The extension to July 24, 2026, provides a very short runway. The company must successfully close the up-to-$775M refinancing and additional unsecured capital markets solutions before that date. Failure to do so would trigger default and the P&A security obligation. Monitor for definitive documentation and closing of the New Senior Secured Term Loan.
Price Chart
Executive Summary
Sable Offshore Corp. entered into a Third Amendment with Exxon Mobil Corporation to extend the maturity date of its Senior Secured Term Loan to July 24, 2026, and obtained a limited waiver of P&A Financial Security obligations under the Purchase and Sale Agreement until December 22, 2028. The company paid a $30.0 million amendment fee and will reduce its planned new secured financing to up to $775.0 million, while also pursuing additional unsecured capital markets solutions to refinance the existing loan.
Key Financial Metrics
Key Facts
- Maturity date of Senior Secured Term Loan extended to July 24, 2026 (from an earlier date).
- Limited waiver of P&A Financial Security obligations under the PSA granted until December 22, 2028, contingent on no Event of Default and successful Payoff Financing.
- Sable paid Exxon a $30.0 million amendment fee on June 22, 2026.
- Minimum liquidity covenant of $25.0 million suspended and waived until the amended Maturity Date.
- Company intends to reduce the proposed New Senior Secured Term Loan to up to $775.0 million.
- Company intends to pursue incremental unsecured capital markets solutions.
- JPMorgan Chase Bank, N.A. expected to be administrative agent under the New Senior Secured Term Loan.
- Proceeds from new financing expected to repay the Existing Senior Secured Term Loan and pay transaction fees.
Financial Impact
Sable paid a $30.0 million amendment fee. The new secured loan is planned at up to $775.0 million. The minimum liquidity covenant of $25.0 million was waived.
Risk Factors
- Refinancing risk: The New Senior Secured Term Loan is not yet closed and is subject to market conditions and definitive documentation.
- Short maturity runway: The extended maturity is only until July 24, 2026, leaving approximately one month to complete refinancing.
- The limited waiver of P&A Financial Security lapses if the Payoff Financing is not closed before the amended Maturity Date.
- The $30.0 million amendment fee is a cash cost that reduces liquidity.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001831481-26-000076 |
| Document: socc-20260622.htm | 0001831481-26-000076 |
| Document: a991ex-em3rdamendmentjune2.htm | 0001831481-26-000076 |
| Document: 0001831481-26-000076-index-headers.html | 0001831481-26-000076 |
| Document: 0001831481-26-000076-index.html | 0001831481-26-000076 |
| Document: 0001831481-26-000076.txt | 0001831481-26-000076 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 8d ago | SC 13G | $3.19 | awaiting T+60 | — | $3.07 (−3.92%) |
Oct 8, 2026 18d ago | SC 13G/A | $3.72 | awaiting T+60 | — | $3.07 (−17.61%) |
Jul 1, 2026 16w ago | 424B5 | $4.25 $3.97 | ▲ +6.59% | ▲ +9.60% | $3.07 (+27.88%) |
Jul 1, 2026 16w ago | 424B5 | $4.40 $3.97 | ▲ +9.77% | ▲ +12.73% | $3.07 (+30.34%) |
Jun 30, 2026 17w ago | 424B5 | $3.08 $4.15 | ▼ −34.74% | ▼ −31.18% | $3.07 (+0.49%) |
Jun 30, 2026 17w ago | 424B5 | $3.08 $4.15 | ▼ −34.74% | ▼ −31.18% | $3.07 (+0.49%) |
Jun 22, 2026 18w ago | 8-K | $9.37 $4.96 | ▼ −47.07% | ▼ −48.81% | $3.07 (−67.29%) |
Jun 17, 2026 18w ago | Court Ruling | $10.25 $5.17 | ▲ +49.56% | ▲ +52.71% | $3.07 (+70.10%) |
Jun 16, 2026 19w ago | 8-K | $9.99 $4.92 | ▼ −50.75% | ▼ −51.75% | $3.07 (−69.32%) |
May 6, 2026 24w ago | 8-K | $12.83 $4.82 | ▲ +62.43% | ▲ +66.26% | $3.07 (+76.11%) |
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