The Texas Oil Mogul at War With California Over an Offshore Bounty

Oil giants have fled California, but James Flores is desperate to get in, even if it means crossing swords with the state.

His company, Houston-based Sable Offshore, wants to reboot dormant oil platforms it bought from Exxon Mobil XOM 0.23%increase; green up pointing triangle in federal waters near Santa Barbara. Flores, Sable’s chief executive, wagered that he could patch a leaky pipeline that once caused a disastrous oil spill, ship tens of thousands of barrels of crude to California’s refineries—and earn a windfall.