
Sable Offshore Corp. has reported a net loss of $617.3 million for 2024, compared to a net loss of $93.7 million for 2023.
The company said in a media release that operating and maintenance expenses were $95.2 million, up $34.5 million, or 56.9 percent, compared to $60.7 million for 2023.
Sable raised $773.8 million in gross equity proceeds in 2024 and ended the year with 89,310,996 shares of common stock outstanding.
During the year, the company received approval from the California Office of the State Fire Marshal (OSFM) to implement enhanced pipeline integrity standards for the Las Flores Pipeline System, toward the satisfaction of requirements of a federal court-ordered consent decree. The company also said it made significant progress in executing an anomaly repair program for the pipeline.
In February 2025 Sable received confirmation from the County of Santa Barbara that existing permits authorize certain pipeline anomaly repair works in the Coastal Zone. Also that month, the U.S. Department of Transportation Pipeline and Hazardous Materials Safety Administration, delivered notices to the OSFM that it does not object to the OSFM’s approval of Sable’s implementation of enhanced pipeline integrity standards.
Sable also said it started hydrotesting the pipeline to prepare for a potential restart of the Santa Ynez Unit (SYU) offshore platforms and the related Las Flores Canyon processing facilities. “We anticipate resuming production at the SYU offshore platforms in the second quarter of 2025 after completing the anomaly repair program, the pipeline hydrotest, and receiving OSFM approval for our updated start-up plan”, the company said. Sable plans to restart the SYU offshore platforms starting with Harmony, followed by Heritage, then Hondo.
“The Sable team looks forward to finishing the restoration of the pipeline to as-new condition and restarting production at the Santa Ynez Unit. The restart will provide low-carbon-intensity energy to California and enhance domestic energy security and affordability”, Jim Flores, Sable’s Chairman and Chief Executive Officer, added.
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