secwatch.observer — SEC 8-K summary
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Issuer:     Sable Offshore Corp. (SOC)
CIK:        0001831481
Form:       8-K/A
Filed at:   2024-04-01T23:59:59+00:00
Accession:  0001193125-24-083453
Event type: other_material
Sentiment:  negative
Materiality: 0.80
Item codes: 9.01
LLM model:  deepseek-v4-flash:cloud@v2

SYU (acquired by Sable Offshore) reports no revenue, $93.7M net loss in 2023; going concern doubt cited
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- SYU shut-in since 2015; 2023 net loss $93.7M, 2022 net loss $1.5B including $1.4B impairment.
- Total assets $711.6M, parent net investment $339M at Dec 31, 2023; no oil/gas sales both years.
- Substantial doubt about ability to continue as going concern due to pending regulatory approvals to restart production.
- Sable completed acquisition Feb 14, 2024, funded by $440.2M PIPE and $622.9M term loan from Exxon.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1831481/000119312524083453/0001193125-24-083453-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1831481/000119312524083453/d771316d8ka.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-083453

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer