Sable Offshore Business Summary

Sable Offshore Corp. (SOC) is an independent upstream energy company focused on the redevelopment and production of oil and gas assets within the Santa Ynez Unit (SYU) in the Santa Barbara Channel, California. The company generates revenue through the extraction and sale of crude oil and natural gas liquids (NGLs) produced from its three offshore platforms—Hondo, Harmony, and Heritage—and processed at the Las Flores Canyon onshore facility. SOC’s business model is centered on a single primary segment: the revitalization of legacy offshore infrastructure acquired from ExxonMobil, leveraging existing assets to achieve high-margin production with lower exploratory risk. In the competitive landscape, SOC operates alongside major California producers such as California Resources Corporation (CRC), Berry Corporation (BRY), and Chevron, positioning itself as a specialized, pure-play offshore operator focused on maximizing the lifecycle of proven Pacific reserves. The company is led by Chairman and CEO James C. Flores, a veteran energy executive with a distinguished track record of scaling upstream companies, including his previous leadership roles at Plains Exploration & Production (PXP) and Freeport-McMoRan Oil & Gas. The executive suite includes President and COO Gregory C. Heames and CFO Anthony C. Schnur, both of whom bring extensive operational and financial expertise from tenures at McMoRan Exploration and various independent E&P firms. Sable’s board of directors features industry stalwarts such as David J. Turner and Gregory P. Pipkin, reflecting a leadership pedigree deeply rooted in the Gulf of Mexico and California offshore sectors. The company’s strategic direction is supported by institutional investors who facilitated its 2024 public debut via a merger with Flame Acquisition Corp., targeting the high-value restart of one of California’s most significant offshore energy units.