Offshore oil rigs could be ‘toppled’ off California under Trump plan
Published . Updated .
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A federal proposal would make toppling decommissioned oil rigs onto the seafloor the default practice. California has 23 rigs in federal waters.
Directly affected
- No company is named in this report.
Indirectly affected
- USO United States Oil Fund-1.1% 30d
United States Oil Fund: its price follows crude oil. Linked by “oil” (oil) in this story.
- XLE Energy Select Sector SPDR+7.4% 30d
Energy Select Sector SPDR: its price follows crude oil. Linked by “oil” (oil) in this story.
- OIH VanEck Oil Services ETF+5.0% 30d
VanEck Oil Services ETF: it holds drilling and oilfield-service firms. Linked by “rigs” (oilfield services) in this story.
- XOM ExxonMobil Holdings-2.7% 17d
ExxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story.
- CVX Chevron+4.7% 30d
Chevron (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story.
- SLB Slb N.V+4.5% 30d
Slb N.V (oil and gas field services): drillers get more work when oil companies spend more. Linked by “rigs” (oilfield services) in this story.
- COP ConocoPhillips+8.3% 30d
ConocoPhillips (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story.
- HAL Halliburton+2.9% 30d
Halliburton (oil and gas field services): drillers get more work when oil companies spend more. Linked by “rigs” (oilfield services) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| USO | -2.03% | -2.82% | base | after close | after close | after close | after close |
| XLE | -4.57% | -2.42% | base | after close | after close | after close | after close |
| OIH | -4.02% | -1.61% | base | after close | after close | after close | after close |
| XOM | -3.42% | -2.31% | base | after close | after close | after close | after close |
| CVX | -4.09% | -2.99% | base | after close | after close | after close | after close |
| SLB | -2.48% | -1.37% | base | after close | after close | after close | after close |
| COP | -5.48% | -3.22% | base | after close | after close | after close | after close |
| HAL | -5.61% | -2.53% | base | after close | after close | after close | after close |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
Offshore oil rigs could be ‘toppled’ off California under Trump plan Los Angeles Times
Source: Los Angeles Times
Energy
| Company | When | Move | Status |
|---|---|---|---|
| COP | three days earlier | -3.22% | final price |
| COP | five days earlier | -5.48% | final price |
| CVX | three days earlier | -2.99% | final price |
| CVX | five days earlier | -4.09% | final price |
| HAL | three days earlier | -2.53% | final price |
| HAL | five days earlier | -5.61% | final price |
| OIH | three days earlier | -1.61% | final price |
| OIH | five days earlier | -4.02% | final price |
| SLB | three days earlier | -1.37% | final price |
| SLB | five days earlier | -2.48% | final price |
| USO | three days earlier | -2.82% | final price |
| USO | five days earlier | -2.03% | final price |
| XLE | three days earlier | -2.42% | final price |
| XLE | five days earlier | -4.57% | final price |
| XOM | three days earlier | -2.31% | final price |
| XOM | five days earlier | -3.42% | final price |
Trades by members of Congress and officials in the stocks in this story
- Rep. Pete Sessions sold ExxonMobil Holdings (XOM), worth $1,001 - $15,000 on 14 Oct 2026. That is 32 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Kevin Hern sold ExxonMobil Holdings (XOM) (jointly held), worth $100,001 - $250,000 on 31 Aug 2026. That is 76 days before publication. Filed 25 Sep 2026. View the filing.
- Rep. Pete Sessions sold Chevron (CVX), worth $15,001 - $50,000 on 14 Oct 2026. That is 32 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Kevin Hern sold Chevron (CVX) (jointly held), worth $15,001 - $50,000 on 23 Sep 2026. That is 53 days before publication. Filed 13 Oct 2026. View the filing.
- Rep. Maria Elvira Salazar bought Chevron (CVX), worth $1,001 - $15,000 on 2 Sep 2026. That is 74 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Michael T. McCaul sold Conocophillips (COP) (held by a spouse), worth $1,001 - $15,000 on 26 Aug 2026. That is 81 days before publication. Filed 14 Oct 2026. View the filing.
- Rep. Michael T. McCaul sold Conocophillips (COP) (held by a spouse), worth $1,001 - $15,000 on 24 Aug 2026. That is 83 days before publication. Filed 14 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, bought Conocophillips (COP), worth $1,000,001 - $5,000,000 on 21 Aug 2026. That is 86 days before publication. Filed 8 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
How solid the energy case looks
12 out of 100
“Offshore oil rigs could be ‘toppled’ off California under Trump plan” scores 12 out of 100. The score uses 1 sources.