Sable Offshore Q2 Earnings
Where Are you Fire Marshal, Why Cant I Find You? (Sang in the voice of Cindy Lou Who)
Earnings Summary
Ending Cash: $247.1M
Debt Outstanding: $875.6M
Shares Outstanding: 99,482,250
Cash Burn: $128.1M
Commentary
It is pretty hard to give meaningful commentary on a business that isn’t producing any revenues but that does not mean I will not try. Sable ends the quarter with meaningful cash reserves to get them through the restart phase adding 10M shares that generated net proceeds of $282.6M on May 23rd. Oil sales are now projected post pipeline restart in September of 2025.
Production