Sable Offshore (SOC) Corporate presentation summary

Asset overview and operations

• Operates the Santa Ynez Unit (SYU), a major offshore oil and gas asset with 16 federal leases, three platforms, and significant remaining resources; acquired from ExxonMobil in 2024, with production resuming after a pipeline shutdown in 2015.

• SYU has ~1,500 MMBoe of total remaining resources, with 659 MMBoe in net estimated reserves and a PV-10 of $6,074MM at Brent strip pricing.

• Platforms Harmony and Heritage restarted in 2025 and 2026, with Hondo expected online in Q3 2026; estimated fully ramped production is 62,000 gross Bo/d (52,000 net Bo/d).

• Owns and operates the Santa Ynez Pipeline System (SYPS), which connects offshore production to California refineries.

• Federal regulatory oversight and Defense Production Act order have enabled resumption of petroleum transportation and sales.

Resource potential and development

• SYU is among the top Outer Continental Shelf (OCS) producers, with a 30+ year history of slow base declines (6-8%) and low reinvestment rates.

• Total gross recoverable resources are 2,183 MMBoe, with 1,512 MMBoe remaining; primary and heavy oil forecasts are 894 MMBoe and 618 MMBoe, respectively.

• Over 100 infill drilling and step-out opportunities identified, with a focus on the Monterey Upper Siliceous reservoir for future development.

• Development plan through 2029 targets low-cost workovers and perforation adds (Perf Adds), averaging $0.64/Boe replacement cost.

• Perf Adds and ESP installations are prioritized to maintain production and reduce debt, with each Perf Add forecasted to add ~600 Bo/d and 1.25MM net Bbls in reserves.

Financial performance and guidance

• Market capitalization as of May 2026 is $2.3B, with total enterprise value of $3.2B; leverage ratios targeted at ~1.0x.

• 2027E net production guidance is 47.5–52.5 MBoe/d, with 90%–92% oil content.

• Lease operating expense projected at $9–$11/Boe, with total capex of $70–$90MM in 2027.

• Unlevered free cash flow guidance: $753MM in 2027, $633MM in 2028 at strip pricing.

• Plans to hedge 100% of expected PDP oil production through 2028 using costless collars and deferred premium puts.