Sable Offshore (SOC) restarts Santa Ynez oil flows under Defense Production Act order

Rhea-AI Filing Summary

Sable Offshore Corp. has resumed transporting oil from the Santa Ynez Unit (SYU) through the Santa Ynez Pipeline System after receiving a Defense Production Act order from the U.S. Secretary of Energy. All federally produced barrels from the SYU must flow through this system, up to its 200,000 Bbls/d capacity.

The company plans to ramp production across Platforms Harmony, Heritage, and Hondo, with first oil sales targeted by April 1, 2026 at an expected gross oil rate of 50,000 Bbls/d. Sable notes this could increase crude supply into the California market by approximately 17% and intends to refinance its senior secured term loan, implement a hedging program, and evaluate shareholder return options once sales begin.

Insights

Energy sector and capital structure analyst

Federal DPA order enables major production restart and near-term cash flow.

The disclosure centers on Sable Offshore restarting oil transportation from the Santa Ynez Unit under a Defense Production Act order. The company expects gross oil production of 50,000 Bbls/d starting around April 1, 2026, with pipeline capacity up to 200,000 Bbls/d.

This restart is framed as adding roughly 17% more crude supply into the California market, which would materially increase Sable’s revenue potential relative to a shut-in state. Management links first sales to refinancing its Senior Secured Term Loan, deploying a commodity hedging program, and considering shareholder return options.

Risks remain around regulatory and legal friction with California agencies and execution of the production ramp across Platforms Harmony, Heritage, and Hondo. Future filings detailing realized production volumes, pricing, financing terms, and outcomes of the California-related litigation will shape how durable this improvement in cash flow and balance sheet flexibility becomes.

FALSE000183148100018314812026-03-132026-03-13

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________

FORM 8-K

_________________________

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): March 13, 2026

___________________________________

Sable Offshore Corp.

(Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation or organization)			001-40111 (Commission File Number)			85-3514078 (I.R.S. Employer Identification Number)
845 Texas Avenue, Suite 2800
Houston, TX						77002
(Address of principal executive offices)						(Zip code)
(713) 579-6161
(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common stock, par value $0.0001

SOC

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule12b-2 of the Securities Exchange Act.of 1934 (§240.12b-2 of this chapter).

Emerging growth company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01    Regulation FD Disclosure.

On March 16, 2026, Sable Offshore Corp. (the “Company”) issued a press release announcing the Company resumed the transportation of hydrocarbons produced at the Santa Ynez Unit through the Santa Ynez Pipeline System from Las Flores Canyon to Pentland Station at the direction of the United States Secretary of Energy, Chris Wright. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Additionally, a copy of the Executive Order signed by President Donald J. Trump and the Department of Energy order to the Company invoking the Defense Production Act signed by United States Secretary of Energy, Chris Wright, are attached hereto as Exhibit 99.2 and 99.3, respectively, and are incorporated herein by reference.

The information contained in this 8-K is summary information that is intended to be considered in the context of the Company’s Securities and Exchange Commission filings and other public announcements. The Company undertakes no duty or obligation to publicly update or revise this information, although it may do so from time to time.

The information furnished pursuant to this Item 7.01, including Exhibits 99.1, 99.2, and 99.3, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act.

Forward-Looking Statements

The information in this press release include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, 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 full production of the SYU assets; our ability to recommence sales of oil, the cost and time required therefor, and production levels once recommenced; availability of future financing; our financial performance; global economic conditions and inflation; increased operating costs; lack of availability of drilling and production equipment, supplies, services and qualified personnel; geographical concentration of operations; environmental and weather risks; regulatory changes and uncertainties; 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, 2025, which is 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 press release.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits:

Exhibit No.						Description of Exhibits
99.1						Press Release of Sable Offshore Corp., dated March 16, 2026, Sable Resumes Oil Flow as Ordered by the Federal DPA with Expected Gross Oil Rate of 50,000 Bbls/d and Expects First Sales by April 1, 2026.
99.2						Executive Order Adjusting Certain Delegations Under the Defense Production Action, signed by President Donald J. Trump, dated March 13, 2025.
99.3						Department of Energy Defense Production Act Order, signed by United States Secretary of Energy Chris Wright, dated March 13, 2025.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Sable Offshore Corp.

