Sable Offshore Corp.
- Open
- 4.29
- Day high
- 4.49
- Day low
- 4.15
- Prev close
- 4.14
- Volume
- 7.7M
- Mkt cap
- $671M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.6
- P/S
- 528.3
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$5.1M over the last 3 months (0 open-market buys, 8 sales)
- 🏛Institutions accumulating (13F)
Sable Offshore Corp. (SOC) is a Energy company listed on NYSE. The stock is down 86% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 8 sales (SEC Form 4).
Sable Offshore Corp. (SOC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SOC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $-0.64 | $-1.37 | -114.1% | $1M | -91.9% |
| Nov 13, 2025 | $-0.90 | $-1.11 | -23.3% | $1M | -97.5% |
| Aug 12, 2025 | $-0.66 | $-1.10 | -66.7% | $2M | -98.4% |
| Mar 27, 2025 | $-0.22 | $-0.54 | -145.5% | $19M | -61.3% |
| Nov 14, 2024 | $-0.45 | $-1.24 | -178.2% | — | — |
| Aug 13, 2024 | $-0.39 | $-2.75 | -605.1% | — | — |
| May 15, 2024 | $-0.27 | $-2.99 | -1007.4% | — | — |
| Sep 29, 2023 | — | $-0.45 | — | — | — |
| Sep 29, 2022 | — | $-0.01 | — | — | — |
| Nov 17, 2020 | — | $0.00 | — | — | — |
SOC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 8, 2026 | Pipkin Gregory Phillipdirector | Grant | 50,000 | — |
| May 8, 2026 | Sarofim Christopher Binyondirector | Grant | 25,000 | — |
| May 8, 2026 | Dillard Michael E.director | Grant | 50,000 | — |
| Apr 30, 2026 | Flores James Caldwellofficer: President, COO | Sell | 39,311 | $13.56 |
| Apr 30, 2026 | Flores James Caldwellofficer: President, COO | Option | 100,000 | — |
| Apr 30, 2026 | FLORES JAMES Cdirector, 10 percent owner, officer: Chairman & CEO | Sell | 71,297 | $13.33 |
| Apr 30, 2026 | FLORES JAMES Cdirector, 10 percent owner, officer: Chairman & CEO | Option | 175,000 | — |
| Apr 30, 2026 | Duenner Anthonyofficer: See Remarks | Sell | 39,312 | $13.56 |
| Apr 30, 2026 | Duenner Anthonyofficer: See Remarks | Sell | 40,743 | $13.33 |
| Apr 30, 2026 | Duenner Anthonyofficer: See Remarks | Option | 100,000 | — |
| Apr 30, 2026 | Patrinely Gregory D.officer: EVP, CFO | Sell | 39,311 | $13.56 |
| Apr 30, 2026 | Patrinely Gregory D.officer: EVP, CFO | Sell | 40,743 | $13.33 |
| Apr 30, 2026 | Patrinely Gregory D.officer: EVP, CFO | Option | 100,000 | — |
| Apr 30, 2026 | Flores James Caldwellofficer: President, COO | Sell | 40,743 | $13.33 |
| Apr 30, 2026 | FLORES JAMES Cdirector, 10 percent owner, officer: Chairman & CEO | Sell | 68,792 | $13.56 |
Source: SOC SEC Form 4 filings, latest May 8, 2026. For informational purposes only — not investment advice.
See the full SOC insider & 13F page →Sable Offshore Corp. company profile
Overview
Sable Offshore Corp. (NYSE:SOC) is an oil and gas exploration and development company that emerged from a special purpose acquisition company (SPAC) structure. Originally incorporated as Flame Acquisition Corp. in 2020, the company went public in April 2021 and rebranded to Sable Offshore Corp. in February 2024. Based in Houston, Texas, Sable focuses exclusively on offshore oil and gas operations in federal waters off the coast of California, representing one of the few pure-play offshore California oil and gas investment opportunities in the public markets.
Business
Sable Offshore Corp. operates in the offshore oil and gas exploration and production industry, specifically focusing on mature oil and gas fields in federal waters off the California coast. The company's core business involves extracting crude oil and natural gas from underwater reservoirs using offshore drilling platforms and processing facilities. The company's operations center around three offshore platforms located in the Santa Barbara Channel off the California coast, along with an onshore processing facility. These assets encompass 16 federal leases covering approximately 76,000 acres of offshore territory. The offshore platforms are essentially large steel structures anchored to the ocean floor that house drilling equipment, production facilities, and worker accommodations, allowing for the extraction of oil and gas from beneath the seabed. Offshore oil and gas extraction is a capital-intensive industry that requires specialized equipment and expertise to operate in harsh marine environments. Unlike onshore drilling, offshore operations must contend with ocean currents, weather conditions, and complex logistics for transporting personnel and materials to remote platforms. The extracted oil and gas are typically transported via underwater pipelines to onshore processing facilities, where they are refined and prepared for market distribution. Sable's focus on California offshore operations places it in a unique position, as California has some of the strictest environmental regulations in the United States and limited new offshore drilling permits. The company is essentially operating legacy assets in a region where new development is increasingly restricted, making existing producing assets potentially more valuable due to supply constraints.
