Sable Offshore Corp. · NYSE:SOC
Sable Offshore — Investor Presentation (November 2025)
21 slides from Sable Offshore's investor presentation, November 2025
Slide 1: Sable Offshore Corp. Investor Presentation November 2025
Sable Offshore Corp. Investor Presentation November 2025
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: 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 7: SYU Offtake Options
SYU Offtake Options Sable is actively evaluating and pursuing an OS&T vessel to extract value from the SYU Option 1: Owned Offshore Storage & Treating Vessel First sales estimate: Q4 2026 (2) Utilizes offtake method from 1981-1994 ‒ Expedited permitting support from the Federal Government has be
Slide 8: Offshore Storage and Treating Vessel (Option 1)
Offshore Storage and Treating Vessel (Option 1) Owned OS&T provides marketing flexibility, state cost savings and constructive regulatory framework Santa Ynez Unit Serviced with OS&T Vessel in Federal Waters Utilized by Exxon at the onset of SYU production in federal waters offshore Santa Barbara
Slide 9: 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 10: SYU is a Prolific Offshore Asset
SYU is a Prolific Offshore Asset SYU is a top producer with the most remaining resource among current OCS producing fields Cumulative Production Estimated Remaining Reserves(1) Field Prospect Oil Gas Total Field Prospect Oil Gas Total Name Name (MMBbl) (Bcf) (MMBoe) Name Name (MMBbl) (Bcf) (MMBoe) M
Slide 11: Sable Operational Plan (Option 1)
Sable Operational Plan (Option 1) Option 1 allows for development plan prosecution via an OS&T vessel Projected Development Plan 70,000 $700 60,000 $600 Projected Average Net Production (BOE/D) Projected Annual Capex ($MM) 50,000 $500 40,000 $400 30,000 $300 20,000 $200 10,000 $100 – (1) $– 2026 202
Slide 12: Substantial Resource Base
Substantial Resource Base Contingent Resource Summary(1)(2)(3) Net Estimated Contingent Resources Estimated Cash Flows ($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 13: Key Milestones for OS&T Option (Option 1)
Key Milestones for OS&T Option (Option 1) Sable plans to execute all necessary milestones to achieve first sales in Q4 2026 1974 November 3, 2025 Q4 2025 – Q1 2026 Q4 2025+ Pursue all available legal remedies and Execute purchase Initial Plan of monetary damages Extended existing agreement for OS&T
Slide 14: 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 15: Financial Overview
Financial Overview Updated Financial Guidance(1) Financial Commentary Option 1 (OS&T) - Updated Guidance Production (Q1 2027) Sable finalized a maturity extension of its existing Senior Net Average Daily Production (BOE/D) 45,000 ‒ 55,000 Secured Term Loan Working Interest (%) 100.0% Average Net R
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 a shareholder return program via dividends and share repurchases Primed for Low-Cost Production Growth Modest reinvestment required in the ne
Slide 17: Appendix
Appendix
Slide 18: SYU Accelerates and Achieves California Supply Stabilization
SYU Accelerates and Achieves California Supply Stabilization SYU production provides immediate supply increase into California refineries via Option 2 Commentary California Crude Oil Production Forecast (MMBbl/yr) • California outlines a ~57,000 140 barrel of oil per day increase SB-237 Effective –
Slide 19: Las Flores Canyon Infrastructure (Option 2)
Las Flores Canyon Infrastructure (Option 2) Wholly owned infrastructure at Las Flores Canyon represents substantial capital investment and incremental value Las Flores Canyon Cogeneration & Processing Facility Fully integrated oil and gas processing facilities acquired by Sable for Produced Water
Slide 20: Sable Operational Plan (Option 2)
Sable Operational Plan (Option 2) Option 2 represents the fastest path to increase California domestic production Projected Development Plan 70,000 $700 60,000 $600 Projected Average Net Production (BOE/D) Projected Annual Capex ($MM) 50,000 $500 40,000 $400 30,000 $300 20,000 $200 10,000 $100 – $–
Slide 21: Key Milestones for Pipeline Option (Option 2)
Key Milestones for Pipeline Option (Option 2) Sable is steadily advancing through regulatory and technical milestones February 14, 2024 May 23, 2024 July 11, 2024 August 30, 2024 BOEM(1) approved Completed Safety valve assignments of OSFM(3) affirmed business settlement title from XOM to Risk Analys
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