NBL
 Third Quarter 2017 Supplement
 October 2017
 2NBL
 3Q17 KEY HIGHLIGHTS
 Solid and differential operational execution
 Volumes Significantly Exceeding Original Expectations
 Strong U.S. Onshore Execution and Cash Flow Growth
 Midstream Integration Providing Operational Advantages
 Costs and Capital In-line or Better than Guidance
 • Volumes of 355 MBoe/d, 10 MBoe/d above original midpoint 
• U.S. onshore oil volumes of 93 MBbl/d above guided range, 7 MBbl/d increase over 2Q17(1)
 • Record gross sales volumes in Israel of 997 MMcfe/d
 • U.S. Onshore operating cash flow per BOE up over 50% from 3Q16
 • Delivering Delaware activity ramp to plan with 3 multi-well and multi-zone pads online 
• DJ Basin focus areas Wells Ranch and East Pony volumes up ~10% from 2Q17 
• Capital expenditures of $633 MM(2) at low end of guidance range
 • Total unit operating expenses below expectations
 • Drilling efficiencies in the Delaware Basin driving more than 35% reduction in cost per lateral foot vs. 2016
 • Initial central gathering facility (operated by NBLX) online in Delaware Basin with 10 wells flowing through 
the facility at the end of 3Q17
 • Record 95 MBoe/d oil and gas gathering volumes from NBLX operated systems, including 3rd party systems
 (1) Adjusted for Marcellus divestiture  (2) Excludes NBLX funded capital expenditures
 3NBL
 3Q17 ACTUALS VS. GUIDANCE
 Beat vs. expectation with strong EBITDAX
 Financial & Operating Metrics 3Q Guidance 3Q Actuals
 Total Sales Volumes (MBoe/d)
 Original: 340 - 350
 Increased: 352 - 358
 355
 Oil (MBbl/d) 120 - 126 129
 Natural Gas Liquids (MBbl/d) 65 - 70 63
 Natural Gas (MMcf/d) 910 - 950 978
 Organic Capital(1) ($MM) 625 - 725 633
 Equity Investment & Other 
Income ($MM)
 30 - 40 53
 Lease Operating ($/BOE) 4.50 - 4.75 4.63
 Gathering, Transportation & 
Processing ($/BOE)
 3.00 - 3.25 2.85
 DD&A ($/BOE) 15.00 - 16.00 16.03
 Production Taxes (% Oil, NGL, Gas 
Revenues)
 4.3 - 4.7 4.0
 Marketing ($MM) 10 - 20 6
 Exploration ($MM) 30 - 50 31(2)
 G&A ($MM) 95 - 110 102
 Interest, net ($MM) 85 - 95 88
 Earnings Reconciliation 3Q ($MM)
 GAAP Net Loss attributable to NBL (136)
 GAAP Net Loss attributable to NBL Before Tax (229)
 Adjustments to Net Loss, Before Tax 188
 Adjusted Net Loss attributable to NBL, 
Before Tax
 (41)
 Current Tax Expense, Adjusted (23)
 Deferred Tax Benefit, Adjusted 54
 Adjusted Loss Attributable to NBL(3) (Non-GAAP) (10)
 Adjusted EBITDAX 3Q ($MM)
 Adjusted Loss Attributable to NBL(3) (Non-GAAP) (10)
 Interest, net 88
 Current Tax Expense, Adjusted 23
 Deferred Tax Benefit, Adjusted (54)
 DD&A 523
 Exploration 31(2)
 Adjusted EBITDAX(3) (Non-GAAP) 601
 (1) Excludes NBLX  funded capital expenditures   (2) Excludes $33 MM for certain expiring leases in the Gulf of Mexico   
(3) Non-GAAP reconciliation to GAAP measure available in 3Q17 earnings release
 4NBL
 U.S. ONSHORE
 Executing to plan, delivering robust volume and cash flow growth
 3Q17 Activity DJ Basin Delaware Eagle Ford Other Total
