# EDGAR Filing Document

**Accession Number:** 0001831481
**File Stem:** 0001831481-26-000076
**Filing Date:** 2026-6
**Character Count:** 41331
**Document Hash:** 7b6a20d5800549ef3e249f13f725a80a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001831481-26-000076.hdr.sgml**: 20260622

**ACCESSION NUMBER**: 0001831481-26-000076

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260622

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260622

**DATE AS OF CHANGE**: 20260622

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sable Offshore Corp.
- **CENTRAL INDEX KEY:** 0001831481
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 853514078
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40111
- **FILM NUMBER:** 261104990

**BUSINESS ADDRESS:**
- **STREET 1:** 845 TEXAS AVENUE
- **STREET 2:** SUITE 2920
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002
- **BUSINESS PHONE:** (713) 579-6106

**MAIL ADDRESS:**
- **STREET 1:** 845 TEXAS AVENUE
- **STREET 2:** SUITE 2920
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Flame Acquisition Corp.
- **DATE OF NAME CHANGE:** 20201105

?xml version='1.0' encoding='ASCII'? socc-20260622

**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): **June 22, 2026**

**___________________________________**

**Sable Offshore Corp.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware**<br>(State or other jurisdiction of <br>incorporation or organization) | **001-40111**<br>(Commission File Number) | **85-3514078**<br>(I.R.S. Employer Identification Number) |
| **845 Texas Avenue, Suite 2920** | | |
| **Houston, TX** |  | **77002** |
| (Address of principal executive offices) |  | (Zip code) |
| **(713) 579-6161** | **(713) 579-6161** | **(713) 579-6161** |
| (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) | (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: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| Title of each class | Trading Symbol | Name of each exchange <br>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. ☐

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**Item 1.01&nbsp;&nbsp;&nbsp;&nbsp;Entry into a Material Definitive Agreement.**

On June 22, 2026, Sable Offshore Corp. (the "Company") announced that the Company and Exxon Mobil Corporation ("Exxon") entered into an amendment (the "Amendment") to the Senior Secured Term Loan Agreement (the "Senior Secured Term Loan") to, among other things, extend the Maturity Date, and agreed to a limited waiver of the Company's P&A Financial Security obligations in Section 11.18 (c) (the "Limited Waiver") of the Company's November 1, 2022 Purchase and Sale Agreement (the "PSA") with Exxon and Mobil Pacific Pipeline Company ("MPPC" and, together with Exxon , the "Sellers").

The Amendment extends the Maturity Date of the Senior Secured Term Loan to the earlier to occur of (a) July 24, 2026, and (b) the acceleration of the Senior Secured Term Loan following any Event of Default as defined therein.

The Limited Waiver states that the Company and the Sellers have agreed to temporarily waive the requirement for the Company to provide P&A Financial Security (as defined in the PSA) within three Business Days of the Maturity Date until the earlier of (A) December 22, 2028, (B) the date on which the new money secured financing to be entered into prior to the Maturity Date for the primary purposes of refinancing the Senior Secured Term Loan is redeemed, repaid or otherwise refinanced, or (C) the date on which any Event of Default has occurred and is continuing under the Senior Secured Term Loan, or any Financing Document (as defined in the Senior Secured Term Loan) or any breach or default under any other contractual obligation to Sellers or their affiliates.

Pursuant to the Amendment, the Company agrees to pay Exxon a $30.0 million amendment fee on June 22, 2026. Additionally, Exxon agrees to suspend and waive the minimum liquidity covenant of $25.0 million introduced in the Second Amendment of the Senior Secured Term Loan until the amended Maturity Date.

The foregoing summary of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated into this Item 1.01 by reference.

**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.**

On June 22, 2026, the Company issued a press release announcing the Amendment with Exxon. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information furnished pursuant to this Item 7.01, including Exhibit 99.1, 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, or the Exchange Act.

