NYSE
2 days, 10 hours ago 
SOC
Sable Offshore CORP
8-K: Sable Offshore Corp. Completes Critical Hydrotests, Paving Way for Onshore Pipeline Restart
Sable Offshore Corp. announced the successful completion of hydrotests on its Onshore Pipeline segments, fulfilling the final operational condition required for restart under a Consent Decree.
NYSE
7 days, 0 hours ago 
SOC
Sable Offshore CORP
8-K: Sable Offshore Corp. Successfully Closes Upsized $295 Million Public Offering, Underwriters Fully Exercise Option
Sable Offshore Corp. announced the successful closing of its upsized public offering, raising approximately $295 million in gross proceeds through the sale of 10 million shares of common stock, with underwriters fully exercising their option to purchase additional shares.
Better than expected
 
Capital raise
 
NYSE
11 days, 10 hours ago 
SOC
Sable Offshore CORP
8-K: Sable Offshore Corp. Announces Restart of Oil Production at Santa Ynez Unit, Anticipates July Oil Sales
Sable Offshore Corp. has restarted oil production at the Santa Ynez Unit and anticipates recommencing oil sales from the Las Flores Pipeline System in July 2025.
Better than expected
 
NYSE
21 days, 0 hours ago 
SOC
Sable Offshore CORP
8-K: Sable Offshore Corp. Reports Net Loss of $109.5 Million in First Quarter 2025
Sable Offshore Corp. announced a net loss of $109.5 million for the first quarter of 2025, primarily due to production restart expenses and non-cash items.
Delay expected
 
Worse than expected
 
NYSE
21 days, 0 hours ago 
SOC
Sable Offshore CORP
10-Q: Sable Offshore Corp. Reports Q1 2025 Results, Focus Remains on Production Restart
Sable Offshore Corp. continues to focus on restarting production at its Santa Ynez field, with ongoing regulatory hurdles and repair efforts impacting financial results for the first quarter of 2025.
Worse than expected
 
NYSE
30 days, 22 hours ago 
SOC
Sable Offshore CORP
Form 4: Sable Offshore Corp. Chairman & CEO, James C. Flores, Acquires 3,500,000 Restricted Stock Units
James C. Flores, Chairman & CEO of Sable Offshore Corp., reports the acquisition of 3,500,000 restricted stock units (RSUs) on April 25, 2025.
NYSE
30 days, 22 hours ago 
SOC
Sable Offshore CORP
Form 4: Sable Offshore Corp. Director Gregory Phillip Pipkin Reports Acquisition of 25,000 Shares
Director Gregory Phillip Pipkin reports acquiring 25,000 shares of Sable Offshore Corp. common stock on April 25, 2025.
NYSE
30 days, 22 hours ago 
SOC
Sable Offshore CORP
Form 4: Sable Offshore Corp. Director Michael E. Dillard Reports Acquisition of 25,000 Shares
Director Michael E. Dillard reports acquiring 25,000 shares of Sable Offshore Corp. common stock on April 25, 2025.
NYSE
30 days, 22 hours ago 
SOC
Sable Offshore CORP
Form 4: Sable Offshore Corp. Executive Doss R. Bourgeois Reports Acquisition of 750,000 Restricted Stock Units
EVP and Chief Operating Officer of Sable Offshore Corp., Doss R. Bourgeois, reports the acquisition of 750,000 Restricted Stock Units (RSUs) on April 25, 2025, vesting annually over five years.
NYSE
30 days, 22 hours ago 
SOC
Sable Offshore CORP
Form 4: Sable Offshore Corp. President Acquires 750,000 Restricted Stock Units
James Caldwell Flores, President of Sable Offshore Corp., reports the acquisition of 750,000 restricted stock units (RSUs) on April 25, 2025, vesting annually over five years.
NYSE
30 days, 22 hours ago 
SOC
Sable Offshore CORP
Form 4: Sable Offshore Corp. EVP, CFO Gregory D. Patrinely Reports Acquisition of 750,000 Restricted Stock Units
Gregory D. Patrinely, EVP and CFO of Sable Offshore Corp., reports the acquisition of 750,000 Restricted Stock Units (RSUs) on April 25, 2025, vesting in five equal annual installments starting April 25, 2026.
NYSE
30 days, 22 hours ago 
SOC
Sable Offshore CORP
Form 4: Sarofim Reports Acquisition of 25,000 Sable Offshore Corp. Shares
Christopher Binyon Sarofim, a director and 10% owner of Sable Offshore Corp., reports acquiring 25,000 shares of common stock on April 25, 2025.
NYSE
30 days, 22 hours ago 
SOC
Sable Offshore CORP
Form 4: Sable Offshore Corp. Executive Acquires 750,000 Restricted Stock Units
Anthony Duenner, EVP, General Counsel & Secretary of Sable Offshore Corp., reports the acquisition of 750,000 restricted stock units (RSUs) vesting annually over five years.
NYSE
38 days, 22 hours ago 
SOC
Sable Offshore CORP
Form 4: Pilgrim Global ICAV Reports Sale of Sable Offshore Corp. Shares
Pilgrim Global ICAV, a significant shareholder of Sable Offshore Corp., reports the sale of 143,806 shares at $25.37 per share on April 17, 2025.
NYSE
39 days, 10 hours ago 
SOC
Sable Offshore CORP
8-K: Sable Offshore Corp. Battles California Coastal Commission Over Pipeline Repairs
Sable Offshore Corp. is in a legal dispute with the California Coastal Commission over repair and maintenance activities on the Las Flores Pipeline System, but a request for a temporary restraining order was denied.
NYSE
43 days, 0 hours ago 
SOC
Sable Offshore CORP
DEF: Sable Offshore Corp. to Hold Annual Stockholders Meeting on June 11, 2025
Sable Offshore Corp. will hold its annual stockholders meeting virtually on June 11, 2025, to elect a Class I director and ratify the appointment of its independent registered public accounting firm.
NYSE
73 days, 20 hours ago 
SOC
Sable Offshore CORP
10-K: Sable Offshore Corp. Faces Regulatory Hurdles Despite Efforts to Restart Santa Ynez Unit
Sable Offshore Corp.'s 10-K filing reveals ongoing challenges in restarting production at its Santa Ynez Unit (SYU) due to regulatory hurdles and legal proceedings, despite efforts to comply with safety and environmental standards.
Worse than expected
 
