Sable Offshore Corp. Files Q2 2024 10-Q
Ticker: SOC · Form: 10-Q · Filed: Aug 13, 2024 · CIK: 1831481
Sentiment: neutral
Topics: 10-Q, oil-gas, financials
Related Tickers: FLME
TL;DR
Sable Offshore Corp. (FLME) filed its Q2 10-Q. Financials and operations update.
AI Summary
Sable Offshore Corp. filed its 10-Q for the period ending June 30, 2024. The company, formerly known as Flame Acquisition Corp., is involved in crude petroleum and natural gas extraction. Its principal executive offices are located in Houston, Texas.
Why It Matters
This filing provides investors with an update on Sable Offshore Corp.'s financial performance and operational status for the second quarter of 2024.
Risk Assessment
Risk Level: medium — As a company in the crude petroleum and natural gas sector, Sable Offshore Corp. is subject to the inherent volatility and risks associated with the energy industry.
Key Numbers
- 2024 Q2 — Reporting Period (The second quarter of 2024, for which the 10-Q provides financial information.)
- 20240813 — Filing Date (The date the 10-Q was filed with the SEC.)
Key Players & Entities
- Sable Offshore Corp. (company) — Filer of the 10-Q
- Flame Acquisition Corp. (company) — Former name of Sable Offshore Corp.
- Houston, Texas (location) — Location of Sable Offshore Corp.'s business and mailing address
- 20240630 (date) — End of the reporting period for the 10-Q
FAQ
What is the primary business of Sable Offshore Corp.?
Sable Offshore Corp. is engaged in the crude petroleum and natural gas extraction industry, as indicated by its SIC code [1311].
When was Sable Offshore Corp. formerly known as?
Sable Offshore Corp. was formerly known as Flame Acquisition Corp., with a date of name change on 20201105.
Where are Sable Offshore Corp.'s main offices located?
The company's business and mailing addresses are located at 845 Texas Avenue, Suite 2920, Houston, Texas, 77002.
What period does this 10-Q filing cover?
This 10-Q filing covers the period ending June 30, 2024.
What is the fiscal year end for Sable Offshore Corp.?
Sable Offshore Corp.'s fiscal year ends on December 31.
Filing Stats: 4,592 words · 18 min read · ~15 pages · Grade level 16.7 · Accepted 2024-08-13 16:07:16
Key Financial Figures
- $0.0001 — ich registered Common stock, par value $0.0001 per share SOC The New York Stock Exchan
- $11.50 — of Common Stock at an exercise price of $11.50 per share SOC.WS The New York Stock Exc
Filing Documents
- flme-20240630.htm (10-Q) — 913KB
- soc-20240630xex311.htm (EX-31.1) — 10KB
- soc-20240630xex312.htm (EX-31.2) — 10KB
- soc-20240630xex321.htm (EX-32.1) — 5KB
- soc-20240630xex322.htm (EX-32.2) — 5KB
- 0001831481-24-000007.txt ( ) — 5678KB
- flme-20240630.xsd (EX-101.SCH) — 42KB
- flme-20240630_cal.xml (EX-101.CAL) — 53KB
- flme-20240630_def.xml (EX-101.DEF) — 243KB
- flme-20240630_lab.xml (EX-101.LAB) — 564KB
- flme-20240630_pre.xml (EX-101.PRE) — 406KB
- flme-20240630_htm.xml (XML) — 644KB
Financial Statements (unaudited)
Financial Statements (unaudited) Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Changes in Stockholders' Equity(Deficit)/Parent Net Investment 3 Condensed Consolidated Statements of Cash Flows 4 Notes to Condensed Consolidated Financial Statements 5 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 35 Item 4.
Controls and Procedures
Controls and Procedures 36
– OTHER INFORMATION
PART II – OTHER INFORMATION 37 Item 1.
Legal Proceedings
Legal Proceedings 37 Item 1A.
Risk Factors
Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 37 Item 4. Mine Safety Disclosures 37 Item 5. Other Information 37 Item 6. Exhibits 38
SIGNATURES
SIGNATURES 39 Table of Contents
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
FINANCIAL STATEMENTS (UNAUDITED)
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) SABLE OFFSHORE CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (dollars in thousands) Successor Predecessor June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 112,069 $ — Restricted cash 35,095 — Materials and supplies 16,578 16,213 Prepaid expenses and other current assets 3,350 — Total current assets 167,092 16,213 Oil and gas properties (Successful efforts method) Oil and gas properties 1,068,322 4,382,289 Less: Accumulated depreciation, depletion and amortization — ( 3,693,325 ) Total oil and gas properties - net 1,068,322 688,964 Other, net 5,497 6,404 Total assets $ 1,240,911 $ 711,581 Liabilities and Stockholders' Equity/Parent Net Investment Accounts payable and accrued expenses $ 57,651 $ 5,384 Due to related party, net — 11,370 Excise tax payable 2,308 — Other current liabilities 1,300 1,148 Total current liabilities 61,259 17,902 Warrant liabilities 149,473 — Asset retirement obligations 94,174 349,138 Senior Secured Term Loan including paid-in-kind interest, net 790,377 — Deferred tax liabilities 19,781 — Other 3,800 5,520 Total liabilities 1,118,864 372,560 Commitments and Contingencies (Note 8) Stockholders' Equity/Parent Net Investment Parent net investment — 339,021 Preferred stock, $ 0.0001 par value; 1,000,000 shares authorized; none issued and outstanding at June 30, 2024 — — Common Stock, $ 0.0001 par value; 500,000,000 shares authorized; 64,845,435 issued and outstanding at June 30, 2024 6 — Additional paid-in capital 548,600 — Accumulated deficit ( 426,559 ) — Total Stockholders' Equity/Parent Net Investment 122,047 339,021 Total Liabilities and Stockholders' Equity/Parent Net Investment $ 1,240,911 $ 711,581 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 1 Table of Contents SABLE OFFSHORE CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITE