Sable Offshore Resumes Oil Sales from Santa Ynez Unit, Initiates Production
SOC has more than doubled off its 52-week low of $3.72.
Summary
Sable Offshore Corp. announced the resumption of oil sales from its Santa Ynez Unit, a critical step for the company which previously reported zero revenue and going concern doubts.
Key Events · Financing and Capital Events · SOC
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Oil Sales Resumed
Sable Offshore Corp. initiated oil sales on March 29, 2026, through the Santa Ynez Pipeline System to Chevron, filling the pipeline at over 50,000 barrels of oil per day.
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Current Production from Platform Harmony
Platform Harmony is currently producing approximately 22,000 gross barrels of oil per day.
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Platform Heritage Production Restart
The company plans to commence production restart at Platform Heritage today, expecting a total rate of over 30,000 gross barrels of oil per day.
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Platform Hondo Expected Online by Q2 2026
Platform Hondo is anticipated to be online by the end of the second quarter of 2026, adding over 10,000 barrels of oil per day.
Analysis · SOC · Energy & Transportation
This filing is a critical positive development for Sable Offshore Corp., directly addressing the 'going concern' warning and 'zero revenue' reported in its recent 10-K. The resumption of oil sales and the detailed production ramp-up plan provide a clear path to revenue generation, which is essential for the company's financial viability. The significant production rates from multiple platforms indicate a substantial operational restart, potentially alleviating immediate liquidity concerns and improving investor sentiment. This marks a pivotal shift from a period of operational dormancy and financial uncertainty.
At the time of this filing, SOC was trading at $18.85 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $2.7B. The 52-week trading range was $3.72 to $35.00. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.