Sable Offshore (SOC) Q4 2025 earnings summary

Executive summary

• Restarted production at the Santa Ynez Unit in May 2025 after completing repairs and regulatory requirements for the Santa Ynez Pipeline System.

• Raised $295.0 million through a public offering in May and $250.0 million via a private placement in November 2025.

• Ended 2025 with a net loss of $410.2 million, driven by restart-related expenses and non-cash interest expense.

Financial highlights

• Net loss for 2025 was $410.2 million, primarily due to operating, administrative, and non-cash interest expenses.

• Cash and cash equivalents at year-end totaled $97.7 million.

• Short-term outstanding debt stood at $921.6 million, including paid-in-kind interest.

Outlook and guidance

• Pursuing an Offshore Storage and Treating (OS&T) strategy to access domestic and global markets via shuttle tankers.

• No assurance that necessary approvals for recommencing sales will be obtained; oil produced is currently stored onshore.

• Forward-looking statements highlight risks related to production levels, financing, regulatory approvals, and market conditions.