Sable Offshore Corp.
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
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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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Successor · Predecessor | ||||
|---|---|---|---|---|
| (dollars in thousands) | Year Ended December 31, 2025 | February 14—December 31, 2024 | January 1—February 13, 2024 | Year Ended December 31, 2023 |
| Cash flows from operating activities: | ||||
| Net loss | $(410,162) | $(617,278) | $(11,789) | $(93,673) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||
| Depreciation, depletion, amortization and accretion | 12,888 | 9,734 | 2,627 | 21,018 |
| Share based compensation expense | 42,679 | 91,609 | — | — |
| Amortization of operating lease right-of-use asset | 1,622 | 1,071 | — | — |
| Amortization of debt issuance costs | 542 | 1,012 | — | — |
| Paid-in-kind interest | 87,703 | 66,302 | — | — |
| Effect of amendment to the Senior Secured Term Loan | — | 4,957 | — | — |
| Deferred tax expense (benefit) | 11,671 | (48) | — | — |
| Change in fair value of warrant liabilities | (89,203) | 227,454 | — | — |
| Changes in current assets and current liabilities, net of effect of acquisition: | ||||
| Inventory | (6,101) | — | — | — |
| Material and supplies | 428 | 1,275 | 5,980 | 2,198 |
| Prepaid expenses and other assets | (7,544) | (3,025) | — | — |
| Accounts payable and accrued liabilities | 3,775 | 53,969 | (7,922) | (4,430) |
| Due to related party | — | — | (11,370) | 4,789 |
| Net cash used in operating activities | (351,702) | (162,968) | (22,474) | (70,098) |
| Cash flows from investing activities: | ||||
| Payments for capital expenditures | (417,624) | (72,302) | — | — |
| Cash paid for acquisition | — | (203,945) | — | — |
| Net cash used in investing activities | (417,624) | (276,247) | — | — |
| Cash flows from financing activities: | ||||
| Capital contribution from parent | — | — | 22,474 | 70,098 |
| Offering proceeds | 545,000 | 590,249 | — | — |
| Payment of equity issuance costs | (13,762) | (30,596) | — | — |
| Cash received on warrant exercises, net | — | 183,514 | — | — |
| Payment on Senior Secured Term Loan | — | (18,750) | — | — |
| Payment of debt issuance costs | — | (1,635) | — | — |
| Payment of non-convertible promissory notes—related parties | — | (1,129) | — | — |
| Net cash provided by financing activities | 531,238 | 721,653 | 22,474 | 70,098 |
| Net change in cash | (238,088) | 282,438 | — | — |
| Cash, cash equivalents and restricted cash, beginning of the period | 335,772 | 53,334 | — | — |
| Cash, cash equivalents and restricted cash, end of the period | $97,684 | $335,772 | $— | $— |
| Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets | ||||
| Cash and cash equivalents | $97,684 | $300,384 | $— | $— |
| Restricted cash | — | 35,388 | — | — |
| Total cash, cash equivalents and restricted cash | $97,684 | $335,772 | $— | $— |
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