By Staff Report Monday, November 3rd, 2025

Shares of Sable Offshore Corp. tumbled 30% to an all-time low after the company said it is trying to raise $225 million and extend a loan with Exxon Mobil as it looks for a way to reopen a shut oil platform off Santa Barbara County’s coast.

The company’s shares fell roughly $3.20 to $7.26 during trading on Monday, according to Yahoo Finance. Bloomberg News reported first on the loan extension, which would increase the interest rate on the loan to 15% annually and extend the maturity to as late as March 31, 2027, a company release said.

The $225 million in equity funding, net of fees, is a requirement for extending the loan agreement, the release said, along with other conditions. The company’s entire market capitalization was about $740 million on Nov. 3, hours after the announcement.

Sable Offshore has been at loggerheads with Santa Barbara County officials in its effort to restart drilling at the former ExxonMobil platform. 

The county Board of Supervisors narrowly defeated a plan to restart operations and the county has turned to the Department of Energy and other Trump Administration agencies for support for utilizing barges to transport oil products to Los Angeles if drilling is restarted. Because the platform is in federal waters, it is not clear whether state or local officials could block its reopening, although the matter is likely to be litigated.

An earlier plan to rebuild an aging pipeline that would move oil from the platform through Santa Barbara County to Kern County could take years for permitting and construction. That pipeline has been closed since a 2015 oil spill that polluted beaches up and down the California coast.