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Sable Offshore Corp.

CIK:0001831481|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Total revenue	$ 137,125	$ 0	$ 138,396	$ 0
Operating Expenses
Operations and maintenance expenses	113,474	50,398	181,507	84,841
Depletion, depreciation, amortization and accretion	32,024	3,172	35,966	6,193
General and administrative expenses	58,521	75,318	106,571	97,650
Total operating expenses	204,019	128,888	324,044	188,684
Loss from operations	(66,894)	(128,888)	(185,648)	(188,684)
Other (income) expenses:
Change in fair value of warrant liabilities	(72,056)	(27,146)	(27,899)	(5,851)
Other income, net	(665)	(2,508)	(1,218)	(5,948)
Interest expense	43,066	21,009	77,734	42,019
Total other (income) expense, net	(29,655)	(8,645)	48,617	30,220
Loss before income taxes	(37,239)	(120,243)	(234,265)	(218,904)
Income tax expense	26,977	7,823	26,977	18,706
Net loss	$ (64,216)	$ (128,066)	$ (261,242)	$ (237,610)
Basic and diluted net loss per Common Stock
Weighted average Common Stock outstanding, basic (in shares)	153,470,125	91,224,345	148,597,567	87,849,286
Weighted average Common Stock outstanding, diluted (in shares)	153,470,125	91,224,345	148,597,567	87,849,286
Basic net loss per Common Stock (in dollars per share)	$ (0.42)	$ (1.40)	$ (1.76)	$ (2.70)
Diluted net loss per Common Stock (in dollars per share)	$ (0.42)	$ (1.40)	$ (1.76)	$ (2.70)
Oil and natural gas liquids sales
Revenue
Total revenue	$ 136,709	$ 0	$ 137,980	$ 0
Other
Revenue
Total revenue	$ 416	$ 0	$ 416	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (64,216)	$ (128,066)	$ (261,242)	$ (237,610)
Adjustments to reconcile net loss to net cash used in operating activities:
Depletion, depreciation, amortization and accretion	32,024	3,172	35,966	6,193
Share based compensation expense			30,380	16,492
Amortization of operating lease right-of-use asset			730	820
Amortization of debt issuance costs			8,596	311
Paid-in-kind interest			69,138	41,708
Deferred tax expense	26,977	7,823	26,977	18,706
Change in fair value of warrant liabilities	(72,056)	(27,146)	(27,899)	(5,851)
Changes in current assets and current liabilities, net of effect of acquisition:
Accounts receivable			(50,115)	0
Inventory			(7,042)	(3,884)
Materials and supplies			350	426
Prepaid expenses and other assets			3,101	(2,694)
Accounts payable and accrued liabilities			98,253	22,435
Net cash used in operating activities			(72,807)	(142,948)
Cash flows from investing activities:
Payments for capital expenditures			(52,559)	(192,982)
Net cash used in investing activities			(52,559)	(192,982)
Cash flows from financing activities:
Offering proceeds			94,964	295,000
Payment of equity issuance costs			(14,998)	(12,067)
Payment of debt issuance costs			(30,685)	0
Net cash provided by financing activities			49,281	282,933
Net change in cash and cash equivalents			(76,085)	(52,997)
Cash, cash equivalents and restricted cash, beginning of the period			97,684	335,772
Cash, cash equivalents and restricted cash, end of the period	21,599	282,775	21,599	282,775
Reconciliation of cash, cash equivalents and restricted cash to the unaudited condensed consolidated balance sheets
Cash and cash equivalents	21,599	247,141	21,599	247,141
Restricted cash	0	35,634	0	35,634
Total cash, cash equivalents and restricted cash	$ 21,599	$ 282,775	$ 21,599	$ 282,775

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 21,599	$ 97,684
Accounts receivable	50,115	0
Inventory	11,558	12,078
Materials and supplies	14,111	14,658
Prepaid expenses and other current assets	9,967	11,282
Total current assets	107,350	135,702
Oil and gas properties (Successful efforts method)
Oil and gas properties	1,650,903	1,567,029
Less: Accumulated depletion, depreciation and amortization	(39,495)	(5,977)
Total oil and gas properties, net	1,611,408	1,561,052
Other, net	42,885	44,068
Total assets	1,761,643	1,740,822
Liabilities and Stockholders’ Equity
Accounts payable and accrued liabilities	206,679	99,353
Term Loan—current, net	236,749	921,584
Other current liabilities	2,934	2,488
Total current liabilities	446,362	1,023,425
Term Loan—non-current, net	732,087	0
Warrant liabilities	9,839	37,738
Asset retirement obligations	119,848	113,181
Deferred tax liability	39,810	12,833
Other	18,697	19,342
Total liabilities	1,366,643	1,206,519
Commitments and Contingencies (Note 6)
Stockholders’ Equity
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding at June 30, 2026 and December 31, 2025	0	0
Common Stock, $0.0001 par value; 500,000,000 shares authorized; 154,531,910 and 144,961,796 issued and outstanding at June 30, 2026 and December 31, 2025, respectively	16	15
Additional paid-in capital	1,764,684	1,642,746
Accumulated deficit	(1,369,700)	(1,108,458)
Total Stockholders’ Equity	395,000	534,303
Total Liabilities and Stockholders’ Equity	$ 1,761,643	$ 1,740,822