Public Offering

Sable Offshore Corp. (SOC) priced an upsized public offering of 8.7 million shares at $29.50 each, targeting ~$256.5 million in gross proceeds. Underwriters J.P. Morgan, Jefferies, and TD Cowen secured an option for an additional 1.3 million shares. Proceeds will fund capital expenditures and corporate needs, with closure expected by May 23 pending approvals. The Houston-based firm, focused on California’s Santa Ynez Unit offshore assets, highlights operational expertise amid regulatory and ESG challenges. Analysts note the pricing reflects cautious optimism as energy equities rebound, though supply chain and permitting risks persist. SEC-declared effective May 1, the offering expands distribution through co-managers including Benchmark Company and Pickering Energy Partners.