Earlier this morning, in an 8-K filing, the company stated: “Santa Barbara County on August 30, 2024, acknowledged that the County does not have jurisdiction over Pacific Pipeline Company’s installation of 16 new safety valves in the County along PPC’s Las Flores Pipeline System in accordance with Assembly Bill 864. The County’s acknowledgement was delivered in the form of a conditional settlement agreement dated August 30, 2024 among the County, PPC and PPC’s parent company Sable Offshore Corp. and a subsequent acknowledgement by the County’s planning and development staff. The Safety Valve Settlement Agreement is predicated upon a prior settlement agreement between PPC’s predecessor in interest, Celeron Pipeline Company, and the County in a federal case styled Celeron Pipeline Company of California v. County of Santa Barbara, which was executed in 1988. Pursuant to the Safety Valve Settlement Agreement, PPC agreed to the following additional surveillance and response enhancements in the County: i. PPC will create a Santa Barbara County-based Surveillance and Response Team, trained in PPC’s Tactical Response Plan, which will be responsible for timely initial incident response and equipped with key resources to deploy in early containment, particularly for those regions of the Pipeline between Gaviota and Las Flores Canyon; ii. PPC will provide Santa Barbara first responders with additional training and equipment to assist in PPC’s incident response efforts; and iii. PPC will undertake the following Pipeline system enhancements: (1) install and operate and maintain primary and secondary Operations Control Centers in Santa Barbara County, and (2) refurbish the Gaviota pump in its existing station.”
