Sable Offshore disputes Hunterbrook report on accounts payable

Sable Offshore Corp. (NYSE: SOC) disputed claims made in a November 14 report by Hunterbrook Media LLC regarding the company's financial position and bonding obligations.

The Houston-based oil and gas company said Hunterbrook incorrectly stated its accounts payable balance as $163 million as of September 30, 2025. Sable said its actual accounts payable balance was approximately $53 million, according to its third-quarter 10-Q filing. The larger figure cited by Hunterbrook included both accounts payable and accrued liabilities, which contain discretionary and non-cash items.

Sable also addressed statements about a $350 million bonding requirement, clarifying that this obligation stems from its original purchase and sale agreement with Exxon Mobil Corporation dated November 1, 2022. The company said it received an extension for this plugging and abandonment bonding obligation through a fifth amendment to the agreement, effective October 14, 2025.

The bonding deadline was extended from October 2025 to three business days following the ExxonMobil Senior Secured Term Loan Maturity Date, which will be the earlier of March 31, 2027, or 90 days after first hydrocarbon sales. Under certain circumstances, ExxonMobil can seek to increase the bonding amount to $500 million.

The company said it completed a private placement of common stock to institutional investors and believes it has sufficient liquidity to pursue its objectives, including a comprehensive debt refinancing in the first quarter of 2026.

Sable operates the Santa Ynez Unit in federal waters offshore California. The assets restarted production in May 2025 after being shut down in June 2015 due to pipeline transportation issues.

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