Barclays CEO Conference - Noble Energy, Inc.

Barclays CEO Conference. September 2017 ..... Pipeline Manufacturing. Equipment Manufacturing. Commissioning and First Gas. Drilling and Completions.
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Barclays CEO Conference September 2017

NOBLE ENERGY INVESTMENT THESIS Best assets, best execution, best results

High-Graded Portfolio Focused on High-Margin U.S. Onshore Oil and EMED Industry-leading Drilling and Completion Performance Disciplined Capital Allocation Delivering Enhanced Corporate Returns

Robust Financial Capacity Through Cycles NBL

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PORTFOLIO TRANSFORMATION High-graded portfolio focused on growing margins and cash flow STRATEGIC ACTIONS

Entered liquids-rich Eagle Ford Shale and Delaware Basin through ROSE Merger Expanded Delaware Position to 2 BBoe Net Unrisked Resources with CWEI Acquisition Exited Marcellus Upstream and Midstream, Accelerating Value of Assets Not Attracting Capital Established Noble Midstream Business, NBLX IPO and First Drop Down Optimized DJ Basin Position through Acreage Exchanges Sanctioned Initial Phase of Leviathan Development, First Gas by YE 2019 * Pro-forma for Marcellus divestiture.

NBL TODAY

Focused on Highest-margin Assets: U.S. Onshore Liquids Plays and EMED 

95% of 2017 capital allocation

Offshore Assets Generating Substantial Cash Flow $MM 2,500

Business Unit Operating Cash Flow* Led By 70% Higher U.S. Onshore

2,000 1,500 1,000 500 0

2015 U.S. Onshore

2016 2017E EMED Other Offshore

NBL

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SUPERIOR U.S. UNCONVENTIONAL APPROACH Built to leverage shared learnings and drive efficiencies

Resource Play Assessment and Exploitation  

Big data approach to opportunity recognition Subsurface modeling to optimize reservoir stimulation

Proprietary Dataset of Over 2,000 Horizontal Wells in Multiple Basins

Operational Excellence  

Basin scale, long laterals and pads drive efficiencies Peer-leading safety performance

Maximizing Value per Section  

Complex fractures from higher proppant loadings and stages Leveraging advanced analytics to assess and enhanced completion design performance

Integrated Development Planning   

Applying major project practices and maximizing efficiencies Integrated midstream with centralized facilities, water management and recycling Minimizing footprint, reducing trucks on road NBL

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SIGNIFICANT POSITIONS IN PREMIER, LOW-COST BASINS 4.5 BBoe net unrisked resource potential, 7,500 liquids-rich locations MBbl/d 105

2017 USO Oil* Trajectory Up 40% 1Q to 4Q

85 352,000 net acres 3,220 gross locations 8,400’ average lateral length 2 BBoe net unrisked resources

65 45 25 1Q

DJ Basin

3QE

4QE

Catalyst Rich 2H17

118,000 net acres 4,225 gross locations 7,800’ average lateral length 2 BBoe net unrisked resources

Delaware

33,000 net acres 360 gross locations 7,600’ average lateral length 460 MMBoe net unrisked resources

Eagle Ford

* Pro-forma for divestitures

2Q

Delaware Basin – Doubling Wells Online Each Quarter  

10-15 in 3Q and 20-25 in 4Q Multi-zone development and central gathering facility start-up

Eagle Ford – South Gates Ranch Activity Delivering Rapid Growth DJ Basin – Continued High Intensity Completions Online in Wells Ranch NBL

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INTEGRATED MIDSTREAM DEVELOPMENT NBLX provides both operating and financial advantages

Major Project Mindset for Integrated Development and Infrastructure Planning in Delaware and DJ Basins 





Four central gathering facilities online in Delaware Basin by mid-year 2018, expanding oil capacity to 90 MBbl/d Access to multiple markets through Advantage Pipeline Coordinated planning underway for Mustang development in DJ Basin

> $1.5 B $838 MM combined retained EBITDA(1) and G