Sable Soars on US Oversight for California Pipeline: Street Wrap

(Updates share price move.)

Sable Offshore Corp. shares soared as much as 53%, the most on record, after the US Department of Transportation’s Pipeline and Hazardous Materials Safety Administration determined the pipeline connecting the Santa Ynez Unit to Pentland Station terminal in California constitutes an interstate pipeline.

ANALYST COMMENTARY

• Roth Capital Partners (buy, PT $22)
  • Analyst Leo Mariani sees the news as positive for Sable as it should allow the company to sell oil without the timely and costly offshore storage and treating option
  • “We view this as a critical step to getting SOC’s pipeline network restarted as it takes ...