Sable Offshore Corp. completes Platform Hondo reconstruction

Sable Offshore Corp. has completed the reconstruction and internal operational commissioning of Platform Hondo. The company has modernized the platform with updated technology and safety standards. Sable is working with the Marine Minerals Administration and expects final review and approval of the platform's instrumentation, control, and safety commissioning in October 2026.

To prepare for an expected restart in the fourth quarter of 2026, Sable plans to complete four additional perforation addition operations on Platform Hondo. These operations are estimated to produce approximately 600 incremental barrels of oil per day each. Additionally, the company is planning upgrades to the Las Flores Canyon Midstream Processing Facility to increase emulsion processing capacity following robust production from Platforms Harmony and Heritage.

Regarding market performance, Sable Offshore Corp. currently holds a consensus target price of $12.00 among seven ratings firms. The stock has seen a wide range over the past year, with a low of $2.88 and a high of $20.74.