Sable Offshore Corp. (NYSE: SOC) saw its stock surge 64.02% in pre-market trading on Thursday, marking a significant upward movement for the oil and gas company.
The sharp increase follows the US Department of Transportation's Pipeline and Hazardous Materials Safety Administration (PHMSA) confirming that SOC's pipeline system connecting the Santa Ynez Unit to the Pentland Station terminal in California is classified as an "active" pipeline under federal regulations. This regulatory approval has streamlined oversight and bolstered investor confidence in SOC's operational efficiency and future prospects.