Sable Offshore Tumbles on Equity Raise, Exxon Mobil Loan

Shares of Sable Offshore Corp fell as much as 26% intraday Monday to the lowest level in the company’s history after the oil driller announced plans to raise $225 million and extend a loan with Exxon Mobil.

The Houston-based firm is pursuing a project to drill oil off the coast of California and announced Monday it is extending the maturity of a loan with Exxon Mobil contingent upon the company raising at least $225 million in stock.