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International Business Times
International Business Times
Business

Sable Offshore Corp. Shares Soar 37% on DOJ Opinion Boosting Pipeline Restart Hopes

Sable DOJ Department of Justice Office of Legal Counsel SOC California

Sable Offshore Corp. (NYSE: SOC) shares exploded 37.26% higher Thursday, March 5, 2026, closing at $13.85 after a Department of Justice Office of Legal Counsel opinion sparked renewed optimism for resuming full operations at its Santa Ynez Unit offshore facility off California. The stock opened at $11.00, surged to an intraday high of $14.45 and traded as low as $10.72, with volume ballooning to nearly 20 million shares — far exceeding recent averages — amid heavy retail and institutional buying.

Sable Offshore Corp. Shares Soar 37% on DOJ Opinion Boosting Pipeline Restart Hopes

The rally stemmed from a March 3, 2026, DOJ memorandum addressing a Department of Energy query on Sable's operations. Assistant Attorney General T. Elliot Gaiser opined that presidential orders under the Defense Production Act could preempt conflicting state laws, invoking the Supremacy Clause to prioritize federal energy directives. The opinion directly referenced Sable's Santa Ynez Unit in federal waters, where regulatory and legal hurdles have long blocked onshore pipeline restarts at Las Flores Canyon.

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