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- Consent Order (unchanged) — Company operates under federal court Consent Decree governing pipeline operations; California state agencies dispute compliance and filed enforcement motion in March 2026, seeking operational shutdown. DOJ supports termination; court has not yet ruled.
- Cease and Desist (worsened) — California Coastal Commission issued new cease-and-desist notice June 9, 2026, alleging unpermitted pipeline reactivation under Senate Bill 237, seeking to halt oil transport and impose penalties. This is in addition to the $18M penalty already imposed in April 2025 and the preliminary injunction that was discharged in July 2026.
- Going Concern (removed) — Substantial doubt about going concern existed as of Q1 2026 due to January 2026 debt maturity and lack of revenue, but was alleviated by the July 2026 refinancing, which extended debt maturity to 2028/2031 and improved liquidity.
revenue $137.1M, net income -$64.2M. Sable resumes oil sales under federal Defense Production Act order amid California legal challenges
Filed August 10, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 12, 2025 · ~2 min read
Key Changes
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Federal government invoked Defense Production Act on March 13, 2026, directing immediate pipeline resumption; company initiated oil sales March 29, generating $138M revenue in Q2 2026. California sued to block the order; motion-to-dismiss hearing scheduled September 28.
MD&A: DPA Order and pipeline resumption verify on EDGAR → -
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Completed $1.1B refinancing in July 2026 (post-quarter): $345M convertible notes, $675M term loan, $107M equity, plus $500M undrawn revolver. Extended debt maturity to 2028/2031, eliminated going-concern doubt that existed as of Q1 2026.
MD&A: 2026 Refinancing Transactions verify on EDGAR → -
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Operating loss narrowed 48% to $66.9M (Q2 2026) from $128.9M (Q2 2025) as first oil revenue ($138M six-month) offset higher operating costs. 47 wells online in July producing ~720 bbl/day/well; expects all 77 wells online Q3 2026.
MD&A: Operating result / Production ramp 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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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 11, 2026 · How we verify