Sable Offshore Ramps Up California Oil Output, Hondo Platform to Add 10,000 BPD by June
Summary
Sable Offshore Corp. announced a significant ramp-up in its California oil production, with more wells restarting and the critical Platform Hondo expected to add approximately 10,000 barrels per day (bpd) by June 2026. This operational update is highly material, especially considering the company's recent 10-K filing which cited substantial doubt about its ability to continue as a going concern and reported zero revenue. The current 40 wells at Platforms Harmony and Heritage are producing around 750 bpd each, with total output expected to average 700 bpd per well once all 74 wells are operational. The restart of production and the anticipated boost from Platform Hondo provide a crucial pathway towards generating revenue and addressing liquidity concerns. Traders will be closely watching the actual production figures and the resolution of ongoing disputes with California regulators.
At the time of this announcement, SOC was trading at $13.44 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $1.9B. The 52-week trading range was $3.72 to $35.00. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Reuters.