BUZZ-Sable Offshore surges as it restarts SYU platforms, doubles production guidance
Sable Offshore's shares surged 20.6% to $34.80 after announcing the restart of production at the Santa Ynez Unit (SYU) offshore platforms and doubling its production guidance for the second half of 2025. The company expects net average daily production to reach 40,000-50,000 barrels of oil equivalent per day, up from a previous forecast of 20,000-25,000 boepd. Sable Offshore maintains a total capex outlook of $70-$90 million for 2H25, with shares up 26% year-to-date, giving it a market cap of approximately $2.6 billion.
** Sable Offshore's SOC.N shares up 20.6% premarket to $34.80 after co announces restart of production at the Santa Ynez Unit (SYU) offshore platforms off the California coast and doubles production guidance for second half of 2025
** SOC shares set to surpass record intraday high of $32.33 hit on Feb 19
** Houston, Texas-based oil and gas firm says as of May 15 it restated production at SYU and has begun flowing oil production from its Harmony platform to Las Flores Canyon
** It expects to start production from additional 44 wells on Heritage and additional 26 wells on Hondo in Jul and Aug, respectively
** Co now sees 2H25 net avg daily production in range of 40,000-50,000 barrels of oil equivalent per day (boepd), up from prior forecast of 20,000-25,000 boepd
** It maintains 2H25 total capex outlook of between $70-$90 mln
** Through Fri close, SOC shares up 26% YTD giving co ~$2.6 bln market cap, per LSEG
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
