Exhibit 99.2 Sable Offshore Corp. Investor Presentation May 2025

Disclaimer FORWARD LOOKING STATEMENTS The information in this presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this presentation, 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 production of the SYU assets and the cost and time required therefor, production levels once recommenced; commodity price volatility; low prices for oil and/or natural gas; global economic conditions and inflation; increased operating costs; lack of availability of drilling and production equipment, supplies, services and qualified personnel; processing volumes and pipeline throughput; geographical concentration of operations; environmental and weather risks; regulatory changes and uncertainties; the uncertainty inherent in estimating oil and natural gas resources and in projecting future rates of production; reductions in cash flow and lack of access to capital; restrictions in existing or future debt agreements or structured or other financing arrangements; managing growth and integration of acquisitions, and failure to realize the expected value of acquisitions; the ability to recognize the anticipated benefits of the business combination; developments relating to our competitors and our industry; 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 presentation. RESTART PRODUCTION The SYU assets discussed in this presentation have not sold commercial quantities of hydrocarbons since such SYU assets were shut in during June of 2015 when the only Onshore Pipeline transporting hydrocarbons produced from such SYU assets to market ceased transportation. There can be no assurance that the necessary permits will be obtained that would allow the Onshore Pipeline to recommence transportation and allow the SYU assets to recommence sales. If Restart Production (as defined in the purchase and sale agreement, dated November 1, 2022 (as amended, the “Sable-EM Purchase Agreement”), between Sable Offshore Corp., Exxon Mobil Corporation (“EM”) and Mobil Pacific Pipeline Company) is not achieved by March 1, 2026, the terms of the Sable-EM Purchase Agreement with EM could result in the SYU assets being reverted to EM without any compensation to Sable therefor. OIL AND GAS RESOURCE INFORMATION This presentation includes information regarding estimates of oil and natural gas resources attributable to the SYU. None of the oil and gas resources attributable to the SYU are currently classifiable as proved or other reserves because, since the cessation of operations on the pipeline transporting production from the assets, there has been no means to deliver production from the assets to market. Sable has obtained a report (the “NSAI Report”) from Netherland, Sewell & Associates, Inc. (“NSAI”), independent petroleum consultants, with respect to the net estimated contingent resources attributable to the acquired assets and the related pre-tax discounted (at 10%) future net contingent cash flow from such contingent resources, as of December 31, 2021, based on 12-month unweighted arithmetic average of the first-day-of-the-month prices for each month in the period from January to December 2021. As defined by the Society of Petroleum Engineers and used in the NSAI Report, “contingent resources” are those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from known accumulations, but which are not currently considered to be commercially recoverable. Contingent resource estimates may be characterized further as 1C (low estimate), 2C (best estimate) and 3C (high estimate). The contingent resources reflected in the NSAI Report are, as stated in the report, category 1C (low estimate). The NSAI Report states that the estimates included in the report are contingent on (1) approval from federal, state and local regulators to restart production, (2) reestablishment of oil transportation systems to deliver production to market, and (3) commitment to restart the wells and facilities. The NSAI Report states that, if these contingencies are successfully addressed, some portion of the contingent resources estimated in the report may be reclassified as reserves but notes that the estimates have not been risked to account for the possibility that the contingencies are not successfully addressed. The NSAI Report does not address (1) the portion of the contingent resources that could be reclassified as reserves if the contingencies are successfully addressed or (2) whether or to what extent any of the contingent resources that could be so reclassified would be classified as proved, probable or possible reserves. As defined in the Society of Petroleum Engineers’ Petroleum Resources Management System (“PRMS”), best estimate is the most realistic assessment of recoverable quantities if only a single result were reported. There is at least a 50% probability that the quantities actually recovered will equal or exceed the “best estimate.” As defined in the PRMS, low estimate is a conservative estimate of the quantity that will actually be recovered from the accumulation by a project. There is at least a 90% probability that the quantities actually recovered will equal or exceed the “low estimate.” The resource estimates and related future cash flow information included in this presentation reflect management's estimates, based in part on the contingent resources estimated in the NSAI Report and supplemented by management's own estimates of contingent resources attributable to the acquired assets and using the pricing and other assumptions noted in this presentation, of the contingent resources and cash flow that may have been attributable to the acquired assets if the contingencies had been addressed successfully on the date as of which the information is presented. Resource engineering is a process of estimating underground accumulations of hydrocarbons that cannot be measured in an exact way. The accuracy of any resource or reserve estimate depends on the quality of available data, the interpretation of such data, and price and cost assumptions made by reserve engineers. In addition, the results of drilling, testing, and production activities may justify revisions of estimates that were made previously. If significant, such revisions could impact the combined company’s strategy and change the schedule of any production and development drilling. Accordingly, resource estimates may differ significantly from the quantities of oil and natural gas that are ultimately recovered. USE OF PROJECTIONS AND ESTIMATES This presentation contains financial projections and estimates for Sable, including with respect to its future capital expenditures, initial timing and production estimates and future cash costs. Sable’s auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections and estimates for the purpose of their inclusion in this presentation, and, accordingly, no such auditors have expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this presentation. These projections and estimates are for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the projected information are inherently uncertain and are subject to a wide variety of significant business, regulatory, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projected information. Even if the assumptions and estimates are correct, projections and estimates are inherently uncertain due to a number of factors outside Sable’s control. Accordingly, there can be no assurance that the projected results are indicative of Sable’s future performance or that actual results will not differ materially from those presented in the projected information. Inclusion of the projected information in this presentation should not be regarded as a representation by any person, including, without limitation, Sable, that the results contained in the projected information will be achieved. 2

