SOC
Sable Offshore Corp.5.43
-0.17-3.04%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
No earnings call transcript available
Key Stats
Market Cap
787.14MP/E (TTM)
-Basic EPS (TTM)
-0.69Dividend Yield
0%Recent Filings
10-K
FY2025 results
Sable Offshore posted a $410M net loss for FY2025 ended December 31, 2025, driven by $219M operations/maintenance and $176M G&A amid restart efforts, yet Q4 saw PHMSA approve the Restart Plan and issue an emergency permit for Pipeline Segments 324/325 after production began May 15 at ~6,000 bopd from Platform Harmony. Restart costs mounted with 37% headcount growth and $28M operator rights, but $545M raised via equity offerings bolstered $98M year-end cash against $922M debt (15% PIK). Q4 momentum built on hydrotests and federal jurisdiction shift, while OS&T alternative eyes Q4 2026 sales at 50,000+ bopd for $475M capex. Litigation stalls pipeline flows. Debt matures March 2027 or 90 days post-sales.
8-K
Sable reports 2025 loss post-restart
Sable Offshore restarted Santa Ynez Unit production on May 19, 2025, after completing pipeline repairs per the Consent Decree, yet reported a $410.2 million net loss for 2025 from restart costs and non-cash items. Raised $295 million via public offering in May and $250 million private placement in November. Debt hit $921.6 million; cash at $97.7 million. Sales stalled pending pipeline or OS&T approvals.
8-K
ATM offering up to $250M
Sable Offshore launched an at-the-market offering for up to $250 million in common stock via TD Securities and Jefferies on February 2, 2026, to fund its $475 million OS&T strategy targeting over 50,000 barrels of oil per day by Q4 2026, pending BOEM clearance. Pipeline restart efforts persist amid ongoing litigation. Cash stands at $97.7 million.
8-K
PHMSA permit for pipeline segments
Sable Offshore Corp. secured an emergency special permit from PHMSA on December 23, 2025, for Santa Ynez Pipeline segments 324 and 325, greenlighting enhanced integrity practices under strict conditions. This advances onshore transport from Las Flores Canyon storage, where oil has piled up since May 2025 restart. Sales remain stalled. Permit specifies operations.
8-K
PHMSA approves pipeline restart
Sable Offshore Corp. secured PHMSA approval for its Restart Plan on December 22, 2025, for the Las Flores Pipeline System (Lines CA-324 and CA-325). Following document submissions and a field inspection from December 4-12, the agency greenlit startup procedures, lifting prior restrictions. Approval unlocks pipeline operations. Restart now hinges on execution.
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