Sable Offshore (SOC) Q3 FY2024 earnings: revenue $0
Sable Offshore Corp. (SOC) reported revenue of $0 for Q3 FY2024, the quarter ended 30 September 2024. Net income was -$256 million, and diluted earnings per share $-4.11. The figures are the company's own, from the 10-Q it filed with the SEC on 14 November 2024.
Revenue$0
Net income-$256 million
Diluted EPS$-4.11
QuarterQ3 FY2024ended 30 September 2024
The quarter, against the one before and a year earlier
| Line | Q3 FY2024 | Q2 FY2024 | Q3 FY2023 | Change on the year |
|---|---|---|---|---|
| Revenue | 0.0 | 0.0 | 0.0 | n/a |
| Operating income | -54.6 | -62.2 | -22.5 | n/a |
| Interest expense | 19.2 | 19.2 | 0.0 | n/a |
| Pre-tax income | -255 | -160 | -23.1 | n/a |
| Income tax | 0.9 | 5.1 | 0.0 | n/a |
| Net income | -256 | -165 | -23.1 | n/a |
| Diluted EPS | -$4.11 | -$2.75 | n/a | n/a |
$ million except per share.
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow and capital returned
| Line | Q3 FY2024 | Q2 FY2024 | Q3 FY2023 | Change on the year |
|---|---|---|---|---|
| Operating cash flow | -31.6 | -57.7 | -17.4 | n/a |
| Capital expenditure | 14.4 | 4.1 | 0.0 | n/a |
| Free cash flow | -46.1 | -61.9 | -17.4 | n/a |
| Cash from investing | -14.4 | -4.2 | 0.0 | n/a |
| Cash from financing | 222 | 0.0 | 17.4 | +1176.2% |
| Depreciation and amortisation | 2.8 | 2.7 | 5.3 | -47.6% |
| Share-based compensation | 16.7 | 22.9 | 0.0 | n/a |
| Diluted shares, weighted | 62m | 60m | n/a | n/a |
| Shares outstanding at period end | 79m | 65m | 89m | -11.6% |
Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.
Balance sheet at quarter end
| Line | Q3 FY2024 | Q2 FY2024 | Q3 FY2023 | Change on the year |
|---|---|---|---|---|
| Shareholders' equity | 167 | 122 | n/a | n/a |
| Debt | 814 | 790 | n/a | n/a |
| Other liabilities | 491 | 328 | n/a | n/a |
| Total liabilities and equity | 1,473 | 1,241 | n/a | n/a |
| Cash and equivalents | 288 | 112 | 0.0 | n/a |
| Other assets | 1,185 | 1,129 | n/a | n/a |
| Total assets | 1,473 | 1,241 | n/a | n/a |
Questions
What was Sable Offshore's revenue in Q3 FY2024?
Sable Offshore (SOC) reported revenue of $0 for Q3 FY2024, the quarter ended 30 September 2024.
How much did Sable Offshore earn in Q3 FY2024?
Net loss for Q3 FY2024 was $256 million, and the diluted loss per share $4.11.
When did Sable Offshore report Q3 FY2024 results?
Sable Offshore filed its 10-Q for the quarter ended 30 September 2024 with the SEC on 14 November 2024.
Quarterly results, the last 12 quarters
| Q2 FY2023 | Q3 FY2023 | Q1 FY2024 ‡ | Q2 FY2024 | Q3 FY2024 | Q4 FY2024 * | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 * | Q1 FY2026 | Q2 FY2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.3 | 137 |
| Operating income | -22.3 | -22.5 | -171 | -62.2 | -54.6 | -50.8 | -59.8 | -129 | -119 | -100 | -119 | -66.9 |
| Operating margin | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | -9343% | -49% |
| Interest expense | 0.0 | 0.0 | 9.8 | 19.2 | 19.2 | 19.2 | 21.0 | 21.0 | 21.0 | 25.2 | 34.7 | 43.1 |
| Pre-tax income | -22.3 | -23.1 | -178 | -160 | -255 | -35.7 | -98.7 | -120 | -104 | -75.8 | -197 | -37.2 |
| Net income | -22.3 | -23.1 | -192 | -165 | -256 | -16.2 | -110 | -128 | -110 | -62.2 | -197 | -64.2 |
| Net margin | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | -15502% | -47% |
| Diluted EPS | n/a | n/a | n/a | -$2.75 | -$4.11 | n/a | -$1.30 | -$1.40 | -$1.11 | n/a | -$1.37 | -$0.42 |
| Operating cash flow | n/a | -17.4 | -58.6 | -57.7 | -31.6 | -37.5 | -47.9 | -95.0 | -111 | -98.1 | -82.2 | 9.4 |
| Capital expenditure | n/a | 0.0 | 0.0 | 4.1 | 14.4 | 53.7 | 63.3 | 130 | 130 | 94.5 | 21.1 | 31.5 |
| Free cash flow | n/a | -17.4 | -58.6 | -61.9 | -46.1 | -91.2 | -111 | -225 | -241 | -193 | -103 | -22.1 |
| Shares outstanding | 65m | 89m | 60m | 65m | 79m | 89m | 89m | 99m | 100m | 145m | 150m | 155m |
| Filing | 10-Q | 10-Q | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q |
Each quarter as filed, linked to its filing.
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* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A blank figure marked on a quarter is one the filings do not give on their own: the quarters as filed do not add to the year the company filed, or the year and its quarters stand on different share counts. Each quarter's page says which. ‡ Filed in two parts, up to 13 February 2024 and after it, on the old and the new accounting basis; shown added together, with per-share figures left blank. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.10-Q for the period ended 30 September 2024, filed 14 November 2024: the filing.