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HomeBusinessJudge denies Exxon's bid to resume California offshore oil operations (NYSE:XOM)

Judge denies Exxon’s bid to resume California offshore oil operations (NYSE:XOM)

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Exxon Mobil’s request to reactivate its idle offshore platforms in Santa Ynez, California, and transport crude via trucks to onshore refineries has been denied by a U.S. District Judge. The judge upheld the Santa Barbara County Board of Supervisors’ decision to reject Exxon’s trucking plan, stating that while the company has the right to operate its offshore oil platforms, it does not have the right to truck the crude. The judge cited safety concerns and found substantial evidence to support the board’s decision. Exxon’s three Santa Ynez offshore platforms have been shut down since 2015 due to a severe oil spill caused by a pipeline rupture. Despite this setback, Exxon’s shares closed at a record high as U.S. crude oil prices climbed to their highest level in over a year.

Exxon Mobil’s proposal to restart operations on its dormant offshore platforms in Santa Ynez, California, and transport oil through trucks to nearby refineries has been rejected by a U.S. District Judge. The judge upheld the decision made by the Santa Barbara County Board of Supervisors in 2022 to deny Exxon’s trucking plan. While the company has the rights to operate the offshore platforms, it does not have the right to transport crude via trucks, according to the judge. The decision was based on concerns about the safety issues the trucks could pose. This ruling comes after Exxon’s three Santa Ynez platforms were shut down in 2015 due to a major oil spill caused by a pipeline rupture.

Exxon Mobil’s attempt to overturn the rejection of its trucking plan by the Santa Barbara County Board of Supervisors has been unsuccessful. The U.S. District Judge denied Exxon’s request, stating that there was substantial evidence to support the board’s decision. The judge also dismissed Exxon’s claim that the opposition to oil production influenced the board’s decision. The company’s proposal to reactivate its idle offshore platforms and transport crude through trucks has faced safety concerns from both the board and the judge. Despite the setback, Exxon’s shares closed at a record high, benefiting from the surge in U.S. crude oil prices.

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