**Forward-Looking Statements**

The information in this Current Report on Form 8-K include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this Current Report on Form 8-K, 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 marketing, negotiation and consummation of the New Senior Secured Term Loan, the use of proceeds from the New Senior Secured Term Loan and any expectation regarding timing of the closing of the New Senior Secured Term Loan; availability of future financing; our ability to consummate a debt refinancing of our Existing Senior Secured Term Loan and the timing and terms thereof; 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 is 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

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revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this Current Report on Form 8-K.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits:

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| | |
|:---|:---|
| Exhibit No. | Description of Exhibits |
| 10.1 | <u>[T](a101ex-thirdamendmenttosst.htm)[hird](a101ex-thirdamendmenttosst.htm)[A](a101ex-thirdamendmenttosst.htm)[mendment to](a101ex-thirdamendmenttosst.htm)[S](a101ex-thirdamendmenttosst.htm)[enior](a101ex-thirdamendmenttosst.htm)[S](a101ex-thirdamendmenttosst.htm)[ecured](a101ex-thirdamendmenttosst.htm)[T](a101ex-thirdamendmenttosst.htm)[erm](a101ex-thirdamendmenttosst.htm)[L](a101ex-thirdamendmenttosst.htm)[oan](a101ex-thirdamendmenttosst.htm)[A](a101ex-thirdamendmenttosst.htm)[greement and](a101ex-thirdamendmenttosst.htm)[L](a101ex-thirdamendmenttosst.htm)[imited](a101ex-thirdamendmenttosst.htm)[W](a101ex-thirdamendmenttosst.htm)[aiver to](a101ex-thirdamendmenttosst.htm)[P](a101ex-thirdamendmenttosst.htm)[urchase and](a101ex-thirdamendmenttosst.htm)[S](a101ex-thirdamendmenttosst.htm)[ale](a101ex-thirdamendmenttosst.htm)[A](a101ex-thirdamendmenttosst.htm)[greement, dated](a101ex-thirdamendmenttosst.htm)[J](a101ex-thirdamendmenttosst.htm)[une 22, 2026.](a101ex-thirdamendmenttosst.htm)</u> |
| 99.1 | <u>[Press release of Sable Offshore Corp., dated June 22, 2026.](a991ex-em3rdamendmentjune2.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**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.

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| | | | |
|:---|:---|:---|:---|
| | | **Sable Offshore Corp.** | **Sable Offshore Corp.** |
| Date: | June 22, 2026 | By: | /s/ Gregory D. Patrinely |
|  |  | Name: | Gregory D. Patrinely |
|  |  | Title: | Executive Vice President and Chief Financial Officer |

---

## Exhibit 10.1

**<u>THIRD AMENDMENT TO SENIOR SECURED TERM LOAN AGREEMENT AND<br>LIMITED WAIVER TO PURCHASE AND SALE AGREEMENT</u>**

THIRD AMENDMENT TO SENIOR SECURED TERM LOAN AGREEMENT AND LIMITED WAIVER TO PURCHASE AND SALE AGREEMENT (this "<u>Third Amendment</u>"), dated as of June 22, 2026, is by and among Sable Offshore Corp., a Delaware corporation (the "<u>Borrower</u>" or "<u>Purchaser</u>"), Pacific Offshore Pipeline Company ("<u>POPC</u>"), Pacific Pipeline Company ("<u>PPC</u>"), Sable Ocean America LLC ("<u>Ocean America</u>" and, together with POPC and PPC, the "<u>Guarantors</u>" and each, a "<u>Guarantor</u>"), Exxon Mobil Corporation, a New Jersey corporation, as lender (the "<u>Lender</u>" or "<u>EMC</u>"), Mobil Pacific Pipeline Company, a Delaware corporation ("<u>MPPC</u>", and together with EMC, the "Sellers" and each, a "<u>Seller</u>"), and Alter Domus Products Corp., as administrative agent for the benefit of the Secured Parties (in such capacity, the "<u>Administrative Agent</u>"). The Sellers and the Purchaser are sometimes hereinafter referred to individually as a "<u>PSA Party</u>" and collectively as the "<u>PSA Parties</u>". Capitalized terms used and not otherwise defined herein shall have the respective meanings assigned thereto in the Credit Agreement (as hereinafter defined) or, if not defined there, as defined in the PSA (as hereinafter defined). <u>Sections 1.02</u> and <u>1.03</u> of the Credit Agreement are incorporated herein by reference *mutatis mutandis*.

