Sable Offshore Posts $410 Million Loss, and One Fund Dumped Its $71.6 Million Position
Key Points
Cooper Creek sold 4,102,268 shares of Sable Offshore Corp. in the fourth quarter.
The quarter-end position value decreased by $71.63 million as a result.
The position, now down to nothing, accounted for 2.2% of the fund’s AUM in the previous quarter.
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On February 17, 2026, Cooper Creek Partners Management disclosed in an SEC filing that it sold all 4,102,268 shares of Sable Offshore Corp. (NYSE:SOC) in the fourth quarter, an estimated $71.63 million transaction based on last-disclosed position values.
What happened
According to its SEC filing dated February 17, 2026, Cooper Creek Partners Management sold all of its 4,102,268 shares of Sable Offshore Corp. (NYSE:SOC) during the fourth quarter. The fund’s quarter-end position value in Sable Offshore Corp. fell by $71.63 million as a result.
What else to know
- Top holdings after the filing:
- NYSE:CXW: $112.68 million (5.3% of AUM)
- NYSE:GXO: $90.06 million (4.3% of AUM)
- NYSE:AAP: $75.75 million (3.6% of AUM)
- NYSE:GEO: $75.00 million (3.6% of AUM)
- NASDAQ:CZR: $74.15 million (3.5% of AUM)
- As of February 17, 2026, shares of Sable Offshore Corp. were priced at $8.69, down 70% over the past year and significantly underperforming the S&P 500’s roughly 17% gain in the same period.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close February 17, 2026) | $8.69 |
| Market capitalization | $1 billion |
| Net income (TTM) | $8.4 million |
Company snapshot
- Sable Offshore engages in offshore oil and gas exploration and development, operating three offshore platforms and an onshore processing facility across 16 federal leases
- The company generates revenue primarily from the extraction and sale of crude oil and natural gas produced from its California offshore assets
- It serves energy markets in the United States, targeting downstream processors, refiners, and energy distributors
Sable Offshore Corp. is an energy company focused on oil and gas exploration and production, leveraging a portfolio of offshore platforms and federal leases along the California coast. Its strategic position in the U.S. offshore market provides access to established infrastructure and proximity to key energy customers.
What this transaction means for investors
Sable is less of an operating oil producer and more of a high-stakes restart story tied to regulatory approvals and balance sheet math. And it’s been a tough stretch for the firm, to say the least.
The company reported a 2025 net loss of $410.2 million, driven largely by restart-related operating costs and non-cash charges. It ended the quarter with $921.6 million in debt against $97.7 million in cash. And its core Santa Ynez Unit assets have not produced commercial volumes since 2015.
This precarious situation helps explain a stock down roughly 70% over the past year. Compared with other holdings centered on corrections facilities, logistics operators, and consumer cyclicals, this was perhaps the portfolio’s most speculative exposure.
For long-term investors, the lesson is simple. Turnaround energy stories hinge on execution, capital structure, and permitting risk. When the balance sheet is heavy and the timeline is fixed, discipline often means walking away before optionality turns into dilution or worse.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool recommends GXO Logistics. The Motley Fool has a disclosure policy.
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