Sable Offshore (SOC) Investor presentation summary

Asset overview and operations

• Operates the Santa Ynez Unit (SYU), a prolific offshore oil and gas asset with ~1,500 MMBoe remaining resources and three offshore platforms, acquired from ExxonMobil in 2024.

• Restarted production at Platforms Harmony and Heritage in 2025 and 2026, with Platform Hondo expected online in September 2026.

• Achieved first oil sales in March 2026 after a Defense Production Act order, ramping up to full production.

• Owns and operates the Santa Ynez Pipeline System (SYPS) and Las Flores Canyon Midstream Processing Facilities.

Recent milestones and next steps

• Completed SYPS repairs, restarted production at Harmony and Heritage, and resumed oil transportation in 2025-2026.

• Refinanced Senior Secured Term Loan and launched a commodity hedging program in July 2026.

• Next steps include restarting Hondo, establishing a full 3P Reserve Report, and potential installation of an oil sales buoy.

Financial performance and guidance

• Q2 2026 exit oil sales rate reached ~40,000 net barrels/day, a 149% growth from entry.

• 2H 2026E net average daily sales guidance: 40,000–45,000 Boe/d; FY 2027E: 42,500–47,500 Boe/d, nearly 100% oil.

• FY 2027E unlevered free cash flow guidance: $434–$584 million at strip pricing.

• Capital expenditures projected at $80–$100 million for 2027.