Sable Offshore Shares Rise After Senior Secured Term Loan Amendment

Dow Jones06-22

By Chris Wack

Sable Offshore shares were 11% higher, at $8.97, after the company said it has entered into an amendment with Exxon Mobil to the senior secured term loan agreement to extend the maturity date.

The oil and gas company said the amendment extends the maturity date of the loan to the earlier of either July 24 or the acceleration of the senior secured term loan following any event of default.

Pursuant to the amendment, Sable Offshore agrees to pay Exxon a $30 million amendment fee on June 22. Exxon agrees to suspend and waive the minimum liquidity covenant of $25 million introduced in the second amendment of the loan until the amended maturity date.

As a result of the limited waiver, Sable Offshore said it intends to reduce the proposed size of its previously announced new senior secured term loan to up to $775 million.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

June 22, 2026 10:58 ET (14:58 GMT)

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