Sable Offshore Corp. (NYSE: SOC) Premier offshore California asset paired with experienced management team Santa Ynez Unit Santa Ynez Unit (“SYU”) is a massive oil-weighted resource n Three offshore platforms located in federal waters north of Santa Barbara, California n Wholly-owned onshore production treatment facilities High n Discovered in 1968 with significant production history. SYU Quality produced 45,000 boe/d rate at shut-in in 2015 Asset n Production restarted on May 15, 2025 with significantly (1) improved well tests compared to those at shut-in n >100 identified infill drilling and step-out opportunities, along with (2) workovers and ESP installation on existing wellbores Las Flores Canyon Processing Facility Sable management are well-qualified to operate Santa Ynez n Exemplary track record of operating safely in California and Highly- (3) offshore Qualified Stewards n Demonstrated expertise via numerous awards from state and of the federal agencies Asset n Developing strategy for carbon capture and storage (“CCS”) leveraging existing infrastructure and access (1) SYU-produced oil is being held in the Company’s storage tanks at LFC while Sable completes the final hydrotest in order to meet the final operational condition to restart the Las Flores Pipeline System as outlined in the Consent Decree. Initial restart of production is higher than expected sustained production and there is uncertainty regarding the amount and timing of production decline from recently opened wells. (2) Electric Submersible Pump. (3) While at Plains Exploration & Production, current Sable management team operated platforms included Irene at Point Pedernales and Hidalgo, Harvest and Hermosa at Point Arguello. 3

