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- Feb 14, 202490% CONFIDENCEfrom the source
Sable Offshore Closes Its Purchase of ExxonMobil's Santa Ynez Unit
- On 14 February 2024 Flame Acquisition Corp. completed its merger with Sable Offshore Corp. and renamed itself Sable Offshore Corp.; Flame's stockholders had approved the deal at a special meeting on 12 February[1]
- Immediately after the merger closed, Sable bought ExxonMobil's Santa Ynez Unit assets in federal waters off California, with the onshore processing and pipeline assets, effective as of 1 January 2022[1]
- Exxon financed the purchase with a five-year term loan at 10% a year, $606.25 million before purchase-price adjustments, maturing on 1 January 2027 or 90 days after 'Restart Production' if sooner[1]
- Sable's 10-K puts the agreement's purchase consideration at $625.0 million and the adjusted total at $985.6 million, including $203.9 million paid in cash[2]
- PIPE investors bought 44,024,910 shares at $10.00 each, $440.2 million in all, after one investor failed to fund a $125 million commitment[1]
- The sale covered three offshore platforms, the Las Flores Canyon processing plant on the Gaviota Coast and the pipeline that ruptured in the 2015 Refugio spill; chairman and CEO Jim Flores said Sable was 'going to do it right' and aimed for a July 2024 restart[3]
- Sable's shares and warrants began trading on the NYSE as SOC and SOC.WS on 15 February 2024[2]
References 389% CONFIDENCEOverall confidence: 89%How well the pin's source and references back up its dates.Weighted average of how firmly 3 references, the source included, support the pin's start and end times; a reference counts half as much for every 180 days older than the newestShow all pins at 75% confidence or better
The first entry is always the pin's source. Overall confidence is a weighted average of how firmly each reference supports the start and end times used above; a reference counts half as much for every 180 days older than the newest.
- [1]90%sec.gov/Archives/edgar/data/1831481/000119312524036506/d737623d8k.htmsec.gov· Posted Sep 28, 2026· Starts Feb 14, 2024 ✓· 68% of score
Sable's 8-K: 'the transactions contemplated by the Sable-EM Purchase Agreement were consummated on February 14, 2024 (the "Sable-EM Closing Date") immediately after the Closing'.
- [2]88%Sable Offshore Corp. Form 10-K for 2025sec.gov· Published Feb 27, 2026· 30% of score
Note 3 gives the purchase consideration: $625.0 million under the Sable-EM agreement plus $140.0 million of paid-in-kind interest, $16.6 million of materials and $203.9 million cash, an adjusted $985.6 million; SOC and SOC.WS began trading on the NYSE on 15 February 2024.[1]
- [3]84%Sable Offshore Corp. Takes Over Exxon's Santa Barbara Oil Assets, Sets Sights on Restarting Operations | Noozhawknoozhawk.com· Published Feb 17, 2024· 2% of score
Noozhawk reports Sable 'formed Wednesday and purchased ExxonMobil's Santa Ynez Unit assets' (Wednesday 14 Feb 2024), that the sale covers three platforms, Las Flores Canyon and the pipeline behind the 2015 spill, that Exxon confirmed the sale, and that Sable targeted a July 2024 restart.
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