Equities
Stifel Nicolaus Initiates Coverage on Sable Offshore With Buy Rating, $8 Price Target
Sable Offshore (SOC) has an average rating of Buy and mean price target of $9.40, according to analysts polled by FactSet.
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Equities
Sable Offshore Says Court Finds Consent Decree Violation, Imposes $1.5 Million Fine
Sable Offshore (SOC) was fined $1.45 million after a federal court found it violated a 2020 consent decree by restarting the Santa Ynez Pipeline System without California authorization, the company said in a Monday filing.The court declined to order a shutdown of Sable's onshore pipeline segments, noting that the Pipeline and Hazardous Materials Safety Administration had approved its restart plan and the company was no longer violating the decree.The court also ruled that a Defense Production Act order prevents California's Parks Department from taking legal action to block Sable's onshore pipeline operations.
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Commodities
Market Chatter: Sable Offshore Can Continue Las Flores Pipeline Operations Under Federal Order
Sable Offshore (SOC) can use a federal emergency order to continue pumping oil through its disputed Las Flores pipeline system in California, after a court rejected the state's challenge, Bloomberg reported Wednesday.The court shifted pipeline oversight from California regulators to the federal government, but found Sable out of compliance for starting oil pumping before securing the required state approvals, imposing a $1.45 million penalty, the report said.The court said the Defense Production Act gives the president broad authority to compel private industry and direct resources for national defense, supporting the federal order, according to the report.Sable Offshore and the US Department of Energy did not immediately reply to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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Sectors
Sector Update: Energy Stocks Mixed Late Afternoon
Energy stocks were mixed late Wednesday afternoon, with the NYSE Energy Sector Index rising 0.2% and the State Street Energy Select Sector SPDR ETF (XLE) decreasing 0.3%.The Philadelphia Oil Service Sector Index was down 0.3%, and the Dow Jones US Utilities Index was fractionally higher.Front-month West Texas Intermediate crude oil rose 0.6% to $85.48 a barrel, and the global benchmark Brent crude contract advanced 0.3% to $91.26 a barrel. Henry Hub natural gas futures were steady at $2.78 per 1 million BTU.In sector news, US crude oil stocks, including the Strategic Petroleum Reserve, fell by 900,000 barrels in the week ended Aug. 14, following an increase of 11.3 million barrels in the week earlier. Excluding SPR inventories, commercial crude oil stocks rose by 4.4 million barrels compared with a 17.4-million-barrel gain in the week prior, and above the 200,000-barrel increase expected in a survey compiled by Bloomberg.In corporate news, Sable Offshore (SOC) can continue using an emergency order from the Trump administration as legal authority for the restart of an oil pipeline in Santa Barbara, California, Bloomberg reported Wednesday, citing a court ruling. Sable shares jumped past 18%.BP (BP) has begun trading Venezuelan oil, with a tanker loading about 400,000 barrels of heavy fuel oil supplied by state-owned Petroleos de Venezuela for delivery to Houston, Bloomberg reported. BP shares rose 0.7%.Energy Fuels (UUUU) shares gained 5.8% after it said Wednesday that terbium oxide produced at the White Mesa Mill in Utah has been qualified for commercial use by one of Japan's largest rare earth permanent magnet manufacturers.FLEX LNG (FLNG) shares climbed 3.9% after it reported higher Q2 adjusted net income and revenue.Shell (SHEL) Lubricants and Hyundai Motor have renewed their global partnership for another five years, the companies said Wednesday. Shell shares were up 0.8%.
