Sable Offshore (SOC) shares plunge 58% after sole customer halts oil purchases

The collapse is a single-customer concentration problem made concrete: with its only buyer paused, Sable's revenue channel is effectively shut, and the company's own warning about short-term debt repayment turns a commercial interruption into a solvency question. This matters most for holders of that short-term debt and for anyone tracking how thinly capitalized oil producers survive counterparty disruption. The open questions are whether the customer's halt proves temporary and whether Sable can bridge its obligations in the interim.