Sable Offshore CORP (SOC) Quarterly Institutional 13F Update (Q2 2026)

On August 19, 2026, a federal court in California issued rulings across four related lawsuits involving Sable Offshore Corp. (SOC) and its Santa Ynez Pipeline operations — a mixed bag for the company. The court hit Sable with a $1.449 million penalty for restarting pipeline operations without authorization from California's fire marshal, but declined to order a shutdown of the pipeline's onshore segments since federal regulators approved Sable's restart plan. Two other rulings went Sable's way: the court rejected California's bid to block a federal Defense Production Act order backing the pipeline, and declared that state agencies can't sue to stop Sable from running it. Multiple parties have already filed appeals, so the legal fight isn't over.

Sable Offshore Corp. (SOC) put out its earnings press release for the quarter ended June 30, 2026 on August 10, and attached it to this Form 8-K as Exhibit 99.1. The excerpt just tells us the release exists — it doesn't include any actual revenue or profit numbers.

Sable Offshore Corp. changed its auditor after its previous firm, Ham, Langston and Brezina, was acquired by CohnReznick. The new auditor, CohnReznick, was appointed with the audit committee's approval for the fiscal year ending December 31, 2026. The past audits were clean except for a note about the company's ability to continue as a going concern, and there were no accounting disagreements or reportable events.

Sable Offshore Corp. issued $345 million of 6.5% Convertible Senior Notes due 2031, convertible into common stock at an initial price of about $4.00 per share. The notes pay interest semi-annually and include provisions for redemption after July 2029 and repurchase in certain events.