W I T N E S S E T H:

WHEREAS, the Administrative Agent, the Lender, the Borrower and the Guarantors have entered into financing arrangements pursuant to which the Lender has agreed to extend certain credit facilities to the Borrower as set forth in the Senior Secured Term Loan Agreement, dated as of February 14, 2024, by and among the Administrative Agent, the Lender, the Borrower and the Guarantors (as amended by that certain G.E. Buy-out Fee / First Amendment to Term Loan Agreement dated as of September 6, 2024 and as further amended by that certain Second Amendment to Senior Secured Term Loan Agreement dated as of October 31, 2025 (the "<u>Second Amendment</u>"), and as further amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "<u>Credit Agreement</u>") and have agreed to amend the Credit Agreement pursuant to the terms and conditions of this Third Amendment.

WHEREAS, the PSA Parties entered into that certain Purchase and Sale Agreement dated November 1, 2022 (as amended by that certain Side Letter dated November 4, 2022, that certain First Amendment to Purchase and Sale Agreement dated effective as of June 13, 2023, that certain Second Amendment to Purchase and Sale Agreement dated effective as of December 15, 2023, that certain Third Amendment to Purchase and Sale Agreement dated effective as of March 11, 2024 that certain Fourth Amendment to Purchase and Sale Agreement dated effective as of December 13, 2024 and that certain Fifth Amendment to Purchase and Sale Agreement dated effective as of October 14, 2025, the "<u>PSA</u>"); and

WHEREAS, (i) Lender has agreed to provide a limited waiver of the obligations in Sections 7.9, 7.11 and 11.18(c) of the PSA as provided for herein, and (ii) Administrative Agent, Lender, Borrower and Guarantors have agreed to amend the Maturity Date.

NOW THEREFORE, in consideration of the foregoing and the mutual agreements and covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.<u>Limited Waivers Regarding the PSA</u>. So long as no Event of Default has occurred and is continuing under the Credit Agreement, each of the Sellers agrees to temporarily waive (the "<u>P&A Limited Waiver</u>") the requirement for Purchaser to provide the P&A Financial Security (as defined in the PSA) within three Business Days of the Maturity Date until the earlier of (A) December 22, 2028, (B) the date on which the new money secured financing to be entered into prior to the Maturity Date for the

<br> <br>

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primary purpose refinancing the Credit Agreement and the Obligations thereunder (the "<u>Payoff Financing</u>") is redeemed, repaid or otherwise refinanced, or (C) the date on which any Event of Default has occurred and is continuing under the Credit Agreement or any Financing Document or any breach or default under any other contractual obligation to Sellers or their affiliates. Furthermore, Sellers hereby consents to Purchaser's entry into, and grant of the lien, mortgage or security interests contemplated in, the Payoff Financing notwithstanding Section 7.9 and Section 7.11 of the PSA (the "<u>Financing Waiver</u>" and together with the P&A Waiver, the "<u>Limited Waiver</u>"). The Purchaser, the Borrower and the Guarantors (each in its respective capacity as such) acknowledge and agree that this Limited Waiver (i) is limited precisely as written and shall not be deemed to constitute a consent to any other modification of or a deviation from any term or condition of the PSA, the Credit Agreement, the other Financing Documents or any of the other instruments or agreements referred to therein and (ii) shall not prejudice any rights that the Purchaser, the Lender or the Administrative Agent now have or may have in the future under or in connection with such agreements. The P&A Limited Waiver shall immediately cease and be of no force or effect upon (1) the occurrence of any Event of Default by the Borrower or any Guarantor under the Credit Agreement or the Financing Documents, (2) the failure to payoff the Loan by the amended Maturity Date in Section 2 or (3) Borrower's failure to successfully close on the Payoff Financing before the amended Maturity Date. The Financing Waiver is provided by Sellers in reliance on representations from Borrower regarding the use of proceeds to pay off the Loan and the liens and encumbrances to be granted in connection therewith.

