Sable Offshore Corp. filed its Form 10-Q for the quarterly period ended September 30, 2026 with the U.S. Securities and Exchange Commission on November 9, 2026, reporting a nine-month net loss of $530,564 thousand and first-time oil and gas revenues following the restart of operations.

Key Highlights

  • Nine-month net loss: The company reported a net loss of $530,564 thousand for the nine months ended September 30, 2026, compared to a net loss of $347,988 thousand in the same period of 2025, according to the filing.
  • First revenues recorded: Oil and natural gas liquids sales totaled $291,616 thousand for the nine months ended September 30, 2026; no revenue was reported for the comparable 2025 period.
  • Q3 2026 net loss: The company disclosed a net loss of $269,322 thousand for the three months ended September 30, 2026, versus a net loss of $110,378 thousand in Q3 2025.
  • Loss on derivatives: The filing reports a loss on derivatives, net, of $168,651 thousand for both the three- and nine-month periods ended September 30, 2026.
  • Share count increase: Common shares outstanding rose from 144,961,796 at December 31, 2025 to 207,980,283 as of November 6, 2026, with net proceeds of $184,358 thousand raised from stock issuances in Q3 2026 alone.
  • Cash position: Cash and cash equivalents declined to $38,039 thousand at September 30, 2026 from $97,684 thousand at December 31, 2025, the filing shows.
  • Total assets and liabilities: Total assets were $1,831,719 thousand and total liabilities were $1,507,403 thousand as of September 30, 2026, leaving total stockholders' equity of $324,316 thousand.

Sable Offshore's First Revenue Period Accompanied by Rising Losses and Derivative Charges

According to the quarterly filing, Sable Offshore Corp. (NYSE:SOC) generated oil and natural gas liquids sales of $291,616 thousand and $153,636 thousand for the nine and three months ended September 30, 2026, respectively, representing the company's first recorded revenues after reporting zero revenue in both comparable 2025 periods. Despite this milestone, total operating expenses for the nine months reached $520,047 thousand, resulting in a loss from operations of $227,281 thousand. Operations and maintenance expenses alone were $295,601 thousand for the nine-month period, the filing disclosed.

Beyond operating results, the company disclosed significant non-operating charges. Interest expense totaled $119,104 thousand for the nine months ended September 30, 2026, up from $63,029 thousand in the prior-year period. A loss on derivatives, net, of $168,651 thousand was recorded in Q3 2026, contributing to total other expense of $278,968 thousand for the nine months. The filing also reports a loss on extinguishment of debt of $15,025 thousand recorded in the period. Non-current derivative liabilities of $59,698 thousand and current derivative liabilities of $98,959 thousand appeared on the September 30, 2026 balance sheet, with no comparable balances at December 31, 2025.

The company's balance sheet reflected meaningful changes in its capital structure. Non-current debt, net, stood at $848,016 thousand as of September 30, 2026, compared to zero at year-end 2025, while current debt, net, fell to $112,209 thousand from $921,584 thousand, suggesting a reclassification associated with debt refinancing. The accumulated deficit grew to $1,636,716 thousand from $1,108,458 thousand at December 31, 2025. The filing identifies Sable Offshore as a non-accelerated filer, smaller reporting company, and emerging growth company.

What Was Disclosed

Sable Offshore Corp. filed its 10-Q for the nine months ended September 30, 2026, disclosing first-time oil and gas revenues of $291,616 thousand, a nine-month net loss of $530,564 thousand, a $168,651 thousand derivative loss, and a share count increase to 207,980,283 shares outstanding.