Sable Offshore Corp. (“Sable” or the “Company”) (NYSE: SOC) today announced the pricing of its previously announced underwritten public offering of 8,695,654 shares of its common stock, $0.0001 par value (“common stock”), by the Company at a price to the public of $29.50 per share. The size of the offering was increased from the previously announced offering of $200.0 million of shares of common stock. In connection with the offering, the Company also granted the underwriters a 30-day option to purchase up to an additional 1,304,346 shares of common stock at the public offering price from the Company. The gross proceeds from the offering, before deducting underwriting discounts and commissions and offering expenses, are expected to be approximately $256.5 million, excluding any exercise of the underwriters’ option to purchase additional shares.
Sable Offshore Corp. (“Sable” or the “Company”) (NYSE: SOC) today announced the commencement of an underwritten public offering of $200,000,000 of shares of its common stock, $0.0001 par value (“common stock”), by the Company. The Company also expects to grant the underwriters a 30-day option to purchase up to an additional $30,000,000 of shares of common stock from the Company.
Sable Offshore Corp. (“Sable,” or the “Company”)(NYSE: SOC) today announced that as of May 15, 2025, it has restarted production at the Santa Ynez Unit (“SYU”) and has begun flowing oil production to Las Flores Canyon (“LFC”). Additionally, with the completion of the Gaviota State Park anomaly repairs on the Las Flores Pipeline System (the “Onshore Pipeline”) on May 18, 2025, Sable has now completed its anomaly repair program on the Onshore Pipeline as specified by the Consent Decree, the governing document for the restart and operations of the Onshore Pipeline.
Today, Sable Offshore Corp. (“Sable”) provided an update on the previously disclosed Center for Biological Diversity et al. v. Debra Haaland et al. lawsuit (the “Haaland lawsuit”). On December 20, 2024, the U.S. Department of Justice (in its capacity as counsel for the U.S. Bureau of Safety and Environmental Enforcement, or “BSEE”) filed a motion to remand without vacatur the Haaland lawsuit to BSEE for BSEE to reconsider its 2023 decision approving an extension to resume operations on the leases for the Santa Ynez Unit. Assuming the motion is granted, Sable intends to cooperate with the government to facilitate an expeditious review and that the government’s prior extensions to resume operations were both appropriate and authorized. Moreover, under the government’s proposed remand, Sable’s operations on the Santa Ynez Unit remain unaffected. In the event that any non-governmental third party attempts to unlawfully interfere with Sable from restarting the Santa Ynez Unit, which contains net estimated contingent resources currently valued at over $10 billion, Sable is prepared to vigorously pursue all available legal remedies.
Today, Sable Offshore Corp. (“Sable”) provided an update on its ongoing coordination with the California Coastal Commission (“CCC” or “Commission”) related to Sable’s maintenance and repair work along the existing Pacific Pipeline Company Las Flores Pipelines CA-324 and CA-325. The following statement was issued by Steve Rusch, Vice President of Regulatory & Environmental Affairs at Sable:
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Sable Offshore Corp. (NYSE: SOC, “Sable”, or the “Company”) today announced the results of its previously announced redemption of all of its outstanding publicly held warrants (the “Public Warrants”) to purchase shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”).
Pacific Pipeline Company (“PPC”), a wholly owned subsidiary of Sable Offshore Corp., and its predecessors have maintained a cathodic protection and pressure maintenance program on Line 324/325 (previously 901/903) since the pipeline was shut down in 2015. The line was evacuated, cleaned and preserved with inert nitrogen to maintain a corrosion-free state. In accordance with the 2020 Consent Decree — signed by federal agencies including the Department of Justice, the Pipeline Hazardous Materials Safety Administration, and the Environmental Protection Agency, as well as California state agencies, the Department of Fish & Wildlife, Department of Parks and Recreation, State Lands Commission, Office of State Fire Marshal, Regional Water Quality Control Board, and the Regents of the University of California — PPC undertook a comprehensive repair and maintenance program to restore the pipeline to “as-new” condition. Before initiating this program, PPC employed state-of-the-art pipeline integrity analysis equipment to assess the internal and external condition of the pipeline. The results of this assessment established the criteria for repairing the pipeline to meet the stringent requirements of the Consent Decree.
Sable Offshore Corp. (NYSE: SOC, “Sable”, or the “Company”) today announced that the Company will redeem all of its outstanding warrants (the “Public Warrants”) to purchase shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), that were issued under the Warrant Agreement, dated February 24, 2021 (the “Warrant Agreement”), by and between the Company and Equiniti Trust Company, LLC (f/k/a American Stock Transfer & Trust Company, LLC), as warrant agent (the “Warrant Agent”), as part of the units sold in the Company’s initial public offering (the “IPO”) and that remain outstanding at 5:00 p.m. New York City time on November 4, 2024 (the “Redemption Date”) for a redemption price of $0.01 per Public Warrant. Warrants to purchase Common Stock that were issued under the Warrant Agreement in a private placement simultaneously with the IPO and that are still held by the initial holders thereof or their permitted transferees are not subject to this redemption.
