Sable Offshore(US:SOC)2025-06-27 12:40SYU Asset Overview - The Santa Ynez Unit (SYU) is a massive oil-weighted resource with three offshore platforms located in federal waters north of Santa Barbara, California and wholly-owned onshore production treatment facilities[8] - SYU includes 112 wells (90 producers, 12 injectors, 10 idle) and Sable management have identified >100 infill drilling and step-out opportunities[17,16] - The SYU leases are all located in Federal waters, consisting of 16 Federal Leases, ~76,000 acres[25,26] Production and Resources - Between 1981 and 2014, SYU produced over 671 MMBoe[22] - In 2014, the last full year when the asset was online, production averaged 29 MBbl/d and 27 MMcf/d (gross)[22] - The remaining total net estimated contingent resources are 646 MMBoe[20] - The NSAI Adjusted Low Estimate Base Forecast is 133 MMBoe, with an estimated cash flow (PV-10) of $2,285 million[34] - The Development Drilling Program Best Estimate is 354 MMBoe, with an estimated cash flow (PV-10) of $4,810 million[34] Infrastructure and Operations - The Las Flores Canyon Cogeneration & Processing Facility is wholly-owned infrastructure at Las Flores Canyon reduces cash costs[23,24] - Sable is targeting potential SYU production re-start in Q4'2024[17] - Sable management believes that the facilities have been well maintained during the downtime and evaluating significant CCUS opportunity leveraging existing infrastructure and access[24] Financial Highlights - The total low estimate contingent resources are 179 MMBoe, with a total PV-10 of $3,298 million and $100 million in Capex[34] - The total best estimate contingent resources are 467 MMBoe, with a total PV-10 of $6,731 million and $2,242 million in Capex[34] - Sable management targeting long-term leverage ratios of ~10x to maximize flexibility for distributions and development[37]