Sable Offshore Corp. (NYSE: SOC) is an independent oil and gas company headquartered in Houston, Texas, focused on developing the Santa Ynez Unit in federal waters offshore California. The company reported a net loss of $109.5 million for the first quarter of 2025, primarily due to production restart-related operating expenses, non-cash interest expense, and a non-cash change in the fair value of warrant liabilities.

The company ended the quarter with 89,338,358 shares of common stock outstanding and outstanding debt of $854.6 million, which includes paid-in-kind interest, additional principal incurred from a debt amendment, and debt issuance costs. Sable Offshore concluded the quarter with a cash and cash equivalents balance of $189.0 million, exclusive of a restricted cash balance of $35.5 million.

Sable Offshore’s current condition reflects significant financial challenges as indicated by the substantial net loss reported. The company’s non-producing assets have not generated commercial quantities of hydrocarbons since mid-2015, when the only pipeline transporting hydrocarbons produced from these assets was shut down. The company’s ability to restart production of its assets is contingent on obtaining necessary permits, with a deadline set for March 1, 2026.

In summary, Sable Offshore Corp. faces operational and financial difficulties, reflected in its substantial net loss and significant outstanding debt as it seeks to navigate the complexities of its non-producing assets and restart production efforts.