Investing.com -- Sable Offshore Corp (NYSE:SOC) reported third quarter 2026 revenue of $154.4 million, missing analyst estimates of $177.19 million, as the company disclosed that crude oil sales were halted by its sole downstream purchaser in early October due to maintenance and upgrades at their refinery.
The company's stock plunged 75% in premarket trading Monday following the announcement. Sable reported average daily net sales volumes of approximately 27,000 net barrels of oil per day, representing a 29% increase quarter over quarter. The company ended the quarter with $38.0 million in cash and cash equivalents.
Sable stated it is evaluating all options to resolve near-term working capital constraints caused by the downstream purchaser disruption, including selling its crude oil currently held in inventory via a bulk sale agreement. The company has diversified its marketing by beginning to sell crude oil to three additional Los Angeles-area refineries in early November 2026.
The company's Perforation Addition operations continued to see positive results with average increased production rates of over 700 barrels of oil per day per well. Sable observed little to no production de...