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Stock impact report

Sable Offshore (SOC) Continued its Rally This Week. Here is Why [Yahoo! Finance]

Sable Offshore Corp. (SOC) 
Company Research Source: Yahoo! Finance
Sable Offshore Corp. (NYSE:SOC) is an independent upstream company focused on developing the Santa Ynez Unit in federal waters offshore California. There were reports earlier this month that Sable Offshore Corp. (NYSE:SOC) was seeking federal approval to restart its controversial oil and gas pipeline near Santa Barbara after hitting a roadblock with California state authorities. As such, the company formally requested that the U.S. Pipeline and Hazardous Materials Safety Administration (PHMSA) shift the pipeline from state to federal oversight, as it meets the definition of an interstate pipeline facility under the Pipeline Safety Act. Therefore, Sable Offshore Corp. (NYSE:SOC) soared on December 18 after the company disclosed that the regulator had approved its request, determining that the key California pipeline falls under federal oversight and potentially overriding local opposition to the project. Moreover, PHMSA determined that the pipeline should be treated as an ‘active' Show less Read more
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