This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Sable Offshore Corp. is an independent upstream oil and gas company whose sole operational focus is the restart and development of the Santa Ynez Unit (SYU) offshore California. The company's entire business model is the exploration, extraction, and production of fossil fuels, with its assets showing a production mix of approximately 96% oil prior to being shut-in.
The company acquired the SYU assets, including three offshore platforms and the associated pipeline, from ExxonMobil in 2024. This followed ExxonMobil's own failed seven-year effort to restart the unit. Sable Offshore has since secured federal approval to restart the Las Flores Pipeline, a project that remains controversial due to the pipeline's history—it ruptured in 2015, spilling over 100,000 gallons of crude oil. The planned restart has also prompted litigation, with the state of California suing the federal government over the approval. The site is historically significant, located near the origin of the 1969 Santa Barbara oil spill that helped inspire the modern environmental movement.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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