Q3 FY2026
Filed Nov 9, 2026Sable Offshore reports Q3 2026 total revenue of $154.4 million and average net sales of about 27 thousand barrels per day, while crude sales were halted by its sole downstream purchaser in early October
The filing shows 13% quarter-over-quarter revenue growth and 29% growth in average daily net sales volumes, with Perf Add wells above expectations. Against this, crude sales were halted in early October, the company names near-term working capital constraints, cash ended the quarter at $38.0 million, and the company sold shares under its ATM program. The filing contains no results table, so margins, earnings and cash flow cannot be assessed.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, Q3 2026other | $154.4M | 13% increase quarter over quarter | – |
| Average daily net sales volumes, Q3 2026other | approximately 27 thousand net barrels of oil per day | 29% increase quarter over quarter | – |
| Cash and cash equivalents, end of Q3 2026other | $38M | – | – |
| Average production rate, Q3 2026other | 795 gross barrels of oil per day, per well | – | – |
| Average wells per day, Q3 2026other | 37 wells per day | – | – |
| Perf Add average increased production rate per well, Q3 2026other | over 700 barrels of oil per day per well | – | – |
December 2026 outlook
- NoteAll producing wells are 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, following Platform Hondo MMA inspections and initial production scheduled for November 2026.
Capital returns
- The filing reports no dividends or share repurchases.
- Sable sold 16,110,711 shares of Common Stock under its at-the-market (ATM) equity program during Q3 2026 at an average price of approximately $4.75 per share.
- No ATM equity sales have occurred in Q4 2026 to date. The most recent ATM sale occurred on September 17, 2026.
What drove it
- The company states that crude oil sales were halted by its sole downstream crude purchaser in early October 2026 due to maintenance and upgrades to storage tanks at that refinery.
- The company states that Perf Add operations continued to see positive well results at the upper end of management expectations, with average increased production rates of over 700 barrels of oil per day per well.
- The company states that it began selling crude oil to three additional Los Angeles-area refineries in early November 2026 and expects all four major Los Angeles-area refineries to increase their purchases of SYU crude over time.
- The company states that the addition of Platform Hondo's lighter and sweeter crude is anticipated to improve overall sulfur content of SYU crude oil production field-wide.
- The company states that average reservoir pressure in the Upper Siliceous, Massive Chert and Lower Calcareous zones of the Monterey formation at the SYU remained stable in Q3 2026.
- The company states that it observed little to no production decline from producing wells in the quarter.
Concerns
- Crude oil sales were halted in early October 2026, and the filing describes near-term working capital constraints caused by the downstream purchaser disruption.
- Cash and cash equivalents ended the quarter at $38.0 million.
- The company is evaluating a bulk sale of crude oil held in inventory to address working capital needs.
- Sable sold 16,110,711 shares under its ATM program in Q3 2026 at an average price of approximately $4.75 per share.
- Platform Hondo physical MMA inspections and initial production are scheduled for November 2026, and the December 2026 production forecast depends on that schedule.
- The forward-looking statements section lists the ability to consummate a debt refinancing of the Senior Secured Term Loan B, and the timing and terms thereof, as a risk factor.
What to watch
- Whether crude sales resume with the existing downstream purchaser and whether the three additional Los Angeles-area refineries sustain purchases.
- Outcome of the evaluation of a bulk sale of inventory crude and its effect on working capital.
- Results of the Platform Hondo MMA physical inspections and initial production in November 2026.
- Whether all producing wells reach online flowing-to-sales status in December 2026 at the forecasted rate of approximately 10,000 gross barrels of oil per day.
- Any further ATM equity sales, following none in Q4 2026 to date.
- Progress on the refinancing of the Senior Secured Term Loan B referenced in the risk factors.
- Sulfur content of field-wide SYU crude once Platform Hondo crude is added.
Balance sheet and cash flow
- Cash and cash equivalents ended the quarter at $38.0 million.
- The company states 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 filing does not report operating cash flow, free cash flow, total debt, total assets or equity.
Analysis
Sable Offshore reported third quarter 2026 total revenue of $154.4 million, a 13% increase quarter over quarter, and average daily net sales volumes of approximately 27 thousand net barrels of oil per day, a 29% increase quarter over quarter. The filing sets these two quarter-over-quarter changes side by side. It does not state the prior-quarter revenue or volume figures, and it does not explain the difference between the revenue and volume changes.
Operationally, the company reported an average rate of 795 gross barrels of oil per day per well from an average of 37 wells per day. It described Perf Add results as positive and at the upper end of management expectations, with average increased production rates of over 700 barrels of oil per day per well. It also reported stable average reservoir pressure across the three Monterey zones at the SYU and little to no production decline from producing wells in the quarter.
The main negative in the filing is the midstream disruption. The company states that its sole downstream crude purchaser halted crude oil sales in early October 2026 because of maintenance and upgrades to storage tanks at that refinery. Sable says it began selling to three additional Los Angeles-area refineries in early November 2026, and that it is evaluating options to resolve near-term working capital constraints, including a bulk sale of inventory crude. Cash and cash equivalents ended the quarter at $38.0 million. The company sold 16,110,711 ATM shares at an average price of approximately $4.75 per share during the quarter and reports no ATM sales in Q4 2026 to date.
The guidance in the filing is operational rather than financial. The company expects all producing wells to be online and flowing to sales in December 2026 at a forecasted rate of approximately 10,000 gross barrels of oil per day, after MMA inspections and initial production scheduled for November. The filing gives no revenue, margin, cost or tax guidance. The filing contains no results table, so cost of sales, gross margin, operating expenses, operating income, net income, earnings per share, operating and free cash flow, debt, total assets and equity cannot be reported from this document.
Not in the filing
stated, not guessed- Period end date for Q3 2026 is not printed in the document.
- Prior-quarter total revenue value is not printed, so the 13% quarter-over-quarter change cannot be tied to a figure.
- Prior-quarter average daily net sales volumes value is not printed, so the 29% quarter-over-quarter change cannot be tied to a figure.
- Prior-year figures for Q3 2025 are not printed for any metric.
- Basis (GAAP or non-GAAP) of total revenue is not stated.
- Cost of sales, gross margin and operating expense lines are not printed.
- Operating income, net income, interest, tax and earnings per share (GAAP and non-GAAP) are not printed.
- Operating cash flow, free cash flow, total debt, total assets and total equity are not printed.
- Prior outlook is not provided, so no comparison against prior guidance can be made.
- Numeric revenue, margin, operating expense and tax rate guidance is not printed.
- Segment or geographic revenue breakdown is not printed.
- No executive quotes are included in the filing.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.