Overview
- TickerSOC on NYSE2
- IndustryCrude Petroleum & Natural Gas2
- HeadquartersHouston, United States2
- Incorporated inDE3
- Business address845 Texas Avenue, Suite 2920, Houston, Tx 770023
- Filer category, Emerging growth company3
- Legal formCorporation2
- LEI254900IMMKZUOZF7V4872
- StatusActive2
- LEI statusIssued and current2
- Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States2
- Registered withDivision of Corporations, Department of State, 39037652
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Sable Offshore Corp. (“Sable”) (formerly known as Flame Acquisition Corp. or “Flame”) was a blank check company originally incorporated on October 16, 2020 as a Delaware corporation for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses or entities. On March 1, 2021, Flame consummated an initial public offering (the “Flame IPO”), after which its securities began trading on the New York Stock Exchange (“NYSE”). On November 2, 2022, Flame entered into that certain Agreement and Plan of Merger (the “Merger Agreement”), dated November 2, 2022 (amended on December 22, 2022 and June 30, 2023), by and among Flame, Sable Offshore Holdings LLC, a Delaware limited liability company (“Holdco”), and Sable Offshore Corp., a Texas corporation and a wholly owned subsidiary of Holdco (“Leg…4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total revenue | $0 | $0 | $0 |
| Operations and maintenance expenses | $219.2M | $87.9M | $60.7M |
| Depletion, depreciation, amortization and accretion | $12.9M | $9.7M | $21.0M |
| General and administrative expenses | $176.2M | $229.1M | $12.8M |
| Total operating expenses | $408.3M | $326.8M | $94.5M |
| Loss from operations | -$408.3M | -$326.8M | -$94.5M |
| Change in fair value of warrant liabilities | -$89.2M | $227.5M | $0 |
| Other (income) expense, net | -$8.8M | -$4.2M | -$801.0K |
| Interest expense | $88.2M | $67.3M | $0 |
| Total other (income) expense, net | -$9.8M | $290.6M | -$801.0K |
| Loss before income taxes | -$398.5M | -$617.3M | -$93.7M |
| Income tax expense (benefit) | $11.7M | -$48.0K | $0 |
| Net loss | -$410.2M | -$617.3M | -$93.7M |
| Weighted average Common Stock outstanding, basic (in shares) | 98.2M shares | 67.0M shares | |
| Weighted average Common Stock outstanding, diluted (in shares) | 98.2M shares | 67.0M shares | |
| 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 |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2024-01-31 | 2023-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $97.7M | $300.4M | $0 | $0 |
| Restricted cash | $0 | $35.4M | $0 | $0 |
| Inventory | $12.1M | $0 | ||
| Materials and supplies | $14.7M | $15.3M | ||
| Prepaid expenses and other current assets | $11.3M | $4.2M | ||
| Total current assets | $135.7M | $355.3M | ||
| Oil and gas properties | $1.6B | $1.2B | ||
| Less: Accumulated depreciation, depletion and amortization | -$6.0M | $0 | ||
| Total oil and gas properties, net | $1.6B | $1.2B | ||
| Other, net | $44.1M | $33.5M | ||
| Total assets | $1.7B | $1.6B | ||
| Accounts payable and accrued liabilities | $99.4M | $119.8M | ||
| Senior Secured Term Loan including paid-in-kind interest, net | $921.6M | $0 | ||
| Total current liabilities | $1.0B | $120.7M | ||
| Warrant liabilities | $37.7M | $126.9M | ||
| Asset retirement obligations | $113.2M | $99.7M | ||
| Senior Secured Term Loan including paid-in-kind interest, net | $0 | $833.5M | ||
| Deferred tax liability | $12.8M | $1.2M | ||
| Other | $19.3M | $17.0M | ||
| Total liabilities | $1.2B | $1.2B | ||
| Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding at December 31, 2025 and 2024 | $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 | $15.0K | $8.0K | ||
| Additional paid-in capital | $1.6B | $1.1B | ||
| Accumulated deficit | -$1.1B | -$698.3M | ||
| Total Stockholders Equity | $534.3M | $384.2M | -$19.1M | |
| Total Liabilities and Stockholders Equity | $1.7B | $1.6B | ||
| Preferred stock par value (in dollars per share) | $0.00 | $0.00 | ||
| Preferred stock authorized (in shares) | 1.0M shares | 1.0M shares | ||
| Preferred stock issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock outstanding (in shares) | 0 shares | 0 shares | ||
