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HomeBusinessExxon's bid to resume California offshore oil platforms denied by judge (NYSE:XOM)

Exxon’s bid to resume California offshore oil platforms denied by judge (NYSE:XOM)

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Exxon Mobil’s proposal to reactivate its idle Santa Ynez Unit offshore platforms in California, which involved using trucks to transport crude to refineries onshore, was recently denied by a U.S. District Judge. The judge upheld the 2022 decision by the Santa Barbara County Board of Supervisors to reject Exxon’s trucking plan, stating that while the company has the right to operate its offshore platforms, it does not have the right to transport the crude via trucks. The judge cited safety issues as one of the reasons for supporting the board’s decision.

Exxon had argued that the county supervisors’ opposition to oil production influenced their decision and claimed that they had acted improperly. However, the judge rejected this contention. The three Santa Ynez offshore platforms have been inactive since 2015 when a pipeline rupture resulted in a significant oil spill. Despite this setback, Exxon’s shares closed at a record high as U.S. crude oil prices reached their highest level since August of the previous year.

In summary, Exxon Mobil’s request to revive its idle offshore platforms in California by using trucks to transport crude to refineries onshore 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, emphasizing safety concerns as a key factor. The judge also dismissed Exxon’s claim that the board acted improperly due to their opposition to oil production. Despite this setback, Exxon’s shares reached a record high as U.S. crude oil prices surged.

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