Delay expected
 
NYSE
73 days, 23 hours ago 
SOC
Sable Offshore CORP
8-K: Sable Offshore Corp. Reports 2024 Financial and Operational Results; Anticipates Production Restart in Q2 2025
Sable Offshore Corp. announced its 2024 financial results, highlighting a net loss primarily due to non-cash items, and anticipates restarting production at its Santa Ynez Unit (SYU) in the second quarter of 2025.
NYSE
100 days, 5 hours ago 
SOC
Sable Offshore CORP
8-K: Sable Offshore Corp. Faces Cease and Desist Order from California Coastal Commission Amid Pipeline Repair Dispute
Sable Offshore Corp. is contesting a Cease and Desist Order from the California Coastal Commission regarding its pipeline repair work, asserting the work is authorized by existing permits and challenging the Commission's authority.
Delay expected
 
Worse than expected
 
NYSE
106 days, 7 hours ago 
SOC
Sable Offshore CORP
8-K: Sable Offshore Receives Key Regulatory Approvals for Pipeline Repair Work and Enhanced Integrity Standards
Sable Offshore Corp. secures necessary approvals from Santa Barbara County and PHMSA for pipeline repair work and enhanced integrity standards, paving the way for recommencing production.
NYSE
148 days, 8 hours ago 
SOC
Sable Offshore CORP
8-K: Sable Offshore Corp. Provides Update on Santa Ynez Unit Litigation
Sable Offshore Corp. announced an update on the Center for Biological Diversity et al. v. Debra Haaland et al. lawsuit, with the U.S. Department of Justice filing a motion to remand the case for reconsideration.
NYSE
162 days, 7 hours ago 
SOC
Sable Offshore CORP
8-K: Sable Offshore Receives Key Pipeline Approvals, Eyes Q1 2025 Restart
Sable Offshore has secured crucial state waivers for its pipeline, paving the way for a potential production restart in the first quarter of 2025.
NYSE
192 days, 22 hours ago 
SOC
Sable Offshore CORP
8-K: Sable Offshore Corp. Eyes Q4 2024 Production Restart at Santa Ynez Unit
Sable Offshore Corp. is targeting a production restart at its Santa Ynez Unit (SYU) in the fourth quarter of 2024, leveraging existing infrastructure and a history of safe operations.
NYSE
196 days, 22 hours ago 
SOC
Sable Offshore CORP
8-K: Sable Offshore Corp. Reports Q3 2024 Results and Provides Update on Coastal Commission Coordination
Sable Offshore Corp. announced its third quarter 2024 financial results, including a net loss of $255.6 million, and provided an update on its coordination with the California Coastal Commission regarding pipeline maintenance.
Worse than expected
 
Delay expected
 
NYSE
196 days, 23 hours ago 
SOC
Sable Offshore CORP
10-Q: Sable Offshore Corp. Reports Third Quarter 2024 Results, Focuses on Production Restart
Sable Offshore Corp. reported a net loss for the third quarter of 2024 as it continues to work towards restarting production at its Santa Ynez Unit.
Worse than expected
 
