Sable Offshore posts first full-quarter revenue of $137.1 million in Q2 2026
Sable Offshore reported second-quarter 2026 revenue of $137.1 million and $9.4 million of positive operating cash flow, its first full quarter of revenue and positive operating cash flow since inception. The company also cut its second-half 2026 capital spending midpoint by 41% to $85 million, but it absorbed $18.5 million of demurrage charges and refinanced its debt on higher-cost terms, including a 15.0% term loan and $115.0 million of new common stock sold at $3.08 per share.
Key points
- Q2 2026 total revenue of $137.1 million and operating cash flow of $9.4 million, the first full quarter of each since inception.
- $18.5 million of non-recurring demurrage charges recognized in operating expenses in the second quarter.
- July 2, 2026 refinancing: $675.0 million Term Loan B at a 15.0% coupon due December 15, 2028; $345.0 million 6.5% convertible notes due July 1, 2031; $115.0 million of common stock at $3.08 per share.
- Second-half 2026 midpoint capex reduced 41% to $85 million; oil sales constrained to a maximum of 40,000 gross barrels per day from July, with relief expected from the back half of August.
The filing
Written by AI on Nov 9, 2026, 11:43 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 10, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.