SOC Stock Rises Pre-Market After Energy Secretary Order Restarts Sable’s California Oil Pipeline
Synopsis
Energy Secretary Chris Wright issued the order to Sable on March 13, directing it to immediately prioritize and allocate pipeline transportation services for hydrocarbons between the two units.
Sable Offshore Corp. (SOC) shares soared more than 16% in Monday’s pre-market trade after the company announced that it has resumed the flow of oil produced at the Santa Ynez Unit (SYU) through Las Flores Canyon to Pentland Station in California.
Sable stated that the resumption of oil flow between the two locations has been undertaken in accordance with an order issued by Energy Secretary Chris Wright. The order, issued on March 13, directed Sable to immediately prioritize and allocate pipeline transportation services for hydrocarbons between the two units.
Retail sentiment on Stocktwits around Sable Offshore trended in the ‘extremely bullish’ territory with message volumes at ‘extremely high’ levels. SOC was among the top trending tickers on Stocktwits at the time of writing.
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