Sable Offshore Corp. filed its quarterly report on Form 10-Q for the period ended June 30, 2026, with the Securities and Exchange Commission on August 10, 2026, disclosing its first recognized oil and natural gas liquids revenue alongside a net loss for the quarter.

Key Highlights

  • Oil and natural gas liquids sales: The company reported total revenue of $137,125 thousand for the three months ended June 30, 2026, compared to $0 in the same period of 2025, according to the filing.
  • Net loss: The company recorded a net loss of $64,216 thousand for the second quarter of 2026, versus a net loss of $128,066 thousand in the second quarter of 2025.
  • Accumulated deficit: The accumulated deficit stood at $1,369,700 thousand as of June 30, 2026, up from $1,108,458 thousand at December 31, 2025.
  • Total assets: Total assets were $1,761,643 thousand at June 30, 2026, compared to $1,740,822 thousand at December 31, 2025.
  • Shares outstanding: As of August 7, 2026, there were 191,869,572 shares of Common Stock issued and outstanding.
  • Cash position: Cash and cash equivalents declined to $21,599 thousand at June 30, 2026, from $97,684 thousand at December 31, 2025.

Sable Offshore's Oil Production Revenue Debut and Financial Position

According to the filing, Sable Offshore Corp. (NYSE: SOC), a Delaware-incorporated oil and gas company headquartered in Houston, Texas, recognized oil and natural gas liquids sales of $136,709 thousand for the three months ended June 30, 2026. The company reported no comparable revenue in the same quarter of 2025. For the six months ended June 30, 2026, oil and natural gas liquids sales totaled $137,980 thousand, also compared to $0 in the prior-year period.

The company reported total operating expenses of $204,019 thousand for the second quarter of 2026, including operations and maintenance expenses of $113,474 thousand and general and administrative expenses of $58,521 thousand. The filing disclosed a loss from operations of $66,894 thousand for the quarter. A change in fair value of warrant liabilities contributed income of $72,056 thousand, while interest expense was $43,066 thousand, resulting in a net loss of $64,216 thousand for the three months ended June 30, 2026. The basic and diluted net loss per common share was $0.42, based on a weighted average of 153,470,125 shares outstanding.

On the balance sheet, the company reported total stockholders' equity of $395,000 thousand at June 30, 2026, down from $534,303 thousand at December 31, 2025. The term loan shifted from a current classification of $921,584 thousand at year-end 2025 to a split between a current portion of $236,749 thousand and a non-current portion of $732,087 thousand at June 30, 2026. Net cash used in operating activities was $72,807 thousand for the six months ended June 30, 2026, and capital expenditures totaled $52,559 thousand over the same period.

What Was Disclosed

The 10-Q filing covered Sable Offshore Corp.'s financial results for the quarter and six months ended June 30, 2026, reporting the company's first oil and natural gas liquids revenue, a net loss of $64,216 thousand for the quarter, and a decline in cash and cash equivalents to $21,599 thousand.