Date:

March 16, 2026

By:

/s/ Gregory D. Patrinely

Name:

Gregory D. Patrinely

Title:

Executive Vice President and Chief Financial Officer

Exhibit 99.1

Sable Resumes Oil Flow as Ordered by the Federal DPA with Expected Gross Oil Rate of 50,000 Bbls/d and Expects First Sales by April 1, 2026

Houston, TX – Sable Offshore Corp. (“Sable,” or the “Company”) (NYSE: SOC) today announced that on March 14, 2026, the Company resumed the transportation of hydrocarbons (oil) produced at the Santa Ynez Unit (“SYU”) through the federally regulated and approved to operate Santa Ynez Pipeline System (“SYPS”) from Las Flores Canyon (“LFC”) to Pentland Station at the direction of the United States Secretary of Energy, Chris Wright.

On March 13, 2026, President of the United States, Donald J. Trump, signed an Executive Order to, among other things, delegate certain authorities under the Defense Production Act of 1950 (“DPA”) to the United States Secretary of Energy. Subsequently on March 13, 2026, the United States Secretary of Energy, Chris Wright, issued an order to Sable invoking the DPA (the “DPA Order”) to immediately prioritize and allocate pipeline transportation services for hydrocarbons from the SYU through the SYPS in order to address the energy scarcity and supply disruption risks caused by California policies that have left the region and U.S. military forces dependent on foreign oil. Sable immediately complied with this federal DPA Order and began shipping hydrocarbons from LFC to Pentland Station on March 14, 2026, with federal safety regulators present in observance.

As stated in the DPA Order, all federally produced barrels from the SYU must flow through the SYPS, up to the existing pipeline capacity of 200,000 Bbls/d. Sable completed its onshore anomaly repair program and hydrotested all segments of the SYPS consistent with applicable requirements as of May 2025.

Prior to resuming hydrocarbon transportation from LFC to Sable’s sales point at Pentland Station, Sable had approximately 540,000 barrels of processed crude oil in storage at LFC, representing more than the line fill volume for the SYPS between LFC and Pentland Station. Sable is fully staffed and will continue to implement the conditions of the Emergency Special Permit previously issued by the United States Department of Transportation, Pipeline and Hazardous Materials Safety Administration.

Sable is currently producing hydrocarbons from its Platform Harmony at the SYU and our wells continue to perform as expected. Production ramp-up is anticipated to proceed with full production resumption at Platforms Harmony and Heritage this month, in March 2026, and Platform Hondo in June 2026. The Company plans to commence first sales by April 1, 2026 at an expected gross oil rate of 50,000 Bbls/d.

Also on March 13, 2026, Sable and Pacific Pipeline Company (“PPC”) sued California Department of Parks and Recreation (“State Parks”) in a lawsuit styled Sable Offshore Corp. and Pacific Pipeline Company, Plaintiffs v. Armando Quitero, in his official capacity as Director of the California Department of Parks and Recreation, Defendant, Case, No. 2:26-cv-02739 in the United States District Court for the Central District of California. The lawsuit requests declaratory relief to confirm Sable and PPC’s rights (and their ability to fulfill their obligations) under the DPA Order. Subsequently, on March 14, 2026, State Parks sent a letter to Sable contesting Sable’s rights under the DPA Order.

As previously stated, Sable is pursuing all financing options, including federal credit support. The Company plans to refinance its Senior Secured Term Loan, deploy its commodity hedging program, and evaluate shareholder return options shortly after commencing first sales.

“Sable Offshore is putting California consumers first by increasing domestic supply of crude oil into the California market by approximately 17% and we look forward to continuing to execute as so ordered by the Defense Production Act executed on March 13, 2026” said Jim Flores, Sable’s Chairman and Chief Executive Officer. Flores continued, “We look forward to working closely with the Department of Energy in fully complying with the DPA and working with the Trump administration to take all necessary steps to deliver the energy necessary for the security and defense of the country.”

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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.

Forward-Looking Statements

The information in this press release include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, 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 full production of the SYU assets; our ability to recommence sales of oil, the cost and time required therefor, and production levels once recommenced; availability of future financing; our financial performance; global economic conditions and inflation; increased operating costs; lack of availability of drilling and production equipment, supplies, services and qualified personnel; geographical concentration of operations; environmental and weather risks; regulatory changes and uncertainties; 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, 2025, which is 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 press release.

Disclaimers

The Santa Ynez Unit restarted production in May 2025. Sable has not sold commercial quantities of hydrocarbons since the acquisition of the Santa Ynez Unit. The Santa Ynez Unit was shut in during June of 2015 when the only onshore pipeline transporting hydrocarbons produced from the Santa Ynez Unit to market ceased transportation.

