Sable Offshore Reports $137.1 Million Revenue and $64.2 Million Net Loss for Quarter Ending June 30, 2026

Sable Offshore Corp. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2026. The company generated total revenue of $137.1 million, primarily from oil and natural gas liquids sales, marking a substantial increase from zero revenue in the same period last year. This revenue was driven by the initiation of oil sales on March 29, 2026, following the completion of filling the Santa Ynez Pipeline System (SYPS). The company recorded a net loss of $64.2 million for the quarter, a 50% improvement compared to a net loss of $128.1 million in the prior year.

Operating expenses for the quarter totaled $204.0 million, up from $128.9 million a year earlier, largely due to increased operations and maintenance costs associated with the restart of production activities. Notably, operations and maintenance expenses surged by 125% to $113.5 million, reflecting the full quarter of costs from Platform Harmony and the commencement of production from Platform Heritage. Depletion, depreciation, and amortization expenses also rose significantly, reflecting the commencement of oil sales and increased production activities.

In terms of strategic developments, Sable Offshore completed a series of refinancing transactions on July 2, 2026, aimed at strengthening its liquidity and extending debt maturities. This included the issuance of $675 million in a new senior secured Term Loan B and $345 million in convertible senior notes, alongside a public offering of common stock that raised approximately $115 million. These actions were taken to repay existing debt and enhance the company's financial position, alleviating previous concerns about its ability to continue as a going concern.

Operationally, Sable Offshore reported that it sold approximately 1,923 thousand barrels of oil equivalent during the first half of 2026, with production expected to ramp up further as additional wells come online. The company is also actively managing its exposure to fluctuations in crude oil prices through derivative hedging transactions initiated in July 2026. The outlook for the company remains focused on increasing production and managing capital expenditures, with plans to bring all 77 production wells online by the third quarter of 2026.

Overall, Sable Offshore's recent financial performance reflects a significant turnaround from the previous year, driven by the resumption of oil sales and strategic refinancing efforts. The company is positioned to enhance its operational capabilities while navigating ongoing regulatory challenges and market volatility.