Sable Offshore Corp.
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
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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Table of Contents
FORM 10-K
FOR THE YEAR ENDED DECEMBER 31, 2025
TABLE OF CONTENTS
| PAGE | ||
|---|---|---|
| Cautionary Note Regarding Forward-Looking Statements | ii | |
| PART I | 1 | |
| Item 1. | Business | 1 |
| Item 1A. | Risk Factors | 23 |
| Item 1B. | Unresolved Staff Comments | 46 |
| Item 1C. | Cybersecurity | 46 |
| Item 2. | Properties | 47 |
| Item 3. | Legal Proceedings | 47 |
| Item 4. | Mine Safety Disclosures | 48 |
| PART II | 49 | |
| Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities | 49 |
| Item 6. | [Reserved] | 49 |
| Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 50 |
| Item 7A. | Quantitative and Qualitative Disclosures about Market Risk | 61 |
| Item 8. | Financial Statements and Supplementary Data | 63 |
| Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 104 |
| Item 9A. | Controls and Procedures | 104 |
| Item 9B. | Other Information | 106 |
| Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 106 |
| PART III | 106 | |
| Item 10. | Directors, Executive Officers and Corporate Governance | 106 |
| Item 11. | Executive Compensation | 108 |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 108 |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence | 108 |
| Item 14. | Principal Accountant Fees and Services | 108 |
| PART IV | 109 | |
| Item 15. | Exhibits, Financial Statements and Financial Statement Schedules | 109 |
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