Appeals court gives Sable Offshore important legal win, says Roth Capital

Roth Capital analyst Leo Mariani says the Ninth Circuit Court of Appeals today denied an emergency motion for a stay filed by environmental groups led the Environmental Defense Center against the Department of Transportation and the Pipeline and Hazardous Materials Safety Administration with respect to Sable Offshore’s (SOC) receipt of an emergency special permit from PHMSA approving the operation of segments 324 and 325 of the Santa Ynez Pipeline System. However, a motion for leave to intervene was granted with legal briefs due between January 26, 2026 and March 3, 2026 on the matter, the analyst tells investors in a research note. Roth thinks the ruling will likely result in an imminent pipeline restart by Sable. This is an important legal victory for Sable Offshore, contends Roth. The stock in after-hours trading is up 10% to $9.89. The firm keeps a Buy rating on the shares with a $22 price target