Industry Newsoffshore drillingsable offshoredefense production act
Sable Offshore Gains DOJ Opinion Allowing Operations
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Sable Offshore Corp. (NYSE:SOC) jumped 74% this week after Thomas Elliot Gaiser, assistant attorney general at the DOJ Office of Legal Counsel, said a presidential order could preempt California laws blocking operations at the Las Flores pipeline. Operations at its offshore Santa Ynez unit resumed in May, but Las Flores remains offline pending court approval; DOJ noted the Defense Production Act could authorize orders superseding state law.
Scoring Rationale
Official DOJ opinion increases actionable clarity for investors, but the development is company-specific and limited in industry scope.
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