Sable Offshore Corp.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 9 November 2026: press release. Guidance figures: 1 new. The quarter’s numbers.

Key takeaways

Revenue rose 13 percent: Total revenue for the quarter was $154.4 million, up 13% from the prior quarter, according to the company. Source
Perf Add wells above expectations: Perf Add operations showed average production increases above 700 barrels of oil per day per well, at the upper end of management's expectations. Source
Inspections and first output in November: Physical MMA inspections of Platform Hondo and initial production are scheduled for November 2026. Source
Downstream purchaser halted sales: The sole downstream crude purchaser stopped buying SYU crude in early October 2026 while it upgraded storage tanks at its refinery. Source
Working capital constraints under review: The company is assessing options to address near-term working capital constraints from the purchaser disruption. Source
Three more refineries took crude: Sable began selling crude oil to three additional Los Angeles-area refineries in early November 2026. Source

“Perforation Addition (“Perf Add”) operations continued to see positive well results at the upper end of management expectations with average increased production rates of over 700 barrels of oil per day per well.”
Sable Offshore Corp., press release

Guidance

Area	Period	Figure	Against last quarter
Production rate after Platform Hondo restart Source	December 2026	approximately 10,000 gross barrels of oil per day	New

What changed from last quarter

New guidance: A forecast production rate of about 10,000 gross barrels of oil per day for December 2026 appears in this release. The prior release did not give this figure. Source
Guidance lowered: The prior release expected Platform Hondo to come online in September 2026. This release schedules MMA inspections and initial production for November and producing wells online in December. Source
New: Sable began selling crude oil to three additional Los Angeles-area refineries in early November 2026, after the downstream purchaser halted sales in October. Source

Revenue, cash and share count

Revenue rose 13 percent: Total revenue for the quarter was $154.4 million, up 13% from the prior quarter, according to the company. Source
Cash balance at quarter end: The company ended the quarter with $38.0 million of cash and cash equivalents. Source
Share count after ATM sales: Shares outstanding at quarter end were 207,980,283, after the company sold 16,110,711 shares under its at-the-market program during the quarter. Source

Well results and reservoir performance

Perf Add wells above expectations: Perf Add operations showed average production increases above 700 barrels of oil per day per well, at the upper end of management's expectations. Source
Little decline from producing wells: The company observed little to no production decline from producing wells during the quarter. Source
Reservoir pressure held steady: Average reservoir pressure in three Monterey zones at the SYU stayed stable through the quarter. Source

“Sable observed little to no production decline from producing wells in the quarter.”
Sable Offshore Corp., press release

Platform Hondo restart steps

Final paperwork filed with MMA: The company submitted its final paperwork to the Marine Minerals Administration reflecting all platform upgrades on Platform Hondo. Source
New control system under test: The company is testing a new platform control system on Platform Hondo. Source
Inspections and first output in November: Physical MMA inspections of Platform Hondo and initial production are scheduled for November 2026. Source

Crude sales halt and crude quality

Downstream purchaser halted sales: The sole downstream crude purchaser stopped buying SYU crude in early October 2026 while it upgraded storage tanks at its refinery. Source
Working capital constraints under review: The company is assessing options to address near-term working capital constraints from the purchaser disruption. Source
Hondo crude expected to lower sulfur: Platform Hondo's lighter and sweeter crude is expected to lower the sulfur content of SYU crude across the field. Source

“Sable expects all four major Los Angeles-area refineries to increase their purchases of SYU crude over time.”
Sable Offshore Corp., press release

Refinery buyers and marketing options

Three more refineries took crude: Sable began selling crude oil to three additional Los Angeles-area refineries in early November 2026. Source
Refinery purchases expected to rise: The company expects all four major Los Angeles-area refineries to increase their purchases of SYU crude over time. Source
Inventory sale under evaluation: One option under review is selling crude oil held in inventory through a bulk sale agreement. Source

Equity issuance under the ATM program

Q3 ATM sales at about $4.75: The company sold 16,110,711 shares under its ATM program in the quarter at an average price of approximately $4.75 per share. Source
Latest ATM sale on September 17: The most recent ATM share sale occurred on September 17, 2026. Source
No ATM sales so far in Q4: The company reported no ATM equity sales in the fourth quarter of 2026 to the date of the release. Source

Coming up, as management said on 9 November 2026

Hondo inspections and first production: MMA physical inspections and initial production at Platform Hondo are scheduled for November 2026. Source
Hondo wells flowing to sales: All producing wells are scheduled to be online and flowing to sales in December 2026. Source
Refinery purchases to rise over time: The company expects purchases of SYU crude by all four major Los Angeles-area refineries to increase over time, without a stated date. Source

Figures management reported

Figure	Reported
Average daily net sales volumes Source	approximately 27 thousand net barrels of oil per day
Average production rate per well Source	795 gross barrels of oil per day per well, from an average of 37 wells per day

Risks management discussed

Operational: The sole downstream crude purchaser halted sales in early October, which stopped crude oil sales from SYU. Source
Financial: The purchaser disruption has created near-term working capital constraints that the company is evaluating options to resolve. Source
Regulatory: Platform Hondo's restart depends on physical MMA inspections scheduled for November 2026. Source

Earlier plans management reported on

Not stated: Management said Perf Add results continued at the upper end of its expectations, with no status term given. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Sable Offshore Corp. Reports Third Quarter 2026 Financial and Operational Results

Houston, November 9, 2026 - Sable Offshore Corp. (“Sable,” or the “Company”) (NYSE: SOC) today announced its third quarter 2026 financial and operational results.

