Sable Offshore (SOC) Company Report

Sable Offshore Corp. reported a net loss of $110.4 million for the third quarter of 2025, primarily due to production restart-related operating expenses and non-cash interest expense.
As of the end of the third quarter of 2025, the company had 99,507,250 shares of Common Stock outstanding.
The company concluded the quarter with $41.6 million in cash and cash equivalents and $896.6 million in short-term outstanding debt.
Production from the Santa Ynez Unit assets restarted in May 2025, but commercial quantities of hydrocarbons have not been sold since June 2015, with oil produced since May 2025 being stored pending transportation.

Nov 13, 2025, 9:24 PM

8-K

Sable Offshore Corp. Announces $250 Million Private Placement

SOC

Sable Offshore Corp. announced a $250 million private placement of shares to institutional investors.
The company will issue 45,454,546 shares of common stock at a purchase price of $5.50 per share.
The private placement is expected to close on November 12, 2025, with proceeds intended for general corporate purposes.
This offering is anticipated to satisfy the common equity contribution condition of the Senior Secured Term Loan amendment announced on November 3, 2025.

Nov 10, 2025, 1:19 PM

8-K

Sable Offshore Corp. Provides Strategic Update and Amends Senior Secured Term Loan

SOC

New Projects/Investments

Guidance Update

Debt Issuance

Sable Offshore Corp. is pursuing an accelerated Offshore Storage and Treating Vessel (OS&T) strategy for its Santa Ynez Unit, with oil sales anticipated to recommence in Q4 2026.
On November 3, 2025, the company amended its Senior Secured Term Loan, which, if effective, will increase the interest rate from 10% to 15% and extend the maturity to the earlier of March 31, 2027, or 90 days after first hydrocarbon sales.
The amendment's effectiveness is contingent on Sable receiving at least $225.0 million in equity contributions and maintaining a monthly minimum of $25.0 million in unrestricted cash.
The OS&T strategy is estimated to require approximately $450 million in capital and is projected to yield cost savings of ~$10/BOE, potentially resulting in >$175 million in annual savings.
A Special Committee of independent directors has been formed to investigate allegations from an October 31, 2025 report.

Nov 3, 2025, 2:16 PM

8-K

Sable Offshore Corp. provides update on Santa Ynez Unit production restart and operational plans

SOC

New Projects/Investments

Guidance Update

Debt Issuance

Sable Offshore Corp. (SOC) restarted production at its Harmony Platform on May 15, 2025, with produced oil currently held in storage tanks pending further approvals.
SOC is evaluating two commercial sales options for its Santa Ynez Unit: Option 1 (Offshore Storage and Treating Vessel - OS&T), targeting first sales in Q4 2026 with estimated capital expenditures of $425 million to $475 million, or Option 2 (Las Flores Canyon and Pipeline System), targeting first sales in Q4 2025 with estimated capital expenditures of $240 million to $270 million.
The company recently extended the maturity of its existing Senior Secured Term Loan on November 3, 2025, and projects an average monthly cash burn rate of ~$25 million, excluding OS&T capital expenditures.
The Santa Ynez Unit holds 646 MMBoe of remaining total net estimated contingent resources, building on historical production of over 671 MMBoe between 1981 and 2014.

Nov 3, 2025, 2:00 PM

Presentation

Sable Offshore Corp. Responds to State Fire Marshal Allegations Regarding Pipeline Restart Conditions

SOC

Legal Proceedings

Regulatory Changes/Uncertainties

Sable Offshore Corp. (SOC) responded to the California Office of the State Fire Marshal (OSFM) on October 23, 2025, disputing allegations of non-compliance with State Waivers concerning pipeline repair conditions.
The OSFM's October 22, 2025, letter stated that SOC has not met a condition requiring the repair of immediate and 180-day repair conditions, specifically anomalies with 40% or greater wall loss, including tool sizing tolerance, which currently prevents pipeline restart.
SOC contends that the State Waiver requirements, particularly Condition 9, apply prospectively after restart and that OSFM personnel previously confirmed this interpretation, approving the company's repair methodology without requiring tool tolerance consideration prior to restart.
The company's Santa Ynez Unit assets restarted production in May 2025 but have not sold commercial quantities of hydrocarbons since June 2015, with current production being stored pending necessary approvals for the Las Flores Pipeline System or an Offshore Storage and Treating Vessel.

Oct 24, 2025, 11:30 AM

8-K

Sable Offshore Corp. receives tentative ruling in California Coastal Commission litigation

SOC

Legal Proceedings

New Projects/Investments

Debt Issuance

Sable Offshore Corp. (SOC) announced a tentative ruling on October 14, 2025, from the Santa Barbara Superior Court, indicating it will deny Sable's claims against the California Coastal Commission.
Sable is pursuing declaratory relief and inverse condemnation claims in excess of approximately $347 million against the Coastal Commission and intends to appeal the tentative ruling.
The company stated that the ruling would have no impact on the resumption of petroleum transportation through the Las Flores Pipeline System or oil and gas production from the federal Santa Ynez Unit.
Sable plans to pursue an Offshore Storage & Treating Vessel (OS&T) strategy, which it believes will allow it to refinance its existing term loan, irrespective of California's approval for the Las Flores Pipeline System.

Oct 15, 2025, 10:17 AM

8-K

Sable Offshore Corp. Seeks Over $347 Million in Damages and Challenges New California Pipeline Law

SOC

Legal Proceedings

New Projects/Investments

Sable Offshore Corp. is filing a motion to amend its lawsuit against the California Coastal Commission, seeking over $347 million in damages for the unlawful delay in restarting the Las Flores Pipeline System.
The company also initiated a declaratory judgment action on September 29, 2025, against the State of California to confirm that SB 237 does not apply to its Las Flores Pipeline System.
SB 237, signed into law on September 19, 2025, mandates new testing and permits for pipelines deemed "idle, inactive, or out of service" for five years or more, a classification Sable disputes for its pipelines.
Sable acquired Pacific Pipeline Company, owner of the Las Flores Pipelines, in February 2024 and has been working to resume petroleum transportation through the system.

Oct 6, 2025, 10:43 AM

8-K

Sable Offshore Corp. Announces Alternative Offtake Strategy and Seeks Federal Support

SOC

New Projects/Investments

Guidance Update

Sable Offshore Corp. (SOC) has announced an alternative offtake strategy involving an Offshore Storage and Treating Vessel (OS&T) to provide market access for federal crude oil from the Santa Ynez Unit (SYU). This strategy is being pursued in parallel with efforts to resume petroleum transportation through the Las Flores Pipeline System.
The company has formally requested expedited support from the U.S. Department of the Interior and the U.S. Department of Energy for the permitting and installation of a Floating Production Storage and Offloading (FPSO) vessel, citing recently passed California state legislation creating barriers.
If the OS&T option is fully adopted, Sable expects to execute a lease contract by year-end 2025 for delivery in Q3 2026, with sales from all SYU platforms projected to begin in Q4 2026 at comprehensive oil production rates of over 50,000 barrels of oil per day.
The OS&T strategy would allow Sable to market its production outside of California, while the onshore pipeline option (with an estimated first sales in Q4 2025) is intended to provide immediate economic relief to California residents and stabilize local refineries.

Sep 29, 2025, 9:03 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for Sable Offshore.

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