ALPHAFORGE RESEARCH · COMPANY FILE · ENERGY, MATERIALS & POWER

$SOC

Sable Offshore Corp. · NYSE · SIC 1311 · CIK 1831481 · revision 3 as of 2026-09-18

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Business

Extract from the filing · 10-K filed 2026-02-27

References in this section to “we,” “our” and “us” generally refer to Legacy Sable prior to the Business Combination and Sable after the Business Combination. Overview Sable Offshore Corp. (“Sable”) (formerly known as Flame Acquisition Corp. or “Flame”) was a blank check company originally incorporated on October 16, 2020 as a Delaware corporation for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses or entities. On March 1, 2021, Flame consummated an initial public offering (the “Flame IPO”), after which its securities began trading on the New York Stock Exchange (“NYSE”). On November 2, 2022, Flame entered into that certain Agreement and Plan of Merger (the “Merger Agreement”), dated November 2, 2022 (amended on December 22, 2022 and June 30, 2023), by and among Flame, Sable Offshore Holdings LLC, a Delaware limited liability company (“Holdco”), and.

Three drivers

  1. prior to the Business Combination, (iii) the “Santa Ynez Unit” or “SYU” refers to the 16 federal leases, three offshore production platforms (Hondo, Harmony.
  2. In May 2015, Pipeline Segment 324 (then known as “Line 901”) experienced a leak while operated by Plains All American Pipeline, L.P.
  3. In 2020, Plains entered into a Consent Decree, described further below under “ —Pipeline 901 Incident, ” that provides a path for resuming petroleum.

Model · 8 fiscal quarters (last eight)

Fiscal quarter2024Q3
2024-09-30		2024Q4
2024-12-31		2025Q1
2025-03-31		2025Q2
2025-06-30		2025Q3
2025-09-30		2025Q4
2025-12-31		2026Q1
2026-03-31		2026Q2
2026-06-30
Revenue ($M)0.010.0†20.030.040.010.0†21.33137.14
Gross profit ($M)————————
Operating income ($M)-54.65-50.8†6-59.87-128.98-119.45-100.2†6-118.87-66.98
Net income ($M)-255.69—-109.510-128.110-110.49-62.2†11-197.010-64.210
EPS, diluted ($)-4.1112—-1.3013-1.4014-1.1112—-1.3713-0.4214
Diluted shares (M)62.215—84.41691.21799.515—143.716153.517
Cash ($M)288.218300.419189.020247.12141.61897.72152.22021.621
Long-term debt ($M)814.422833.523854.6240.0250.0260.027—732.127
Cash from operations ($M)—-37.5†28-47.929-95.0†30-110.6†31-98.1†28-82.2299.4†30
Capex ($M)————————
Free cash flow ($M)————————

† derived (Q4 = fiscal year minus the first three quarters; year-to-date cash flows differenced; FCF = CFO − capex). Superscripts are the provenance notes below.

Estimates · base scenario

No forward estimates yet: not yet estimated. Estimates are the desk's own; consensus is not stored.

What the memory says

State as of the 2026-09-18 close: in a 120-day downtrend, below its 200-day, off the 52-week high, with overhead supply, ordinary volume, closed mid-range, and some peers moving

300 similar days

Vs the market, in pointsLowMiddleHighShare up
1 session-4.1-0.1+3.147%
5 sessions-11.6+0.2+8.352%
10 sessions-14.7+0.7+12.153%

Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.

Notes on this name

No published notes on this name yet.

Scorecard: 0 notes scored

Next report: 2026-11-08 (source: estimated from 10-Q filed 2026-08-10 plus 90 days)

