Sable Offshore faces ‘herculean task’ at Santa Ynez, says BWS Financial

BWS Financial says Sable Offshore (SOC) used the granting of state waivers from the California State Fire Marshall as reason to extend its timeline to reach production until Q1 of 2025. The company was required to push out the timing of when the Santa Ynez unit could begin producing oil again several times and this is not the last time, the analyst tells investors in a research note. BWS believes the granting of the waivers was more of a government procedure to move the process Sable Offshore “is entangled in away from an agency that does not usually address the public directly.” The company is attempting to restart oil platforms offshore of Santa Barbara, which is a “herculean task that is not likely to happen,” contends the firm. It keeps a Sell rating on Sable Offshore with a $6 price target