Sable Offshore
Restores Santa Ynez offshore production, processing, and pipeline oil sales.
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Profile
Operates the Santa Ynez Unit, Las Flores Canyon facilities, and pipeline system in California. Revenue depends on crude oil sales from restarted offshore wells, with gas and NGL handling embedded in the same asset base.
Produces crude oil from the Santa Ynez Unit in federal waters offshore California, supported by the Las Flores Canyon processing and storage site and the Santa Ynez Pipeline System. Gas and NGL handling sit inside the same integrated asset base rather than a separate disclosed segment.
Execution centers on restarting wells, moving oil through restored pipeline infrastructure, and converting a long-idled asset package acquired from Exxon-related sellers into commercial sales. Current sales are centered on crude oil, with Chevron named as a buyer.
Business scope is concentrated in one California offshore system. Operations depend on pipeline access, PHMSA oversight, Consent Decree and related legal proceedings, commodity prices, and financing availability.
Company facts
Key statistics
Year to date −61.7% · Average volume (30d) 8.7M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 12, 2026 | Jefferies | Target | $11 | $9 | ||
| Aug 11, 2026 | Roth Capital | Reiterate | Buy | $22 | $11 | |
| Jul 6, 2026 | Jefferies | Reiterate | Buy | $28 | $11 | |
| Jun 1, 2026 | Roth Capital | Target | $26 | $22 | ||
| Mar 5, 2026 | Jefferies | Target | $38 | $28 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 11, 2026Q2 FY26 | $0.37 | — | — | $237.6M | $137.1M | −42.3% | −5.81% |
| Aug 10, 2026Q2 FY26 | $0.37 | −$0.42 | −214.8% | $237.6M | $137.1M | −42.3% | −8.64% |
| May 6, 2026Q1 FY26 | −$0.64 | −$1.37 | −114.1% | $16.1M | $1.3M | −91.9% | −4.33% |
| Feb 27, 2026Q4 FY25 | −$0.59 | −$0.39 | +33.9% | $500.0K | — | — | +4.24% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $1.3M | $137.1M | |
| Gross profit | −$3.4M | −$3.2M | −$3.3M | −$4.7M | −$66.8M | $23.7M | |
| Operating income | −$59.8M | −$128.9M | −$119.4M | −$100.2M | −$118.8M | −$66.9M | |
| Net income | −$109.5M | −$128.1M | −$110.4M | −$62.2M | −$197.0M | −$64.2M | |
| Diluted EPS | −$1.30 | −$1.40 | −$1.21 | −$0.43 | −$1.37 | −$0.42 | |
| Gross margin | — | — | — | — | -5,252.7% | 17.2% | |
| Operating margin | — | — | — | — | -9,343.4% | -48.8% |
Fiscal years (4-quarter sums)FY21 $0 · FY22 $0 · FY23 $0 · FY24 $0 · FY25 $0
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $21.6M · Total debt $968.8M · Total assets $1.76B · Shareholders' equity $395.0M
Dividends
No dividends on record.
Ownership
Shares outstanding 186.83M · Float 160.15M · 85.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Pilgrim Global Advisors LLC | 18.21M | 9.74% | 13F | Aug 14, 2026 |
| Encompass Capital Advisors LLC | 14.45M | 7.73% | 13F | Aug 14, 2026 |
| Continental General Insurance Co | 14.14M | 7.57% | 13F | Aug 13, 2026 |
| Morgan Stanley | 12.20M | 7.90% | 13G | Aug 13, 2026 |
| BlackRock, Inc. | 10.67M | 5.71% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Apr 28, 2026 | James C. Flores | director, 10 percent owner, officer: Chairman & CEO | −71,297 | $13.33 |
| Apr 29, 2026 | James C. Flores | director, 10 percent owner, officer: Chairman & CEO | −68,792 | $13.56 |
| Apr 28, 2026 | Anthony Duenner | officer: See Remarks | −40,743 | $13.33 |
| Apr 29, 2026 | Anthony Duenner | officer: See Remarks | −39,312 | $13.56 |
| Apr 28, 2026 | Gregory D. Patrinely | officer: EVP, CFO | −40,743 | $13.33 |
Peers
- Amplify Energy
California offshore oil peer focused on Beta and Bairoil
- California Resources
Largest California-focused public oil producer and basin benchmark
- Talos Energy
Pure-play Gulf offshore E&P with oil-weighted deepwater scale
- W&T Offshore
Mature Gulf offshore operator using acquisitions and production workovers
- Murphy Oil
Diversified E&P with high-margin Gulf of America and Eagle Ford oil
- Chevron
Integrated major with California, Gulf, Permian, and global upstream scale
- Kosmos Energy
Deepwater E&P with Gulf of America production and global offshore assets
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Sable Offshore | $4.64 | +3.15% | $838.9M | — | 14.7 | 6.1 | +9,041.7% |
| Amplify Energy | $4.76 | 0.00% | $196.5M | 10.6 | 19.4 | 0.9 | −22.9% |
| California Resources | $52.23 | 0.00% | $4.64B | — | 12.3 | 1.2 | +59.0% |
| Talos Energy | $16.67 | 0.00% | $2.78B | — | 18.8 | 1.4 | +56.5% |
| W&T Offshore | $3.60 | +0.84% | $531.1M | — | — | 0.9 | +32.9% |
| Murphy Oil | $35.63 | 0.00% | $5.11B | 17.6 | 14.0 | 1.7 | +35.9% |
| Chevron | $204.35 | +1.24% | $402.06B | 19.4 | 13.2 | 1.9 | +57.9% |
| Kosmos Energy | $2.76 | +0.17% | $1.34B | — | 7.3 | 0.8 | +56.8% |
| Median | 17.6 | 13.6 | 1.2 | +56.5% |