Capital raise
 
NYSE
205 days, 9 hours ago 
SOC
Sable Offshore CORP
8-K: Sable Offshore Corp. Completes Redemption of Public Warrants, Secures $183.5 Million
Sable Offshore Corp. successfully redeemed its public warrants, resulting in $183.5 million in cash proceeds and the issuance of 15,957,820 common shares.
NYSE
205 days, 23 hours ago 
SOC
Sable Offshore CORP
Form 4: Sable Offshore Corp. Director Gregory Phillip Pipkin Reports Acquisition of Common Stock and Warrants
Director Gregory Phillip Pipkin reports acquiring 7,500 shares of common stock and 7,500 warrants of Sable Offshore Corp. on November 1, 2024.
NYSE
212 days, 10 hours ago 
SOC
Sable Offshore CORP
Form 4: Sarofim Acquires 250,000 Shares of Sable Offshore Corp. and Warrants in Recent Transaction
Christopher Binyon Sarofim, a director and 10% owner of Sable Offshore Corp., recently acquired 250,000 shares and warrants of the company's common stock at a price of $11.5 per share.
NYSE
212 days, 18 hours ago 
SOC
Sable Offshore CORP
Form 4: Sable Offshore Corp. Director Michael E. Dillard Reports Significant Changes in Beneficial Ownership
Director Michael E. Dillard reports the disposition of 267,847 common stock shares and warrants, alongside the acquisition of 267,847 common stock shares, impacting his holdings in Sable Offshore Corp.
NYSE
212 days, 20 hours ago 
SOC
Sable Offshore CORP
Form 4: Pilgrim Global ICAV Adjusts Stake in Sable Offshore Corp.
Pilgrim Global ICAV reports acquisition and disposal of Sable Offshore Corp. shares and warrants.
NYSE
218 days, 0 hours ago 
SOC
Sable Offshore CORP
Form 4: Sable Offshore Corp. Executive Acquires Shares and Warrants
Anthony Duenner, EVP, General Counsel & Secretary of Sable Offshore Corp., reports acquisition and disposal of common stock and warrants.
NYSE
225 days, 22 hours ago 
SOC
Sable Offshore CORP
Form 4: Sable Offshore Corp. Executive Doss R. Bourgeois Sells Warrants in Multiple Transactions
EVP and Chief Operating Officer of Sable Offshore Corp., Doss R. Bourgeois, reports the sale of warrants across several transactions between October 11 and October 16, 2024.
NYSE
230 days, 20 hours ago 
SOC
Sable Offshore CORP
Form 4: Sable Offshore Corp. President James Caldwell Flores Reports Transaction in Company Stock and Warrants
James Caldwell Flores, President of Sable Offshore Corp., reports the acquisition and disposal of common stock and warrants, with transactions executed on October 9 and 10, 2024.
NYSE
230 days, 23 hours ago 
SOC
Sable Offshore CORP
S-1: Sable Offshore Corp Files S-1 to Resell 7.5 Million Shares After Second PIPE Investment
Sable Offshore Corp files an S-1 registration statement to allow selling securityholders to resell up to 7.5 million shares of common stock issued in a recent PIPE investment.
Capital raise
 
NYSE
235 days, 8 hours ago 
SOC
Sable Offshore CORP
Form 4: Sable Offshore Corp. Chairman & CEO James C. Flores Acquires 600,000 Shares
James C. Flores, Chairman & CEO of Sable Offshore Corp., reports the acquisition of 600,000 shares of common stock on October 3, 2024, as consideration for the sale of transportation assets and related equipment.
NYSE
238 days, 23 hours ago 
SOC
Sable Offshore CORP
8-K: Sable Offshore Corp. Announces Redemption of Public Warrants
Sable Offshore Corp. will redeem all outstanding public warrants for $0.01 each, with a deadline for exercise at $11.50 per share by November 4, 2024.
NYSE
247 days, 23 hours ago 
SOC
Sable Offshore CORP
8-K: Sable Offshore Corp. Secures $150 Million in Private Placement
Sable Offshore Corp. has successfully completed a private placement, raising approximately $150 million through the issuance of 7.5 million shares of common stock.
Capital raise
 
NYSE
248 days, 22 hours ago 
SOC
Sable Offshore CORP
Form 4: Pilgrim Global ICAV Adjusts Stake in Sable Offshore Corp.
Pilgrim Global ICAV reports purchasing 750,000 shares and disposing of 8,791,001 shares of Sable Offshore Corp. common stock on September 19, 2024.
NYSE
269 days, 10 hours ago 
SOC
Sable Offshore CORP
8-K: Sable Offshore Resolves Dispute with Santa Barbara County, Paving Way for Production Restart
Sable Offshore Corp. reached a settlement with Santa Barbara County regarding pipeline safety valves, clearing a path for the expected restart of production from its Santa Ynez Unit in the fourth quarter of 2024.
NYSE
273 days, 20 hours ago 
SOC
Sable Offshore CORP
Form 4: Pilgrim Global ICAV Increases Stake in Sable Offshore Corp. Through Stock and Warrant Purchases
Pilgrim Global ICAV, a major shareholder in Sable Offshore Corp., has increased its holdings through the purchase of common stock and warrants.
NYSE
290 days, 0 hours ago 
SOC
Sable Offshore CORP
8-K: Sable Offshore Corp. Reports Second Quarter 2024 Results, Faces Production Restart Challenges
Sable Offshore Corp. announced a net loss of $165.4 million for the second quarter of 2024, while making progress towards restarting production at the Santa Ynez Unit.
Worse than expected
 