| Common stock par value (in dollars per share) | $0.00 | $0.00 | $0.00 | |
| Common stock authorized (in shares) | 500.0M shares | 500.0M shares | ||
| Common stock issued (in shares) | 145.0M shares | 89.3M shares | ||
| Common stock outstanding (in shares) | 145.0M shares | 89.3M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2024-01-31 | 2023-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $97.7M | $300.4M | $0 | $0 |
| Restricted cash | $0 | $35.4M | $0 | $0 |
| Inventory | $12.1M | $0 | ||
| Materials and supplies | $14.7M | $15.3M | ||
| Prepaid expenses and other current assets | $11.3M | $4.2M | ||
| Total current assets | $135.7M | $355.3M | ||
| Oil and gas properties | $1.6B | $1.2B | ||
| Less: Accumulated depreciation, depletion and amortization | -$6.0M | $0 | ||
| Total oil and gas properties, net | $1.6B | $1.2B | ||
| Other, net | $44.1M | $33.5M | ||
| Total assets | $1.7B | $1.6B | ||
| Accounts payable and accrued liabilities | $99.4M | $119.8M | ||
| Senior Secured Term Loan including paid-in-kind interest, net | $921.6M | $0 | ||
| Total current liabilities | $1.0B | $120.7M | ||
| Warrant liabilities | $37.7M | $126.9M | ||
| Asset retirement obligations | $113.2M | $99.7M | ||
| Senior Secured Term Loan including paid-in-kind interest, net | $0 | $833.5M | ||
| Deferred tax liability | $12.8M | $1.2M | ||
| Other | $19.3M | $17.0M | ||
| Total liabilities | $1.2B | $1.2B | ||
| Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding at December 31, 2025 and 2024 | $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 | $15.0K | $8.0K | ||
| Additional paid-in capital | $1.6B | $1.1B | ||
| Accumulated deficit | -$1.1B | -$698.3M | ||
| Total Stockholders Equity | $534.3M | $384.2M | -$19.1M | |
| Total Liabilities and Stockholders Equity | $1.7B | $1.6B | ||
| Preferred stock par value (in dollars per share) | $0.00 | $0.00 | ||
| Preferred stock authorized (in shares) | 1.0M shares | 1.0M shares | ||
| Preferred stock issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock outstanding (in shares) | 0 shares | 0 shares | ||
| Common stock par value (in dollars per share) | $0.00 | $0.00 | $0.00 | |
| Common stock authorized (in shares) | 500.0M shares | 500.0M shares | ||
| Common stock issued (in shares) | 145.0M shares | 89.3M shares | ||
| Common stock outstanding (in shares) | 145.0M shares | 89.3M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$410.2M | -$617.3M | -$93.7M |
| Depreciation, depletion, amortization and accretion | $12.9M | $9.7M | $21.0M |
| Share based compensation expense | $42.7M | $91.6M | $0 |
| Amortization of operating lease right-of-use asset | $1.6M | $1.1M | $0 |
| Amortization of debt issuance costs | $542.0K | $1.0M | $0 |
| Paid-in-kind interest | $87.7M | $66.3M | $0 |
| Effect of amendment to the Senior Secured Term Loan | $0 | $5.0M | $0 |
| Deferred tax expense (benefit) | $11.7M | -$48.0K | $0 |
| Change in fair value of warrant liabilities | -$89.2M | $227.5M | $0 |
| Inventory | -$6.1M | $0 | $0 |
| Material and supplies | $428.0K | $1.3M | $2.2M |
| Prepaid expenses and other assets | -$7.5M | -$3.0M | $0 |
| Accounts payable and accrued liabilities | $3.8M | $54.0M | -$4.4M |
| Due to related party | $0 | $0 | $4.8M |
| Net cash used in operating activities | -$351.7M | -$163.0M | -$70.1M |
| Payments for capital expenditures | -$417.6M | -$72.3M | $0 |
| Cash consideration paid | $0 | -$203.9M | $0 |
| Net cash used in investing activities | -$417.6M | -$276.2M | $0 |
| Capital contribution from parent | $0 | $0 | $70.1M |
| Offering proceeds | $545.0M | $590.2M | $0 |
| Payment of equity issuance costs | -$13.8M | -$30.6M | $0 |
| Cash received on warrant exercises, net | $0 | $183.5M | $0 |
| Payment on Senior Secured Term Loan | $0 | -$18.8M | $0 |
| Payment of debt issuance costs | $0 | -$1.6M | $0 |
| Payment of non-convertible promissory notesrelated parties | $0 | -$1.1M | $0 |
| Net cash provided by financing activities | $531.2M | $721.7M | $70.1M |
| Net change in cash | -$238.1M | $282.4M | $0 |
No quarter-by-quarter statement was filed.
Corporate structure
Sable Offshore Corp. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Sable Offshore Corp.