Contacts

Investor Contact:

Harrison Breaud

Vice President, Finance & Investor Relations

IR@sableoffshore.com

713-579-8111

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Exhibit 99.2

THE WHITE HOUSE
WASHINGTON

Presidential Action
Adjusting Certain Delegations Under the Defense Production Act

Executive Orders March 13, 2026

By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:

Section 1. Purpose. This order amends Executive Order 13603 of March 16, 2012 (National Defense Resources Preparedness).  Executive Order 13603 delegates certain authorities of the President under the Defense Production Act (50 U.S.C. 4501 et seq.), to specified executive department and agency (agency) heads.  This order also clarifies section 2(a) of Executive Order 14156 of January 20, 2025 (Declaring a National Energy Emergency).

Sec. 2.  Amendment to Executive Order 13603.  Section 203 of Executive Order 13603 is hereby amended by striking the phrase “Secretary of Commerce” and inserting, in lieu thereof, “Secretary of Commerce and the Secretary of Energy, each of whom may exercise such delegated authority independently of the other”.

Sec. 3.  Clarifying Section 2(a) of Executive Order 14156.  For the avoidance of doubt, an agency head need only recommend action to the President under section 2(a) of Executive Order 14156 when the authority to take the recommended action is vested in the President alone and has not been delegated.  Section 2(a) of Executive Order 14156 does not require an agency head to make a recommendation to the President when the agency head has authority to take the action by virtue of a delegation pursuant to Executive Order 13603 or other Presidential delegation.

Sec. 4.  General Provisions.  (a) Nothing in this order shall be construed to impair or otherwise affect:

(i) the authority granted by law to an executive department or agency, or the head thereof; or

(ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

Exhibit 99.2

(b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

(c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

(d) The costs for publication of this order shall be borne by the Department of Energy.

DONALD J. TRUMP

THE WHITE HOUSE

March 13, 2026

Exhibit 99.3

PIPELINE CAPACITY PRIORITIZATION AND ALLOCATION ORDER

I.AUTHORITY

The Department of Energy (DOE) is authorized to issue orders pursuant to Executive Order 13603 section 201, which delegates to the Secretary of Energy the authority of the President conferred by the Defense Production Act of 1950 (DPA), sections 101(a) & (c). By delegation, section 101(a) authorizes the Secretary to require acceptance and priority performance of contracts or orders and to allocate materials, services, and facilities, as deemed necessary or appropriate to promote the national defense with respect to all forms of energy. Section 101(c)1 authorizes the Secretary to require the allocation of, or the priority performance of contracts or orders relating to, materials, equipment, and services to maximize domestic energy supplies where those supplies of materials, services, and facilities are scarce, critical, and essential to maintain or expand exploration, production, refining, or transportation.

II.COVERED ENTITIES

Sable Offshore Corp. and Pacific Pipeline Company (collectively “Sable”) Attn: Lance Yearwood

845 Texas Avenue

Suite 2800

Houston, TX 77002

(713) 579-8118

III.NEED FOR PRIORITY PERFORMANCE AND ALLOCATION

In Executive Order 14156, President Trump declared a national emergency, determining that the “United States’ insufficient energy production, transportation, refining, and generation constitutes an unusual and extraordinary threat to our Nation’s economy, national security, and foreign policy.”2 Further, President Trump found, “[i]n an effort to harm the American people, hostile state and non-state foreign actors have targeted our domestic energy infrastructure, weaponized our reliance on foreign energy, and abused their ability to cause dramatic swings within international commodity markets. An affordable and reliable domestic supply of energy is a fundamental requirement for the national and economic security of any nation.”3 The President determined that problems are most pronounced in our Nation’s West Coast, “where dangerous State and local policies jeopardize our Nation’s core national defense and security needs, and devastate the prosperity of not only local residents but the entire United States population.”4

Sable is the lessee, owner, and operator of the Santa Ynez Unit (SYU), an offshore oil and gas unit located in Federal waters off the coast of California.5 Sable and the Department of the Interior are

1 Pub. L. No. 81-774 (50 U.S.C. §§ 4511(a), 4511(c)).

2 Executive Order No. 14156, 90 Fed. Reg. 8433 (Jan. 20, 2025) (Declaring a National Energy Emergency), https://www.federalregister.gov/documents/2025/01/29/2025-02003/declaring-a-national-energy-emergency.

