Sable Offshore Corp (NYSE: SOC) is an oil and gas company that owns and operates the Santa Ynez Unit (SYU), a set of offshore federal oil leases and associated onshore processing and pipeline assets located in federal waters off the coast of California. The company generates revenue by producing and selling crude oil and natural gas from the SYU, which includes three offshore platforms and onshore processing facilities at Las Flores Canyon (LFC). Sable acquired these assets from Exxon Mobil Corporation and Mobil Pacific Pipeline Company via a purchase and sale agreement closed through a business combination with Flame Acquisition Corp., a blank check company originally incorporated on October 16, 2020. As of May 15, 2025, the company restarted production at SYU, flowing oil from six wells at Platform Harmony to its LFC storage and processing facilities. This marked the first production from SYU since May 2015, when a crude oil release from Pipeline Segment 324 suspended all operations. Pipeline transport to local refinery markets via Pipeline Segments 324 and 325 remained subject to ongoing regulatory proceedings as of the fiscal year ended December 31, 2025.

Revenue model

Sable earns revenue through the sale of crude oil and natural gas produced from the Santa Ynez Unit. The company owns onshore processing infrastructure at Las Flores Canyon with crude storage capacity of 540 MBbls, a POPCO gas plant with approximately 80 MMcf/d sales capacity, and a water treatment plant with capacity of more than 67 MBwp/d, supporting production from its offshore platforms.

Products and services

Crude oil and natural gas production from the Santa Ynez Unit offshore California. Onshore processing includes gas sweetening, sulfur recovery, NGL fractionation, gas compression, water treatment, crude oil storage (540 MBbls capacity), a 50 MW co-generation power plant, liquified petroleum gas storage and loading, and a transportation terminal.

Customers and end markets

Local California refinery markets, reached via Pipeline Segments 324 and 325 of the Santa Ynez Pipeline System. Specific customer names and revenue concentration are not disclosed in the filing excerpts.

Value-chain role

Upstream oil and gas producer with integrated midstream processing and storage infrastructure. Operates offshore production platforms, onshore processing facilities, and pipeline assets connecting production to refinery end markets.

Geographic exposure

Exclusively offshore and onshore Santa Barbara County, California. All assets are concentrated in the Santa Ynez Unit in federal waters off the California coast and at the Las Flores Canyon onshore facility.

Source: SEC 10-K, filed 2026-02-27

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