HIGHBuilt-inGeographic
California
“10-K Item 1A: 'Our assets are located exclusively onshore and offshore in California, making us vulnerable to risks associated with having operations concentrated in this geographic area.'”
SOC · Concentration risk · 10-K extracted
Sable Offshore (SOC) concentration risks
Updated
The most significant concentration Sable Offshore discloses is California, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Sable Offshore’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 1 disclosed concentration
HIGH1
MEDIUM0
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's only disclosed concentration is a geographic exposure of high magnitude: all assets are located exclusively onshore and offshore in California, making this a high-share structural geographic concentration. The character is structural — the company's oil and gas operations are built around a specific California asset base, and the geographic footprint reflects the historical acquisition and development of those properties rather than a customer or counterparty dependency that could be contractually addressed. Operating exclusively within California creates several reinforcing dimensions of geographic exposure: seismic risk and environmental regulation specific to the state, California's regulatory posture toward hydrocarbon development, exposure to state-level permit requirements and environmental litigation, and sensitivity to local labor markets and infrastructure. Any of these could affect operations in ways that a geographically diversified energy company would partially absorb across other regions; for this company, there is no such offset. There are no disclosed customer, supplier, counterparty, or product concentrations beyond the California geographic anchor. The concentration profile is therefore singular and entirely geographic, with the state regulatory and permitting environment as the most idiosyncratic variable alongside the broader commodity price cycle that affects all oil and gas producers. Investors monitoring this exposure should focus on California regulatory developments — particularly rules governing offshore and onshore hydrocarbon extraction, environmental compliance timelines, and any legislative activity affecting operating licenses — alongside commodity price trends as the primary financial variable.
For the engine’s reasoning on SOC’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Oil & Gas Drilling
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| PTEN | Patterson-UTI Energy, Inc. | 1 | 1 | 1 | 3 |
| HP | Helmerich & Payne, Inc. | 1 | 0 | 1 | 2 |
| SOC● | Sable Offshore Corp. | 1 | 0 | 0 | 1 |
| NE | Noble Corporation plc A | 0 | 1 | 5 | 6 |
| SDRL | Seadrill Limited | 0 | 1 | 3 | 4 |
| RIG | Transocean Ltd (Switzerland) | 0 | 0 | 3 | 3 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.