Jefferies notes that on December 20th, PHMSA approved Sable Offshore’s (SOC) restart plans for Lines 324 & 325 clearing them as technically sound for restart. While first sales are still unsure, the firm sees this as a key milestone. Investor focus is on next steps / timing of restart and how PHMSA approval relates to the Consent Decree and the Judge Geck Case given the transfer of regulatory authority from OSFM to PHMSA. Jefferies’ core takeaway is that the federal government wants the SYU to be producing. The firm has a Buy rating on the shares with a price target of $19.
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