10-Q Filing

Sable Offshore Corp. CIK: 1831481 Q1 2024

Filing Information

Form Type	10-Q
Accession Number	`0001193125-24-139428`
Period End Date	20240331
Filing Date	20240515
Fiscal Year	2024
Fiscal Period	Q1
XBRL Instance	d815914d10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 36 Cash Flow Statement 66

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Preferred stock par or stated value per share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock par or stated value per share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`Cash`	$209.10M	USD	Point-in-time
Cash and cash equivalents	`Cash`	$209.10M	USD	Point-in-time
Preferred stock shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$3.40M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$3.40M	USD	Point-in-time
Materials and supplies	`InventoryRawMaterialsAndSupplies`	$16.64M	USD	Point-in-time
Materials and supplies	`InventoryRawMaterialsAndSupplies`	$16.64M	USD	Point-in-time
Common stock par or stated value per share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock par or stated value per share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$229.14M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$229.14M	USD	Point-in-time
Common stock shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock shares issued	`CommonStockSharesIssued`	44.02M	shares	Point-in-time
Common stock shares issued	`CommonStockSharesIssued`	44.02M	shares	Point-in-time
Common stock shares issued	`CommonStockSharesIssued`	60.17M	shares	Point-in-time
Common stock shares issued	`CommonStockSharesIssued`	60.17M	shares	Point-in-time
Common stock shares outstanding	`CommonStockSharesOutstanding`	60.17M	shares	Point-in-time
Common stock shares outstanding	`CommonStockSharesOutstanding`	60.17M	shares	Point-in-time
Oil and gas properties	`OilAndGasPropertySuccessfulEffortMethodGross`	$1.06B	USD	Point-in-time
Oil and gas properties	`OilAndGasPropertySuccessfulEffortMethodGross`	$1.06B	USD	Point-in-time
Less: Accumulated depreciation, depletion and amortization	`OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAndAmortization`	-	USD	Point-in-time
Less: Accumulated depreciation, depletion and amortization	`OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAndAmortization`	-	USD	Point-in-time
Total oil and gas properties - net	`OilAndGasPropertySuccessfulEffortMethodNet`	$1.06B	USD	Point-in-time
Total oil and gas properties - net	`OilAndGasPropertySuccessfulEffortMethodNet`	$1.06B	USD	Point-in-time
Other, net	`OtherAssetsNoncurrent`	$5.83M	USD	Point-in-time
Other, net	`OtherAssetsNoncurrent`	$5.83M	USD	Point-in-time
Total assets	`Assets`	$1.30B	USD	Point-in-time
Total assets	`Assets`	$1.30B	USD	Point-in-time
Accounts payable and accrued expenses	`AccruedLiabilitiesCurrent`	$77.98M	USD	Point-in-time
Accounts payable and accrued expenses	`AccruedLiabilitiesCurrent`	$77.98M	USD	Point-in-time
Due to related party, net	`AccountsPayableCurrent`	-	USD	Point-in-time
Due to related party, net	`AccountsPayableCurrent`	-	USD	Point-in-time
Excise tax payable	`SalesAndExciseTaxPayableCurrent`	$2.31M	USD	Point-in-time
Excise tax payable	`SalesAndExciseTaxPayableCurrent`	$2.31M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.46M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.46M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$81.75M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$81.75M	USD	Point-in-time
Warrant liabilities	`WarrantLiability`	$68.30M	USD	Point-in-time
Warrant liabilities	`WarrantLiability`	$68.30M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$91.45M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$91.45M	USD	Point-in-time
Senior Secured Term Loan including paid-in-kind interest, net	`LongTermDebt`	$771.20M	USD	Point-in-time
Senior Secured Term Loan including paid-in-kind interest, net	`LongTermDebt`	$771.20M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilities`	$14.63M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilities`	$14.63M	USD	Point-in-time
Other	`OtherLiabilitiesNoncurrent`	$3.89M	USD	Point-in-time
