# Sable Offshore Corp. (SOC)

**Exchange:** NYSE  
**Sector:** Energy  
**Market cap:** $1.17B  
**Price:** $11.88 (+0.42%)

> Sable Offshore Corp. is an independent oil and gas exploration and production company based in the United States. The company focuses on upstream activities, primarily developing the Santa Ynez Unit located in federal waters offshore California, using three offshore platforms and associated subsea infrastructure. Sable Offshore Corp. holds a portfolio of federal leases covering tens of thousands of offshore acres, along with pipelines that transport crude oil, natural gas, and produced water to onshore processing facilities. Formerly known as Flame Acquisition Corp., it adopted its current name in 2024 to reflect its operating focus in offshore energy. Operating within the energy sector’s oil and gas drilling industry, Sable Offshore Corp. contributes to U.S. hydrocarbon supply by targeting a mature but prolific offshore resource base with established infrastructure and regulatory frameworks. The company’s activities position it as a niche offshore operator, emphasizing safe operations and long-term resource development in a specialized segment of the domestic energy market.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | — | — | -$408M | -$410M | — |
| 2023 | — | — | -$94M | -$94M | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $1.74B | $1.21B | $534M | $98M | — |
| 2023 | $712M | $373M | $339M | — | — |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | -$352M | — | — |
| 2023 | -$70M | — | — |
| 2022 | -$2M | — | — |
| 2021 | -$2M | — | — |

Source: [CompaniesByCap](https://companiesbycap.com/company/SOC)