Sable Offshore Corp.
Capital Structure
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in mil. unless spec.Working Capital
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Company Description
- CEO
- James C. Flores
- Full Time Employees
- 200
- Sector
- Energy minerals
- Industry
- Integrated oil
- Address
- 845 Texas Avenue Houston TX United States 77002
- IPO Date
- Feb 25, 2021
- CIK
- 0001831481
- Website
- sableoffshore.com
- Similar Companies
- Business
- Sable Offshore Corp. operates as an independent upstream oil and gas company focused on exploration, development, and production in the United States, primarily through offshore platforms in federal waters off the coast of California. The company owns and operates three offshore platforms and manages 16 federal leases covering approximately 76,000 acres. It provides core products and services including crude oil and natural gas production; transportation of crude oil, natural gas, and produced water via subsea pipelines to onshore processing facilities; and operates infrastructure such as offshore drilling platforms, pipelines, and related facilities. Sable Offshore’s operations concentrate on the prolific Santa Ynez Unit offshore California, where it employs a dual option offtake strategy involving onshore pipeline transportation and an alternative offshore storage and treating vessel (OS&T) strategy using shuttle tankers. Founded in 2020 and headquartered in Houston, Texas, Sable Offshore completed a significant business combination in early 2024 through a merger with Flame Acquisition Corp., which facilitated its NYSE listing under the ticker symbol SOC. In recent years, the company acquired the Santa Ynez oil field and related infrastructure from ExxonMobil and Mobil Pacific Pipeline Company for approximately $625 million. Major strategic changes include ongoing efforts to restart oil production at the Santa Ynez Unit, which has involved regulatory challenges and litigation, along with the submission of formal restart plans to California state and federal authorities. Sable Offshore anticipates resuming production with an output capacity exceeding 50,000 barrels of oil per day by late 2026, leveraging either the onshore pipeline system or an offshore shuttle tanker system as needed. The company is also managing a comprehensive debt refinancing expected in the first quarter of 2026 and has committed to substantial financial security for plugging and abandonment obligations. Sable Offshore serves energy markets within California and broader U.S. energy markets, focusing on offshore oil and gas production with significant experience in California's regulatory and operational environments. The company’s strategic initiatives and operational developments are poised to enhance production capacity and ensure energy security for the region through measured regulatory compliance and community engagement. Its products and services portfolio is integrated across exploration, production, transport, and infrastructure management, with a clear focus on responsible and sustainable offshore operations. Sable Offshore retains substantial ownership interest from key investors such as Pilgrim Energy Partners, supporting its strategic growth plans and operational execution.
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