President and Chief Operating Officer (COO).