- Encompass Capital Advisors LLC Filed SCHEDULE 13G/A on Sable Offshore Corp., latest Oct 8, 2026 (3 filings since Jul 24, 2025)
- Morgan Stanley Filed SCHEDULE 13G/A on Sable Offshore Corp., latest Sep 8, 2026 (2 filings since Aug 13, 2026)
- Two Seas Capital LP Filed SCHEDULE 13G on Sable Offshore Corp., latest Aug 14, 2026
- Capital International Investors Filed SCHEDULE 13G/A on Sable Offshore Corp., latest Aug 12, 2026 (3 filings since Feb 13, 2026)
- State Street Corporation Filed SCHEDULE 13G on Sable Offshore Corp., latest Aug 7, 2026
- Alyeska Investment Group, L.P. Filed SCHEDULE 13G/A on Sable Offshore Corp., latest May 15, 2026 (2 filings since Feb 17, 2026)
- CONTINENTAL GENERAL INSURANCE CO Filed SCHEDULE 13G/A on Sable Offshore Corp., latest May 14, 2026 (2 filings since Feb 3, 2026)
- BlackRock Filed SCHEDULE 13G on Sable Offshore Corp., latest Apr 27, 2026 (6 filings since Oct 23, 2024)
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on Sable Offshore Corp., latest Mar 26, 2026 (2 filings since Jan 30, 2026)
- FourWorld Capital Management LLC Filed SCHEDULE 13G on Sable Offshore Corp., latest Feb 19, 2026
- Pilgrim Global ICAV Filed SCHEDULE 13G/A on Sable Offshore Corp., latest Feb 17, 2026 (4 filings since Mar 22, 2024)
- SUSQUEHANNA SECURITIES, LLC Filed SCHEDULE 13G/A on Sable Offshore Corp., latest Feb 13, 2026 (2 filings since Nov 13, 2025)
- Sable Offshore Corp. Houston, Texas, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Sable Offshore Corp. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Operating-lease assets (leased space) | $16.1M5 Dec 31, 2025 | $17.2M5 Dec 31, 2024 | −6.8% |
| Oil and gas properties | $1.6B5 Dec 31, 2025 | $1.2B5 Dec 31, 2024 | +30.7% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $97.7M5 Dec 31, 2025 | $300.4M5 Dec 31, 2024 | −67.5% |
Inventory
Properties, in its own words
Our assets consist of three offshore platforms, Hondo, Heritage and Harmony, an onshore oil and natural gas processing facility in Goleta, California and pipeline assets. The platforms are located from five to nine miles offshore Santa Barbara County, California in federal waters. We own and operate 16 federal leases and the Santa Ynez Pipeline System, which includes subsea pipelines, which transport crude oil, natural gas and produced water from the platforms to the onshore processing facilities along with the pipeline assets, Pipeline Segments 324 and 325. Pipeline Segment 324 is a 24-inch, approximately 10.8 mile long crude oil pipeline that extends from the Los Flores Station on the California Coast to the Gaviota Pump Station in Santa Barbara County, California. Pipeline Segment 325 is a 30-inch, approximately 113 mile long crude oil pipeline that extends from the Gaviota Pump Station in Santa Barbara County, California to the 30-inch pig receiver located in Pentland Station in Kern County, California with an intermediate station at Sisquoc mile post 38.5 in San Louis Obispo, California. For further information, see “Business—Operations.”
Our principal executive office is located at 845 Texas Avenue, Suite 2800, Houston, Texas 77002. We consider our current office space adequate for our current operations.
Item 2 of the 10-K filed Feb 27, 2026.4
Leadership
Who has led Sable Offshore Corp., and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
Chief operating officer
2025
- Chief executive officerJames C. Flores Feb 24, 2021 to now12
- ChairJames C. Flores Feb 16, 2024 to now13
- PresidentJames C. Flores Feb 24, 2021 to Dec 8, 202212
- Chief financial officerGregory D. Patrinely Feb 24, 2021 to now14
- Chief operating officerDoss R. Bourgeois Nov 15, 2023 to now15
Board members and other officers (5)
- OfficerAnthony Duenner Feb 16, 2024 to now16
- Board memberChristopher Binyon Sarofim Feb 24, 2021 to now17
