Just saw that Cooper Creek Partners totally bailed on their Sable Offshore position in Q4 - dumped all 4.1 million shares for around $71.6 million. That was like 2.2% of their whole portfolio, so clearly they weren't messing around with the exit.

Wild part is the company reported a $410 million loss in 2025 and is sitting on $921.6 million in debt versus only $97.7 million cash. Their core assets haven't actually produced oil since 2015, so this whole thing is basically a bet on restarting production. Stock's down 70% over the past year and trading at $8.69. When a fund that size just walks away, it usually means they don't like the risk-reward anymore.

The real story here: turnaround energy plays are brutal. You need execution, regulatory approval, AND a solid balance sheet. Sable's got 2 out of 3 at best. Sometimes the smart move is just not playing the game when the odds are that stacked against you.