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Get filing alertsRisk Profile Improvements
- Dpa Order Citing Energy Scarcity And National Security Concerns (new) — Federal government invoked Defense Production Act to mandate pipeline operations, citing West Coast energy supply disruption risks and military dependence on foreign oil.
- California Regulatory Enforcement Despite Federal Order (new) — State Court of Appeal affirmed injunction against operations on June 17, 2026, directly conflicting with federal DPA mandate and creating jurisdictional uncertainty.
- Securities Litigation And Government Investigations (new) — Company faces class action alleging misleading statements and is responding to SEC and U.S. Attorney subpoenas related to Hunterbrook Media allegations and trading activity.
Sable raises $1.1B to refinance Exxon debt as production resumes under federal order
Filed July 2, 2026 · Period ending June 30, 2026 · ~2 min read
Key Changes
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Closed $345M convertible notes (6.5%, 2031), $107M equity offering, and $675M term loan (15%, 2028) to repay Exxon debt; term loan requires 1.25x minimum return to lenders and carries prepayment penalties up to 3%.
Item 1.01 verify on EDGAR → -
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Production restarted March 2026 at 43,000 bbl/d from 52 wells under Defense Production Act order citing national security and West Coast energy scarcity; California Court of Appeal affirmed injunction against operations June 17.
Exhibit 99.3 verify on EDGAR → -
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California Coastal Commission imposed $18M penalty (not accrued) and cease-and-desist orders for alleged unpermitted development; PHMSA granted federal jurisdiction over pipeline system and issued 10-year special permit June 25.
Exhibit 99.3 verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Generated by AI · Jul 3, 2026 12:16 AM