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Goldman Sachs, but for taking one private company public via merger.

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Based on the description provided in the background information, Sable Offshore (symbol: SOC) is described as a company that "does not have significant operations" and "intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses."

As such, the company, as described, is a Special Purpose Acquisition Company (SPAC) and currently does not have any major customers.

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James C. Flores Chairman and Chief Executive Officer

Mr. Flores has served as Chairman and Chief Executive Officer of Sable Offshore Corp. since September 2021. He is also a Co-Founder of Sable Offshore Corp.. Since 1982, Mr. Flores has had an extensive career in the oil and gas industry, serving as Chairman, Chief Executive Officer, and President for five exploration and production companies, four of which were listed on the New York Stock Exchange. He led Flores & Rucks, Inc., which later became Ocean Energy Inc., and was subsequently sold to Devon Energy. In 2001, he became Chairman and CEO of Plains Resources Inc., where the E&P assets were spun off into Plains Exploration & Production Company (PXP). Mr. Flores served as Chairman, CEO, and President of PXP for over 10 years until its $6.9 billion acquisition by Freeport-McMoRan in 2013. He also served as Chairman and CEO of Sable Permian Resources, LLC from 2017 to 2021, a company that filed for bankruptcy in 2020 and emerged in 2021.

Gregory D. Patrinely Executive Vice President and Chief Financial Officer

Mr. Patrinely has served as Executive Vice President and Chief Financial Officer of Sable Offshore Corp. since September 2021. He has over 15 years of leadership, finance, and operations experience in the E&P sector. From June 2018 until February 2021, Mr. Patrinely served as Executive Vice President and Chief Financial Officer of Sable Permian, which filed for Chapter 11 bankruptcy in 2020 and emerged in 2021 during his tenure. Prior to that, he was Treasurer for Sable Permian, focusing on financial analysis, refinancing, restructuring, and acquisition efforts. Mr. Patrinely also served as a Manager in the Acquisitions & Divestments Group of Freeport-McMoRan Oil & Gas (FMOG) and Plains Exploration & Production Company (PXP), where he managed the execution of financings, mergers, acquisitions, and divestments. He also previously served as CFO of Flame Acquisition Corp..

J. Caldwell Flores President and Chief Operating Officer

Mr. Flores has served as President and Chief Operating Officer of Sable Offshore Corp. since November 2025, having previously served as President since March 2023. He also served as President of Sable Minerals, Inc., a private oil and gas company based in Houston, where he oversaw daily operations, administration, and provided investment analysis.

Anthony C. Duenner Executive Vice President, General Counsel and Secretary

Mr. Duenner has served as Executive Vice President, General Counsel & Secretary of Sable Offshore Corp. since March 2023. He brings over 35 years of diverse legal and commercial energy experience. From May 2017 until February 2021, Mr. Duenner served as Vice President, Corporate Development of Sable Permian Resources, LLC.

Doss R. Bourgeois Vice Chairman of the Board

Mr. Bourgeois transitioned to Vice Chairman in November 2025. He has decades of experience in offshore oil and gas operations, including leadership roles at Freeport-McMoRan Oil & Gas and Plains Exploration.

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The key risks to Sable Offshore (SOC) are:

1. Legal and Regulatory Hurdles: Sable Offshore faces significant legal and regulatory challenges, particularly regarding its pipeline operations. An upheld injunction on the Las Flores Canyon onshore pipelines is currently restricting the transportation and sale of oil, directly impacting the company's revenue generation. The company is also facing criminal charges for alleged violations of environmental laws during pipeline repairs. Furthermore, there is a risk of frequent spills if the compromised pipeline is restarted, with a draft Environmental Impact Report projecting a spill annually and a major rupture every four years.
2. Weak Financial Health and Ongoing Losses: The company exhibits weak financial health, with a low GF Score of 34. It has reported zero revenue growth over the past three years and is experiencing ongoing losses, as evidenced by a negative EPS, ROE, and ROA. Sable Offshore incurred a substantial net loss of US$410.2 million in 2025, primarily due to restart and financing costs. The company has negative cash flows from operations and a high debt-to-equity ratio of 1.77, indicating significant leverage. Delays in selling its production could necessitate another secondary offering to restore cash balances.
3. Commodity Price Volatility: As an independent oil and gas company, Sable Offshore is inherently exposed to the volatility of commodity prices in the energy sector. Fluctuations in oil and gas prices can significantly impact the company's revenue and profitability.

