Sable Offshore Corp. restarted production in May 2025 at its Santa Ynez Unit offshore California after extensive repairs and regulatory hurdles, incurring substantial operating losses and liquidity challenges. The company reported zero revenue as of early 2024 and faced escalating operating expenses linked to restart activities. Its capital structure is encumbered by a $922 million senior secured term loan with restrictive covenants and mounting paid-in-kind interest, creating refinancing needs. Regulatory investigations and environmental compliance risks further complicate near-term operational stability. Monitoring future hydrocarbon sales milestones and debt refinancing progress will be critical to assessing Sable's recovery trajectory.