$SOC
Sable Offshore Corp.

2024 Q3 Form 10-Q Financial Statement

#000183148124000007 Filed on August 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2024 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $33.73M $33.22M $152.2M
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.755M $2.724M $4.004M
YoY Change
% of Gross Profit
Operating Expenses $54.61M $62.24M $159.1M
YoY Change 5360.9% 4526.55% 13820.35%
Operating Profit -$54.61M -$62.24M -$159.1M
YoY Change 5377.67% 4526.57% 13820.37%
Interest Expense -$19.17M -$19.18M -$9.801M
YoY Change -2838.43% -2393.88% -368.05%
% of Operating Profit
Other Income/Expense, Net -$200.1M -$98.05M $7.539M
YoY Change 2044.78% -1597.02% 106.36%
Pretax Income -$254.7M -$160.3M -$166.7M
YoY Change 2366.54% -3179.68% -6740.71%
Income Tax $865.0K $5.149M $13.42M
% Of Pretax Income
Net Earnings -$255.6M -$165.4M -$180.1M
YoY Change 2340.19% -3382.71% -8943.93%
Net Earnings / Revenue
Basic Earnings Per Share -$4.11 -$2.75 -$2.99
Diluted Earnings Per Share -$4.11 -$2.75 -$2.99
COMMON SHARES
Basic Shares Outstanding 64.85M shares 60.17M 60.17M
Diluted Shares Outstanding 62.17M shares 60.17M shares 60.17M

Balance Sheet

Concept 2024 Q3 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $288.2M $112.1M $209.1M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses $3.404M
Receivables
Other Receivables
Total Short-Term Assets $344.2M $167.1M $229.1M
YoY Change 35904.9% 70802.34% 52354.22%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $17.68M $5.497M $5.825M
YoY Change -72.33% -93.7% -93.29%
Total Long-Term Assets $1.129B $1.074B $1.067B
YoY Change 1665.7% 1130.2% 1128.0%
TOTAL ASSETS
Total Short-Term Assets $344.2M $167.1M $229.1M
Total Long-Term Assets $1.129B $1.074B $1.067B
Total Assets $1.473B $1.241B $1.296B
YoY Change 2170.01% 1317.8% 1384.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.76M $4.760M $0.00
YoY Change 267.15% -15.1% -100.0%
Accrued Expenses $37.84M $17.80M $77.99M
YoY Change 514.89% 217.42% 1332.89%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $98.27M $61.26M $81.76M
YoY Change 654.69% 483.18% 671.99%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities $16.82M $3.800M $3.894M
YoY Change 10.66% -35.4% -63.94%
Total Long-Term Liabilities $16.82M $3.800M $3.894M
YoY Change 10.66% -35.4% -63.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $98.27M $61.26M $81.76M
Total Long-Term Liabilities $16.82M $3.800M $3.894M
Total Liabilities $1.306B $1.119B $1.031B
YoY Change 4533.96% 6727.9% 4721.56%
SHAREHOLDERS EQUITY
Retained Earnings -$682.1M -$426.6M -$261.1M
YoY Change 2483.31% 2653.32% 1199.53%
Common Stock $7.000K $6.000K $440.2M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $167.5M $122.0M $264.6M
YoY Change
Total Liabilities & Shareholders Equity $1.473B $1.241B $1.296B
YoY Change 2170.01% 1317.8% 1384.33%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$255.6M -$165.4M -$180.1M
YoY Change 2340.19% -3382.71% -8943.93%
Depreciation, Depletion And Amortization $2.755M $2.724M $4.004M
YoY Change
Cash From Operating Activities -$31.64M -$57.75M -$36.13M
YoY Change 5549.11% 4176.68% 6571.22%
INVESTING ACTIVITIES
Capital Expenditures $14.44M $4.131M
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 -$60.00K -$204.1M
YoY Change -100.0% -114.63% -199.0%
Cash From Investing Activities -$14.44M -$4.191M -$204.1M
YoY Change -160.05% -1121.82% -199.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.572M
YoY Change -99.24%
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities 222.4M 0.000 396.0M
YoY Change -1072.44% -100.0% -292.61%
NET CHANGE
Cash From Operating Activities -31.64M -57.75M -36.13M
Cash From Investing Activities -14.44M -4.191M -204.1M
Cash From Financing Activities 222.4M 0.000 396.0M
Net Change In Cash 176.3M -61.94M 155.8M
YoY Change 28338.71% 154430.94% 465777.07%
FREE CASH FLOW
Cash From Operating Activities -$31.64M -$57.75M -$36.13M
Capital Expenditures $14.44M $4.131M
Free Cash Flow -$46.08M -$61.88M
YoY Change

