Sable Offshore Corp. · NYSE:SOC
Sable Offshore — Investor Presentation (November 2024)
14 slides from Sable Offshore's investor presentation, November 2024
Slide 1: Sable Offshore Corp.
Sable Offshore Corp. November 2024
Slide 2: Disclaimer
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,” “ inten
Slide 3: Sable Offshore Corp. (NYSE: SOC)
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 Three offshore platforms located in federal waters north of Santa Barbara, California High Quality Wholly-owned on
Slide 4: SYU History
SYU History Premier offshore project developed by Exxon over 40+ years SYU Development Background 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 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 Fully integrated oil and gas processing facilities acquired by Sable for managing 100% of Produced Water the SYU produced volumes with Transport
Slide 7: SYU Acreage Overview
SYU Acreage Overview SYU leases are all located in Federal waters Santa Ynez Unit Overview Bakersfield Offshore Position San Francisco Refineries Los Angeles Refineries ─ 16 Federal Leases, ~76,000 acres ─ First leased in 1969 Line 325: Permitted, Upgrades / Repairs Construction Underway (113 mile
Slide 8: Undrilled Inventory
Undrilled Inventory New Drill Inventory Overview 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 spa
Slide 9: Sable Operational Plan
Sable Operational Plan SYU is primed for cash flow generation Projected Development Plan 60,000 $300 Projected Average Net Production (BOE/D) 50,000 $250 Projected Annual Capex ($MM) 40,000 $200 30,000 $150 20,000 $100 10,000 $50 – $0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Facilities Cape
Slide 10: Substantial Resource Base
Substantial Resource Base Contingent Resource Summary(1)(2)(3) Net Estimated Contingent Resources Estimated Cash Flows ($MM) Oil Gas NGL Total Capex PV-10 Resource Category (MMBbls) (Bcf) (MMBbls) (MMBoe) ($MM) SEC Pricing NSAI Adjusted Low Estimate Base Forecast (4) 111 121 2 133 – $2,285 ESP Insta
Slide 11: 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 12: Financial Overview
Financial Overview 2025 Financial Guidance Financial Objectives FY25 Guidance Refinance 1st lien term loan Production Net Average Daily Production (BOE/D) 24,000 ‒ 29,000 ‒ Optimize capital structure to allow for maximum Working Interest (%) 100.0% shareholder returns Average Net Revenue Interest
Slide 13: Attractive Production & Resources Profile at a Discount
Attractive Production & Resources Profile at a Discount ~28 MBoe/d Substantial production base that is ~83% oil with decades of I Large Production Base Net Production Forecast Once Online productive history ~8% YoY(1) Shallow decline profile reduces reinvestment rate required to maintain II Shal
Slide 14: Key Investment Highlights
Key Investment Highlights Premier asset and experienced management team drive shareholder value Attractive Returns Low-Cost, low-decline assets enable an aggressive shareholder return program via dividends and share repurchases Primed for Low-Cost Production Growth Modest reinvestment requir
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