Sable Offshore Logs First Full Quarter of Revenue Generation Amid Midstream Constraints

Sable Offshore reported $137.1 million in revenue and $9.4 million in operating cash flow for Q2 2026, its first full quarter of revenue generation.

The company's production ramp was accompanied by downstream constraints, higher inventory, and $18.5 million in non-recurring demurrage charges. Average net sales were approximately 21,000 barrels of oil per day, while Sable exited the quarter at roughly 40,000 net barrels per day.

The influx of Pacific Outer Continental Shelf crude led refiners to temporarily restrict throughput and apply quality deductions for sulfur and other characteristics. This contributed to a 49% increase in crude inventory, although inventory had subsequently declined to approximately 224,000 barrels as of August 9.