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Wire
Market Chatter: Sable Offshore's California Pipeline Restart to Continue, Court Rules
Sable Offshore (SOC) can continue using an emergency order from the Trump administration as legal authority for the restart of an oil pipeline in Santa Barbara, California, Bloomberg reported Wednesday, citing a court ruling.The US District Court for the Central District of California rejected the state's request to block enforcement of a Defense Production Act order issued by Energy Secretary Chris Wright directing the upstream company to produce oil through the Las Flores pipeline system, despite objections from state regulators.Sable Offshore did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $4.81, Change: $+0.82, Percent Change: +20.55%
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Sectors
Sector Update: Energy Stocks Decline Late Afternoon
Energy stocks were lower late Wednesday afternoon, with the NYSE Energy Sector Index decreasing 0.9% and the State Street Energy Select Sector SPDR ETF (XLE) down 0.6%.The Philadelphia Oil Service Sector Index shed 2.1%, and the Dow Jones US Utilities Index declined 1.4%.On Wednesday, the US and Iran held indirect technical talks in Doha as they seek to agree on the flow of shipping through the Strait of Hormuz and secure a lasting ceasefire, a source with direct knowledge of the talks and an Iranian official told Reuters.Front-month West Texas Intermediate crude oil fell 1.7% to $68.31 a barrel, and the global benchmark Brent crude contract dropped 2.2% to $71.38 a barrel. Henry Hub natural gas futures declined 2.2% to $3.20 per 1 million BTU.In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 9.3 million barrels in the week ended June 26 following a fall of 15.1 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks declined by 3.8 million barrels after a 6.1 million barrel decrease in the previous week, a larger decline than the 2.2 million barrel decrease expected in a Bloomberg survey.In corporate news, Sable Offshore (SOC) shares surged 42% after the firm said Wednesday it has priced a combined equity and debt offering to raise capital and refinance borrowings tied to its energy assets.New Era Energy & Digital (NUAI) appointed new executives, including Charlie Nelson, currently president and chief operating officer, as chairman and chief executive, effective immediately, the company said Wednesday. Shares were falling past 17%.Eni (E) said it agreed with Mercuria to establish an equally owned joint venture to oversee energy commodities trading activities across global markets. Eni shares were down 2.6%.Equinor (EQNR) has entered into a letter of intent with Transocean (RIG) to charter three Cat D rigs for operations on the Norwegian continental shelf under an agreement valued at about $1 billion, the company said Wednesday. Equinor shares were shedding 0.7% lower, and Transocean was down 0.9%.
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Sectors
Sector Update: Energy Stocks Decline Wednesday Afternoon
Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index decreasing 0.8% and the State Street Energy Select Sector SPDR ETF (XLE) down 0.3%.The Philadelphia Oil Service Sector Index shed 1.6%, and the Dow Jones US Utilities Index declined 1.3%.On Wednesday, the US and Iran held indirect technical talks in Doha as they seek to agree on the flow of shipping through the Strait of Hormuz and secure a lasting ceasefire, a source with direct knowledge of the talks and an Iranian official told Reuters.Front-month West Texas Intermediate crude oil fell 1.8% to $68.26 a barrel, and the global benchmark Brent crude contract dropped 2.3% to $71.25 a barrel. Henry Hub natural gas futures shed 1.6% to $3.22 per 1 million BTU.In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 9.3 million barrels in the week ended June 26 following a fall of 15.1 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks declined by 3.8 million barrels after a 6.1 million barrel decrease in the previous week, a larger decline than the 2.2 million barrel decrease expected in a Bloomberg survey.In corporate news, Sable Offshore (SOC) shares surged 36% after the firm said Wednesday it has priced a combined equity and debt offering to raise capital and refinance borrowings tied to its energy assets. Proceeds will be used to repay a senior secured term loan with Exxon Mobil (XOM), as well as for transaction costs and general corporate purposes, Sable said. Exxon shares were down 0.2%.Eni (E) said it agreed with Mercuria to establish an equally owned joint venture to oversee energy commodities trading activities across global markets. Shares were down 2.5%.Equinor (EQNR) has entered into a letter of intent with Transocean (RIG) to charter three Cat D rigs for operations on the Norwegian continental shelf under an agreement valued at about $1 billion, the company said Wednesday. Equinor shares were 0.2% lower, and Transocean was down 0.8%.
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Sectors
Sector Update: Energy
Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index decreasing 0.8% and the State Street Energy Select Sector SPDR ETF (XLE) down 0.3%.The Philadelphia Oil Service Sector Index shed 1.6%, and the Dow Jones US Utilities Index declined 1.3%.Front-month West Texas Intermediate crude oil fell 1.8% to $68.26 a barrel, and the global benchmark Brent crude contract dropped 2.3% to $71.25 a barrel. Henry Hub natural gas futures shed 1.6% to $3.22 per 1 million BTU.In corporate news, Sable Offshore (SOC) shares surged 35% after it said Wednesday that it has priced a combined equity and debt offering to raise capital and refinance borrowings tied to its energy assets. Proceeds from both offerings will be used primarily to repay a senior secured term loan with Exxon Mobil (XOM), as well as for transaction costs and general corporate purposes, Sable said. Exxon shares were fractionally higher.