2.<u>Amendment to Credit Agreement</u>. From the Third Amendment Effective Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the definition of "Maturity Date" in Section 1.01 of the Credit Agreement shall be amended and restated in its entirety as follows:

""<u>Maturity Date</u>" means the earliest to occur of (a) July 24, 2026, and (b) the acceleration of the Loan in accordance with <u>Section 7.01</u>; provided that if any such day is not a Business Day, then the Maturity Date shall be the immediately preceding Business Day."

and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the minimum liquidity covenant of $25,000,000 introduced in Section 3(a) of the Second Amendment is hereby suspended and waived until the amended Maturity Date set forth in (a) above.

3.<u>Representations and Warranties</u>. The Borrower represents and warrants to the Administrative Agent and the Lender on the date hereof and on the Third Amendment Effective Date as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)this Third Amendment and the transactions contemplated herein have been duly authorized, executed and delivered by all necessary corporate action on the part of the Borrower and each Guarantor and, if necessary, member or direct or indirect equity holder action, and the agreements and obligations of the Borrower and each Guarantor contained herein and therein constitute legal, valid and binding obligations of the Borrower and each Guarantor, as applicable, enforceable against the Borrower and each Guarantor in accordance with their terms, except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium, other debtor relief laws, laws relating to or affecting generally the enforcement of creditors' rights and applicable equitable principles, and except to the extent that availability of the remedy of specific performance or injunctive relief is subject to the discretion of the court before which any proceeding therefor may be brought;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the execution, delivery and performance of this Third Amendment and the transactions contemplated herein (x) are all within the Borrower's and each Guarantor's limited liability company or corporate powers (as applicable) and (y) will not (A) violate in any

<br> 2 <br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Borrower has disclosed to the Administrative Agent and the Lender all agreements, instruments and corporate or other restrictions to which the Borrower or any of its Subsidiaries is subject, and all other matters known to it, that, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. The reports, financial statements, certificates and other written information (other than projected or pro forma financial information) furnished by or on behalf of the Borrower or any of its Subsidiaries to the Administrative Agent or the Lender in connection with the transactions contemplated hereby and the negotiation of this Third Amendment or delivered hereunder or under any other Financing Document (as modified or supplemented by other information so furnished), taken as a whole, do not contain any material misstatement of fact or omit to state any material fact necessary to make the statements therein (when taken as a whole), in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected or pro forma financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time of preparation and delivery (it being understood that such projected information may vary from actual results and that such variances may be material).

4.<u>Covenants</u>. On and from the Third Amendment Effective Date and until the Loan and all other Obligations shall have been paid in full, the Borrower covenants and agrees with the Lender that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*Ongoing Covenants from the Second Amendment*. Borrower acknowledges and agrees that the obligations and covenants related to maintaining minimum liquidity and the additional reporting requirements set forth in Section 3(a) and (b) of the Second Amendment shall continue to be operative and in full force and effect.

5.<u>Third Amendment Effective Date</u>. The Limited Waiver in <u>Section 1</u> and the amendment to the Credit Agreement in <u>Section 2</u> shall become effective on the date on which each of the following conditions precedent is satisfied in a manner reasonably satisfactory to the Lender (the "<u>Third Amendment Effective Date</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Administrative Agent and the Lender shall have received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)counterparts of this Third Amendment, duly authorized, executed and delivered by the Borrower, the Guarantors the Lender, the Sellers and the Administrative Agent; provided that counterparts may be delivered by Mobil Pacific Pipeline Company and the Administrative Agent on or before June 30, 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)certificate of the appropriate state agencies, as requested by the Lender, with respect to the existence, qualification and good standing of each Credit Party in its jurisdiction of organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)a certificate of a Responsible Officer of the Borrower certifying that the (A) conditions set forth in Sections 5(b) and 5(c) have been satisfied as of the Third Amendment Effective Date and (B) the representations and warranties contained in Section 3 of this Third Amendment are true and correct on and as of the Third Amendment Effective Date (except for such representations and warranties made as of a specific date, in which case such representations and warranties are true and correct as of such specific date), after giving effect in all cases to any standard(s) of materiality contained in Section 3 of this Third Amendment as to such representations and warranties.