3 Id.

4 Id.

5 Sable Offshore Corp. (2025). Form 10-K. U.S. Securities and Exchange Commission, at 1-2, available at: https://d18rn0p25nwr6d.cloudfront.net/CIK-0001831481/652c5f0a-582e-42c9-b069-e47f9af7bc7f.pdf (“the ‘Santa Ynez Unit’ or ‘SYU’ refers to the 16 federal leases, three offshore production platforms (Hondo, Harmony, and

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Exhibit 99.3

currently updating a previously approved Development and Production Plan, which would allow for continuous production to address energy vulnerabilities on the West Coast.6 The SYU is a critical energy resource on the West Coast. It is one of the largest known offshore oilfields in the United States.7 This resource cannot be used to address the shortages identified in EO 14156 and the resulting vulnerabilities, including adversarial dependence, without reliable transport of SYU’s production through the Santa Ynez Pipeline System (SYPS) to market on mainland California.

For most of SYU’s production history, oil and gas were produced through pipeline infrastructure connecting offshore platforms to onshore facilities in Las Flores Canyon, California.8 From there, crude oil was transported via onshore pipeline to a California refinery complex via the Las Flores Pipeline System.9 This interstate pipeline system running from the SYU to the Pentland Station terminal in Pentland, California is known as the SYPS, which Sable owns and operates.10 According to Sable, the State of California is impeding it from resuming transportation of SYU production through the SYPS. As Sable reports, “California agencies have deployed an array of state measures—including SB 237, the state waiver process, novel interpretations of state agency jurisdiction and authority, excessive delay in granting a long-term easement through a state park for an existing pipeline, and the Restart Plan requirements under [a] Consent Decree—to block pipeline operations.”11

Heritage), and associated ancillary facilities located in federal waters offshore California”) (hereinafter “Sable 10-K”).

6 See Letter for Jonathan Brightbill, General Counsel, Department of Energy, from James Noe, Partner, Holland & Knight, Re: Sable Offshore Corp.—Request for Action Under the Defense Production Act at 1-2 (Dec. 12, 2025) (hereinafter “Sable Request”).

7 U.S. Energy Information Administration, Top 100 U.S. Oil and Gas Fields, at 5 (Mar. 2015), https://www.eia.gov/naturalgas/crudeoilreserves/top100/pdf/top100.pdf.

8 Sable Request at 2.

9 Id.

10 Id. See also, Letter for Linda Daugherty, Acting Associate Administrator for Pipeline Safety, Pipeline and Hazardous Materials Safety Administration (PHMSA), from J. Caldwell Flores, President and Chief Operating Officer, Pacific Pipeline Company / Sable Offshore Corp., RE: Application for Emergency Special Permit Sable Offshore Corp. at 1 (Dec. 19, 2025) (“As part of this Application, Sable requests that PHMSA issue an Emergency Special Permit covering two pipeline segments (Lines CA-324 and CA-325) that together, constitute the Las Flores Pipeline, which is part of an interstate pipeline facility that Sable operates from the Outer Continental Shelf (OCS) off the coast of Santa Barbara, California to Kern County, California, known as the Santa Ynez Pipeline System (SYPS).”); Letter for J. Caldwell Flores, President and Chief Operating Officer, Sable Offshore Corp., RE: Determination of Interstate Classification at 2 (Dec. 17, 2025) (“PHMSA agrees with your determination that the Las Flores Pipeline is an interstate pipeline.”); Sable 10-K at 1-2 (“the ‘Santa Ynez Pipeline System’ (or ‘SYPS’) refers to the interstate pipeline connecting the Santa Ynez Unit to the Pentland Station terminal, inclusive of ‘Pipeline Segment 324’ and ‘Pipeline Segment 325’, or collectively referred to as ‘Pipeline Segments 324 and 325’ (formerly known as ‘901/903 Assets’ and as defined in the Sable-[Exxon Mobil Corporation] Purchase Agreement), the Las Flores Canyon (‘LFC’) onshore processing, storage, and related pipeline assets, and the offshore pipeline connecting the Santa Ynez Unit to LFC. The SYU Assets include the Santa Ynez Unit and the Santa Ynez Pipeline System.”).

11 Sable Request at 6.

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Exhibit 99.3

IV.ORDER

In light of my findings and determinations in accordance with Title I of the DPA that the actions directed below are necessary or appropriate to promote the national defense and to maximize domestic energy supplies where those supplies of materials, services, and facilities are scarce, critical, and essential to maintain or expand exploration, production, refining, or transportation and maintenance or expansion of exploration, production, refining, transportation cannot reasonably be accomplished without exercising the authority in this Order, it is directed that:

A.Pursuant to sections 101(a) and (c) of the DPA, Sable is directed to immediately prioritize and allocate pipeline transportation services for hydrocarbons from the SYU through the SYPS, including transportation service activities at the onshore facilities in Las Flores Canyon, California, to the Pentland Station terminal in Pentland, California.

