\nSable Offshore Corp. (\u201cSable,\u201d or the \u201cCompany\u201d) (NYSE: SOC) today announced its second quarter 2026 financial and operational results.<\/p>\n
Second Quarter 2026 Financial Results<\/b><\/p>\n Financial Updates<\/b><\/p>\n Second Quarter 2026 Operational Results<\/b><\/p>\n Operational Updates<\/b><\/p>\n Midstream and Brent Crude Oil Marketing Update<\/b><\/p>\n Guidance<\/b><\/p>\n 2H 2026E<\/b><\/p>\n<\/td>\n FY 2027E<\/b><\/p>\n<\/td>\n<\/tr>\n Sales<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGross Average Daily Sales (Boe\/d)<\/p>\n<\/td>\n \n47,500<\/p>\n<\/td>\n \n\u2012<\/p>\n<\/td>\n \n52,500<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n50,000<\/p>\n<\/td>\n \n\u2012<\/p>\n<\/td>\n \n55,000<\/p>\n<\/td>\n<\/tr>\n \nWorking Interest \/ Net Revenue Interest (%)<\/p>\n<\/td>\n \n83.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n83.6%<\/p>\n<\/td>\n<\/tr>\n \nNet Average Daily Sales (Boe\/d)<\/p>\n<\/td>\n \n40,000<\/p>\n<\/td>\n \n\u2012<\/p>\n<\/td>\n \n45,000<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n42,500<\/p>\n<\/td>\n \n\u2012<\/p>\n<\/td>\n \n47,500<\/p>\n<\/td>\n<\/tr>\n % Oil<\/i><\/p>\n<\/td>\n ~100.0%<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n ~100.0%<\/i><\/p>\n<\/td>\n<\/tr>\n \nEstimated Marketing and GP&T Deduct ($\/Bbl)<\/p>\n<\/td>\n \n$24.00<\/p>\n<\/td>\n \n\u2012<\/p>\n<\/td>\n \n$28.00<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$21.00<\/p>\n<\/td>\n \n\u2012<\/p>\n<\/td>\n \n$25.00<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Cash Costs ($ \/ Net Boe)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLease Operating Expense<\/p>\n<\/td>\n \n$17.00<\/p>\n<\/td>\n \n\u2012<\/p>\n<\/td>\n \n$21.00<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$9.00<\/p>\n<\/td>\n \n\u2012<\/p>\n<\/td>\n \n$12.00<\/p>\n<\/td>\n<\/tr>\n \nCash General & Administrative<\/p>\n<\/td>\n \n$6.00<\/p>\n<\/td>\n \n\u2012<\/p>\n<\/td>\n \n$9.00<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$3.50<\/p>\n<\/td>\n \n\u2012<\/p>\n<\/td>\n \n$6.50<\/p>\n<\/td>\n<\/tr>\n \nSeverance & Ad Valorem Taxes (% of Revenue)<\/p>\n<\/td>\n \n0.5 %<\/p>\n<\/td>\n \n\u2012<\/p>\n<\/td>\n \n1.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.5 %<\/p>\n<\/td>\n \n\u2012<\/p>\n<\/td>\n \n1.0%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Capital Expenditures ($MM)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal Capex<\/p>\n<\/td>\n \n$75<\/p>\n<\/td>\n \n\u2012<\/p>\n<\/td>\n \n$95<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$80<\/p>\n<\/td>\n \n\u2012<\/p>\n<\/td>\n \n$100<\/p>\n<\/td>\n<\/tr>\n Note: No benefits from waterborne marketing solutions, chemical treatments, and broader California infrastructure improvements assumed in guidance.<\/i><\/p>\n<\/td>\n<\/tr>\n Brent Crude Oil Hedging<\/b><\/p>\n Type<\/b><\/p>\n<\/td>\n Term<\/b><\/p>\n<\/td>\n Settlement Index<\/b><\/p>\n<\/td>\n Average Volumes (Mbo\/d)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Bought Put<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Sold Call<\/b><\/p>\n<\/td>\n<\/tr>\n \nCostless Collars<\/p>\n<\/td>\n \nJuly 1, 2026\u2014December 31, 2026<\/p>\n<\/td>\n \nNYMEX Brent<\/p>\n<\/td>\n \n28.0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n65.00<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n89.39<\/p>\n<\/td>\n<\/tr>\n \nJanuary 1, 2027\u2014December 31, 2027<\/p>\n<\/td>\n \nNYMEX Brent<\/p>\n<\/td>\n \n25.0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n65.00<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n80.00<\/p>\n<\/td>\n<\/tr>\n \nJanuary 1, 2028\u2014December 31, 2028<\/p>\n<\/td>\n \nNYMEX Brent<\/p>\n<\/td>\n \n21.0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n65.00<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n73.17<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Management Commentary<\/b><\/p>\n \nChairman and Chief Executive Officer, Jim Flores said, \u201cThe Sable team was able to make strong progress in ramping up operations in the second quarter. We are encouraged by the productivity of the wells at the SYU with their higher than expected production with minimal to no observable decline.