Sable Offshore Corp. ("Sable" or the "Company") has reported its second quarter 2025 operational and financial results. In the operational highlights, the company restarted production at the Santa Ynez unit ("SYU") and began flowing oil production to Las Flores Canyon. It also completed the anomaly repair program on the Las Flores pipeline system and successfully completed hydrotests of all segments of the onshore pipeline.
During the second quarter of 2025, Sable flowed approximately 130,000 barrels of oil from Platform Harmony into storage at Las Flores Canyon. Additionally, as of August 8, 2025, Sable flowed an additional ~220,000 barrels of oil into storage at Las Flores Canyon. The SYU wells on Platform Harmony continue to produce in line with previously disclosed production rates.
In terms of financial highlights, the company closed an upsized underwritten public offering of 10,000,000 shares of common stock at the public offering price of $29.50 per share, providing $282.6 million of proceeds, net of fees and expenses. Sable reported a net loss of $128.1 million, primarily attributable to production restart related operating expenses and non-cash interest expense, partially offset by a non-cash gain in the fair value of warrant liabilities.
As of the end of the quarter, Sable had 99,482,250 shares of common stock outstanding and short-term outstanding debt of $875.6 million, inclusive of paid-in-kind interest, additional principal incurred from the debt amendment, and debt issuance costs. The company ended the quarter with a cash and cash equivalents balance of $247.1 million, exclusive of a restricted cash balance of $35.6 million.
Looking ahead, Sable expects to recommence oil sales upon the restart of the onshore pipeline in September 2025. Following these announcements, the company's shares moved 0.41%, and are now trading at a price of $29.21. If you want to know more, read the company's complete 8-K report here.