- Board memberGregory Phillip Pipkin Feb 24, 2021 to now18
- Board memberJames C. Flores Feb 24, 2021 to Dec 8, 202212
- General counselAnthony Duenner Nov 15, 2023 to Nov 15, 202319
Former names
- Flame Acquisition Corp.Nov 30, 2020 to Feb 14, 20243
Timeline
- Sep 29, 20268-K Regulation FD disclosure20
- Aug 24, 20268-K Other events21
- Aug 10, 20268-K Results of operations; Regulation FD disclosure22
- Jul 13, 20268-K Change of auditor23
- Jul 2, 20268-K Entered a material agreement; New debt or obligation; Regulation FD disclosure24
- Jun 22, 20268-K Entered a material agreement; Regulation FD disclosure25
- Jun 16, 20268-K Regulation FD disclosure26
- Jun 10, 20268-K Shareholder vote27
- Jun 1, 20268-K Regulation FD disclosure28
- May 6, 20268-K Results of operations29
- Apr 20, 20268-K Regulation FD disclosure30
- Mar 30, 20268-K Regulation FD disclosure31
- Feb 24, 2021New chief executive James C. Flores becomes CEO12
- Oct 16, 2020Founded Sable Offshore Corp. is founded2
Calendar
Coming up
- Nov 12, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($1.11) a share, on Nov 13, 2025.32
When it reported results
- Aug 10, 2026Reported quarterly or annual results22
- May 6, 2026Reported quarterly or annual results29
- Feb 27, 2026Reported quarterly or annual results33
- Nov 13, 2025Reported quarterly or annual results34
- Aug 12, 2025Reported quarterly or annual results35
- May 9, 2025Reported quarterly or annual results36
- Mar 17, 2025Reported quarterly or annual results37
- Nov 14, 2024Reported quarterly or annual results38
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
349 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 82 major events, 75 insider forms, 56 large holders, 116 other. The latest 20:
- Oct 8, 2026SCHEDULE 13G/A EDGAR
- Sep 29, 20268-K EDGAR
- Sep 8, 2026SCHEDULE 13G/A EDGAR
- Aug 24, 20268-K EDGAR
- Aug 14, 2026SCHEDULE 13G EDGAR
- Aug 13, 2026SCHEDULE 13G EDGAR
- Aug 12, 2026SCHEDULE 13G/A EDGAR
- Aug 10, 20268-K EDGAR
- Aug 10, 202610-Q EDGAR
- Aug 7, 2026SCHEDULE 13G EDGAR
- Jul 13, 20268-K EDGAR
- Jul 2, 20268-K EDGAR
- Jul 2, 2026424B5 EDGAR
- Jul 2, 2026424B5 EDGAR
- Jul 2, 2026305B2 EDGAR
- Jul 1, 2026424B5 EDGAR
- Jul 1, 2026424B5 EDGAR
- Jun 30, 2026424B5 EDGAR
- Jun 30, 2026424B5 EDGAR
- Jun 22, 20268-K EDGAR
The 349 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
41 open-market trades by officers, directors and large owners since October 2021: 14 buys and 27 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Apr 29, 2026 | Flores James CaldwellPresident, COO | Sale | 39,311 | $13.56 | $533.1K | Form 4 |
| Apr 29, 2026 | Duenner AnthonySee Remarks | Sale | 39,312 | $13.56 | $533.1K | Form 4 |
| Apr 29, 2026 | Patrinely Gregory D.EVP, CFO | Sale | 39,311 | $13.56 | $533.1K | Form 4 |
| Apr 29, 2026 | FLORES JAMES CChairman & CEO | Sale | 68,792 | $13.56 | $932.8K | Form 4 |
| Apr 28, 2026 | Flores James CaldwellPresident, COO | Sale | 40,743 | $13.33 | $543.1K | Form 4 |
| Apr 28, 2026 | Duenner AnthonySee Remarks | Sale | 40,743 | $13.33 | $543.1K | Form 4 |
| Apr 28, 2026 | Patrinely Gregory D.EVP, CFO | Sale | 40,743 | $13.33 | $543.1K | Form 4 |
| Apr 28, 2026 | FLORES JAMES CChairman & CEO | Sale | 71,297 | $13.33 | $950.4K | Form 4 |
| Mar 31, 2026 | Flores James CaldwellPresident, COO | Sale | 279,081 | $16.69 | $4.7M | Form 4 |
| Mar 31, 2026 | Duenner AnthonySee Remarks | Sale | 279,081 | $16.69 | $4.7M | Form 4 |
| Mar 31, 2026 | Patrinely Gregory D.EVP, CFO | Sale | 279,081 | $16.69 | $4.7M | Form 4 |
| Oct 15, 2025 | Pilgrim Global Advisors LLC10% owner | Buy | 982,645 | $15.04 | $14.8M | Form 4 |
| Jul 18, 2025 | Pilgrim Global ICAV10% owner | Sale | 167,175 | $21.98 | $3.7M | Form 4 |
| Apr 17, 2025 | Pilgrim Global Advisors LLC10% owner | Sale | 143,806 | $25.37 | $3.6M | Form 4 |
