- Sable Offshore Corp. (SOC, Financial) successfully closes its upsized public offering, raising approximately $295 million.
- The offering included a full exercise of the underwriters’ option, with J.P. Morgan, Jefferies, and TD Cowen leading the book-running.
- Sable plans to utilize the funds for capital expenditures, working capital, and general corporate purposes.
Sable Offshore Corp. (SOC), an independent oil and gas company, announced the successful closing of its upsized underwritten public offering of 10,000,000 shares of common stock at a price of $29.50 per share. The offering also included the full exercise of the underwriters' option to purchase an additional 1,304,346 shares, bringing the total gross proceeds to approximately $295.0 million, before deducting any related discounts, commissions, and expenses.
J.P. Morgan, Jefferies, and TD Cowen led the offering as joint book-running managers, while The Benchmark Company, Johnson Rice & Company, Pickering Energy Partners, Roth Capital Partners, and Tuohy Brothers served as co-managers. Sable intends to use the net proceeds from this offering for capital expenditures, working capital, and other general corporate objectives.
The registration statement for this offering was declared effective by the SEC on May 1, 2025, and the final prospectus was filed on May 22, 2025. This marks a significant step for Sable as it continues to build financial capacity to support its operations, particularly the development of the Santa Ynez Unit in federal waters offshore California.
