Latest news with #SableOffshore
E&E News
20 hours ago
- Business
- E&E News
California judge blocks Sable oil pipeline restart
A California judge granted a temporary restraining order Tuesday blocking a waiver issued by Gov. Gavin Newsom's administration that would allow a Texas-based oil company to restart a crude pipeline off Santa Barbara. What happened: Santa Barbara Superior Court Judge Donna Geck issued an order restraining Sable Offshore from proceeding with the restart and operation of the Las Flores pipeline system, a 124-mile crude oil pipeline from Santa Barbara to Kern County that has been dormant since a 2015 spill. That order will remain in place until a July hearing where Sable and the California State Fire Marshal, which issued the waiver, can argue against a preliminary injunction being granted. Advertisement The ruling is the second legal blow in a week for Sable. Santa Barbara Superior Court Judge Thomas Anderle issued a preliminary injunction Wednesday, ordering the company to stop repairs on the pipeline, upholding a cease-and-desist order the California Coastal Commission issued in April.
Yahoo
7 days ago
- Business
- Yahoo
Why Sable Offshore Corp. (SOC) Went Down On Wednesday
We recently published a list of . In this article, we are going to take a look at where Sable Offshore Corp. (NYSE:SOC) stands against other worst-performing stocks. Sable Offshore saw its share prices decrease by 15.31 percent on Wednesday to end at $27.89 apiece after the California Coastal Commission secured a preliminary injunction against the company's pipeline repair and maintenance activities within the coastal zone of Santa Barbara County. The news raised concerns about project delays and additional costs for Sable Offshore Corp. (NYSE:SOC) anew. Aerial view of an industrial landscape showing the scale of oil and gas operations. The legal proceedings stemmed from claims that the company did not secure necessary coastal development permits for the ongoing repair and maintenance on the Las Flores oil facility, which was ordered shut in 2015 following an oil spill from a ruptured pipeline that released 450,000 gallons of oil near Refugio State Beach. The injunction halts Sable Offshore Corp. (NYSE:SOC) from continuing works for the Las Flores facility until it secures a new, operative CDP or other form of Coastal Act authorization. Overall, SOC ranks 3rd on our list of worst-performing stocks. While we acknowledge the potential of SOC, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than SOC and that has 10,000x upside potential, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. 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
30-05-2025
- Business
- Yahoo
Sable Offshore Corp. (SOC): A Bull Case Theory
We came across a bullish thesis on Sable Offshore Corp. (SOC) on Welfare Capital Research's Substack. In this article, we will summarize the bulls' thesis on SOC. Sable Offshore Corp. (SOC)'s share was trading at $32.10 as of 23rd May. SOC's trailing and forward P/E were 47.20 and 1670 respectively according to Yahoo Finance. An oil rig pumping station with a clear sky behind it, illustrating the company's wide range of activities in the oil and gas business. Sable Offshore (SOC) delivered a major catalyst with the announcement of a production restart at platform Harmony and the near-completion of onshore pipeline hydrotests, reigniting investor confidence in the stock. Shares surged over 60% within a week, reaching new all-time highs from a previously depressed base. The move prompted a timely reentry by the writer, influenced by a fellow investor who had framed the core bullish thesis effectively. Even after the sharp rally, shares were seen as attractive around $30 due to reduced risk and the potential for strong future capital returns, including a meaningful dividend yield. On the heels of this rally, Sable executed a $290 million equity offering at $29.50, resulting in roughly 10% dilution. However, this was seen as a net positive, especially considering CEO Jim Flores—who owns 20% of the company—participated in the dilution himself, signaling alignment rather than shareholder exploitation. The market reaction was muted, with shares only down about 1% post-offering, reflecting investor approval. The raise boosts Sable's cash position to just under $500 million, providing ample liquidity to scale production and execute its growth strategy. With a $1.5 billion mixed securities shelf filed in April, future capital raises—likely in the form of debt—are expected to refinance $850 million owed to Exxon, potentially on better terms given market support. The author holds a 15% portfolio allocation to SOC at a $24.22 average cost, reinforcing conviction in the name and positioning for significant upside as production ramps and financial optionality increases. Previously, we have covered Sable Offshore Corp. (SOC) in January 2025 