| Oct 3, 2024 | FLORES JAMES CChairman & CEO | Buy | 600,000 | Form 4 | ||
| Sep 19, 2024 | Pilgrim Global Advisors LLC10% owner | Buy | 750,000 | $20.00 | $15.0M | Form 4 |
| Aug 27, 2024 | Pilgrim Global ICAV10% owner | Buy | 41,000 | $15.45 | $633.5K | Form 4 |
| Jun 5, 2024 | Pipkin Gregory PhillipDirector | Sale | 82,238 | $14.66 | $1.2M | Form 4 |
| May 21, 2024 | Bourgeois Doss REVP, Chief Operating Officer | Sale | 105,000 | $13.29 | $1.4M | Form 4 |
| May 20, 2024 | FLORES JAMES CChairman & CEO | Buy | 100,000 | $13.74 | $1.4M | Form 4 |
All 41 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Encompass Capital Advisors LLCSCHEDULE 13G/A, 3 filings Jul 24, 2025 to Oct 8, 202639
- Morgan StanleySCHEDULE 13G/A, 2 filings Aug 13, 2026 to Sep 8, 202640
- Two Seas Capital LPSCHEDULE 13G, 1 filing Aug 14, 202641
- Capital International InvestorsSCHEDULE 13G/A, 3 filings Feb 13, 2026 to Aug 12, 202642
- State Street CorporationSCHEDULE 13G, 1 filing Aug 7, 202643
- Alyeska Investment Group, L.P.SCHEDULE 13G/A, 2 filings Feb 17, 2026 to May 15, 202644
- CONTINENTAL GENERAL INSURANCE COSCHEDULE 13G/A, 2 filings Feb 3, 2026 to May 14, 202645
- BlackRockSCHEDULE 13G, 6 filings Oct 23, 2024 to Apr 27, 202646
- VANGUARD GROUP INCSCHEDULE 13G/A, 2 filings Jan 30, 2026 to Mar 26, 202647
- FourWorld Capital Management LLCSCHEDULE 13G, 1 filing Feb 19, 202648
- Pilgrim Global ICAVSCHEDULE 13G/A, 4 filings Mar 22, 2024 to Feb 17, 202649
- SUSQUEHANNA SECURITIES, LLCSCHEDULE 13G/A, 2 filings Nov 13, 2025 to Feb 13, 202650
- FMR LLCSCHEDULE 13G/A, 5 filings Mar 11, 2024 to Oct 7, 202551
- ADAGE CAPITAL PARTNERS GP, L.L.C.SCHEDULE 13G/A, 2 filings Feb 26, 2024 to Feb 12, 202552
- Fort Baker Capital Management LPSC 13G/A, 3 filings Feb 14, 2023 to Nov 14, 202453
- Harraden Circle Investments, LLCSC 13G/A, 3 filings Aug 11, 2023 to Nov 12, 202454
- Christopher Binyon SarofimSC 13D/A, 2 filings Feb 22, 2024 to Oct 11, 202455
- James C. FloresSC 13D/A, 2 filings Feb 22, 2024 to Oct 7, 202456
- Sculptor Capital LPSC 13G/A, 4 filings Jan 28, 2022 to Feb 14, 202457
- Hartree Partners, LPSC 13G/A, 2 filings Nov 16, 2022 to Feb 13, 202458
- COWEN AND COMPANY, LLCSC 13G/A, 2 filings May 30, 2023 to Feb 1, 202459
- Saba Capital Management, L.P.SC 13G/A, 2 filings Feb 14, 2022 to Feb 14, 202360
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | James C. Flores | 66 | $1.3M | $75.9M61 |
| 2025 | J. Caldwell Flores | 33 | $800.0K | $18.1M61 |
| 2025 | Anthony C. Duenner | 66 | $800.0K | $18.1M61 |
| 2025 | Gregory D. Patrinely | 40 | $800.0K | $18.1M61 |
| 2025 | Doss R. Bourgeois | $778.9K | $18.1M61 | |
| 2024 | Executive Vice PresidentGeneral Counsel and Secretary | $664.6K | $9.3M61 | |
| 2024 | FormerExecutive Vice President and Chief Operating Officer | $664.6K | $9.3M61 | |
| 2024 | Executive VicePresident and Chief Financial Officer | $664.6K | $9.3M61 | |
| 2024 | President and Chief Operating Officer | $664.6K | $9.3M61 | |
| 2024 | Chairman and Chief Executive Officer | $1.1M | $1.7M61 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Pilgrim Global Advisors LLC | 18,206,121 | $56.1M | 12.0% | No change |
| Encompass Capital Advisors LLC | 14,448,741 | $44.5M | 1.9% | +1,000,000 |
| Continental General Insurance Co | 14,139,408 | $43.5M | 9.1% | +434,298 |
| BlackRock, Inc. | 10,667,229 | $32.9M | 0.0% | +1,308,276 |
| Morgan Stanley | 8,414,504 | $25.9M | 0.0% | +1,140,502 |
| Two Seas Capital LP | 8,377,636 | $25.8M | 1.0% | +2,880,925 |
| State Street Corp | 7,822,902 | $24.1M | 0.0% | +3,211,740 |
| FourWorld Capital Management LLC | 6,823,709 | $21.0M | 24.3% | −389,024 |
| Capital International Investors | 6,111,898 | $18.8M | 0.0% | −1,456,928 |
| Vanguard Capital Management LLC | 5,810,187 | $17.9M | 0.0% | +339,516 |
