Latest news with #SantaYnezUnit
Business Wire
5 days ago
- Business
- Business Wire
Sable Offshore Corp. Reports Second Quarter 2025 Operational and Financial Results
HOUSTON--(BUSINESS WIRE)--Sable Offshore Corp. ('Sable,' or the 'Company')(NYSE: SOC) today announced its second quarter 2025 operational and financial results. Second Quarter 2025 Operational Highlights On May 19, 2025, the Company announced that as of May 15, 2025, it had restarted production at the Santa Ynez Unit ('SYU') and begun flowing oil production to Las Flores Canyon. Additionally, on May 19, 2025 the Company announced that it completed its anomaly repair program on the Las Flores Pipeline System (the 'Onshore Pipeline') as specified by the Consent Decree, the governing document for the restart and operations of the Onshore Pipeline. On May 28, 2025 Sable announced that it successfully completed hydrotests of all segments of the Onshore Pipeline, satisfying the final operational condition for the restart of the Onshore Pipeline as outlined in the Consent Decree. Sable flowed approximately 130,000 barrels of oil from Platform Harmony into storage at Las Flores Canyon during Q2 2025. Subsequently, Sable flowed an additional ~220,000 barrels of oil into storage at Las Flores Canyon as of August 8, 2025. SYU wells on Platform Harmony continue to produce in line with previously disclosed production rates. Second Quarter 2025 Financial Highlights On May 23, 2025 the Company announced the closing of an upsized underwritten public offering of 10,000,000 shares of Common Stock at the public offering price of $29.50 per share, providing $282.6 million of proceeds, net of fees and expenses. Reported a net loss of $128.1 million, primarily attributable to production restart related operating expenses and non-cash interest expense, partially offset by a non-cash gain in the fair value of warrant liabilities. Ended the quarter with 99,482,250 shares of Common Stock outstanding. Concluded the quarter with short-term outstanding debt of $875.6 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 $247.1 million, exclusive of restricted cash balance of $35.6 million. Updated Guidance Sable expects to recommence oil sales upon restart of the Onshore Pipeline in September 2025. 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 sales from 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 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 approvals will be obtained that would allow the Onshore Pipeline to recommence transportation and allow the SYU assets to recommence sales.
Yahoo
01-08-2025
- Business
- Yahoo
Here is Why Sable Offshore (SOC) Fell Recently
The share price of Sable Offshore Corp. (NYSE:SOC) fell by 3.74% between July 22 and July 29, 2025, putting it among the Energy Stocks that Lost the Most This Week. Drilling rig silhouetted against a setting sun in an offshore location. Sable Offshore Corp. (NYSE:SOC) is a Houston-based independent upstream company focused on developing the prolific Santa Ynez Unit in federal waters offshore California. Sable Offshore Corp. (NYSE:SOC) gained over 40% earlier this month after a California court ruling allowed the company to move forward with certain preparatory steps for restarting its Las Flores pipelines, marking a significant milestone. Moreover, the company received encouraging remarks from the market, with Roth Capital analyst Leo Mariani also stating that the ruling means the 'path is paved' for Sable to receive a final affirmative ruling for its offshore pipeline to be restarted in the 'very near future'. So the slight downturn in the company's share price recently could be due to investors cashing in their profits. While we acknowledge the potential of SOC 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: 12 Best Crude Oil Stocks to Buy According to Hedge Funds and The 5 Energy Stocks Billionaires are Quietly Piling Into. Disclosure: None. Sign in to access your portfolio
Yahoo
13-06-2025
- Business
- Yahoo
Here is Why Sable Offshore (SOC) Fell This Week
The share price of Sable Offshore Corp. (NYSE:SOC) fell by 4.66% between June 3 and June 10, 2025, putting it among the Energy Stocks that Lost the Most This Week. Let's shed some light on the development. Copyright: 1971yes / 123RF Stock Photo Sable Offshore Corp. (NYSE:SOC) is a Houston-based independent upstream company focused on developing the prolific Santa Ynez Unit in federal waters offshore California. Sable Offshore Corp. (NYSE:SOC) continues to sink after Santa Barbara County Superior Court Judge Donna Geck ordered the company to halt restart efforts on the operation's onshore pipeline system while a related lawsuit is being resolved. The restraining order will remain in effect through at least mid-July and could even be extended. As a result, Sable has now pushed back their restart timeline from the beginning of July to August 1, 2025. Sable Offshore Corp. (NYSE:SOC) posted significant gains in May after the company announced that it had restarted oil production at the previously dormant Santa Ynez Unit. However, the stock has now sunk by more than 30% over the last two weeks following the interventions by the court and the California Coastal Commission. While we acknowledge the potential of SOC 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: 10 Cheap Energy Stocks to Buy Now 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
Yahoo
12-06-2025
- Business
- Yahoo
Here is Why Sable Offshore (SOC) Fell This Week
The share price of Sable Offshore Corp. (NYSE:SOC) fell by 4.66% between June 3 and June 10, 2025, putting it among the Energy Stocks that Lost the Most This Week. Let's shed some light on the development. Copyright: 1971yes / 123RF Stock Photo Sable Offshore Corp. (NYSE:SOC) is a Houston-based independent upstream company focused on developing the prolific Santa Ynez Unit in federal waters offshore California. Sable Offshore Corp. (NYSE:SOC) continues to sink after Santa Barbara County Superior Court Judge Donna Geck ordered the company to halt restart efforts on the operation's onshore pipeline system while a related lawsuit is being resolved. The restraining order will remain in effect through at least mid-July and could even be extended. As a result, Sable has now pushed back their restart timeline from the beginning of July to August 1, 2025. Sable Offshore Corp. (NYSE:SOC) posted significant gains in May after the company announced that it had restarted oil production at the previously dormant Santa Ynez Unit. However, the stock has now sunk by more than 30% over the last two weeks following the interventions by the court and the California Coastal Commission. While we acknowledge the potential of SOC 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: 10 Cheap Energy Stocks to Buy Now and Disclosure: None. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
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
