Oil and gas producer Sable Offshore said on Monday it was ramping up production across its California assets as more wells come online and a third platform is set to begin operations later this year.
Its shares were up 3.7% in premarket trading.
The company last month restarted oil flows into the pipeline system linking the Santa Ynez offshore platforms to California refineries.
Sable's efforts to restart the system have since become the subject of a long-running dispute with California regulators and environmental groups, which have filed lawsuits challenging the reopening.
The company said on Monday 40 wells currently online at Platform Harmony and Platform Heritage are producing about 750 barrels of oil per day each.
Once all 74 wells are operational, output is expected to average around 700 barrels per day per well, it said.
The company expects Platform Hondo to start production in June 2026, with output increasing to about 10,000 barrels per day, providing a significant boost to volumes from the Santa Ynez Unit.
(Reuters)