Delay expected
 
NYSE
290 days, 0 hours ago 
SOC
Sable Offshore CORP
10-Q: Sable Offshore Corp. Reports Second Quarter 2024 Results Following Business Combination and Asset Acquisition
Sable Offshore Corp. reports a net loss of $165.4 million for the second quarter of 2024, primarily due to operating expenses and changes in the fair value of warrant liabilities, following its business combination and acquisition of the Santa Ynez field.
Worse than expected
 
Delay expected
 
Capital raise
 
NYSE
323 days, 7 hours ago 
SOC
Sable Offshore CORP
8-K: Sable Offshore Corp. Receives California State Approval for 2021 Risk Plan, Aims for Late Q3/Early Q4 Restart
Sable Offshore Corp. has received confirmation from the California Office of State Fire Marshall that its 2021 Risk Analysis and Implementation Plan remains in effect, paving the way for a potential restart of operations in late Q3 or early Q4 2024.
Delay expected
 
NYSE
356 days, 22 hours ago 
SOC
Sable Offshore CORP
Form 4: Sable Offshore Corp. Director Sells Shares for Tax and Estate Planning
Gregory Phillip Pipkin, a director at Sable Offshore Corp., sold 82,238 shares of common stock on June 5, 2024, for tax and estate planning purposes.
NYSE
358 days, 21 hours ago 
SOC
Sable Offshore CORP
Form 4: Sable Offshore Corp. Director Gregory Phillip Pipkin Reports Acquisition of Common Stock
Director Gregory Phillip Pipkin reports the acquisition of 96,875 shares of Sable Offshore Corp. common stock through a gift.
NYSE
371 days, 23 hours ago 
SOC
Sable Offshore CORP
8-K: Sable Offshore Corp. Gains Approval for Santa Ynez Unit Acquisition and Operations
Sable Offshore Corp. has received approvals from the U.S. Department of the Interior to acquire and operate the Santa Ynez Unit, a significant offshore oil and gas asset.
NYSE
372 days, 18 hours ago 
SOC
Sable Offshore CORP
4/A: Sable Offshore Corp. Executive Corrects Previous Filing on Beneficial Ownership
James Caldwell Flores, President of Sable Offshore Corp., files an amended Form 4 to correct an error in a previous filing regarding open market purchases.
NYSE
372 days, 19 hours ago 
SOC
Sable Offshore CORP
Form 4: Sable Offshore Corp. Chairman & CEO James C. Flores Acquires 100,000 Shares
James C. Flores, Chairman & CEO of Sable Offshore Corp., purchased 100,000 shares of common stock at a weighted average price of $13.7415 on May 20, 2024.
NYSE
373 days, 0 hours ago 
SOC
Sable Offshore CORP
Form 4: Sable Offshore Corp. Executive Vice President Doss R. Bourgeois Sells Shares
Doss R. Bourgeois, EVP and Chief Operating Officer of Sable Offshore Corp., sold a total of 200,000 shares of common stock in two transactions on May 20 and May 21, 2024.
NYSE
373 days, 0 hours ago 
SOC
Sable Offshore CORP
Form 4: Sable Offshore Corp. Chairman & CEO James Caldwell Flores Acquires 100,000 Shares
James Caldwell Flores, Chairman & CEO of Sable Offshore Corp., purchased 100,000 shares of common stock at a weighted average price of $13.7415 on May 20, 2024.
NYSE
378 days, 23 hours ago 
SOC
Sable Offshore CORP
Form 4: Pilgrim Global ICAV Acquires Warrants in Sable Offshore Corp.
Pilgrim Global ICAV reports the acquisition of warrants exercisable for 500,000 shares of Sable Offshore Corp.'s common stock.
NYSE
379 days, 23 hours ago 
SOC
Sable Offshore CORP
8-K: Sable Offshore Corp. Announces First Quarter 2024 Results and Operational Updates, Including Increased Resource Estimates
Sable Offshore Corp. reported a net loss for Q1 2024, but highlighted the completion of a business combination, increased resource estimates, and plans for a September 2024 production restart.
Better than expected
 
NYSE
379 days, 23 hours ago 
SOC
Sable Offshore CORP
10-Q: Sable Offshore Corp. Reports First Quarter 2024 Results Following Business Combination
Sable Offshore Corp. reports its first quarter 2024 results, which includes the impact of a recent business combination and preparations for restarting production at the Santa Ynez field.
Worse than expected
 
