Financial Results - Sable Offshore Corp. announced its results for the quarter ended September 30, 2024, in a press release dated November 14, 2024[2]. - The financial results and updates are not deemed "filed" under the Securities Exchange Act of 1934, indicating a focus on compliance and regulatory matters[3]. - The press releases are attached as Exhibits 99.1 and 99.2, providing detailed insights into the company's performance and regulatory updates[5]. Regulatory Compliance - The company is classified as an emerging growth company under the Securities Act of 1933[2]. - Ongoing coordination with the California Coastal Commission was highlighted in a separate press release issued on the same date[4].

Business Combination and Financing - The Business Combination was completed on February 14, 2024, resulting in the issuance of 44,024,910 shares of Common Stock at $10.00 per share, generating gross proceeds of $440.2 million[153]. - A second PIPE Investment occurred on September 26, 2024, with 7,500,000 shares issued at $20.00 per share, raising approximately $150.0 million[154]. - The First PIPE Investment included a marketing fee of $10.1 million, recognized as an offset to the proceeds[153]. - As of November 4, 2024, 15,957,820 shares of Common Stock were issued upon the exercise of 99.8% of the outstanding Public Warrants, resulting in aggregate proceeds of $183.5 million[170]. - Financing activities generated $618.4 million in net cash for the Successor period, including $590.2 million from PIPE investments and $72.5 million from warrant exercises[200]. Operational Status and Challenges - The Santa Ynez Unit (SYU) consists of three offshore platforms and an onshore processing facility, which have been non-operational since 2015 due to a pipeline incident[155]. - The California Coastal Commission issued a Cease and Desist Order on November 12, 2024, regarding maintenance and repair activities on the Pipelines, requiring the filling and closing of open sites[167]. - Sable has moved to intervene in a lawsuit filed against the U.S. Department of the Interior regarding the approval of an extension to resume operations associated with 16 oil and gas leases in the Santa Ynez Unit[159]. - The Company plans to implement additional surveillance and response enhancements as part of the Safety Valve Settlement Agreement with the County of Santa Barbara[164]. - The Company has maintained all 16 leases within the Santa Ynez Unit until October 9, 2025, following the completion of lease-holding activities[159]. - The company has been shut in since 2015, with no production revenues during the comparative periods, highlighting the urgency of restarting operations to generate cash flow[210]. Financial Performance - Operating and maintenance expenses for the three months ended September 30, 2024, were $25.6 million, an increase of $11.4 million or 79.8% compared to $14.3 million for the same period in 2023[178]. - General and administrative expenses for the three months ended September 30, 2024, were $26.2 million, representing an increase of $23.2 million compared to $3.0 million for the same period in 2023[180]. - Total other expense, net for the three months ended September 30, 2024, was $200.1 million, an increase of $199.6 million compared to $0.5 million for the same period in 2023[181]. - Net loss for the three months ended September 30, 2024, was $255.6 million, compared to a net loss of $23.1 million for the same period in 2023, representing an increase of $232.5 million or 1007.8%[178]. - Operating and maintenance expenses for the nine months ended September 30, 2024, were $66.6 million, an increase of $23.4 million or 54.2% compared to $43.2 million for the same period in 2023[185]. - General and administrative (G&A) expenses increased to $211.6 million for the nine months ended September 30, 2024, up from $9.1 million for the same period in 2023, primarily due to a $70.0 million settlement and $82.3 million in share-based compensation[188]. - Total other expense, net rose to $305.8 million for the nine months ended September 30, 2024, compared to $0.5 million in the same period of 2023, driven by a $257.6 million increase in fair value of warrants and $48.1 million in interest expense[189]. Cash Flow and Liquidity - Cash flows from operating activities showed a net cash used of $125.5 million for the Successor period, a 170.9% increase compared to the nine months ended September 30, 2023[196]. - Net cash used in investing activities was $222.7 million for the Successor period, primarily for the acquisition of SYU assets and capital expenditures related to restart efforts[198]. - The company has substantial liquidity needs for restarting production, with plans contingent on regulatory approvals and sufficient capital to cover estimated costs[194]. Accounting and Financial Reporting - The company is classified as an "emerging growth company" and may remain so until the last day of the fiscal year following the fifth anniversary of its IPO, unless certain revenue or market value thresholds are exceeded[219]. - The company is also a "smaller reporting company," which allows it to provide only two years of audited financial statements, remaining so until specific market value or revenue limits are surpassed[220]. - The company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks, and evaluates all financial instruments to determine their classification as derivatives[217]. - All outstanding warrants are recognized as derivative liabilities at fair value, with adjustments made at each reporting period, impacting the statement of operations[218]. - The company assesses asset impairment based on estimated undiscounted cash flows, with impairments measured by the amount the carrying value exceeds fair value[214]. - Future cash flow assessments for asset recoverability are based on management's assumptions regarding capital allocations, commodity prices, and production volumes[213]. - The company’s asset retirement obligations are recorded as liabilities on a discounted basis, reflecting future plugging and abandonment costs of oil and gas properties[216]. - There have been no changes in internal controls over financial reporting that materially affected the company's controls during the quarter[225]. - The company’s disclosure controls and procedures were evaluated as effective as of September 30, 2024, ensuring accurate financial reporting[224]. - Management does not believe that recently issued accounting standards will have a material effect on the financial statements[221].