SYU History Premier offshore project developed by Exxon over 40+ years SYU Development Background n Discovered in 1968, over the course of 14 years Exxon consolidated more than a dozen offshore federal oil leases into a streamlined production unit known as SYU ─ SYU construction began in 1976 with Platform Hondo, with first production in 1981, followed by Platform Harmony and Platform Heritage (both online in 1994); both Harmony and Heritage have dedicated rigs for future development (1) ─ SYU includes 112 wells (90 producers, 12 injectors, 10 idle); sizable inventory of infill drilling and additional step-out drilling opportunities ─ Platforms located 5 to 9 miles offshore Santa Barbara County in shallow water depths of (2) 900-1,200’ n Wholly-owned onshore oil and natural gas processing facility at Las Flores Canyon (not visible from highway) n Shut in from June 2015 to May 2025 due to pipeline issue (Plains All- American Pipeline (“AAPL”) operated) ─ Production at all Exxon platforms and facilities was safely suspended. SYU was placed into a preserved state with regular inspections and maintenance ─ AAPL received Consent Decree and began work to re-start ─ Exxon acquired pipeline from AAPL n Sable restarted production at SYU Platform Harmony in May 2025 and began flowing production to Las (3) Flores Canyon n Sable actively evaluating strategy for CCS utilizing existing infrastructure and access (1) Sable management have identified >100 infill drilling and step-out opportunities. (2) Primary Reservoir: Miocene Monterey formation (Sour low-gravity oil (4-26 API); Secondary Reservoirs: Oligocene and Eocene oil/gas sandstone (Sweet high-gravity oil (35 API). (3) SYU-produced oil is being held in the Company’s storage tanks at LFC while Sable completes the final hydrotest in order to meet the final operational condition to restart the Las Flores Pipeline System as outlined in the Consent Decree. 4

SYU Technical Overview Significant production history and massive resource potential Santa Ynez Unit Overview n Between 1981 and 2014, SYU produced over 671 MMBoe ─ Production averaged 29 MBbl/d and 27 MMcf/d in 2014 (gross), the last full year when the asset was online ─ Low, stable decline anticipated of ~8% on average annually from existing NSAI (1) Low Estimate Base Contingent Resources over the next five years n Sable has also identified >100 additional infill development and step-out opportunities across the leasehold ─ In 2010, Exxon drilled the world’s longest extended-reach well from an existing 3 miles fixed platform drilling rig, increasing the ability to produce more oil from existing facilities; the well extends more than six miles horizontally Robust Production Prior to Pipeline Closure 1 Billion + Barrels Recoverable 120 1,700’ Original Oil Column 100 SYU (300’) Depleted Oil Reservoir (400’) Gas Cap Expansion 80 Characterization 1,000’ Oil Column Remaining 60 40 MMBoe of Net Recoverable Total 1,207 Resources 20 Massive (561) MMBoe of Net Cum. Prod. Resource 0 MMBoe of Remaining Total Net 646 Estimated Contingent Resources Note: Management estimates are inherently uncertain and subject to numerous risks. Actual results may differ in a material amount from management estimates and projections. (1) 5-year period begins after production re-start. 5 Historical Gross Oil Production (MBbl/d)

Las Flores Canyon Infrastructure Wholly-owned infrastructure at Las Flores Canyon reduces cash costs Las Flores Canyon Cogeneration & Processing Facility n Fully integrated oil and gas processing facilities acquired by Sable for managing 100% of Produced Water the SYU produced volumes with Pipeline Transportation additional capacity for future Terminal SYU development n Gas and NGL volumes sold into Crude Storage the Southern California market Tanks to homes and businesses and n 540 kbbl capacity oil volumes sold at Brent based pricing to local refineries Biologic Water Treating Plant LPG Storage & Loading n Sable management believes that n Free Oil Removal the facilities have been well maintained during the downtime n Degassing POPCO Gas Plant n Biological Treatment n Evaluating significant CCS n Gas Sweetening opportunity leveraging existing n NGL Fractionation infrastructure and access n Sulfur Recovery Co-Generation n Gas Compression Power Plant Gas Processing Plant n Gas Turbine (40 MW) n Steam Generation n Gas Sweetening n Steam Turbine (10 MW) Oil Treating Plant n Sulfur Recovery n NGL Fractionation n Crude Dehydration n Fuel Gas sent to Power Plant n Crude Stabilization n CCS opportunities available through existing n Gas Separation & Compression infrastructure 6

