SABLE OFFSHORE CORP CLASS A (SOC)

What SABLE OFFSHORE CORP CLASS A does

Sable Offshore Corp. operates the Santa Ynez Unit (SYU), a federal offshore oil and gas production facility in California waters consisting of three offshore platforms and associated pipeline infrastructure. The company acquired these assets from Exxon Mobil in February 2024 and has been executing a production restart after a production suspension that began in May 2015. As of May 2025, the company successfully restarted production from six wells at the SYU's Platform Harmony and began flowing oil to onshore processing and storage facilities at Las Flores Canyon.

Fundamentals

• Price$4.14 as of 2026-07-09 close
• Market cap$773M as of 2026-07-10
• 1-year return-81.2% as of 2026-07-09 close
• ROE-113.8% as of 2026-07-10
• Debt / equity2.27 as of 2026-07-10
• Beta-0.07 as of 2026-07-10

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Key risks (from latest filing)

["Production restart execution risk: the company has not produced oil since May 2015 and faces significant execution challenges in maintaining and scaling production operations across aging platforms in a complex regulatory environment.","Pipeline and regulatory constraints: the company depends on Pipeline Segments 324 and 325 (subject to a Plains All American consent decree) and faces ongoing regulatory scrutiny and environmental challenges specific to California offshore operations.","Substantial debt and negative equity trajectory: the company has a Senior Secured Term Loan of approximately $956 million (as of March 2026) with paid-in-kind interest, accumulated deficit of $1.3 billion, and shareholder equity declining from $534 million to $422 million in Q1 2026 despite recent equity issuances."]

See SOC's biggest risks from its latest 10-Q →