Sable Offshore Stock Plunges 54% as Crude Sales Halt and Cash Strain Mount

Sable Offshore Corp. (NYSE: SOC) fell 54.4% on Monday, Nov. 9, 2026, closing at $0.88 from a previous close of $1.93, on volume about 41.9 times normal. The S&P 500 ETF (SPY) rose 2.37% over the same session.

The move came the same morning the company filed its quarterly report on Form 10-Q and its third-quarter results in an 8-K. The filings were accepted at 6:28 a.m. ET for the 10-Q and 6:34 a.m. ET for the 8-K.

Crude sales halted in October

The company said its single downstream crude purchaser temporarily curtailed purchases on Oct. 6, 2026, citing maintenance and upgrades to storage tanks at its refinery. The curtailment was still ongoing as of the filing date. Sable said it cut production to manage inventory and began selling to additional purchasers in early November. The timing and volume of the primary purchaser's return are uncertain.

Going concern doubt returns

The 10-Q states that, after reporting July's refinancing had eased doubt about the company's ability to continue as a going concern, conditions have arisen that again raise substantial doubt. Management said the company does not expect sufficient liquidity to meet obligations as they come due in the near term. It is pursuing a sale of its crude inventory and other liquidity options, including equity and unsecured debt offerings, with no assurance of success.

Cash and dilution

Sable ended the third quarter with $38.0 million of cash and cash equivalents. Its press release said it sold 16,110,711 shares under its at-the-market program at an average price of about $4.75 a share during the quarter. Shares outstanding were 207,980,283. The company said no at-the-market sales had occurred in the fourth quarter to date.

The company reported third-quarter total revenue of $154.4 million, up 13% from the prior quarter. Its net loss for the quarter was $269.3 million.