Sable Offshore Corp. (NYSE: SOC) has provided a legal update on its ongoing case against the California Coastal Commission. The company is seeking to amend its current lawsuit to quantify monetary damages in its inverse condemnation claim against the commission. Sable is requesting damages in excess of $347 million to compensate for the unlawful delay of and damages to the restart of the Las Flores pipeline system.
In November 2024, the commission issued a cease and desist order, which Sable complied with. However, in February 2025, Sable continued and completed its anomaly repair program in the coastal zone as required by the federal consent decree.
Additionally, Sable filed a declaratory judgment action against the state of California in Kern County, seeking confirmation that certain provisions of SB 237 do not apply to the Las Flores pipeline system.
Sable continues to work diligently with the state of California to safely and responsibly resume petroleum transportation through the Las Flores pipeline system. However, continued delays in approving the restart plans will prompt Sable to pursue the accelerated offshore storage and treating vessel strategy.
Sable Offshore Corp. is focused on responsibly developing the Santa Ynez unit in federal waters offshore California and has extensive experience safely operating in the region. Today the company's shares have moved -0.18% to a price of $19.055. For more information, read the company's full 8-K submission here.