Third Quarter 2026 Financial Results

Achieved $154.4 million in total revenue in the third quarter of 2026, representing a 13% increase quarter over quarter.
Ended the quarter with $38.0 million of cash and cash equivalents.
Ended the quarter with 207,980,283 shares of Common Stock outstanding after selling 16,110,711 shares of Common Stock in our at-the-market (“ATM”) equity program for an average price of approximately $4.75 per share during the quarter.

Third Quarter 2026 Operational Results

Reported average daily net sales volumes of approximately 27 thousand net barrels of oil per day, representing a 29% increase quarter over quarter.
Produced at an average rate of 795 gross barrels of oil per day, per well, throughout the quarter from an average of 37 wells per day.
Perforation Addition (“Perf Add”) operations continued to see positive well results at the upper end of management expectations with average increased production rates of over 700 barrels of oil per day per well.
Average reservoir pressure throughout the Upper Siliceous, Massive Chert, and Lower Calcareous zones of the Monterey formation at the SYU remained stable in the third quarter.
Sable observed little to no production decline from producing wells in the quarter.

Platform Hondo Update

Sable has submitted its final paperwork to the Marine Minerals Administration (“MMA”) reflecting all platform upgrades and is currently testing its new state of the art platform control system.
Physical MMA inspections on Platform Hondo and initial production are scheduled for November.
All producing wells are scheduled to be online and flowing to sales in December 2026 at a forecasted rate of approximately 10,000 gross barrels of oil per day.

Midstream and Brent Crude Oil Marketing Update

Crude oil sales were halted by our sole downstream crude purchaser in early October 2026 due to maintenance and upgrades to storage tanks at their refinery.
Sable has diversified and improved its marketing optionality by beginning to sell crude oil to three additional Los Angeles-area refineries in early November 2026. Sable expects all four major Los Angeles-area refineries to increase their purchases of SYU crude over time.
Sable is evaluating all options to resolve near-term working capital constraints caused by the downstream purchaser disruption, including selling its crude oil currently held in inventory via a bulk sale agreement.
The addition of Platform Hondo’s lighter and sweeter crude is anticipated to improve overall sulfur content of SYU crude oil production field-wide.

Financial Updates

No ATM equity sales have occurred in Q4 2026 to date. The most recent sale of shares under our ATM occurred on September 17, 2026.

About Sable

Sable Offshore Corp. is an independent oil and gas company, headquartered in Houston, Texas, focused on responsibly developing the Santa Ynez Unit in federal waters offshore California. The Sable team has extensive experience safely operating in California.

Forward-Looking Statements

Forward-looking statements notice

The information in this press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “continue,” “plan,” “forecast,” “predict,” “potential,” “future,” “outlook,” and “target,” the negative of such terms and other similar expressions are intended to identify forward- looking statements, although not all forward-looking statements will contain such identifying words. These statements are based on the current beliefs and expectations of Sable’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Factors that could cause Sable’s actual results to differ materially from those described in the forward-looking statements include: the ability to recommence full production of the SYU assets; the cost and time required therefor, and production levels once recommenced; availability of future financing; restrictions in existing or future debt agreements or structured or other financing arrangements; uncertainties related to new technologies, geographical concentration of operations, environmental risks, weather risks, security risks, drilling and other operating risks, regulatory changes and regulatory risks, including risks relating to PHMSA’s regulatory oversight of the SYPS, the DPA Order and the potential implementation of the OS&T Strategy or the Buoy Strategy; our ability to consummate a debt refinancing of our Senior Secured Term Loan B and the timing and terms thereof; our financial performance; global economic conditions and inflation; increased operating costs; lack of availability of drilling and production equipment, supplies, services and qualified personnel; geographical concentration of operations; environmental and weather risks; regulatory changes and uncertainties; litigation, complaints and/or adverse publicity; privacy and data protection laws, privacy or data breaches, or loss of data; our ability to comply with laws and regulations applicable to our business; and other one-time events and other factors that can be found in Sable’s Annual Report on Form 10-K for the year ended December 31, 2025, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K, filed with the Securities and Exchange Commission, which are available on Sable’s website (www.sableoffshore.com) and on the Securities and Exchange Commission’s website (www.sec.gov). Except as required by applicable law, Sable undertakes no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this press release.

Contacts
Harrison Breaud
Vice President, Finance & Investor Relations
IR@sableoffshore.com
713-579-8111