Sable Offshore (SOC) investor relations material

Asset overview and operational history

• Premier offshore asset in federal waters north of Santa Barbara, with three platforms and wholly owned onshore midstream facilities at Las Flores Canyon.

• Over 671 million barrels of oil equivalent produced between 1981 and 2014, with a low anticipated decline rate of ~8% annually from existing resources.

• Shut-in from 2015 to 2025 due to pipeline issues; production restarted in 2025 and first sales resumed in March 2026 following a Defense Production Act order.

• More than 100 identified infill drilling and step-out opportunities for future development.

Technical and resource highlights

• SYU leases cover approximately 76,000 acres across 16 federal leases, with 100% working interest and 83.6% net revenue interest.

• Remaining net recoverable resources estimated at 646 million barrels of oil equivalent.

• Infrastructure includes a fully integrated midstream processing facility and cogeneration power plant, supporting self-sufficiency and low emissions.

• Oil sold at Brent-based pricing to Chevron's El Segundo refinery; gas and NGLs sold into the Southern California market.

Production ramp-up and future plans

• Harmony and Heritage platforms restarted in 2025 and 2026, with Hondo expected to restart in June 2026; fully ramped gross sales projected at 62,000 barrels of oil per day across all platforms.

• Ongoing and planned activities include refinancing debt, commencing a commodity hedging program, restarting Hondo, and implementing a shareholder return program.

• Technical development focuses on the Monterey Upper Siliceous reservoir, optimizing wellbore alignment for maximum oil recovery.