Sable Offshore Corp. Provides Update on Litigation Status
Sable Offshore Corp provided an update on the Haaland lawsuit, where the U.S. Department of Justice filed a motion to remand the case to the Bureau of Safety and Environmental Enforcement (BSEE) for reconsideration of its 2023 decision approving an extension to resume operations on the Santa Ynez Unit leases.
The company plans to cooperate with the government during the review, maintaining that previous operational extensions were appropriate and authorized. Importantly, Sable's current operations at the Santa Ynez Unit remain unaffected under the proposed remand. The company stated it will pursue legal action against any third-party interference with restarting the Unit, which contains net estimated contingent resources valued at over $10 billion.
Sable Offshore Corp ha fornito un aggiornamento sulla causa Haaland, in cui il Dipartimento di Giustizia degli Stati Uniti ha presentato una mozione per rinviare il caso al Bureau of Safety and Environmental Enforcement (BSEE) per una riconsiderazione della sua decisione del 2023 che approvava un'estensione per riprendere le operazioni sui contratti di locazione del Santa Ynez Unit.
L'azienda prevede di cooperare con il governo durante la revisione, sostenendo che le precedenti estensioni operative erano appropriate e autorizzate. È importante sottolineare che le attuali operazioni di Sable presso il Santa Ynez Unit rimangono inalterate sotto il rinvio proposto. L'azienda ha dichiarato che intraprenderà azioni legali contro qualsiasi interferenza di terzi nel riavvio dell'Unit, che contiene risorse contingentate nette stimate del valore di oltre $10 miliardi.
Sable Offshore Corp proporcionó una actualización sobre la demanda de Haaland, donde el Departamento de Justicia de EE. UU. presentó una moción para devolver el caso a la Oficina de Seguridad y Aplicación Ambiental (BSEE) para reconsiderar su decisión de 2023 que aprobaba una extensión para reanudar las operaciones en los contratos de arrendamiento de la Unidad Santa Ynez.
La empresa planea cooperar con el gobierno durante la revisión, manteniendo que las extensiones operativas anteriores fueron adecuadas y autorizadas. Es importante destacar que las operaciones actuales de Sable en la Unidad Santa Ynez permanecen sin cambios bajo el reenvío propuesto. La empresa declaró que emprenderá acciones legales contra cualquier interferencia de terceros para reiniciar la Unidad, que contiene recursos contingentes netos estimados valorados en más de $10 mil millones.
Sable Offshore Corp는 Haaland 소송에 대한 업데이트를 제공했습니다. 미국 법무부는 사건을 안전 환경 집행국(BSEE)으로 되돌려 2023년 산타 이네스 유닛 임대의 운영 재개를 승인한 결정을 재검토할 것을 요청하는 모션을 제출했습니다.
회사는 검토 과정에서 정부와 협력할 계획이며, 이전의 운영 연장이 적절하고 허가되었다고 주장하고 있습니다. 중요한 것은 산타 이네스 유닛에서의 Sable의 현재 운영은 제안된 재검토 하에서도 영향을 받지 않는다는 것입니다. 회사는 유닛 재개와 관련한 제3자의 간섭에 대해 법적 조치를 취할 것이라고 밝혔으며, 이 유닛은 100억 달러 이상의 가치가 있는 순 추정 자원을 포함하고 있습니다.
Sable Offshore Corp a fourni une mise à jour sur le procès Haaland, où le département de la Justice des États-Unis a déposé une motion pour renvoyer l'affaire au Bureau de la sécurité et de l'application environnementale (BSEE) pour reconsidérer sa décision de 2023 approuvant une extension pour reprendre les opérations sur les baux de l'unité Santa Ynez.
L'entreprise prévoit de coopérer avec le gouvernement pendant l'examen, affirmant que les extensions opérationnelles précédentes étaient appropriées et autorisées. Il est important de noter que les opérations actuelles de Sable dans l'unité Santa Ynez restent inchangées dans le cadre du renvoi proposé. L'entreprise a déclaré qu'elle poursuivrait des actions en justice contre toute interférence de tiers avec le redémarrage de l'unité, qui contient des ressources contingentes nettes estimées à plus de 10 milliards de dollars.
