FourWorld Takes a Major Swing on Sable Offshore (SOC), Buying 8 Million Shares

MrDecoder · 2026-03-02T05:16:04+00:00

FourWorld Capital Management acquired 8.1 million shares of Sable Offshore Corp, valued at $73.11 million, making it the fund's top holding at 62.9% of AUM. Sable Offshore, facing legal challenges, has seen its stock fall over 70% in the past year, raising volatility and risk for investors.

MrDecoder

2026-03-02 05:16:04

Abstract generation in progress

What happened

According to a Securities and Exchange Commission (SEC) filing dated February 17, 2026, FourWorld Capital Management LLC established a new position in **Sable Offshore Corp. **(SOC +4.24%) by acquiring 8,105,608 shares. The estimated value of this trade was $73.11 million.

What else to know

This was a new position for the fund, with Sable Offshore now accounting for 62.9% of reportable AUM as of December 31, 2025.

Top holdings after the filing:

NYSE:SOC: $73.11 million (62.9% of AUM)
NYSEMKT:IWM: $6.15 million (5.3% of AUM)
NYSE:BMY: $5.39 million (4.6% of AUM)
NASDAQ:EVLV: $5.13 million (4.4% of AUM)
NYSEMKT:XLE: $4.47 million (3.85% of AUM)

As of February 27, 2026, Sable Offshore shares were priced at $8.25, down 72.92% over the past year and underperforming the S&P 500 by 86.44 percentage points.

Company overview

Metric	Value
Price (as of market close Feb. 27, 2026)	$8.25
Market capitalization	$1.20 billion
Net income (TTM)	-$364 million

Company snapshot

Sable Offshore is an energy company focused on offshore oil and gas production, leveraging a portfolio of federal leases totaling approximately 76,000 acres.

The company engages in the production and sale of crude oil and natural gas through offshore California platforms and an onshore processing facility, and it serves energy markets in the United States.

What this transaction means for investors

FourWorld took a major swing on Sable Offshore. The stock is now the firm’s top holding, comprising more than 60% of its portfolio. Considering that all other top holdings make up 5% or less of the fund, FourWorld holds a major conviction in Sable Offshore.

This stock has not been without its challenges. Falling by more than 70% over the last 12 months, the company has faced major legal challenges. Late last year, federal regulators approved the restart of its Las Flores pipeline in California, only for environmental groups to immediately file a lawsuit to halt the restart.

More recently, a Santa Barbara judge ruled against Sable Offshore’s bid to restart the pipeline, further halting its progress. This legal battle could be long and drawn out, increasing the stock’s potential for volatility going forward.

Because the stock has plunged over the last year, it is a more affordable buy. However, much of its success will depend on how it fares with its many legal challenges. While it may have long-term growth potential, it’s also a high-risk buy right now.

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