Sable Offshore Q3 revenue arrives at $154.4 million

Sable Offshore Corp. (NYSE:SOC) reported third-quarter 2026 revenue of US$154.4 million, up 13% sequentially, while average daily net sales volumes increased 29% to approximately 27,000 net barrels.

Production averaged 795 gross barrels per day per well across an average of 37 wells, while the company reported incremental production above 700 barrels per day per well from its perforation-addition operations.

Sable said reservoir pressure remained stable with little production decline and reported that Platform Hondo's inspections and initial production were scheduled for November, with full sales targeted for December at approximately 10,000 gross barrels per day.

Its SEC filing showed a US$269.3 million quarterly net loss, or US$1.37 per share, compared with US$110.4 million and US$1.11 a year earlier, including US$168.7 million in derivative losses.

The company's sole downstream purchaser halted crude purchases on October 6 for refinery storage maintenance, prompting Sable to begin selling to three additional Los Angeles-area refineries in November while management warned of insufficient near-term liquidity and substantial doubt about its ability to continue as a going concern.

Sable ended September with US$38 million in cash, sold approximately 16.1 million shares through its at-the-market programme at an average US$4.75 during the quarter, and reported no further ATM sales in the fourth quarter through November 9.