Sable Offshore Corp. (SOC) specializes in the exploration and production of oil and natural gas across the United States. The company's operational ...
Sable Offshore Corp. is an independent exploration and production company headquartered at 845 Texas Avenue in Houston, Texas. The company operates in the Energy sector and is classified within the oil and gas drilling industry. Its principal strategic focus is the Santa Ynez Unit, a mature but potentially significant offshore ...Sable Offshore Corp. is an independent exploration and production company headquartered at 845 Texas Avenue in Houston, Texas. The company operates in the Energy sector and is classified within the oil and gas drilling industry. Its principal strategic focus is the Santa Ynez Unit, a mature but potentially significant offshore oil and natural gas development in federal waters off the California coast. Sable’s operating footprint includes three offshore platforms, an onshore processing facility, and 16 federal leases covering approximately 76,000 acres. These assets provide the company with an integrated offshore-to-onshore production and processing system rather than a purely exploratory portfolio.
The company was incorporated in 2020 and was previously known as Flame Acquisition Corp. It changed its name to Sable Offshore Corp. in February 2024, reflecting its transition from an acquisition vehicle to an operating energy company. Sable became publicly traded through the New York Stock Exchange under the ticker SOC. James C. Flores has served as chairman and chief executive officer since September 2021. His background includes decades of experience in the energy industry, and the company presents its management team as having substantial experience operating safely in California and managing complex upstream assets.
Sable’s products are primarily crude oil and natural gas produced from its offshore leases. Its services are not generally sold to outside customers; instead, the company’s value proposition is based on acquiring, restoring, developing, producing, processing, and marketing hydrocarbons. Major cost categories for an offshore producer typically include platform and well operations, maintenance, subsea and pipeline infrastructure, environmental compliance, personnel, insurance, transportation, processing, regulatory approvals, and capital expenditures. The company’s offshore platforms and onshore facility form the core of its bill of materials and operating infrastructure, with drilling, workover, safety, monitoring, and production equipment representing important operational requirements.
The supplied trailing-twelve-month data indicates that Sable remains in an investment and development phase with substantial financial pressure. It reports approximately $699.4 million in market capitalization and approximately $1.60 billion in enterprise value. Reported revenue is very low relative to the asset base, while gross margin, operating margin, EBITDA margin, and net margin are negative. The data also shows negative operating cash flow and free cash flow, negative returns on assets and equity, a current ratio of approximately 0.08, and a debt-to-equity ratio of approximately 2.27. These figures suggest significant liquidity, funding, execution, and production-ramp risks. They may also be affected by the timing of asset restart, regulatory activity, development spending, and the company’s transition into a larger-scale operating phase.
The company’s principal objective is to responsibly develop the Santa Ynez Unit and establish sustainable production from its California offshore assets. Its future performance is likely to depend on regulatory and environmental approvals, operational reliability, capital availability, commodity prices, infrastructure readiness, production volumes, and its ability to control costs while bringing assets online. Sable reported approximately 200 full-time employees, placing it in the 101-200 employee category. It does not currently report a dividend in the supplied information.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$0
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+10688.7%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-410.2M
+34.8%
+67.4%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
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+100.3%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
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+99.5%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
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+99.7%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-769.3M
-196.6%
+78.7%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
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+99.8%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
176.6%
-20.3%
+8.2%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
0.13x
-95.5%
+204.9%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.