Sable Offshore reports Q3 loss and warns of liquidity pressure after crude sales halt
Sable Offshore reported third-quarter 2026 revenue of $154.37M and a net loss of $269.32M, or $1.37 per share. Its sole crude purchaser halted purchases in October, creating working-capital pressure while Sable evaluates inventory sales, financing and other liquidity options. The company expects Platform Hondo to restart in November, with its wells targeted to reach sales in December. Sable also reduced its second-half 2026 average net crude sales outlook to 20–30 MBoe/d from 40.0–45.0 MBoe/d.
Why it matters
The sales disruption leaves Sable facing a near-term funding gap: management expects fourth-quarter spending of $165 million to $175 million against approximately $38 million in cash. Materials report that the company is assessing borrowing, a PIPE and inventory sales, while also warning of going-concern risk if cash flow and refinancing are insufficient.
Key facts
- 1Third-quarter revenue was $154.37M versus $0 in the prior-year quarter, while net loss was $269.32M versus $110.38M. tradingview.com
- 2Oil sales averaged 27,457 BOE/d in the quarter, and Sable lowered its second-half 2026 average net crude sales outlook to 20–30 MBoe/d from 40.0–45.0 MBoe/d. tradingview.com
- 3Sable had approximately $38 million in cash and expects fourth-quarter spending of about $165 million to $175 million, including roughly $53 million of debt amortization and interest due Dec. 31. finance.yahoo.com
- 4Sable warned of going-concern risks because liquidity strains from sales disruptions to its main buyer could leave cash flow and refinancing insufficient for near-term costs and debt payments. investing.com
- 5The company sold 16,110,711 shares at an average price of $4.75 per share during the quarter, bringing shares outstanding to 207,980,283. seekingalpha.com
- 6Sable is considering a $100 million unsecured borrowing basket and a private investment in public equity to address the funding gap. finance.yahoo.com
Open questions
- Consensus revenue estimates differ across materials, with $177.19M cited in materials 3 and 5 and roughly $155.7 million cited in material 4.
Summary written by AlphAI AI Desk from 8 of 8 sources. Not investment advice. Figures are as stated by the linked sources.