Sable Offshore Corp. Reports Restart of Oil Production at the Santa Ynez Unit and Anticipated Oil Sales from the Las Flores Pipeline System in July 2025
HOUSTON--(BUSINESS WIRE)--May 19, 2025--
Sable Offshore Corp. ('Sable,' or the 'Company')(NYSE: SOC) today announced that as of May 15, 2025, it has restarted production at the Santa Ynez Unit ('SYU') and has begun flowing oil production to Las Flores Canyon ('LFC'). Additionally, with the completion of the Gaviota State Park anomaly repairs on the Las Flores Pipeline System (the 'Onshore Pipeline') on May 18, 2025, Sable has now completed its anomaly repair program on the Onshore Pipeline as specified by the Consent Decree, the governing document for the restart and operations of the Onshore Pipeline.
Seven of the eight sections of the Onshore Pipeline have been successfully hydrotested. Sable will complete the final hydrotest in order to meet the final operational condition to restart the Onshore Pipeline as outlined in the Consent Decree. Sable expects to fill the ~540,000 barrels of crude oil storage capacity at LFC by the middle of June 2025 and subsequently recommence oil sales in July 2025.
Production Restart
Updated Guidance
Management Commentary
'SOC is proud to have safely and responsibly achieved first production at the Santa Ynez Unit' said Jim Flores, Chairman and Chief Executive Officer. He continued, 'The impressive well tests from Platform Harmony confirm the prolific nature of the Santa Ynez Unit reservoir after being dormant for ten years. SOC is excited about our development plan and prospects for the future. This milestone achievement is a result of a tremendous amount of effort from all of Sable's employees, contractors, Board of Directors, stakeholders, and suppliers. We are very grateful for the cooperation and partnership from our local community and regulatory bodies as we seek to provide energy security to the State of California.'
About Sable
Sable Offshore Corp. is an independent oil and gas company, headquartered in Houston, Texas, focused on responsibly developing the Santa Ynez Unit in federal waters offshore California. The Sable team has extensive experience safely operating in California.
Forward-Looking Statements
The information in this press release include 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words 'could,' 'should,' 'will,' 'may,' 'believe,' 'anticipate,' 'intend,' 'estimate,' 'expect,' 'project,' 'continue,' 'plan,' 'forecast,' 'predict,' 'potential,' 'future,' 'outlook,' and 'target,' the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements will contain such identifying words. These statements are based on the current beliefs and expectations of Sable's management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Factors that could cause Sable's actual results to differ materially from those described in the forward-looking statements include: the ability to recommence production of the SYU assets and the cost and time required therefor; global economic conditions and inflation; increased operating costs; lack of availability of drilling and production equipment, supplies, services and qualified personnel; geographical concentration of operations; environmental and weather risks; regulatory changes and uncertainties; litigation, complaints and/or adverse publicity; privacy and data protection laws, privacy or data breaches, or loss of data; our ability to comply with laws and regulations applicable to our business; and other one-time events and other factors that can be found in Sable's Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K, which are filed with the Securities and Exchange Commission and are available on Sable's website ( www.sableoffshore.com ) and on the Securities and Exchange Commission's website ( www.sec.gov ). Except as required by applicable law, Sable undertakes no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this press release.
Disclaimers
Restart Production
The SYU assets discussed in this press release have not sold commercial quantities of hydrocarbons since such SYU assets were shut in during June of 2015 when the only Onshore Pipeline transporting hydrocarbons produced from such SYU assets to market ceased transportation. There can be no assurance that the necessary permits will be obtained that would allow the Onshore Pipeline to recommence transportation and allow the SYU assets to recommence sales. If Restart Production (as defined in the purchase and sale agreement, dated November 1, 2022 (as amended, the 'Sable-EM Purchase Agreement'), between Sable Offshore Corp., Exxon Mobil Corporation ('EM') and Mobil Pacific Pipeline Company) is not achieved by March 1, 2026, the terms of the Sable-EM Purchase Agreement with EM could result in the SYU assets being reverted to EM without any compensation to Sable therefor.
Use of projections and estimates
This presentation contains financial projections and estimates for Sable, including with respect to its future capital expenditures, initial timing and production estimates and future cash costs. Sable's auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections and estimates for the purpose of their inclusion in this presentation, and, accordingly, no such auditors have expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this presentation. These projections and estimates are for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the projected information are inherently uncertain and are subject to a wide variety of significant business, regulatory, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projected information. Even if the assumptions and estimates are correct, projections and estimates are inherently uncertain due to a number of factors outside Sable's control. Accordingly, there can be no assurance that the projected results are indicative of Sable's future performance or that actual results will not differ materially from those presented in the projected information. Inclusion of the projected information in this presentation should not be regarded as a representation by any person, including, without limitation, Sable, that the results contained in the projected information will be achieved.
View source version on businesswire.com:https://www.businesswire.com/news/home/20250517252231/en/
CONTACT: Investor Contact:
Harrison Breaud
Vice President, Finance & Investor Relations
[email protected]
713-579-8111
KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: OIL/GAS ENERGY
SOURCE: Sable Offshore Corp.
Copyright Business Wire 2025.
