Earnings call transcript: Sable Offshore Q3 2026 misses estimates, shares plunge
Sable Offshore reported a wider-than-expected loss of $1.37 per share in the third quarter of 2026, missing Wall Street estimates on both earnings and revenue. Revenue came in at $154.4 million, far below the $177.19 million forecast. The stock plummeted 50.37% to $0.958 in premarket trading, leaving the company near the bottom of its 52-week range.
Sable's loss of $1.37 a share was significantly worse than the consensus estimate of 10 cents a share, marking a negative surprise of $1.27 a share, or 1,270%. Revenue fell short by $22.79 million, or 12.86%. Despite improved oil sales and production volumes, the quarter was overshadowed by downstream issues, including a loss of refinery demand and the need to secure sales agreements with multiple buyers.
Management is seeking to close a liquidity gap through a bulk crude sale, possible loan proceeds, and a PIPE offering if necessary.
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