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CEO of Offshore Oil Production Company Purchases Shares – Insider Weekends

  • May 26, 2024

Sable Offshore Corp. (SOC): $14.63

Market Cap: $880.23M

Enterprise Value: $1.44B

Key Insights:

  • Sable Offshore Corporation (SOC) was formed through a business combination with the blank check company Flame Acquisition Corp.
  • The company fully owns and manages the Santa Ynez Unit (SYU) and all related pipelines, a oil and natural gas production unit that was intitially developed by ExxonMobil (XON), yet was shut down in June 2015 following an accident with the pipelines owned by Plains All American Pipeline (PAA).
  • Sable acquired all of the SYU assets and pipelines in 2022, though the business combination officially closed in 2024. As of now, there is tremendous upside and potential for development and production of oil and natural gas at these facitilies, though it is entirely contingent on SYU reopening.

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