SYU Acreage Overview SYU leases are all located in Federal waters Santa Ynez Unit Overview Bakersfield Los Angeles Refineries § Offshore Position San Francisco Refineries ─ 16 Federal Leases, ~76,000 acres Line 325: Permitted, Upgrades / Repairs Construction ─ First leased in 1969 Completed (113 miles) Las Cruces § Santa Ynez Unit Agreement ─ Effective date: November 12, 1970 Sable Offshore Line 324: Permitted, Upgrades / Repairs Construction Las Flores Canyon Completed (10.8 miles) Plant ─ Unit blocks: OCS-P 180, 181, 182, 183, 187, 188, 189, 190, 191, 192, 193, 194, Gaviota 195, 326, 329, 461 Capitan ─ Sable operated, 100% WI, 83.6% NRI State ─ Annual lease extensions granted by the Waters Bureau of Safety and Environmental Enforcement and authorized well re-work SLA Boundary since shut-in; supported by quarterly updates § Onshore Position Hondo Harmony ─ ~1,480 surface acres, facilities occupy ~35 acres ─ Facilities 100% Sable owned Heritage Santa Ynez Unit Note: Line 324 and Line 325 were formerly known as Line 901 and Line 903, respectively. 7

Undrilled Inventory New Drill Inventory Overview n Technical opportunity inventory is based on 80-acre drainage area, maturing field from original 120 acre spacing n Future development strategy focuses on the high-quality Monterey Upper Siliceous reservoir in areas that have undergone increased diagenesis which leads to a more fractures, allowing for greater storage of oil and increased permeability n Wellbores will be aligned to maximize contact with the primary fracture orientation for the field and average over 2,000’ gross perforations per well Monterey Type Log Top of Monterey Structure Upper Siliceous 600’ Average Thickness Middle Shale Legend Massive Chert 400’ Average Thickness Lower Calcareous 600’ Average Thickness Sand/Shale 8

Harmony Platform Commenced Restart Production Initial well tests at Harmony Platform have exceeded expectations (1) Production Restart: May 15, 2025 (2) n Estimated 2H25 net production: ~15.0 – 19.0 MBoe/d Harmony Platform n Wells: 32 (3) n Available well slots: 23-27 (4) Estimated Production Restart: July 2025 (2) n Estimated 2H25 net production: ~19.0 – 23.0 MBoe/d Heritage Platform n Wells: 44 (3) n Available well slots: 15-17 (4) Estimated Production Restart: August 2025 (2) n Estimated 2H25 net production: ~6.0 – 8.0 MBoe/d Hondo Platform n Wells: 26 (3) n Available well slots: 10 (1) SYU-produced oil is being held in the Company’s storage tanks at LFC while Sable completes the final hydrotest in order to meet the final operational condition to restart the Las Flores Pipeline System as outlined in the Consent Decree. Initial restart of production is higher than expected sustained production and there is uncertainty regarding the amount and timing of production decline from recently opened wells. (2) Updated guidance amount is based on production levels at the time of the 2015 shut in, initial Harmony well results, the anticipated restart of production at Heritage and Hondo in Q3 2025, management's best estimates based upon numerous technical data points such as bottom-hole pressures, material balance calculations and estimates, reservoir simulations, management experience operating producing assets offshore California, and planned capital expenditures. Deviations from the anticipated timing and magnitude of such assumptions may impact actual results. (3) Available well slots include those either actively unused or available for opportunistic reclamation. (4) The timing of restart of production at Heritage and Hondo platforms is subject to numerous risks. Refer to slide “Disclaimer – Forward-Looking Statements”. 9

Projected Annual Capex ($MM) Sable Operational Plan Maintain, re-allocate, and optimize total capital spend to grow initial flush production rates Projected Development Plan 60,000 $600 50,000 $500 40,000 $400 30,000 $300 20,000 $200 10,000 $100 – $– (1) 2H 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Net Production Total Capex Note: Management estimates are inherently uncertain and subject to numerous risks. Actual results may differ in a material amount from management estimates and projections. Proposed development plan is based on market conditions and subject to annual Board approval. (1) Reflects midpoint of 2H25 guidance. 10 Projected Average Net Production (BOE/D)

