By Dean Seal
Shares of Sable Offshore surged to a record high after the company said it has restarted production at one of its sites off the coast of California.
The stock surged 21% to a new high of $35 in early trading. Shares have risen more than 50% since the start of the year.
The oil-and-gas company said Monday that production has restarted at the Santa Ynez Unit and that it has started flowing oil production to the Las Flores Canyon.
Sable has also wrapped up an onshore-pipeline repair program with completion of repairs on the Las Flores Pipeline System, and said seven of the eight sections of the pipeline have now been successfully hydrotested.
The Houston company expects to fill 540,000 barrels of crude oil storage capacity by the middle of June and to recommence oil sales in July.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
May 19, 2025 10:13 ET (14:13 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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