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Yahoo
29-05-2025
- Business
- Yahoo
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, May 19, 2025--(BUSINESS WIRE)--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 On May 15, 2025, Sable initiated the flow of oil production from six wells on Platform Harmony of the SYU to LFC at a rate of ~6,000 barrels of oil per day. Sable has been testing wells on Platform Harmony throughout May 2025 and the well tests have performed consistently stronger than they did at the time of shut-in on May 19, 2015 when the SYU produced approximately 45,000 barrels of oil equivalent per day. Approximately 30% of the 32 producing wells at Platform Harmony have been tested as of May 18, 2025 with the remaining Platform Harmony wells projected to be tested over the course of the next several days. Sable expects to initiate production from the additional 44 wells on Platform Heritage and the additional 26 wells on Platform Hondo in July 2025 and August 2025, respectively. Updated Guidance 2H25 Guidance Prior Guidance(1) Updated Guidance(2) Production Net Average Daily Production (BOE/D) 20,000 ‒ 25,000 40,000 ‒ 50,000 Working Interest (%) 100.0% 100.0% Average Net Revenue Interest (%) 83.6% 83.6% Cash Costs ($ / BOE) Lease Operating Expense $17.00 ‒ $19.00 $11.00 ‒ $13.50 % Fixed LOE 75% ‒ 85% Gathering, Processing & Transportation $2.50 ‒ $3.50 $2.50 ‒ $3.50 Cash General & Administrative $4.50 ‒ $5.50 $2.50 ‒ $3.50 Severance & Ad Valorem Taxes (% of Revenue) 0.5% ‒ 1.0% 0.5% ‒ 1.0% Operational Capex Facilities Capex ($MM) $50 ‒ $60 $50 ‒ $60 Workover Capex ($MM) 20 ‒ 30 20 ‒ 30 Total Capex ($MM) $70 ‒ $90 $70 ‒ $90 (1) Prior production and operational capex guidance reflect 2H25 guidance as of March 2025. Prior cash costs guidance reflects 4Q24 guidance as of May 2024. (2) Updated guidance amount is based on production level well test data at the time of the 2015 shut in, initial Harmony well results, the anticipated restart of production at Heritage and Hondo in Q3 2025, management's best estimates based upon numerous technical data points such as bottom-hole pressures, material balance calculations and estimates, reservoir simulations, management experience operating producing assets offshore California, and planned capital expenditures. Deviations from the anticipated timing and magnitude of such assumptions may impact actual results. 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 ( and on the Securities and Exchange Commission's website ( 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 Contacts Investor Contact:Harrison BreaudVice President, Finance & Investor RelationsIR@ 713-579-8111 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
26-05-2025
- Business
- Yahoo
Sable Offshore concludes upsized public offering
Sable Offshore has closed its upsized underwritten public offering, issuing 10 million shares at $29.50 each. The offering includes an additional 1.3 million shares following the full exercise of the underwriters' option. The gross proceeds, before deductions, are approximately $295m. The company aims to allocate the net proceeds for capital expenditures, working capital, and general corporate purposes. J.P. Morgan, Jefferies, and TD Cowen served as joint book-running managers, while The Benchmark Company, Johnson Rice & Company, Pickering Energy Partners, Roth Capital Partners, and Tuohy Brothers were co-managers in the transaction. In a related development, Sable Offshore announced the resumption of production at the Santa Ynez Unit (SYU) and the initiation of oil flow to Las Flores Canyon (LFC) as of 15 May 2025. Following the completion of repairs on the Las Flores Pipeline System (Onshore Pipeline) on 18 May 2025, the company has fulfilled the requirements of the Consent Decree governing the Onshore Pipeline's operations. To date, seven out of eight sections of the Onshore Pipeline have undergone successful hydrotesting. Sable Offshore plans to conduct the final hydrotest to meet the remaining operational condition for restarting the Onshore Pipeline, as mandated by the Consent Decree. The company anticipates filling the approximately 540,000 barrels of crude oil storage capacity at LFC by mid-June 2025 and aims to recommence oil sales in July 2025. Sable Offshore, headquartered in Houston, Texas, is an independent oil and gas firm committed to responsibly developing resources in the Santa Ynez Unit offshore California, with a team experienced in safe operations within the state. "Sable Offshore concludes upsized public offering" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
21-05-2025
- Politics
- Yahoo
DOJ Action Restores Over One Billion To Local Cities
Consent Decree Audit Bolsters Local Control and Re-Invests Taxpayer Dollars in Public Safety WASHINGTON, DC / / May 21, 2025 / Modern Fortis applauds President Donald J. Trump's Department of Justice for today's decision to dismiss unfounded lawsuits in Kentucky and Minnesota along with action to dismiss six other pre-consent-decree investigations. "Law enforcement has watched the Federal Consent Decree program devolve into a billion-dollar taxpayer funded for profit enterprise," stated Joe Cameron, President of Modern Fortis. "Today the DOJ facilitated the largest re-investment of local tax dollars in local control and local public safety policing programs, ever. With an estimated lifetime cost of $100-300 million per jurisdiction, the math in these eight cities speaks for itself." Modern Fortis proudly represents the United Coalition of Public Safety (UCOPS) and tens of thousands of dedicated law enforcement professionals nationwide. Together with our trusted partners and allies, we are leading a national effort to engage the Department of Justice in reshaping the Federal Consent Decree process-ensuring it delivers fairness, efficiency, and accountability. Our mission is clear: to end systemic imbalances, correct inefficiencies, and return local resources from the hands of a few to the