Sable Offshore Corp. Reports 2024 Financial and Operational Results
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 (NYSE: SOC) ha riportato i risultati finanziari e operativi per il 2024, registrando una perdita netta di 617,3 milioni di dollari. La perdita è stata principalmente dovuta a cambiamenti non monetari nelle passività relative ai warrant, spese per interessi non monetari e costi legati al riavvio della produzione. L'azienda ha concluso il 2024 con 300,4 milioni di dollari in contante e equivalenti, oltre a 35,4 milioni di dollari in contante vincolato.
I principali indicatori finanziari includono 773,8 milioni di dollari raccolti in proventi da capitale lordo e un debito in essere di 833,5 milioni di dollari. L'azienda ha 89,3 milioni di azioni di azioni ordinarie in circolazione. Operativamente, Sable ha ottenuto l'approvazione dalle autorità californiane per standard di integrità della pipeline migliorati e ha fatto progressi nelle riparazioni del Sistema Pipeline Las Flores.
Guardando al futuro, Sable prevede di riavviare la produzione presso le piattaforme offshore dell'unità Santa Ynez (SYU) nel secondo trimestre del 2025, iniziando con la piattaforma Harmony, seguita da Heritage e Hondo. Il riavvio è subordinato al completamento del programma di riparazione delle anomalie della pipeline, ai test idraulici e alle approvazioni normative.
Sable Offshore Corp (NYSE: SOC) informó sus resultados financieros y operativos de 2024, registrando una pérdida neta de 617,3 millones de dólares. La pérdida se debió principalmente a cambios no monetarios en las pasivos de warrants, gastos por intereses no monetarios y costos relacionados con el reinicio de la producción. La compañía terminó 2024 con 300,4 millones de dólares en efectivo y equivalentes, además de 35,4 millones de dólares en efectivo restringido.
Los principales indicadores financieros incluyen 773,8 millones de dólares recaudados en ingresos brutos de capital y una deuda pendiente de 833,5 millones de dólares. La empresa tiene 89,3 millones de acciones de acciones ordinarias en circulación. Operativamente, Sable obtuvo la aprobación de las autoridades de California para estándares mejorados de integridad de tuberías y avanzó en las reparaciones del Sistema de Tuberías Las Flores.
De cara al futuro, Sable planea reiniciar la producción en las plataformas offshore de la Unidad Santa Ynez (SYU) en el segundo trimestre de 2025, comenzando con la plataforma Harmony, seguida de Heritage y Hondo. El reinicio está condicionado a la finalización del programa de reparación de anomalías de tuberías, pruebas hidráulicas y aprobaciones regulatorias.
Sable Offshore Corp (NYSE: SOC)는 2024년 재무 및 운영 결과를 보고하며 617.3백만 달러의 순손실을 기록했습니다. 이 손실은 주로 보증 부채의 비현금 변화, 비현금 이자 비용, 생산 재개 관련 비용 때문입니다. 회사는 2024년을 3억 4백만 달러의 현금 및 현금 등가물, 그리고 3천5백4십만 달러의 제한된 현금으로 마감했습니다.
주요 재무 지표로는 7억7천3백8십만 달러의 총 자본금 조달과 8억3천3백5십만 달러의 미지급 부채가 포함됩니다. 회사는 8천9백3십만 주의 보통주를 발행하고 있습니다. 운영적으로, Sable은 캘리포니아 당국으로부터 개선된 파이프라인 무결성 기준에 대한 승인을 받았으며, Las Flores 파이프라인 시스템 수리에 대한 진전을 이루었습니다.
앞으로 Sable은 2025년 2분기에 산타 이네즈 유닛(SYU) 해양 플랫폼에서 생산을 재개할 계획이며, Harmony 플랫폼에서 시작하여 Heritage와 Hondo로 이어질 것입니다. 재개는 파이프라인 이상 수리 프로그램 완료, 수압 테스트 및 규제 승인을 조건으로 합니다.
Sable Offshore Corp (NYSE: SOC) a annoncé ses résultats financiers et opérationnels pour 2024, affichant une perte nette de 617,3 millions de dollars. Cette perte est principalement due à des changements non monétaires dans les passifs de warrants, des charges d'intérêts non monétaires et des coûts liés à la reprise de la production. L'entreprise a terminé 2024 avec 300,4 millions de dollars en liquidités et équivalents, ainsi que 35,4 millions de dollars en liquidités restreintes.
Les principaux indicateurs financiers incluent 773,8 millions de dollars levés en produits d'équité brute et une dette en cours de 833,5 millions de dollars. L'entreprise a 89,3 millions d'actions ordinaires en circulation. Sur le plan opérationnel, Sable a obtenu l'approbation des autorités californiennes pour des normes améliorées d'intégrité des pipelines et a progressé dans les réparations du système de pipeline Las Flores.
