Sable Offshore secures debt amendment with Exxon; interest rate rises to 15%, maturity extended to 2027

Sable Offshore Corp.

Conditions satisfied: $250M common stock private placement on Nov 12, 2025; amendment effective Nov 24, 2025.
Maturity extended to earlier of March 31, 2027 or 90 days after first hydrocarbon sales; interest rate raised from 10% to 15%.
New liquidity covenant: minimum $25M unrestricted cash measured monthly; additional reporting requirements added.
Amendment with Exxon Mobil as lender; existing guarantees from Pacific Offshore Pipeline and Pacific Pipeline reaffirmed.
Company raised $250M equity to meet $225M minimum cash proceeds condition; PIK interest option available.

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