塞布尔海上公司（SOC）：SYU重启进行中且指引上调

Lloyd Byrne * | Equity Analyst(212) 323-7528 | lloyd.byrne@jefferies.comEmma Schwartz * | Equity Analyst1 (212) 336-7254 | emma.schwartz@jefferies.comJohn Edelman * | Equity Analyst(212) 336-7412 | jedelman@jefferies.comSam Burwell, CFA * | Equity Analyst+1 (212) 284-2114 | sburwell@jefferies.comTara Bleustein * | Equity Associate+1 (212) 323-7595 | tbleustein@jefferies.com Company DescriptionSable Offshore CorpSable Offshore Corp. is a Houston-based independent upstream company focused on responsibly developing the prolific Santa Ynez Unit in federalwaters offshore California.Company Valuation/RisksSable Offshore CorpOur PT is derived from a DCF in which we apply a ~15% discount rate. SOC's risks relate to the regulatory process for restarting SYU and managingoperations post-start up. We expect the permit to install safety valves for the pipelines connected to SYU to come in August/September 2024 andSOC to start up in 4Q24. If SOC is unable to restart the SYU assets and repay the Paid-In-Kind (PIK) loan by January 1st 2026, XOM is permitted toexercise a reassignment option and take ownership of SYU without any compensation to SOC. We value SOC on a DCF supported by a NAV.Analyst Certification:I, Lloyd Byrne, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Emma Schwartz, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, John Edelman, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Sam Burwell, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Tara Bleustein, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, butvarious regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are publishedat irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresWithin the past 12 months, Jefferies Financial Group Inc., its affiliates or subsidiaries has received compensation from investment banking services from SableOffshore Corp.Within the past twelve months, Sable Offshore Corp has been a client of Jefferies Financial Group Inc., its affiliates or subsidiaries and investment bankingservices are being or have been provided.Jefferies Financial Group Inc., its affiliates or subsidiaries has acted as a manager or co-manager in the underwriting or placement of securities for SableOffshore Corp or one of its affiliates within the past twelve months.Explanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.Please see important disclosure information on pages 2 - 7 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. May 20, 2025 , 08:21 ET.May 20, 2025 , 08:21 ET.2 The expected total return (price appreciation plus yield) for Buy