Facts In Submission

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37190000 usd
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
440249000 usd
CY2024Q1 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
0 usd
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
0 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
22878000 usd
CY2024Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0 usd
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
18750000 usd
CY2024Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 usd
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1503000 usd
CY2024Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 usd
flme Payment Of Non Convertible Promissory Notes To Related Parties
PaymentOfNonConvertiblePromissoryNotesToRelatedParties
1129000 usd
CY2024Q1 flme Payment Of Non Convertible Promissory Notes To Related Parties
PaymentOfNonConvertiblePromissoryNotesToRelatedParties
0 usd
flme Payment Of Non Convertible Promissory Notes To Related Parties
PaymentOfNonConvertiblePromissoryNotesToRelatedParties
0 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
395989000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
22474000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
37190000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
93830000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
0 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
0 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
53334000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
0 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
0 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
147164000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
0 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
0 usd
us-gaap Loans Assumed1
LoansAssumed1
765018000 usd
CY2024Q1 us-gaap Loans Assumed1
LoansAssumed1
0 usd
us-gaap Loans Assumed1
LoansAssumed1
0 usd
us-gaap Noncash Or Part Noncash Acquisition Inventory Acquired1
NoncashOrPartNoncashAcquisitionInventoryAcquired1
16637000 usd
CY2024Q1 us-gaap Noncash Or Part Noncash Acquisition Inventory Acquired1
NoncashOrPartNoncashAcquisitionInventoryAcquired1
0 usd
us-gaap Noncash Or Part Noncash Acquisition Inventory Acquired1
NoncashOrPartNoncashAcquisitionInventoryAcquired1
0 usd
us-gaap Noncash Or Part Noncash Acquisition Payables Assumed1
NoncashOrPartNoncashAcquisitionPayablesAssumed1
129000 usd
CY2024Q1 us-gaap Noncash Or Part Noncash Acquisition Payables Assumed1
NoncashOrPartNoncashAcquisitionPayablesAssumed1
0 usd
us-gaap Noncash Or Part Noncash Acquisition Payables Assumed1
NoncashOrPartNoncashAcquisitionPayablesAssumed1
0 usd
flme Non Cash Or Part Non Cash Acquisition Deferred Tax Liability
NonCashOrPartNonCashAcquisitionDeferredTaxLiability
1209000 usd
CY2024Q1 flme Non Cash Or Part Non Cash Acquisition Deferred Tax Liability
NonCashOrPartNonCashAcquisitionDeferredTaxLiability
0 usd
flme Non Cash Or Part Non Cash Acquisition Deferred Tax Liability
NonCashOrPartNonCashAcquisitionDeferredTaxLiability
0 usd
flme Non Cash Or Part Non Cash Acquisition Asset Retirement Obligation Assumed
NonCashOrPartNonCashAcquisitionAssetRetirementObligationAssumed
90073000 usd
CY2024Q1 flme Non Cash Or Part Non Cash Acquisition Asset Retirement Obligation Assumed
NonCashOrPartNonCashAcquisitionAssetRetirementObligationAssumed
0 usd
flme Non Cash Or Part Non Cash Acquisition Asset Retirement Obligation Assumed
NonCashOrPartNonCashAcquisitionAssetRetirementObligationAssumed
0 usd
flme Non Cash Or Part Noncash Right Of Use Asset Obtained In Exchange For Operating Lease Liability
NonCashOrPartNoncashRightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
4621000 usd
CY2024Q1 flme Non Cash Or Part Noncash Right Of Use Asset Obtained In Exchange For Operating Lease Liability
NonCashOrPartNoncashRightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
flme Non Cash Or Part Noncash Right Of Use Asset Obtained In Exchange For Operating Lease Liability
NonCashOrPartNoncashRightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
756000 usd
CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
3607000 usd
CY2024Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0 usd
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2024Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2024Q1 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
44024910 shares
CY2024Q1 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
10.00
CY2024Q1 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
440249100 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
112100000 usd
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-426600000 usd
CY2024Q1 flme Sale Of Stock Consideration Received On Transaction Net
SaleOfStockConsiderationReceivedOnTransactionNet
440000000.0 usd
CY2024Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
44000000.0 shares
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2024Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.00
CY2024Q1 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
44024910 shares
CY2024Q1 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
10.00
CY2024Q1 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
440200000 usd
CY2024Q2 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
2300000 usd
CY2024Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1700000 usd
CY2023Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2900000 usd
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6100000 usd
us-gaap Use Of Estimates
UseOfEstimates
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant assumptions are</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">required in estimating the quantities and values of proved oil, gas and NGL reserves used in calculating depletion and assessing</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">impairment</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">oil</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">gas</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">properties.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">significant</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">estimates</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">made</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">by</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">management</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">include,</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">among others, allocation assumptions and the carrying amount of asset retirement obligations, which are based on the timing and cost of future abandonments, and inputs utilized to fair value warrant liabilities.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">While</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">management</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">believes</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">these</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">estimates</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">reasonable,</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">changes</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">facts</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">assumptions</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">discovery</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">of new</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">information may</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">result</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">in revised</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">estimates. Actual results</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">could differ</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">from</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">these</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">estimates, and it</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">is at least reasonably possible these estimates could be revised in the near term, and these revisions could be material.</span></div>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Concentration of Credit Risk </span></div>Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and restricted cash deposits with a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $0.3 million. At June 30, 2024 (Successor) and December 31, 2023 (Predecessor), the Company did not experience losses on this account.
