Sable Offshore restarts SYU production; raises 2H25 output guidance to 40-50K BOE/D

Sable Offshore Corp.

Production restart at Santa Ynez Unit on May 15, 2025; first oil from Platform Harmony at ~6,000 bbl/d.
Well tests on Harmony appear stronger than at 2015 shut-in; 30% of 32 wells tested as of May 18.
Expects to fill 540,000 bbl storage by mid-June, commence oil sales in July 2025.
Updated 2H25 guidance: production 40,000–50,000 BOE/D (previously 20,000–25,000); LOE reduced to $11-$13.50/BOE.
Risk: if restart not achieved by March 1, 2026, assets could revert to Exxon without compensation.

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