Sable Offshore Corp.
For the period ended Mar 31, 2025. Filed May 9, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 9, 2025
SOC$0.75-14.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| Successor · Predecessor | |||
|---|---|---|---|
| (dollars in thousands) | Three Months Ended March 31, 2025 | February 14, 2024—March 31, 2024 | January 1, 2024—February 13, 2024 |
| Cash flows from operating activities: | |||
| Net loss | $(109,544) | $(180,105) | $(11,789) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation, depletion, amortization and accretion | 3,021 | 1,377 | 2,627 |
| Stock-based compensation | 6,065 | 46,380 | — |
| Amortization of operating lease right-of-use asset | 406 | 99 | — |
| Amortization of debt issuance costs | 156 | 170 | — |
| Paid-in-kind interest | 20,854 | 9,631 | — |
| Deferred tax expense | 10,883 | 13,423 | — |
| Change in fair value of warrant liabilities | 21,295 | (1,763) | — |
| Changes in current assets and current liabilities, net of effect of acquisition: | |||
| Materials, supplies and other assets | 257 | — | 5,980 |
| Prepaid expenses | (2,599) | (2,347) | — |
| Accounts payable and accrued expenses | 1,271 | 77,006 | (7,922) |
| Due to related party | — | — | (11,370) |
| Net cash used in operating activities | (47,935) | (36,129) | (22,474) |
| Cash flows from investing activities: | |||
| Payments for capital expenditures | (63,304) | — | — |
| Cash paid for acquisition | — | (204,094) | — |
| Net cash used in investing activities | (63,304) | (204,094) | — |
| Cash flows from financing activities: | |||
| Capital contribution from parent | — | — | 22,474 |
| Private offering proceeds | — | 440,249 | — |
| Payment of equity issuance costs | (36) | (22,878) | — |
| Payment on Senior Secured Term Loan | — | (18,750) | — |
| Payment of debt issuance costs | — | (1,503) | — |
| Payment of non-convertible promissory notes—related parties | — | (1,129) | — |
| Net cash (used in)/provided by financing activities | (36) | 395,989 | 22,474 |
| Net change in cash | (111,275) | 155,766 | — |
| Cash, cash equivalents and restricted cash, beginning of the period | 335,772 | 53,334 | — |
| Cash, cash equivalents and restricted cash, end of the period | $224,497 | $209,100 | $— |
| Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets | |||
| Cash and cash equivalents | $188,987 | $209,100 | $— |
| Restricted cash | 35,510 | — | — |
| Total cash, cash equivalents and restricted cash | $224,497 | $209,100 | $— |
| Supplemental Non-Cash Disclosure | |||
| Assets and Liabilities resulting from Business Combination: | |||
| Senior Secured Term Loan, including paid-in-kind interest | $— | $765,018 | $— |
| Supplies and materials | — | 16,637 | — |
| Accrued liabilities | — | 129 | — |
| Deferred tax liability | — | 1,209 | — |
| Asset retirement obligations assumed | — | 90,073 | — |
| Right of use assets obtained in exchange for operating lease liabilities | — | 4,621 | — |
| Right of use assets obtained in exchange for operating lease liabilities | $307 | $756 | $— |
| Change in capital expenditures included in accounts payable and accrued expenses | $24,959 | $— | $— |
| The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. | |||
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