What Happened to Sable Offshore?
Ticker: SOCSPAC Year: 2021Merger: 2024
Return
+58.1%
Current Price
$15.81
Peak Price
$35
Trust Size
$1.7B
Summary
Sable Offshore is an oil and gas company that acquired ExxonMobil's legacy Santa Ynez Unit offshore California assets, aiming to restart production from platforms shut down since a 2015 pipeline spill.
What Happened
Sable went public in February 2024 through a merger with Flame Acquisition Corp, a SPAC led by oil industry veteran James Flores. The company acquired ExxonMobil's offshore California platforms for $643 million, betting it could restart production from assets that had been idle since the 2015 Plains All American Pipeline oil spill. The bet is controversial, facing environmental opposition and regulatory hurdles, but the assets hold significant proved reserves.
Timeline
2021-02-22
S-1 Registration Filed
2024-01-31
Merger Proxy Filed (DEFM14A)