Sable Offshore Corp. Reports Full Year 2025 Results

Core Insights - Sable Offshore Corp. reported a net loss of $410.2 million for the full year 2025, primarily due to production restart-related operating expenses and general & administrative expenses [1] - The company successfully restarted production at the Santa Ynez Unit in May 2025 and has begun flowing oil to Las Flores Canyon [1] - Sable raised approximately $295.0 million through a public offering of 10 million shares at $29.50 per share in May 2025 [1] - A private placement in November 2025 raised an additional $250.0 million by issuing 45,454,546 shares at $5.50 per share [1] - The company ended 2025 with short-term outstanding debt of $921.6 million and cash and cash equivalents of $97.7 million [1] Operational Highlights - Production at the Santa Ynez Unit was restarted on May 15, 2025, following the completion of an anomaly repair program on the Santa Ynez Pipeline System [1] - Hydrotests of all segments of the Santa Ynez Pipeline System were successfully completed by May 28, 2025, allowing for the resumption of petroleum transportation [1] - An alternative strategy involving shuttle tankers for accessing domestic and global markets is being pursued [1] Financial Developments - The company extended the maturity date of its Senior Secured Term Loan to March 31, 2027, with an increased interest rate from 10% to 15% per annum [1] - The gross proceeds from the public offering and private placement indicate strong investor interest despite the company's financial losses [1] Regulatory and Compliance Updates - The Pipeline and Hazardous Materials Safety Administration (PHMSA) confirmed that the Santa Ynez Pipeline System is classified as an interstate pipeline facility, granting it exclusive regulatory authority [1] - An emergency special permit was issued by PHMSA for segments of the Santa Ynez Pipeline System, addressing specific safety concerns [1]