Sable Offshore Q2 revenue $137.1M, first full-quarter output; cuts 2H26 capex 41%

Sable Offshore Corp.

2026-Q2 EPS reported -$1.76 revenue$138,396,000

Q2 2026 revenue $137.1M, operating cash flow +$9.4M; first full quarter since inception.
Exited quarter at ~40k bbl/d oil sales, up 149% from quarter start; avg 21k bbl/d net.
Refinanced July 2: $675M TLB (15% coupon, due 2028), $345M 6.5% converts (due 2031), $115M equity at $3.08/sh.
2H26 capex guidance cut 41% to $85M mid; 2027 oil ratio raised to ~100% from 91%.
Non-recurring demurrage $18.5M; July sales ~38k bbl/d, Aug to date ~42k bbl/d.

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