| Whitefort Capital Management, LP | 3,720,063 | $11.5M | 2.9% | +2,175,270 |
| Susquehanna International Group, Llp | 3,417,408 | $10.5M | 0.0% | +1,211,198 |
| Geode Capital Management, LLC | 3,341,362 | $10.3M | 0.0% | +379,498 |
| Citadel Advisors LLC | 3,179,070 | $9.8M | 0.0% | +2,435,474 |
| BW Gestao de Investimentos Ltda. | 3,014,553 | $9.3M | 0.2% | +885,448 |
| Redwood Capital Management, LLC | 3,000,000 | $9.2M | 1.0% | New |
| Verition Fund Management LLC | 2,988,811 | $9.2M | 0.1% | +945,373 |
| Goldman Sachs Group Inc | 2,659,293 | $8.2M | 0.0% | +743,870 |
| HITE Hedge Asset Management LLC | 2,555,295 | $7.9M | 0.4% | +1,840,988 |
| Capital World Investors | 2,430,095 | $7.5M | 0.0% | +65,994 |
| Millennium Management LLC | 2,044,276 | $6.3M | 0.0% | +126,433 |
| Vanguard Portfolio Management LLC | 2,033,982 | $6.3M | 0.0% | +144,786 |
| UBS Group AG | 1,580,471 | $4.9M | 0.0% | +208,749 |
| Sona Asset Management (us) LLC | 1,501,943 | $4.6M | 0.2% | New |
| Boothbay Fund Management, LLC | 1,454,545 | $4.5M | 0.1% | −11,744 |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Sable Offshore Corp. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARSable Offshore Corp.1
- CIK0001831481
- Employer ID (EIN)85-35140784
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
- Incorporated inDelaware4
- Fiscal year endsDecember 311
- Industry code (SIC)1311 Crude Petroleum & Natural Gas1
- SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
- Business address845 Texas Avenue, Suite 2920, Houston, TX 770021
- Phone(713) 579-61061
- Shares outstanding191,869,572 as of Aug 7, 20269
- Public float$1.2B as of Jun 30, 20254
- AuditorHam, Langston & Brezina, L.L.P., Houston, Texas PCAOB ID 298; it also attests to the company’s internal control over financial reporting4
- On EDGAR sinceNov 30, 20201
- Filings379 in all: 8-K (84), 4 (67), 424B3 (29), 10-Q (17), DEFA14A (17), SCHEDULE 13G/A (17), CORRESP (15), SC 13G (13)1
All 39 form types
SCHEDULE 13G (12), UPLOAD (12), 3 (11), SC 13G/A (11), 424B5 (9), PRER14A (9), EFFECT (7), 10-K (5), 4/A (4), DEF 14A (4), S-1/A (4), S-1 (3), 25-NSE (2), 8-K/A (2), DRS (2), NT 10-Q (2), POS AM (2), POS EX (2), PRE 14A (2), S-3 (2), SC 13D (2), SC 13D/A (2), 3/A (1), 305B2 (1), 424B4 (1), 8-A12B (1), CERT (1), DEFM14A (1), NT 10-K (1), PREM14A (1), S-8 (1)
- Latest filingsAnnual report (10-K) Feb 27, 2026
Quarterly report (10-Q) Aug 10, 2026
Proxy statement (DEF 14A) Apr 30, 2026
Latest 8-K (8-K) Sep 29, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, par value $0.0001 per share | SOC | The New York Stock Exchange |
From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks Sable Offshore Corp. names in Item 1A of its 10-K filed Feb 27, 2026: 55 risks under these headings, as written.4
- Risks Related to Recommencing Oil Sales
- The requirements to resume petroleum transportation through Pipeline Segments 324 and 325 include those set forth in a Consent Decree with federal and state agencies. While the operator of the Pipeline Segments believes it has satisfied all of the conditions to resuming petroleum transportation included under the Consent Decree, there is no assurance that we will be successful in resuming petroleum transportation through Pipeline Segments 324 and 325 and recommence oil sales in a timely manner.
- In order to commence operations pursuant to the OS&T Strategy, we will require clearances and permitting, including from BOEM.
- The timing of returning wells to production is subject to risks that may cause delays and initial production rates are expected to decline.
- Our assumptions and estimates regarding the total costs associated with recommencing oil sales may be inaccurate.
- There is no guarantee that we will have sufficient cash to recommence oil sales.
