Sable Offshore Corp. · NYSE:SOC
Sable Offshore — Investor Presentation (May 2024)
12 slides from Sable Offshore's investor presentation, May 15, 2024
Slide 1: Investor Presentation May 2024
Investor Presentation May 2024 Exhibit 99.2
Slide 2: Forward Looking Statements
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,” “ estim
Slide 3: Premier offshore California asset paired with experienced management team
Premier offshore California asset paired with experienced management team Sable Offshore Corp. (NYSE: SOC) Santa Ynez Unit Las Flores Canyon Processing Facility Santa Ynez is a massive oil-weighted resource Three offshore platforms located in federal waters north of Santa Barbara, California Wholly-
Slide 4: SYU History
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 produ
Slide 5: Santa Ynez Unit Overview: Technical Overview
3 miles Santa Ynez Unit Overview 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 Total R
Slide 6: Las Flores Canyon Infrastructure
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 for fu
Slide 7: Santa Ynez Unit Overview: SYU Acreage Overview
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 date: November 12, 1970 Unit blocks: OCS-P 180, 181, 182, 183, 187, 188, 189, 190, 191, 192, 193, 194
Slide 8: Undrilled Inventory
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 20–80 a
Slide 9: SYU is Primed for Cash Flow Generation
SYU is Primed for Cash Flow Generation Projected Development Plan Note: Management estimates are inherently uncertain. Actual results may differ in a material amount from management estimates and projections. Proposed development plan is based on market conditions and subject to annual Board approva
Slide 10: Contingent Resource Summary
Contingent Resource Summary(1)(2)(3) Substantial Resource Base Assumes SEC pricing as of April 2024 and effective date of May 1, 2024. April 2024 SEC Pricing: Oil $83.14 / Bbl; Gas $2.40 / MMBtu; NGL $64.85 / Bbl. Management estimates are inherently uncertain. Actual results may differ in a material
Slide 11: Attractive Production & Resources Profile at a Discount
Attractive Production & Resources Profile at a Discount Note: Management estimates are inherently uncertain. Actual results may differ in a material amount from management estimates and projections. Market data as of May 10, 2024. Enterprise Value (“TEV”) assumes market data as of May 10, 2024 and 1
Slide 12: Key Investment Highlights
Key Investment Highlights Sable management targeting long-term leverage ratios of ~1.0x to maximize flexibility for distributions and development Conservative Leverage Profile ü Asset acquisition metrics are very favorable against intrinsic value and public benchmarking Attractive Returns ü Modest r