Sable Offshore Corp. Responds to the November 14, 2025 Hunterbrook Media LLC Report

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HOUSTON--(BUSINESS WIRE)--Nov 14, 2025--

Sable Offshore Corp. (“ Sable ” or the “ Company ”) (NYSE: SOC) today is responding to correct a report issued by Hunterbrook Media LLC (“ Hunterbrook ”) published on November 14, 2025. Sable disputes certain misstatements in the report as follows below.

Accounts Payable
In the report, Hunterbrook states that Sable “disclosed…$163 million in accounts payable…” as of September 30, 2025 in its Q3 10-Q. This is a gross misreading of Sable’s balance sheet set forth in the Company’s recently filed Form 10-Q (the “ Q3 10-Q ”). As clearly disclosed on pg. 14 of the Q3 10-Q, the accounts payable balance of the Company as of September 30, 2025 was approximately $53 million. The figure cited by Hunterbrook includes accounts payable and accrued liabilities. Accrued liabilities include certain discretionary and non-cash items.

With proceeds from the successful sale of common stock in a private placement to institutional investors, Sable believes it has the liquidity required to pursue its objectives, including a comprehensive debt refinancing in the first quarter of 2026.

Pilgrim Global Entities’ Ownership
The report also speculates on Pilgrim’s current ownership and intentions. Pilgrim continues to have substantial ownership in Sable consistent with its regulatory filings. Pilgrim also was a significant participant in Sable’s recent sale of common equity in a private placement to institutional investors.

Bonding Requirement for Future P&A Liabilities and Timing
Regarding Hunterbrook’s statement that “[t]he Exxon arrangement includes another new disclosure: Sable must now post a $350 million bond…” This is incorrect. The report quotes a section from Sable’s recently filed Q3 10-Q where the Company disclosed an extension to its bonding obligation for its plugging and abandonment obligations to ExxonMobil following the cessation of production from the Company’s Santa Ynez Unit. The extension is detailed in Sable’s Fifth Amendment to its Purchase and Sale Agreement (“ PSA ”) with Exxon Mobil Corporation (“ Exxon ”). The $350 million bonding obligation (referred to in the PSA as the P&A Financial Security ) is an obligation that arises from the original PSA with Exxon Mobil dated November 1, 2022 as first disclosed by Sable on its Form 8-K dated February 14, 2024 (and which was previously disclosed by its predecessor on November 10, 2022) and in multiple filings since, including the Company’s 2024 Annual Report filed on March 17, 2025. The bonding relates to Sable’s obligation to plug and abandon wells at the end of the Santa Ynez Unit’s end of life. The PSA originally required Sable to post the PSA bond 150 days following the resumption of production from the wells on the SYU Unit (which resumed production on May 15, 2025). In the 5 th Amendment to the PSA, dated effective October 14, 2025, the P&A Financial Security obligation was extended from effectively October 2025 to a date that is three business days following the ExxonMobil Senior Secured Term Loan Maturity Date, which, following the extension of same, will be the earlier of March 31, 2027 or 90 days after first sales of Hydrocarbons (as defined in the Senior Secured Term Loan). As noted, under certain circumstances after the bonding is in place ExxonMobil has the ability to seek an increase in the bonding amount to $500 million.

About Sable
Sable 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.

Forward-Looking Statements
The information in this press release include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “continue,” “plan,” “forecast,” “predict,” “potential,” “future,” “outlook,” and “target,” 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’s 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’s actual results to differ materially from those described in the forward-looking statements include: the ability to recommence sales from the Santa Ynez Unit assets and the cost and time required therefor; 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’s Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K, which are filed with the Securities and Exchange Commission and are available on Sable’s website ( www.sableoffshore.com ) and on the Securities and Exchange Commission’s website ( www.sec.gov ). 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.

Disclaimers
The Santa Ynez Unit assets discussed in this press release restarted production in May 2025 and have not sold commercial quantities of hydrocarbons since such Santa Ynez Unit assets were shut in during June of 2015 when the only onshore pipeline transporting hydrocarbons produced from such Santa Ynez Unit assets to market ceased transportation. Since the May 2025 production restart, the oil produced has been transported via pipeline to storage tanks onshore at Sable’s Las Flores Canyon processing facility where it is being stored pending resumed petroleum transportation through the Las Flores Pipeline System. There can be no assurance that the necessary approvals will be obtained that would allow the Las Flores Pipeline System to recommence transportation or the contemplated use of an Offshore Storage and Treating Vessel that would allow the Santa Ynez Unit assets to recommence sales.

View source version on businesswire.com:https://www.businesswire.com/news/home/20251114389471/en/

CONTACT: Investor Contact:

Harrison Breaud

Vice President, Finance & Investor Relations

[email protected]

713-579-8111

KEYWORD: UNITED STATES NORTH AMERICA TEXAS

INDUSTRY KEYWORD: ENERGY OTHER ENERGY OIL/GAS

SOURCE: Sable Offshore Corp.

Copyright Business Wire 2025.

PUB: 11/14/2025 03:54 PM/DISC: 11/14/2025 03:53 PM

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