Sable Offshore Corp hat ein Update zur Haaland-Klage gegeben, in der das US-Justizministerium einen Antrag gestellt hat, den Fall an das Bureau of Safety and Environmental Enforcement (BSEE) zur Überprüfung seiner Entscheidung von 2023, die eine Verlängerung zur Wiederaufnahme der Aktivitäten auf den Santa Ynez Unit-Pachtverträgen genehmigte, zurückzuverweisen.
Das Unternehmen plant, während der Überprüfung mit der Regierung zusammenzuarbeiten und betont, dass die vorherigen operativen Verlängerungen angemessen und genehmigt waren. Wichtig ist, dass die aktuellen Aktivitäten von Sable im Santa Ynez Unit von dem vorgeschlagenen Rückverweis unberührt bleiben. Das Unternehmen erklärte, dass es rechtliche Schritte gegen jede Störaktion Dritter zur Wiederinbetriebnahme der Einheit einleiten wird, die über 10 Milliarden Dollar an netto geschätzten fossilen Ressourcen verfügt.
- Operations at Santa Ynez Unit remain unaffected during review
- Santa Ynez Unit contains $10 billion in estimated contingent resources
- Legal uncertainty regarding operational extensions approval
- Potential delays in resuming operations pending BSEE review
Insights
The litigation update reveals significant legal maneuvering in the high-stakes Haaland lawsuit. The DOJ's motion for remand without vacatur is a strategic move that allows BSEE to reconsider its lease extension approval while keeping current operations intact. This is a $10 billion asset protection play.
The legal positioning here is particularly noteworthy - Sable's strong stance against potential third-party interference suggests they're confident in their legal footing. The "remand without vacatur" approach is important because it maintains the status quo during review, protecting Sable's operational continuity. This type of administrative law maneuver often indicates the government's attempt to strengthen its position against environmental challenges while minimizing disruption to existing operations.
The Santa Ynez Unit represents a substantial asset with $10 billion in contingent resources, making this legal proceeding particularly consequential for Sable's market position. The company's aggressive protective stance indicates confidence in maintaining operational control over these valuable offshore assets.
For context, this litigation exemplifies the growing tension between energy development and environmental concerns in offshore operations. The fact that operations remain unaffected during the review process is important for maintaining production schedules and protecting shareholder value. The government's approach suggests a balanced consideration of both environmental compliance and energy security interests.
About Sable
Sable Offshore Corp. is an independent oil and gas company, headquartered in
Forward-Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “could,” “should,” “will,” “ may,” “ believe,” “ anticipate,” “ intend,” “ estimate,” “expect,” “project,” “continue,” “plan,” forecast,” “predict,” “potential,” “future,” “outlook,” and “target,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements will contain such identifying words. These statements are based on the current beliefs and expectations of Sable’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Factors that could cause Sable’s actual results to differ materially from those described in the forward-looking statements include: the ability to recommence production of the SYU assets and the cost and time required therefor; litigation, complaints and/or adverse publicity; our ability to comply with laws and regulations applicable to our business; and other one-time events and other factors that can be found in Sable’s Annual Report on Form 10-K for the year ended December 31, 2023, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K, which are filed with the Securities and Exchange Commission and are available on Sable’s website (www.sableoffshore.com) and on the Securities and Exchange Commission’s website (www.sec.gov). Except as required by applicable law, Sable undertakes no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this press release.
Disclaimers
Non-Producing Assets
The Santa Ynez Unit assets have not produced commercial quantities of hydrocarbons since such assets were shut in during June of 2015 when the only pipeline transporting hydrocarbons produced from such assets to market ceased operations. There can be no assurance that the necessary permits will be obtained that would allow the pipeline to recommence transportation and allow the assets to recommence production. If production is not recommenced by January 1, 2026, the terms of the asset acquisition with ExxonMobil Corporation would potentially result in the assets being reverted to ExxonMobil Corporation without any compensation to Sable therefor.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250102835326/en/
Investor Contact:
Harrison Breaud
Director, Finance & Investor Relations
IR@sableoffshore.com
713-579-8111
Source: Sable Offshore Corp.
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