CY2024Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
300000 usd
CY2024Q2 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
2700000 usd
us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
4100000 usd
CY2024Q1 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
2600000 usd
CY2023Q2 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
5300000 usd
us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
10500000 usd
CY2024Q2 us-gaap Oil And Gas Property Successful Effort Method Net
OilAndGasPropertySuccessfulEffortMethodNet
1100000000 usd
CY2023Q4 us-gaap Oil And Gas Property Successful Effort Method Net
OilAndGasPropertySuccessfulEffortMethodNet
689000000.0 usd
CY2022 us-gaap Asset Impairment Charges
AssetImpairmentCharges
1400000000 usd
CY2023Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
CY2024Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
CY2024Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
4760000 usd
CY2023Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
3235000 usd
CY2024Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
17796000 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2149000 usd
CY2024Q2 flme Legal Settlement Liabilities Current
LegalSettlementLiabilitiesCurrent
35095000 usd
CY2023Q4 flme Legal Settlement Liabilities Current
LegalSettlementLiabilitiesCurrent
0 usd
CY2024Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
57651000 usd
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
5384000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.057
CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.032
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
-165436000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-22308000 usd
us-gaap Net Income Loss
NetIncomeLoss
-345541000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-11789000 usd
us-gaap Net Income Loss
NetIncomeLoss
-45501000 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
60166269 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
60166269 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
60166269 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
60166269 shares
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.75
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.75
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-5.74
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-5.74
CY2024Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
0 usd
CY2022Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
329375000 usd
us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
90073000 usd
CY2023 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
0 usd
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
4101000 usd
CY2023 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
19763000 usd
CY2024Q2 us-gaap Asset Retirement Obligation
AssetRetirementObligation
94174000 usd
CY2023Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
349138000 usd
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
791377000 usd
CY2024Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1000000 usd
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
790377000 usd
CY2024Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
22124971 shares
flme Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
3306370 shares
CY2024Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
25431341 shares
flme Percentage Of Gross Proceeds Of The Ipo Payable To Underwriters As Marketing Fee
PercentageOfGrossProceedsOfTheIPOPayableToUnderwritersAsMarketingFee
0.035
CY2024Q1 us-gaap Marketing Expense
MarketingExpense
10100000 usd
CY2024Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2024Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2024Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2024Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2024Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2024Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
64845435 shares
CY2024Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
64845435 shares
CY2024Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
60166269 shares
CY2024Q2 flme Minimum Price Per Share Of Stock To Transfer Or Sale
MinimumPricePerShareOfStockToTransferOrSale
12.00
flme Derivative Instrument Contingent Consideration Liability Earnout Period Threshold Trading Days
DerivativeInstrumentContingentConsiderationLiabilityEarnoutPeriodThresholdTradingDays
20 day
flme Derivative Instrument Contingent Consideration Liability Earnout Period Threshold Trading Day Period
DerivativeInstrumentContingentConsiderationLiabilityEarnoutPeriodThresholdTradingDayPeriod
30 day
flme Derivative Instrument Contingent Consideration Liability Earnout Period Commencing Period
DerivativeInstrumentContingentConsiderationLiabilityEarnoutPeriodCommencingPeriod
P150D
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
22905000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
69285000 usd
CY2024Q1 flme Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Per Company Executive Officer
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodPerCompanyExecutiveOfficer
650000 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
10900000 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
10900000 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
0 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
0 shares
us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
3000000 shares
us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
36300000 usd
us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
3000000 shares
flme Stock Issued During Period Lock Up Provision Period
StockIssuedDuringPeriodLockUpProvisionPeriod
P3Y
CY2020Q4 flme Transfer Of Stock Shares Transferred
TransferOfStockSharesTransferred
434375 shares
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Net
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersNet
0 usd
CY2024Q2 us-gaap Deposits Money Market Deposits
DepositsMoneyMarketDeposits
111800000 usd
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
0001831481-24-000007-index-headers.html Edgar Link pending
0001831481-24-000007-index.html Edgar Link pending
0001831481-24-000007.txt Edgar Link pending
0001831481-24-000007-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
flme-20240630.htm Edgar Link pending
flme-20240630.xsd Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
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flme-20240630_cal.xml Edgar Link unprocessable
flme-20240630_def.xml Edgar Link unprocessable
flme-20240630_lab.xml Edgar Link unprocessable
flme-20240630_pre.xml Edgar Link unprocessable
flme-20240630_htm.xml Edgar Link completed
R42.htm Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending
soc-20240630xex311.htm Edgar Link pending
soc-20240630xex312.htm Edgar Link pending
soc-20240630xex321.htm Edgar Link pending
soc-20240630xex322.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable