Sable Offshore (SOC) Investor presentation summary

Asset and resource base

• SYU comprises 16 federal leases, ~76,000 acres and three offshore platforms; operated with 100% working interest and 83.6% net revenue interest.

• Management estimates 15,459 MMBoe originally in place, 2,188 MMBoe ultimate recovery and 1,517 MMBoe of remaining resources, including 899 MMBoe primary and 618 MMBoe heavy oil.

• The asset was acquired in 2024 after production had been suspended in 2015 following a third-party onshore pipeline leak; transportation through the SYPS resumed and first sales were achieved in March 2026.

Operations and marketing

• Q3 2026 gross oil sales averaged ~32,000 bopd, up 29% QoQ; production showed little to no decline, and Platform Hondo reconstruction and internal commissioning were completed.

• Harmony and Heritage restarted in May 2025 and April 2026; Hondo initial production was scheduled for late November 2026, with first sales and ramp-up in December and ~10,000 gross bopd forecast at full operation.

• The sole downstream purchaser halted crude purchases in early October for refinery tank maintenance; sales began to three additional LA-area refineries in early November, with estimated November sales of ~31,000 gross bopd and potential December sales of ~50,000 bopd.

• Q3 revenue was $154MM, up 13% QoQ; a July 2026 refinancing included a ~$1.1B capital raise, followed by ~$17MM of debt reduction in Q3.

Development and growth opportunities

• The development plan through 2029 targets production maintenance and reserve additions through low-cost workovers and Perf Adds, averaging $0.94/Boe replacement cost.

• Each planned Perf Add is forecast to add ~600 bopd to base-well production and 1.25MM net barrels of PDP oil reserves; 8 operations are scheduled for 2027, 3 for 2028 and 12 for 2029.

• More than 100 undrilled locations are identified across SYU; the longer-term plan prioritizes the Monterey Upper Siliceous reservoir.

• An offshore sales buoy could enable access to additional markets; preliminary cost is $125MM, with potential installation by YE 2028 subject to approvals.