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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
$417.43M
P/E (TTM)
2437.2
16
Dividend Yield
--
52W High
$35.00
52W Low
$4.04
52W Range
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: 2020-2024

Financial Dashboard

Q3 2025 Data

Revenue

$0.00+0.00%
4-Quarter Trend

EPS

-$1.11-72.99%
4-Quarter Trend

FCF

-$110.63M+109.82%
4-Quarter Trend

2025 Q2 Earnings Highlights

Key Highlights

Oil Sales Rebound Strongly Oil and gas sales reached $50.4M for Q2 2025, marking a 91.7% increase versus $26.3M reported last year.
Net Loss Significantly Narrows Net loss improved to $128.1M in Q2 2025, a 22.6% reduction compared to the $165.4M loss recorded in Q2 2024.
Total Assets Increase Total assets grew to $1.77B as of June 30, 2025, up from $1.58B at year-end 2024, reflecting capital deployment.
Financing Provides Liquidity Financing activities provided $282.9M cash, largely due to the $295.0M gross proceeds from the 2025 Equity Offering.

Risk Factors

Debt Maturity Accelerated Senior Secured Term Loan maturity accelerated to January 10, 2026, requiring refinancing or full repayment within twelve months.
Regulatory Restart Contingency Revenue generation hinges on receiving necessary federal and state approvals to resume full pipeline operations and sales.
High Restart Expenses Operating expenses were $128.9M for the quarter, expected to remain elevated throughout the remainder of 2025.
Significant Warrant Liability Total warrant liabilities are valued at $996.7M, measured using Level 3 inputs, posing valuation uncertainty risk.

Outlook

Q3 2025 Sales Expected Management expects sales production to commence in the third quarter of 2025, leading to sufficient operating cash flows.
Capital Needs Estimated Remaining start-up capital expenditures are estimated at $66.6M, primarily for regulatory approvals and well activation.
Ongoing Legal Defense Company intends to vigorously defend against several material legal challenges, including the Grey Fox and OSFM matters.
Future Tax Review Management is currently reviewing the impact of the OBBBA legislation on deferred tax assets and liabilities estimates.

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
53.3%
-2.4 pp
Calumet, Inc.CLMT
34.7%
+34.2 pp
Array Technologies, Inc.ARRY
26.8%
-3.3 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
TALO$1.93B-11.2-6.4%21.0%
EFXT$1.64B12.712.0%25.3%
CLMT$1.62B-43.54.5%84.2%

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
25%
Cash Flow Needs Attention

Research & Insights

Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 13, 2025|
    Revenue: $0.00+0.0%
    |
    EPS: $-1.11-73.0%
    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: $-9.21-417.4%
    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