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, 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.
NYSE
30 days, 23 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, 23 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, 23 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
74 days, 0 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, 19 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.
SOC 
Sable Offshore CORP 
NYSE

8-K: Sable Offshore Corp. Reports Q3 2024 Results and Provides Update on Coastal Commission Coordination

Sentiment:
 Quarterly Report and Regulatory Update
 14 November 2024 5:20 PM

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
  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
  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. 

Summary
  • Sable Offshore Corp. reported a net loss of $255.6 million for the third quarter of 2024, primarily due to non-cash changes in warrant liabilities, production restart expenses, and interest expenses.
  • The company successfully raised $150 million in gross equity capital through a private placement and $72.5 million through the exercise of public warrants during the quarter.
  • Sable's outstanding debt at the end of the quarter was $814.4 million, including paid-in-kind interest and additional principal from a loan amendment.
  • The company's cash and cash equivalents balance increased to $288.2 million, excluding $35.3 million in restricted cash.
  • Operationally, Sable reached a conditional settlement with Santa Barbara County regarding jurisdiction over safety valve installations.
  • The company made progress on restarting operations at the SYU offshore platforms and Las Flores Canyon facilities, including overhauling gas compressors and completing safety device testing.
  • Sable also made significant progress on the pipeline anomaly repair program, completing approximately 100 repairs by the end of the quarter.
  • The Bureau of Safety and Environmental Enforcement confirmed that Sable's lease-holding activities maintain all 16 leases within the Santa Ynez Unit until October 9, 2025.
  • The Santa Barbara County Planning Commission approved Sable as the Owner, Operator, and Guarantor of the SYU, POPCO Gas Plant, and Las Flores Pipeline System on October 30, 2024.
  • All outstanding public warrants were redeemed on November 4, 2024, generating $183.5 million in gross proceeds.
  • As of November 13, 2024, Sable had 89,099,863 shares of common stock outstanding and an unrestricted cash balance of approximately $362.9 million.
  • Sable is coordinating with the California Coastal Commission on maintenance and repair work on the Las Flores Pipelines, addressing open excavations in the Coastal Zone.
Sentiment

Score: 4

Explanation: The sentiment is moderately negative due to the significant net loss, high debt, and ongoing regulatory challenges. While there are some positive developments, such as the equity raise and progress on repairs, the overall outlook is uncertain.

Positives
  • Sable successfully raised $222.5 million in equity capital, strengthening its financial position.
  • The company made significant progress in restarting operations and repairing the pipeline, indicating a move towards resuming production.
  • The settlement with Santa Barbara County clarifies jurisdiction over safety valve installations.
  • The confirmation from the Bureau of Safety and Environmental Enforcement ensures the company maintains its leases until October 2025.
  • The approval from the Santa Barbara County Planning Commission solidifies Sable's role as the owner and operator of key assets.
  • The redemption of all outstanding public warrants provides additional capital and simplifies the capital structure.
  • Sable is actively working with the California Coastal Commission to resolve issues related to pipeline maintenance.
Negatives
  • Sable reported a substantial net loss of $255.6 million for the quarter.
  • The company's outstanding debt remains high at $814.4 million.
  • The ongoing coordination with the California Coastal Commission indicates potential regulatory hurdles and delays.
  • The SYU assets have not produced commercial quantities of hydrocarbons since June 2015, and there is no guarantee that production will recommence.
  • If production is not recommenced by January 1, 2026, the assets could revert to ExxonMobil without compensation to Sable.
Risks
  • The ability to recommence production of the SYU assets is uncertain and subject to permitting and regulatory approvals.
  • Global economic conditions and inflation could impact operating costs and profitability.
  • There is a risk of increased operating costs and potential lack of availability of necessary equipment and personnel.
  • Environmental and weather risks could disrupt operations and cause delays.
  • Regulatory changes and uncertainties could impact the company's ability to operate.
  • Litigation, complaints, and adverse publicity could negatively affect the company's reputation and financial performance.
  • The company faces risks related to privacy and data protection laws, as well as potential data breaches.
  • The SYU assets could revert to ExxonMobil if production does not recommence by January 1, 2026.
Future Outlook

Sable is focused on recommencing production at the SYU assets and continuing its coordination with the California Coastal Commission. The company is working to resolve the issues with the pipeline and is aiming to restart production as soon as possible. However, there is no guarantee that the necessary permits will be obtained or that production will recommence by January 1, 2026.

Management Comments
  • Sable believes recent work on the pipelines is within the scope of historic activities.
  • Sable has been extremely concerned about environmental risk from open excavations along the pipeline route.
  • Restoring the excavations to their original condition will be the best way to ensure that the environment will be protected.
  • We appreciate CCC staffs engagement and efforts to work with us in trying to arrive at a solution, and share the Commissions passion for protecting the environment and coastal resources.
Industry Context

Sable's situation is indicative of the challenges faced by oil and gas companies operating in environmentally sensitive areas with strict regulatory oversight. The need to balance operational goals with environmental protection is a key theme in the industry, particularly in California. The company's focus on restarting production while addressing regulatory concerns is a common challenge for companies in this sector.

Comparison to Industry Standards
  • The net loss of $255.6 million is significant and would be considered poor compared to industry standards for companies of similar size and scope, especially those with producing assets.
  • The successful raising of $222.5 million in equity capital is a positive development, but the high debt level of $814.4 million is a concern.
  • The ongoing issues with the California Coastal Commission are not unique, as many oil and gas companies face regulatory hurdles, but the specific delays and work stoppages are a negative.
  • Companies like California Resources Corporation (CRC) and Berry Corporation (BRY) also operate in California and face similar regulatory and environmental challenges, but their financial performance and operational status are different, making direct comparisons difficult.
  • The lack of production since 2015 is a major deviation from industry norms, where companies typically strive for continuous production to generate revenue.
Stakeholder Impact
  • Shareholders are negatively impacted by the net loss and the uncertainty surrounding the recommencement of production.
  • Employees and contractors are impacted by the ongoing operational challenges and potential delays.
  • Customers are impacted by the lack of production and the uncertainty of future supply.
  • Suppliers and creditors are impacted by the company's financial performance and the potential for delays in payments.
  • The local community is impacted by the environmental concerns and the potential for disruptions to the local economy.
Next Steps
  • Sable will work to agree on the terms of an interim work plan with the California Coastal Commission to fill open excavations.
  • The company will continue its discussions with the CCC regarding remaining pipeline maintenance and repair work.
  • Sable will continue to work towards recommencing production at the SYU assets.
  • The company will monitor the situation regarding the potential reversion of assets to ExxonMobil if production is not recommenced by January 1, 2026.
Key Dates
  • June 2015: The SYU assets ceased production due to the pipeline shutdown.
  • October 9, 2025: Sable's leases within the Santa Ynez Unit are maintained until this date.
  • October 30, 2024: The Santa Barbara County Planning Commission approved Sable as the owner and operator of key assets.
  • November 4, 2024: Sable completed the redemption of all outstanding public warrants.
  • November 13, 2024: Sable had 89,099,863 shares of common stock outstanding and an unrestricted cash balance of approximately $362.9 million.
  • November 14, 2024: Sable Offshore Corp. announced its third quarter 2024 financial and operational results and provided an update on its coordination with the California Coastal Commission.
  • January 1, 2026: Potential reversion of SYU assets to ExxonMobil if production is not recommenced by this date.
Keywords
Sable Offshore, Oil and Gas, Santa Ynez Unit, Pipeline, California Coastal Commission, Financial Results, Equity Capital, Warrants, Debt, Production Restart, Regulatory, Environmental
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.
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
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
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.
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.
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.
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.