NYSE
2 days, 11 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, 1 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, 11 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, 1 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, 1 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

8-K: Sable Offshore Corp. Successfully Closes Upsized $295 Million Public Offering, Underwriters Fully Exercise Option

Sentiment:
 Equity Offering Update
 23 May 2025 4:07 PM

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
  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
  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. 

Summary
  • Sable Offshore Corp. (NYSE: SOC) successfully closed its previously announced upsized underwritten public offering of common stock.
  • The offering involved the sale of 10,000,000 shares of common stock, which includes 1,304,346 shares from the full exercise of the underwriters' 30-day option to purchase additional shares.
  • The shares were sold at a public offering price of $29.50 per share.
  • The gross proceeds from the offering totaled approximately $295.0 million.
  • The Company intends to use the approximately $283.2 million of net proceeds for capital expenditures, working capital purposes, and general corporate purposes.
  • J.P. Morgan, Jefferies, and TD Cowen acted as joint book-running managers and representatives of the underwriters, with The Benchmark Company, Johnson Rice & Company, Pickering Energy Partners, Roth Capital Partners, and Tuohy Brothers acting as co-managers.
Sentiment

Score: 8

Explanation: The successful completion of an upsized public offering, coupled with the full exercise of the underwriters' option, indicates strong market confidence and a positive reception for Sable Offshore Corp.'s capital raising efforts. The significant proceeds provide substantial financial flexibility for the company's strategic objectives.

Positives
  • Successful completion of an upsized public offering, indicating strong market demand and investor confidence.
  • Full exercise of the underwriters' option to purchase additional shares, further demonstrating robust demand for the Company's stock.
  • Significant capital raised (approximately $295.0 million gross, $283.2 million net) provides substantial financial resources for the Company.
  • The capital infusion is earmarked for capital expenditures, working capital, and general corporate purposes, supporting the Company's strategic initiatives and operational needs.
Negatives
  • Dilution of ownership for existing shareholders due to the issuance of 10,000,000 new shares of common stock.
Risks
  • Uncertainty regarding the ability to recommence production of the Santa Ynez Unit (SYU) assets and the associated cost and time required.
  • Potential impact of global economic conditions and inflation on the Company's operations and financial performance.
  • Risk of increased operating costs affecting profitability.
  • Challenges related to the availability of drilling and production equipment, supplies, services, and qualified personnel.
  • Risks associated with geographical concentration of operations, particularly in federal waters offshore California.
  • Exposure to environmental and weather-related risks inherent in offshore oil and gas operations.
  • Uncertainties and potential adverse impacts from regulatory changes and compliance requirements.
  • Risks from litigation, complaints, and/or adverse publicity that could affect the Company's reputation and financial standing.
  • Risks related to privacy and data protection laws, privacy or data breaches, or loss of data affecting IT systems and personal data.
  • Challenges in complying with all applicable laws and regulations pertinent to the Company's business.
  • Impact of other one-time events that could materially affect the Company's results.
Future Outlook

Sable Offshore Corp. intends to utilize the net proceeds from the offering, approximately $283.2 million, for capital expenditures, working capital purposes, and general corporate purposes. The company's forward-looking statements also highlight the importance of recommencing production of its Santa Ynez Unit assets.

Management Comments
  • "Sable Offshore Corp. today announced the pricing of its previously announced underwritten public offering of 8,695,654 shares of its common stock... at a price to the public of $29.50 per share."
  • "The Company intends to use net proceeds of the offering for capital expenditures, working capital purposes and general corporate purposes."
  • "Sable Offshore Corp. today announced the closing of its previously announced upsized underwritten public offering of 10,000,000 shares of its common stock at the public offering price of $29.50 per share. The shares of common stock sold include 1,304,346 shares pursuant to the option to purchase additional shares granted by the Company to the underwriters, which option was exercised in full."
Industry Context

Sable Offshore Corp. operates as an independent oil and gas company, specifically focused on developing the Santa Ynez Unit in federal waters offshore California. This significant equity offering provides the company with substantial capital, which is crucial for funding capital-intensive operations, potential development projects, and maintaining liquidity within the volatile energy sector. The successful execution of an upsized offering suggests a positive market sentiment towards Sable's strategic direction or the broader offshore oil and gas segment, despite the inherent risks and regulatory complexities of operating in California's federal waters.

Comparison to Industry Standards
  • NA
Stakeholder Impact
  • Shareholders: Existing shareholders will experience dilution due to the issuance of new shares, but the capital raise strengthens the company's financial position, potentially supporting future growth and value creation.
  • Company Operations: The capital infusion provides funds for critical capital expenditures and working capital, which can support the company's operational stability and strategic development, particularly for the Santa Ynez Unit.
  • Creditors: A stronger cash position and improved financial health could be viewed positively by creditors, potentially enhancing the company's creditworthiness.
Next Steps
  • Application of net proceeds for capital expenditures, working capital, and general corporate purposes.
  • Continued efforts to recommence production of the Santa Ynez Unit (SYU) assets.
  • The Company will file promptly all required reports and statements with the SEC pursuant to the Exchange Act.
  • The Company will use its reasonable best efforts to list the Shares on The New York Stock Exchange.
  • The Company will furnish reports to security holders and Representatives for a period of three years.
  • The Company will retain copies of each Issuer Free Writing Prospectus that is not filed with the Commission.
  • If any Shares remain unsold by the third anniversary of the initial effective date of the Registration Statement, the Company will file a new automatic shelf registration statement or a new shelf registration statement.
Key Dates
  • 2024-02-14: Date of the senior secured term loan agreement (Credit Agreement) entered into by the Company.
  • 2025-04-22: Initial filing date of the registration statement on Form S-3 (Registration No. 333-286675) with the SEC.
  • 2025-05-01: Effective date of the registration statement on Form S-3.
  • 2025-05-21: Date Sable Offshore Corp. entered into the Underwriting Agreement; preliminary prospectus supplement filed; press release announcing pricing issued; Applicable Time for Pricing Disclosure Package (7:45 P.M. New York City time).
  • 2025-05-22: Underwriters exercised their 30-day option to purchase additional shares in full; final prospectus supplement filed with the SEC.
  • 2025-05-23: Closing date of the public offering; press release announcing closing issued.
Keywords
Sable Offshore Corp, SOC, equity offering, public offering, common stock, capital raise, underwriting agreement, J.P. Morgan, Jefferies, TD Cowen, Santa Ynez Unit, oil and gas, SEC filing, 8-K, capital expenditures, working capital, corporate finance
SOC 
Sable Offshore CORP 
NYSE
Sector: Energy
 
Filings with Classifications
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
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.
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.
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.
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.