Sable Offshore provides operational and financial updates

Sable Offshore Corp. (NYSE: SOC) announced operational and financial updates regarding its offshore California oil operations, according to a company press release.

The company reported that 40 wells at Platform Harmony and Platform Heritage are producing an average of 750 gross barrels of oil per day per well. Sable expects the average production per well to be approximately 700 gross barrels of oil per day once all 74 production wells on these platforms are online.

Platform Hondo is expected to come online in June 2026 with an estimated fully ramped production rate of approximately 10,000 gross barrels of oil per day. The company projects capital spending of approximately $180 million from April 2026 through December 2026 for facility upgrades, maintenance and production optimization operations.

Sable plans to refinance its Senior Secured Term Loan in the second quarter of 2026 and is discussing potential federal credit support options with the United States government. The company also plans to implement a commodity hedging program concurrent with the refinancing.

Through its ATM common stock issuance program, Sable has sold 7,000,634 shares for gross proceeds of approximately $95 million.

The United States Department of Justice has moved to terminate or modify the Consent Decree in federal court. A hearing is scheduled for June 1, 2026. Sable is not a party to this litigation but is participating in related briefing.

The company is pursuing legal action against California regulatory entities, seeking at least $347 million in damages from the California Coastal Commission and more than $100 million from the County of Santa Barbara for permit-related issues.

"We are working tirelessly to provide American oil from American soil to consumers in California and the U.S. military," said Jim Flores, Chairman and Chief Executive Officer.

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