Stock for Sable Offshore, the company extracting oil off the coast of Santa Barbara, this week after it announced it is struggling to make ends meet.
Chevron refinery, which processes Sable Offshore’s crude, stopped purchasing oil a month ago while it shut down for scheduled refinery maintenance work and storage tank upgrades. However, the repairs took longer than expected.
Shares of the company fell to 59 cents, a 69.4% drop in one week following Sable’s disclosure of “substantial doubt” about its ability to keep operating…