Sable Offshore bounces after stock, convertible bond deals for Exxon loan

Sable Offshore

01/07/2026 12:12

** Oil and gas producer Sable Offshore's SOC.N shares up 13.6% premarket on Weds to $3.50 after clinching capital raise
** SOC announces pricing concurrent public offerings of ~32.5 mln shares at $3.08 for $100 mln gross proceeds, and $300 mln 6.5% convertible bonds (CBs) due 2031
** SOC's stock plunged 55.8% to record low close of $3.08 on Tues after co announced the offerings to repay its loan with Exxon Mobil XOM.N, among other purposes
** Initial conversion price on the CBs is $4, 30% above the price of the equity offering
** JP Morgan sole bookrunner for both offerings
** At Tues close, stock shed 79% in June putting it down 66% YTD
** Avg rating of 4 analysts is "buy"; median PT $24, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))