Investing.com -- Sable Offshore Corp (NYSE:SOC) reported third quarter 2026 revenue of $154.4 million, missing analyst estimates of $177.19 million, as the company disclosed that crude oil sales were halted by its sole downstream purchaser in early October due to maintenance and upgrades at their refinery.
The company's stock plunged 75% in premarket trading Monday following the announcement. Sable reported average daily net sales volumes of approximately 27,000 net barrels of oil per day, representing a 29% increase quarter over quarter. The company ended the quarter with $38.0 million in cash and cash equivalents.
Sable stated it is evaluating all options to resolve near-term working capital constraints caused by the downstream purchaser disruption, including selling its crude oil currently held in inventory via a bulk sale agreement. The company has diversified its marketing by beginning to sell crude oil to three additional Los Angeles-area refineries in early November 2026.
The company's Perforation Addition operations continued to see positive results with average increased production rates of over 700 barrels of oil per day per well. Sable observed little to no production decline from producing wells in the quarter.
Regarding Platform Hondo, Sable submitted its final paperwork to the Marine Minerals Administration reflecting all platform upgrades. Physical inspections on Platform Hondo and initial production are scheduled for November, with all producing wells scheduled to be online and flowing to sales in December 2026 at a forecasted rate of approximately 10,000 gross barrels of oil per day.
During the quarter, Sable sold 16,110,711 shares of Common Stock through its at-the-market equity program for an average price of approximately $4.75 per share. The company ended the quarter with 207,980,283 shares outstanding. No ATM equity sales have occurred in the fourth quarter 2026 to date.
Original Article
Sable Offshore tumbles 75% as crude oil sales halted in October
