Sable Offshore slides on $250 mln stock sale plans

Sable Offshore SOC.N shares drop 13.4% to six-week low of $7.80 premarket as co looks to raise equity

Houston, Texas-based oil driller files up to $250 mln ATM ("at-the-market") stock offering with TD Cowen and Jefferies as sales agents

It intends to use net offering proceeds for general corporate purposes, working capital and capex, and potential future investments

With ~145 mln shares outstanding, co has $1.3 bln market cap through Mon close

Last month, California said the state was suing the Trump administration over restart of the oil pipelines linked to the Santa Ynez field in federal waters

In Nov, SOC raised $250 mln of equity in connection with extension of an Exxon Mobil XOM.N loan

Through Mon, SOC shares down roughly two-thirds over the past year

All 5 analysts c overing the stock are bullish; median PT $23, per LSEG data