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Illustrating Hermés growth by sector since 2003
Sable Offshore Corp (SOC) investor relations material
Sable Offshore Corp Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary12 Aug, 2025
Executive summary
Production at SYU restarted on May 15, 2025, after being shut in since 2015, with oil now flowing to onshore storage but not yet sold pending regulatory approvals.
Completed major anomaly repair and hydrotests on the Las Flores Pipeline System, meeting Consent Decree requirements.
Flowed 130,000 barrels of oil into storage during Q2 2025, with an additional 220,000 barrels stored by August 8, 2025.
Raised $295 million in a May 2025 public offering, with proceeds for capital expenditures and working capital.
The Senior Secured Term Loan maturity accelerated to January 10, 2026, requiring refinancing or repayment within 240 days of production restart.
Financial highlights
Net loss of $128.1 million for Q2 2025, compared to a net loss of $165.4 million in Q2 2024.
Operating expenses rose 107% year-over-year to $128.9 million in Q2 2025, driven by higher maintenance, headcount, and incentive compensation.
Interest expense for Q2 2025 was $21.0 million, up 9.6% from Q2 2024.
Cash and cash equivalents at June 30, 2025, were $247.1 million, with restricted cash of $35.6 million.
No revenue recognized in Q2 2025 as oil produced remains in storage pending sales approval.
Outlook and guidance
Management expects sales of production to commence in Q3 or September 2025, contingent on regulatory and legal approvals.
Operating cash flows are projected to increase rapidly after sales begin, supporting further capital expenditures.
Remaining start-up expenses to reach first sales are estimated at $66.6 million.
Substantial doubt exists about the ability to continue as a going concern due to regulatory uncertainties and the need to refinance the Senior Secured Term Loan.
When will Sable recommence oil sales?
Detail the main drivers of the net loss.
Explain the risks to recommencing sales.
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Next Sable Offshore Corp earnings date
Q3 202513 Nov, 2025
Next Sable Offshore Corp earnings date
Q3 202513 Nov, 2025
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Frequently asked questions
Sable Offshore Corp. is an oil and gas exploration and production company based in Houston, Texas. The company focuses on the development of the Santa Ynez Unit (SYU), located in federal waters offshore California. Sable Offshore operates three production platforms within this unit and holds 16 federal leases covering approximately 76,000 acres. Their operations include subsea pipelines that transport crude oil, natural gas, and produced water to onshore processing facilities. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.
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