Sable Offshore falls as refinery outage stalls crude sales, pressures cash flow
SOC•Sable Offshore shares fell 9.3% in premarket trading after crude sales halted in early October because its sole downstream purchaser’s refinery was undergoing maintenance and storage tank upgrades. The company said it is evaluating options to address near-term working capital constraints, while its net loss widened to $269.3 million from $110.4 million a year earlier.
1. Crude sales halted
Sable Offshore said its sole downstream crude purchaser halted purchases in early October for maintenance and upgrades to refinery storage tanks. The company is evaluating a bulk sale agreement for crude held in inventory and other options to resolve near-term working capital constraints.
2. Wider net loss
The company reported a net loss of $269.3 million, compared with $110.4 million a year earlier. Its shares fell 9.3% to $1.75 in premarket trading.
