Sable Offshore Corp. Files S-1 with Updated Financials

TL;DR

Sable Offshore (formerly Flame Acquisition) filed S-1 on 10/11/24 - check financials.

AI Summary

Sable Offshore Corp. filed an S-1 form on October 11, 2024, detailing its business operations in crude petroleum and natural gas. The company, formerly known as Flame Acquisition Corp. until November 5, 2020, is headquartered in Houston, Texas. This filing provides updated financial information as of June 30, 2024, and for the fiscal year ending December 31, 2023.

Why It Matters

This S-1 filing provides crucial updated financial and operational details for Sable Offshore Corp., allowing investors and analysts to assess the company's current standing in the oil and gas sector.

Risk Assessment

Risk Level: medium — As an oil and gas company, Sable Offshore is subject to inherent commodity price volatility and regulatory risks.

Key Numbers

• 1231 — Fiscal Year End (Indicates the end of the company's financial reporting year.)
• 2024-06-30 — Latest Financial Data Date (Represents the most recent period for which financial information is provided.)
• 2023-12-31 — Previous Fiscal Year End (Provides a comparison point for financial performance.)

Key Players & Entities

• Sable Offshore Corp. (company) — Filer of the S-1 document
• Flame Acquisition Corp. (company) — Former name of Sable Offshore Corp.
• 845 Texas Avenue, Suite 2920, Houston, TX 77002 (address) — Business and mailing address
• October 11, 2024 (date) — Filing date of the S-1
• November 5, 2020 (date) — Date of name change from Flame Acquisition Corp.

FAQ

Key Financial Figures

• $0.0001 — o 7,500,000 shares of our Common Stock, $0.0001 par value (" Common Stock ") of Sable O
• $150,000,000 — ssued in a committed PIPE investment of $150,000,000 (the " Second PIPE Investment ") at an
• $20.00 — ") at an equity consideration value of $20.00 per share by certain of the Selling Hol
• $19.84 — e closing price of our Common Stock was $19.84 per share and the closing price of our
• $8.58 — losing price of our Public Warrants was $8.58 per warrant. The Resale Securities re
• $10.00 — 0 shares of Common Stock, at a price of $10.00 per share, for an aggregate subscriptio
• $440,249,100 — for an aggregate subscription amount of $440,249,100; " First PIPE Investors " are to the
• $395,000 — the Sponsor in the principal amount of $395,000 dated May 12, 2023; " First Q3 2023 P
• $635,000 — the Sponsor in the principal amount of $635,000 dated August 30, 2023; " First Workin
• $365,000 — the Sponsor in the principal amount of $365,000 to cover additional expenses related to
• $50,000 — the Sponsor in the principal amount of $50,000 dated June 22, 2023; " Holdco " are t
• $178,630 — ote, Second Q3 2023 Promissory Note and $178,630 of the Q1 2023 Promissory Note; " pub
• $535,000 — the Sponsor in the principal amount of $535,000, dated February 6, 2023; " Q3 2022 Pr
• $170,000 — the Sponsor in the principal amount of $170,000 to cover additional expenses related to
• $200,000 — the Sponsor in the principal amount of $200,000, dated October 31, 2022; 6 Table of

Filing Documents

• d862764ds1.htm (S-1) — 3134KB
• d862764dex51.htm (EX-5.1) — 11KB
• d862764dex1035.htm (EX-10.35) — 10KB
• d862764dex231.htm (EX-23.1) — 2KB
• d862764dex232.htm (EX-23.2) — 2KB
• d862764dexfilingfees.htm (EX-FILING FEES) — 17KB
• g862764ddsp51.jpg (GRAPHIC) — 11KB
• g862764g1009064528445.jpg (GRAPHIC) — 2KB
• g862764g50w66.jpg (GRAPHIC) — 47KB
• 0001193125-24-236795.txt ( ) — 12392KB
• soc-20240630.xsd (EX-101.SCH) — 84KB
• soc-20240630_cal.xml (EX-101.CAL) — 45KB
• soc-20240630_def.xml (EX-101.DEF) — 579KB
• soc-20240630_lab.xml (EX-101.LAB) — 602KB
• soc-20240630_pre.xml (EX-101.PRE) — 620KB
• d862764ds1_htm.xml (XML) — 1847KB

USE OF PROCEEDS

USE OF PROCEEDS 42 DETERMINATION OF OFFERING PRICE 42 MARKET INFORMATION FOR COMMON STOCK AND DIVIDEND POLICY 42 UNAUDITED PRO FORMA FINANCIAL INFORMATION 43

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 72 MANAGEMENT 88 EXECUTIVE AND DIRECTOR COMPENSATION 95 CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS 97 PRINCIPAL SECURITYHOLDERS 104 SELLING HOLDERS 106 PLAN OF DISTRIBUTION 111

DESCRIPTION OF SECURITIES

DESCRIPTION OF SECURITIES 114 SECURITIES ACT RESTRICTIONS ON RESALE OF SECURITIES 118 LEGAL MATTERS 120 EXPERTS 120 WHERE YOU CAN FIND ADDITIONAL INFORMATION 120 INDEX TO FINANCIAL STATEMENTS F-1 Table of Contents PROSPECTUS SUMMARY This prospectus is part of a registration statement on Form S-1 that we filed with the Securities and Exchange Commission (the " SEC ") using the "shelf" registration process. Under the shelf registration process, the Selling Holders may, from time to time, sell the securities offered by them described in this prospectus through any means described in the section of this prospectus entitled " Plan of Distribution ." We will not receive any proceeds from the sale by such Selling Holders of the securities offered by them as described in this prospectus. Neither we nor the Selling Holders have authorized anyone to provide you with any information or to make any representations other than those contained in this prospectus, any post-effective amendment, any applicable prospectus supplement or any free writing prospectuses prepared by or on behalf of us or to which we have referred you. Neither we nor the Selling Holders take responsibility for and can provide no assurance as to the reliability of any other information that others may give you. Neither we nor the Selling Holders will make an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus, any post-effective amendment and any applicable prospectus supplement to this prospectus is accurate only as of the date on its respective cover. Our business, financial condition, results of operations and prospects may have changed since those dates. This prospectus contains, and any post-effective amendment or any prospectus supplement may contain, market data and industry statistics and forecasts that are based on independent industry publications and other publi

View Full Filing

View this S-1 filing on SEC EDGAR