<br> 3 <br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)there shall be no pending litigation seeking to enjoin or prevent the execution of this Third Amendment or the consummation of the transactions contemplated thereby; [and]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)no Material Adverse Effect shall have occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the Borrower shall have paid Lender on or before the Third Amendment Effective Date, (i) a $30,000,000 amendment fee, which fee shall be fully earned, due and payable in full in cash on the date hereof and (ii) to the extent invoiced, all other outstanding fees, premiums, expenses and other charges then payable by it to the Administrative Agent and the Lender (including the reasonable fees, charges and disbursements of counsel for the Lender and the Administrative Agent). Any fees, premiums, expenses or other charges not so invoiced shall be paid in an estimated amount agreed to by the Parties, and trued up within ten business days of the Third Amendment Effective Date.

6.<u>Reaffirmation of Guarantees and Collateral</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Credit Party hereby acknowledges that it (i) has reviewed the terms and provisions of this Third Amendment, (ii) consents to the amendments to the Credit Agreement effected pursuant to this Third Amendment and consents to the terms, conditions and other provisions of this Third Amendment, and (iii) consents to each of the transactions contemplated hereby. Each Credit Party hereby confirms that each Financing Document to which it is a party or otherwise bound and all Collateral encumbered thereby will continue to guarantee or secure, as the case may be, to the fullest extent possible in accordance with the Financing Documents the payment and performance of all Obligations under and as defined in the Credit Agreement (as amended by this Third Amendment) (including all such Obligations as amended and reaffirmed pursuant to this Third Amendment) under each of the Financing Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each Credit Party acknowledges and agrees that each of the Financing Documents to which it is a party or otherwise bound shall continue in full force and effect and that all of its payment obligations, guarantees, pledges, grants of security interests and other obligations, as applicable, under and subject to the terms of such Financing Documents shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this Third Amendment or any of the transactions contemplated hereby.

7.<u>Release</u>. Each Credit Party hereby (i) unconditionally, irrevocably and forever waives, remises, releases, acquits, satisfies and discharges, and (ii) covenants not to sue, assert or prosecute, and not to allege or otherwise pursue any defenses, affirmative defenses, counterclaims, claims, causes of action, setoffs or other rights it does, shall or may have in connection with the Obligations or the Financing Documents as of the date hereof, including, but not limited to, the rights to contest any conduct of the Releasees relating to or arising out of the Credit Agreement or the other Financing Documents on or prior to the date hereof, in each case of the foregoing clauses (i) and (ii), any and all actions, debts, accounts, covenants, contracts, controversies, claims, causes of action, demands, suits, liabilities, damages, agreements, variances, judgments, costs and expenses of whatsoever nature and kind, whether known or unknown and whether arising at law or in equity, that are now existing or hereafter arising out of or in connection with the Credit Agreement and the other Financing Documents prior to and through the Third Amendment Effective Date, against the Administrative Agent or the Lender or any of their respective subsidiaries and affiliates or any of the Administrative Agent's or the Lender's or their respective subsidiaries' or affiliates' successors and assigns, officers, directors, employees,

<br> <br>

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partners, members, agents, predecessors, attorneys or other representatives and all others acting or purporting to act on behalf of or at the direction of the Administrative Agent or the Lender.

8.<u>Effect of this Third Amendment</u>. Except as expressly set forth herein, this Third Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lender or the Administrative Agent under the Credit Agreement or any other Financing Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of the Credit Agreement or any other Financing Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. Nothing herein shall be deemed to entitle the Borrower or any other Credit Party to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or other provisions contained in the Credit Agreement or any other Financing Document in similar or different circumstances after the date hereof. In particular, and without limiting the foregoing, nothing contained herein shall be construed as permitting any Credit Party to enter into any Capital Lease or other long-term Indebtedness for, or grant any Lien (other than a Permitted Lien) over, any offshore storage and treatment facilities and/or floating production, storage and offloading facilities that takes, or purports to take, priority over the first Lien rights granted under the Financing Documents.

