Based on Hunterbrook Media’s reporting, Hunterbrook Capital is short $SOC at the time of publication. Positions may change at any time. See full disclosures below.
This morning, Sable Offshore ($SOC) disclosed that it had received subpoenas from both the U.S. Attorney’s Office for the Southern District of New York (SDNY) and the Securities and Exchange Commission (SEC).
The disclosure — buried in a prospectus dated February 2 for a $250 million stock offering — confirms the Exxon spinout is now facing federal scrutiny over “issues raised in an October 31, 2025 report by Hunterbrook Media.”
The Hunterbrook investigation revealed apparent incidents of potential selective disclosure of material information to certain investors including the legendary lefty golfer Phil Mickelson, among other issues at Sable.
Sable announced in November that members of its board had formed a special committee to independently investigate the claims made in the Hunterbrook investigation — and now says it is “providing documents and cooperating with the Government Requests.”
“If the SEC or SDNY were to conclude that an enforcement action is appropriate, the SEC could impose civil penalties and fines, and other sanctions against us or against our current and former officers and directors,” the company wrote. “The SDNY could impose criminal penalties.”
Sable has been seeking to relaunch an idled pipeline that runs through Santa Barbara, California. The relaunch has become the focus of civil and criminal charges, as well as a flashpoint between the Trump administration and the California attorney general. You can read Hunterbrook’s update on Sable from January here.
Sable’s prospectus revealed the company had about $98 million in cash as of the end of 2025, after conducting a separate offering in November.
Sable could not be reached for comment by time of publication.
Sam Koppelman is a New York Times best-selling author who has written books with former United States Attorney General Eric Holder and former United States Acting Solicitor General Neal Katyal. He helped build Fenway Strategies into one of the preeminent strategic communications firms in the country—with side quests speechwriting for Michael Bloomberg, running the surrogate remarks operation on the Biden-Harris campaign, and co-founding Mayday, which is now one of the leading information providers on how to access reproductive health care in states with bans. Sam has published in the New York Times, Washington Post, Boston Globe, Time Magazine, and other outlets — and occasionally volunteers on a fire speech for a good cause. He has a BA in Government from Harvard, where he was named a John Harvard Scholar and wrote op-eds like “Shut Down Harvard Football,” which he tells us were great for his social life.
Till Daldrup is an investigative journalist who joined Hunterbrook from The Wall Street Journal, where he focused on open-source investigations and content verification. In 2023, he was part of a team of reporters who won a Gerald Loeb Award for an investigation that revealed how Russia is stealing grain from occupied parts of Ukraine. He has an M.A. in Journalism from New York University and a B.S. in Social Sciences from University of Cologne. He’s also an alum of the Cologne School of Journalism (Kölner Journalistenschule).
Wendy Nardi joined Hunterbrook after working as a developmental and copy editor for academic publishers, government agencies, Fortune 500 companies, and international scholars. She has been a researcher and writer for documentary series and a regular contributor to The Boston Globe. Her other publications range from magazine features to fiction in literary journals. She has an M.A. in Philosophy from Columbia University and a B.A. in English from the University of Virginia.
Dan DeLorenzo is a creative director with 25 years reporting news through visuals. Since first joining a newsroom graphics department in 2001, he has built teams at Bloomberg News, Bridgewater Associates, and the United Nations, and published groundbreaking visual journalism at The Wall Street Journal, Associated Press, The New York Times, and Business Insider. A passion for the craft has landed him at the helm of newsroom teams, on the ground in humanitarian emergencies, and at the epicenter of the world’s largest hedge fund. He runs DGFX Studio, a creative agency serving top organizations in media, finance, and civil society with data visualization, cartography, and strategic visual intelligence. He moonlights as a professional sailor working toward a USCG captain’s license and is a certified Pilates instructor.