Provenance

  1. [1] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001831481-25-000103, 10-Q filed 2025-11-13; retrieved 2026-09-19T00:38:46+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
  2. [2] derived: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001831481-26-000026, 10-K filed 2026-02-27; retrieved 2026-09-19T00:38:46+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
  3. [3] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001831481-26-000049, 10-Q filed 2026-05-06; retrieved 2026-09-19T00:38:46+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
  4. [4] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001831481-26-000104, 10-Q filed 2026-08-10; retrieved 2026-09-19T00:38:46+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
  5. [5] reported: OperatingIncomeLoss, accession 0001831481-25-000103, 10-Q filed 2025-11-13; retrieved 2026-09-19T00:38:46+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
  6. [6] derived: OperatingIncomeLoss, accession 0001831481-26-000026, 10-K filed 2026-02-27; retrieved 2026-09-19T00:38:46+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
  7. [7] reported: OperatingIncomeLoss, accession 0001831481-26-000049, 10-Q filed 2026-05-06; retrieved 2026-09-19T00:38:46+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
  8. [8] reported: OperatingIncomeLoss, accession 0001831481-26-000104, 10-Q filed 2026-08-10; retrieved 2026-09-19T00:38:46+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
  9. [9] reported: NetIncomeLoss, accession 0001831481-25-000103, 10-Q filed 2025-11-13; retrieved 2026-09-19T00:38:46+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
  10. [10] reported: NetIncomeLoss, accession 0001831481-26-000104, 10-Q filed 2026-08-10; retrieved 2026-09-19T00:38:46+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
  11. [11] derived: NetIncomeLoss, accession 0001831481-26-000026, 10-K filed 2026-02-27; retrieved 2026-09-19T00:38:46+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
  12. [12] reported: EarningsPerShareDiluted, accession 0001831481-25-000103, 10-Q filed 2025-11-13; retrieved 2026-09-19T00:38:46+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
  13. [13] reported: EarningsPerShareDiluted, accession 0001831481-26-000049, 10-Q filed 2026-05-06; retrieved 2026-09-19T00:38:46+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
  14. [14] reported: EarningsPerShareDiluted, accession 0001831481-26-000104, 10-Q filed 2026-08-10; retrieved 2026-09-19T00:38:46+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
  15. [15] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001831481-25-000103, 10-Q filed 2025-11-13; retrieved 2026-09-19T00:38:46+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
  16. [16] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001831481-26-000049, 10-Q filed 2026-05-06; retrieved 2026-09-19T00:38:46+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
  17. [17] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001831481-26-000104, 10-Q filed 2026-08-10; retrieved 2026-09-19T00:38:46+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
  18. [18] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001831481-25-000103, 10-Q filed 2025-11-13; retrieved 2026-09-19T00:38:46+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
  19. [19] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001831481-26-000026, 10-K filed 2026-02-27; retrieved 2026-09-19T00:38:46+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
  20. [20] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001831481-26-000049, 10-Q filed 2026-05-06; retrieved 2026-09-19T00:38:46+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
  21. [21] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001831481-26-000104, 10-Q filed 2026-08-10; retrieved 2026-09-19T00:38:46+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
  22. [22] reported: LongTermDebt, accession 0001831481-24-000011, 10-Q filed 2024-11-14; retrieved 2026-09-19T00:38:46+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
  23. [23] reported: LongTermDebt, accession 0001831481-26-000026, 10-K filed 2026-02-27; retrieved 2026-09-19T00:38:46+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
  24. [24] reported: LongTermDebt, accession 0001831481-25-000033, 10-Q filed 2025-05-09; retrieved 2026-09-19T00:38:46+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
  25. [25] reported: LongTermDebt, accession 0001831481-25-000064, 10-Q filed 2025-08-12; retrieved 2026-09-19T00:38:46+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
  26. [26] reported: LongTermDebt, accession 0001831481-25-000103, 10-Q filed 2025-11-13; retrieved 2026-09-19T00:38:46+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
  27. [27] reported: LongTermDebtNoncurrent, accession 0001831481-26-000104, 10-Q filed 2026-08-10; retrieved 2026-09-19T00:38:46+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
  28. [28] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001831481-26-000026, 10-K filed 2026-02-27; retrieved 2026-09-19T00:38:46+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
  29. [29] reported: NetCashProvidedByUsedInOperatingActivities, accession 0001831481-26-000049, 10-Q filed 2026-05-06; retrieved 2026-09-19T00:38:46+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
  30. [30] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001831481-26-000104, 10-Q filed 2026-08-10; retrieved 2026-09-19T00:38:46+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
  31. [31] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001831481-25-000103, 10-Q filed 2025-11-13; retrieved 2026-09-19T00:38:46+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json

Compiled 2026-09-19T00:38:46.753899+00:00 · authored 143801821392 · generated 15b5825076fb · JSON

Daily notes · Scorecard