Sable Offshore Corp. Statement on California Coastal Commission Litigation

Core Viewpoint - Sable Offshore Corp. is currently involved in litigation with the California Coastal Commission, with a tentative ruling indicating the denial of Sable's claims against the Commission, which the company intends to appeal [1][2][3]. Legal Proceedings - The Santa Barbara Superior Court's tentative ruling, released on October 14, 2025, suggests that Sable's claims will be denied, but this ruling will not affect the resumption of petroleum transportation through the Las Flores Pipeline System [1]. - Sable is pursuing damages exceeding approximately $347 million due to cease and desist orders issued during its anomaly repair program on the Las Flores Pipeline System [2]. Business Strategy - Despite the disappointing ruling, Sable's business strategy remains focused on resuming petroleum transportation through the Las Flores Pipeline System and selling production from the Santa Ynez Unit via an Offshore Storage & Treating Vessel (OS&T) [3]. - Sable emphasizes the importance of resuming operations to mitigate the economic impact on California's energy sector and to lower gasoline prices for residents [3]. Production and Operations - The anomaly repair program and hydrotesting of the Las Flores Pipeline System were completed in May 2025, in compliance with the Federal Consent Decree [2]. - Sable plans to continue pursuing the OS&T strategy, which was previously used from 1981 to 1994, to process production from the Santa Ynez Unit, which produced over 160 million barrels of oil equivalent during that period [3]. Company Overview - Sable Offshore Corp. is an independent oil and gas company based in Houston, Texas, focused on the responsible development of the Santa Ynez Unit in federal waters offshore California [4].