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Sable Offshore (NYSE: SOC) is poised for significant future revenue growth over the next 2-3 years, driven primarily by the restart and ramp-up of its core asset, the Santa Ynez Unit (SYU), and favorable market dynamics.

The key drivers of future revenue growth for Sable Offshore are:

1. Restart of Santa Ynez Unit (SYU) Oil and Gas Production: The fundamental driver for Sable Offshore's revenue growth is the recommencement of oil and gas production from the Santa Ynez Unit (SYU) offshore California. This major Pacific offshore project has been dormant for an extended period, and its restart is central to the company's entire business model. Recent federal support, including the reported use of the Defense Production Act, and regulatory approvals are expected to overcome previous state-level blockades, with official "first oil" anticipated by Q3 2026.
2. Ramp-up of Production Volumes from the SYU: Following the restart, revenue growth will be significantly propelled by the gradual increase in production volumes from the Santa Ynez Unit. Once fully ramped up, the SYU is expected to produce approximately 60,000 barrels of oil equivalent per day (boe/d), with initial estimates ranging from 28,000 to 45,000 boepd. This phased increase in output will directly translate into higher sales volumes and, consequently, greater revenue.
3. Utilization and Expansion of Midstream Infrastructure: The successful operation of the Santa Ynez Pipeline System is crucial for transporting the produced hydrocarbons. Additionally, Sable Offshore has outlined plans to acquire and upgrade an offshore storage and treating (OS&T) vessel. These infrastructure developments are expected to support production levels exceeding 50,000 barrels of oil per day and enable global oil sales, thereby expanding market access and enhancing revenue generation capabilities.
4. Favorable Global Oil Price Environment: Rising global oil prices, influenced by geopolitical events, create an urgent need for increased domestic production. This elevated commodity price environment directly enhances the revenue generated per barrel of oil sold, assuming successful production restart and sustained output. Higher prices improve the economic viability of the SYU project and contribute to overall revenue growth.

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Share Issuance

• In 2025, Sable Offshore closed an upsized underwritten public offering of 10,000,000 common shares at $29.50 per share, generating approximately $295.0 million in gross proceeds.
• The company also completed a private placement in November 2025, issuing 45,454,546 shares of common stock at $5.50 per share for gross proceeds of approximately $250.0 million.
• Sable Offshore raised $773.8 million in gross equity proceeds during 2024.

Inbound Investments

• In the fourth quarter of 2025, FourWorld Capital Management LLC acquired over 8 million shares of Sable Offshore Corp. with an estimated transaction value of $73.11 million, establishing a significant new position in the company.

Outbound Investments

• In February 2024, Sable Offshore completed the acquisition of the Santa Ynez Unit (SYU) offshore oil field and associated onshore facilities from ExxonMobil, a foundational strategic investment for the company.

Capital Expenditures

• Capital expenditures totaled $417.6 million in the last twelve months of 2025, primarily for infrastructure spending and restart operations at the Santa Ynez Unit.
• Proceeds from the May 2025 public offering, approximately $295.0 million, were earmarked for capital expenditures, working capital, and general corporate purposes.
• The primary focus of capital expenditures includes the restart of production at the Santa Ynez Unit, conducting anomaly repairs and hydrotests on pipeline segments, and plans to acquire and upgrade an offshore storage and treating (OS&T) vessel.