Sable Offshore

What Sable Offshore does

Sable Offshore Corp. is a Houston-based independent upstream oil and gas company that operates the Santa Ynez Unit, a legacy producing asset in federal waters 5-9 miles offshore Santa Barbara County, California. The company holds 100% operated working interest across three platforms (Harmony, Heritage, and Hondo), 112 wells (90 producers, 12 injectors, 10 idle), and 76,000 acres across 16 federal offshore leases, with estimated reserves of 540,000 boe and an estimated fully ramped production capacity of approximately 62 MBO/D. Sable acquired the assets from Exxon Mobil in November 2022 for cumulative investment exceeding $1.4 billion, restarting a unit that had been shut in since the 2015 Refugio Oil Spill. Crude oil is processed at the company-owned Las Flores Canyon facility and transported via the Santa Ynez Pipeline System (200,000 Bbls/d capacity) to Pentland Station and ultimately to California refiners.

Sable generates revenue exclusively through commodity crude oil sales, with Chevron as the sole named offtake customer purchasing approximately 50,000+ Bbls/d following the March 2026 commercial restart. Production economics are tied directly to market crude pricing with no disclosed hedging or pricing tiers. Production was physically resumed in May 2025, but full commercial sales required a March 2026 Defense Production Act order from the Department of Energy overriding California state and local opposition, supplemented by a PHMSA emergency special permit. The company is also pursuing an alternative Offshore Storage and Treating (OS&T) vessel strategy with a $125 million sales buoy option to access global markets via shuttle tankers, contingent on federal approvals.

The business model is capital-intensive single-asset upstream production with high regulatory complexity and significant political and legal tail risk. Management is led by Chairman and CEO James C. Flores, with the broader leadership team drawing from prior E&P experience at Plains Exploration & Production, Freeport-McMoRan Oil & Gas, and Sable Permian. The company is publicly traded on the NYSE under ticker SOC, has raised approximately $545 million through 2025 equity offerings, carries approximately $956 million in short-term debt (being refinanced via a new $775M-$1B senior secured term loan), and is subject to ongoing litigation including an $18 million California Coastal Commission penalty, multiple state lawsuits challenging the pipeline restart, and SEC/DOJ subpoenas related to a short-seller report.

Name

Sable Offshore

Legal name

Sable Offshore Corp.

Website

https://sableoffshore.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

51–100 employees

Short description

Sable Offshore Corp. is a Houston-based independent upstream oil and gas company that operates the Santa Ynez Unit offshore California, producing crude oil from three platforms and selling it exclusively to Chevron under a sole-customer offtake arrangement.

Ownership category

akta.pro rank

Product category

Offshore Crude Oil Production

NAICS

Crude Petroleum Extraction (21112)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Offshore E&P (Shallow/Deepwater, Subsea Production Systems) (EUALAAAI)

akta.pro secondary industries

Production Operations & Well Optimization (Artificial Lift, Flow Assurance) (EUALAAAF), Offshore / Subsea Crude Oil Pipeline Transportation (TLAGAAAD)

Keywords

• Offshore oil production
• Crude oil sales
• Upstream oil and gas
• Offshore drilling operations
• Pipeline transportation services

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Crude Oil Sales: Sable Offshore generates revenue through the sale of crude oil produced from its Santa Ynez Unit offshore platforms. Oil is sold to Chevron for refining, with production volumes ramping from approximately 50,000 Bbls/d initially to expected fully-ramped production of approximately 62 MBO/D across three platforms. Revenue is commodity-price dependent and represents the sole revenue stream.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Sable Offshore Corp. is a Houston-based independent upstream oil and gas company that develops and operates the Santa Ynez Unit in federal waters offshore California. The company produces crude oil from three offshore platforms (Harmony, Heritage, and Hondo) and transports it through the Santa Ynez Pipeline System and Las Flores Canyon processing facility, selling primarily to Chevron under long-term offtake arrangements. Estimated fully ramped production capacity is approximately 62 MBO/D.

