Business Wire·Jun 30, 2026, 8:08 AM ET

Sable Offshore Corp. Announces Proposed Offerings of Common Stock and Convertible Senior Notes

Sable Offshore Corp. announced plans to raise $100.0 million via common stock & $300.0 million via convertible senior notes due July 1, 2031.
Underwriters have a 30-day option to purchase an additional $15.0 million of common stock & $45.0 million of notes to cover over-allotments.
J.P. Morgan serves as the sole book-running manager for both offerings, while U.S. Bank Trust Company, N.A. is expected to act as trustee.
The notes are senior, unsecured obligations with semi-annual interest payments & settlement options for conversions including cash, shares, or a combination.
Notes are redeemable by Sable at any time from July 6, 2029, if specific stock price conditions are met, or repurchaseable by noteholders upon fundamental changes or on July 6, 2029.
Interest rates & initial conversion rates will be determined at the time of pricing.
Net proceeds will be used to repay the Senior Secured Term Loan with Exxon Mobil Corporation, pay transaction fees, & fund general corporate purposes.
The stock offering, notes offering, & New Senior Secured Term Loan are cross-conditioned & will only close if all transactions are consummated.
Offerings are conducted under an effective SEC shelf registration statement using a preliminary prospectus supplement available on the SEC website.
Sable Offshore Corp. is an independent oil & gas company based in Houston, Texas, focused on the Santa Ynez Unit offshore California.