Houston-headquartered oil and fuel firm Sable Offshore Corp. has reported a internet lack of $128.1 million for the second quarter of 2025, versus a internet lack of $165.4 million for Q2 2024. The corporate attributed the Q2 2025 internet loss to manufacturing restart-related working bills and non-cash curiosity expense.
The corporate stated it had restarted manufacturing on the Santa Ynez Unit (SYU) in Could and started flowing oil to Las Flores Canyon.
Additionally in Could, Sable accomplished its anomaly restore program on the Las Flores Pipeline System, per the Consent Decree that governs the restart and operation of the onshore pipeline. It additionally reported that it had completed hydrotests on all sections of the onshore pipeline, assembly the ultimate operational requirement for its restart as specified within the Consent Decree.
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Sable stated that throughout the second quarter, it transferred about 130,000 barrels of oil from Platform Concord for storage at Las Flores Canyon. By August 8, 2025, a further roughly 220,000 barrels have been saved there, Sable stated. In the meantime, the SYU wells on Platform Concord proceed to provide at charges beforehand disclosed, it stated.
Sable stated it secured $282.6 million in Could via an upsized underwritten public providing of 10,000,000 shares of widespread inventory at a public providing value of $29.50 per share.
Sable stated it ended the quarter with a short-term excellent debt totaling $875.6 million, which included paid-in-kind curiosity, further principal arising from a debt modification, and prices related to debt issuance. On the finish of the quarter, the steadiness of money and money equivalents stood at $247.1 million, not counting the restricted money steadiness of $35.6 million.
Sable expects to renew oil gross sales when the onshore pipeline restarts in September 2025.
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