Judge rejects Exxon’s plan to restart California offshore oil platforms (NYSE:XOM)

Exxon Mobil’s (NYSE:XOM) proposal to reactivate its idle Santa Ynez Unit offshore platforms in California by way of a plan counting on vans to ship crude to refineries onshore was denied Wednesday by a U.S. District Choose.

The choose refused Exxon’s (XOM) request to overturn a 2022 choice by the Santa Barbara County Board of Supervisors to reject the corporate’s trucking plan, saying that whereas Exxon has each proper to function its offshore oil platforms, it doesn’t have a proper to truck the crude.

The choose discovered “substantial proof” to assist the board’s choice to disclaim the undertaking due to the protection points the vans would create.

The choose additionally rejected Exxon’s (XOM) rivalry that the county supervisors’ opposition to grease manufacturing prompted them to behave improperly.

Exxon’s (XOM) three Santa Ynez offshore platforms have been shut down since 2015 when a pipeline ruptured and created a extreme oil spill.

Exxon (XOM) shares closed Wednesday at a file excessive, as U.S. crude oil costs rose to their highest stage since August final yr.