Sable Offshore Corp. · NYSE:SOC
Sable Offshore — Investor Presentation (March 2025)
15 slides from Sable Offshore's investor presentation, Mar 17, 2025
Slide 1: Sable Offshore Corp. Investor Presentation March 2025
Sable Offshore Corp. Investor Presentation March 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,” “ est
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 1,700’ Original Oil Column (300’) Depleted Oil (400’) Gas Cap Expansion 1,000’ Oil Column Remaining 1,207 MMBoe of Net Recoverable T
Slide 6: Las Flores Canyon Infrastructure
6 Las Flores Canyon Cogeneration & Processing Facility Las Flores Canyon Infrastructure Wholly-owned infrastructure at Las Flores Canyon reduces cash costs Fully integrated oil and gas processing facilities acquired by Sable for managing 100% of the SYU produced volumes with additional capacity fo
Slide 7: Santa Ynez Unit Overview: SYU Acreage Overview
7 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 Santa Ynez Unit Agreement ─ Effective d
Slide 8: Undrilled Inventory
8 Undrilled Inventory 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 spacing assumptions range from
Slide 9: Sable Operational Plan
9 $0 $100 $200 $300 $400 $500 $600 – 10,000 20,000 30,000 40,000 50,000 60,000 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Projected Annual C apex ($M M ) Pr oj ec te d Av er ag e N et P ro du ct io n (B O E/ D ) Sable Operational Plan SYU is primed for cash flow generation Projected Developme
Slide 10: Contingent Resource Summary
10 NSAI Adjusted Low Estimate Base Forecast 133 ESP Installations Low Estimate 47 Development Drilling Program Best Estimate 354 Development Workover Program Best Estimate 113 Contingent Resource Summary(1)(2)(3) Substantial Resource Base (1) Assumes SEC pricing as of April 2024 and effective date o
Slide 11: Key Milestones
11 Key Milestones Sable is advancing towards a successful re-start Completed Business Combination with SOC and $440MM PIPE February 14, 2024 BOEM(1) approved assignments of title from XOM to SOC; BSEE(2) approved SOC as operator of SYU May 23, 2024 Safety valve settlement agreement with Santa Barbar
Slide 12: Sable Management Team is an award-winning, safe, and prudent California Operator
12 Sable Management Team is an award-winning, safe, and prudent California Operator Two commendations from the Air Pollution Control District for Emissions Reductions and Use of Innovative Emissions Control Technology at the Arroyo Grande Oil Field “Due to PXP’s generosity and civic mindedness … [
Slide 13: 2H25 Guidance and Capitalization
13 2H25 Guidance Production Net Average Daily Production (BOE/D) 20,000 ‒ 25,000 Working Interest (%) 100.0% Average Net Revenue Interest (%) 83.6% Operational Capex Facilities Capex ($MM) $50 ‒ $60 Workover Capex ($MM) 20 ‒ 30 Total Capex ($MM) $70 ‒ $90 Operational Development Workovers 5 ‒ 7 $MM,
Slide 14: Attractive Production & Resources Profile at a Discount
14 Attractive Production & Resources Profile at a Discount Substantial production base that is ~83% oil with decades of productive historyLarge Production Base ~28 MBoe/d Net Production Forecast Once Fully Online I Attractive public valuation in conjunction with planned re-startAttractive Discou
Slide 15: Key Investment Highlights
15 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