Sable Offshore Corp. · NYSE:SOC
Sable Offshore — Investor Presentation (August 2026)
24 slides from Sable Offshore's investor presentation, Aug 10, 2026
Slide 1: Sable Offshore Corp. Investor Presentation August 2026
Sable Offshore Corp. Investor Presentation August 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: Milestones Achieved and Next Steps
4 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 5: Sable progressed key objectives and is ramping up to full operations
5 Sable progressed key objectives and is ramping up to full operations Q2 2026 Corporate Update (1) Perforation Addition (2) Management estimates are inherently uncertain and subject to numerous risks. Actual results may differ in a material amount from management estimates and projections. Q2 202
Slide 6: Refinancing Overview
6 Refinancing Overview Sable’s bridge refinancing in July extended the nearest maturity to the end of 2028 Summary 12/15/28 maturity 15.0% coupon Mandatory amortization of 2.5% per quarter in 2H26, and 5.0% per quarter beginning in 2027 100% excess cash flow sweep 1.25x MOIC minimum Earl
Slide 7: 2H 2026E and FY 2027E Guidance and Capitalization
7 2H 2026E FY 2027E Sales Gross Average Daily Sales (Boe/d) 47,500 ‒ 52,500 50,000 ‒ 55,000 Working Interest / Net Revenue Interest (%) 83.6% 83.6% Net Average Daily Sales (Boe/d) 40,000 ‒ 45,000 42,500 ‒ 47,500 % Oil ~100.0% ~100.0% Estimated Marketing and GP&T Deduct ($/Bbl) $24.00 ‒ $28.00 $21.00
Slide 8: Unlevered Free Cash Flow Guidance at Strip
8 Unlevered Free Cash Flow Guidance at Strip 2H 2026E FY 2027E Production Gross Average Daily Production (MBoe/d) 47.5 - 52.5 50.0 - 55.0 Working Interest / Net Revenue Interest (%) 83.60% 83.60% Net Average Daily Production (MBoe/d) 40.0 - 45.0 42.5 - 47.5 Benchmark Brent Oil Price ($/Bbl) $83.00 $
Slide 9: Sable Trades at a Discount to Peers on a 2027E FCF Basis
9 Sable Trades at a Discount to Peers on a 2027E FCF Basis 7/31 Strip Price Deck Sable per Share Metrics ($/Share) Basic Shares Outstanding 2027E EBITDA/Share $3.14 2027E FCF/Share $2.19 Fully Diluted Share Count 2027E EBITDA/Share $2.10 2027E FCF/Share $1.55 Implied Share Price ($/Share) 2027E FCF/
Slide 10: Current Hedging Program
10 Current Hedging Program Implemented costless collars with $65/Bbl floors for pricing and cash flow protection Consolidated Crude Oil Hedges Brent Crude Oil Hedges 3Q 2026 4Q 2026 FY 2027 FY 2028 Costless Collars Average Volume (Bbl/d) ~26,000 ~29,000 ~25,000 ~21,000 % of NSAI PDP Net Volumes(1) 1
Slide 11: Midstream and Brent Crude Oil Marketing Overview
11 Midstream and Brent Crude Oil Marketing Overview Third-Party Midstream Takeaway and Crude Oil Marketing Constraints How is Sable Addressing These Constraints? Near-Term (2H 2026) Long-Term (2027+) Sable is actively negotiating potential waterborne solutions from existing Los Angeles area marine
Slide 12: Santa Ynez Unit Overview
12 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 13: Offshore Field Comparison by Recoverable Volumes
13 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 14: SYU Total Recoverable Resources
14 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 gros
Slide 15: Development Plan Through 2029 to Maximize Free Cash Flow
15 Development Plan Through 2029 to Maximize Free Cash Flow Development Plan Driven by High Quality Perf Adds Estimated PDP Reserve Booking Schedule (MMBoe) (9.6) (16.3) (17.9) (18.3) 9.3 17.1 18.8 18.1 129.4 129.2 129.9 130.8 130.6 26.2 44.6 48.8 50.2 2026 2027 2028 2029 2030 Estimated Beg. PDP Res
Slide 16: Immediate Opportunity: Perf Adds and Additional ESPs
16 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 17: Development Drilling and Workover Opportunities
17 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 18: Longer Term Opportunity: Undrilled Inventory
18 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 19: Key Investment Highlights
19 Key Investment Highlights SYU has a 30+ year history of slow base declines between 6-8% No observable pressure-related decline since restart of production Shallow decline profile reduces reinvestment rate required to maintain projected production Shallow Decline Modest reinvestment requi
Slide 20: Appendix
Appendix a= SABLE OFFSHORE
Slide 21: Non-GAAP Reconciliation
21 Non-GAAP Reconciliation 2H 2026E FY 2027E Non-GAAP Item Reconciliation Net income (loss) $66 - $89 $190 - $256 Addback: Interest expense, net $72 - $98 $78 - $105 Addback: Income tax expense (benefit) ($17) - ($23) $75 - $101 EBIT $121 - $164 $343 - $462 Addback: DD&A, ARO accretion $57 - $78 $12
Slide 22: Sable management team is an award-winning, safe, and prudent California Operator
22 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 23: California: Energy Island in Crisis
23 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 24: California: Exposed to Unreliable Foreign Markets
24 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