@zimbuckapp: BREAKING: Sable Offshore (NYSE: SOC) crashed 60.5% to a record low of $0.76 on Monday after the oil producer warned in an SEC filing that there is "substantial doubt" about its ability to continue as a going concern. Its sole crude oil buyer halted purchases in early October for refinery upgrades and maintenance, forcing Sable to cut production as inventories built up. The company says operating cash flow and remaining refinancing proceeds will not cover near-term costs and debt payments. Sable has started selling to other Los Angeles-area refineries and is weighing a bulk sale of stored crude plus equity and debt financing — but says the timing and success of those efforts remain uncertain. (Sources: Reuters, SEC filing) #SableOffshore #SOC #Oil #EnergyStocks #StockMarket #WallStreet #Investing Read the full blog/news on Zimbuck: https://zimbuck.com/posts/2357 Join the conversation on Zimbuck — the finance social platform for traders & investors: https://zimbuck.com
