Sable Offshore Corp. SEC 10-Q Report
Sable Offshore Corp., a company engaged in offshore oil production, has released its Form 10-Q report for the quarter ended June 30, 2025. The report provides a comprehensive overview of the company's financial performance and significant operational developments. Despite not generating revenue during the period, the company has made notable strides in resuming production and addressing key operational challenges.
Financial Highlights
Total Revenue: $0 million. The company reported no revenue for the periods ended June 30, 2025, and June 30, 2024, as operations have not yet commenced.
Loss from Operations: $(128.9) million. The company incurred significant operating expenses without generating revenue, leading to a substantial operating loss.
Net Loss: $(128.1) million. The net loss reflects ongoing operational expenses and interest costs without offsetting revenue.
Basic and Diluted Net Loss Per Common Stock: $(1.40). The loss per share indicates the impact of the net loss on shareholders, with no revenue to offset expenses.
Business Highlights
Production Restart: On May 19, 2025, Sable Offshore Corp. announced the restart of production at the Santa Ynez Unit (SYU), beginning oil production from six wells at Platform Harmony. This marks a significant operational milestone as the company resumes production activities after a prolonged shutdown.
Pipeline Operations: The company completed its anomaly repair program on the Las Flores Pipeline System, which is crucial for the transportation of oil from the SYU to onshore processing facilities. This completion is a key step towards resuming full pipeline operations.
Regulatory Approvals: Sable's plans for first sales are contingent upon receiving necessary approvals from state and local regulators. The company is actively working towards obtaining these approvals to enable the sale of production volumes from the SYU.
Future Outlook: Management believes that with the restart of production and completion of pipeline repairs, the company is positioned to resume sales of production volumes. However, the company acknowledges the need for additional capital if costs exceed estimates or if regulatory approvals are delayed.
Operational Challenges: The company faces ongoing legal and regulatory challenges, including litigation related to pipeline easements and environmental compliance. These challenges could impact operational timelines and costs.
Asset Retirement Obligations: The company has significant asset retirement obligations related to the future plugging and abandonment of oil and gas properties, which are factored into operational planning and financial forecasts.
SEC Filing: Sable Offshore Corp. [ SOC ] - 10-Q - Aug. 12, 2025