Sable Offshore provides corporate update

Sable Offshore (SOC) provided a corporate update on current operational, legal and financial matters. The previously announced resumption of oil transportation through Segments 324 and 325 of the Santa Ynez Pipeline System, or SYPS, was executed in compliance with all applicable safety standards through our comprehensive pipeline integrity management program. The 40 wells currently online at Platform Harmony and Platform Heritage are producing an average of 750 gross barrels of oil per day per well. Once all 74 production wells on these two platforms are online, Sable expects the average production per well to be approximately 700 gross barrels of oil per day. Sable expects Platform Hondo to come online in June 2026 with an estimated fully ramped production rate of approximately 10,000 gross barrels of oil per day. Capital spend across Sable’s assets is expected to be approximately $180M from April 2026 through December, as the Company focuses on facility upgrades, maintenance capex, and low-cost production optimization operations. The Company plans to consummate a debt refinancing of its Senior Secured Term Loan in the Q2. In addition to our banking partners, Sable is in active discussions with the United States government on potential federal credit support options. Concurrent with the refinancing, Sable plans to implement a commodity hedging program focused on cash flow protection and upside preservation. To date, Sable has sold 7,000,634 shares of its common stock for gross proceeds of approximately $95.0M through its ATM common stock issuance program. The United States Department of Justice has moved to terminate or modify the Consent Decree in the U.S. District Court, Central District of California. Sable is not a party to this litigation, but is participating in briefing related to the Consent Decree termination or modification, which is set to be heard on June 1.