$SOC
Sable Offshore Corp.

2024 Q4 Form 10-Q Financial Statement

#000183148124000011 Filed on November 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $33.73M
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.755M
YoY Change
% of Gross Profit
Operating Expenses $54.61M $1.000M
YoY Change 5360.9% -21.97%
Operating Profit -$54.61M -$996.9K
YoY Change 5377.67% -22.21%
Interest Expense -$19.17M $700.0K
YoY Change -2838.43% -56.76%
% of Operating Profit
Other Income/Expense, Net -$200.1M -$9.329M
YoY Change 2044.78% -675.92%
Pretax Income -$254.7M -$10.33M
YoY Change 2366.54% -3151.48%
Income Tax $865.0K $147.0K
% Of Pretax Income
Net Earnings -$255.6M -$10.47M
YoY Change 2340.19% 5361.99%
Net Earnings / Revenue
Basic Earnings Per Share -$4.11
Diluted Earnings Per Share -$4.11 -$0.68
COMMON SHARES
Basic Shares Outstanding 89.10M shares 64.85M shares
Diluted Shares Outstanding 62.17M shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $700.0K
YoY Change -99.76%
Cash & Equivalents $288.2M $709.5K
Short-Term Investments
Other Short-Term Assets $200.0K
YoY Change -16.14%
Inventory
Prepaid Expenses $246.4K
Receivables
Other Receivables
Total Short-Term Assets $344.2M $955.8K
YoY Change 35904.9% 152.38%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $17.68M $63.90M
YoY Change -72.33% -77.87%
Total Long-Term Assets $1.129B $63.94M
YoY Change 1665.7% -77.86%
TOTAL ASSETS
Total Short-Term Assets $344.2M $955.8K
Total Long-Term Assets $1.129B $63.94M
Total Assets $1.473B $64.90M
YoY Change 2170.01% -77.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.76M $6.200M
YoY Change 267.15% 469.7%
Accrued Expenses $37.84M $6.154M
YoY Change 514.89% 465.43%
Deferred Revenue
YoY Change
Short-Term Debt $3.800M
YoY Change 201.59%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $98.27M $13.02M
YoY Change 654.69% 352.37%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $16.82M $15.20M
YoY Change 10.66% 474.86%
Total Long-Term Liabilities $16.82M $15.20M
YoY Change 10.66% 474.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $98.27M $13.02M
Total Long-Term Liabilities $16.82M $15.20M
Total Liabilities $1.306B $28.18M
YoY Change 4533.96% 410.19%
SHAREHOLDERS EQUITY
Retained Earnings -$682.1M -$26.40M
YoY Change 2483.31% 476.1%
Common Stock $7.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $167.5M -$26.40M
YoY Change
Total Liabilities & Shareholders Equity $1.473B $64.90M
YoY Change 2170.01% -77.56%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income -$255.6M -$10.47M
YoY Change 2340.19% 5361.99%
Depreciation, Depletion And Amortization $2.755M
YoY Change
Cash From Operating Activities -$31.64M -$560.0K
YoY Change 5549.11% 167.51%
INVESTING ACTIVITIES
Capital Expenditures $14.44M
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $24.05M
YoY Change -100.0% 17387.09%
Cash From Investing Activities -$14.44M $24.05M
YoY Change -160.05% 17387.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 222.4M -22.87M
YoY Change -1072.44%
NET CHANGE
Cash From Operating Activities -31.64M -560.0K
Cash From Investing Activities -14.44M 24.05M
Cash From Financing Activities 222.4M -22.87M
Net Change In Cash 176.3M 620.0K
YoY Change 28338.71% -963.39%
FREE CASH FLOW
Cash From Operating Activities -$31.64M -$560.0K
Capital Expenditures $14.44M
Free Cash Flow -$46.08M
YoY Change

