www.latimes.com Sable Offshore Faces Financial Crisis After Chevron Halts Oil Purchases
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- •Sable Offshore's stock plummeted 60.5% after Chevron halted oil deliveries.
- •The disruption in oil sales began on October 6, 2026, due to Chevron's refinery maintenance.
- •Sable is seeking alternative buyers and exploring financial options to survive.
Sable Offshore Corp. is experiencing severe financial difficulties after Chevron, its sole purchaser of crude oil, suspended deliveries due to maintenance and upgrades at its refinery. This disruption began on October 6, 2026, leading to a significant drop in Sable's stock price, which fell by 60.5% to 76 cents. The company reported 'substantial doubt' about its ability to continue operations without sufficient liquidity. Although Sable has begun selling oil to other refineries in the Los Angeles area, it remains uncertain when Chevron will resume purchases. Sable is exploring various options to raise cash, including selling stock and borrowing from lenders. The company is also attempting to sell its stockpiled oil to mitigate its financial strain.
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