PUB: 05/19/2025 06:07 AM/DISC: 05/19/2025 06:06 AM
http://www.businesswire.com/news/home/20250517252231/en
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CBS News
9 minutes ago
- CBS News
Fenway concession workers vote to authorize strike over stalled contract negotiations
Workers who staff the concession stands at Boston's Fenway Park have voted to authorize a strike, but are continuing to work for now. What the vote means Local 26 said it has been trying to negotiate a deal with Fenway's food contractor - Aramark - since the first of the year. The union's contract expired on December 31, 2024. According to the union, 95% of workers voted to authorise a strike during Sunday's vote. However, the workers have not yet walked out. The workers include about 700 cashiers, cooks, beer sellers and souvenir vendors. What do workers want? The union said key issues in the negotiations include wages, technology and scheduling. The workers contend they make less than $20 per hour, which is less than the major league standard. "We love working at Fenway. My co-workers and regular Red Sox fans are like my second family. But workers are underpaid, and increased automation is taking away jobs and cutting into our earnings," said Natalie Greening, a beer seller who started at Fenway when she was in high school and has worked at the stadium for 20 years. The union cited Marlins Park in Miami as an example, claiming that workers at the stadium earn $2.73 more per hour while a beer at the Florida ballpark costs $5.65 less than at Fenway. "Boston is a union town, and it's time to bring all Fenway workers' wages up to standard," said Carlos Aramayo, president of UNITE HERE Local 26, which represents the Fenway workers. "Local 26 hotel workers fought for, and won, $10-an-hour raises last year, and Local 26 university dining workers will be making a minimum of $30 an hour by 2028. There's no reason for Fenway workers to be left behind. They deserve raises and respect!"
Yahoo
13 minutes ago
- Yahoo
Jim Cramer on Oklo: 'These Guys Are Serious Professionals'
Oklo Inc. (NYSE:OKLO) is one of the 16 stocks Jim Cramer recently discussed. Discussing the hype around nuclear stocks, Cramer said: 'What else fits the moment? We've become transfixed by nuclear power. We know that the data centers that seem to be going up everywhere are humongous users of electricity. We know that the hyperscalers who run the data centers would prefer to use nuclear power because it's clean. We know that we've been decommissioning nukes for decades because we thought they were unsafe. But one company, Oklo, never gave up hope that the nuclear industry could turn things around and has toiled for 12 years to get its form of nuclear power endorsed by our government. A close-up of a businessperson energetically pointing at an electronic stock chart. Oklo (NYSE:OKLO) designs and builds fission power plants that produce steady, large-scale energy. The company also handles services for recycling spent nuclear fuel. While we acknowledge the potential of OKLO as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13 minutes ago
- Yahoo
Insiders At Vistra Sold US$39m In Stock, Alluding To Potential Weakness
Over the past year, many Vistra Corp. (NYSE:VST) insiders sold a significant stake in the company which may have piqued investors' interest. Knowing whether insiders are buying is usually more helpful when evaluating insider transactions, as insider selling can have various explanations. However, when multiple insiders sell stock over a specific duration, shareholders should take notice as that could possibly be a red flag. While insider transactions are not the most important thing when it comes to long-term investing, logic dictates you should pay some attention to whether insiders are buying or selling shares. AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early. Notably, that recent sale by Scott Helm is the biggest insider sale of Vistra shares that we've seen in the last year. That means that even when the share price was slightly below the current price of US$174, an insider wanted to cash in some shares. When an insider sells below the current price, it suggests that they considered that lower price to be fair. That makes us wonder what they think of the (higher) recent valuation. However, while insider selling is sometimes discouraging, it's only a weak signal. This single sale was just 16% of Scott Helm's stake. In total, Vistra insiders sold more than they bought over the last year. The chart below shows insider transactions (by companies and individuals) over the last year. By clicking on the graph below, you can see the precise details of each insider transaction! View our latest analysis for Vistra If you like to buy stocks that insiders are buying, rather than selling, then you might just love this free list of companies. (Hint: Most of them are flying under the radar). Over the last three months, we've seen significant insider selling at Vistra. In total, insiders dumped US$22m worth of shares in that time, and we didn't record any purchases whatsoever. In light of this it's hard to argue that all the insiders think that the shares are a bargain. Another way to test the alignment between the leaders of a company and other shareholders is to look at how many shares they own. Usually, the higher the insider ownership, the more likely it is that insiders will be incentivised to build the company for the long term. It's great to see that Vistra insiders own 1.0% of the company, worth about US$576m. Most shareholders would be happy to see this sort of insider ownership, since it suggests that management incentives are well aligned with other shareholders. Insiders haven't bought Vistra stock in the last three months, but there was some selling. Despite some insider buying, the longer term picture doesn't make us feel much more positive. But it is good to see that Vistra is growing earnings. While insiders do own a lot of shares in the company (which is good), our analysis of their transactions doesn't make us feel confident about the company. So while it's helpful to know what insiders are doing in terms of buying or selling, it's also helpful to know the risks that a particular company is facing. To assist with this, we've discovered 2 warning signs that you should run your eye over to get a better picture of Vistra. Of course Vistra may not be the best stock to buy. So you may wish to see this free collection of high quality companies. For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions of direct interests only, but not derivative transactions or indirect interests. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio
