Sable Offshore Begins Oil Sales From Highly Scrutinized California Pipeline – SOC Stock Gains 3% Pre-Market

Shares of Sable Offshore Corp. (SOC) rose 3% in pre-market trading on Monday after the company said it had begun oil sales from its Santa Ynez Pipeline System in California, just weeks after a U.S. government order to resume activity.

The energy firm said it is transporting oil at rates exceeding 50,000 barrels per day. Production is already underway at Platform Harmony, generating about 22,000 barrels per day, while Platform Heritage is set to restart following final inspections, with expected output above 30,000 barrels per day. 

The company also plans to bring Platform Hondo online by the end of the second quarter. Sable is delivering the oil to Chevron.

The restart was backed by the U.S. government under the Defense Production Act to address supply concerns amid rising fuel prices.

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