communities they are meant to serve. These are not temporary adjustments-we are driving changes built to stand the test of time. Law enforcement groups, agencies, and associations are encouraged to contact the Modern Fortis team to join the fight for public safety and accountability. Modern Fortis is a premier political and strategic advocacy firm that designs and executes highly targeted campaigns to shape policy and drive legislative change. We leverage proprietary data, custom analytics, and unique digital toolsets to help our clients achieve their public affairs goals. Whether on the federal, state or local level, the professional team of Modern Fortis has a proven track record of success through innovative, customized solutions. Contact Details Modern FortisJoe Cameron+1 202-800-1015joe@ SOURCE: Modern Fortis View the original press release on ACCESS Newswire 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
19-05-2025
- Business
- Yahoo
KBRA Assigns AA Rating to The Metropolitan Government of Nashville and Davidson County (TN) Water and Sewer Revenue Refunding and Improvement Bonds, Series 2025; Affirms WIFIA Loan Rating at AA
NEW YORK, May 19, 2025--(BUSINESS WIRE)--KBRA assigns a long-term rating of AA to the Metropolitan Government of Nashville and Davidson County's (TN; the "Metropolitan Government") Water and Sewer Revenue Refunding and Improvement Bonds, Series 2025. Additionally, KBRA affirms the long-term rating of AA for the Metropolitan Government's Water and Sewer System WIFIA Loan for Process Advancements at Omohundro and K.R. Harrington Water Treatment Plant Projects (WIFIA ID - N20115TN). The rating outlook is Stable. Key Credit Considerations The rating was assigned/affirmed because of the following key considerations: Credit Positives Providing essential services with rate setting autonomy. Demonstrated willingness to increase rates on an annual basis since fiscal 2020, to meet operating and capital requirements. Strong financial performance supported by fiscally sound financial and rate plans, with ample cash flow, liquidity, and debt service coverage. Rates remain competitive, maintaining rate flexibility going forward. Strong service area demographics, encompassing the rapidly growing City of Nashville, with above average income and employment levels. Credit Challenges Managing the substantial capital plan and the potential for unanticipated capex cost increases through 2029. Significant debt requirements to fund the capex ($1.3 billion) may pressure leverage higher over the five-year horizon. Rating Sensitivities For Upgrade Substantial fulfillment of Consent Decree and ongoing capex requirements accompanied by the maintenance of moderate or reduced leverage and affordable rates. For Downgrade Material escalation of the Consent Decree and other capital program costs to a level placing significant pressure on rate affordability and/or leverage. Inability to adjust rates as needed and on a timely basis to manage the systems' operating and capital needs while maintaining moderate leverage. To access ratings and relevant documents, click here. Methodologies Public Finance: U.S. Municipal Retail Utility Revenue Bond Rating Methodology ESG Global Rating Methodology Disclosures A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1009508 View source version on Contacts Analytical Contacts Lina Santoro, Director (Lead Analyst)+1 Peter Scherer, Senior Director+1 Douglas Kilcommons, Managing Director (Rating Committee Chair)+1 Business Development Contacts William Baneky, Managing Director+1 James Kissane, Senior Director+1 Sign in to access your portfolio
Business Wire
19-05-2025
- Business
- Business Wire
KBRA Assigns AA Rating to The Metropolitan Government of Nashville and Davidson County (TN) Water and Sewer Revenue Refunding and Improvement Bonds, Series 2025; Affirms WIFIA Loan Rating at AA
NEW YORK--(BUSINESS WIRE)--KBRA assigns a long-term rating of AA to the Metropolitan Government of Nashville and Davidson County's (TN; the "Metropolitan Government") Water and Sewer Revenue Refunding and Improvement Bonds, Series 2025. Additionally, KBRA affirms the long-term rating of AA for the Metropolitan Government's Water and Sewer System WIFIA Loan for Process Advancements at Omohundro and K.R. Harrington Water Treatment Plant Projects (WIFIA ID - N20115TN). The rating outlook is Stable. Key Credit Considerations The rating was assigned/affirmed because of the following key considerations: Credit Positives Providing essential services with rate setting autonomy. Demonstrated willingness to increase rates on an annual basis since fiscal 2020, to meet operating and capital requirements. Strong financial performance supported by fiscally sound financial and rate plans, with ample cash flow, liquidity, and debt service coverage. Rates remain competitive, maintaining rate flexibility going forward. Strong service area demographics, encompassing the rapidly growing City of Nashville, with above average income and employment levels. Credit Challenges Managing the substantial capital plan and the potential for unanticipated capex cost increases through 2029. Significant debt requirements to fund the capex ($1.3 billion) may pressure leverage higher over the five-year horizon. Rating Sensitivities For Upgrade Substantial fulfillment of Consent Decree and ongoing capex requirements accompanied by the maintenance of moderate or reduced leverage and affordable rates. For Downgrade Material escalation of the Consent Decree and other capital program costs to a level placing significant pressure on rate affordability and/or leverage. Inability to adjust rates as needed and on a timely basis to manage the systems' operating and capital needs while maintaining moderate leverage. To access ratings and relevant documents, click here. Methodologies Public Finance: U.S. Municipal Retail Utility Revenue Bond Rating Methodology ESG Global Rating Methodology Disclosures A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1009508
