Sable Offshore Corp. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Achieved total revenue of $154.4 million in Q3 2026, a 13% increase quarter-over-quarter.
• Ended the quarter with $38.0 million in cash and cash equivalents.
• Completed an at-the-market (ATM) equity program during the quarter, selling 16,110,711 shares at an average price of approximately $4.75 per share.
• Ended the quarter with 207,980,283 shares of Common Stock outstanding.
• No ATM equity sales occurred in Q4 2026 to date; the most recent sale was on September 17, 2026.

Guidance and Future Outlook:

• All producing wells on Platform Hondo are scheduled to be online and flowing to sales in December 2026.
• Platform Hondo is forecasted to produce at a rate of approximately 10,000 gross barrels of oil per day upon full online status.
• Sable expects all four major Los Angeles-area refineries to increase their purchases of Santa Ynez Unit (SYU) crude over time.
• The addition of Platform Hondo's lighter and sweeter crude is anticipated to improve the overall sulfur content of field-wide SYU crude oil production.

Business Segments and Product Lines:

• Reported average daily net sales volumes of approximately 27,000 net barrels of oil per day, a 29% increase quarter-over-quarter.
• Produced at an average rate of 795 gross barrels of oil per day per well from an average of 37 wells per day.
• Perforation Addition ("Perf Add") operations delivered average increased production rates of over 700 barrels of oil per day per well, performing at the upper end of management expectations.
• Average reservoir pressure remained stable in the Upper Siliceous, Massive Chert, and Lower Calcareous zones of the Monterey formation at the SYU.
• Observed little to no production decline from producing wells during the quarter.
• Submitted final paperwork to the Marine Minerals Administration (MMA) reflecting all Platform Hondo upgrades.
• Currently testing a new state-of-the-art platform control system for Platform Hondo.

Market and Competitive Landscape:

• Crude oil sales were halted by the sole downstream crude purchaser in early October 2026 due to maintenance and upgrades to storage tanks at their refinery.
• Diversified marketing options by beginning to sell crude oil to three additional Los Angeles-area refineries in early November 2026.
• Evaluating options to resolve near-term working capital constraints caused by the downstream purchaser disruption, including a potential bulk sale agreement for crude oil currently held in inventory.

Risks and Challenges:

• Facing near-term working capital constraints due to the disruption from the sole downstream purchaser.
• Risks include the ability to recommence full production of SYU assets, the cost and time required for recommencement, and production levels once recommenced.
• Potential risks involve availability of future financing, restrictions in debt agreements, and the ability to consummate a debt refinancing of the Senior Secured Term Loan B.
• Operational risks include regulatory changes (including PHMSA oversight, DPA Order, and OS&T/Buoy Strategy implementation), environmental risks, weather risks, security risks, and drilling/operating risks.
• Risks also include increased operating costs, lack of availability of drilling equipment and qualified personnel, and geographical concentration of operations.

Management Commentary and Tone:

• Management noted positive well results for Perf Add operations at the upper end of expectations.
• Management highlighted the stability of reservoir pressure and the lack of production decline from existing wells.
• Management expressed confidence in the timeline for Platform Hondo inspections in November and full production in December.
• Management indicated proactive steps to diversify marketing and resolve sales disruptions.

Other Key Points:

• Physical MMA inspections on Platform Hondo and initial production are scheduled for November.
• Sable is an independent oil and gas company focused on the Santa Ynez Unit in federal waters offshore California.
• The press release includes standard forward-looking statement disclaimers regarding risks such as litigation, privacy breaches, and global economic conditions.