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, 23 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, 23 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, 23 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, 23 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, 23 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.
SOC 
Sable Offshore CORP 
NYSE

10-Q: Sable Offshore Corp. Reports Q1 2025 Results, Focus Remains on Production Restart

Sentiment:
 Quarterly Report
 9 May 2025 4:03 PM

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
  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. 

Summary
  • Sable Offshore Corp. reported a net loss of $109.5 million for the three months ended March 31, 2025.
  • The company is focused on restarting production at the Santa Ynez field (SYU) and associated pipeline assets.
  • Restart of production is contingent upon regulatory approvals and completion of repairs.
  • Operating expenses increased to $34.4 million due to maintenance related to restart efforts.
  • General and administrative expenses decreased significantly compared to the prior year due to one-time expenses related to the Business Combination in 2024.
  • The company's ability to continue as a going concern is subject to substantial doubt due to regulatory approvals and the timing of repair efforts.
  • The company estimates remaining start-up expenses of approximately $44.1 million to restart production in the second quarter of 2025.
Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to the ongoing losses, the uncertainty surrounding the production restart, and the going concern warning. However, the company has made progress in addressing regulatory issues and is working towards restarting production.

Positives
  • General and administrative expenses decreased significantly compared to the prior year due to one-time expenses related to the Business Combination in 2024.
Negatives
  • Sable Offshore Corp. reported a net loss of $109.5 million for Q1 2025.
  • Operating expenses increased to $34.4 million due to maintenance related to restart efforts.
  • The company's ability to continue as a going concern is subject to substantial doubt due to regulatory approvals and the timing of repair efforts.
Risks
  • The company's ability to restart production is contingent upon approvals from federal, state and local regulators.
  • If the company's estimates of the costs of restarting production are less than the actual amounts necessary to do so, the company may have insufficient funds available to operate its business prior to first production and will need to raise additional capital.
  • Restrictive covenants in the Senior Secured Term Loan impose significant operating and financial restrictions on the company.
  • If the company fails to restart production of the SYU Assets by March 1, 2026, EM will have the exclusive right to require the company to reassign the SYU Assets and rights to EM or its designated representative, without reimbursing the company for any of its costs or expenditures.
Future Outlook

The company expects to continue to incur losses until it can recognize revenue in connection with restart production of the SYU Assets, with production restart anticipated in the second quarter of 2025.

Industry Context

The announcement reflects the challenges faced by oil and gas companies in restarting operations after prolonged shutdowns, particularly in the face of regulatory hurdles and environmental concerns. The company's focus on restarting production aligns with the broader industry trend of increasing domestic energy production, but its success is contingent on overcoming regulatory and operational challenges.

Comparison to Industry Standards
  • It's difficult to compare Sable Offshore directly to industry standards due to its unique situation of restarting a previously shut-in field.
  • Comparable companies in the oil and gas sector, such as California Resources Corporation (CRC), focus on optimizing existing production and managing legacy assets.
  • However, CRC does not have the same level of regulatory and environmental scrutiny as Sable.
  • Other offshore operators like Talos Energy focus on new developments and acquisitions, but their risk profiles differ from Sable's restart project.
  • The 10% interest rate on the Senior Secured Term Loan is relatively high, reflecting the perceived risk associated with the project.
  • Similar projects, such as the decommissioning and redevelopment of offshore platforms by companies like Trident Energy, face similar challenges in terms of regulatory approvals and environmental compliance.
Stakeholder Impact
  • Shareholders face uncertainty due to the company's financial losses and the risks associated with restarting production.
  • Employees are affected by the ongoing operational challenges and the potential for future cost-cutting measures.
  • Customers and suppliers are impacted by the shut-in operations and the uncertainty surrounding the timing of the production restart.
  • Creditors are exposed to the risks associated with the company's ability to repay its debt obligations.
Next Steps
  • Obtaining necessary regulatory approvals to restart production.
  • Completing pipeline repairs and bringing the shut-in assets back online.
  • Refinancing the Senior Secured Term Loan within 240 days following the first production date.
Legal Proceedings
  • The company is involved in legal proceedings related to the Grey Fox Matter, Zaca Preserve Matter, BSEE Matter, and California Coastal Commission Matter.
Related Party Transactions
  • On October 3, 2024, the Company entered into an Agreement of Purchase and Sale (PSA) with Sable Aviation, LLC (Sable Aviation), an entity controlled by the Company's Chairman and Chief Executive Officer.
  • Pursuant to the terms of the PSA, the Company purchased transportation assets and related equipment from Sable Aviation in exchange for 600,000 shares of the Company's Common Stock, valued at $15.2 million.
Key Dates
  • 2022-11-01: Sable Offshore Corp. (SOC) entered into a purchase and sale agreement with Exxon Mobil Corporation (Exxon) and Mobil Pacific Pipeline Company (MPPC) to acquire the Santa Ynez field (SYU) assets.
  • 2022-11-02: Flame Acquisition Corp. entered into a merger agreement with SOC and Sable Offshore Holdings, LLC.
  • 2024-02-12: Flame held a special meeting of stockholders to approve the Business Combination.
  • 2024-02-14: The Business Combination was consummated, and Flame changed its name to Sable Offshore Corp.
  • 2024-02-14: The Company issued 44,024,910 shares of Common Stock in the First PIPE Investment.
  • 2024-02-15: Sable's shares of Common Stock and warrants began trading on NYSE under the symbols SOC and SOC.WS, respectively.
  • 2024-03-26: Sable entered into a Stipulation and Agreement of Settlement regarding the Grey Fox Matter.
  • 2024-09-06: The Company entered into an amendment to the Senior Secured Term Loan.
  • 2024-09-17: The court approved the Settlement Agreement in full.
  • 2024-09-26: The Company issued 7,500,000 shares of Common Stock in the Second PIPE Investment.
  • 2024-10-03: The Company announced that it would redeem all of the Public Warrants that remained outstanding after 5:00 p.m. New York City time on November 4, 2024.
  • 2024-12-13: The Company entered into the Fourth Amendment to the Sable-EM Purchase Agreement, extending the Restart Failure Date to March 1, 2026.
  • 2025-02-18: Sable filed Complaint for Damages and Declaratory and Injunctive Relief alleging the California Coastal Commission (the Commission) (i) violated Article I, Section 19 of the California Constitution and the takings Clause of the Fifth and Fourteenth Amendments to the U.S. Constitution in issuing certain Notices of Violation (File Nos. V-9-24-0152 and V-9-25-0013) (NOVs) and Executive Director Cease and Desist Order No. ED-24-CD-02 (EDCDO) relating to alleged unpermitted development activities by the Company in the California coastal zone; and (ii) impaired the Companys vested rights in issuing the NOVs and EDCDO.
  • 2025-03-01: The Restart Failure Date, as amended.
  • 2025-03-31: End of the reporting period for the quarterly report.
  • 2025-04-25: The Compensation Committee approved long-term incentive grants of up to 10,653,076 restricted stock units to our CEO, executive officers and other employees of the Company.
  • 2025-05-07: As of this date, there were 89,413,358 shares of Common Stock issued and outstanding.
  • 2025-05-09: Date of the report.
  • 2026-03-01: The Restart Failure Date, as amended.
Keywords
Sable Offshore, Santa Ynez Field, Production Restart, Financial Results, Oil and Gas, Senior Secured Term Loan, Warrants, Regulatory Approvals
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.
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 4:29 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.
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.
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.