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SOC

Sable Offshore Corp.

SOC

Sable Offshore Corp. • NYSE
$4.36 ▲ 5.70% (+0.23)
Market Cap $433.35 M
52w High $35.00
52w Low $3.72
Dividend Yield 0%
P/E -8.37
Volume 2.41M
Outstanding Shares 99.51M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $116.124M ▼ $-110.378M ▲ 0% $-1.21 ▲ $-79.063M ▲
Q2-2025 $0 $125.716M ▲ $-128.066M ▼ 0% $-1.4 ▼ $-95.648M ▼
Q1-2025 $0 ▼ $56.369M ▲ $-109.544M ▼ 0% ▼ $-1.3 ▼ $-74.224M ▼
Q4-2024 $18.966M ▲ $46.815M ▼ $519.227M ▲ 2.738K% ▲ $-0.18 ▲ $-13.605M ▲
Q3-2024 $0 $51.854M $-255.57M 0% $-4.11 $-232.781M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $41.629M ▼ $1.65B ▼ $1.302B ▼ $348.083M ▼
Q2-2025 $247.141M ▲ $1.772B ▲ $1.326B ▲ $445.627M ▲
Q1-2025 $188.987M ▼ $1.562B ▼ $1.281B ▲ $280.706M ▼
Q4-2024 $300.384M ▲ $1.583B ▲ $1.199B ▼ $384.185M ▲
Q3-2024 $288.232M $1.473B $1.306B $167.499M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-110.378M ▲ $-110.626M ▼ $-130.111M ▼ $-409K ▼ $-241.146M ▼ $-240.737M ▼
Q2-2025 $-128.066M ▼ $-95.013M ▼ $-129.678M ▼ $282.969M ▲ $58.278M ▲ $-95.013M ▲
Q1-2025 $-109.544M ▼ $-47.935M ▼ $-63.304M ▼ $-36K ▼ $-111.275M ▼ $-111.239M ▼
Q4-2024 $-16.167M ▲ $-37.537M ▼ $-53.519M ▼ $103.344M ▼ $12.288M ▼ $-91.265M ▼
Q3-2024 $-255.57M $-31.689M $-14.443M $222.452M $176.32M $-46.132M

Five-Year Company Overview

Income Statement

Income Statement Sable Offshore is still in a pre-production, build‑out phase, with essentially no meaningful revenue yet and steadily rising operating costs. Losses have grown as the company has begun to staff up, plan, and prepare its offshore asset for restart. The income statement looks more like a project development company than a mature oil producer: expenses first, revenue later if operations come online as planned. Per‑share results have swung sharply because the business is small, financing events are significant, and one‑time items can dominate any given year.

Balance Sheet

Balance Sheet The balance sheet has shifted from a very small SPAC vehicle to a company that now holds substantial offshore assets relative to its size. Cash is present but not large when compared with the scale of the development work ahead, while debt has become a meaningful part of the capital structure. Equity is positive but relatively thin versus total assets, suggesting limited room for setbacks without further capital support. Overall, the company appears asset‑rich but also financially stretched, with a clear need for tight cost control and careful funding management as it moves toward production.

Cash Flow

Cash Flow Cash flows reflect a business that is spending to build and restart operations, not one that is yet generating cash from oil sales. Operating cash flow is negative, as there is no revenue inflow but ongoing spending on staff, planning, and regulatory work. Free cash flow is also negative, since the company is starting to invest in its infrastructure and related capital projects. This means Sable is currently dependent on external financing—debt, equity, or other capital sources—to bridge the period until production, if achieved, can support itself.

Competitive Edge

Competitive Edge Competitively, Sable is unusual: it is focused on a single, very large offshore field with long‑lived reserves, rather than a broad portfolio of wells. Owning the platforms, pipelines, and onshore plant gives it strong control over its value chain and creates a high barrier for new entrants. The expertise of management in both offshore operations and California’s complex regulatory environment is another important edge. However, the company’s reliance on one asset, one region, and a sensitive regulatory and political setting also concentrates its risks; setbacks in this one project would directly hit the entire business.

Innovation and R&D

Innovation and R&D Sable’s “innovation” is more strategic and operational than laboratory‑style research. The dual‑path export strategy—using either a restarted onshore pipeline or an offshore storage and treating vessel with shuttle tankers—is a creative way to work around regulatory uncertainty and keep options open. Its approach to vertical integration, owning infrastructure from offshore platforms to onshore facilities, is also a deliberate design to control costs and logistics. Most of the company’s R&D‑like effort appears to be in engineering solutions, regulatory navigation, and project design rather than new drilling technologies, with success hinging on execution and permitting rather than scientific breakthroughs.

Summary

Sable Offshore today is a development‑stage offshore oil company built around a single, large California asset that has not yet been fully restarted. Financially, it is pre‑revenue, loss‑making, and spending cash to move the project forward, with moderate cash on hand and meaningful leverage relative to its equity. Strategically, it holds a potentially valuable, long‑life asset and has crafted a flexible export plan to cope with regulatory hurdles, while benefiting from experienced leadership and control of key infrastructure. On the other hand, its fortunes are tightly tied to regulatory approvals, environmental and political sentiment, the successful restart of multiple platforms, and careful balance sheet management. Overall, this is an early‑stage, execution‑heavy story where future performance will depend heavily on timing and reliability of production, access to markets, and continued access to capital during the ramp‑up period.

NEWS

November 19, 2025 · 9:28 AM UTC

Notice to All Long Term Shareholders of Sable Offshore Corp: Johnson Fistel Continues Investigation On Behalf of Your Claims

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November 14, 2025 · 3:54 PM UTC

Sable Offshore Corp. Responds to the November 14, 2025 Hunterbrook Media LLC Report

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November 13, 2025 · 4:08 PM UTC

Sable Offshore Corp. Reports Third Quarter 2025 Financial Results

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November 10, 2025 · 8:16 AM UTC

Sable Offshore Corp. Announces $250 Million Private Placement of Shares

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November 3, 2025 · 8:57 AM UTC

Sable Offshore Corp. Provides Strategic Update to Investors

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