Sable Offshore Corp. Reports Second Quarter 2026 Financial and Operational Results
HOUSTON--( BUSINESS WIRE)--Sable Offshore Corp. (“Sable,” or the “Company”) (NYSE: SOC) today announced its second quarter 2026 financial and operational results.
Second Quarter 2026 Financial Results
Financial Updates
Second Quarter 2026 Operational Results
Operational Updates
Midstream and Brent Crude Oil Marketing Update
Guidance
2H 2026E
FY 2027E
Sales
Gross Average Daily Sales (Boe/d)
47,500
‒
52,500
50,000
‒
55,000
Working Interest / Net Revenue Interest (%)
83.6%
83.6%
Net Average Daily Sales (Boe/d)
40,000
‒
45,000
42,500
‒
47,500
% Oil
~100.0%
~100.0%
Estimated Marketing and GP&T Deduct ($/Bbl)
$24.00
‒
$28.00
$21.00
‒
$25.00
Cash Costs ($ / Net Boe)
Lease Operating Expense
$17.00
‒
$21.00
$9.00
‒
$12.00
Cash General & Administrative
$6.00
‒
$9.00
$3.50
‒
$6.50
Severance & Ad Valorem Taxes (% of Revenue)
0.5 %
‒
1.0%
0.5 %
‒
1.0%
Capital Expenditures ($MM)
Total Capex
$75
‒
$95
$80
‒
$100
Note: No benefits from waterborne marketing solutions, chemical treatments, and broader California infrastructure improvements assumed in guidance.
Brent Crude Oil Hedging
Type
Term
Settlement Index
Average Volumes (Mbo/d)
Bought Put
Sold Call
Costless Collars
July 1, 2026—December 31, 2026
NYMEX Brent
28.0
$
65.00
$
89.39
January 1, 2027—December 31, 2027
NYMEX Brent
25.0
$
65.00
$
80.00
January 1, 2028—December 31, 2028
NYMEX Brent
21.0
$
65.00
$
73.17
Management Commentary
Chairman and Chief Executive Officer, Jim Flores said, “The Sable team was able to make strong progress in ramping up operations in the second quarter. We are encouraged by the productivity of the wells at the SYU with their higher than expected production with minimal to no observable decline.” He continued, “Through the various solutions we have identified, we look forward to working with our midstream and downstream partners to maximize the amount of domestic crude oil from the SYU getting to market for the benefit of California consumers and the U.S. Military and its allies globally.”
About Sable
Sable Offshore Corp. is an independent oil and gas company, headquartered in Houston, Texas, focused on responsibly developing the Santa Ynez Unit in federal waters offshore California. The Sable team has extensive experience safely operating in California.
Forward-Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “continue,” “plan,” “forecast,” “predict,” “potential,” “future,” “outlook,” and “target,” the negative of such terms and other similar expressions are intended to identify forward- looking statements, although not all forward-looking statements will contain such identifying words. These statements are based on the current beliefs and expectations of Sable’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Factors that could cause Sable’s actual results to differ materially from those described in the forward-looking statements include: the ability to recommence full production of the SYU assets; the cost and time required therefor, and production levels once recommenced; availability of future financing; restrictions in existing or future debt agreements or structured or other financing arrangements; uncertainties related to new technologies, geographical concentration of operations, environmental risks, weather risks, security risks, drilling and other operating risks, regulatory changes and regulatory risks, including risks relating to PHMSA’s regulatory oversight of the SYPS, the DPA Order and the potential implementation of the OS&T Strategy or the Buoy Strategy; our ability to consummate a debt refinancing of our Senior Secured Term Loan B and the timing and terms thereof; our financial performance; global economic conditions and inflation; increased operating costs; lack of availability of drilling and production equipment, supplies, services and qualified personnel; geographical concentration of operations; environmental and weather risks; regulatory changes and uncertainties; litigation, complaints and/or adverse publicity; privacy and data protection laws, privacy or data breaches, or loss of data; our ability to comply with laws and regulations applicable to our business; and other one-time events and other factors that can be found in Sable’s Annual Report on Form 10-K for the year ended December 31, 2025, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K, filed with the Securities and Exchange Commission, which are available on Sable’s website ( www.sableoffshore.com) and on the Securities and Exchange Commission’s website ( www.sec.gov). Except as required by applicable law, Sable undertakes no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this press release.