Sable Offshore (SOC) Investor Presentation summary

Asset overview and history

• Santa Ynez Unit (SYU) comprises three offshore platforms and onshore processing facilities, discovered in 1968 and developed by Exxon over 40+ years.

• Platforms are located 5–9 miles offshore Santa Barbara in federal waters, with 112 wells and over 100 identified infill and step-out drilling opportunities.

• SYU has produced over 671 MMBoe between 1981 and 2014, with average 2014 production of 29 MBbl/d oil and 27 MMcf/d gas.

• Production was suspended in 2015 due to a pipeline shutdown; assets have been preserved and maintained since.

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

Resource base and development potential

• Net estimated contingent resources total 646 MMBoe, with 86% oil, 13% gas, and 1% NGL.

• Best estimate contingent resources valued at $10.0 billion PV-10 using SEC pricing as of April 2024.

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

• Shallow decline rate of ~8% annually projected over the next five years post-restart.

• Projected net production forecast is ~28 MBoe/d once online, with a substantial production base and decades of history.

Infrastructure and operational advantages

• Wholly-owned Las Flores Canyon facility manages 100% of SYU volumes, with integrated oil and gas processing, storage, and power generation.

• Gas and NGLs sold into Southern California markets; oil sold at Brent-based pricing to local refineries.

• Facilities have been well maintained during downtime, supporting a low-cost production restart.

• Sable holds 16 federal leases (~76,000 acres) and 100% ownership of onshore facilities, with annual lease extensions granted.

• Evaluating significant carbon capture and storage (CCUS) opportunities leveraging existing infrastructure.