Quarterly ResultMay 6, 2026, 04:15 PM
Sable Offshore Reports Q1 Net Loss of $197.0M; Resumes Oil Sales
AI Summary
Sable Offshore Corp. announced its first quarter 2026 financial results, reporting a net loss of $197.0 million. This loss was primarily driven by operating expenses related to the resumption of oil transportation and sales, general and administrative expenses, non-cash interest expense, and a non-cash loss on warrant liabilities. The company successfully resumed oil sales from the Santa Ynez Unit and is progressing discussions for debt refinancing, expected to be completed in Q2 2026.
Key Highlights
- Sable Offshore reported a net loss of $197.0 million for Q1 2026.
- Successfully resumed sales of American oil from the Santa Ynez Unit.
- Concluded the quarter with short-term outstanding debt of $956.3 million.
- Ended the quarter with cash and cash equivalents of $52.2 million.
- Capital expenditures incurred were approximately $44.4 million, including $21.2 million in one-time costs.
- Sold 7,000,634 shares of common stock for gross proceeds of approximately $95.0 million through ATM program.
- Ended the quarter with 150,321,586 shares of Common Stock outstanding.
- Progressing discussions for debt refinancing of its Senior Secured Term Loan, expected in Q2 2026.
Price Impact
More from SOC