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Here are 1-2 brief analogies to describe Sable Offshore (SOC):

• Like an ExxonMobil or Shell, but focused on developing massive offshore wind farms instead of extracting fossil fuels.
• NextEra Energy, but exclusively dedicated to developing and building large offshore wind projects.

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• Offshore Exploration & Drilling: Services focused on identifying and drilling for oil and natural gas reservoirs beneath the seabed.
• Offshore Production Operations: Managing and operating platforms and facilities for the extraction and processing of crude oil and natural gas from marine environments.
• Subsea Infrastructure Development: Engineering, procurement, construction, and installation of underwater pipelines, wellheads, and other critical subsea equipment.
• Marine Logistics & Support: Providing specialized vessels, equipment, and personnel for the transport, supply, and maintenance of offshore operations.

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James C. Flores Chairman and Chief Executive Officer

Mr. Flores has served as Chairman and Chief Executive Officer of Sable Offshore Corp. since September 2021, and is also a co-founder of the company. He has an extensive career in the oil and gas industry, having served as Chairman, Chief Executive Officer, and President of five E&P companies, four of which were listed on the New York Stock Exchange. He led Flores & Rucks, Inc., which became Ocean Energy Inc., and later served as Chairman and CEO of Plains Resources Inc.. Mr. Flores also served as Chairman, CEO, and President of Plains Exploration & Production Company (PXP) for over 10 years until its acquisition by Freeport-McMoRan Copper & Gold Inc. for $6.9 billion in May 2013. He subsequently served as Vice Chairman of Freeport-McMoRan Inc. and Chairman and CEO of Freeport-McMoRan Oil & Gas LLC. Prior to Sable Offshore, he served as Chairman of the Board, CEO, and President of Sable Permian Resources, LLC, a Houston-based private oil and gas company. He is also an advisor at Intrepid Investment Management LLC, a private equity firm.

Gregory D. Patrinely Executive Vice President and Chief Financial Officer

Mr. Patrinely has served as Executive Vice President and Chief Financial Officer of Sable Offshore Corp. since September 2021. He brings over 13 years of leadership, finance, and operations experience in the E&P sector. From June 2018 to February 2021, he served as Executive Vice President and CFO of Sable Permian. Before becoming CFO of Sable Permian, he was its Treasurer, where he focused on financial analysis and the execution of refinancing, restructuring, and acquisition efforts. Prior to Sable Permian, Mr. Patrinely was a Manager in the Acquisitions & Divestments Group of Freeport-McMoRan Oil & Gas and Plains Exploration & Production Company (PXP), where he managed the execution of financings, mergers, acquisitions, and divestments. PXP, where he held management roles, was acquired by Freeport-McMoRan Copper & Gold Inc..

J. Caldwell Flores President

Mr. Flores has served as President of Sable Offshore Corp. since March 2023. He is also President of Sable Minerals, Inc., a private oil and gas company in Houston, where he oversees daily operations, administration, and provides investment analysis. Before Sable Minerals, Inc., Mr. Flores was a Senior Associate for Sable Permian Resources, LLC, involved in the acquisition, consolidation, and optimization of oil and gas upstream opportunities.

Doss R. Bourgeois Executive Vice President and Chief Operating Officer

Mr. Bourgeois has served as Executive Vice President and Chief Operating Officer of Sable Offshore Corp. since March 2023. He was previously Executive Vice President of Sable Permian Resources, LLC from May 2017 to February 2021. His experience also includes serving as President and Chief Operating Officer of Freeport-McMoRan Oil & Gas from July 2015 to April 2016, and Executive Vice President, Exploration and Production of FM O&G from June 2013 to July 2015. He held similar roles at Plains Exploration & Production Company (PXP) and was Vice President at Ocean Energy, Inc..

Anthony C. Duenner Executive Vice President, General Counsel and Secretary

Mr. Duenner has served as Executive Vice President, General Counsel & Secretary of Sable Offshore Corp. since March 2023. He possesses over 35 years of diverse legal and commercial energy experience. From May 2017 to February 2021, he served as Vice President, Corporate Development of Sable Permian Resources, LLC. Prior to that, he was Vice President—International & New Ventures for Freeport-McMoRan Oil & Gas and its predecessor, Plains Exploration & Production Company (PXP), where he was also Assistant General Counsel.

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The key risks to Sable Offshore (symbol: SOC) are primarily centered around its ability to restart and sustain oil production, significant financial challenges, and ongoing legal and regulatory scrutiny.