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Sectors
Sector Update: Energy Stocks Fall Premarket Wednesday
Energy stocks were falling premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.4% lower.The United States Oil Fund (USO) was down 1.8% and the United States Natural Gas Fund (UNG) was 0.8% lower.Front-month US West Texas Intermediate crude oil was 0.5% lower at $69.13 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 1.1% to $72.18 per barrel, and natural gas futures were down 0.8% at $3.25 per 1 million British Thermal Units.Sable Offshore (SOC) shares were up more than 23% after the company said it has priced a combined equity and debt offering to raise new capital and refinance existing borrowings tied to its energy assets.Eni (E) said it agreed with Mercuria to establish an equally owned joint venture to oversee energy commodities trading activities across global markets. Eni stock was down more than 2% pre-bell.Ecopetrol (EC) has received around 1 trillion Colombian pesos ($292.7 million) by Colombia''s Ministry of Finance and Public Credit, corresponding to the account receivable from the Fuel Price Stabilization Fund for Q2 2025, the company said. Ecopetrol shares were 0.6% lower premarket.
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Sectors
Sector Update: Energy
Energy stocks were declining premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.2% lower.The United States Oil Fund (USO) was down 1.4% and the United States Natural Gas Fund (UNG) was 0.2% higher.Front-month US West Texas Intermediate crude oil was 1.1% lower at $68.73 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 1.6% to $71.82 per barrel, and natural gas futures were down 1.9% at $3.21 per 1 million British Thermal Units.Sable Offshore (SOC) shares were up more than 18% after the company said it has priced a combined equity and debt offering to raise new capital and refinance existing borrowings tied to its energy assets.
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Equities
Sable Offshore Raises Capital via $300 Million Notes and Share Offering to Repay Exxon Loan
Sable Offshore (SOC) said Wednesday that it has priced a combined equity and debt offering to raise new capital and refinance existing borrowings tied to its energy assets.The company said it has priced a public offering of 32.5 million shares at $3.08 each, alongside a $300 million issuance of 6.5% convertible senior notes due 2031. The deals are expected to be completed on Thursday, subject to standard conditions, it added.The convertible notes carry a 6.5% coupon and can be converted into equity at an initial price of about $4 per share, representing a 30% premium to the equity offering price, it said.Proceeds from both offerings will be used primarily to repay a senior secured term loan with Exxon Mobil (XOM), as well as for transaction costs and general corporate purposes, Sable said.
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Sectors
Sector Update: Energy Stocks Decline Late Afternoon
Energy stocks were lower late Tuesday afternoon, with the NYSE Energy Sector Index easing 0.4% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 0.6%.The Philadelphia Oil Service Sector Index rose 0.5%, and the Dow Jones US Utilities Index retreated 1.2%.Front-month West Texas Intermediate crude oil fell 0.9% to $70.13 a barrel, and the global benchmark Brent crude contract eased 0.3% to $72.92 a barrel. Henry Hub natural gas futures rose 2.5% to $3.26 per 1 million BTU.In sector news, US envoy for the Middle East Steve Witkoff and President Donald Trump's son-in-law Jared Kushner are in Doha to meet Qatari mediators, CNN reported Tuesday, citing Qatar's Foreign Ministry spokesperson. The US duo will not meet with Iranian officials, the news report added.Separately, the US Federal Communications Commission is drafting a rule that would ban imports of foreign inverters, which connect solar projects and batteries to the grid, due to concerns China could disrupt power supplies with them, Reuters reported.In corporate news, Sable Offshore (SOC) shares tumbled 57%. Bloomberg reported that JPMorgan Chase (JPM), which is running a stock and note offering from Sable, has seen limited investor demand for a loan paying 15%.Air Products and Chemicals (APD) shares jumped 8% after it said Tuesday it will not proceed with the Louisiana Clean Energy Project due to expected financial returns that do not meet stringent return criteria.Shell (SHEL) is close to a deal to sell over 600 retail fuel outlets in South Africa to Abu Dhabi National Oil's retail arm for a deal valued at around $1 billion, Bloomberg reported. Shell shares rose 0.8%.Gulfport Energy (GPOR) has acquired roughly 4,700 net undeveloped acres in Ohio's Utica region for about $83 million, expanding its gas inventory in the area, the company said Monday. Its shares were up 2.5%.
