📚 What This Document Is 🧭

This document is an Investor Presentation from Sable Offshore Corp. (SOC), designed to walk potential investors and partners through the company’s current operational status, its strategic position in the California energy market, and its future growth opportunities. Since this is a presentation, its primary goal is to highlight Sable's strengths, its deep history in the region, and its crucial role in stabilizing California's energy supply.

👉 Why it matters: The presentation frames Sable not just as an oil producer, but as a vital piece of infrastructure necessary to prevent a domestic energy supply crisis in California, which makes its operational stability highly valuable.

🏭 Company Overview & Operational Footprint 🏗️

Sable Offshore Corp. is a long-established energy operator deeply rooted in California’s energy landscape. The company manages resources across various key areas, including offshore assets like Point Arguello, Hermosa Platform, and Hidalgo Platform, as well as onshore locations in the Arroyo Grande, Los Angeles Basin, and San Joaquin Valley.

👉 Sable’s history shows a deep commitment to the region, giving them significant operational expertise (over 12 years at some locations) and established relationships with local authorities.

📈 Current Production Ramp-Up Plan ⛽

The presentation details the three major platforms—SYU, Harmony, and Heritage—and their projected ramp-up schedules. This shows a phased return to full production across Sable’s assets, which is central to the company's value proposition.

• SYU: This platform is expected to fully ramp up its gross sales to approximately 22,000 barrels of oil per day (Bo/d). This ramp-up will utilize 32 wells and has an additional 23–27 available well slots, indicating significant room for future growth.
• Platform Harmony: This platform is scheduled for a full production restart in April 2026, with estimated fully ramped gross sales reaching approximately 30,000 Bo/d. This involves 44 wells and has 15–17 available well slots.
• Platform Heritage: This platform has an estimated production restart date in June 2026, with a fully ramped capacity of roughly 10,000 Bo/d. It currently utilizes 26 wells with 10 available well slots.

🌊 Infrastructure and Supply Chain Restoration 🚢

A critical element of the plan is the restoration and verification of the supply chain. Sable has been diligently working to get its oil from the wellhead to the market, and the timeline shows major progress.

• Pipeline System: The company utilized the Santa Ynez Pipeline System (SYPS) for its operations. Key operational milestones include completing repairs and successful hydrotests on the SYPS in May 2025.
• Transportation Resumption: Sable resumed petroleum transportation from Platform Harmony to the LFC Midstream Processing Facilities in May 2025.
• First Sales: The culmination of this effort is the first sales achieved from the LFC Midstream Processing Facilities to Pentland and, importantly, to Chevron, which occurred in March 2026.

🚨 California’s Energy Crisis Context 🌴

Sable strategically anchors its value proposition within the dire context of California's energy market. The state is described as an "Energy Island in Crisis," relying heavily on foreign imports to meet its demand of 1.5 million barrels per day (MMBbl/d).

• The Problem: Policy decisions have resulted in closures and production decreases across the entire energy supply chain (exploration, midstream transport, and refining).
• The Urgency: California is in desperate need of local oil output. Without domestic supply, the state relies on international imports.
• The Solution: Sable highlights that its SYU barrels are presented as "the only solution to California’s current energy crisis" and are critical for maintaining fuel supplies for West Coast and Pacific U.S. military lines.

🥇 Safety and Operational Excellence 👷

Sable emphasizes its commitment to safety and its operational record. This dedication is backed by a long history of industry recognition, which helps mitigate risk for investors and partners.

• Safety Track Record: The company has a sustained history of being recognized for outstanding safety and environmental practices. Examples include:
  • A Perfect Record Award for operating 11,390 employee hours without injury (2009-2010).
  • Receiving the "Resolution for Good Operator" from Santa Barbara County (2004).
  • Multiple "Occupational Excellence Achievement Awards" over the years.
• Modern Stewardship: The team is also noted for its ability to reduce emissions and use innovative control technology, demonstrating a commitment to environmental best practices.

💹 Investment Strategy and Financial Upside 🌱

The presentation uses specific financial and operational arguments to convince the reader of the company's attractive investment profile.

• Low-Cost, Growth-Oriented: Sable emphasizes that its assets are "low-cost, low-decline," which positions the company well for a potential shareholder return program (dividends and buybacks) once finances improve.
• Leverage Goals: Management is targeting long-term leverage ratios of ~1.0x. This is a key metric, suggesting a conservative and sustainable debt profile that maximizes flexibility for returning capital to shareholders.
• Growth Potential: The company notes that the reservoir was first discovered in the 1960s and still has over 100 remaining locations, suggesting a potential for "substantial growth with accelerated development."

🗓️ Key Operational Milestones and Timeline 🧭

The document lays out a clear, actionable timeline, moving from past achievements to future expected developments.

• Completed Milestones (Past/Near Term):
  • Resumed transportation through the SYPS to LFC Midstream Processing Facilities: May 2025.
  • Restart production at Platform Harmony: April 2026.
  • First Sales to Chevron from the SYPS: March 2026.
• Expected Milestones (Future):
  • Refinancing the Senior Secured Term Loan with new debt capital: Expected Q2 2026.
  • Restart production at Platform Hondo: Expected Q2 2026.
  • Commence commodity hedging program: Expected Q2 2026.

⚖️ Regulatory and Governance Oversight 🏛️

Sable’s operations are not just running on their own merits; they are underscored by governmental necessity and oversight.

• Federal Authority: The company highlights that key activities, such as the interstate pipeline determination and the Defense Production Act Order, require federal regulatory oversight.
• Operational Proof: This external oversight provides a layer of validation and permanence to Sable’s operations, confirming its crucial status to the government and market.

💰 Investment Highlights Summary ✨

The presentation synthesizes its value into several strong, easy-to-digest buckets, reinforcing the core narrative.

• High Control: Sable operates with high operational control, featuring a favorable 16.4% royalty burden and owning its own midstream infrastructure, which guarantees reliable transport to market.
• Market Linkage: Oil sales are directly linked to the price of Brent Crude, providing a clear revenue stream that is easily understood by investors.
• Strategic Necessity: The dual requirement of the Defense Production Act order (requiring oil through the SYPS) and the state's desperate need for local supply positions the company uniquely.

📞 Contact & Next Steps 📧

The presentation structure does not provide specific contact persons, but it emphasizes the next steps the company will take to realize its value.

• Financial Planning: The company is expected to conduct a commodity hedging program and implement a shareholder return program (share repurchases and dividends) following refinancing.
• Legal Action: Sable plans to "continue to legally protect [its] vested interests and pursue all monetary damages," signaling an aggressive approach to securing its value.

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🧠 The Analogy

Imagine California's energy supply like a major city's primary water treatment plant that has broken down. Sable Offshore Corp. is positioned as the only specialized, deep-well utility company with the existing infrastructure, licenses, and deep expertise to rapidly bring that water—or in this case, oil—back online. Its history, its physical pipeline network (the SYPS), and its strategic location make it an indispensable asset for the entire region.

🧩 Final Takeaway

Sable is presented as a critical, highly regulated, and low-cost operator whose restart activities—particularly the full ramp-up of its three major platforms—are essential to mitigate California's energy supply crisis and benefit from substantial long-term upside.