Sable Offshore said its 40 online wells at Platform Harmony and Platform Heritage are now producing an average of 750 gross barrels of oil per day per well. At the company’s expected full ramp, after all 74 wells on the two platforms are online, average output per well is projected to ease to about 700 gross barrels per day.
The company said Platform Hondo is expected to come online in June 2026 at an estimated fully ramped rate of about 10,000 gross barrels per day. Sable also said capital spending across its assets is expected to total about $180 million from April 2026 through December 2026, covering facility upgrades, maintenance capex and production optimization.
On the financing side, Sable said it plans to refinance its senior secured term loan in the second quarter of 2026. The company said it has already sold 7,000,634 shares through its at-the-market stock issuance program, raising about $95.0 million in gross proceeds.
In its legal update, Sable said it is pursuing at least $347 million in damages from the California Coastal Commission and expects more than $100 million in damages from Santa Barbara County over permit transfer issues.
The company said it has produced more than 1 million barrels from the Santa Ynez Unit to date. Following these announcements, the company's shares moved 1.3%, and are now trading at a price of $17.92. If you want to know more, read the company's complete 8-K report here.