En regardant vers l'avenir, Sable prévoit de redémarrer la production sur les plateformes offshore de l'unité Santa Ynez (SYU) au deuxième trimestre 2025, en commençant par la plateforme Harmony, suivie de Heritage et Hondo. Le redémarrage dépend de l'achèvement du programme de réparation des anomalies de pipeline, des tests hydrauliques et des approbations réglementaires.
Sable Offshore Corp (NYSE: SOC) hat seine finanziellen und operativen Ergebnisse für 2024 veröffentlicht und einen Nettoverlust von 617,3 Millionen Dollar verzeichnet. Der Verlust war hauptsächlich auf nicht zahlungswirksame Änderungen bei den Warrant-Verbindlichkeiten, nicht zahlungswirksame Zinsaufwendungen und Kosten im Zusammenhang mit dem Produktionsneustart zurückzuführen. Das Unternehmen schloss das Jahr 2024 mit 300,4 Millionen Dollar an Bargeld und Äquivalenten sowie 35,4 Millionen Dollar an eingeschränktem Bargeld ab.
Wichtige Finanzkennzahlen umfassen 773,8 Millionen Dollar an Bruttoeigenkapitalerträgen und eine ausstehende Schuldenhöhe von 833,5 Millionen Dollar. Das Unternehmen hat 89,3 Millionen Aktien der Stammaktien ausstehend. Operativ sicherte sich Sable die Genehmigung der kalifornischen Behörden für verbesserte Pipeline-Integritätsstandards und machte Fortschritte bei den Reparaturen des Las Flores-Pipelinesystems.
Für die Zukunft plant Sable, die Produktion an den Offshore-Plattformen der Santa Ynez Einheit (SYU) im 2. Quartal 2025 wieder aufzunehmen, beginnend mit der Harmony-Plattform, gefolgt von Heritage und Hondo. Der Neustart ist abhängig von der Fertigstellung des Programms zur Reparatur von Pipeline-Anomalien, Hydrotests und behördlichen Genehmigungen.
- Secured key regulatory approvals for pipeline restart
- Strong cash position of $300.4 million plus $35.4 million restricted cash
- Successfully raised $773.8 million in gross equity proceeds
- Production restart planned for Q2 2025
- Substantial net loss of $617.3 million in 2024
- High debt level of $833.5 million
- Continued production delays requiring regulatory approvals
- Additional operating expenses for production restart
Insights
Sable Offshore's financial results reveal a complex picture beneath the headline
While the
The sequential restart strategy for the Harmony, Heritage, and Hondo platforms indicates a methodical approach to bringing production online. This milestone represents the potential transition from cash-burning to cash-generating operations, which is important given the company's debt obligations.
The regulatory progress on pipeline integrity standards represents a de-risking event that increases restart probability. Particularly noteworthy is securing approvals from multiple regulatory bodies (OSFM, Santa Barbara County, PHMSA), suggesting the company has effectively navigated the complex regulatory landscape necessary for California offshore operations.
Sable's operational update shows substantial progress toward resuming production at its Santa Ynez Unit - a critical inflection point for the company. The approval from California's Office of the State Fire Marshal for enhanced pipeline integrity standards represents clearing a major regulatory hurdle, especially significant given California's stringent environmental requirements.
The anomaly repair program and hydrotesting activities indicate the company is in final preparation stages for restart. Their sequential platform activation strategy (Harmony, Heritage, then Hondo) suggests a cautious, risk-managed approach to resuming operations rather than attempting simultaneous restarts.
CEO Flores' emphasis on "low carbon intensity energy" demonstrates strategic positioning within California's energy landscape, where environmental considerations significantly impact regulatory approvals. The company appears to be framing its production as addressing energy security and affordability needs while maintaining environmental responsibility.
The Q2 2025 restart timeline provides investors with a concrete milestone to evaluate execution. The company's updated capex and production guidance for H2 2025 indicates confidence in meeting this timeline, though specific production volumes weren't disclosed. The extension of the EM Term Loan maturity aligns financial obligations with this operational timeline, providing necessary flexibility to complete final restart preparations.
2024 Financial Highlights
-
Reported a net loss of
$617.3 million -
Ended the year with 89,310,996 shares of Common Stock outstanding, after raising
$773.8 million -
Concluded the year with outstanding debt of
$833.5 million -
Ended the year with cash and cash equivalents balance of
$300.4 million $35.4 million
Fourth Quarter 2024 Operational Highlights
- Entered into an amendment to the Purchase and Sale Agreement, effectively extending the maturity date of the EM Term Loan by 60 days.