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Sectors
Sector Update: Energy
Energy stocks were lower late Tuesday afternoon, with the NYSE Energy Sector Index easing 0.2% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 0.5%.The Philadelphia Oil Service Sector Index rose 0.5%, and the Dow Jones US Utilities Index retreated 1%.Front-month West Texas Intermediate crude oil fell 1.1% to $69.95 a barrel, and the global benchmark Brent crude contract eased 0.3% to $72.92 a barrel. Henry Hub natural gas futures rose 2.3% to $3.26 per 1 million BTU.In corporate news, JPMorgan Chase (JPM), which is running a stock and note offering from Sable Offshore (SOC), has seen limited investor demand for a loan paying 15%, Bloomberg reported. Sable shares fell past 52%.
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Wire
Top Midday Decliners
Unicycive Therapeutics (UNCY) said Tuesday it has received a Complete Response Letter from the US Food and Drug Administration over its resubmitted new drug application for oxylanthanum carbonate for treating hyperphosphatemia in patients with chronic kidney disease on dialysis.The letter relates to deficiencies previously identified at third-party manufacturing vendor, the firm said, adding that the FDA inspection of third-party facility did not occur during the resubmission review.Shares sank 37% amid a surge in intraday trading volume to over 17.2 million from a daily average of about 907,000 shares.JPMorgan Chase (JPM), which is running a stock and note offering from Sable Offshore (SOC), has seen limited investor demand for a loan paying 15%, Bloomberg reported Tuesday, citing people familiar with the matter.Sable shares sank 46% as intraday trading volume catapulted to over 45.0 million from a daily average of about 3.8 million.Pacira Biosciences (PCRX) has agreed to sell its Iovera cold-therapy pain relief system to Zimmer Biomet (ZBH) for up to $140 million.Zimmer shares dropped 7.5%, with intraday trading volume of over 2.31 million against a daily average of about 2.34 million.Price: $4.83, Change: $-2.87, Percent Change: -37.27%
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Wire
Market Chatter: JPMorgan Sees Limited Investor Demand for Sable Loan Offering
JPMorgan Chase (JPM), which is running a stock and note offering from Sable Offshore (SOC), has seen limited investor demand for a loan paying 15%, Bloomberg reported Tuesday, citing people familiar with the matter.Sable shares sold off after the oil driller said earlier Tuesday it would raise $400 million through the combination offering, as it looks to repay debt owed to Exxon Mobil (XOM), the report said.The loan was originally sized at $1 billion but was cut for a second time on Tuesday to $675 million, the report said, citing a separate person.JPMorgan and Sable didn't immediately reply to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $328.90, Change: $-0.49, Percent Change: -0.15%
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Wire
JPMorgan Sees Limited Investor Demand for Sable Loan, Bloomberg Reports
JPMorgan Sees Limited Investor Demand for Sable Loan, Bloomberg Reports
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Equities
Sable Offshore Proposes Offerings of $100 Million in Common Stock, $300 Million in Convertible Notes
Sable Offshore (SOC) plans to start separate public sales of $100 million in common stock and $300 million in convertible senior notes maturing in 2031, the company said Tuesday.The company will grant underwriters a 30-day option to buy an additional $15 million in common stock and $45 million in notes to cover over-allotments, it said.Sable plans to use the net proceeds, alongside funds from a new secured lending arrangement, to settle its current senior secured term loan with Exxon Mobil (XOM) and for general corporate purposes, it said.Shares of Sable were down 38% in Tuesday premarket activity.
