Sable Offshore Shares Fall After Lawsuit Opposing Pipeline Restart Plan

MT Newswires Live2025-12-27

Sable Offshore (SOC) shares were over 13% down in recent trading Friday after the Environmental Defense Center, or EDC, and other groups filed an emergency lawsuit seeking a review of a US agency's approval of the Sable pipeline restart plan.

The restart plan was approved despite the "lack of protection from corrosion," which the groups said was the root cause of an oil spill in 2015, according to the filing Wednesday in the US Court of Appeals for the Ninth Circuit.

Sable Offshore said Wednesday that the US Department of Transportation, Pipeline and Hazardous Material Safety Administration issued an emergency permit for segments of the interstate Santa Ynez Pipeline System.

The EDC said the approval "blatantly ignores federal laws requiring environmental review and public input before the agency can approve a restart or waive pipeline safety requirements." It also overlooked the state Fire Marshal's findings that the pipeline still needs repairs, the group added.

Sable Offshore didn't immediately reply to MT Newswires' request for comment.

Price: 8.54, Change: -1.32, Percent Change: -13.36

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