9.<u>Governing Law; Jurisdiction; Consent to Service of Process; Waiver of Jury Trial</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*Governing Law*. This Third Amendment and any claims, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Third Amendment or any other Financing Document (except, as to any other Financing Document, as expressly set forth therein) and the transactions contemplated hereby and thereby shall be governed by, and construed in accordance with, the law of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*Jurisdiction.* Sections 9.09(c) through (e) and 9.10 of the Credit Agreement are incorporated herein by reference *mutatis mutandis*.

10.<u>Indemnification</u>. <u>Section 9.03(b)</u> of the Credit Agreement is incorporated herein by reference *mutatis mutandis*.

11.<u>Binding Effect</u>. This Third Amendment shall be binding upon and inure to the benefit of each of the parties hereto and their respective successors and assigns.

12.<u>Entire Agreement</u>. This Third Amendment, the Credit Agreement, and the other Financing Documents represent the entire agreement and understanding concerning the subject matter hereof among the parties hereto, and supersedes all other prior agreements, understandings, negotiations and discussions, representations, warranties, commitments, proposals, offers and contracts concerning the subject matter hereof, whether oral or written.

13.<u>Headings</u>. The headings listed herein are for convenience only and do not constitute matters to be construed in interpreting this Third Amendment.

14.<u>Counterparts</u>. This Third Amendment, any documents executed in connection herewith and any notices delivered under this Third Amendment, may be executed by means of (a) an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, or any other relevant and applicable electronic signatures law; (b) an original manual signature; or (c) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. The Administrative Agent reserves the right, in its sole discretion, to accept, deny, or condition acceptance of any electronic signature on this Third Amendment or on any notice delivered to the Administrative Agent under this Third Amendment. This Third Amendment and any notices delivered under this Third Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute only one instrument. Delivery of an executed counterpart

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of a signature page of this Third Amendment and any notices as set forth herein will be as effective as delivery of a manually executed counterpart of this Third Amendment or notice.

15.<u>Financing Document; Lender</u>. This Third Amendment shall be considered to be a "Financing Document" for all purposes under the Credit Agreement and the other Financing Documents. In executing and delivering this Third Amendment, the Lender and the Administrative Agent shall be entitled to all of their rights, benefits, immunities and indemnities set forth in the Financing Documents.

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IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to be duly executed and delivered by their authorized officers as of the day and year first above written.

&nbsp;&nbsp;**<u>BORROWER and PURCHASER</u>:**<br>**SABLE OFFSHORE CORP.**<br> By: <u>/s/ James C. Flores</u> <br>Name: James C. Flores<br>Title: Chairman and Chief Executive Officer<br>

[*Signature Page to Third Amendment to Senior Secured Term Loan Agreement*]

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|:---|
| **<u>GUARANTORS</u>:**<br>**PACIFIC OFFSHORE PIPELINE COMPANY**<br> By: <u>/s/ J. Caldwell. Flores</u> <br>Name: J. Caldwell Flores<br>Title: President |
| **PACIFIC PIPELINE COMPANY**<br> By: <u>/s/ J. Caldwell. Flores</u> <br>Name: J. Caldwell Flores<br>Title: President |
| **SABLE OCEAN AMERICA LLC**<br> By: <u>/s/ J. Caldwell. Flores</u> <br>Name: J. Caldwell Flores<br>Title: President |

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[*Signature Page to Third Amendment to Senior Secured Term Loan Agreement*]

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**<u>ADMINISTRATIVE AGENT</u>:**<br>**ALTER DOMUS PRODUCTS CORP.**<br> By: ____________________________<br>Name: Winnalynn N. Kantaris<br>Title: Associate General Counsel<br>

[*Signature Page to Third Amendment to Senior Secured Term Loan Agreement*]

