SOCHIGH SIGNALOPERATIONAL10-K

SOC has substantially increased its share count and is actively investing capital to restore production operations at the Santa Ynez Unit (SYU) following the 2015 pipeline incident shutdown.

The company appears to be in an active restart phase of the SYU operations that have been shut down since the 2015 Plains pipeline leak incident. The significant increase in outstanding shares from 89.4 million to 147.2 million suggests substantial equity financing to fund the restoration efforts. The language changes indicate operational progress with renewed focus on safely bringing the offshore platforms and onshore processing facilities back online.

Comparing 2026-02-27 vs 2025-03-17View on EDGAR →
FINANCIAL ANALYSIS

The balance sheet reflects a company deploying capital for operational restart, with cash and equivalents declining substantially from $300.4M to $97.7M as funds are invested in restoration activities. Despite the cash deployment, stockholders' equity grew meaningfully from $384.2M to $534.3M, indicating the company raised significant equity capital during the period. The overall financial picture suggests an active investment phase as SOC funds the complex process of safely restarting offshore oil production operations.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-67.5%
$300.4M→$97.7M

Cash declined 67.5% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Current Assets
Balance Sheet
-61.8%
$355.3M→$135.7M

Current assets declined 61.8% — monitor working capital adequacy and short-term liquidity.

Stockholders Equity
Balance Sheet
+39.1%
$384.2M→$534.3M

Equity base grew 39.1% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-03-17
ADDED
As of February 26, 2026, there were 147,244,086 s hare s of Common Stock, $0.0001 par value, issued and outstanding.
Certain Relationships and Related Transactions, and Director Independence 108 Item 14 .
Since the Closing Date, we have invested significant capital to safely restore production operations to SYU.
The SYU Assets include the Santa Ynez Unit and the Santa Ynez Pipeline System.
In May 2015, Pipeline Segment 324 (then known as Line 901 ) experienced a leak while operated by Plains All American Pipeline, L.P.
( Plains ), as further described below under Pipeline 901 Incident .
The SYU suspended production after the Line 901 incident and the facilities were maintained in a safe state.
On May 19, 2025, the Company announced that as of May 15, 2025, it had restarted production at the SYU and begun flowing oil production from six wells at SYU s Platform Harmony to the Company s storage and processing facilities at LFC.
Prior to May 15, 2025, the SYU had not produced oil and gas since May 2015; however, all equipment remained in place in an operation-ready state, requiring ongoing inspections, maintenance and surveillance.
In 2020, Plains entered into a Consent Decree, described further below under Pipeline 901 Incident, that provides a path for resuming petroleum transportation through Pipeline Segments 324 and 325, which have been maintained in an active state.
REMOVED
As of March 14, 2025 there wer e 89,413,358 share s of Common Stock, $0.0001 par value, issued and outstanding.
These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.
SYU consists of three offshore platforms and a wholly owned onshore processing facility located along the Gaviota Coast at Las Flores Canyon in Santa Barbara County, California.
SYU s onshore facilities and the three offshore platforms remained in continuous operation until 2015.
In May 2015, a Plains Pipeline that transported produced oil from SYU experienced a leak, as further described below under Pipeline 901 Incident.
The SYU platforms and facilities suspended production after the Line 901 incident, the SYU Assets were shut in and the facilities were placed in a safe state.
The facilities are not currently producing oil and gas; however, all equipment remains in place in an operation-ready state, requiring ongoing inspections, maintenance and surveillance.
All hydrocarbon pipelines within SYU have been placed in a safe state and remain under regular monitoring.
In 2020, Plains entered into a Consent Decree, described further below under Pipeline 901 Incident, that provides a path for a potential restart of the pipelines.
Sable began hydrotesting the Pipeline in early 2025 in advance of a potential restart of production from the Santa Ynez Unit offshore platforms and the associated Las Flores Canyon processing facilities in the second quarter of 2025.
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