Sable Offshore Corp. · NYSE:SOC
Sable Offshore — Investor Presentation (May 2025)
16 slides from Sable Offshore's investor presentation, May 19, 2025
Slide 1: Sable Offshore Corp. Investor Presentation May 2025
Exhibit 99.2 Sable Offshore Corp. Investor Presentation May 2025
Slide 2: Disclaimer: Forward Looking Statements
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,” “intend,”
Slide 3: Premier offshore California asset paired with experienced management team
Sable Offshore Corp. (NYSE: SOC) Premier offshore California asset paired with experienced management team Santa Ynez Unit Santa Ynez Unit (“SYU”) is a massive oil-weighted resource n Three offshore platforms located in federal waters north of Santa Barbara, California n Wholly-owned onshore product
Slide 4: SYU History: Premier offshore project developed by Exxon over 40+ years
SYU History Premier offshore project developed by Exxon over 40+ years SYU Development Background n 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: SYU Technical Overview
SYU Technical Overview Significant production history and massive resource potential Santa Ynez Unit Overview n 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 anticip
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 n Fully integrated oil and gas processing facilities acquired by Sable for managing 100% of Produced Water the SYU produced volumes with Pipeline
Slide 7: SYU Acreage Overview
SYU Acreage Overview SYU leases are all located in Federal waters Santa Ynez Unit Overview Bakersfield Los Angeles Refineries § Offshore Position San Francisco Refineries ─ 16 Federal Leases, ~76,000 acres Line 325: Permitted, Upgrades / Repairs Construction ─ First leased in 1969 Completed (113 mil
Slide 8: Undrilled Inventory
Undrilled Inventory New Drill Inventory Overview n Technical opportunity inventory is based on 80-acre drainage area, maturing field from original 120 acre spacing n Future development strategy focuses on the high-quality Monterey Upper Siliceous reservoir in areas that have undergone increased diag
Slide 9: Harmony Platform Commenced Restart Production
Harmony Platform Commenced Restart Production Initial well tests at Harmony Platform have exceeded expectations (1) Production Restart: May 15, 2025 (2) n Estimated 2H25 net production: ~15.0 – 19.0 MBoe/d Harmony Platform n Wells: 32 (3) n Available well slots: 23-27 (4) Estimated Production Restar
Slide 10: Projected Annual Capex and Sable Operational Plan
Projected Annual Capex ($MM) Sable Operational Plan Maintain, re-allocate, and optimize total capital spend to grow initial flush production rates Projected Development Plan 60,000 $600 50,000 $500 40,000 $400 30,000 $300 20,000 $200 10,000 $100 – $– (1) 2H 2025 2026 2027 2028 2029 2030 2031 2032 20
Slide 11: Substantial Resource Base
Substantial Resource Base (1)(2)(3) Contingent Resource Summary Net Estimated Contingent Resources Estimated Cash Flows ($MM) Oil Gas NGL Total Capex PV-10 Resource Category (MMBbls) (Bcf) (MMBbls) (MMBoe) ($MM) SEC Pricing (4) 111 121 2 133 – $2,285 NSAI Adjusted Low Estimate Base Forecast (5) 41 3
Slide 12: Key Milestones
Key Milestones Sable is steadily advancing through regulatory and technical milestones February 14, 2024 May 23, 2024 July 11, 2024 August 30, 2024 September 26, 2024 (1) BOEM approved Completed Safety valve (3) assignments of OSFM affirmed Business settlement title from XOM to Risk Analysis & Close
Slide 13: Health, Safety, and Environmental Highlights
Health, Safety, and Environmental Highlights Sable management team is an award-winning, safe, and prudent California Operator Offshore California Highlights Onshore California Highlights 2004: Received Santa Barbara County’s First and Only 2006: U.S. Bureau of Land Management Operator of the “Resolu
Slide 14: Financial Overview: 2H 2025 Financial Guidance
Financial Overview (1) 2H 2025 Financial Guidance Financial Objectives 2H25 Guidance (2) Prior Guidance Updated Guidance st n Refinance 1 lien term loan Production Net Average Daily Production (BOE/D) 20,000 ‒ 25,000 40,000 ‒ 50,000 Working Interest (%) 100.0% 100.0% ‒ Optimize capital structure to
Slide 15: Attractive Production & Resources Profile at a Discount
Attractive Production & Resources Profile at a Discount n Substantial production base that is ~83% oil with decades of ~45 MBoe/d productive history I Large Production Base Net Production Midpoint n Initial well tests consistently performing stronger than they did at time Forecast for 2H 2025 of shu
Slide 16: Key Investment Highlights
Key Investment Highlights Premier asset and experienced management team drive shareholder value n Low-Cost, low-decline assets enable an aggressive shareholder return program via dividends Attractive Returns ü and share repurchases Primed for Low-Cost n Modest reinvestment required in the near-term