Sable Offshore Corp. Seeks $347M Damages

By Philip Seaworth • Monday, October 06 12:01 • Permanent Link

Sable Offshore Corp. (NYSE: SOC) has announced significant legal updates in its ongoing case, Sable Offshore Corp., et al. v. California Coastal Commission, et al. The company is seeking to quantify monetary damages in its inverse condemnation claim against the California Coastal Commission, and has filed a motion today to amend the current lawsuit for this purpose.

The damages sought by Sable Offshore Corp. exceed $347 million, aiming to compensate for the unlawful delay of and damages to the restart of the Las Flores pipeline system. This development comes after the Commission issued an executive director cease and desist order in November 2024, which led to compliance from Sable. However, upon confirmation that the anomaly repair program on the Las Flores pipeline system was authorized by existing permits, the company continued and completed its anomaly repair program in the coastal zone in February 2025.

In addition to the legal actions against the California Coastal Commission, Sable Offshore Corp. has also filed a declaratory judgment action against the state of California in Kern County. This action seeks to confirm that certain provisions of SB 237 do not apply to the Las Flores pipeline system.

Sable Offshore Corp. continues to work diligently with the state of California to safely and responsibly resume petroleum transportation through the Las Flores pipeline system in accordance with its federal consent decree, which involves several state and federal agencies. However, the company has highlighted that continued delays in approving the restart plans for the Las Flores pipeline system could lead to the pursuit of the accelerated offshore storage and treating vessel strategy.

It is worth noting that from 1981 to 1994, the Santa Ynez unit, where the company is focused, produced over 160 million barrels of oil equivalent using the accelerated offshore storage and treating vessel strategy.

The market has reacted to these announcements by moving the company's shares -2.4% to a price of $19.09. For more information, read the company's full 8-K submission here.

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