Sable Offshore Hits Record Low Amidst Ongoing Sales Disruptions

Sable Offshore slumped 60.5% to a record low on Monday after the oil producer raised "substantial doubt" about its ability to continue as a going concern, citing strained liquidity due to sales disruption to its main buyer.

Shares of the company, which flagged its latest going-concern doubts, tumbled to 76 cents. They were last down 57.6%.

The ongoing purchase reductions by its main crude-oil buyer have forced the company to reduce production and are expected to leave it short of liquidity to meet obligations when they fall due

Sable said it does not expect operating cash flow and remaining refinancing proceeds to cover near-term operating costs and debt payments

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