Sable Offshore Q1 net loss $180.1M; updates resource to 646 MMboe, PV-10 $10.0B; production restart Sep 2024

Sable Offshore Corp.

2024-Q1 EPS reported -$2.99

Net loss $180.1M for Q1 2024, primarily from settlement costs and business combination expenses.
Total net estimated contingent resources increased 21% to 646 MMboe; PV-10 value $10.0B (SEC Apr 2024 pricing).
Entered settlement for pipeline rights-of-way; court preliminary approval; fairness hearing Sep 13, 2024.
Expect production restart at Santa Ynez Unit in Sep 2024; initial net rate ~28 MBOE/D.
4Q24 guidance: net avg production 23,000-28,000 BOE/D; lease operating expense $17-$19/BOE.

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