 Oil (MBbl/d) 61 19 12 1 93
 NGL (MBbl/d) 19 4 31 1 55
 Gas (MMcf/d) 191 24 206 8 429
 Total Sales (MBoe/d) 112 27 76 4 219
 Organic Capital(1) ($MM) 206 214 73 493
 Avg. Operated Rigs 2 5 7
 Wells Drilled(2) 32 17 49
 Avg. Lateral Length (ft) 8,230 8,280 8,250
 Wells Completed(2) 17 14 11 44
 Wells Brought Online(2) 32 14 12 58
 Avg. Lateral Length (ft) 9,170 7,295 6,120 8,085
 DJ Basin
 Delaware 
Basin
 Eagle 
Ford
 3Q17 Key Highlights
 • Operating Cash Flow per BOE up > 50% from 
3Q16 
• U.S. Onshore Oil Record at 93 MBbl/d
  On-track to deliver 40% USO oil growth 
1Q17 to 4Q17
 • 2.2 MM Man-hours Without Recordable or 
Lost-time Incident Across All Basins
 • Sales Volumes in Wells Ranch and East Pony 
in DJ Basin Grew ~10% Over 2Q17
 • Well Delivery On Schedule in the Delaware
 Basin
  Initial CGF online supporting Delaware 
development
 • Continued Robust Eagle Ford Ramp with 
3Q17 volumes up 10% from 2Q17
 (1) Excludes NBLX funded capital expenditures  (2) Represents NBL operated activity
 5NBL
 U.S. ONSHORE
 Delivering improved margins from portfolio actions and focused capital
 100
 125
 150
 175
 200
 225
 3Q16 2Q17 3Q17
 50
 60
 70
 80
 90
 100
 3Q16 2Q17 3Q17
 MBoe/d
 MBbl/d
 (1) Adjusted for Marcellus divestment  (2) Operating expense includes LOE, GTP, and production taxes
 > 50%
 increase in operating cash flow per 
BOE from 3Q16 to 3Q17
 Increasing Cash Flow Margins
 • Capital Allocated to DJ Basin, Delaware and 
Eagle Ford Driving U.S. Onshore Oil and Cash 
Flow Growth
 • Lower Margin Natural Gas Volumes from the 
Marcellus Divested in 2Q17
 • Oil Mix Increased to 42% in 3Q17 from 27% in 
3Q16 
• USO Unit Operating Expense(2) from Ongoing 
Operations Down 10% from 3Q16
 Total USO Production(1)
 23% Increase in Last 12 Months
 USO Oil Production(1)
 27% Increase in Last 12 Months
 6NBL
 DELAWARE BASIN
 Executing to plan, progressing development mode
 Delaware Basin Activity(2) 2Q17 3Q17
 Total Sales Volume (MBoe/d) 23 27
 Organic Capital(3) ($MM) 141 214
 Operated Rigs 4.5 5
 Wells Drilled(4) 13 17
 Avg. Lateral Length (ft) 7,965 8,280
 Wells Completed(4) 11 14
 Wells Brought Online(4) 6 14
 Avg. Lateral Length (ft) 5,318 7,295
 118,000
 Net acres
 4,225
 Gross locations(1)
 7,800 ft
 Average lateral Length
 2 BBoe
 Net unrisked resources(1)
 Progressing Midstream Build-out, 
Supporting Upstream Growth
 • Billy Miner CGF online in July, with 10 wells currently 
flowing into facility
 • 2nd CGF expected online late in 4Q17
 Majority of 3Q17 Wells Online Focused on 
Long Laterals and Multi-well Pads
 • 3-well Monroe pad initial multi-horizon development 
including Wolfcamp A Upper, Wolfcamp A Lower and 
3rd Bone Spring
 • 2 additional multi-well pads online with Wolfcamp A 
Upper and Lower completions
 (1) Locations and resources estimate effective as of CWEI close.  (2) Includes CWEI activity as of April 25, 2017 forward. 
(3) Excludes NBLX funded capital expenditures. (4) Represents NBL operated activity. 
