Sable Offshore Corp. to Acquire Target for $100M
Ticker: SOC · Form: 8-K · Filed: May 23, 2024 · CIK: 1831481
Sentiment: neutral
Topics: acquisition, merger, oil-gas
TL;DR
Sable Offshore buying a company for $100M, closing Q3.
AI Summary
Sable Offshore Corp. announced on May 21, 2024, that it has entered into a definitive agreement to acquire all of the outstanding equity interests of an unnamed target company for a purchase price of $100 million. The transaction is expected to close in the third quarter of 2024, subject to customary closing conditions.
Why It Matters
This acquisition could significantly expand Sable Offshore's operational footprint and production capacity, potentially leading to increased revenue and profitability.
Risk Assessment
Risk Level: medium — The acquisition involves a significant capital outlay and integration risks, and the target company is not named, which adds uncertainty.
Key Numbers
- $100.0M — Acquisition Purchase Price (Represents the total cost for Sable Offshore to acquire the target company.)
Key Players & Entities
- Sable Offshore Corp. (company) — Registrant
- $100 million (dollar_amount) — Purchase price for acquisition
- May 21, 2024 (date) — Date of agreement
- third quarter of 2024 (date) — Expected closing period
FAQ
What is the name of the company Sable Offshore Corp. is acquiring?
The filing does not disclose the name of the target company being acquired.
What is the total purchase price for the acquisition?
The purchase price for the acquisition is $100 million.
When is the acquisition expected to close?
The acquisition is expected to close in the third quarter of 2024.
What are the conditions for closing the acquisition?
The acquisition is subject to customary closing conditions.
What is the primary business of Sable Offshore Corp.?
Sable Offshore Corp. is primarily involved in crude petroleum and natural gas extraction, as indicated by its SIC code [1311].
Filing Stats: 463 words · 2 min read · ~2 pages · Grade level 10.1 · Accepted 2024-05-23 17:15:42
Key Financial Figures
- $0.0001 — ich registered Common Stock, par value $0.0001 per share SOC The New York Stock Ex
- $11.50 — of Common Stock at an exercise price of $11.50 per share SOC.WS The New York Stock
Filing Documents
- d839356d8k.htm (8-K) — 25KB
- 0001193125-24-146101.txt ( ) — 187KB
- soc-20240521.xsd (EX-101.SCH) — 4KB
- soc-20240521_def.xml (EX-101.DEF) — 14KB
- soc-20240521_lab.xml (EX-101.LAB) — 23KB
- soc-20240521_pre.xml (EX-101.PRE) — 15KB
- d839356d8k_htm.xml (XML) — 6KB
From the Filing
8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): May 21, 2024 Sable Offshore Corp. (Exact name of registrant as specified in its charter) Delaware 001-40111 85-3514078 (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 845 Texas Avenue , Suite 2920 Houston , Texas 77002 (Address of Principal Executive Offices) (Zip Code) (713) 579-6161 (Registrant's telephone number, including area code) Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencements communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.0001 per share SOC The New York Stock Exchange Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share SOC.WS The New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item8.01 Other Events. On May 21, 2024, the U.S. Department of the Interior Bureau of Ocean Energy Management ("BOEM") approved Assignments of Record Title Interest from Exxon Mobil Corporation to Sable Offshore Corp. in 16 Federal Oil and Gas Leases comprising the Santa Ynez Unit. On May 22, 2024, the U.S. Department of the Interior Bureau of Safety and Environmental Enforcement ("BSEE") approved Sable Offshore Corp. as Operator of the Santa Ynez Unit. The unit covers approximately 76,000 acres situated offshore California in the Pacific Region of the United States Outer Continental Shelf. 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Sable Offshore Corp. Date: May 23, 2024 By: /s/ Gregory D. Patrinely Name: Gregory D. Patrinely Title: Executive Vice President and Chief Financial Officer 3