Mr. Flores has served as Chairman and Chief Executive Officer of Sable Offshore Corp. since September 2021. Since 1982, Mr. Flores has had an extensive career in the oil and gas industry in the roles of Chairman, Chief Executive Officer, and President of five E&P companies, four of which were listed on the New York Stock Exchange. In 1994, he led Flores & Rucks, Inc. (NYSE: FNR) which was subsequently renamed Ocean Energy Inc. (NYSE: OEI) in 1997. In 2001, Mr. Flores became the Chairman and CEO of Plains Resources Inc. (NYSE: PLX) where, under his leadership, its E&P assets were spun off into Plains Exploration & Production Company (NYSE: PXP) and PLX was taken private in 2004. Mr. Flores served as PXP’s Chairman, CEO, and President when, after more than 10 years of substantial growth, PXP was acquired by Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX), one of the world’s largest publicly traded copper producers, in May 2013. Mr. Flores served as Vice Chairman of FCX and as Chairman and CEO of Freeport-McMoRan Oil & Gas LLC (“FMOG”), a wholly owned subsidiary of FCX, until April 2016. From May 2017 until February 2021, Mr. Flores served as Chairman of the Board, Chief Executive Officer and President of Sable Permian Resources, LLC (“Sable Permian”). Mr. Flores is a member of the National Petroleum Council and he was inducted into the All-American Wildcatters in 1999. He was recognized as the Executive of the Year in 2004 in Oil and Gas Investor magazine. Mr. Flores received a B.S. degree in corporate finance and petroleum land management from Louisiana State University.
here is the case against: Energy Rap February 11, 2024 A December 2023 investor presentation by startup energy company Sable promises a quick restart of Exxon’s three shuttered offshore oil platforms off the Gaviota coast and a long and lucrative payoff to would-be investors. As is often the case when something seems too good to be true, they left a lot out. The idea is that Exxon would loan Sable $623M to purchase the oil field and associated assets including pipelines and the Los Flores processing plant on the coast. Sable would merge with blank check company Flame, already listed on the NY stock exchange, to raise more funding. Sable fails to mention that a sale from Exxon to Sable would have to be approved by Santa Barbara County and the California State Lands Commission, both of which will be highly skeptical of Exxon offloading liability for their aging oil operation to a startup that would disappear in the event of a spill or other disaster. Exxon’s oil platforms were once the major local oil producer responsible for 90% of the offshore oil in the channel, but production had been trending down since peaking in the 1990s. Then in 2015 a pipeline burst spilling 142,800 gallons of oil into one of the richest and most biologically diverse stretches of the Pacific coastline, killing hundreds of animals, tanking tourism and closing our beaches and fisheries for a time. The oil operation has been shut down ever since, now almost nine years. Sable’s investor presentation calls this a “pipeline issue” and promises a restart of their entire operation in July 2024. Sable claims that the State Fire Marshall will approve the restart of the pipeline by March. However, that’s unlikely as of January the State Fire Marshal says, “they are not currently considering or reviewing a proposed startup plan.” The truth is there is no safe route to the market for oil from these platforms. The spill uncovered the fact that the pipeline was badly corroded and unsafe to use. At the criminal sentencing hearing after Plains was convicted by the State and County District Attorneys for negligence in failing to maintain the pipeline and causing an oil spill, the prosecutor tried to prohibit Plains from restarting or even threatening to restart the pipeline transporting the oil to refineries. Exxon seemed to agree that the pipeline is unsafe and impossible to fix, which is why they proposed trucking the oil and building a new pipeline instead. Trucking oil on dangerous, windy roads was denied by Santa Barbara County and a judge upheld that decision when Exxon sued. Exxon has dropped the new pipeline plan due to environmental impacts. Now the only possible route to market is using the damaged pipeline. Work on that pipeline was denied by the County due to huge risks of restart and opposed by landowners where the pipeline is located. Sable’s Investor presentation doesn’t mention any of that, and it also fails to mention that the lease for another pipeline through state waters has expired. State Lands Commission did not renew the lease and is undertaking a study of the risks of doing so. Given that Exxon’s 40-year-old platforms were designed to last 25 years, and State Lands is on record opposing new offshore oil leases, it seems unlikely that the state will risk issuing a new lease that could result in future oil spills. Offshore oil is wildly unpopular, opposed by 72% of Californians. Most of our population and economic output is in coastal counties that would be damaged by another coastal oil spill. State Lands Commission will likely not approve the transfer of the lease from Exxon to Sable and will likely not approve a lease renewal at all. In addition to oil spills, a restart of Exxon’s oil rigs goes against state and local goals for reducing greenhouse gas emissions, and it would cause local air pollution to soar. When operating, Exxon’s Los Flores oil processing facility was the largest facility source of greenhouse gas emissions in the County. They were also the largest source of pollution in the county for Methane, VOCs, PM2.5, and Formaldehyde and one of the largest sources for SOx, NOx, PM10, Benzene and Hydrochloric acid. PM2.5 is so small it can penetrate deep into the lungs, enter the bloodstream, and be deposited in human organs and tissues, causing DNA damage, inflammation, and chronic disease. It is linked to heart and lung disease, heart attacks, asthma, and premature death. The Harvard T.H. Chan School of Public Health finds that, "a small increase in long-term exposure to PM2.5 leads to a large increase in the COVID-19 death rate." Prior to the spill in 2014 Exxon’s coastal plant was about 43% of PM2.5 facility emissions in the County. Blank check companies are notoriously bad investments. The owners can promise very optimistic scenarios for unproven ventures to would-be investors like Sable is doing today, but they tend to underperform in the real world. The word “Sable” can either mean the color black or a kind of weasel, and weasel is a synonym for deceitful. That seems apropos. My advice is don’t trust anyone trying to sell you a shuttered offshore oil platform off the California coast.