Capital raise
 
NYSE
394 days, 22 hours ago 
SOC
Sable Offshore CORP
Form 4: Sable Offshore Corp. Director Michael E. Dillard Reports Changes in Beneficial Ownership
Director Michael E. Dillard reports changes in beneficial ownership of Sable Offshore Corp. stock, including the conversion of Class B Common Stock and an award of restricted stock.
NYSE
394 days, 22 hours ago 
SOC
Sable Offshore CORP
Form 4: Sable Offshore Corp. Executive Acquires Restricted Stock
Anthony Duenner, EVP, General Counsel & Secretary of Sable Offshore Corp., acquired 650,000 shares of restricted stock on April 19, 2024, vesting upon first production of the Santa Ynez Unit or three years post-acquisition.
NYSE
394 days, 22 hours ago 
SOC
Sable Offshore CORP
Form 4: Sable Offshore Corp. Director Sarofim Reports Acquisition of Restricted Stock and Disposal of Common Stock
Christopher Binyon Sarofim, a director and 10% owner of Sable Offshore Corp., reports the acquisition of 52,778 shares of restricted stock and the disposal of 3,000,000 shares of common stock held indirectly.
NYSE
394 days, 22 hours ago 
SOC
Sable Offshore CORP
Form 4: Sable Offshore Corp. Director Pipkin Acquires Restricted Stock
Director Gregory Phillip Pipkin of Sable Offshore Corp. reports acquisition of restricted stock and disposal of common stock on April 19, 2024.
NYSE
394 days, 22 hours ago 
SOC
Sable Offshore CORP
Form 4: Sable Offshore Corp. EVP, CFO Gregory D. Patrinely Reports Acquisition and Disposal of Common Stock
Gregory D. Patrinely, EVP and CFO of Sable Offshore Corp., reports the acquisition of 650,000 shares of common stock and disposal of 721,875 shares on April 19, 2024.
NYSE
394 days, 22 hours ago 
SOC
Sable Offshore CORP
Form 4: Sable Offshore Corp. President Acquires Restricted Stock, Corrects Previous Filing
James Caldwell Flores, President of Sable Offshore Corp., received 650,000 shares of restricted stock and corrected a previous filing regarding shares acquired by his Family LLC.
NYSE
394 days, 22 hours ago 
SOC
Sable Offshore CORP
Form 4: Sable Offshore Corp. Executive Doss R. Bourgeois Reports Acquisition and Disposal of Common Stock
EVP and Chief Operating Officer of Sable Offshore Corp., Doss R. Bourgeois, reports acquiring 650,000 shares of common stock and disposing of 850,000 shares on April 19, 2024.
SOC 
Sable Offshore CORP 
NYSE

8-K: Sable Offshore Corp. Announces First Quarter 2024 Results and Operational Updates, Including Increased Resource Estimates

Sentiment:
 Quarterly Report
 15 May 2024 4:54 PM

Sable Offshore Corp. reported a net loss for Q1 2024, but highlighted the completion of a business combination, increased resource estimates, and plans for a September 2024 production restart.

Better than expected
  The company increased its Total Net Estimated Contingent Resources by 21% to 646 MMboe, with a PV-10 value of $10.0 billion, which is a significant improvement over previous estimates. 

Summary
  • Sable Offshore Corp. announced its first quarter 2024 financial and operational results.
  • The company completed a business combination with Flame Acquisition Corp, which included the acquisition of the Santa Ynez Unit (SYU).
  • This acquisition encompasses 16 Outer Continental Shelf leases, pipelines, and the Las Flores Canyon Processing Facility.
  • Sable raised $502.4 million to complete the business combination, including $440.2 million from PIPE investments and $62.2 million from an initial public offering.
  • The company reported a net loss of $180.1 million for the quarter, primarily due to a settlement agreement and business combination expenses.
  • Sable ended the quarter with $771.2 million in outstanding debt and a cash balance of $209.1 million.
  • The company has updated its Total Net Estimated Contingent Resources to 646 MMboe, with a PV-10 value of $10.0 billion, a 21% increase from December 2023 estimates.
  • Sable expects to restart production at SYU in September 2024, with an initial net production rate of approximately 28 MBOE/D.
  • The company has initiated maintenance and repairs at the Las Flores Canyon Processing Facility and offshore platforms.
  • Sable is also exploring carbon sequestration opportunities using its existing infrastructure.
Sentiment

Score: 7

Explanation: The document presents a mix of positive and negative aspects. The increase in resource estimates and the planned production restart are positive, but the significant net loss and debt are concerning. The overall sentiment is cautiously optimistic.

