Why These Energy Stocks Are Losing This Week

2. Sable Offshore Corp. (NYSE:SOC

Share Price Decline Between Sep 18 – Sep 25: 16.25%

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.

Sable Offshore Corp. (NYSE:SOC) plummeted this week after the Santa Barbara County district attorney accused it of flouting state laws that protect streams and wetlands, adding to the company’s legal complications as it works to restart the offshore operations at three oil platforms it now owns. Sable has denied the prosecutors’ allegations, calling them ‘politically motivated’ and ‘extremely misleading’.

Sable Offshore Corp. (NYSE:SOC) also suffered a blow earlier this month when California’s Governor Newsom proposed a legislative package that would impose further restrictions on the state’s offshore oil industry, directly impacting the company’s efforts to reactivate a pipeline off the coast of Santa Barbara County.