\u201d He continued, \u201cThrough the various solutions we have identified, we look forward to working with our midstream and downstream partners to maximize the amount of domestic crude oil from the SYU getting to market for the benefit of California consumers and the U.S. Military and its allies globally.\u201d<\/p>\n About Sable<\/b><\/p>\n \nSable Offshore Corp. is an independent oil and gas company, headquartered in Houston, Texas, focused on responsibly developing the Santa Ynez Unit in federal waters offshore California. The Sable team has extensive experience safely operating in California.<\/p>\n Forward-Looking Statements<\/b><\/p>\n \nThe information in this press release includes \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words \u201ccould,\u201d \u201cshould,\u201d \u201cwill,\u201d \u201cmay,\u201d \u201cbelieve,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cproject,\u201d \u201ccontinue,\u201d \u201cplan,\u201d \u201cforecast,\u201d \u201cpredict,\u201d \u201cpotential,\u201d \u201cfuture,\u201d \u201coutlook,\u201d and \u201ctarget,\u201d the negative of such terms and other similar expressions are intended to identify forward- looking statements, although not all forward-looking statements will contain such identifying words. These statements are based on the current beliefs and expectations of Sable\u2019s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Factors that could cause Sable\u2019s actual results to differ materially from those described in the forward-looking statements include: the ability to recommence full production of the SYU assets; the cost and time required therefor, and production levels once recommenced; availability of future financing; restrictions in existing or future debt agreements or structured or other financing arrangements; uncertainties related to new technologies, geographical concentration of operations, environmental risks, weather risks, security risks, drilling and other operating risks, regulatory changes and regulatory risks, including risks relating to PHMSA\u2019s regulatory oversight of the SYPS, the DPA Order and the potential implementation of the OS&T Strategy or the Buoy Strategy; our ability to consummate a debt refinancing of our Senior Secured Term Loan B and the timing and terms thereof; our financial performance; global economic conditions and inflation; increased operating costs; lack of availability of drilling and production equipment, supplies, services and qualified personnel; geographical concentration of operations; environmental and weather risks; regulatory changes and uncertainties; litigation, complaints and\/or adverse publicity; privacy and data protection laws, privacy or data breaches, or loss of data; our ability to comply with laws and regulations applicable to our business; and other one-time events and other factors that can be found in Sable\u2019s Annual Report on Form 10-K for the year ended December 31, 2025, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K, filed with the Securities and Exchange Commission, which are available on Sable\u2019s website (www.sableoffshore.com<\/a>) and on the Securities and Exchange Commission\u2019s website (www.sec.gov<\/a>). Except as required by applicable law, Sable undertakes no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this press release.<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20260809336520\/en\/<\/a><\/span><\/p>\n\n
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