Positives
  • The business combination and acquisition of the Santa Ynez Unit were successfully completed.
  • Sable secured significant funding of $502.4 million to support the acquisition.
  • The company increased its Total Net Estimated Contingent Resources by 21%, indicating a substantial resource base.
  • The settlement agreement is expected to enable key pipeline repairs and facilitate the production restart.
  • The company is targeting a production restart in September 2024, which will generate revenue.
  • Sable is exploring carbon sequestration opportunities, which could provide additional revenue streams.
  • The company has hired experienced personnel, including former ExxonMobil employees.
Negatives
  • Sable reported a significant net loss of $180.1 million for the first quarter of 2024.
  • The company has a substantial outstanding debt of $771.2 million.
  • The production restart is dependent on obtaining necessary permits and completing pipeline repairs.
  • The SYU assets have not produced commercial quantities of hydrocarbons since 2015.
  • There is a risk that production may not recommence by January 1, 2026, which could result in the assets reverting to ExxonMobil without compensation.
Risks
  • The ability to recommence production at SYU is subject to regulatory approvals and pipeline repairs.
  • Commodity price volatility could impact the profitability of the project.
  • There is a risk of increased operating costs and lack of availability of equipment and personnel.
  • The company faces environmental and weather risks.
  • There is uncertainty inherent in estimating oil and natural gas resources.
  • The company may face reductions in cash flow and lack of access to capital.
  • There are risks associated with managing growth and integrating acquisitions.
  • The company is subject to litigation, complaints, and adverse publicity.
  • There is a risk of privacy and data breaches.
  • The company must comply with laws and regulations applicable to its business.
Future Outlook

Sable expects to restart production at SYU in September 2024 with an initial net production rate of approximately 28 MBOE/D and is also exploring carbon sequestration opportunities. The company is targeting long-term leverage ratios of ~1.0x to maximize flexibility for distributions and development.

Management Comments
  • Jim Flores, Sables Chairman and Chief Executive Officer, stated that the team has been working tirelessly to unlock the value of the assets.
  • He noted that geoscience and reservoir engineering management has focused on reservoir development optimization, resulting in significant resource addition.
  • Mr. Flores also mentioned that the onshore pipeline repair program is underway after the legal settlement.
  • He highlighted the initiation of maintenance, construction, and repairs at the Las Flores Canyon Processing Facility and offshore platforms.
  • Mr. Flores expressed optimism about the September restart and realizing the potential of both oil and gas and carbon sequestration assets.
Industry Context

This announcement comes as the oil and gas industry is focused on both increasing production and exploring carbon capture solutions. Sable's efforts to restart production at SYU and explore carbon sequestration align with these industry trends. The company's focus on a mature asset with significant remaining potential is also a common strategy in the current market.

Comparison to Industry Standards
  • Sable's contingent resource estimate of 646 MMboe is substantial compared to many smaller independent oil and gas companies.
  • The PV-10 value of $10.0 billion is significant, indicating a potentially valuable asset base.
  • The targeted initial production rate of 28 MBOE/D is a reasonable target for a restart of this type of asset.
  • The company's focus on carbon sequestration is in line with the growing industry trend towards environmental sustainability.
  • Compared to peers like BRY, CHRD, CIVI, CRC, KOS, MGY, MUR, TALO and WTI, Sable is positioned as a company with a large resource base and a focus on restarting a previously producing asset.
  • The company's valuation metrics, such as the discount to peer group on PDP reserves, suggest a potentially undervalued asset.
Stakeholder Impact
  • Shareholders may benefit from the increased resource estimates and the potential for production restart.
  • Employees will be involved in the restart and ongoing operations of the SYU.
  • Customers will have access to oil and gas production from the SYU.
  • Suppliers will be involved in providing services and materials for the restart and ongoing operations.
  • Creditors will be impacted by the company's debt and financial performance.
Next Steps
  • Sable will continue to work towards the September 2024 production restart at SYU.
  • The company will continue pipeline repairs and facility maintenance.
  • Sable will pursue regulatory approvals for the change in operatorship of SYU.
  • The company will continue to evaluate and develop its carbon sequestration business.
  • Sable will continue to work towards the final approval of the settlement agreement.
Legal Proceedings
  • Sable entered into a Stipulation and Agreement of Settlement related to pipeline rights of way.
  • The court has preliminarily approved the settlement, with a fairness hearing set for September 13, 2024.
Key Dates
  • 2015-05: SYU assets shut in due to pipeline issues.
  • 2024-04-11: Enhanced AB-864 Risk Analysis and Implementation Plan filed with the California Office of the State Fire Marshal.
  • 2024-05-01: Court entered an order approving the settlement on a preliminary basis.
  • 2024-05-15: Sable Offshore Corp. announced first quarter 2024 financial and operational results.
  • 2024-09-13: Fairness hearing for final approval of the settlement.
  • 2024-09: Targeted production restart at SYU.
  • 2026-01-01: Deadline for production restart to avoid asset reversion to ExxonMobil.
Keywords
Santa Ynez Unit, Offshore Oil and Gas, Production Restart, Contingent Resources, Business Combination, Carbon Sequestration, Pipeline Repairs, Oil and Gas Acquisition, Sable Offshore Corp, Financial Results
SOC 
Sable Offshore CORP 
NYSE
Sector: Energy
 
