Sable Offshore falls as refinery outage stalls crude sales, pressures cash flow

By Reuters News4 hours ago Updated

** Shares of oil and gas producer Sable Offshore SOC.N fall 9.3% to $1.75 premarket

** SOC said it is looking at options to resolve near-term working capital constraints caused by the downstream purchaser disruption

** Says evaluating selling crude oil currently held in inventory via a bulk sale agreement

** Adds crude oil sales halted by sole downstream crude purchaser in early October due to maintenance and upgrades to storage tanks at their refinery

** Co's net loss widened to $269.3 million, compared to $110.4 million a year ago

** As of last close, stock down 78.6% YTD

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.