Facts In Submission

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SABLE OFFSHORE CORP.
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CY2024Q1 us-gaap Share Based Compensation
ShareBasedCompensation
0 usd
us-gaap Share Based Compensation
ShareBasedCompensation
0 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
801000 usd
CY2024Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
0 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
0 usd
us-gaap Paid In Kind Interest
PaidInKindInterest
47344000 usd
CY2024Q1 us-gaap Paid In Kind Interest
PaidInKindInterest
0 usd
us-gaap Paid In Kind Interest
PaidInKindInterest
0 usd
flme Adjustments From Debt Amendments
AdjustmentsFromDebtAmendments
4957000 usd
CY2024Q1 flme Adjustments From Debt Amendments
AdjustmentsFromDebtAmendments
0 usd
flme Adjustments From Debt Amendments
AdjustmentsFromDebtAmendments
0 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
19437000 usd
CY2024Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
257614000 usd
CY2024Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
0 usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
0 usd
flme Increase Decrease In Materials Supplies And Other Assets
IncreaseDecreaseInMaterialsSuppliesAndOtherAssets
-798000 usd
CY2024Q1 flme Increase Decrease In Materials Supplies And Other Assets
IncreaseDecreaseInMaterialsSuppliesAndOtherAssets
-5980000 usd
flme Increase Decrease In Materials Supplies And Other Assets
IncreaseDecreaseInMaterialsSuppliesAndOtherAssets
-752000 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
2787000 usd
CY2024Q1 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
0 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
0 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
54548000 usd
CY2024Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-7922000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-2724000 usd
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
0 usd
CY2024Q1 us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
-11370000 usd
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
162000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-125509000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-22474000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-54617000 usd
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
18574000 usd
CY2024Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
0 usd
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
0 usd
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
204154000 usd
CY2024Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
0 usd
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
0 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-222728000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
0 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
0 usd
us-gaap Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
0 usd
CY2024Q1 us-gaap Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
22474000 usd
us-gaap Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
54617000 usd
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
590249000 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 Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
72452000 usd
CY2024Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
0 usd
CY2023Q3 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
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
1557000 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
618387000 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
54617000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
270150000 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
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
323484000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
0 usd
CY2023Q3 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
13260000 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
32145000 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
flme Accrued Equity Issuances Costs
AccruedEquityIssuancesCosts
7482000 usd
CY2024Q1 flme Accrued Equity Issuances Costs
AccruedEquityIssuancesCosts
0 usd
flme Accrued Equity Issuances Costs
AccruedEquityIssuancesCosts
0 usd
flme Warrant Liabilities Removed Upon Exercise
WarrantLiabilitiesRemovedUponExercise
69123000 usd
CY2024Q1 flme Warrant Liabilities Removed Upon Exercise
WarrantLiabilitiesRemovedUponExercise
0 usd
flme Warrant Liabilities Removed Upon Exercise
WarrantLiabilitiesRemovedUponExercise
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 Shares Issued Price Per Share
SharesIssuedPricePerShare
10.00
CY2024Q1 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
440200000 usd
CY2024Q1 us-gaap Marketing Expense
MarketingExpense
10100000 usd
CY2024Q3 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
7500000 shares
CY2024Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
20.00
CY2024Q3 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
150000000.0 usd
CY2024Q3 us-gaap Marketing Expense
MarketingExpense
7500000 usd
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
72500000 usd
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
288200000 usd
CY2024Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-682100000 usd
CY2024Q3 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
2300000 usd
CY2024Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1700000 usd
CY2023Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3000000.0 usd
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
9100000 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, inputs utilized to fair value warrant liabilities, and assumptions used to estimate deferred taxes.</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 September 30, 2024 the Company did not experience losses on this account.
CY2024Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
300000 usd
CY2024Q3 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
2800000 usd
us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
6900000 usd
CY2024Q1 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
2600000 usd
CY2023Q3 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
5300000 usd
us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
15800000 usd
CY2024Q3 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
CY2024Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
CY2023Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
CY2024Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
22763000 usd
CY2023Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
3235000 usd
CY2024Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
37838000 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2149000 usd
CY2024Q3 flme Legal Settlement Liabilities Current
LegalSettlementLiabilitiesCurrent
35000000 usd
CY2023Q4 flme Legal Settlement Liabilities Current
LegalSettlementLiabilitiesCurrent
0 usd
CY2024Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
95601000 usd
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
5384000 usd
CY2024Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.003
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.033
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
-255570000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-23070000 usd
us-gaap Net Income Loss
NetIncomeLoss
-601111000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-11789000 usd
us-gaap Net Income Loss
NetIncomeLoss
-68571000 usd
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
62166298 shares
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
62166298 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
60969774 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
60969774 shares
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-4.11
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-4.11
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-9.86
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-9.86
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
6856000 usd
CY2023 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
19763000 usd
CY2024Q3 us-gaap Asset Retirement Obligation
AssetRetirementObligation
96929000 usd
CY2023Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
349138000 usd
CY2024Q3 us-gaap Debt Instrument Increase Accrued Interest
DebtInstrumentIncreaseAccruedInterest
400000 usd
CY2024Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
815206000 usd
CY2024Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
785000 usd
CY2024Q3 us-gaap Long Term Debt
LongTermDebt
814421000 usd
CY2024Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
22124971 shares
flme Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
3306370 shares
flme Class Of Warrant Or Right Transferred
ClassOfWarrantOrRightTransferred
0 shares
flme Class Of Warrant Or Right Exercised
ClassOfWarrantOrRightExercised
6315977 shares
CY2024Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
19115364 shares
CY2024Q3 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
72500000 usd
CY2024Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2024Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2024Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2024Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2024Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2024Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2024Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
78789516 shares
CY2024Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
78789516 shares
CY2024Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
60166269 shares
CY2024Q3 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
CY2024Q3 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
7500000 shares
CY2024Q3 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
150000000.0 usd
flme Accrued Equity Issuances Costs
AccruedEquityIssuancesCosts
7500000 usd
CY2024Q3 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
72500000 usd
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
16749000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
86034000 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
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
10814299 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
10814299 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
0 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
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
CY2024Q3 us-gaap Deposits Money Market Deposits
DepositsMoneyMarketDeposits
289300000 usd
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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