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Sectors
Sector Update: Energy Stocks Decline Late Afternoon
Energy stocks fell late Tuesday afternoon, with the NYSE Energy Sector Index decreasing 0.8% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 0.7%.The Philadelphia Oil Service Sector Index dropped 2.1%, and the Dow Jones US Utilities Index rose 0.6%.Oil prices fell Tuesday as a framework to end the Middle East conflict eased global supply fears. The US and Iran have agreed to end their war and reopen the Strait of Hormuz, which is the world's most important chokepoint for crude flows. The two sides are scheduled to sign their peace deal in Switzerland on Friday, which would kick off another round of negotiations on Tehran's nuclear program as Iran seeks sanctions relief.West Texas Intermediate crude oil shed 4.6% to $77.06 a barrel, and global benchmark Brent fell 3.9% to $79.91 a barrel. Henry Hub natural gas futures rose 3.2% to $3.25 per 1 million BTU.In sector news, the US will let Iran sell oil and fuel immediately under the deal the two nations reached to end the war, The Wall Street Journal reported.In corporate news, YPF (YPF) signed a letter of intent to explore collaborations in fast-charging networks and energy storage infrastructure, Reuters reported. Shares were declining 3%.Sable Offshore (SOC) shares fell 5.4%. The company said it has launched a senior secured term loan of up to $1 billion to refinance a secured term loan with Exxon Mobil (XOM).Equinor (EQNR) said Tuesday it will double share buyback to $3 billion in 2026 and expects annual share repurchases of $2 billion to $4 billion from 2027. Shares were down 1.3%.ConocoPhillips (COP) is set to become the first major US oil and gas company to sign a development agreement with Syria's new government, the Financial Times reported. Shares lost 1%.
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Sectors
Sector Update: Energy Stocks Decline Tuesday Afternoon
Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index decreasing 0.6% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 0.7%.The Philadelphia Oil Service Sector Index was falling 2.1%, and the Dow Jones US Utilities Index rose 1.1%.Oil prices fell Tuesday as a framework to end the Middle East conflict eased global supply fears. The US and Iran have agreed to end their war and reopen the Strait of Hormuz, which is the world's most important chokepoint for crude flows. The two sides are scheduled to sign their peace deal in Switzerland on Friday, which would kick off another round of negotiations on Tehran's nuclear program as Iran seeks sanctions relief.Front-month West Texas Intermediate crude oil fell 6.1% to $75.82 a barrel, and the global benchmark Brent crude contract dropped 5.4% to $78.66 a barrel. Henry Hub natural gas futures rose 3% to $3.24 per 1 million BTU.In sector news, the US will let Iran sell oil and fuel immediately under the deal the two nations reached to end the war, The Wall Street Journal reported. The provision also covers necessary services to sell oil, including banking, transportation and insurance, the report said.In corporate news, Sable Offshore (SOC) shares fell nearly 6% after the company said it launched a proposed senior secured term loan of up to $1 billion to refinance a secured term loan with Exxon Mobil (XOM).Equinor (EQNR) said Tuesday it will double share buyback to $3 billion in 2026 and expects annual share repurchases of $2 billion to $4 billion from 2027. Equinor shares were down 1.4%.ConocoPhillips (COP) is set to become the first major US oil and gas company to sign a development agreement with Syria's new government, the Financial Times reported. ConocoPhillips shares were shedding 1.4%.
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Sectors
Sector Update: Energy Stocks Decline Pre-Bell Tuesday
Energy stocks were declining pre-bell Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) falling 0.7%.The United States Oil Fund (USO) was down 4% and the United States Natural Gas Fund (UNG) was 0.1% higher.Front-month US West Texas Intermediate crude oil was 3.9% lower at $77.62 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 3.3% to $80.47 per barrel, and natural gas futures were up 0.6% at $3.17 per 1 million British Thermal Units.Sable Offshore (SOC) stock was down more than 4% after the company said it launched a proposed senior secured term loan of up to $1 billion to refinance its existing secured term loan with Exxon Mobil (XOM).Shell's (SHEL) electric vehicle charging service Shell Recharge and SINEXCEL have launched a joint laboratory in Shenzhen, China, to develop EV charging technologies and energy solutions, the Chinese energy technology company said. Shell shares were 0.5% lower premarket.ConocoPhillips (COP) is set to become the first major US oil and gas company to sign a development agreement with Syria's new government, the Financial Times reported, citing people familiar with the matter. ConocoPhillips stock was down more than 1% pre-bell.
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