1. Inability to Restart and Sustain Production Due to Regulatory and Infrastructure Hurdles: Sable Offshore's fundamental business viability hinges on its ability to recommence oil production at the Santa Ynez Unit (SYU), which has been shut down since 2015 following a pipeline incident. The company faces significant challenges in obtaining the necessary regulatory approvals from California authorities to restart its pipeline infrastructure (Pipelines 901/903 or 324/325), which are essential for transporting any produced oil to market. California regulators have historically resisted the restart of these pipelines due to environmental concerns, and there is "NO guarantee that Sable will be able to restart or continue production". If production is not recommenced by specific deadlines, such as March 1, 2026, or January 1, 2026, the SYU assets could revert to ExxonMobil Corporation without compensation to Sable, representing an existential threat to the company. The company is also exploring alternatives like an Offshore Storage and Treating vessel, but obtaining approvals for this strategy also introduces uncertainty.
2. Significant Financial Distress and Going Concern Risk: Sable Offshore is facing severe financial challenges, marked by a lack of substantial revenues since 2015 and ongoing substantial net losses (e.g., $617.3 million in 2024 and $110.4 million in Q3 2025). The company operates with "unsustainable profit margins" and "weak financial ratios," including negative EBIT and EBITDA margins. Management has disclosed "substantial doubt" about the company's ability to continue as a going concern, primarily due to a Senior Secured Term Loan of $896.6 million (as of Q3 2025) that has an accelerated maturity date of January 9, 2026. Sable needs to raise additional funds or refinance this debt and faces "significant capital requirements" to restart production, with estimated costs around $152 million, potentially increasing.
3. Legal, Regulatory Scrutiny, and Governance Issues: The company is embroiled in shareholder lawsuits alleging misleading disclosures regarding oil production restarts and opaque financial reporting, which could result in costly settlements. Sable Offshore operates under "heightened regulatory scrutiny" from agencies such as the SEC and BSEE concerning environmental compliance and corporate transparency. There have been compliance concerns and disputes with the California State Fire Marshal. The company has a history of environmental issues, including the 2015 Refugio Oil Spill, and reports indicate a "25% annual pipeline rupture risk". Furthermore, Sable, as an "emerging growth company," has been criticized for allegedly using legal exemptions to avoid certain transparency requirements, exacerbating investor trust issues.

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The accelerating global energy transition, specifically the rapid expansion and increasing cost-competitiveness of offshore wind power, poses a clear emerging threat. This development directly competes with traditional offshore oil and gas for prime offshore lease areas, essential supply chain resources, and skilled labor. Furthermore, it diverts significant government and private investment capital towards renewable energy projects, limiting funding and future growth opportunities for conventional fossil fuel extraction in offshore environments.

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The addressable markets for Sable Offshore's (SOC) main products and services are as follows:

• Crude Oil: The global crude oil market was valued at approximately $2.6 trillion in 2023 and is projected to reach $3.0 trillion by 2033. Other estimates place the global market size at over $2 trillion in 2022 and $3.4 trillion by the end of 2025, growing to $4.7 trillion by 2033.
• Natural Gas: The global natural gas market size was valued at approximately $1.1 trillion in 2023 and is projected to grow to $2.1 trillion by 2032. Another estimate indicates the global natural gas market was valued at $1.2 trillion in 2024 and is expected to reach $1.9 trillion by 2030.

Sable Offshore (SOC) is an independent upstream oil and natural gas company that focuses on the exploration and production of crude oil and natural gas in federal waters offshore California.

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Sable Offshore (SOC) is poised for significant revenue growth over the next two to three years, driven primarily by the strategic advancement of its Santa Ynez Unit (SYU) assets and associated infrastructure. Key drivers include:

1. Resumption and Ramp-up of Santa Ynez Unit (SYU) Production: Production from the Santa Ynez Unit restarted in May 2025 after a decade-long shutdown. The company has identified over 100 infill drilling and step-out opportunities within the SYU, which are expected to contribute to sustained production with a low anticipated decline rate of approximately 8% annually over the next five years.
2. Implementation of the Offshore Storage & Treating Vessel (OS&T) Strategy: Sable Offshore is actively pursuing an accelerated Offshore Storage and Treating Vessel (OS&T) strategy as the primary method to unlock the value of the Santa Ynez Unit. This strategy, targeting first sales in the fourth quarter of 2026, is expected to provide significant crude oil marketing benefits, offering flexibility and access to international and domestic markets outside of California.
3. Potential Restart of the Las Flores Pipeline System: While facing ongoing regulatory approvals, the Las Flores Pipeline System has been fully restored and hydrotested. A successful restart of this onshore pipeline would provide an alternative or complementary route for transporting crude oil from the SYU to California refineries, contributing to sales volume.
4. Increased Production Volumes and Market Access through Dual Offtake Strategies: The company's development plans for Q1 2026/2027 project a net average daily production of 45,000–55,000 barrels of oil equivalent per day (BOE/d) from its combined offtake options. The OS&T option, in particular, offers expanded market access beyond California, which can enhance realized crude oil prices and volumes.

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Share Issuance

• Sable Offshore Corp. reported raising $773.8 million in gross equity proceeds during 2024.
• On May 23, 2025, the company closed an upsized underwritten public offering of 10,000,000 shares of common stock at $29.50 per share, generating gross proceeds of approximately $295.0 million ($282.6 million net of fees and expenses).
• Sable Offshore announced a private placement on November 10, 2025, to issue 45,454,546 shares of common stock for approximately $250 million in gross proceeds, expected to close on November 12, 2025.

Inbound Investments

• Pilgrim Global ICAV and Pilgrim Global Advisors LLC, identified as ten percent owners, invested $14,777,318 by purchasing 982,645 shares of common stock on October 15, 2025.

Capital Expenditures

• Over the last 12 months (as of November 8, 2025), Sable Offshore's capital expenditures totaled -$261.15 million.
• Net proceeds from the May 2025 public offering, totaling $282.6 million, are intended for capital expenditures, working capital, and general corporate purposes.
• The company is pursuing an Offshore Storage and Treating Vessel (OS&T) strategy, with an estimated cost of approximately $450 million for vessel acquisition, upgrades, and installation, expected to be completed before recommencing oil sales in the fourth quarter of 2026.