Sable Offshore Corp.

Listed Company

SOCCIK 0001831481NYSEEmerging GrowthCrude Petroleum & Natural GasDelawareFY ends Dec 31

Period

FY 2025

Revenue

Net Income

$-410.16M

Total Assets

$1.74B

Equity

$534.30M

Shares Out

147.24M

Op. Cash Flow

$-351.70M

Business

Sable Offshore Corp. owns and operates the Santa Ynez Unit oil and gas assets, comprising three offshore platforms, an onshore processing facility and associated pipeline infrastructure. The company’s primary activities include crude oil, natural gas and natural gas liquids processing, crude dehydration and stabilization, gas sweetening and fractionation, storage and pipeline transportation, together with pipeline maintenance, inspection and remediation. Its key operating components are the Hondo, Harmony and Heritage platforms, the Las Flores Canyon onshore processing complex and the Lines 324/325 pipeline system (including Pacific Pipeline Company). Sable’s operations and distribution focus on federal waters offshore California and onshore facilities along the Gaviota Coast, delivering hydrocarbons to Southern California markets and regional refineries via its pipeline and terminal network.

Summary from filing dated 2025-03-17

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	0	0	0	—	—
Operations and maintenance expenses	219	88	61	—	—
Depletion, depreciation, amortization and accretion	13	10	21	—	—
General and administrative expenses	176	229	13	—	—
Total operating expenses	408	327	94	—	—
Loss from operations	−408	−327	−94	−6	−2
Change in fair value of warrant liabilities	−89	227	0	498,000	6
Other (income) expense, net	−9	−4	−801,000	—	—
Interest expense	88	67	0	—	—
Total other (income) expense, net	−10	291	−801,000	4	6
Loss before income taxes	−398	−617	−94	−2	4
Income tax expense (benefit)	12	−48,000	0	−757,069	0
Net loss	−410	−617	−94	−3	4
Weighted average Common Stock outstanding, basic (in shares)	98	67	—	—	—
Weighted average Common Stock outstanding, diluted (in shares)	98	67	—	—	—
Basic net loss per Common Stock (in dollars per share)	−4.18	−9.21	—	—	—
Diluted net loss per Common Stock (in dollars per share)	−4.18	−9.21	—	—	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-01-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	98	300	0	0	—
Restricted cash	0	35	0	0	—
Inventory	12	0	—	—	—
Materials and supplies	15	15	—	16	—
Prepaid expenses and other current assets	11	4	—	0	—
Total current assets	136	355	—	16	188,468
Oil and gas properties	1,567	1,194	—	4,382	—
Less: Accumulated depreciation, depletion and amortization	−6	0	—	−3,693	—
Total oil and gas properties, net	1,600	1,200	—	689	—
Other, net	44	33	—	6	—
Total assets	1,741	1,583	—	712	291
Accounts payable and accrued liabilities	99	120	—	5	—
Senior Secured Term Loan including paid-in-kind interest, net	922	0	—	—	—
Total current liabilities	1,023	121	—	18	7
Warrant liabilities	38	127	—	0	—
Asset retirement obligations	113	100	—	349	—
Senior Secured Term Loan including paid-in-kind interest, net	0	834	—	0	—
Deferred tax liability	13	1	—	0	—
Other	19	17	—	6	—
Total liabilities	1,207	1,199	—	373	19
Commitments and Contingencies (Note 8)	—	—	—	—	—
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding at December 31, 2025 and 2024	0	0	—	0	—
Common Stock, $0.0001 par value; 500,000,000 shares authorized; 144,961,796 and 89,310,996 issued and outstanding at December 31, 2025 and 2024, respectively	15,000	8,000	—	0	—
Additional paid-in capital	1,643	1,082	—	0	—
Accumulated deficit	−1,100	−698	—	0	−18
Total Stockholders Equity	534	384	−19	339	−18
Total Liabilities and Stockholders Equity	1,741	1,583	—	712	291

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Share based compensation expense	43	92	0	—	—
Amortization of operating lease right-of-use asset	2	1	0	—	—
Amortization of debt issuance costs	542,000	1	0	—	—
Paid-in-kind interest	88	66	0	—	—
Effect of amendment to the Senior Secured Term Loan	0	5	0	—	—
Inventory	−6	0	0	—	—
Material and supplies	428,000	1	2	—	—
Prepaid expenses and other assets	−8	−3	0	—	—
Accounts payable and accrued liabilities	4	54	−4	4	275,500
Due to related party	0	0	5	—	—
Net cash used in operating activities	−352	−163	−70	−2	−2
Payments for capital expenditures	−418	−72	0	—	—
Cash consideration paid	0	−204	0	—	—
Net cash used in investing activities	−418	−276	0	786,918	−288
Capital contribution from parent	0	0	70	—	—
Offering proceeds	545	590	0	—	—
Payment of equity issuance costs	−14	−31	0	0	−799,796
Cash received on warrant exercises, net	0	184	0	—	—
Payment on Senior Secured Term Loan	0	−19	0	—	—
Payment of debt issuance costs	0	−2	0	—	—
Payment of non-convertible promissory notesrelated parties	0	−1	0	—	—
Net cash provided by financing activities	531	722	70	705,000	290
Net change in cash	−238	282	0	—	—

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