Other	`OtherLiabilitiesNoncurrent`	$3.89M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.03B	USD	Point-in-time
Total liabilities	`Liabilities`	$1.03B	USD	Point-in-time
Commitments and Contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Parent net investment	`ParentNetInvestment`	-	USD	Point-in-time
Parent net investment	`ParentNetInvestment`	-	USD	Point-in-time
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock value	`CommonStockValue`	$6.00K	USD	Point-in-time
Common stock value	`CommonStockValue`	$6.00K	USD	Point-in-time
Common stock value	`CommonStockValue`	$440.25M	USD	Point-in-time
Common stock value	`CommonStockValue`	$440.25M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$525.70M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$525.70M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-261.12M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-261.12M	USD	Point-in-time
Total Stockholders' Equity/Parent Net Investment	`StockholdersEquity`	$264.58M	USD	Point-in-time
Total Stockholders' Equity/Parent Net Investment	`StockholdersEquity`	$264.58M	USD	Point-in-time
Total Liabilities and Stockholders' Equity/Parent Net Investment	`LiabilitiesAndStockholdersEquity`	$1.30B	USD	Point-in-time
Total Liabilities and Stockholders' Equity/Parent Net Investment	`LiabilitiesAndStockholdersEquity`	$1.30B	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Oil and gas sales	`ResultsOfOperationsRevenueFromOilAndGasProducingActivities`	-	USD	1 Quarter
Oil and gas sales	`ResultsOfOperationsRevenueFromOilAndGasProducingActivities`	-	USD	1 Quarter
Total revenue	`Revenues`	-	USD	1 Quarter
Total revenue	`Revenues`	-	USD	1 Quarter
Operations and maintenance expenses	`UtilitiesOperatingExpenseMaintenanceOperationsAndOtherCostsAndExpenses`	$7.32M	USD	1 Quarter
Operations and maintenance expenses	`UtilitiesOperatingExpenseMaintenanceOperationsAndOtherCostsAndExpenses`	$7.32M	USD	1 Quarter
Depletion, depreciation, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$1.38M	USD	1 Quarter
Depletion, depreciation, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$1.38M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$150.45M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$150.45M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$159.14M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$159.14M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-159.14M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-159.14M	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$1.76M	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$1.76M	USD	1 Quarter
Other (income) expense	`OtherNonoperatingIncomeExpense`	$-499.00K	USD	1 Quarter
Other (income) expense	`OtherNonoperatingIncomeExpense`	$-499.00K	USD	1 Quarter
Interest expense	`InvestmentIncomeInterest`	$9.80M	USD	1 Quarter
Interest expense	`InvestmentIncomeInterest`	$9.80M	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$7.54M	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$7.54M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-166.68M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-166.68M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$13.42M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$13.42M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-180.10M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-180.10M	USD	1 Quarter
Weighted average Common Stock outstanding, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	60.17M	shares	1 Quarter
Weighted average Common Stock outstanding, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	60.17M	shares	1 Quarter
Weighted average Common Stock outstanding, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	60.17M	shares	1 Quarter
Weighted average Common Stock outstanding, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	60.17M	shares	1 Quarter
Basic, net loss per Common Stock	`EarningsPerShareBasic`	$-2.99	USD	1 Quarter
Basic, net loss per Common Stock	`EarningsPerShareBasic`	$-2.99	USD	1 Quarter
Diluted, net loss per Common Stock	`EarningsPerShareDiluted`	$-2.99	USD	1 Quarter
Diluted, net loss per Common Stock	`EarningsPerShareDiluted`	$-2.99	USD	1 Quarter

