Sable Offshore Corp.

Single-asset California offshore oil restart with deeply negative returns and near-illiquid balance sheet.

Strengths

• Sizable cash ($97.7M, 73rd pct) and zero reported debt-to-equity entering restart
• Just recommenced production at SYU in May 2025 after a decade idle, unlocking a large 100% working-interest asset base

Risks

• Negative ROA (-23.6%, 20th pct) and ROE (-76.8%, 9th pct) with current ratio 0.13 (10th pct) — essentially pre-cash-flow
• Binary regulatory/legal risk: pipeline restart hinges on Consent Decree clearances; resources are 'contingent', not reserves
• Term loan matures 2027/90 days after first sales; geographic and single-asset concentration in California

Notable findings

• Weak liquidityCurrent ratio 0.13 (<1)