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**<u>LENDER and SELLER</u>:**<br>**EXXON MOBIL CORPORATION**<br> By: <u>/s/Dan Ammann</u> <br>Name: Dan Ammann<br>Title: Vice President<br>

[*Signature Page to Third Amendment to Senior Secured Term Loan Agreement*]

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| |
|:---|
| **<u>SELLER</u>:** |
| &nbsp;&nbsp;**MOBIL PACIFIC PIPELINE COMPANY**<br> By: _____________________________<br>Name: <br>Title:  |

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[*Signature Page to Third Amendment to Senior Secured Term Loan Agreement*]

## Exhibit 99.1

**Exhibit 99.1**

**Sable Offshore Corp. Enters Into Senior Secured Term Loan Amendment and Limited Waiver Under the PSA**

**Houston, June 22, 2026** – Sable Offshore Corp. (NYSE: SOC, "Sable", or the "Company") today announced that the Company and Exxon Mobil Corporation ("Exxon") entered into an amendment (the "Amendment") to the Senior Secured Term Loan Agreement (the "Senior Secured Term Loan") to, among other things, extend the Maturity Date, and agreed to a limited waiver of the Company's P&A Financial Security obligations in Section 11.18 (c) (the "Limited Waiver") of the Company's November 1, 2022 Purchase and Sale Agreement (the "PSA") with Exxon and Mobil Pacific Pipeline Company ("MPPC" and, together with Exxon , the "Sellers").

The Amendment extends the Maturity Date of the Senior Secured Term Loan to the earlier to occur of (a) July 24, 2026, and (b) the acceleration of the Senior Secured Term Loan following any Event of Default as defined therein.

The Limited Waiver states that the Company and the Sellers have agreed to temporarily waive the requirement for the Company to provide P&A Financial Security (as defined in the PSA) within three Business Days of the Maturity Date until the earlier of (A) December 22, 2028, (B) the date on which the new money secured financing to be entered into prior to the Maturity Date for the primary purposes of refinancing the Senior Secured Term Loan is redeemed, repaid or otherwise refinanced, or (C) the date on which any Event of Default has occurred and is continuing under the Senior Secured Term Loan, or any Financing Document (as defined in the Senior Secured Term Loan) or any breach or default under any other contractual obligation to Sellers or their affiliates.

Pursuant to the Amendment, the Company agrees to pay Exxon a $30.0 million amendment fee on June 22, 2026. Additionally, Exxon agrees to suspend and waive the minimum liquidity covenant of $25.0 million introduced in the Second Amendment of the Senior Secured Term Loan until the amended Maturity Date.

As a result of the Limited Waiver under the PSA, the Company intends to reduce the proposed size of the previously announced New Senior Secured Term Loan to up to $775.0 million. Additionally, the Company still intends to pursue incremental unsecured capital markets solutions. JPMorgan Chase Bank, N.A. is expected to be administrative agent under the New Senior Secured Term Loan. The Company intends to use the proceeds from the New Senior Secured Term Loan, together with the proceeds of the expected additional unsecured capital markets solutions, to fund the repayment of the Existing Senior Secured Term Loan and to pay transaction fees and expenses.

There can be no assurances that the Company will be successful in its marketing efforts or that it will be able to enter into the New Senior Secured Term Loan. Closing of the New Senior Secured Term Loan is subject to market conditions, as well as the negotiation and execution of definitive documents and the satisfaction of customary closing conditions.

**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 marketing, negotiation and consummation of the New Senior Secured Term Loan, the use of proceeds from the New Senior Secured Term Loan and any expectation regarding timing of the closing of the New Senior Secured Term Loan; availability of future financing, including additional unsecured capital markets solutions; our ability to consummate a refinancing of our Existing Senior Secured Term Loan and the timing and terms thereof; our financial performance; global economic conditions and inflation; increased operating costs; lack

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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 is 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.

**Contacts**

Investor Contact:

Harrison Breaud

Vice President, Finance & Investor Relations

IR@sableoffshore.com

713-579-8111