Why These Energy Stocks Are Losing This Week

8. Sable Offshore Corp. (NYSE:SOC)

Share Price Decline Between Apr. 15 and Apr. 22: 5.41%

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) faced a major setback earlier this month after it was accused by the California Coastal Commission of performing unauthorized development on the pipeline connected to the Santa Ynez Unit’s three offshore platforms. The commission also fined the oil company a record $18 million for repeatedly defying orders to stop work on a corroded pipeline and filed a lawsuit in Santa Barbara County courts challenging waivers granted to Sable.