Shares of Sable Offshore (NYSE:SOC) gained more than 6% in premarket trading on Monday after the Trump administration instructed the company to resume oil drilling activities off the coast of Southern California.
U.S. Energy Secretary Chris Wright notified Sable Offshore late Friday that operations should restart at the Santa Ynez unit as well as the Santa Ynez pipeline.
Wright said the move is intended to reduce supply risks created by California energy policies, which he said have increased reliance on imported oil in the region and for U.S. military operations.