Sable Offshore surges as it restarts SYU platforms, doubles production guidance

Sable Offshore's SOC.N shares up 20.6% premarket to $34.80 after co announces restart of production at the Santa Ynez Unit (SYU) offshore platforms off the California coast and doubles production guidance for second half of 2025

SOC shares set to surpass record intraday high of $32.33 hit on Feb 19

Houston, Texas-based oil and gas firm says as of May 15 it restarted production at SYU and has begun flowing oil production from its Harmony platform to Las Flores Canyon

It expects to start production from additional 44 wells on Heritage and additional 26 wells on Hondo in Jul and Aug, respectively

Co now sees 2H25 net avg daily production in range of 40,000-50,000 barrels of oil equivalent per day (boepd), up from prior forecast of 20,000-25,000 boepd

It maintains 2H25 total capex outlook of between $70-$90 mln

Through Fri close, SOC shares up 26% YTD giving co ~$2.6 bln market cap, per LSEG