Business
Sable Offshore Corp. Reports 2024 Financial and Operational Results
HOUSTON, March 17, 2025--Sable Offshore Corp. Reports 2024 Financial and Operational Results
About this update from Sable Offshore Corp.
[{"type":"text","content":"HOUSTON, March 17, 2025--(BUSINESS WIRE)--Sable Offshore Corp. ("Sable," or the "Company") (NYSE: SOC) today announced its 2024 financial and operational results.","length":182,"tagName":"p"},{"type":"text","content":"2024 Financial Highlights","length":25,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Reported a net loss of $617.3 million, primarily attributable to a non-cash change in fair value of warrant liabilities related to common share price and warrant price appreciation during the year, non-cash interest expense, and production restart-related operating expenses.","length":275,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Ended the year with 89,310,996 shares of Common Stock outstanding, after raising $773.8 million in gross equity proceeds in 2024.","length":129,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Concluded the year with outstanding debt of $833.5 million, inclusive of paid-in-kind interest, additional principal incurred from the debt amendment, and debt issuance costs.","length":175,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Ended the year with cash and cash equivalents balance of $300.4 million, exclusive of restricted cash balance of $35.4 million.","length":127,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":706,"olType":false},{"type":"text","content":"Fourth Quarter 2024 Operational Highlights","length":42,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Entered into an amendment to the Purchase and Sale Agreement, effectively extending the maturity date of the EM Term Loan by 60 days.","length":133,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Received approval from the California Office of the State Fire Marshal ("OSFM") of Sable’s implementation of enhanced pipeline integrity standards for the Las Flores Pipeline System (the "Pipeline"), representing a significant milestone achievement in satisfying the requirements of the federal court ordered consent decree.","length":344,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Made significant progress in executing the anomaly repair program on the Pipeline.","length":82,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":559,"o...