B.Sable is directed to immediately commence performance under contracts or orders for services, including contracts or orders hereinafter entered into or sought, for hydrocarbon transportation capacity in the SYPS from the point of production in the SYU through the SYPS, including transportation service activities at the onshore facilities in Las Flores Canyon, California, to the Pentland Station terminal in Pentland, California, at which point hydrocarbons move through the Plains All American Line 2000 for transport to refineries.

C.Such contracts for hydrocarbon transportation services from the point of production in the SYU through the SYPS, including transportation service activities at the onshore facilities in Las Flores Canyon, California, to the Pentland Station terminal in Pentland, California, shall take priority over other non-SYPS hydrocarbon transportation contracts or orders for such services from the SYU that are entered, hereinafter are entered, or could as an alternative to the SYPS be entered into for hydrocarbon transportation services from the point of production in the SYU. For purposes of assuring such priority, Sable is directed to accept and perform such contracts or order up to and so long as the SYPS has capacity to transport.

D.Any person contracting for or ordering, or who hereinafter does contract for or order hydrocarbon transportation services from Sable from the point of production in the SYU is directed to prefer and utilize such capacity in the SYPS from the point of production in the SYU through the SYPS, including transportation service activities at the onshore facilities in Las Flores Canyon, California, to the Pentland Station terminal in Pentland, California, in preference to other such non-pipeline contracts or orders by other persons capable of hydrocarbon transportation service, including but not limited to by truck, vessel, or alternative pipeline, up to the capacity of the SYPS.

E.Sable, and any person seeking hydrocarbon transportation services from the SYU through the SYPS, including transportation service activities at the onshore facilities in Las Flores Canyon, California, to the Pentland Station terminal in Pentland, California, are authorized to enter into such orders and contracts as those parties negotiate, as appropriate.

F.Sable is directed to provide a monthly report to DOE via askcr@hq.doe.gov on the use of this priority and allocation order, including the volumes of hydrocarbons transported or contracted for under this Order during the previous month.

G.Sable is ordered to comply with this order immediately and to maintain such compliance until such time as the conditions necessitating the issuance of this order abate or until Sable is directed otherwise.

3

Exhibit 99.3

Issued in Washington, D.C. on this 13th day of March 2026

Chris Wright

Secretary of Energy

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FAQ

What did Sable Offshore Corp. (SOC) announce in this 8-K filing?

Sable Offshore announced it resumed transporting oil from the Santa Ynez Unit via the Santa Ynez Pipeline System under a federal Defense Production Act order. The company expects to restart full production across its platforms and begin first oil sales by April 1, 2026, materially changing its revenue outlook.

How much oil does Sable Offshore expect to produce and sell from the Santa Ynez Unit?

Sable targets an expected gross oil rate of 50,000 Bbls/d with first sales planned by April 1, 2026. The Defense Production Act order allows all federally produced barrels from the Santa Ynez Unit to flow through the Santa Ynez Pipeline System, which has capacity up to 200,000 Bbls/d.

How significant is Sable Offshore’s restart for the California oil market?

Sable states its actions will increase domestic crude supply into the California market by approximately 17%. This increase relies on resumed transportation of Santa Ynez Unit production through the Santa Ynez Pipeline System, helping address regional energy scarcity and supply disruption concerns cited by federal authorities.

What are Sable Offshore’s financial and capital plans after oil sales resume?

After commencing first sales, Sable plans to refinance its Senior Secured Term Loan, deploy a commodity hedging program, and evaluate shareholder return options. These steps are intended to stabilize financing costs, manage price risk, and potentially return capital once production and cash flow normalize.

What legal or regulatory challenges does Sable Offshore face regarding the pipeline restart?

Sable and Pacific Pipeline Company have filed a lawsuit seeking declaratory relief to confirm their rights under the Defense Production Act order. The California Department of Parks and Recreation has contested those rights in a subsequent letter, underscoring ongoing legal and regulatory uncertainty around long-term pipeline operations.

How is the U.S. government involved in Sable Offshore’s operations at the Santa Ynez Unit?

The U.S. President signed an Executive Order delegating Defense Production Act authority, and the Secretary of Energy ordered Sable to prioritize pipeline transportation from the Santa Ynez Unit. This federal action mandates that all federally produced barrels flow through the Santa Ynez Pipeline System up to its existing capacity.

Filing Exhibits & Attachments

7 documents

Press Releases

• EX-99.1 EX-99.1 12.2 KB
• EX-99.2 EX-99.2 9.6 KB
• EX-99.3 EX-99.3 34.0 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 2.3 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT 5.6 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 26.4 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 17.9 KB