Financial Performance - Sable Offshore Corp. reported a net loss of $180.1 million for Q1 2024, primarily due to expenses related to the Business Combination and a legal settlement[4]. - Sable ended Q1 2024 with outstanding debt of $771.2 million and a cash balance of $209.1 million[4]. Business Combination and Funding - The company raised a total of $502.4 million to complete the Business Combination, including $440.2 million in PIPE investments and $62.2 million from the IPO[4]. Resource Estimates - Total Net Estimated Contingent Resources increased by 21% to 646 MMboe, with a PV-10 value of $10.0 billion, up from $4.9 billion in December 2023[4]. - The estimated cash flows from the Development Drilling Program Best Estimate are projected at $4.81 billion, with a total best estimate contingent resources of 467 MMboe[5]. Production Plans - Sable expects to restart production at the Santa Ynez Unit in September 2024, with an anticipated initial net production rate of approximately 28,000 BOE/D[10]. - Cash costs per BOE are projected to be $19.00 for lease operating expenses and $3.50 for gathering, processing, and transportation in Q4 2024[6]. Operational Expansion - The company has hired 48 former ExxonMobil field employees and added 24 additional employees as part of its operational expansion[4]. Legal Matters - A fairness hearing for the legal settlement related to Sable-owned pipelines is scheduled for September 13, 2024[4]. Environmental Initiatives - The company has initiated a carbon sequestration business planning phase, intending to utilize Sable-owned infrastructure for offshore carbon sequestration[10].
Sable Offshore(SOC) - 2024 Q1 - Quarterly Results