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Sable Offshore Corp. operates as an independent oil and gas company in the United States. The company operates through three platforms located in federal waters offshore California. It also owns and operates 16 federal leases across approximately 76,000 acres, as well as subsea pipelines that transports crude oil, natural gas, and produced water from the platforms to the onshore processing facilities. The company was formerly known as Flame Acquisition Corp. and changed its name to Sable Offshore Corp. in February 2024. Sable Offshore Corp. was incorporated in 2020 and is headquartered in Houston, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $0M | $-296M | $-410M | $-769M | -76.8% | - | 337.9% |
| 2024 | - | - | - | - | - | - | 0.0% |
| 2023 | $0M | $-73M | $-94M | $-70M | -27.6% | - | 3515.4% |
| 2022 | $0M | $-6M | $-3M | $-2M | -1.0% | - | -160.6% |
| 2021 | $0M | $-2M | $4M |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | 0 | 0 | 0 | - | 0 |
| Operating Revenue | 0 | 0 | 0 | - | 0 |
| Cost Of Revenue | - | - | 21.02 | - | 12.89 |
| Gross Profit | - | - | -21.02 | - | -12.89 |
| Operating Expense | 1.68 | 6.15 | 73.46 | - | 395.40 |
| Selling General And Administration | 1.68 | - | 12.76 | - | 176.20 |
| Total Expenses | 1.68 | 6.15 | 94.47 | - | 408.28 |
| Operating Income | -1.68 | -6.15 | -94.47 | - | -408.28 |
| Total Operating Income As Reported | -1.68 | -6.15 | -94.47 | - | -408.28 |
| EBITDA | -1.68 | -6.15 | -72.66 | - | -295.74 |
| Normalized EBITDA | -7.84 | -6.65 | -72.66 | - | -384.94 |
| EBIT | -1.68 | -6.15 | -93.67 | - | -310.25 |
| Interest Income | 0.02 | 3.99 | 4.42 | - | - |
| Interest Expense | - | - | 0 | - | 88.24 |
| Net Interest Income | 0.02 | 3.99 | 0 | - | -88.24 |
| Other Non Operating Income Expenses | -0.22 | -0.17 | 0.80 | - | 8.83 |
| Other Income Expense | 5.94 | 0.33 | 0.80 | - | 98.04 |
| Interest Income Non Operating | 0.02 | 3.99 | 4.42 | - | - |
| Interest Expense Non Operating | - | - | 0 | - | 88.24 |
| Net Non Operating Interest Income Expense | 0.02 | 3.99 | 0 | - | -88.24 |
| Pretax Income | 4.27 | -1.83 | -93.67 | - | -398.49 |
| Tax Provision | 0 | 0.76 | 0 | - | 11.67 |
| Tax Rate For Calcs | 0 | 0 | 0 | - | 0 |
| Tax Effect Of Unusual Items | 0 | 0.10 | 0 | - | 18.73 |
| Net Income Continuous Operations | 4.27 | -2.59 | -93.67 | - | -410.16 |
| Net Income From Continuing And Discontinued Operation | 4.27 | -2.59 | -93.67 | - | -410.16 |
| Net Income From Continuing Operation Net Minority Interest | 4.27 | -2.59 | -93.67 | - | -410.16 |
| Net Income | 4.27 | -2.59 | -93.67 | - | -410.16 |
| Net Income Common Stockholders | 4.27 | -2.59 | -93.67 | - | -410.16 |
| Net Income Including Noncontrolling Interests | 4.27 | -2.59 | -93.67 | - | -410.16 |
| Normalized Income | -1.88 | -2.98 | -93.67 | - | -480.63 |
| Diluted NI Availto Com Stockholders | 4.27 | -2.59 | -93.67 | - | -410.16 |
| Basic Average Shares | 31.61 | 35.94 | 13.29 | - | 98.18 |
| Diluted Average Shares | 31.61 | 35.94 | 13.29 | - | 98.18 |
| Reconciled Depreciation | - | - | 21.02 | - | 14.51 |
| Reconciled Cost Of Revenue | - | - | 21.02 | - | 12.89 |
| Total Unusual Items | 6.16 | 0.50 | -27.06 | - | 89.20 |
| Total Unusual Items Excluding Goodwill | 6.16 | 0.50 | -27.06 | - | 89.20 |
| Gain On Sale Of Security | 6.16 | 0.50 | -27.06 | - | 89.20 |
| General And Administrative Expense | 1.68 | - | 12.76 | - | 176.20 |
| Other Gand A | 1.68 | - | 12.76 | - | 176.20 |
| Other Operating Expenses | 1.68 | 6.15 | 4.92 | - | - |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Sable Offshore Corp.this co. | SOC | $2.1B | - | 5.44 | -76.8% | - |
| FLOC | FLOC | $2.5B | 60.62 | 10.98 | 18.1% | 8.92 |
| Teekay Tankers Ltd. | TNK | $2.4B | 6.92 | 1.19 | 17.2% | 3.77 |
| NextDecade Corporation | NEXT | $2.3B | -7.49 | 24.07 | -321.4% | -32.95 |
| ProPetro Holding Corp. | PUMP | $2.0B | 2462.81 | 2.43 |
| $-2M |
| - |
| - |
| - |
| 0.1% |
| 11.21 |
| Innovex International, Inc. | INVX | $1.9B | 23.39 | 1.84 | 7.9% | 8.93 |
| Expro Group Holdings N.V. | XPRO | $1.9B | 36.40 | 1.23 | 3.4% | 6.33 |
| Kosmos Energy Ltd. | KOS | $1.8B | -2.56 | 3.39 | -132.4% | 26.96 |
| Dorian LPG Ltd. | LPG | $1.7B | 8.95 | 1.52 | 17.0% | 7.24 |
| Peer Median | - | 16.17 | 2.14 | 5.6% | 8.08 | |