Sable Offshore Corp.

Sable Offshore Corp. announced a change in its independent registered public accounting firm. Ham, Langston and Brezina, LLP (HL&B) resigned on July 10, 2026, following an acquisition of certain HL&B assets by CohnReznick LLP. CohnReznick was subsequently engaged as the new auditor for the fiscal year ending December 31, 2026, with the approval of the Audit Committee. The Company confirmed there were no disagreements or reportable events with HL&B, and no prior consultations with CohnReznick.

Sable Offshore Corp. issued $345.0 million in 6.5% Convertible Senior Notes due 2031 and priced a concurrent public offering of $100.0 million in common stock. The company intends to use the net proceeds, along with a new senior secured term loan, to repay its existing Senior Secured Term Loan with Exxon Mobil Corporation and for general corporate purposes. The offerings are cross-conditioned. Operationally, the company has resumed production from 52 wells at 43,000 gross barrels of oil per day and plans further expansions. However, Sable faces multiple significant legal and regulatory challenges, including disputes with the California Coastal Commission, a lawsuit from Zaca Preserve LLC, and challenges from environmental groups against BSEE and BOEM approvals.

Sable Offshore Corp. announced an amendment to its Senior Secured Term Loan Agreement with Exxon Mobil Corporation, extending the maturity date to July 24, 2026. The agreement also includes a limited waiver of the company's P&A Financial Security obligations until December 22, 2028. In exchange, Sable Offshore will pay Exxon a $30.0 million amendment fee, and Exxon will suspend a $25.0 million minimum liquidity covenant. This waiver allows the company to reduce the proposed size of its new secured financing to up to $775.0 million.

Sable Offshore Corp. announced the launch of a proposed senior secured term loan facility of up to $1.0 billion. This new facility is intended to replace the Company's existing Senior Secured Term Loan with Exxon Mobil Corporation. The proceeds from the new loan, along with expected additional unsecured capital markets solutions, will be used to repay the existing loan, cover transaction fees, and satisfy performance bonding obligations. The company noted there are no assurances of success in marketing or entering into the new loan.

Sable Offshore Corp. announced the posting of a new investor presentation and an independent reserve letter from Netherland, Sewell, & Associates, Inc. (NSAI) to its corporate website. The NSAI letter provides estimates for proved, probable, and possible developed reserves and future revenue as of May 31, 2026, with proved developed future net revenue at $1,472.3 million. The company also plans to host a conference call to discuss the presentation and is actively pursuing a refinancing of its Senior Secured Term Loan, which matures on June 26, 2026.

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.

Sable Offshore Corp. reported a net loss of $197.0 million for the first quarter of 2026, significantly wider than the $109.5 million loss in Q1 2025. The company initiated oil sales on March 29, 2026, generating $1.27 million in revenue, but this triggered the acceleration of its Senior Secured Term Loan maturity to June 26, 2026. Management expressed substantial doubt about the company's ability to continue as a going concern, citing the need for additional financing. Cash and cash equivalents declined to $52.2 million, while total liabilities rose to $1.31 billion.

Sable Offshore Corp. will hold its 2026 Annual Meeting of Stockholders virtually on June 10, 2026. Stockholders will vote on the election of Gregory Pipkin as a Class II director until the 2029 annual meeting and the ratification of Ham, Langston & Brezina, L.L.P. as the independent registered public accounting firm for fiscal year 2026. The board of directors recommends voting "FOR" both proposals.