Sable Offshore: Hondo commissioning complete; 4 more Perf Adds; Oct oil sales guided at 38k bbl/d

Sable Offshore Corp.

Platform Hondo reconstruction and internal commissioning complete; MMA approval of instrumentation, control and safety submission expected October 2026; restart planned for Q4 2026.
Sable will accelerate 4 additional Perf Add operations ahead of restart, raising completed pre-restart Perf Adds to 9 of 15 Hondo production wells vs 5 previously; each adds ~600 bbl/d at ~$800,000.
Due to robust output from Platforms Harmony and Heritage, LFC upgrades will raise emulsion processing capacity from ~80% of their productive capacity to handle all SYU platforms.
Preliminary July-August oil sales averaged ~32 thousand gross bbl/d; September expected ~34 thousand; October nominations average 38 thousand with ~45 thousand exit rate before Hondo volumes.

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