Just saw that Cooper Creek Partners dumped their entire $71.6 million position in Sable Offshore (SOC) last quarter. Can't blame them honestly. This stock has been an absolute bloodbath - down 70% over the past year while the market was up 17%. That's rough.

Sable is basically a turnaround story in offshore oil and gas, but the execution has been brutal. They posted a $410 million loss in 2025 and their core assets haven't produced anything commercially since 2015. Meanwhile they're carrying $921 million in debt with only $97.7 million in cash. The math just doesn't work when you're betting on regulatory approvals and restart timelines.

Cooper Creek's exit makes sense - when you've got a heavy balance sheet and fixed timelines, sometimes the smartest move is just walking away. Sable looked like a speculative energy play that didn't pan out. The lesson here is pretty clear: turnaround stories need solid execution, not just hope. This one ran out of both.