Sable Offshore reported an FY 2025 net loss of USD 410.2 million, with no revenue and a loss from operations of USD 408.3 million. FY 2025 operating and maintenance expenses rose to USD 219.2 million (+130%), while general and administrative expenses fell to USD 176.2 million (-24%). Interest expense was USD 88.2 million, and the change in fair value of warrant liabilities was income of USD 89.2 million. The company ended FY 2025 with cash and cash equivalents of USD 97.7 million and short-term outstanding debt of USD 921.6 million (including paid-in-kind interest); net cash used in operating activities was USD 351.7 million and cash used in investing activities was USD 417.6 million. During 2025, Sable restarted production at the Santa Ynez Unit as of May 15 and began flowing oil to Las Flores Canyon, completed anomaly repairs on Pipeline Segments 324 and 325, and completed hydrotests across the Santa Ynez Pipeline System. PHMSA concurred the pipeline system is an active interstate facility and issued an emergency special permit for Segments 324 and 325; the permit expired February 21, 2026 and the company committed to continued compliance while its special permit application is under review. Sable also highlighted an alternative offshore storage and treating (OS&T) strategy, estimating capital investment of about USD 475.0 million and not expecting commercial oil sales under OS&T until about Q4 2026. On financing, Sable completed a USD 295.0 million public equity offering in May 2025 and a USD 250.0 million private placement in November 2025, and amended its senior secured term loan to extend maturity to the earlier of March 31, 2027 or 90 days after first sales of hydrocarbons, while increasing the interest rate to 15% per annum (compounded annually).

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Sable Offshore Corp. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001831481-26-000026), on February 27, 2026, and is solely responsible for the information contained therein.