Sable Offshore CEO Earns $76 Million Despite Company's Massive Loss
Jim Flores, CEO of Sable Offshore, took home a $76 million compensation package in 2025, making him the highest-paid executive in Houston last year. His base salary fell to $1.3 million compared to $1.7 million in 2024, but he received a $3.9 million bonus and millions of shares worth about $69 million. Despite his company selling no crude in 2025 and posting a net loss of $410.2 million, Flores' compensation package put him above Exxon Mobil's CEO Darren Woods ($32 million) and Chevron's Mike Wirth ($26.8 million).
Flores has over three decades of oil and gas experience, starting his career in Louisiana in 1992. He co-founded Ocean Energy in 1994 and later took over Plains Exploration & Production in 2001. Sable Offshore owns a cluster of offshore oil fields near Santa Barbara known as the Santa Ynez Unit, which was purchased by Flores' company in 2024 for over $800 million.
California regulators and environmentalists repeatedly blocked Sable's efforts to restart production due to concerns about the pipeline's safety. However, after the Trump administration ordered Sable to restart operations to relieve supply pressures, the company began selling oil again in March. Flores said in an August statement that he was 'encouraged by the productivity of the wells' and looked forward to working with midstream and downstream partners to maximize domestic crude oil production.