wherein we summarized a bullish thesis by Kooky_Lime1793 on r/wallstreetbets. In the reddit post, Sable Offshore (NYSE:SOC) was highlighted as a compelling turnaround story due to its acquisition of the Santa Ynez Unit from ExxonMobil at a steep discount. The user emphasized the asset's massive production potential, with projections of up to 30 million barrels annually and free cash flow of up to $1.65 billion, offering a nearly 20x upside in the best-case scenario. Despite regulatory risks, the author argued that successful production restart and shareholder return initiatives could drive the stock well above $40. Since our last coverage, the stock is up 40.17% as of 26th May. Sable Offshore Corp. (SOC) is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held SOC at the end of the fourth quarter which was 22 in the previous quarter. While we acknowledge the risk and potential of SOC as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than SOC but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock. READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock. Disclosure: None. This article was originally published at Insider Monkey. Sign in to access your portfolio
Yahoo
29-05-2025
- Business
- Yahoo
Sable Offshore Corp. Reports First Quarter 2025 Financial and Operational Results
HOUSTON, May 09, 2025--(BUSINESS WIRE)--Sable Offshore Corp. ("Sable," or the "Company")(NYSE: SOC) today announced its first quarter 2025 financial and operational results. First Quarter 2025 Financial Highlights Reported a net loss of $109.5 million, primarily attributable to production restart related operating expenses, non-cash interest expense, and a non-cash change in fair value of warrant liabilities. Ended the quarter with 89,338,358 shares of Common Stock outstanding. Concluded the quarter with outstanding debt of $854.6 million, inclusive of paid-in-kind interest, additional principal incurred from the debt amendment, and debt issuance costs. Ended the quarter with cash and cash equivalents balance of $189.0 million, exclusive of restricted cash balance of $35.5 million. 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 Non-Producing AssetsThe SYU assets have not produced commercial quantities of hydrocarbons since such assets were shut in during June of 2015 when the only pipeline transporting hydrocarbons produced from such assets to market ceased operations. There can be no assurance that the necessary permits will be obtained that would allow the pipeline to recommence transportation and allow the assets to recommence production. If Restart Production is not achieved by March 1, 2026, the terms of the asset acquisition with ExxonMobil Corporation would potentially result in the assets being reverted to ExxonMobil Corporation without any compensation to Sable therefor. 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
27-05-2025
- Business
- Yahoo
Jefferies Hikes Sable Offshore Price Target, Maintains Buy Rating
On May 26, Jefferies reiterated its Buy rating on Sable Offshore Corp. (NYSE:SOC) and hiked its price target to $38 from $36 after the company initiated oil production at the Santa Ynez Unit off the coast of California. A worker in a hard hat standing in front of a giant oil refinery, the stark blue sky and grey refinery in the background. The Santa Ynez Unit is one of the three platforms in California where production was shut down in 2015. The shutdown came following a corroded onshore pipeline rupture that resulted in the release of about 450,000 gallons. Fast forward, Sable Offshore initiated oil flow from six wells of the Santa Ynez unit at a rate of 6,000 barrels of oil a day. Jefferies hiked its price target following the developments to reflect updated production expectations and risk profile. In addition, the research firm expects the company to secure loan financing that would allow it to ramp up its production operations. Sable Offshore delivered a net loss of $109.5 million for its first quarter of 2025, attributed to production restart at the California facility. Nevertheless, it needed the quarter with a cash and cash equivalent balance of $189 million, with an exclusive cash balance of $35.5 million. Consequently, it remains in a solid financial position to proceed with operations at the Santa Ynez unit. Sable Offshore Corp. is a U.S.-based independent oil and gas company, operating three offshore platforms in federal waters near California. The company holds 16 federal leases covering 76,000 acres and manages subsea pipelines that transport crude oil, natural gas, and produced water to onshore processing facilities. While we acknowledge the potential of Sable Offshore Corp. (NYSE:SOC) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than SOC and that has 100x upside potential, check out our report about the cheapest AI stock. READ NEXT: and . 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
