Sable Offshore Corp. · NYSE:SOC
Sable Offshore — Investor Presentation (April 2026)
15 slides from Sable Offshore's investor presentation, Apr 20, 2026
Slide 1: Sable Offshore Corp. Investor Presentation April 2026
Sable Offshore Corp. Investor Presentation April 2026
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: Sable's premier offshore asset is unleashed following the Defense Production Act Order
3 Sable’s premier offshore asset is unleashed following the Defense Production Act Order Sable Offshore Corp. (NYSE: SOC) Santa Ynez Unit LFC Midstream Processing Facilities United States Department of Energy invoked the Defense Production Act ordering Sable to bring its resource to market First s
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 464 Santa Ynez Unit Overview SYU Technical Overview Significant production history and massive resource potential SYU Reservoir Characterization Massive Resource 1,700’ Original Oil Column (300’) Depleted Oil (400’) Gas Cap Expansion 1,000’ Oil Column Remaining 1,207 MMBoe of Net Recoverab
Slide 6: Santa Ynez Unit Overview: SYU Acreage Overview
6 Note: SYPS Segment 324 and Segment 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&
Slide 7: Las Flores Canyon Cogeneration & Midstream Processing Facilities
7 Las Flores Canyon Cogeneration & Midstream Processing Facilities Las Flores Canyon Infrastructure Wholly owned infrastructure at Las Flores Canyon represents substantial capital investment and incremental value Fully integrated oil and gas midstream processing facilities handle 100% of the SYU p
Slide 8: SYU resource size compared with major Gulf of Mexico fields
8 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 9: New Drill Inventory Overview
9 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, allowin
Slide 10: SYU is Ramping Up to Full Production
10 Initial production at Harmony and Heritage platforms have exceeded expectations SYU is Ramping Up to Full Production Production Restart: May 2025 Estimated fully ramped gross sales: ~22,000 Bo/d Wells: 32(1) Available well slots: 23-27(2) Platform Harmony Production Restart: April 2026 Es
Slide 11: Sable management team is an award-winning, safe, and prudent California Operator
11 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 12: California: Energy Island in Crisis
12 California: Energy Island in Crisis The domestic energy market in California is struggling and needs local production for stabilization Refinery Closures Source: EIA, California Energy Commission. (1) 1.5 MMBbl/d of California petroleum consumption per EIA. (2) List of countries that import oil i
Slide 13: Sable Supports California Consumers and US Warfighters
13 Sable Supports California Consumers and US Warfighters Newsom administration analysis states a need for 125MM barrels of oil produced locally to mitigate crisis California Crude Oil Production Forecast (MMBbl/yr) Source: EIA, CalGEM presentation to the chairs of the Natural Resources, Transportat
Slide 14: Key Milestones and Next Steps
14 Key Milestones and Next Steps Complete repairs on the SYPS (May 2025) Restart production at Platform Harmony (May 2025) Complete successful hydrotests on the SYPS (May 2025) Resume oil transportation through the SYPS to LFC Midstream Processing Facilities (May 2025) Federal regulatory o
Slide 15: Key Investment Highlights
15 Key Investment Highlights Sable management targeting long-term leverage ratios of ~1.0x to maximize flexibility for shareholder returns and future development Conservative Leverage Profile Low-cost, low-decline assets expected to enable a shareholder return program via share repurchases and