Filings with Classifications
Better than expected
23 May 2025 4:07 PM
Equity Offering Update
  • The offering size was increased from a previously announced $200.0 million of shares, indicating higher demand than initially anticipated.
  • The underwriters fully exercised their option to purchase an additional 1,304,346 shares, demonstrating strong investor interest and confidence in the offering.
  • The company successfully raised approximately $295.0 million in gross proceeds, providing significant capital for its stated corporate purposes.
Capital raise
23 May 2025 4:07 PM
Equity Offering Update
  • Sable Offshore Corp. completed an upsized underwritten public offering of 10,000,000 shares of common stock.
  • The shares were sold at a public offering price of $29.50 per share.
  • The gross proceeds from the offering amounted to approximately $295.0 million.
  • The net proceeds, estimated at $283.2 million, are intended for capital expenditures, working capital, and general corporate purposes.
  • The offering included the full exercise of the underwriters' 30-day option to purchase an additional 1,304,346 shares.
Better than expected
19 May 2025 6:19 AM
Current Report on Form 8-K
  • The updated 2H25 production guidance of 40,000-50,000 BOE/D is significantly higher than the prior guidance of 20,000-25,000 BOE/D.
  • Initial well tests at Harmony Platform have exceeded expectations.
Delay expected
9 May 2025 4:10 PM
Earnings Release
  • The Santa Ynez Unit assets have been non-producing since June 2015 due to a pipeline shutdown, representing a significant delay in production.
Worse than expected
9 May 2025 4:10 PM
Earnings Release
  • The company reported a net loss of $109.5 million, indicating worse than expected financial performance.
Worse than expected
9 May 2025 4:03 PM
Quarterly Report
  • The company reported a net loss of $109.5 million, indicating worse than expected financial performance.
  • The company's ability to continue as a going concern is subject to substantial doubt, indicating worse than expected operational outlook.
Delay expected
17 March 2025 8:15 PM
Annual Report
  • The company faces regulatory hurdles and legal proceedings that could delay or prevent the restart of production.
Worse than expected
17 March 2025 8:15 PM
Annual Report
  • The company has a history of net losses and negative cash flows from operations.
  • The company is not currently generating revenue from its SYU Assets.
  • The company is reliant on external funding to continue operations.
Delay expected
19 February 2025 10:14 AM
8-K Filing
  • The dispute with the California Coastal Commission could potentially delay Sable's pipeline repair operations.
Worse than expected
19 February 2025 10:14 AM
8-K Filing
  • The company is facing a Cease and Desist Order from the California Coastal Commission.
  • The company is involved in a lawsuit with the California Coastal Commission.
  • The company's pipeline repair operations could be delayed or halted.
Delay expected
2 January 2025 7:35 AM
Litigation Update
  • The lawsuit and subsequent remand introduce uncertainty regarding the timeline for restarting production at the Santa Ynez Unit.
  • The potential for third-party interference could further delay the restart of operations.
Delay expected
14 November 2024 5:20 PM
Quarterly Report and Regulatory Update
  • The California Coastal Commission asked Sable to stop all work in the Coastal Zone at the end of September, causing delays in pipeline maintenance and repair.
  • The need to agree on an interim work plan with the CCC to fill open excavations is causing further delays.
Worse than expected
14 November 2024 5:20 PM
Quarterly Report and Regulatory Update
  • The company reported a significant net loss of $255.6 million, which is worse than expected for a company of this size.
  • The ongoing issues with the California Coastal Commission and the potential reversion of assets to ExxonMobil are also worse than expected.
Worse than expected
14 November 2024 4:14 PM
Quarterly Report
  • The company reported a significant net loss, driven by high operating expenses and changes in the fair value of warrant liabilities.
  • The company's assets are not currently producing, leading to a lack of revenue and substantial operating losses.
  • There is substantial doubt about the company's ability to continue as a going concern.
Capital raise
14 November 2024 4:14 PM
Quarterly Report
  • The company completed a second private placement of shares, raising $150 million.
  • The company received $72.5 million from warrant exercises.
  • The company may need to raise additional capital if its cost estimates for restarting production are insufficient.
Capital raise
11 October 2024 5:10 PM
S-1 Filing
  • The document details the issuance of 7,500,000 shares of Common Stock in a private placement (Second PIPE Investment) for an aggregate purchase price of $150,000,000.
Capital raise
24 September 2024 5:27 PM
Private Placement Announcement
  • Sable Offshore Corp. raised approximately $150 million through a private placement.
  • The company issued approximately 7.5 million new shares of common stock to investors.
  • The shares were sold at a price of $20.00 per share.
Worse than expected
13 August 2024 4:29 PM
