Houston-headquartered oil and gas company Sable Offshore Corp. has reported a net loss of $128.1 million for the second quarter of 2025, versus a net loss of $165.4 million for Q2 2024. The company attributed the Q2 2025 net loss to production restart-related operating expenses and non-cash interest expense.
The company said it had restarted production at the Santa Ynez Unit (SYU) in May and began flowing oil to Las Flores Canyon.
Also in May, Sable completed its anomaly repair program on the Las Flores Pipeline System, per the Consent Decree that governs the restart and operation of the onshore pipeline. It also reported that it had finished hydrotests on all sections of the onshore pipeline, meeting the final operational requirement for its restart as specified in the Consent Decree.
Sable said that during the second quarter, it transferred about 130,000 barrels of oil from Platform Harmony for storage at Las Flores Canyon. By August 8, 2025, an additional approximately 220,000 barrels were stored there, Sable said. Meanwhile, the SYU wells on Platform Harmony continue to produce at rates previously disclosed, it said.
Sable said it secured $282.6 million in May through an upsized underwritten public offering of 10,000,000 shares of common stock at a public offering price of $29.50 per share.
Sable said it ended the quarter with a short-term outstanding debt totaling $875.6 million, which included paid-in-kind interest, additional principal arising from a debt amendment, and costs associated with debt issuance. At the end of the quarter, the balance of cash and cash equivalents stood at $247.1 million, not counting the restricted cash balance of $35.6 million.
Sable expects to resume oil sales when the onshore pipeline restarts in September 2025.
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