Sable Offshore Corp. reported second-quarter 2026 revenue of $137.1 million as production and oil sales increased at the Santa Ynez Unit offshore California.

The company generated $9.4 million in operating cash flow during the quarter and recorded $39.4 million in capital expenditures. Average daily net oil sales were about 21,000 barrels, rising to approximately 40,000 barrels per day by the end of the quarter.

Production averaged 723 barrels of oil per day per well from an average of 35 producing wells. The number of wells online increased from about 26 in April to about 39 in June.

Preliminary July oil sales averaged approximately 38,000 gross barrels per day, while sales through 9 August averaged about 42,000 gross barrels per day. Around 47 wells at Platforms Harmony and Heritage were online during July.

Sable Offshore expects all 77 production wells at Harmony and Heritage to be online during Q3 2026. Platform Hondo is expected to restart in September 2026, with five perforation additions each forecast to contribute about 600 gross barrels of oil per day.

The company also reported temporary downstream constraints that limited oil sales throughput to a maximum average of 40,000 gross barrels per day from July. It expects the restriction to begin easing in the second half of August.

On 2 July 2026, Sable Offshore completed refinancing that included a $675.0 million Senior Secured Term Loan B, $345.0 million of 6.5% Convertible Senior Notes and $115.0 million of common stock.

The company reduced the midpoint of its second-half 2026 capital expenditure guidance by 41% to $85 million. It now forecasts gross average daily sales of 47,500-52,500 Boe/d for the second half of 2026.