Just saw that Sable Offshore reported a $410 million loss for 2025 and honestly, it's rough. Like, the company's core assets haven't even produced commercial volumes since 2015 - they're basically betting everything on regulatory approvals and restarting operations. Meanwhile, they're sitting on nearly $922 million in debt with only $97.7 million in cash. That's... not great math.

What's wild is Cooper Creek Partners just dumped their entire $71.6 million position in Sable offshore in Q4. Can't blame them really - the stock's down 70% over the past year while the S&P 500 was up like 17%. The fund probably looked at the balance sheet, the permitting risks, the timeline, and just decided this turnaround story wasn't worth the bet.

Sable's trading at $8.69 per share now, and yeah, it's one of those speculative energy plays where everything hinges on execution and whether regulators actually greenlight operations again. The lesson here seems pretty clear - sometimes walking away from a turnaround is smarter than hoping for a miracle. Heavy balance sheet + fixed timeline + permitting uncertainty = recipe for dilution or worse if things don't break your way.