The more I read up on this the more bad it sounds~~ It really seems a hill to tall to climb for this co. And this CEO he may not be any good. But does he not look like a Trump guy? CEO FLORES GAMBLES ON THE SCRAPS Flores became interested in Exxon’s operations when he was operating four offshore platforms at Point Pedernales and Point Arguello up the coast from Santa Ynez in the early 2000s, according to Sable’s security filings. At the time, he was running Plains Exploration & Production Co. and Plains Resources Inc., upstream affiliates of Plains All American, the company responsible for the 2015 pipeline spill. In 2013, mining giant FreeportboughtPlains Exploration and McMoran Exploration. Freeport retained Flores and appointed him co-chairman of the company’s new $9 billion oil and gas division, with Freeport’s president and CEO, Richard Adkerson, telling shareholders he knew “Jim for over 20 years and admired his track record as an entrepreneur in the oil and gas business.”After that, the timeline on Sable’s investor presentations of the team’s “History of Value Creation” stops: In 2016, Freeport shuffled its management and replaced Flores, amid billions of dollars in losses and write-downs and a protracted exit from its expensive diversification attempt. Flores’ next, much smaller act, Sable Permian Resources, suffered a similar fate. At Sable Permian, Flores and two private equity firms targeted the debt-laden assets of the late Aubrey McClendon, the former CEO of Chesapeake Energy and American Energy Partners. Flores took the helm of Sable Permian as CEO with the hope of paring debt and reducing expenses.After three years and a drop in oil prices, Sable Permian went bankrupt, laid off all its employees, and denied Flores’ attempt at a high payout. Tom Loughrey, who provides oil and gas data to institutional investors and worked on distressed credit analysis for the sector at Silverback Asset Management during Flores’ time at Sable Permian, questioned the company’s management in an interview with Hunterbrook Media. “Sable Permian was poorly run. It was not a high-quality asset base to begin with and it was drilled horribly,” he said. “Flores and his team drilled the wells way too densely. It was basically destroying the company for near term quarterly results. And that was back in the day when everyone thought no one would look at the data. It was very scammy.” Flores has brought a loyal cadre of operational managers from venture to venture; three Sable executives worked with Flores at each of his last three companies, plus his son, whose first leadership experience was at the Texas company. Now, Sable’s small team — with less capital and less experience than Exxon and Flores’ earlier companies — is back in California to resuscitate an offshore platform just 35 miles away from the platforms Flores oversaw at Freeport.
Santa Barbara - South County Class action settlement worth $70 million for property owners reached from 2015 oil spill!! Published May 3, 2024 SANTA BARBARA, Calif. – U.S. District Court Judge Philip Gutierrez granted preliminary approval for property owners to earn $70 million from an oil spill via Plains All American Pipeline in 2015 on Wednesday. The spill happened on Refugio State Beach and into the Pacific Ocean and the settlement will grant 183 class property owners at least $50,000, with an average of $230,000. Pipeline maintenance from 1991 was not upheld by Plains All American Pipeline after taking over from its predecessor and caused the spill and the significant damage along the coastline. The current pipeline will not be replaced by the current owner Sable Offshore Corp., but safe operation and maintenance are expected to restart the pipeline. Class members will be mailed direct settlement notices and a fairness hearing is scheduled for Sept. 13 and they will have 15 days before the hearing to file responses to the settlement approval.
Thanks for your kindness, I figured your wife was highly intelligent because she picked the Lizard King as her husband!
STONEY!!!! And I don't even own this one.... but could you have been more wrong? 350K views for a reason.
NVDA $897 now. You blew another one big-time didn't ya? An incredible 10% call on the most highly traded stock out there. THANK YOU VAN! 350K views for a reason.
Of the 8000 experts on WS and the 100 experts on cnbc.... only VZ called out 5150 as a magnet level. And if you believe that... you're more gullible than Stoney. Because only he called out the 5200 level.
GETY--->$3.53 Another 37%+ loss? IN TWO FRIGGIN' MONTHS? The children Stony! How many does that make? And you wonder why I refuse to post on this garbage thread anymore outside of mocking you. --->We'll call Getty #40 in a row.
You must continue to post, you must!!! Did Batman abandon Robin! Did Bert abandon Ernie! Did Kirk abandon Spock! I don't believe in God, but I believe in The House of Gummy!!!