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-180.10M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-180.10M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$1.38M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$1.38M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$46.38M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$46.38M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfDeferredCharges`	$170.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfDeferredCharges`	$170.00K	USD	1 Quarter
Paid-in-kind interest	`PaidInKindInterest`	$9.63M	USD	1 Quarter
Paid-in-kind interest	`PaidInKindInterest`	$9.63M	USD	1 Quarter
Change in deferred tax liabilities	`IncreaseDecreaseInDeferredLiabilities`	$13.42M	USD	1 Quarter
Change in deferred tax liabilities	`IncreaseDecreaseInDeferredLiabilities`	$13.42M	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$1.76M	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$1.76M	USD	1 Quarter
Materials, supplies and other assets	`IncreaseDecreaseInMaterialsAndSupplies`	-	USD	1 Quarter
Materials, supplies and other assets	`IncreaseDecreaseInMaterialsAndSupplies`	-	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$2.25M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$2.25M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$77.01M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$77.01M	USD	1 Quarter
Due to related party	`IncreaseDecreaseInDueToRelatedPartiesCurrent`	-	USD	1 Quarter
Due to related party	`IncreaseDecreaseInDueToRelatedPartiesCurrent`	-	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-36.13M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-36.13M	USD	1 Quarter
Cash paid for acquisition	`PaymentsToAcquireProductiveAssets`	$204.09M	USD	1 Quarter
Cash paid for acquisition	`PaymentsToAcquireProductiveAssets`	$204.09M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-204.09M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-204.09M	USD	1 Quarter
Capital contribution from parent	`ProceedsFromContributionsFromParent`	-	USD	1 Quarter
Capital contribution from parent	`ProceedsFromContributionsFromParent`	-	USD	1 Quarter
Private offering proceeds	`ProceedsFromIssuanceOfPrivatePlacement`	$440.25M	USD	1 Quarter
Private offering proceeds	`ProceedsFromIssuanceOfPrivatePlacement`	$440.25M	USD	1 Quarter
Payment of equity issuance costs	`PaymentsOfStockIssuanceCosts`	$22.88M	USD	1 Quarter
Payment of equity issuance costs	`PaymentsOfStockIssuanceCosts`	$22.88M	USD	1 Quarter
Payment on Senior Secured Term Loan	`PaymentOnSeniorSecuredTermLoan`	$-18.75M	USD	1 Quarter
Payment on Senior Secured Term Loan	`PaymentOnSeniorSecuredTermLoan`	$-18.75M	USD	1 Quarter
Payment of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$1.50M	USD	1 Quarter
Payment of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$1.50M	USD	1 Quarter
Payment of non-convertible promissory notesrelated parties	`RepaymentsOfRelatedPartyDebt`	$1.13M	USD	1 Quarter
Payment of non-convertible promissory notesrelated parties	`RepaymentsOfRelatedPartyDebt`	$1.13M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$395.99M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$395.99M	USD	1 Quarter
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$155.77M	USD	1 Quarter
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$155.77M	USD	1 Quarter
Cash and cash equivalents, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$209.10M	USD	Point-in-time
Cash and cash equivalents, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$209.10M	USD	Point-in-time
Cash and cash equivalents, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$53.33M	USD	Point-in-time
Cash and cash equivalents, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$53.33M	USD	Point-in-time
Cash and cash equivalents, end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$209.10M	USD	Point-in-time
Cash and cash equivalents, end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$209.10M	USD	Point-in-time
Cash and cash equivalents, end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$53.33M	USD	Point-in-time
Cash and cash equivalents, end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$53.33M	USD	Point-in-time
Senior Secured Term Loan, including paid-in-kind interest	`NonCashOrPartNonCashAcquisitionSeniorSecuredTermLoanAcquired`	$765.02M	USD	1 Quarter
Senior Secured Term Loan, including paid-in-kind interest	`NonCashOrPartNonCashAcquisitionSeniorSecuredTermLoanAcquired`	$765.02M	USD	1 Quarter
Supplies and materials	`NoncashOrPartNoncashAcquisitionInventoryAcquired1`	$16.64M	USD	1 Quarter
Supplies and materials	`NoncashOrPartNoncashAcquisitionInventoryAcquired1`	$16.64M	USD	1 Quarter
Accrued liabilities	`NoncashOrPartNoncashAcquisitionPayablesAssumed1`	$129.00K	USD	1 Quarter
Accrued liabilities	`NoncashOrPartNoncashAcquisitionPayablesAssumed1`	$129.00K	USD	1 Quarter
Deferred tax liability	`NonCashOrPartNonCashAcquisitionDeferredTaxLiability`	$1.21M	USD	1 Quarter
Deferred tax liability	`NonCashOrPartNonCashAcquisitionDeferredTaxLiability`	$1.21M	USD	1 Quarter
Asset retirement obligations assumed	`NonCashOrPartNonCashAcquisitionAssetRetirementObligationAssumed`	$90.07M	USD	1 Quarter
Asset retirement obligations assumed	`NonCashOrPartNonCashAcquisitionAssetRetirementObligationAssumed`	$90.07M	USD	1 Quarter
Right of use assets obtained in exchange for operating lease liabilities	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$4.62M	USD	1 Quarter
Right of use assets obtained in exchange for operating lease liabilities	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$4.62M	USD	1 Quarter
Right of use assets obtained in exchange for operating lease liabilities	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiabilityOther`	$756.00K	USD	1 Quarter
Right of use assets obtained in exchange for operating lease liabilities	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiabilityOther`	$756.00K	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.