Cash Flow and Volume Growth
 • Sales volume up 17% from 2Q17
 TX
 Robust 2017 Volume Growth 
0
 5
 10
 15
 20
 25
 0
 10
 20
 30
 40
 50
 1Q 2Q 3Q 4QE
 Volume Wells Online
 MBoe/d Wells Online
 NBL Acreage
 Ward
 Reeves Pecos
 7NBL
 DELAWARE BASIN
 Drilling efficiencies ahead of plan
 19
 days record drill time for a Delaware 
long lateral well: 10,567 ft lateral, 
21,563 ft total depth 
> 90%
 within 10 ft interval target zone 
across long laterals
 24%
 improvement in total footage 
rate of penetration (ROP) 
in 3Q17 vs. 1H17
 • Real Time Drilling Data Integration Enabling Rapid Design Optimization
  Leveraging predictive analytics to improve drilling efficiency and 
reduce down time 
 Physics-based approach supplements empirical data
 • Strong Drilling Precision through Geo-steering
 • Shared Learnings Across All U.S. Onshore Basins
 Key Drivers
 0
 150
 300
 450
 600
 2016 1H17 3Q17
 $/ft
 Reducing Average Drilling 
Cost per Lateral Foot
 8NBL
 DELAWARE BASIN
 Progressing pad development and unlocking value beyond Wolfcamp A
 3Q17 Highlights
 • 12 Wolfcamp A Wells Online in 3Q17, 
Performing In-line with Expectations
 • Third Wolfcamp B Well is Significantly 
Outperforming Expectations in Early Days
 • > 10% Reduction in Completion Cycle Time
 • Monroe Pad Long Laterals Exhibiting Shallower 
Declines 
 Adjusted flowback procedures from prior 
design
  Experiencing consistent contribution 
across the entire lateral
  No evidence of communication across 
different horizons
 • Trigger 3-well Pad Initial Lateral Spacing Test
  Lateral spacing for 2 Wolfcamp A Upper 
wells at 880 ft
  Early data showing no evidence of 
communication across wells
 Reeves
 Billy Miner CGF
  1st CGF online 3Q17
 Cole Younger 32-23
  3rd Wolfcamp B 
completion, 3,800 ft lateral
  1,680 IP-30 Boe/d; 75% oil
 Billy the Kid 2-well Pad
  1 Wolfcamp A Upper
  1 Wolfcamp A Lower
  Online late 3Q17, strong 
early results
 Trigger 3-well Pad
  2 Wolfcamp A Upper
  1 Wolfcamp A Lower
  Online late 3Q17, strong 
early results
 > 2,300
 3rd Bone Spring IP-30 Boe/d
 2,100
 3rd Bone Spring IP-60 Boe/d
 > 93%
 IP-60/IP-30 ratio for Wolfcamp A 
10,000 ft laterals
 300
 avg.  Wolfcamp A IP-30 Boe/d 
per 1,000 lateral ft
 Continued Strong Results From Monroe Wells
 9NBL
 DJ BASIN
 Focus areas driving higher oil mix
 CO
 352,000
 Net acres
 3,220
 Gross locations(1)
 8,400 ft
 Average lateral Length
 2 BBoe
 Net unrisked resources(1)
 DJ Basin Activity 2Q17 3Q17
 Total Sales Volume (MBoe/d) 107 112
 Organic Capital(2) ($MM) 210 206
 Operated Rigs 2 2
 Wells Drilled(3) 29 32
 Avg. Lateral Length (ft) 9,220 8,230
 Wells Completed(3) 30 17
 Wells Brought Online(3) 33 32
 Avg. Lateral Length (ft) 6,530 9,170
 Continued Strong New Well Performance
 • New well wedge outperforming expectations
 • Benefited by areas protected from line pressures
 Continuing to Set New Drilling Records
 • 4 day drilling record in Wells Ranch for 9,616 ft lateral
 • 2017 drilling cost per lateral foot down 15% from 2016
 • Drilling underway in Mustang for 2018 development
 Activity in Low GOR Areas Increasing Oil 
Percentage 
• Combined Wells Ranch and East Pony volumes up 
~10% from 2Q17 to 76 MBoe/d
 49% 50%
 52% 53%
 54%
 3Q16 4Q16 1Q17 2Q17 3Q17
 Oil Mix Continues to Increase
 (1) Locations and resources estimate effective as of beginning of 2017.  (2) Excludes NBLX funded capital expenditures
 (3) Represents NBL operated activity. 
