# Key California oil giant on life support after Chevron makes crucial decision

- URL: https://talkfuse.com/story/key-california-oil-giant-on-life-support-after-chevron-makes-crucial-decision/
- Published: 2026-11-12T18:12:49+00:00
- Updated: 2026-11-12T18:23:08+00:00
- Original publisher: New York Post (publisher lean: Right)
- Original article: https://nypost.com/2026/11/12/us-news/sable-offshore-running-out-of-cash-after-crucial-chevron-move/
- Topics: Business, Companies, World

## Key points

- Chevron’s pause in oil purchases has left Sable short of cash.
- Sable shares fell to a record low of 76 cents.
- The offshore restart also faces a legal challenge.

## Summary

Sable Offshore Corp, a Houston-based company producing oil off Santa Barbara, has warned it may soon be unable to pay its bills after its sole regular buyer, a Chevron refinery, stopped taking deliveries in October. The interruption has forced Sable to cut production and sent its shares to a record low, putting the company’s recent restart of offshore oil operations under financial pressure.

Sable’s shares fell 60.5% to 76 cents before partly recovering, and the company reported “substantial doubt” about its ability to continue operating. It says tank repairs at the refinery have delayed purchases longer than expected, with no clear date or volume for their return. Since early November, Sable has also sold oil to three other Los Angeles-area refineries and is exploring stockpile sales, new shares and borrowing. Its Santa Ynez platforms restarted in March, using a pipeline idle since a 2015 corrosion failure; the restart is also subject to a legal dispute over a federal order to resume transport.

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Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.