Sable Offshore Corp. · NYSE:SOC
Sable Offshore — Investor Presentation (September 2024)
12 slides from Sable Offshore's investor presentation, September 2024
Slide 1: Sable Offshore Corp.
Sable Offshore Corp. September 2024 SOC aot NYSE
Slide 2: Disclaimer
Disclaimer 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,” “ inten
Slide 3: Sable Offshore Corp. (NYSE: SOC)
Sable Offshore Corp. (NYSE: SOC) Premier offshore California asset paired with experienced management team Santa Ynez Unit Santa Ynez is a massive oil-weighted resource Three offshore platforms located in federal waters north of Santa Barbara, California High Quality Wholly-owned onshore product
Slide 4: SYU History
SYU History Premier offshore project developed by Exxon over 40+ years SYU Development Background 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 P
Slide 5: Technical Overview
Technical Overview Significant production history and massive resource potential Santa Ynez Unit Overview Between 1981 and 2014, SYU produced over 671 MMBoe ─ Production averaged 29 MBbl/d and 27 MMcf/d in 2014 (gross), the last full year when the asset was online ─ Low, stable decline anticipated
Slide 6: Las Flores Canyon Infrastructure
Las Flores Canyon Infrastructure Wholly-owned infrastructure at Las Flores Canyon reduces cash costs Las Flores Canyon Cogeneration & Processing Facility Fully integrated oil and gas processing facilities acquired by Sable for managing 100% of Produced Water the SYU produced volumes with Transport
Slide 7: SYU Acreage Overview
SYU Acreage Overview SYU leases are all located in Federal waters Santa Ynez Unit Overview Bakersfield Offshore Position San Francisco Refineries Los Angeles Refineries ─ 16 Federal Leases, ~76,000 acres ─ First leased in 1969 Line 325: Permitted, Upgrades / Repairs Construction Underway (113 mile
Slide 8: Undrilled Inventory
Undrilled Inventory New Drill Inventory Overview SYU comprises several discrete fault bound accumulations; compartments defined by pressure compartments 2015 analysis identified step out potential for untested fault compartments or sub accumulations ─ Technical opportunity inventory based on spa
Slide 9: SYU is Primed for Cash Flow Generation
SYU is Primed for Cash Flow Generation Projected Development Plan 100,000 $1,000 90,000 $900 Projected Average Net Production (BOE/D) 80,000 $800 Projected Annual Capex ($MM) 70,000 $700 60,000 $600 50,000 $500 40,000 $400 30,000 $300 20,000 $200 10,000 $100 - – 2025 2026 2027 2028 2029 2030 2031 20
Slide 10: Substantial Resource Base
Substantial Resource Base Contingent Resource Summary(1)(2)(3) Net Estimated Contingent Resources Estimated Cash Flows ($MM) Oil Gas NGL Total Capex PV-10 Resource Category (MMBbls) (MMcf) (MMBbls) (MMBoe) ($MM) SEC Pricing NSAI Adjusted Low Estimate Base Forecast (4) 111 121 2 133 – $2,285 ESP Inst
Slide 11: Attractive Production & Resources Profile at a Discount
Attractive Production & Resources Profile at a Discount ~28 MBoe/d Substantial production base that is ~83% oil with decades of I Large Production Base Net Production Forecast Once Online productive history ~8% YoY(1) Shallow decline profile reduces reinvestment rate required to maintain II Shal
Slide 12: Key Investment Highlights
Key Investment Highlights Premier Asset and Experienced Management Team Drive Shareholder Value Attractive Returns Asset acquisition metrics are very favorable against intrinsic value and public benchmarking Primed for Low-Cost Production Growth Modest reinvestment required in the near-term
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