Sable Offshore Shares Rise After DOT Approves Restart Plan for Dormant Oil Platforms

Dow Jones12-23 20:59

By Connor Hart

Shares of Sable Offshore climbed after the company said the U.S. Department of Transportation's Pipeline and Hazardous Materials Safety Administration approved its restart plan for the Las Flores Pipeline System.

The stock jumped 18%, to $8.95, in premarket trading Tuesday. Through Monday's close, shares had lost about two-thirds of their value over the past year.

Investors have grown skeptical of Sable, whose entire business hinges on operating in California.

James Flores, chief executive of the Houston-based company, has sought to reboot dormant oil platforms that the company bought from Exxon Mobil in federal waters near Santa Barbara.

Sable has turned to President Trump's administration for help financing and permitting an expensive pivot to load crude onto tankers in the middle of the ocean--a bid to sidestep the need for a pipeline that California would have to approve.

Officials in California, meanwhile, have blasted the company as a fly-by-night outfit that poses an environmental risk to sensitive coastal areas. Gov. Gavin Newsom previously signed a bill that sought to stonewall the project.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

December 23, 2025 07:59 ET (12:59 GMT)

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

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