Sable Offshore Corp. · NYSE:SOC
Sable Offshore — Investor Presentation (May 2025)
16 slides from Sable Offshore's investor presentation, May 2025
Slide 1: Sable Offshore Corp.
Sable Offshore Corp. May 2025 = SOC mat NYSE
Slide 2: Disclaimer
Disclaimer FORWARD LOOKING STATEMENTS The information in this presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this presentation, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,”
Slide 3: Sable Offshore Corp. (NYSE: SOC)
Sable Offshore Corp. (NYSE: SOC) Premier offshore California asset paired with experienced management team Santa Ynez Unit (“SYU”) is a massive oil-weighted resource Santa Ynez Unit Three offshore platforms located in federal waters north of Santa Barbara, California High Wholly-owned onshore pr
Slide 4: SYU History
SYU History Premier offshore project developed by Exxon over 40+ years SYU Development Background Discovered in 1968, over the course of 14 years Exxon consolidated more than a dozen offshore federal oil leases into a streamlined production unit known as SYU ─ SYU construction began in 1976 with P
Slide 5: SYU Technical Overview
SYU Technical Overview Significant production history and massive resource potential Santa Ynez Unit Overview Between 1981 and 2014, SYU produced over 671 MMBoe ─ Production averaged 29 MBbl/d and 27 MMcf/d in 2014 (gross), the last full year when the asset was online ─ Low, stable decline anticip
Slide 6: Las Flores Canyon Infrastructure
Las Flores Canyon Infrastructure Wholly-owned infrastructure at Las Flores Canyon reduces cash costs Las Flores Canyon Cogeneration & Processing Facility Fully integrated oil and gas processing facilities acquired by Sable for managing 100% of Produced Water the SYU produced volumes with Transport
Slide 7: SYU Acreage Overview
SYU Acreage Overview SYU leases are all located in Federal waters Santa Ynez Unit Overview Bakersfield Offshore Position San Francisco Refineries Los Angeles Refineries ─ 16 Federal Leases, ~76,000 acres ─ First leased in 1969 Line 325: Permitted, Upgrades / Repairs Construction Completed (113 mil
Slide 8: Undrilled Inventory
Undrilled Inventory New Drill Inventory Overview Technical opportunity inventory is based on 80-acre drainage area, maturing field from original 120 acre spacing Future development strategy focuses on the high-quality Monterey Upper Siliceous reservoir in areas that have undergone increased diag
Slide 9: Harmony Platform Commenced Restart Production
Harmony Platform Commenced Restart Production Initial well tests at Harmony Platform have exceeded expectations Production Restart: May 15, 2025(1) Estimated 2H25 net production: ~15.0 – 19.0 MBoe/d(2) Harmony Platform Wells: 32 Available well slots: 23-27(3) Estimated Production Restart: July
Slide 10: Sable Operational Plan
Sable Operational Plan Maintain, re-allocate, and optimize total capital spend to grow initial flush production rates Projected Development Plan 60,000 $600 Projected Average Net Production (BOE/D) 50,000 $500 Projected Annual Capex ($MM) 40,000 $400 30,000 $300 20,000 $200 10,000 $100 – $– (1) 2H 2
Slide 11: Substantial Resource Base
Substantial Resource Base Contingent Resource Summary(1)(2)(3) Net Estimated Contingent Resources Estimated Cash Flows ($MM) Oil Gas NGL Total Capex PV-10 Resource Category (MMBbls) (Bcf) (MMBbls) (MMBoe) ($MM) SEC Pricing NSAI Adjusted Low Estimate Base Forecast (4) 111 121 2 133 – $2,285 ESP Insta
Slide 12: Key Milestones
Key Milestones Sable is steadily advancing through regulatory and technical milestones February 14, 2024 May 23, 2024 July 11, 2024 August 30, 2024 September 26, 2024 BOEM(1) approved Completed Safety valve assignments of OSFM(3) affirmed Business settlement title from XOM to Risk Analysis & Closed
Slide 13: Health, Safety, and Environmental Highlights
Health, Safety, and Environmental Highlights Sable management team is an award-winning, safe, and prudent California Operator Offshore California Highlights Onshore California Highlights 2004: Received Santa Barbara County’s First and Only 2006: U.S. Bureau of Land Management Operator of the “Resolu
Slide 14: Financial Overview
Financial Overview 2H 2025 Financial Guidance(1) Financial Objectives 2H25 Guidance Prior Guidance (2) Updated Guidance Production Refinance 1st lien term loan Net Average Daily Production (BOE/D) 20,000 ‒ 25,000 40,000 ‒ 50,000 Working Interest (%) 100.0% 100.0% ‒ Optimize capital structure to al
Slide 15: Attractive Production & Resources Profile at a Discount
Attractive Production & Resources Profile at a Discount Substantial production base that is ~83% oil with decades of ~45 MBoe/d productive history I Large Production Base Net Production Midpoint Forecast for 2H 2025 Initial well tests consistently performing stronger than they did at time of shu
Slide 16: Key Investment Highlights
Key Investment Highlights Premier asset and experienced management team drive shareholder value Attractive Returns Low-Cost, low-decline assets enable an aggressive shareholder return program via dividends and share repurchases Primed for Low-Cost Production Growth Modest reinvestment requir