NYSE
2 days, 9 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
6 days, 23 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, 9 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
20 days, 23 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
20 days, 23 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, 9 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
42 days, 23 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, 19 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, 4 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.
SOC 
Sable Offshore CORP 
NYSE

8-K: Sable Offshore Corp. Faces Cease and Desist Order from California Coastal Commission Amid Pipeline Repair Dispute

Sentiment:
 8-K Filing
 19 February 2025 10:14 AM

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
  The dispute with the California Coastal Commission could potentially delay Sable's pipeline repair operations. 

Worse than expected
  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. 

Summary
  • Sable Offshore Corp. received a Notice Prior to Issuance of Executive Director Cease and Desist Order (EDCDO) from the California Coastal Commission (CCC) on February 16, 2025, regarding ongoing anomaly repair work on its pipelines.
  • Sable responded on February 17, 2025, asserting that the Coastal Act does not authorize the issuance of an EDCDO in this situation and that they intend to proceed with the repair work authorized by the County of Santa Barbara.
  • On February 18, 2025, Sable filed a complaint against the CCC in the Superior Court of California, County of Santa Barbara, challenging the CCC's Notices of Violations and EDCDO as procedurally improper and beyond the CCC's authority.
  • Sable seeks a declaration that the CCC's actions are unlawful, an injunction against further enforcement actions, damages for alleged taking of property rights, and attorneys' fees and costs.
  • The CCC proceeded to issue an Executive Director Cease and Desist Order to Sable on February 18, 2025.
  • Sable states that pipeline repair operations remain unaffected.
Sentiment

Score: 3

Explanation: The sentiment is negative due to the legal dispute with the California Coastal Commission and the potential for operational disruptions. While Sable is fighting the order, the uncertainty and potential costs associated with the litigation weigh negatively.

Positives
  • Sable believes it has the necessary permits from the County of Santa Barbara to continue its pipeline repair work.
  • Sable is actively challenging the CCC's actions in court.
  • Sable states that pipeline repair operations remain unaffected.
Negatives
  • The California Coastal Commission has issued an Executive Director Cease and Desist Order to Sable Offshore Corp.
  • Sable is involved in a legal dispute with the California Coastal Commission, which could be costly and time-consuming.
  • The CCC's actions could potentially delay or halt Sable's pipeline repair operations in the future.
Risks
  • The legal dispute with the CCC could result in unfavorable rulings for Sable, leading to project delays and increased costs.
  • The CCC's enforcement actions could set a precedent that impacts Sable's future operations in California's coastal zone.
  • Delays in pipeline repairs could potentially lead to environmental risks and regulatory penalties.
Future Outlook

The company's future outlook is subject to the resolution of the legal dispute with the California Coastal Commission and its ability to continue pipeline repair operations without significant disruption.

Management Comments
  • Sable strongly disagrees with many of the Notices assertions and characterizations of the Coastal Act.
  • Sable intends to proceed with the anomaly repair work authorized by the County in its February 12, 2025, letter.
Industry Context

This announcement highlights the challenges faced by companies operating in environmentally sensitive areas and the potential for regulatory disputes to impact operations. It is common for oil and gas companies to face scrutiny from environmental regulators, particularly in California.

Comparison to Industry Standards
  • Similar disputes have occurred between energy companies and regulatory bodies like the California Coastal Commission.
  • For example, Plains All American Pipeline faced significant regulatory hurdles and public opposition following the 2015 Refugio Oil Spill, leading to project delays and increased costs.
  • The outcome of Sable's dispute could set a precedent for future pipeline repair projects in California's coastal zone, potentially impacting other operators.
Stakeholder Impact
  • Shareholders face uncertainty due to the legal dispute and potential operational disruptions.
  • Employees may be affected if the pipeline repair work is delayed or halted.
  • The environment could be at risk if the pipeline repairs are not completed in a timely manner.
Next Steps
  • Sable will continue to pursue legal action against the California Coastal Commission.
  • Sable intends to proceed with the anomaly repair work authorized by the County of Santa Barbara.
  • Sable will likely engage in further discussions with the California Coastal Commission to attempt to resolve the dispute.
Legal Proceedings
  • Sable Offshore Corp. filed a complaint against the CCC in the Superior Court of the State of California for the County of Santa Barbara (Case No. 25CV00974).
Key Dates
  • July 27, 1986: County Coastal Development Permit 86-CDP-189 was issued.
  • August 5, 1986: County Coastal Development Permit 86 CDP-205 was issued.
  • November 12, 2024: California Coastal Commission issued an Executive Director Cease and Desist Order.
  • February 12, 2025: County of Santa Barbara confirmed in writing that Sable's anomaly repair work is authorized by existing coastal development permits.
  • February 14, 2025: Sable sent a letter to Coastal Commission staff regarding the anomaly repair work.
  • February 16, 2025: The California Coastal Commission (CCC) sent Sable Offshore Corp. a Notice Prior to Issuance of Executive Director Cease and Desist Order.
  • February 17, 2025: Sable replied to the CCC with a letter stating that the Coastal Act does not authorize the issuance of an EDCDO.
  • February 18, 2025: Sable Offshore Corp. filed a complaint against the CCC in the Superior Court of the State of California for the County of Santa Barbara (Case No. 25CV00974). The CCC proceeded to issue an Executive Director Cease and Desist Order to Sable.
  • February 19, 2025: Date of the 8-K filing.
Keywords
Sable Offshore Corp, California Coastal Commission, Cease and Desist Order, Pipeline Repair, Coastal Act, Lawsuit, Permits, Santa Barbara County, Enforcement, Litigation
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.
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
19 February 2025 10:14 AM
8-K Filing
  • The dispute with the California Coastal Commission could potentially delay Sable's pipeline repair operations.
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.
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.
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 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.
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.
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.
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.
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
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
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.
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.
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.
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
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.
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.