XML 38 R23.htm IDEA: XBRL DOCUMENT v3.24.3

Significant Accounting Policies (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Significant Accounting Policies [Line Items]

Summary of Basic and Diluted Loss Per Share

The following table reflects the calculation of basic and diluted net loss per share of Common Stock.

		Successor				Predecessor				Successor				Predecessor
(dollars in thousands, except per share amounts)		Three Months Ended June 30, 2024				Three Months Ended June 30, 2023				February 14, 2024—June 30, 2024				January 1, 2024— February 13, 2024				Six Months Ended June 30, 2023
Net loss		$	(165,436	)		$	(22,308	)		$	(345,541	)		$	(11,789	)		$	(45,501	)
Weighted average shares outstanding—Basic and diluted			60,166,269				n/a				60,166,269				n/a				n/a
Net loss per share—Basic and diluted		$	(2.75	)			n/a			$	(5.74	)			n/a				n/a

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consisted of the following as of:

		Successor				Predecessor
(in thousands)		June 30, 2024				December 31, 2023
Accounts payable		$	4,760			$	3,235
Accrued expenses			17,796				2,149
Legal settlement payable			35,095				—
Total accounts payable and accrued liabilities		$	57,651			$	5,384

Flame Acquisition Corp [Member]

Significant Accounting Policies [Line Items]

Summary of Reconciled the Class A Ordinary Shares

At December 31, 2023 and 2022, the Class A common stock reflected in the balance sheets is reconciled in the following table:

		Shares				Value
Contingently redeemable common stock at December 31, 2021			28,750,000			$	287,500,000
Plus:
Remeasurement of Class A common stock subject to possible redemption			—				2,847,008

		Shares				Value
Contingently redeemable common stock at December 31, 2022			28,750,000				290,347,008
Less:
Redemptions of Class A common stock			(22,645,318	)			(230,129,156	)
Plus:
Remeasurement of Class A common stock subject to possible redemption			—				3,301,702
Contingently redeemable common stock at December 31, 2023			6,104,682			$	63,519,554

Summary of Basic and Diluted Loss Per Share

The following table reflects the calculation of basic and diluted net loss per share of common stock (in dollars, except share amounts):

		For the Years Ended December 31,
		2023				2022
Common stock subject to possible redemption
Numerator:
Net loss allocable to Class A common stock subject to possible redemption		$	(19,371,838	)		$	(2,072,758	)

		For the Years Ended December 31,
		2023				2022
Denominator:
Weighted Average Redeemable Class A common stock, Basic and Diluted			10,870,337				28,750,000
Basic and Diluted net loss per share, Redeemable Class A common stock		$	(1.78	)		$	(0.07	)
Non-Redeemable Ordinary shares
Numerator:
Net loss allocable to Non-Redeemable common stock not subject to redemption		$	(12,808,719	)		$	(518,190	)
Denominator:
Weighted Average Non-Redeemable common stock, Basic and Diluted			7,187,500				7,187,500
Basic and diluted net loss per share		$	(1.78	)		$	(0.07	)

X

- References

No definition available.

+ Details

Name:	soc_SignificantAccountingPoliciesLineItems
Namespace Prefix:	soc_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

+ Details

Name:	us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 480
-SubTopic 10
-Section S99
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1

+ Details

Name:	us-gaap_TemporaryEquityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	dei_LegalEntityAxis=soc_FlameAcquisitionCorpMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type: