Oracle Corp. (NYSE:ORCL) shares are tumbling Wednesday, erasing Tuesday’s gain. The company lobbies federal regulators again for sign-off on the gas line meant to feed its Project Jupiter data center in New Mexico.

• Oracle stock is feeling bearish pressure. Why is ORCL stock dropping?

Oracle Urges FERC to Speed Approval of Project Jupiter Gas Pipeline

Oracle sent a letter Tuesday to the Federal Energy Regulatory Commission (FERC), Bloomberg reported. The company wants a fast ruling on the gas line for Project Jupiter. Josh Pitcock, Oracle’s senior vice president of government affairs, wrote that “Time remains of the essence.”

Pitcock said continued delay could push back the data center’s opening. It could also stall new jobs, local spending and other community gains. A subsidiary of Energy Transfer LP will operate the line.

The line, named Green Chile, now has a February 2027 start date. Developers had aimed to open it August 15. Once running, it will deliver roughly 400 million cubic feet of gas each day to Bloom Energy fuel cells that will power Project Jupiter.

New Mexico officials started the delay by turning down the original route across state land. Energy Transfer responded by moving the pipeline onto federal land.

FERC published an environmental assessment of the 17.8-mile pipeline on September 4, and advocacy groups pushed back. New Mexico Attorney General Raúl Torrez said earlier this month that the study should weigh both the data center and the pipeline. Torrez said FERC must either rewrite it or produce a full environmental impact statement.

Texas Report Revives Attention On Oracle Healthcare Breach

Separately, a Texas attorney general report issued earlier this month put a breach at Oracle’s healthcare unit back in focus, Bloomberg reported.

The report said the hack exposed Social Security numbers, addresses and health information for nearly 20 million people, including roughly 3 million Texans. Oracle declined to comment.

Mizuho Reiterates Outperform On Oracle With $320 Price Target

Despite the drop in ORCL, Mizuho analyst Siti Panigrahi sees a possible way around those delays. Panigrahi stood by an Outperform rating on Oracle and left the price target at $320.

Mizuho joined the Doña Ana County Commission meeting online. Oracle told commissioners that construction is moving forward and that it is working through power and regulatory obstacles. Commissioners asked for more detail on how the El Paso Electric (EPE) proposal fits the county’s IRB and community benefits agreement.

Mizuho’s clean energy team also consulted a former Bureau of Land Management state director for New Mexico. That expert said rerouting the pipeline might spare Oracle a restart of the environmental review, which could limit further delays.

Mizuho said regulatory approvals are still pending, but the firm remains positive on Project Jupiter’s progress.

ORCL Shares Are Sinking

ORCL Price Action: Oracle shares were down 6.38% at $134.06 at the time of publication on Wednesday, according to Benzinga Pro.

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