Core Insights - DMG Blockchain Solutions Inc. has achieved SOC 2 Type II compliance, enhancing client confidence in its security and regulatory practices [1][2][3] - The company has purchased Bitmain S21 Hydro miners, expected to enhance its mining efficiency and capacity [4] - DMG's Terra Pool is the world's first carbon neutral Bitcoin mining pool, promoting a sustainable Bitcoin ecosystem [5][6] Compliance and Security - The SOC 2 Type II audit confirms that DMG's security controls meet stringent AICPA standards, reflecting its commitment to operational excellence [2][3] - CEO Sheldon Bennett emphasized the importance of SOC 2 Type II compliance for digital asset companies handling sensitive data, noting that large financial enterprises prefer working with certified vendors [3] Mining Operations - DMG has acquired hydro miners at a cost slightly below $15 per TH/s, which will contribute to a total production capacity of 63 PH/s [4] - The first tranche of hydro miners is expected to be operational by the end of the calendar year, with additional orders planned for early 2025 [4] Company Overview - DMG is a vertically integrated blockchain and data center technology company focused on sustainable practices and comprehensive platform solutions [6] - The company operates under two strategic pillars: Core and Core+, emphasizing vertical integration and environmental responsibility [6]

U.S. stocks traded mostly lower toward the end of trading, with the Nasdaq Composite falling around 0.5% on Friday. The Dow traded up 0.01% to 42,029.86 while the NASDAQ fell 0.53% to 17,917.95. The S&P 500 also fell, dropping, 0.32% to 5,695.11. Check This Out: Jim Cramer: Viking Therapeutics Has 'Many Ships Coming In' Leading and Lagging Sectors Utilities shares jumped by 2.3% on Friday. In trading on Friday, industrials shares fell by 0.6%. Top Headline The total number of active U.S. oil rigs came in un ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Securities registered pursuant to Section 12(b) of the Act: Title of each classTrading Symbol(s)Name of each exchange on which registered Common Stock, par value $0.0001 per share SOC The New York Stock Exchange Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share SOC.WS The New York Stock Exchange FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANG ...

Table of Contents __________________________ Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock, par value $0.0001 per share SOC The New York Stock Exchange Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share SOC.WS The New York Stock Exchange __________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______ ...

A solid price increase over a period of 12 weeks reflects investors' continued willingness to pay more for the potential upside in a stock. SOC is quite a good fit in this regard, gaining 52.6% over this period. Our "Recent Price Strength" screen, which is created on a unique short-term trading strategy, could be pretty useful in this regard. This predefined screen makes it really easy to shortlist the stocks that have enough fundamental strength to maintain their recent uptrend. Also, the screen passes onl ...

EXHIBIT 99.1 Sable Offshore Corp. Reports First Quarter 2024 Financial Results and Provides Operational Updates Houston, May 15, 2024 – Sable Offshore Corp. (NYSE: SOC, "Sable," or the "Company") today announced its first quarter 2024 financial and operational results and near-term operational plans. First Quarter 2024 Financial Highlights First Quarter 2024 Operational Highlights • Completed business combination with Flame Acquisition Corp (the "Business Combination"), including the acquisition of the Sant ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-40111 SABLE OFFSHORE CORP. (Exact name of registrant as specified in its charter) Delaware 85-3514078 (State or othe ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-40111 SABLE OFFSHORE CORP. (Exact name of registrant as specified in its charter) Delaware 85-3514078 (State or other ...