Why These Energy Stocks Are Losing This Week

2. Sable Offshore Corp. (NYSE:SOC

Share Price Decline Between May 27 – June 3: 27%

Sable Offshore Corp. (NYSE:SOC) is a Houston-based independent upstream company focused on developing the prolific Santa Ynez Unit in federal waters offshore California.

After gaining over 76% in May, Sable Offshore Corp. (NYSE:SOC) suffered a major setback last week after the California Coastal Commission secured a preliminary injunction against the company’s pipeline repair and maintenance activities within the coastal zone of Santa Barbara County. The situation got worse for SOC this week when there was a second court action, barring Sable from restarting operations with the pipeline while a lawsuit related to the restart is being resolved. After a massive wave of positive investor sentiment, the company is now faced with potential project delays and additional costs, causing frustration among its shareholders.