Overview
- Sable Offshore disclosed in an SEC 8-K that PHMSA approved its restart plan for the Las Flores Pipeline on Monday.
- PHMSA determined the pipeline falls under federal authority and should be treated as an active interstate line under federal safety rules.
- PHMSA western region director Dustin Hubbard said the agency conducted a field inspection to review restart processes and safety procedures.
- Sable Offshore shares rose about 21% to $9.18 intraday on Tuesday, extending gains after last week’s rally.
- The pipeline has faced legal battles since a 2015 spill, and the company remains loss-making with multiple recent EPS misses.