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Sable 10-K: Digging Into Yesterday's Annual Report
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Sable 10-K: Digging Into Yesterday's Annual Report

A Look At The Cash Balance, The Amendment To The Loan Agreement With Exxon & Putting Together The Puzzle Pieces

BR Kelleran's avatar
BR Kelleran
Mar 18, 2025
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Kontrarian Korner
Kontrarian Korner
Sable 10-K: Digging Into Yesterday's Annual Report
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We finally got an update on Sable Offshore SOC 0.00%↑ with the release of the 10-K yesterday. If you have been following the legal saga step by step in recent months, you will know that we are very close, but after last week’s Town Hall meeting on the pipeline, the last remaining boxes to check for Sable are pretty simple: repair the last section of the pipeline (a 4 mile stretch in Gaviota State Park), and complete the hydrotest so they can get the green light from the Fire Marshal to operate. The expected first production date getting moved into Q2 isn’t a surprise given the timeline of the last couple months, but I think the story of getting this thing to first production is in its final chapters.

I’ll write about the 10-K that was released yesterday, and I want to hit on a couple main points. The first is the cash burn, which is the main thing I have been watching as the company progress towards first production, but I also wanted to hit an amendment to Sable’s agreement with Exxon XOM 0.00%↑. The stock is still priced for a lot of uncertainty, but if you put the puzzle pieces together (or if I can point you in the right direction), I think we are going to see the market start to price in more certainty about first production over the next 6-8 weeks.

Plenty Of Cash To Work With

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