- Risks Related to the Business of the Company
- Oil, natural gas and natural gas liquids, or “NGL(s)”, prices are volatile, due to factors beyond our control, and greatly affect our business, results of operations and financial condition. Any decline in, or sustained low levels of, oil, natural gas and NGL prices will cause a decline in our cash flow from operations, which could materially and adversely affect our business, results of operations and financial condition.
- If commodity prices decline and remain depressed for a prolonged period, our business may become uneconomical and result in additional write downs of the value of our properties, which may adversely affect our financial condition and our ability to fund operations.
- An increase in the differential between the NYMEX or other benchmark prices of oil and natural gas and the wellhead price we expect to receive for our future oil sales could significantly reduce our cash flow and adversely affect our financial condition.
- The estimated quantities of petroleum contained in the SYU Assets are classified as “contingent resources” rather than “reserves” because they are subject to numerous contingencies. There is no assurance that any of the petroleum contained in the SYU Assets will ever be recovered or reclassified as “reserves.”
- Our hedging strategy in the future may not effectively mitigate the impact of commodity price volatility from our cash flows, and our hedging activities could result in cash losses and may limit potential gains.
The other 45 risks
- Developing and producing oil, natural gas and NGLs are costly and high-risk activities with many uncertainties that may result in a total loss of investment or otherwise adversely affect our business, financial condition, results of operations and cash flows. Many of these risks are heightened for us due to the fact that some of our equipment has not been used for petroleum production or transportation for more than ten years.
- The enactment of derivatives legislation could have an adverse effect on our ability to use derivative instruments to reduce the effect of commodity price, interest rate and other risks associated with our business.
- Development and production of oil, natural gas and NGLs in offshore waters have inherent and historically higher risk than similar activities onshore.
- Oil and natural gas producers’ operations are substantially dependent on the availability of water and the disposal of waste, including produced water and drilling fluids. Restrictions on the ability to obtain water or dispose of waste may impact our operations.
- The unavailability or high cost of rigs, equipment, supplies and crews could delay our operations, increase our costs and delay forecasted revenue.
- The third parties on whom we rely for transportation services are subject to complex federal, state and other laws that could adversely affect the cost, manner or feasibility of conducting our business.
- Our business depends in part on pipelines, gathering systems and processing facilities owned by us or others. Any limitation in the availability of those facilities could interfere with our ability to market our oil, natural gas and NGL production.
- Loss of our key executive officers or other key personnel, or an inability to attract and retain such officers and personnel, could negatively affect our business and, in one instance, could cause a default under the primary agreement governing our existing indebtedness.
- We may incur losses as a result of title defects or deficiencies in our properties.
- We do not own all of the land on which our assets are located or all of the land that we must traverse in order to conduct our operations. There are disputes with respect to certain of the rights-of-way or other interests and any unfavorable outcomes of such disputes could require us to incur additional costs.
- Under the terms of the Senior Secured Term Loan, the loans thereunder will mature on the earlier of (i) March 31, 2027 or (ii) the date falling 90 days after first sales of Hydrocarbons, and the terms on which we will be able to refinance the Senior Secured Term Loan will depend on then-prevalent market conditions.
- Restrictive covenants in the Senior Secured Term Loan or any future agreements governing our indebtedness could limit our growth and our ability to finance our operations, fund our capital needs, respond to changing conditions and engage in other business activities that may be in our best interests.
- We may in the future refinance our existing indebtedness or incur new indebtedness at variable rates and without the option to pay interest in-kind, which would subject us to interest rate risk and could cause our debt service obligations to increase significantly.
- Our business plans require a significant amount of capital. In addition, our future capital needs may require us to issue additional equity or debt securities that may dilute our stockholders or introduce covenants that may restrict our operations or ability to pay dividends.
- We are exposed to trade credit risk in the ordinary course of our business activities.
- We may incur substantial losses and be subject to substantial liability claims as a result of catastrophic events. We may not be insured for, or our insurance may be inadequate to protect us against, these risks. Expenses not covered by our insurance could have a material adverse effect on our financial position and results of operations.
- We may be unable to compete effectively with larger companies.
- We are subject to complex federal, state, local and other laws, regulations and permits that could adversely affect the cost, manner, ability or feasibility of conducting our operations.
- Changes in tax law may materially adversely affect our financial condition, results of operations and cash flows.
- The listing of a species as either “threatened” or “endangered” under the U.S. Endangered Species Act and/or the California Endangered Species Act could result in increased costs, new operating restrictions, or delays in our operations, which could adversely affect our results of operations and financial condition.
- Conservation measures, technological advances and increasing public attention and activism with respect to climate change and environmental matters could reduce demand for oil, natural gas and NGLs and have an adverse effect on our business, financial condition and reputation.
- Climate change legislation or regulations restricting emissions of “greenhouse gases,” or GHGs, could result in increased operating costs and reduced demand for the oil, natural gas and NGLs we expect to produce.
