Sable Offshore (SOC) Investor Presentation summary

Asset overview and operational history

• Santa Ynez Unit (SYU) is a large, oil-weighted offshore resource with three platforms and onshore processing facilities, discovered in 1968 and shut in since 2015 due to pipeline issues.

• Over 671 MMBoe produced between 1981 and 2014, with 1,207 MMBoe net recoverable resources estimated and more than 100 identified infill and step-out drilling opportunities.

• SYU covers 16 federal leases (~76,000 acres) in federal waters, with 100% working interest and 83.6% net revenue interest.

• Wholly-owned Las Flores Canyon facility manages all produced volumes and is maintained for future development and CCS opportunities.

• Sable targets production restart in Q4 2024, pending regulatory approvals and pipeline readiness.

Resource base and technical potential

• Net contingent resources total 646 MMBoe, with 86% oil, 13% gas, and 1% NGL, and a PV-10 value of $10.0 billion at SEC pricing as of April 2024.

• Over 100 undrilled infill and step-out opportunities identified, with technical inventory based on 20-80 acre spacing.

• Low, stable decline rate of ~8% annually projected over the next five years after restart.

• Extended-reach drilling and platform-based development support future production growth.

• Substantial upside from accelerated development and CCS leveraging existing infrastructure.

Financial and operational outlook

• FY25 guidance: 24,000–29,000 BOE/d net production, $110–$130 million total capex, and 100% working interest.

• Capital structure as of November 2024: $2.0 billion equity value, $814 million term loan, $363 million cash, and $2.5 billion enterprise value.

• Aggressive shareholder return program planned, including fixed quarterly dividends and opportunistic share repurchases.

• Targeting long-term leverage ratio of ~1.0x and implementing hedging to manage downside risk.

• Attractive valuation at an ~18% discount to peer group on reserves and 2.1x PV-10/TEV ratio.