Weld
 Wells 
Ranch
 East
 Pony
 NBL Acreage
 Mustang
 10NBL
 DJ BASIN
 Continued strong performance from focus areas
 30%
 40%
 50%
 60%
 70%
 40
 50
 60
 70
 80
 3Q16 4Q16 1Q17 2Q17 3Q17
 Wells Ranch and East Pony Volumes
 Volumes % of Total DJ Volumes
 MBoe/d % of Total
 3Q17 Highlights
 • 19 Wells Ranch and 13 East Pony Wells 
Commenced Production in 3Q17
  Record Wells Ranch and East Pony 
combined volumes of 76 MBoe/d
 • Record Horizontal Sales Volumes of 
103 MBoe/d
 • 3Q17 Total Basin Oil Volumes Up 7%, 
Natural Gas Up 5% from 2Q17
 • Operating Cash Flow per BOE up 
Materially
  High-margin new well performance, 
low GOR development, reduced 
vertical production
 • Unit Lease Operating Expense Down 5% 
from 2Q17
 2017 Wells Ranch DPs(1)
 3
 34
 >1,000
 2017 Wells Ranch DPs(1)
 wells 10,000+ ft avg. lateral  
1,800 lbs/ft avg. proppant
 Boe/d gross 
31 of 34 wells
 (1) Development plan areas (DPs)
 11NBL
 NOBLE MIDSTREAM
 Top-tier distribution growth with low leverage
 • 1st NBLX Operated CGF Online Late July with 
Capacity Expanded to 15 MBbl/d 
 Construction of additional CGFs expanding 
crude oil capacity to 90 MBbl/d by mid-2018
 • 3Q17 Average Throughput on Advantage Crude Oil 
System of 36 MBbl/d
  Billy Miner CGF connection to Advantage 
Pipeline commenced operation in 3Q17
 • Significant 4Q17 Volume Throughput Growth 
Anticipated from NBL Development 
• Evaluating In-Basin and Long-Haul Crude 
Transmission Opportunities
 • Wells Ranch and East Pony Oil and Gas Gathering 
Volumes Up 15% from 2Q17
  NBL upstream well results continue 
outperforming expectations
 • Gathering  and Fresh Water Delivery Systems 
Online for Third Party Customer
 • Construction Underway on Mustang IDP 
Gathering Infrastructure, Online Late 1Q18
  Fresh water system operational late 2017
 • NBL and Third-Party Well Connections to Drive 
Further Gathering Growth in 4Q17
 DJ Basin HighlightsDelaware Basin Highlights
 29%
 increase in 3Q17 oil and
 gas gathering volume 
compared to 2Q17
 > 2x
 produced water 
gathering in 3Q17 
compared to 2Q17
 20%
 anticipated 
annual distribution 
growth  
$42 MM
 net income in 
3Q17 attributable 
to NBLX
 12NBL
 EAGLE FORD SHALE
 Solid execution delivering cash flow ramp
 TX
 Eagle Ford Activity 2Q17 3Q17
 Total Sales Volume (MBoe/d) 69 76
 Organic Capital ($MM) 113 73
 Operated Rigs 1.5 -
 Wells Drilled(2) 11 -
 Avg. Lateral Length (ft) 6,315 -
 Wells Completed(2) 14 11
 Wells Brought Online(2) 21 12
 Avg. Lateral Length (ft) 6,665 6,120
 33,000
 Net acres
 360
 Gross locations(1)
 7,600 ft
 Average lateral Length
 460 MMBoe
 Net unrisked resources(1)
 Highly-prolific South Gates Ranch 
Development
 • 8 wells online in 3Q17, 10 wells expected online in 4Q17
 Record Quarterly Sales Volume of 76 
MBoe/d
 North Gates Ranch Co-Development Test 
Online Late in 3Q17
 • 3Q17 volumes reduced by ~5 MBoe/d as a result of 
flash flooding late in September
 • Current production rate ~90 MBoe/d
 • 4-well pad with two Upper and two Lower Eagle Ford 
wells
 • Upper Eagle Ford wells significantly outperforming 
historical completions in early days
 NBL Acreage
 Dimmit
 Webb
 Gates 
Ranch
 L&E
 Briscoe
 Ranch
 Delivering Substantial Production 
Ramp in 2017
 0
 5
 10
 15
 20
 25
 0
 20
 40
 60
 80
 100
 1Q 2Q 3Q 4QE
 Volume Wells Online
 MBoe/d Wells Online
 (1) Locations and resources estimate effective as of beginning of 2017.  (2) Represents NBL operated activity.