-
Received approval from the
California Office of the State Fire Marshal (“OSFM”) of Sable’s implementation of enhanced pipeline integrity standards for the Las Flores Pipeline System (the “Pipeline”), representing a significant milestone achievement in satisfying the requirements of the federal court ordered consent decree. - Made significant progress in executing the anomaly repair program on the Pipeline.
Recent Events
-
Received confirmation from the County of
Santa Barbara , on February 12, 2025, that certain Pipeline anomaly repair work in the Coastal Zone is authorized by existing permits. -
The
U.S. Department of Transportation Pipeline and Hazardous Materials Safety Administration (“PHMSA”), on February 11, 2025, delivered notices to the OSFM that PHMSA does not object to the OSFM’s approval of Sable’s implementation of enhanced pipeline integrity standards for the Pipeline. - Sable initiated hydrotesting of the Pipeline in early 2025 in advance of a potential restart of the SYU offshore platforms and associated Las Flores Canyon processing facilities.
Updated Guidance
- We expect to restart production at the SYU offshore platforms in the second quarter of 2025 upon the completion of the anomaly repair program, hydrotest of the Pipeline, and OSFM approval of our updated start-up plan.
- Sable expects to sequentially restart the SYU offshore platforms, beginning with Harmony, followed by Heritage, and then Hondo.
- Sable issued updated capex and production guidance for the second half of 2025, which reflects remaining capital expenditure plans after the expected restart in the second quarter of 2025.
| 2H25 Guidance | ||||
| Production | ||||
| Net Average Daily Production (BOE/D) | 20,000 |
‒ |
25,000 |
|
| Working Interest (%) |
|
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| Average Net Revenue Interest (%) |
|
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| Operational Capex | ||||
| Facilities Capex ($MM) |
|
‒ |
|
|
| Workover Capex ($MM) | 20 |
‒ |
30 |
|
| Total Capex ($MM) |
|
‒ |
|
|
| Operational Development | ||||
| Workovers | 5 |
‒ |
7 |
|
Management Commentary
Sable’s Chairman and Chief Executive Officer, Jim Flores added, “The Sable team looks forward to finishing the restoration of the Pipeline to as-new condition and restarting production at the Santa Ynez Unit. The restart will provide low carbon intensity energy to
About Sable
Sable Offshore Corp. is an independent oil and gas company, headquartered in
Forward-Looking Statements
The information in this press release include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “could,” “should,” “will,” “ may,” “ believe,” “ anticipate,” “ intend,” “ estimate,” “expect,” “project,” “continue,” “plan,” forecast,” “predict,” “potential,” “future,” “outlook,” and “target,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements will contain such identifying words. These statements are based on the current beliefs and expectations of Sable’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Factors that could cause Sable’s actual results to differ materially from those described in the forward-looking statements include: the ability to recommence production of the SYU assets and the cost and time required therefor; global economic conditions and inflation; increased operating costs; lack of availability of drilling and production equipment, supplies, services and qualified personnel; geographical concentration of operations; environmental and weather risks; regulatory changes and uncertainties; litigation, complaints and/or adverse publicity; privacy and data protection laws, privacy or data breaches, or loss of data; our ability to comply with laws and regulations applicable to our business; and other one-time events and other factors that can be found in Sable’s Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K, which are filed with the Securities and Exchange Commission and are available on Sable’s website (www.sableoffshore.com) and on the Securities and Exchange Commission’s website (www.sec.gov). Except as required by applicable law, Sable undertakes no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this press release.
Disclaimers
Non-Producing Assets
The SYU assets have not produced commercial quantities of hydrocarbons since such assets were shut in during June of 2015 when the only pipeline transporting hydrocarbons produced from such assets to market ceased operations. There can be no assurance that the necessary permits will be obtained that would allow the pipeline to recommence transportation and allow the assets to recommence production. If Restart Production is not achieved by March 1, 2026, the terms of the asset acquisition with ExxonMobil Corporation would potentially result in the assets being reverted to ExxonMobil Corporation without any compensation to Sable therefor.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250315405996/en/
Investor Contact:
Harrison Breaud
Vice President, Finance & Investor Relations
IR@sableoffshore.com
713-579-8111
Source: Sable Offshore Corp.
FAQ
When will Sable Offshore (SOC) restart production at the Santa Ynez Unit platforms?
What caused Sable Offshore's (SOC) $617.3 million net loss in 2024?
How much cash and debt does Sable Offshore (SOC) have as of end-2024?
What key regulatory approvals has Sable Offshore (SOC) received for its pipeline system?