- Attempts by the California state government to restrict the production of oil and gas could negatively impact our operations and result in decreased demand for fossil fuels in California.
- Our assets are located exclusively onshore and offshore in California, making us vulnerable to risks associated with having operations concentrated in this geographic area.
- All of our operations are conducted in areas that may be at risk of damage from fire, mudslides, earthquakes or other natural disasters.
- Increasing attention to environmental, social and governance (“ESG”) matters may impact our business.
- Environmental groups may initiate litigation and take other actions to delay or prevent us from obtaining or maintaining required approvals to recommence oil sales.
- The Inflation Reduction Act of 2022 could accelerate the transition to a low carbon economy and will impose new costs on our operations.
- The cost of decommissioning and the cost of financial assurance to satisfy decommissioning obligations are uncertain.
- We may be required to post cash collateral pursuant to our agreements with sureties, letter of credit providers or regulators under our existing or future bonding or other arrangements, which may have a material adverse effect on our liquidity and our ability to execute our capital expenditure plan and our asset retirement obligation plan and comply with the agreements governing our existing or future indebtedness.
- Our business could be negatively affected by security threats, including cybersecurity threats, destructive forms of protest and opposition by activists and other disruptions.
- Risks Related to Being a Public Company
- The market prices of our securities could be highly volatile or may decline regardless of our operating performance. You may lose some or all of your investment.
- We are, and may continue to be, subject to short selling strategies and related public allegations, which could lead to a decline in the price of our Common Stock and have a material adverse effect on our reputation and results of operations.
- We are subject to an ongoing investigation by a Special Committee of the Board and have received subpoenas for documents from the SDNY and SEC, and may be named in future governmental or other regulatory investigations and proceedings, each of which could have a material adverse impact on our business, financial condition, results of operation, cash flows and reputation.
- The NYSE may not continue to list our securities, which could limit investors’ ability to make transactions in our securities and subject us to additional trading restrictions.
- If we fail to implement and maintain proper and effective internal controls over financial reporting, our ability to produce accurate financial statements on a timely basis could be impaired, which could cause investors to lose confidence in our reported financial information and have a negative effect on our stock price.
- Future sales, or the perception of future sales, of our Common Stock by us or our existing stockholders in the public market could cause the market price for our Common Stock to decline.
- Our issuance of additional shares of Common Stock or convertible securities may dilute your ownership of us and could adversely affect our stock price.
- Our warrant agreement designates the courts of the State of New York or the United States District Court for the Southern District of New York as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by holders of our warrants, which could limit the ability of Warrant Holders to obtain a favorable judicial forum for disputes with our company.
- Members of our management team and our Board and their respective affiliated companies have been, and may from time to time be, involved in legal proceedings or governmental investigations unrelated to our business.
- If securities or industry analysts do not publish research or reports about us, or publish negative reports, our stock price and trading volume could decline.
- Our operating results may fluctuate significantly, which makes our future operating results difficult to predict and could cause our operating results to fall below expectations or any guidance it may provide.
- Changes in laws, regulations or rules, or a failure to comply with any laws, regulations or rules, may adversely affect our business, investments and results of operations.
- We no longer qualify as an “emerging growth company” and will be required to comply with certain provisions of the Sarbanes-Oxley Act. We can no longer take advantage of reduced disclosure requirements applicable to emerging growth companies.
- Because there are no current plans to pay cash dividends on our Common Stock in the foreseeable future, you may not receive any return on investment unless you sell your shares of our Common Stock at a price greater than what you paid for it.
Legal proceedings
See Part II, Item 8 “Financial Statements and Supplementary Data—Notes to Consolidated Financial Statements,” Note 8—Commitments and Contingencies for additional information regarding our legal proceedings.
Other Legal Proceedings
As part of Sable’s normal business activities, it may be named as a defendant in litigation and other legal proceedings, including those arising from regulatory and environmental matters. If Sable determines that a negative outcome is probable and the amount of loss is reasonably estimable, we will accrue the estimated amount.
The opening of Item 3, Legal Proceedings.4
Sources
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- 13SEC EDGARJames C. Flores, Chair
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- 16SEC EDGARAnthony Duenner, Officer
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- 18SEC EDGARGregory Phillip Pipkin, Board member
- 19SEC EDGARAnthony Duenner, General counsel
- 20SEC EDGARRegulation FD disclosure
- 21SEC EDGAROther events
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- 23SEC EDGARChange of auditor
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- 26SEC EDGARRegulation FD disclosure
- 27SEC EDGARShareholder vote
- 28SEC EDGARRegulation FD disclosure
- 29SEC EDGARResults of operations
- 30SEC EDGARRegulation FD disclosure
- 31SEC EDGARRegulation FD disclosure
- 32NasdaqNasdaq calendar
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