Sable Offshore (SOC) investor relations material

Executive summary

• Q3 was the second full quarter of oil sales; revenue was $154.4M, up 13% QoQ, and average daily net sales volumes rose 29% to 27,457 BOE/d.

• Net loss widened to $269.3M from $110.4M YoY, including a $168.7M derivative loss.

• A crude purchaser’s October 6 curtailment caused a sales shortfall exceeding 900k barrels and reversed the prior liquidity improvement; management cited substantial doubt about going concern within one year.

Financial highlights

• Q3 operating loss was $41.6M versus $119.4M in Q3 2025; net loss was $269.3M versus $110.4M.

• 9M revenue was $292.8M, operating loss $227.3M and net loss $530.6M; 9M loss per share was $3.22 versus $3.79.

• 9M operating cash use was $146.5M, investing cash use $111.6M and financing cash inflow $198.5M; cash ended September at $38.0M.

• Q3 O&M was $114.1M, up 44% YoY, including $6.6M startup demurrage; 9M O&M was $295.6M, up 80%, including $25.1M demurrage.

• Remaining-2026 OPEX, G&A and CapEx were estimated at $110M-$120M, plus ~$53M amortization and interest, for total Q4 cash spend of $165M-$175M.

Outlook and guidance

• Revised H2 2026 average net crude sales guidance to 20–30 MBoe/d from 40–45 MBoe/d, excluding potential sales of existing inventory and the proposed bulk sale.

• Q4 sales were cited at 35k-38k bpd including the proposed bulk sale, or 38k-40k bpd with a December ramp; timing and volumes remained uncertain.

• Up to 1.3M barrels were being marketed for a November bulk sale to address the October shortfall; prospective buyers had signed NDAs and term sheets were expected as early as the call week.

• Hondo inspections and restart were planned for November, subject to MMA/federal approval; its 15 producing wells were targeted to reach sales in December at ~10,000 gross bpd.

• A balanced refinery slate and longer-term contracts were being pursued; free cash flow was targeted from Q1 2027.