Substantial Resource Base (1)(2)(3) Contingent Resource Summary Net Estimated Contingent Resources Estimated Cash Flows ($MM) Oil Gas NGL Total Capex PV-10 Resource Category (MMBbls) (Bcf) (MMBbls) (MMBoe) ($MM) SEC Pricing (4) 111 121 2 133 – $2,285 NSAI Adjusted Low Estimate Base Forecast (5) 41 33 1 47 $100 1,013 ESP Installations Low Estimate Total Low Estimate Contingent Resources 151 154 2 179 $100 $3,298 (6) 308 251 4 354 $1,997 $4,810 Development Drilling Program Best Estimate (7) 98 80 1 113 245 1,921 Development Workover Program Best Estimate Total Best Estimate Contingent Resources 406 332 5 467 $2,242 $6,731 Total Net Estimated Contingent Resources / Total Blended NAV 557 486 7 646 $2,342 $10,029 Net Contingent Resources (MMBoe) PV-10 Contingent Resources ($MM) Contingent Resources by Commodity Development Development NGL NSAI Adjusted Workover NSAI Adjusted Gas Workover 1% Low Estimate Program Best Low Estimate Program Best 13% Base Forecast Estimate Base Forecast Estimate 133 113 $2,285 $1,921 ESP Installations Low Estimate ESP Installations 47 Low Estimate $1,013 Oil Development Development Drilling Program 86% Drilling Program Best Estimate Best Estimate $4,810 354 (1) Assumes SEC pricing as of April 2024 and effective date of May 1, 2024. April 2024 SEC Pricing: Oil $83.14 / Bbl; Gas $2.40 / MMBtu; NGL $64.85 / Bbl. (2) Management estimates are inherently uncertain. Actual results may differ in a material amount from management estimates and projections. (3) Net quantities shown herein are unrisked volumes and may represent levels of uncertainty as to their technical and commercial recovery. (4) Estimated using NSAI Report Resources at SEC Brent Pricing and Sable management estimated lease operating expenses; low estimate contingent resources with 90% probability of delivering unrisked remaining recoverable volumes from field-wide individual historical well performance. Assumes the wells and facilities will resume operation under similar production and sales conditions present at the time production was suspended. (5) Low estimate contingent resources with 90% probability of delivering unrisked incremental recoverable volumes from statistical field-wide historical well performance driven by the installation of ESPs. (6) Best estimate contingent resources with 50% probability of delivering unrisked remaining recoverable volumes from statistical field-wide historical new drill locations in untested fault compartments or sub-accumulations within test fault compartments. (7) Best estimate contingent resources with 50% probability of delivering unrisked remaining recoverable volumes from existing wellbores calculated from statistical field-wide historical work-over well performance. 11

Key Milestones Sable is steadily advancing through regulatory and technical milestones February 14, 2024 May 23, 2024 July 11, 2024 August 30, 2024 September 26, 2024 (1) BOEM approved Completed Safety valve (3) assignments of OSFM affirmed Business settlement title from XOM to Risk Analysis & Closed $150MM Combination with agreement with (2) SOC; BSEE Implementation PIPE SOC and $440MM Santa Barbara approved SOC as Plan PIPE County operator of SYU November 4, 2024 December 19, 2024 February 12, 2025 May 15, 2025 Q2 2025 Received Hydrotest of final confirmation from pipeline segment (3) OSFM approved Completed Santa Barbara Restarted in order to implementation of redemption of County that production at the meet the final enhanced pipeline public warrants certain pipeline Harmony operational integrity (4) for $183.5MM repair work is Platform condition outlined standards authorized by in the Consent existing permits Decree Completed Anticipated (1) Bureau of Ocean Energy Management (2) Bureau of Safety and Environmental Enforcement (3) California Office of the State Fire Marshal. (4) SYU-produced oil is being held in the Company’s storage tanks at LFC while Sable completes the final hydrotest in order to meet the final operational condition to restart the Las Flores Pipeline System as outlined in the Consent Decree. 12

