Welcome to our dedicated page for Sable Offshore news (Ticker: SOC), a resource for investors and traders seeking the latest updates and insights on Sable Offshore stock.
Sable Offshore Corp (SOC) delivers focused energy exploration in California's offshore Santa Ynez Unit through advanced drilling technologies and responsible resource development. This centralized news resource provides investors and industry observers with essential updates about the company's upstream operations, regulatory milestones, and technical achievements.
Access timely updates including earnings reports, operational developments, and strategic initiatives that shape SOC's position in offshore energy markets. Our curated collection features official press releases covering exploration progress, environmental compliance updates, and partnership announcements specific to federal waters operations.
Key information categories include drilling technology advancements, Santa Ynez Unit production updates, and regulatory compliance developments. Stay informed about SOC's specialized approach to offshore resource management through verified updates from primary sources.
Bookmark this page for streamlined access to SOC's evolving operational narrative. Regular updates ensure stakeholders maintain current understanding of this independent operator's activities in California's strategic offshore energy sector.
Sable Offshore Corp. (NYSE: SOC) has successfully closed its upsized public offering of 10,000,000 shares of common stock at $29.50 per share, including 1,304,346 shares from the fully exercised underwriters' option. The offering generated gross proceeds of approximately $295.0 million. The company plans to utilize the net proceeds for capital expenditures, working capital, and general corporate purposes.
The offering was managed by joint book-runners J.P. Morgan, Jefferies, and TD Cowen, with several co-managers including The Benchmark Company, Johnson Rice & Company, Pickering Energy Partners, Roth Capital Partners, and Tuohy Brothers. The offering was conducted under an effective Form S-3 registration statement filed with the SEC.
Sable Offshore Corp. (NYSE: SOC) has announced the pricing of its upsized public offering of 8,695,654 shares of common stock at $29.50 per share. The offering size was increased from the previously announced $200.0 million, with expected gross proceeds of approximately $256.5 million. The company has also granted underwriters a 30-day option to purchase up to an additional 1,304,346 shares.
The proceeds will be used for capital expenditures, working capital, and general corporate purposes. The offering, led by joint book-running managers J.P. Morgan, Jefferies, and TD Cowen, is expected to close on May 23, 2025.
Sable Offshore Corp. (NYSE: SOC) has announced an underwritten public offering of $200 million of common stock shares. The company plans to grant underwriters a 30-day option to purchase an additional $30 million worth of shares. The net proceeds will be used for capital expenditures, working capital, and general corporate purposes.
J.P. Morgan, Jefferies, and TD Cowen are serving as joint book-running managers for the offering. The registration statement on Form S-3 became effective on May 1, 2025. The final terms of the offering will be disclosed in the final prospectus supplement to be filed with the SEC.
Sable Offshore Corp. (NYSE: SOC) has released its Q1 2025 financial results, reporting a significant net loss of $109.5 million. The loss was primarily attributed to production restart related operating expenses, non-cash interest expense, and non-cash changes in warrant liabilities' fair value. The company ended the quarter with $189.0 million in cash and cash equivalents, plus an additional $35.5 million in restricted cash. Sable's outstanding debt stood at $854.6 million, which includes paid-in-kind interest, additional principal from debt amendment, and debt issuance costs. The company reported 89,338,358 outstanding shares of Common Stock at quarter's end.
Sable Offshore Corp (NYSE: SOC) reported its 2024 financial and operational results, posting a net loss of $617.3 million. The loss was primarily due to non-cash changes in warrant liabilities, non-cash interest expense, and production restart-related costs. The company ended 2024 with $300.4 million in cash and equivalents, plus $35.4 million in restricted cash.
Key financial metrics include $773.8 million raised in gross equity proceeds and outstanding debt of $833.5 million. The company has 89.3 million shares of Common Stock outstanding. Operationally, Sable secured approval from California authorities for enhanced pipeline integrity standards and made progress on the Las Flores Pipeline System repairs.
Looking ahead, Sable plans to restart production at the Santa Ynez Unit (SYU) offshore platforms in Q2 2025, beginning with Harmony platform, followed by Heritage and Hondo. The restart is contingent on completing the pipeline anomaly repair program, hydrotesting, and regulatory approvals.
Sable Offshore Corp provided an update on the Haaland lawsuit, where the U.S. Department of Justice filed a motion to remand the case to the Bureau of Safety and Environmental Enforcement (BSEE) for reconsideration of its 2023 decision approving an extension to resume operations on the Santa Ynez Unit leases.
The company plans to cooperate with the government during the review, maintaining that previous operational extensions were appropriate and authorized. Importantly, Sable's current operations at the Santa Ynez Unit remain unaffected under the proposed remand. The company stated it will pursue legal action against any third-party interference with restarting the Unit, which contains net estimated contingent resources valued at over $10 billion.
Sable Offshore Corp. (NYSE: SOC) reported its Q3 2024 financial results, posting a net loss of $255.6 million, mainly due to warrant liabilities valuation changes and operational expenses. The company strengthened its financial position by raising $150 million through private placement and $72.5 million through warrant exercises. The quarter ended with $288.2 million in cash and cash equivalents, plus $35.3 million in restricted cash. Operationally, Sable reached a settlement with Santa Barbara County regarding pipeline safety valves and progressed with restart activities at SYU platforms. The company completed lease-holding activities extending leases to October 2025 and received approval as Owner, Operator, and Guarantor from the County Planning Commission.
Sable Offshore Corp. provided an update on its coordination with the California Coastal Commission (CCC) regarding maintenance work on the Las Flores Pipeline system. The CCC requested Sable to halt work in the Coastal Zone in September. Both parties are now working on an interim plan to fill open excavations to prevent environmental risks from erosion. The work is expected to take seven days once approved. The 124-mile Las Flores Pipeline system has nine parcels with exposed pipe in the Coastal Zone, while maintenance continues in non-coastal areas to achieve 'as new' condition.
Sable Offshore Corp. (NYSE: SOC) has announced the completion of its public warrants redemption program. 99.8% of outstanding public warrants were exercised by holders to purchase common stock at $11.50 per share, resulting in the issuance of 15,957,820 shares and generating $183.5 million in cash proceeds for the company. Any unexercised warrants were redeemed at $0.01 per warrant. The public warrants have ceased trading on NYSE, while private placement and working capital warrants remain outstanding.
FAQ
What is the current stock price of Sable Offshore (SOC)?
What is the market cap of Sable Offshore (SOC)?
