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Sable Offshore Corp.

Sable Offshore Corp.

NYSE•SOC
CEO: Mr. James C. Flores
Sector: Energy
Industry: Oil & Gas Drilling
Listing Date: 2021-04-19
Sable Offshore Corp. engages in the oil and gas exploration and development activities in the United States. The company operates through three platforms located in federal waters offshore California. It owns and operates 16 federal leases across approximately 76,000 acres and subsea pipelines, which transport crude oil, natural gas, and produced water from the platforms to the onshore processing facilities. The company was formerly known as Flame Acquisition Corp. and changed its name to Sable Offshore Corp. in February 2024. Sable Offshore Corp. was incorporated in 2020 and is based in Houston, Texas.
Contact Information
845 Texas Avenue, Suite 2900, Houston, TX, 77002, United States
713-579-6106
www.sableoffshore.com
Market Cap
$1.15B
P/E (TTM)
6.2
17.9
Dividend Yield
--
52W High
$35.00
52W Low
$3.72
52W Range
25%
Rank53Top 76.1%
2.8
F-Score
Modified Piotroski Analysis
Based on 5-year fundamentals
Weak • 2.8 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2021-2025

Financial Dashboard

Q3 2025 Data

Revenue

$0.00+0.00%
4-Quarter Trend

EPS

-$1.21-70.56%
4-Quarter Trend

FCF

-$240.74M+421.84%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Operating Expenses Surge Operating expenses rose 119% to $119.4M in Q3 2025 vs Q3 2024, driven by $53.8M increase in maintenance costs related to restart.
Net Loss Significantly Reduced Net loss narrowed 57% to $110.4M in Q3 2025 compared to $255.6M loss in Q3 2024, aided by warrant valuation changes.
Cash Position Decreased Cash and equivalents ended period at $41.6M, down from $300.4M at year-end 2024, reflecting ongoing operational funding needs.
Production Restart Achieved Production successfully restarted at SYU on May 15, 2025, flowing oil to LFC, though sales await further regulatory approvals.

Risk Factors

Regulatory Delays Impact Sales OS&T strategy requires BOEM clearance; delays risk missing Q4 2026 commercial sales timeline, impacting debt refinancing ability.
High Operating Costs Continue Operating expenses remain elevated due to restart efforts; no revenue generated yet, increasing cash burn rate significantly.
Senior Debt Maturity Imminent Senior Secured Term Loan matures January 9, 2026, requiring refinancing or extension conditions met, including $225.0M equity contribution.
California Regulatory Headwinds Facing multiple legal challenges, including Coastal Commission and State DA actions, potentially increasing compliance costs and operational constraints.

Outlook

Pursuing OS&T Strategy Evaluating Offshore Storage and Treating Vessel strategy due to pipeline delays; requires significant capital for vessel procurement and upgrades.
Recent Equity Financing Closed Completed Third PIPE Investment in November 2025, raising approximately $250.0M to satisfy equity contribution condition for debt amendment.
Debt Amendment Conditions Pending Second Debt Amendment extends maturity if $225.0M equity contribution is met, increasing interest rate to 15% upon effectiveness.
Future Capital Expenditure Needs Significant capital expenditures required for OS&T implementation; future funding depends on successful sales and securing additional financing.

Peer Comparison

Revenue (TTM)

World Kinect CorporationWKC
$37.63B
-15.3%
Calumet, Inc.CLMT
$4.05B
-4.0%
DNOW Inc.DNOW
$2.43B
+3.2%

Gross Margin (Latest Quarter)

FLEX LNG Ltd.FLNG
51.2%
-7.8pp
Calumet, Inc.CLMT
34.7%
+34.2pp
Array Technologies, Inc.ARRY
25.1%
-8.8pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
TALO$2.07B-5.7-13.7%23.8%
EFXT$2.00B18.512.4%25.3%
XPRO$1.88B27.24.6%8.2%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
N/M
Revenue Volatile
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
0%
Cash Flow Needs Attention

Research & Insights

Next earnings:Feb 12, 2026
|
EPS:-$0.58
|
Revenue:-
Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 13, 2025|
    Revenue: $0.00+0.0%
    |
    EPS: $-1.21-70.6%
    N/A

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 12, 2025|
    Revenue: $0.00+0.0%
    |
    EPS: $-1.40-49.1%
    N/A

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 9, 2025|
    Revenue: $0.00+0.0%
    |
    EPS: $-1.30-59.2%
    N/A

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 17, 2025|
    Revenue: $0.00+0.0%
    |
    EPS: $-7.04-233.6%
    N/A

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 14, 2024|
    Revenue: $0.00+0.0%
    |
    EPS: $-4.11+813.3%
    N/A

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 13, 2024|
    Revenue: $0.00+0.0%
    |
    EPS: $-2.75-1350.0%
    N/A

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 15, 2024|
    Revenue: $0.00+0.0%
    |
    EPS: $-3.19-4599.3%
    N/A

  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Mar 28, 2024|
    Revenue: $0.00+0.0%
    |
    EPS: $-1.78-2368.8%
    N/A