Health, Safety, and Environmental Highlights Sable management team is an award-winning, safe, and prudent California Operator Offshore California Highlights Onshore California Highlights 2004: Received Santa Barbara County’s First and Only 2006: U.S. Bureau of Land Management Operator of the “Resolution for Good Operator” Recognizing PXP’s Year Award Outstanding Operating Performance 2006: Best Management Practices National Award in 2008: Santa Barbara County Commendation for Habitat Conservation Outstanding Maintenance Practices at LOGP 2008-2004: Recipient of the Environmental Lease 2011: Occupational Excellence Achievement Award for Maintenance Award 21 PXP locations (2) Platform Heritage 2006: Recipient of the Clean Lease Awards 2009-2010: Perfect Record Award for operating 11,390 employee hours without occupational injury or illness Division of Oil, Gas and Geothermal Resources involving days away from work (DOGGR) Lease Maintenance Award for Outstanding Safety and Lease Maintenance 12 years and 13 years in a row at Packard and San Vicente 2009: National Industry Leadership Award 2007-2008: Occupational Excellence Achievement 2010: Occupational Excellence Achievement Award for Awards for Outstanding Safety Practices PXP’s California Los Angeles Basin San Vicente and Occupational Excellence Achievement Awards for Packard locations Outstanding Safety Practices (1) Two commendations from the Air Pollution Control Platform Hondo District for Emissions Reductions and Use of Innovative 2004: Ranked MMS’s Best Operator in the Pacific OCS Emissions Control Technology at the Arroyo Grande Oil for Safety of Platform and Pipeline Operations Field Risk Management Partner to Local Communities § Sable Management has a track record of excellence as a safe and § “Due to PXP’s generosity and civic mindedness … [using] their responsible steward of California’s onshore and offshore resources facility, nearly 200 firefighters have received important Survival Training” – Ron Lawrence, Central Regional Training / Safety § As PXP, owned / operated offshore Point Arguello (Harvest Platform, Captain LA County Fire Department Hermosa Platform, and Hidalgo Platform) and Point Pedernales (Irene Platform)§ “The Culver City Fire Department is forever grateful to Plains Exploration & Production Co. for their continued training support and § Onshore operations included Arroyo Grande, Los Angeles Basin, and expertise” – Tim Wilson, Captain / Training Officer, Culver City San Joaquin Valley assets Fire Dept. Platform Harmony (1) Minerals Management Service (MMS) was reorganized into Bureau of Ocean Energy Management (BOEM) and Bureau of Safety and Environmental Enforcement (BSEE) in 2011. (2) Division of Oil, Gas and Geothermal Resources (DOGGR) was reorganized into California Geologic Energy Management Division (CalGEM) in 2020. 13

Financial Overview (1) 2H 2025 Financial Guidance Financial Objectives 2H25 Guidance (2) Prior Guidance Updated Guidance st n Refinance 1 lien term loan Production Net Average Daily Production (BOE/D) 20,000 ‒ 25,000 40,000 ‒ 50,000 Working Interest (%) 100.0% 100.0% ‒ Optimize capital structure to allow for maximum Average Net Revenue Interest (%) 83.6% 83.6% shareholder returns Cash Costs ($ / BOE) Lease Operating Expense $17.00 ‒ $19.00 $11.00 ‒ $13.50 % Fixed LOE 75% ‒ 85% Gathering, Processing & Transportation $2.50 ‒ $3.50 $2.50 ‒ $3.50 Cash General & Administrative $4.50 ‒ $5.50 $2.50 ‒ $3.50 n Implement hedging program Severance & Ad Valorem Taxes (% of Revenue) 0.5% ‒ 1.0% 0.5% ‒ 1.0% Operational Capex ‒ Reduce downside risk while maintaining upside Facilities Capex ($MM) $50 ‒ $60 $50 ‒ $60 exposure via combination of deferred premium puts Workover Capex ($MM) 20 ‒ 30 20 ‒ 30 Total Capex ($MM) $70 ‒ $90 $70 ‒ $90 and costless collars Capital Structure n Institute aggressive shareholder return program $MM, unless noted otherwise Capitalization Share Price (as of 5/16/2025) $28.86 (3) ‒ Target fixed quarterly dividend (x) Common Shares Outstanding, MM 89.4 Equity Value $2,580 ‒ Opportunistically repurchase shares with excess cash (4) (+) 1L Term Loan (Net of Deposit) $855 (3) (‒) Cash on Balance Sheet 189 ‒ Maintain conservative leverage profile Enterprise Value $3,246 Note: Management estimates are inherently uncertain and subject to numerous risks. Actual results may differ in a material amount from management estimates and projections. Proposed development plan is based on market conditions and subject to annual Board approval. (1) Updated guidance amount is based on production levels at the time of the 2015 shut in, initial Harmony well results, the anticipated restart of production at Heritage and Hondo in Q3 2025, management's best estimates based upon numerous technical data points such as bottom-hole pressures, material balance calculations and estimates, reservoir simulations, management experience operating producing assets offshore California, and planned capital expenditures. Deviations from the anticipated timing and magnitude of such assumptions may impact actual results. (2) Prior production and operational capex guidance reflect 2H25 guidance as of March 2025. Prior cash costs guidance reflects 4Q24 guidance as of May 2024. (3) Private Placement Warrants and Working Capital Warrants have the option to convert on a cashless basis. Common Shares Outstanding as of 5/16/2025. (4) 1L Term Loan and Unrestricted Cash balances as of 3/31/2025. 14

