Loading…
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% | - | - |
| 2023 | $0M | $-73M | $-94M | $-70M | -27.6% | - | - |
| 2022 | $0M | $-6M | $-3M | $-2M | -1.0% | - | -160.6% |
| 2021 | $0M | $-2M | $4M | $-2M | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2025 |
|---|---|---|---|---|
| Total Revenue | 0 | 0 | 0 | 0 |
| Cost Of Revenue | 0 | 0 | 21.02 | 12.89 |
| Gross Profit | 0 | 0 | -21.02 | -12.89 |
| Operating Expense | 1.68 | 6.15 | 73.46 | 395.39 |
| Operating Income | -1.68 | -6.15 | -94.47 | -408.28 |
| EBITDA | -1.68 | -6.15 | -72.66 | -295.74 |
| EBIT | -1.68 | -6.15 | -93.67 | -310.25 |
| Pretax Income | 4.27 | -1.83 | -93.67 | -398.49 |
| Tax Provision | 0 | 0.76 | 0 | 11.67 |
| Net Income | 4.27 | -2.59 | -93.67 | -410.16 |
| Net Income Common Stockholders | 4.27 | -2.59 | -93.67 | -410.16 |
| Total Expenses | 1.68 | 6.15 | 94.47 | 408.28 |
| Interest Expense | 0 | 0 | 0 | 88.25 |
| Interest Income | 0.02 | 3.99 | 4.42 | 0 |
| Selling General And Administration | 1.68 | 0 | 12.76 | 176.20 |
| Normalized EBITDA | -7.84 | -6.65 | -72.66 | -384.94 |
| Normalized Income | -1.88 | -2.98 | -93.67 | -480.63 |
| Basic EPS | 0.14 | -0.07 | -7.05 | -4.18 |
| Diluted EPS | 0.14 | -0.07 | -7.05 | -4.18 |
| Tax Effect Of Unusual Items | 0 | 0.10 | 0 | 18.73 |
| Tax Rate For Calcs | 0 | 0.21 | 0 | 0.21 |
| Total Unusual Items | 6.16 | 0.50 | -27.06 | 89.20 |
| Total Unusual Items Excluding Goodwill | 6.16 | 0.50 | -27.06 | 89.20 |
| Net Income From Continuing Operation Net Minority Interest | 4.27 | -2.59 | -93.67 | -410.16 |
| Reconciled Depreciation | 0 | 0 | 21.02 | 14.51 |
| Reconciled Cost Of Revenue | 0 | 0 | 21.02 | 12.89 |
| Net Interest Income | 0.02 | 3.99 | 0 | -88.25 |
| Net Income From Continuing And Discontinued Operation | 4.27 | -2.59 | -93.67 | -410.16 |
| Total Operating Income As Reported | -1.68 | -6.15 | -94.47 | -408.28 |
| Diluted Average Shares | 31.61 | 35.94 | 13.29 | 98.18 |
| Basic Average Shares | 31.61 | 35.94 | 13.29 | 98.18 |
| Diluted NI Availto Com Stockholders | 4.27 | -2.59 | -93.67 | -410.16 |
| Net Income Including Noncontrolling Interests | 4.27 | -2.59 | -93.67 | -410.16 |
| Net Income Continuous Operations | 4.27 | -2.59 | -93.67 | -410.16 |
| Other Income Expense | 5.94 | 0.33 | 0.80 | 98.04 |
| Other Non Operating Income Expenses | -0.22 | -0.17 | 0.80 | 8.83 |
| Gain On Sale Of Security | 6.16 | 0.50 | -27.06 | 89.20 |
| Net Non Operating Interest Income Expense | 0.02 | 3.99 | 0 | -88.25 |
| Interest Expense Non Operating | 0 | 0 | 0 | 88.25 |
| Interest Income Non Operating | 0.02 | 3.99 | 4.42 | 0 |
| Other Operating Expenses | 1.68 | 6.15 | 4.92 | 0 |
| General And Administrative Expense | 1.68 | 0 | 12.76 | 176.20 |
| Other Gand A | 1.68 | 0 | 12.76 | 176.20 |
| Operating Revenue | 0 | 0 | 0 | 0 |
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 | - | 3.78 | -76.8% | -7.50 |
| Select Water Solutions, Inc. | WTTR | $2.3B | 80.95 | 2.21 | 2.3% | 10.25 |
| ProPetro Holding Corp. | PUMP | $2.2B | 1820.00 | 2.29 | 0.1% | 11.95 |
| Expro Group Holdings N.V. | XPRO | $2.1B | 40.07 | 1.33 | 3.4% | 6.54 |
| NextDecade Corporation | NEXT | $2.0B | - |
| 21.36 |
| -13.3% |
| -57.29 |
| Innovex International, Inc. | INVX | $1.9B | 22.96 | 1.81 | 7.9% | 8.75 |
| Borr Drilling Limited | BORR | $1.9B | 36.06 | 1.54 | 3.7% | 7.79 |
| Kosmos Energy Ltd. | KOS | $1.8B | - | 2.77 | -132.4% | 9.70 |
| FLEX LNG Ltd. | FLNG | $1.7B | 23.13 | 2.40 | 10.4% | 12.95 |
| Peer Median | - | 38.06 | 2.25 | 2.8% | 9.22 | |