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Sable Offshore Corp. ("Sable" or the "Company") (NYSE:SOC) today is responding to correct a report issued by Hunterbrook Media LLC ("Hunterbrook") published on November 14, 2025. Sable disputes certain misstatements in the report as follows below.
Accounts Payable
In the report, Hunterbrook states that Sable "disclosed…$163 million in accounts payable…" as of September 30, 2025 in its Q3 10-Q. This is a gross misreading of Sable's balance sheet set forth in the Company's recently filed Form 10-Q (the "Q3 10-Q"). As clearly disclosed on pg. 14 of the Q3 10-Q, the accounts payable balance of the Company as of September 30, 2025 was approximately $53 million. The figure cited by Hunterbrook includes accounts payable and accrued liabilities. Accrued liabilities include certain discretionary and non-cash items.
With proceeds from the successful sale of common stock in a private placement to institutional investors, Sable believes it has the liquidity required to pursue its objectives, including a comprehensive debt refinancing in the first quarter of 2026.
Pilgrim Global Entities' Ownership
The report also speculates on Pilgrim's current ownership and intentions. Pilgrim continues to have substantial ownership in Sable consistent with its regulatory filings. Pilgrim also was a significant participant in Sable's recent sale of common equity in a private placement to institutional investors.
Bonding Requirement for Future P&A Liabilities and Timing
Regarding Hunterbrook's statement that "[t]he Exxon arrangement includes another new disclosure: Sable must now post a $350 million bond…" This is incorrect. The report quotes a section from Sable's recently filed Q3 10-Q where the Company disclosed an extension to its bonding obligation for its plugging and abandonment obligations to ExxonMobil following the cessation of production from the Company's Santa Ynez Unit. The extension is detailed in Sable's Fifth Amendment to its Purchase and Sale Agreement ("PSA") with Exxon Mobil Corporation ("Exxon"). The $350 million bonding obligation (referred to in the PSA as the P&A Financial Security) is an obligation that arises from the original PSA with Exxon Mobil dated November 1, 2022 as first disclosed by Sable on its Form 8-K dated February 14, 2024 (and which was previously disclosed by its predecessor on November 10, 2022) and in multiple filings since, including the Company's 2024 Annual Report filed on March 17, 2025. The bonding relates to Sable's obligation to plug and abandon wells at the end of the Santa Ynez Unit's end of life. The PSA originally required Sable to post the PSA bond 150 days following the resumption of production from the wells on the SYU Unit (which resumed production on May 15, 2025). In the 5th Amendment to the PSA, dated effective October 14, 2025, the P&A Financial Security obligation was extended from effectively October 2025 to a date that is three business days following the ExxonMobil Senior Secured Term Loan Maturity Date, which, following the extension of same, will be the earlier of March 31, 2027 or 90 days after first sales of Hydrocarbons (as defined in the Senior Secured Term Loan). As noted, under certain circumstances after the bonding is in place ExxonMobil has the ability to seek an increase in the bonding amount to $500 million.
Posted In: SOC
