Sable Offshore Corp. Reports Q1 2025 Financial Results

Sable Offshore Corp. ( (SOC) ) has released its Q1 earnings. Here is a breakdown of the information Sable Offshore Corp. presented to its investors.

Sable Offshore Corp., headquartered in Houston, Texas, is an independent oil and gas company operating primarily in the offshore sector with a focus on the Santa Ynez field in federal waters off California. The company recently transitioned from a special purpose acquisition company following a merger with Sable Offshore Holdings, LLC.

In its latest earnings report for the quarter ending March 31, 2025, Sable Offshore Corp. reported a net loss of $109.5 million, reflecting ongoing challenges in restarting production at its Santa Ynez field. The company has been focused on capital funding and repair efforts to resume operations, having raised significant capital through private investments and warrant exercises.

Key financial metrics from the report indicate a decrease in cash and cash equivalents from $300.4 million at the end of 2024 to $189.0 million by March 31, 2025. The company’s total liabilities increased to $1.28 billion, up from $1.20 billion at the end of 2024, primarily due to increased warrant liabilities and deferred tax liabilities. Despite these challenges, Sable Offshore Corp. continues to hold substantial oil and gas properties valued at $1.28 billion.

Looking ahead, Sable Offshore Corp. remains focused on securing necessary regulatory approvals to restart production at the Santa Ynez field. Management is cautiously optimistic about the company’s ability to resume operations, although they acknowledge the potential need for additional capital if costs exceed current estimates. The company is committed to navigating these challenges to achieve long-term operational stability.