Sable Offshore (SOC) Falls Following Lawsuit by California Attorney General

The share price of Sable Offshore Corp. (NYSE:SOC) fell by 7.19% between January 23 and January 30, 2026, putting it among the Energy Stocks that Lost the Most This Week.

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

Sable Offshore Corp. (NYSE:SOC) fell on January 23 after California Attorney General Rob Bonta filed a lawsuit to block the federal government from taking over regulatory control of two oil pipelines owned by the company. Sable achieved a major win last month when the U.S. Pipeline and Hazardous Materials Safety Administration (PHMSA) approved its request to shift the pipelines from state to federal oversight, citing a national energy emergency declared by President Trump last year. However, Mr. Bonta has now claimed this decision as ‘an unlawful power grab’ because the pipelines run between two California counties.

The lawsuit marks the latest development in a fiery dispute between the Californian authorities and Sable Offshore Corp. (NYSE:SOC), as the company seeks to restart oil production at the Santa Ynez Unit of offshore oil platforms, which has been shut down since a disastrous oil spill in 2015.

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