Shares of Sable Offshore Corp. (NASDAQ:SOC) are trading higher Tuesday after the company said the U.S. Pipeline and Hazardous Materials Safety Administration (PHMSA) approved restart plans for the Las Flores Pipeline system.
- Sable Offshore stock is among today’s top performers. Why are SOC shares rallying?
What To Know: In an 8-K submitted to the SEC, Sable Offshore said it received several documents from the PHMSA in early December that addressed restart plans for the pipeline. The pipeline has been mired in a legal tug-of-war since a significant oil spill in 2015.
In the document, PHMSA director of the western region Dustin Hubbard said the agency conducted a field inspection with Sable Offshore to discuss the process and safety procedures for the pipeline restart. The company provided a contact list and positioning plan agreements as part of the approval query.
On Monday, the PHMSA notified the company that it approved its restart plan for the Las Flores Pipeline system.
Sable Offshore has been operating at a loss, according to its earnings history on Benzinga Pro. The company has missed expectations for earnings-per-share in four of the five past quarters, reporting negative earnings in three consecutive quarters most recently.
SOC Price Action: Sable Offshore Corp shares were up 20.92%, trading at $9.18 at the time of publication, according to Benzinga Pro.
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