Sable Offshore Stock Soars as Trump Administration Boosts Oil Project's Prospects -- WSJ

Dow Jones01:10

By Benoît Morenne

Sable Offshore's stock price soared more than 60% after it announced the Trump administration is throwing its embattled California oil project a lifeline.

Sable is pursuing a controversial plan to reboot dormant oil platforms off the Santa Barbara County's coastline, but it has run into a regulatory thicket in California, which has been intent on killing the project.

The company caught a big break on Wednesday. It said in a regulatory filing that at its request, the Department of Transportation's Pipeline and Hazardous Materials Safety Administration had agreed to take over the supervision of a key pipeline system from California regulators.

The move lifts a key hurdle for the bold project. The conduits are the crucial artery that links three dormant offshore platforms Sable bought from Exxon to California's markets. The state gained regulatory authority over the system after one of the pipelines released nearly 3,000 barrels of oil in 2015.

The federal agency also determined the pipeline to be "active," which analysts say removes a requirement for Sable to obtain coastal permits under legislation California just passed.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

December 18, 2025 12:10 ET (17:10 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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