Revenue model
Sable Offshore generates revenue primarily through the sale of crude oil and natural gas extracted from its offshore platforms. The company operates on a traditional upstream oil and gas business model, where revenue is directly tied to production volumes and commodity prices. Customers typically include oil refineries, gas processing companies, and commodity trading firms who purchase the raw hydrocarbons for further processing and distribution. However, based on recent financial data, Sable appears to be in a pre-production or development phase, with minimal revenue generation ($19 million in Q4 2024, zero in most other quarters). This suggests the company is still investing heavily in bringing its offshore assets into full commercial production or reactivating dormant wells. Several factors significantly impact Sable's profitability and margins. Commodity price volatility represents the primary external risk, as oil and gas prices fluctuate based on global supply and demand dynamics, geopolitical events, and economic conditions. Regulatory environment in California poses ongoing challenges, as the state has implemented increasingly stringent environmental regulations that can limit operations or require costly compliance measures. Operational factors that affect margins include production decline rates from mature wells, equipment maintenance costs for aging offshore infrastructure, and the high fixed costs associated with maintaining offshore platforms regardless of production levels. The company's ability to optimize production from existing wells through enhanced recovery techniques or reactivation of shut-in wells will be crucial for margin improvement. Additionally, transportation and logistics costs for offshore operations are typically higher than onshore equivalents, creating structural margin pressures that must be offset by higher production volumes or favorable commodity prices.
Competitive moat
Sable Offshore's competitive moat is relatively narrow but defensible due to several unique characteristics of its market position. The company's primary moat stems from its exclusive access to established offshore California assets in a region where new development is increasingly restricted due to environmental regulations and political opposition to offshore drilling. California's regulatory environment creates a significant barrier to entry for new competitors, as obtaining new offshore drilling permits has become extremely difficult and politically contentious. This regulatory moat protects existing operators like Sable from new competition, potentially making their producing assets more valuable over time as supply remains constrained while demand continues. The company also benefits from existing infrastructure advantages, including established platforms, pipeline connections, and processing facilities that would be prohibitively expensive and difficult for new entrants to replicate. The specialized knowledge and operational expertise required for offshore California operations creates additional barriers for potential competitors. However, Sable's moat faces several significant challenges. Regulatory risk represents the most serious threat, as California's increasingly aggressive climate policies could lead to operational restrictions or even forced shutdowns of offshore facilities. The company operates in a political environment that is generally hostile to fossil fuel development, creating ongoing uncertainty about long-term operational viability. Resource depletion poses another fundamental challenge, as the company's offshore fields are mature assets with declining production profiles. Without access to new reserves or successful enhanced recovery programs, the company's moat will erode over time as production naturally declines. Additionally, the transition to renewable energy and potential future restrictions on fossil fuel consumption could undermine the long-term value of the company's assets, regardless of their current regulatory protection.
Risks & safety
Sable Offshore presents significant financial risk with limited margin of safety based on current metrics and operational status. • Cash burn and solvency: The company burned $111 million in free cash flow in Q1 2025 and $235 million for full year 2024, while maintaining $189 million in cash. At current burn rates, the company has approximately 1.5-2 years of cash runway without additional financing or revenue generation. • Debt levels: Debt-to-equity ratio of 3.1x indicates high leverage, with total liabilities of $1.28 billion against total assets of $1.56 billion. This creates substantial financial risk, particularly given minimal revenue generation. • Valuation concerns: Despite minimal revenue, the company trades at a significant premium to book value (P/B ratio of 7.6x), suggesting high expectations for future production that may not materialize. • Operational status: The company generated only $19 million in revenue in Q4 2024 and zero in most other quarters, indicating assets are not yet in full commercial production despite substantial invested capital. • Additional risks: Negative return on equity of -39% and inconsistent cash flow generation suggest fundamental operational challenges that may require significant additional capital investment to resolve.
Recent development
Based on the available financial data, Sable Offshore appears to be in a critical development phase as it works to bring its offshore California assets into full commercial production. The company's recent financial performance suggests it has been investing heavily in asset development and reactivation of its offshore platforms, evidenced by substantial capital expenditures and negative cash flows throughout 2024. The most significant development occurred in Q4 2024, when the company generated its first meaningful revenue of approximately $19 million, suggesting that at least some production capacity came online during that period. This represents a crucial milestone after several quarters of zero revenue, indicating progress in the company's development timeline. The company's cash position has been a key focus, with management maintaining substantial liquidity (approximately $189-300 million in cash across recent quarters) to fund ongoing development activities. This cash cushion appears designed to support the company through its pre-production phase and provide working capital for operational ramp-up. The rebranding from Flame Acquisition Corp. to Sable Offshore Corp. in February 2024 signals the company's evolution from its SPAC origins into a focused offshore oil and gas operator. This transition appears to coincide with intensified development activities and the beginning of commercial production. Given the company's substantial asset base ($1.56 billion in total assets) relative to its current production levels, the primary strategic focus appears to be optimizing existing infrastructure and bringing dormant or underperforming wells back into production rather than pursuing new exploration activities. This approach makes sense given California's restrictive regulatory environment for new offshore development.
SOC company profile · for informational purposes only — not investment advice.
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