Attractive Production & Resources Profile at a Discount n Substantial production base that is ~83% oil with decades of ~45 MBoe/d productive history I Large Production Base Net Production Midpoint n Initial well tests consistently performing stronger than they did at time Forecast for 2H 2025 of shut-in on May 19, 2015 when SYU produced 45,000 Boe/d (2)(3) ~8% YoY n Shallow decline profile reduces reinvestment rate required to maintain II Shallow Decline 5-Year Annual Average projected production Resource Decline 1.6x Low Estimate Attractive Discount IIIn Attractive public valuation Contingent Resources to NAV (Including Workover Program) PV-10 / TEV $11.08 TEV / Low Estimate ~32% Discount to Peer (4) IVn Versus peer group average of $16.25 Contingent Resources Group on PD Reserves (Including Workover Program) $ / Boe >100 Deep Inventoryn Highly economic oil development opportunities representing infill and V Identified, Undrilled Opportunity step-out locations with decades of performance history Opportunities Note: Management estimates are inherently uncertain and subject to numerous risks. Actual results may differ in a material amount from management estimates and projections. Market data as of May 16, 2025. (1) Initial restart of production is higher than expected sustained production and there is uncertainty regarding the amount and timing of production decline from recently opened wells. (2) 5-year period begins after production re-start. (3) Based on projected 5-year average annual decline at time of the 2015 shut-in. Given promising initial well results due to increased bottom-hole pressures the go-forward average annual declines may differ from historical projections. (4) Peer group includes: BRY, CHRD, CIVI, CRC, KOS, MGY, MUR, TALO and WTI. 15

Key Investment Highlights Premier asset and experienced management team drive shareholder value n Low-Cost, low-decline assets enable an aggressive shareholder return program via dividends Attractive Returns ü and share repurchases Primed for Low-Cost n Modest reinvestment required in the near-term as Sable capitalizes on ESP installations and ü Production Growth workovers on existing wellbores n De-risked reservoir first discovered in the 1960’s Substantial Upside ü n Potential for substantial growth with accelerated development High Operational Controln 100% operated with favorable 16.4% royalty burden ü Conservative Leverage n Sable management targeting long-term leverage ratios of ~1.0x to maximize flexibility for ü Profile distributions and development n Wholly-owned pipeline and processing helps preserve margin Access to Infrastructure & ü End Markets n Oil sales contracts linked to Brent Crude (1) n Outstanding HS&E and operational track record in California HS&E Stewardship ü n Significant opportunity for CCS utilizing existing assets Santa Ynez Unit is a Differentiated, Value Driven Asset (1) Health, safety and environment. 16