Sable Offshore Corp. · NYSE:SOC
Sable Offshore — Investor Presentation (September 2025)
19 slides from Sable Offshore's investor presentation, Sep 29, 2025
Slide 1: Sable Offshore Corp. Investor Presentation September 2025
Sable Offshore Corp. Investor Presentation September 2025 Exhibit 99.2
Slide 2: Forward Looking Statements
2 FORWARD LOOKING STATEMENTS The information in this presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this presentation, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate
Slide 3: Premier offshore California asset paired with experienced management team
3 Premier offshore California asset paired with experienced management team Sable Offshore Corp. (NYSE: SOC) Santa Ynez Unit Las Flores Canyon Processing Facility Santa Ynez Unit (“SYU”) is a massive oil-weighted resource Three offshore platforms located in federal waters north of Santa Barbara, C
Slide 4: SYU History
4 SYU History Premier offshore project developed by Exxon over 40+ years Discovered in 1968, over the course of 14 years Exxon consolidated more than a dozen offshore federal oil leases into a streamlined production unit known as SYU ─ SYU construction began in 1976 with Platform Hondo, with first
Slide 5: Santa Ynez Unit Overview: SYU Technical Overview
5 3 miles Santa Ynez Unit Overview SYU Technical Overview Significant production history and massive resource potential SYU Reservoir Characterization Massive Resource Original Oil Column1,700’ Depleted Oil(300’) Gas Cap Expansion(400’) Oil Column Remaining1,000’ MMBoe of Net Recoverable Total Resou
Slide 6: Santa Ynez Unit Overview: SYU Acreage Overview
6 Note: Line 324 and Line 325 were formerly known as Line 901 and Line 903, respectively. Santa Ynez Unit Overview SYU Acreage Overview SYU leases are all located in Federal waters Offshore Position ─ 16 Federal Leases, ~76,000 acres ─ First leased in 1969 ─ Product marketed through OS&T from 1981
Slide 7: SYU Offtake Options
7 SYU Offtake Options First sales estimate: Q4 2026 Utilizes existing OS&T permit and offtake method from 1981-1994(1) ‒ Expedited permitting support from the Federal Government has been requested ‒ No state income taxes, production taxes, or ad valorem taxes payable to state or local jurisdicti
Slide 8: SYU Accelerates and Achieves California Supply Stabilization
8 SYU Accelerates and Achieves California Supply Stabilization SYU production provides immediate supply increase into California refineries via Option 1 California Crude Oil Production Forecast (MMBbl/yr) Source: CalGEM presentation to the chairs of the Natural Resources, Transportation, and Utiliti
Slide 9: Las Flores Canyon Cogeneration & Processing Facility
9 Las Flores Canyon Cogeneration & Processing Facility Las Flores Canyon Infrastructure (Option 1) Wholly-owned infrastructure at Las Flores Canyon represents substantial capital investment and incremental value Fully integrated oil and gas processing facilities acquired by Sable for managing 100%
Slide 10: Santa Ynez Unit Serviced with OS&T Vessel in Federal Waters
10 Santa Ynez Unit Serviced with OS&T Vessel in Federal Waters Offshore Storage and Treating Vessel (Option 2) Leased OS&T provides marketing flexibility, state cost savings and constructive regulatory framework Utilized by Exxon at the onset of SYU production in federal waters offshore Santa Barb
Slide 11: New Drill Inventory Overview
11 Technical opportunity inventory is based on 80-acre drainage area, maturing field from original 120 acre spacing Future development strategy focuses on the high-quality Monterey Upper Siliceous reservoir in areas that have undergone increased diagenesis which leads to a more fractures, allowi
Slide 12: Santa Ynez Unit compared with Gulf of Mexico fields
12 Field Name Prospect Name Oil (MMBbl) Gas (Bcf) Total (MMBoe) Santa Ynez Unit SYU 667 1,424 904 Mississippi Canyon 807 MARS-URSA 473 688 596 Mississippi Canyon 940 VITO 411 200 446 Mississippi Canyon 392 APPOMATTOX 319 165 348 Mississippi Canyon 778 THUNDER HORSE 245 179 277 Walker Ridge 678 SAINT
Slide 13: Sable Operational Plan (Option 1)
13 Sable Operational Plan (Option 1) Option 1 represents the fastest path to increase California domestic production Note: Management estimates are inherently uncertain and subject to numerous risks. Actual results may differ in a material amount from management estimates and projections. Proposed d
Slide 14: Sable Operational Plan (Option 2)
14 $– $100 $200 $300 $400 $500 $600 $700 – 10,000 20,000 30,000 40,000 50,000 60,000 70,000 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 P ro jec te d A n n u a l C ap e x ($ M M ) P ro je c te d A ve ra g e N e t P ro d u c ti o n ( B O E /D ) Sable Operational Plan (Option 2) Option 2 allows
Slide 15: Contingent Resource Summary
15 Contingent Resource Summary(1)(2)(3) Substantial Resource Base (1) Assumes SEC pricing as of April 2024 and effective date of May 1, 2024. April 2024 SEC Pricing: Oil $83.14 / Bbl; Gas $2.40 / MMBtu; NGL $64.85 / Bbl. (2) Management estimates are inherently uncertain. Actual results may differ in
Slide 16: Key Milestones (Option 1)
16 Key Milestones (Option 1) Sable is steadily advancing through regulatory and technical milestones Completed Business Combination with SOC and $440MM PIPE February 14, 2024 BOEM(1) approved assignments of title from XOM to SOC; BSEE(2) approved SOC as operator of SYU May 23, 2024 Safety valve sett
Slide 17: Key Milestones (Option 2)
17 Key Milestones (Option 2) Sable plans to execute all necessary milestones to achieve first sales in Q4 2026 Initial Plan of Development, Including OS&T Approval for use at Santa Ynez Unit(1) 1974 Execute Lease Agreement for OS&T Vessel Q4 2025 Completed Anticipated Complete facility modifications
Slide 18: Sable management team is an award-winning, safe, and prudent California Operator
18 Sable management team is an award-winning, safe, and prudent California Operator Two commendations from the Air Pollution Control District for Emissions Reductions and Use of Innovative Emissions Control Technology at the Arroyo Grande Oil Field “Due to PXP’s generosity and civic mindedness … [
Slide 19: Key Investment Highlights
19 Key Investment Highlights Sable management targeting long-term leverage ratios of ~1.0x to maximize flexibility for distributions and development Conservative Leverage Profile Low-Cost, low-decline assets enable an aggressive shareholder return program via dividends and share repurchases Att
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