Sable Offshore Corp. · NYSE:SOC
Sable Offshore — Q3 2026 Earnings Presentation
21 slides from Sable Offshore's earnings presentation, Nov 9, 2026
Slide 1: Sable Offshore Corp. Investor Presentation November 2026
Sable Offshore Corp. Investor Presentation November 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,” “would,” “will,” “may,” “believe,” “anticipate,” “intend,”
Slide 3: Unlocking value in the Santa Ynez Unit
3 Unlocking value in the Santa Ynez Unit Sable Offshore Corp. (NYSE: SOC) Sable Offshore (NYSE: SOC) is an exploration and production company based in Houston that operates the Santa Ynez Unit (“SYU”), an oil and gas production unit comprised of 16 federal leases and three offshore platforms and a
Slide 4: Sable progressed critical objectives and is setting up the enterprise for long-term success
4 Sable progressed critical objectives and is setting up the enterprise for long-term success Q3 2026 Corporate Update Note: Management estimates are inherently uncertain and subject to numerous risks. Actual results may differ in a material amount from management estimates and projections. (1) Perf
Slide 5: Milestones Achieved and Next Steps
5 Milestones Achieved 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 regulato
Slide 6: Platform Hondo is on track for restart in November 2026
6 Platform Hondo is on track for restart in November 2026 and anticipated first sales in December 2026 Platform Hondo Status Update Note: Management estimates are inherently uncertain and subject to numerous risks. Actual results may differ in a material amount from management estimates and projecti
Slide 7: Midstream and Brent Crude Oil Marketing Update
7 Midstream and Brent Crude Oil Marketing Update Third-Party Takeaway and Crude Oil Marketing Updates How is Sable Addressing These Constraints? Near-Term (Q4 2026) Long-Term (2027+) Crude oil sales were halted by our sole downstream crude purchaser in early October 2026 due to maintenance and upg
Slide 8: Gulf of Mexico field resource comparison with Santa Ynez Unit
8 Field Name Prospect Name Oil (MMBbl) Gas (Bcf) Total (MMBoe) Santa Ynez Unit SYU 708 1,142 899 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: SYU Total Recoverable Resources
9 SYU Total Recoverable Resources Significant production history and prolific resource potential Note: Management estimates are inherently uncertain and subject to numerous risks. Actual results may differ in a material amount from management estimates and projections. Resource figures reflect gross
Slide 10: Development Plan Through 2029 to Maximize Free Cash Flow
10 Development Plan Through 2029 to Maximize Free Cash Flow Development Plan Driven by High Quality Perf Adds Estimated PDP Reserve Booking Schedule (MMBoe) (16.3) (17.9) (18.3)17.1 18.8 18.1 129.2 129.9 130.8 130.6 44.6 48.8 50.2 2027 2028 2029 2030 Estimated Beg. PDP Reserves Estimated Produced PD
Slide 11: Immediate Opportunity: Perf Adds and Additional ESPs
11 Immediate Opportunity: Perf Adds and Additional ESPs Perf Adds Have Generated Strong Results at Low Costs Perforation adds (“Perf Adds”) represent additional completions made uphole of existing perforations to extend the available productive reservoir Through 2028, the Company’s priority is r
Slide 12: Development Drilling and Workover Opportunities
12 Development Drilling and Workover Opportunities U pp er S ili ce ou s M as si ve C he rt Lo w er C al ca re ou s Existing Perfs Planned Perf Adds H eavy O il U pside SYU Cross Section Monterey Type Log Note: Type log is illustrative of Sable management’s interpretation of Gas Oil Contact, Planned
Slide 13: Longer Term Opportunity: Undrilled Inventory
13 Longer Term Opportunity: Undrilled Inventory Sable possesses a deep technical inventory of over 100 identified undrilled locations across the SYU ─ Technical opportunity inventory is based on 80-acre drainage area, maturing field from original 120-acre spacing Future development strategy focu
Slide 14: Santa Ynez Unit Overview
14 SYU Federal Production ─ 16 Federal Leases, ─ Sable operated, 100% WI, 83.6% NRI Marketing ─ Currently, Sable sells oil through the Santa Ynez Pipeline System from Platform Harmony, located in offshore federal waters, to the inland sales point at Pentland, CA, where oil is sent to the El Segu
Slide 15: FY 2027E Guidance and Capitalization
15 FY 2027E Sales Gross Average Daily Sales (Boe/d) 50,000 ‒ 55,000 Working Interest / Net Revenue Interest (%) 83.6% Net Average Daily Sales (Boe/d) 42,500 ‒ 47,500 % Oil ~100.0% Cash Costs ($ / Net Boe) Lease Operating Expense $9.00 ‒ $12.00 Cash General & Administrative $3.50 ‒ $6.50 Severance &
Slide 16: Current Hedging Program
16 Current Hedging Program Implemented costless collars for pricing and cash flow protection Consolidated Crude Oil Hedges Brent Crude Oil Hedges 4Q 2026 FY 2027 FY 2028 Costless Collars Average Volume (Bbl/d) ~29,000 ~25,000 ~21,000 % of NSAI PDP Net Volumes(1) 100% 100% 100% Floor ($/Bbl) $65.00 $
Slide 17: Key Investment Highlights
17 Key Investment Highlights SYU has a 30+ year history of slow base declines between 6-8% Observed little to no production decline from wells in Q3 2026 Shallow decline profile reduces reinvestment rate required to maintain projected production Shallow Decline Modest reinvestment required
Slide 18: Appendix
Appendix a= SABLE OFFSHORE
Slide 19: Sable management team is an award-winning, safe, and prudent California Operator
19 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 20: California: Energy Island in Crisis
20 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 21: California: Exposed to Unreliable Foreign Markets
21 California: Exposed to Unreliable Foreign Markets Imports carry risk of geopolitical conflicts, infrastructure fragility and a structural shift in trade policy The Middle East Provides ~29%(1) of Foreign Oil Imports to California Source: EIA, California Energy Commission. (1) Represents percent o