Quarterly Report
  • The company reported a significant net loss of $165.4 million, which is worse than expected for a company in the process of restarting production.
Delay expected
13 August 2024 4:29 PM
Quarterly Report
  • The company has a new deadline of July 1, 2025, to implement its 2021 Risk Analysis and Implementation Plan, which is a delay from the original timeline.
  • The company is facing delays in obtaining permits from the County of Santa Barbara.
Worse than expected
13 August 2024 4:07 PM
Quarterly Report
  • The company reported a significant net loss of $165.4 million for the quarter and $345.5 million for the period from February 14, 2024 to June 30, 2024.
  • Operating expenses were substantial at $62.2 million for the quarter and $221.4 million for the period from February 14, 2024 to June 30, 2024.
  • The company recorded a large change in fair value of warrant liabilities of $81.2 million for the quarter and $79.4 million for the period from February 14, 2024 to June 30, 2024.
  • There is substantial doubt about the company's ability to continue as a going concern.
Delay expected
13 August 2024 4:07 PM
Quarterly Report
  • The company's restart of production is contingent on regulatory approvals and repairs, which introduces uncertainty and potential delays.
  • The OSFM approved PPC's extension request for the implementation of the 2021 Plan, setting a new deadline of July 1, 2025.
Capital raise
13 August 2024 4:07 PM
Quarterly Report
  • The company may need to raise additional capital if its cost estimates for restarting production are less than the actual amounts needed.
  • There is no assurance that new financing will be available on commercially acceptable terms.
Delay expected
11 July 2024 9:05 AM
Current Report
  • The restart of operations has been delayed and is now expected in late third quarter 2024 or early fourth quarter 2024.
Better than expected
15 May 2024 4:54 PM
Quarterly Report
  • The company increased its Total Net Estimated Contingent Resources by 21% to 646 MMboe, with a PV-10 value of $10.0 billion, which is a significant improvement over previous estimates.
Capital raise
15 May 2024 4:38 PM
Quarterly Report
  • The company raised $440.2 million through a private placement of common stock.
  • The company secured a $625 million senior secured term loan from Exxon Mobil.
Worse than expected
15 May 2024 4:38 PM
Quarterly Report
  • The company reported a significant net loss of $180.1 million, which is worse than expected for a company that has just completed a business combination and is preparing to restart production.
  • The high general and administrative expenses, driven by a $70 million legal settlement and $46.4 million in share-based compensation, contributed to the worse than expected results.
Capital raise
1 April 2024 4:31 PM
Amended 8-K Filing
  • The company raised $440.2 million through a private placement of shares at $10.00 per share.
  • The company may need to raise additional capital if the costs of restarting production exceed estimates.
Delay expected
1 April 2024 4:31 PM
Amended 8-K Filing
  • The closing date of the purchase agreement was delayed from June 30, 2022, to December 31, 2022, and then to February 1, 2024, and finally closed on February 14, 2024.
  • The restart of production is contingent upon regulatory approvals and the timing of ongoing construction repair efforts, which could lead to further delays.
Worse than expected
1 April 2024 4:31 PM
Amended 8-K Filing
  • The company reported a significant net loss of $1.5 billion in 2022 due to a $1.4 billion impairment, indicating worse than expected financial performance.
  • The company has a going concern warning, indicating worse than expected financial stability.
Capital raise
28 March 2024 5:21 PM
Annual Report
  • The company may need to raise additional capital to fund the restart of production if its current cash on hand is insufficient.
  • The company may issue additional equity or debt securities in the future, which may dilute existing stockholders or introduce restrictive covenants.
Worse than expected
28 March 2024 5:21 PM
Annual Report
  • The company's independent auditor has expressed substantial doubt about its ability to continue as a going concern.
  • The company has a working capital deficit of $16.4 million as of December 31, 2023.
Capital raise
12 February 2024 5:30 PM
Merger Announcement
  • The company initially secured a $520 million PIPE investment.
  • One investor was unable to fund $125 million of their commitment.
  • The company secured an additional $53 million in PIPE investments to partially offset the shortfall.
  • The company will continue to seek additional investments to provide liquidity after the merger.
Capital raise
16 January 2024 4:26 PM
Merger Financing Update
  • Flame Acquisition Corp. has secured $520 million in PIPE financing.
  • The financing involves the sale of 52 million shares of Class A common stock at $10.00 per share.
  • The PIPE includes $100 million from new Flame PIPE investors and $420 million from Holdco PIPE investors.
  • The Holdco PIPE investors will purchase 34.85 million shares of Holdco Class B shares at $10.00 per share.

Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.