Sable Offshore Corp. (NYSE: SOC) saw its stock surge 38.45% in pre-market trading on Thursday, following a significant after-hours rally the previous day.
The sharp increase comes after the Pipeline and Hazardous Materials Safety Administration (PHMSA) confirmed that SOC's Las Flores Pipeline qualifies as an interstate pipeline facility under the Pipeline Safety Act. This classification grants PHMSA exclusive regulatory authority over the pipeline, a development that has bolstered investor confidence.
The Las Flores Pipeline, which links the Santa Ynez Unit to the Pentland Station terminal in Kern County, California, was previously classified as intrastate. The reclassification is expected to streamline regulatory oversight and potentially enhance operational efficiency for SOC, which acquired the pipeline assets in 2024.
Comments