Sable Offshore Corp. · NYSE:SOC
Sable Offshore — Investor Presentation (November 2025)
21 slides from Sable Offshore's investor presentation, Nov 3, 2025
Slide 1: Sable Offshore Corp. Investor Presentation November 2025
Sable Offshore Corp. Investor Presentation November 2025
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,” “estimate
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: Santa Ynez Unit Overview: SYU Acreage Overview
6 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 ─ Product marketed through OS&T from 1981
Slide 7: SYU Offtake Options
7 (1) Management estimates are inherently uncertain and subject to numerous risks. 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 approval. Note: Top image is a photo of the
Slide 8: Santa Ynez Unit Serviced with OS&T Vessel in Federal Waters
8 Santa Ynez Unit Serviced with OS&T Vessel in Federal Waters Offshore Storage and Treating Vessel (Option 1) Owned OS&T provides marketing flexibility, state cost savings and constructive regulatory framework Utilized by Exxon at the onset of SYU production in federal waters offshore Santa Barbar
Slide 9: New Drill Inventory Overview
9 Technical opportunity inventory is based on 80-acre drainage area, maturing field from original 120 acre spacing Future development strategy focuses on the high-quality Monterey Upper Siliceous reservoir in areas that have undergone increased diagenesis which leads to a more fractures, allowin
Slide 10: Santa Ynez Unit compared with Gulf of Mexico fields
10 Field Name Prospect Name Oil (MMBbl) Gas (Bcf) Total (MMBoe) Santa Ynez Unit SYU 667 1,424 904 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 11: Sable Operational Plan (Option 1)
11 $– $100 $200 $300 $400 $500 $600 $700 – 10,000 20,000 30,000 40,000 50,000 60,000 70,000 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 P ro je c te d A n n u a l C a p e x ($ M M ) P ro je c te d A v e ra g e N e t P ro d u c ti o n ( B O E /D ) Sable Operational Plan (Option 1) Option 1 allo
Slide 12: Contingent Resource Summary
12 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 13: Key Milestones for OS&T Option (Option 1)
13 Key Milestones for OS&T Option (Option 1) Sable plans to execute all necessary milestones to achieve first sales in Q4 2026 Initial Plan of Development, including OS&T use at Santa Ynez Unit 1974 Execute purchase agreement for OS&T vessel and receive clearances to proceed Q4 2025 – Q1 2026 Comple
Slide 14: Sable management team is an award-winning, safe, and prudent California Operator
14 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 15: Option 1 (OS&T) - Updated Guidance
15 Option 1 (OS&T) - Updated Guidance Production (Q1 2027) Net Average Daily Production (BOE/D) 45,000 ‒ 55,000 Working Interest (%) 100.0% Average Net Revenue Interest (%) 83.6% Run-Rate Cash Costs ($ / BOE) (FY 2027) Lease Operating Expense $6.00 ‒ $8.00 Gathering, Processing & Transportation $1.5
Slide 16: Key Investment Highlights
16 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 a shareholder return program via dividends and share repurchases Attractive Retu
Slide 17: Appendix
Exhibit 99.2 Appendix SABLE OFFSHORE
Slide 18: SYU Accelerates and Achieves California Supply Stabilization
18 80 90 100 110 120 130 140 2024 2025 2026 2027 2028 Ca lif or ni a Cr ud e O il Pr od uc tio n (M M Bb l/y r) Historical State Production Projected State Production, with No Policy Changes Projected State Production, with SB-237 Policy Changes Projected State Production, with SB-237 Policy Changes
Slide 19: Las Flores Canyon Infrastructure (Option 2)
19 Las Flores Canyon Cogeneration & Processing Facility Las Flores Canyon Infrastructure (Option 2) Wholly owned infrastructure at Las Flores Canyon represents substantial capital investment and incremental value Fully integrated oil and gas processing facilities acquired by Sable for managing 100
Slide 20: Sable Operational Plan (Option 2)
20 Sable Operational Plan (Option 2) Option 2 represents the fastest path to increase California domestic production Note: Management estimates are inherently uncertain and subject to numerous risks. Actual results may differ in a material amount from management estimates and projections. Proposed d
Slide 21: Key Milestones for Pipeline Option (Option 2)
21 Key Milestones for Pipeline Option (Option 2) Sable is steadily advancing through regulatory and technical milestones 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, 20
Sable Offshore — Investor Presentation (November 2025) on 6ix