Sable reaffirms second half of FY25 CapEx view $70M-$90M

Raises second half of FY25 Net Average Daily Production in BOE/D to 40,000-50,000 from 20,000-25,000. Sable Offshore (SOC) announced that as of May 15, it has restarted production at the Santa Ynez Unit, or SYU, and has begun flowing oil production to Las Flores Canyon, or LFC. Additionally, with the completion of the Gaviota State Park anomaly repairs on the Las Flores Pipeline System on May 18 Sable has now completed its anomaly repair program on the Onshore Pipeline as specified by the Consent Decree, the governing document for the restart and operations of the Onshore Pipeline. Seven of the eight sections of the Onshore Pipeline have been successfully hydrotested. Sable will complete the final hydrotest in order to meet the final operational condition to restart the Onshore Pipeline as outlined in the Consent Decree. Sable expects to fill the ~540,000 barrels of crude oil storage capacity at LFC by the middle of June 2025 and subsequently recommence oil sales in July. Production Restart: Sable initiated the flow of oil production from six wells on Platform Harmony of the SYU to LFC at a rate of ~6,000 barrels of oil per day. Sable has been testing wells on Platform Harmony throughout May 2025 and the well tests have performed consistently stronger than they did at the time of shut-in on May 19, 2015 when the SYU produced approximately 45,000 barrels of oil equivalent per day. Approximately 30% of the 32 producing wells at Platform Harmony have been tested as of May 18 with the remaining Platform Harmony wells projected to be tested over the course of the next several days. Sable expects to initiate production from the additional 44 wells on Platform Heritage and the additional 26 wells on Platform Hondo in July and August, respectively.