NOTE TO EDITORS: The Following Is an Investment Opinion Issued by Spruce Point Capital Management Identifies Long-Term Failures By Management To Achieve Organic Growth, Margin or Cash Flow Targets or To Rectify Operational Challenges And Complexities With A Fully Implemented ERP System Expresses Concerns With The Revolving Door At the CFO and CAO Roles, While Financial Reporting and Accounting For Recent M&A Transactions, Notably First Alert And Snap One Holdings, Appears Problematic Believes That Dubious Recurring Restructuring Add-Backs and Questionable Tax Maneuvers At Foreign Entities Where Deloitte Was Replaced As Auditor May Be Inflating Financial Results Calls on the Audit Co

Sable Offshore Corp. (the "Company") (NYSE:SOC) today announced that on December 23, 2025, the U.S. Department of Transportation, Pipeline and Hazardous Material Safety Administration ("PHMSA") issued an emergency special permit for segments of the interstate Santa Ynez Pipeline System (specifically segments 324 and 325), approving the Company's implementation of enhanced integrity management practices and specifying operational conditions. The Letter of Decision approving the emergency special permit and related documents can be viewed in Docket No. PHMSA-2025-1502 in the Federal Docket Management System at https://www.regulations.gov/docket/PHMSA-2025-1502. About Sable Sable Offshore

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

Sable Offshore Corp. ("Sable," or the "Company")(NYSE:SOC) today announced its third quarter 2025 operational and financial results. Third Quarter 2025 Financial Highlights Reported a net loss of $110.4 million, primarily attributable to production restart-related operating expenses and non-cash interest expense, partially offset by a non-cash gain in the fair value of warrant liabilities. Ended the quarter with 99,507,250 shares of Common Stock outstanding. Concluded the quarter with short-term outstanding debt of $896.6 million, inclusive of paid-in-kind interest. Ended the quarter with cash and cash equivalents balance of $41.6 million. About Sable Sable Offshore Co

Sable Offshore Corp. (NYSE:SOC, "Sable", or the "Company")) today announced it has entered into subscription agreements to issue 45,454,546 shares of its common stock in a private placement to institutional investors at a purchase price of $5.50 per share. Sable expects to receive gross proceeds of approximately $250 million, before deducting placement agent fees and other offering expenses. The private placement is expected to close on November 12, 2025, subject to the satisfaction of customary closing conditions. The Company intends to use the proceeds from the private placement for general corporate purposes. Upon closing, this offering is expected to satisfy the common equity contribu

Conference Call Sable will hold a special conference call today, Monday November 3rd at 8:00am CST / 9:00am EST to discuss this strategic update. Please use the following link to register to attend the special conference call: https://sable-offshore-strategic-update-nov25.open-exchange.net/ 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20251103972149/en/ Investor Contact: Harrison Br

Sable Offshore Corp. ("Sable")(NYSE:SOC) will hold a conference call tomorrow, Monday, November 3rd at 7:30am CST / 8:30am EST to provide a strategic update to investors. Conference Call Information Dial-in information will be issued at approximately 6:30am CST / 7:30am EST on Monday November 3, 2025. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20251102064001/en/ Investor Contact:

Sable Offshore Corp. ("Sable" or the "Company") (NYSE:SOC) today delivered a letter to the California Office of the State Fire Marshal ("OSFM") in response to its October 22, 2025 letter to Sable alleging deficiencies in the Company's compliance with State Waivers. Sable strongly disagrees with the allegations, which are inconsistent with the plain language of the waivers and numerous past discussions with OSFM experts that confirm Sable is in full compliance with the waivers. Sable plans to supplement this initial response and looks forward to quickly resolving this misunderstanding with OSFM. This press release features multimedia. View the full release here: https://www.businesswire.com

Sable Offshore Corp. ("Sable" or the "Company") (NYSE:SOC) today provided an update regarding its ongoing litigation with the California Coastal Commission ("Coastal Commission"). In the Santa Barbara Superior Court's tentative ruling released on October 14, 2025, the court indicated that it will deny Sable's claims against the Coastal Commission. Sable vigorously disagrees with the court's tentative ruling. If adopted after the court's hearing scheduled on October 15, the ruling would have no impact on the resumption of petroleum transportation through the Las Flores Pipeline System. Additionally, oil and gas production from the federal Santa Ynez Unit and the flow of petroleum from the Sa

Sable Offshore Corp. ("Sable" or the "Company")(NYSE:SOC) in its ongoing case, Sable Offshore Corp., et al. v. California Coastal Commission, et al., is filing a motion today requesting leave to amend the current lawsuit to quantify monetary damages in its inverse condemnation claim against the California Coastal Commission (the "Commission"). In November 2024, the Commission issued an Executive Director Cease and Desist Order ordering Sable to cease its anomaly repair program, with which Sable complied. In February 2025, upon receiving confirmation that the anomaly repair program on the Las Flores Pipeline System was authorized by existing permits issued by the County of Santa Barbara unde

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ROTH MKM initiated coverage of Sable Offshore Corp. with a rating of Buy and set a new price target of $30.00

Pickering Energy Partners initiated coverage of Sable Offshore Corp. with a rating of Outperform

Johnson Rice initiated coverage of Sable Offshore Corp. with a rating of Buy and set a new price target of $30.00

BWS Financial initiated coverage of Sable Offshore Corp. with a rating of Sell and set a new price target of $6.00

Jefferies initiated coverage of Sable Offshore Corp. with a rating of Buy and set a new price target of $19.00

The Benchmark Company initiated coverage of Sable Offshore Corp. with a rating of Buy and set a new price target of $24.00

TD Cowen initiated coverage of Sable Offshore Corp. with a rating of Outperform and set a new price target of $20.00

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NOTE TO EDITORS: The Following Is an Investment Opinion Issued by Spruce Point Capital Management Identifies Long-Term Failures By Management To Achieve Organic Growth, Margin or Cash Flow Targets or To Rectify Operational Challenges And Complexities With A Fully Implemented ERP System Expresses Concerns With The Revolving Door At the CFO and CAO Roles, While Financial Reporting and Accounting For Recent M&A Transactions, Notably First Alert And Snap One Holdings, Appears Problematic Believes That Dubious Recurring Restructuring Add-Backs and Questionable Tax Maneuvers At Foreign Entities Where Deloitte Was Replaced As Auditor May Be Inflating Financial Results Calls on the Audit Co

Conference Call Sable will hold a special conference call today, Monday November 3rd at 8:00am CST / 9:00am EST to discuss this strategic update. Please use the following link to register to attend the special conference call: https://sable-offshore-strategic-update-nov25.open-exchange.net/ 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20251103972149/en/ Investor Contact: Harrison Br

Sable Offshore Corp. ("Sable")(NYSE:SOC) will hold a conference call tomorrow, Monday, November 3rd at 7:30am CST / 8:30am EST to provide a strategic update to investors. Conference Call Information Dial-in information will be issued at approximately 6:30am CST / 7:30am EST on Monday November 3, 2025. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20251102064001/en/ Investor Contact:

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