Business / Investing
Add as a preferred source on GoogleThe buyer stopped taking crude in early October for refinery upgrades and maintenance. Shares fell 52.2% in Nov. 9 trading.
Sable Offshore Corp. said a halt in purchases by its only crude buyer prompted a going-concern warning, as the producer’s shares fell 52.2% in Nov. 9 trading.
The buyer stopped taking crude in early October while carrying out refinery upgrades and maintenance, the company said. The share decline came after the purchases stopped.
A going-concern warning signals doubt about a company’s ability to continue operating. Sable’s disclosure linked the warning to the crude-purchase halt.
October payrolls rose by 165,000 and unemployment was 4.1%. The consumer price index report is due Tuesday, Nov. 10.
Shares reached $221.99 during Nov. 9 trading. The reading does not establish a closing price.
The SEC index records Nov. 9 as the filing date and report period and lists 45 documents, including Exhibits 99.1 and 99.2.