Product overview

Sable Offshore Corp. is a Houston-based independent oil and gas company operating a single-segment upstream business focused on developing the Santa Ynez Unit offshore California. The company operates three offshore production platforms (Harmony, Heritage, and Hondo) producing crude oil that flows through the onshore Las Flores Canyon processing facility and the Santa Ynez Pipeline System to market. The company also maintains an alternative offshore loading strategy through a proposed Storage and Treating Vessel. All operations are concentrated in federal waters offshore California with sales primarily to Chevron.

Differentiator

Problem solved

Functional benefit

Products and services

• Santa Ynez Unit Crude Oil Production
• Santa Ynez Pipeline System
• Las Flores Canyon Processing Facility
• Offshore Storage and Treating (OS&T) Vessel Strategy

Quantifiable outcome

• Approximately 50,000+ barrels per day of domestic crude oil production
• +3 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered core.

• ChevroncoreChannel Partner/ Reseller/ DistributorChevron is the primary offtake customer purchasing Sable's crude oil production for refining at its California refinery. Initial purchase agreement began at 20,000 Bbls/d with expectations to scale with production ramp-up across all three platforms.
• U.S. Department of EnergycoreStrategic or Co-development PartnerThe Department of Energy, under Secretary Chris Wright, invoked the Defense Production Act in March 2026 to order Sable to restart oil production, overriding California state regulations. This federal support has been critical to the company's ability to operate. Energy Secretary Wright and Interior Secretary Burgum visited Sable's facility in June 2026 to publicly support operations.

Scale indicators13 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• California Resources Corporation: California Resources Corporation is the largest onshore oil and gas producer in California, operating in the same geographic and regulatory environment. While CRC focuses on onshore and enhanced oil recovery operations, both companies compete for California refinery offtake and navigate similar state-level regulatory pressures around oil production.
• Aera Energy: Aera Energy is a joint venture between Shell and ExxonMobil operating major California oil and gas assets, including offshore and onshore production. As one of the largest California-focused E&P operators, Aera shares Sable's regulatory and operational environment in the state.
• Berry Petroleum (CRC subsidiary): Berry Petroleum, now a subsidiary of California Resources Corporation, operates heavy oil and unconventional resource properties in California. The combined CRC/Berry entity is the closest operational comparable to Sable's California-focused upstream business model.

Broad incumbents

• Occidental Petroleum: Occidental is a major diversified E&P company with significant historical California operations and a broad national and international portfolio. Comparable as a large-scale oil producer that has navigated California regulatory complexity, though Occidental's scale and diversification dwarf Sable's single-asset focus.
• Chevron Corporation: Chevron is both Sable's primary offtake customer and a major California refiner with its own upstream production globally. While a buyer rather than a direct competitor for offshore California assets, Chevron's refinery operations and Pacific basin upstream interests make it a relevant comparable for California crude economics.
• Exxon Mobil Corporation: Exxon Mobil is Sable's former asset owner and current primary debt lender, holding the $956M Senior Secured Term Loan being refinanced. As the seller of the Santa Ynez Unit, ExxonMobil provides the most direct comparison for the asset's prior value and operating economics within a major integrated oil company portfolio.
• Hess Corporation: Hess Corporation is a major independent E&P with offshore production expertise and a diversified global portfolio. Relevant comparable for independent offshore operators and for valuation benchmarks in the upstream sector, though Hess operates at much larger scale and in different geographies.

Others

• Plains All American Pipeline: Plains All American operates extensive crude oil transportation and gathering infrastructure in California. Comparable as an operator of California crude logistics infrastructure and as a midstream partner of California E&P producers, though focused on transportation rather than production.

Emerging players

• EOG Resources: EOG Resources is a major independent E&P with operations across multiple U.S. basins. While not focused on California offshore assets, EOG represents the relevant comparable for independent upstream operators pursuing capital-efficient production growth and could be a strategic acquirer of similar assets.
• Murphy Oil Corporation: Murphy Oil is a smaller independent E&P with offshore and onshore operations. Comparable as a sub-scale independent producer focused on capital-efficient upstream operations and navigating similar operational and capital structure challenges to Sable at its current stage.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/sable-offshore-corp

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds5 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sable Offshore