 13NBL
 500
 600
 700
 800
 900
 1,000
 1,100
 EASTERN MEDITERRANEAN
 Strong natural gas demand in Israel drove all-time record quarter
 Israel 2Q17 3Q17
 Net Gas Sales (MMcfe/d) 275 285
 Gross Gas Sales (MMcfe/d) 962 997
 Organic Capital ($MM) 143 126
 3Q17 Key Highlights
 • Record Gross Sales Volumes of 997 MMcfe/d 
 Average production over 1 Bcf/d gross for 79 
days in 3Q17
  Performed maintenance at Tamar in September 
and early October
 • Booked Additional Proved Reserves of 285 Bcfe Net 
at Tamar or 1 Tcfe Increase in Gross Recoverable 
Resources
  Continued reservoir modeling and learnings 
from Tamar-8 well
  Tamar currently at 11 Tcfe gross recoverable 
resources
 • Net Operating Cash Flow of $110 MM in 3Q17
  Strong price realizations of $5.36/Mcf 
Quarterly Israel Gross Sales Volumes
 AOT
 47% WI
 Tamar
 32.5% WI
 Tamar SW
 32.5% WI Tel Aviv
 Ashdod
 Israel
 Egypt
 Cyprus
 35% WI
 Leviathan
 39.7% WI Dor
 Discovery
 Existing Pipeline
 Planned Pipeline
 Sanctioned
 NBL Interests
 Producing
 MMcfe/d
 Record 
Volumes
 1Q  2Q  3Q  4Q
 2014
 1Q  2Q  3Q  4Q
 2015
 1Q  2Q  3Q  4Q
 2016
 1Q  2Q  3Q  4QE
 2017
 14NBL
 LEVIATHAN MAJOR PROJECT
 Progressing towards first gas sales by end of 2019
 23%
 complete with Phase I 
development 
100%
 complete with critical path 
procurement activities
 0
 lost-time incidents
 Project Phase 2017 2018 2019
 Sanction
 Order Critical Path Equipment
 Detail Design and Engineering
 Pipeline Manufacturing
 Equipment Manufacturing
 Commissioning and First Gas
 Drilling and Completions
 Offshore Platform Installation
 Progressing Pipeline and Equipment 
Engineering Design and Manufacturing 
and Engineering Design
 Pipe Delivery in Cyprus Storage Yard Production Deck Framing
 15NBL
 OTHER GLOBAL OFFSHORE
 Continued exceptional operational and safety performance
 Key Highlights
 • Assets Generated ~$130 MM Net Operating Cash Flow 
Combined in 3Q17 
 Managing field production declines
 • Sales Volumes at Top End of Guidance in Gulf of Mexico 
Driven by Strong Well Performance and Facility Uptime
 • Sales Volumes Above Guidance in Equatorial Guinea, 
with No Liftings at Alba
  Completed conversion of 2 wells at Alba field from 
natural gas injection to producing wells
 • Gunflint Reached 1 Year of Production Milestone in July
 • Continued Exceptional Safety Performance
  3+ years without lost-time incident in West Africa
  1+ year without recordable in Gulf of Mexico
 • 4Q17E Oil Volumes Impacted by Hurricane Nate in the 
Gulf of Mexico and Adjustments to the Lifting Schedule 
in West Africa
 Gulf of Mexico Equatorial Guinea
 2Q17 3Q17 2Q17 3Q17
 Oil (MBbl/d) 22 21 22(1) 13(1)
 Equity Method (MBbl/d) 2 2
 NGL (MBbl/d) 2 1
 Equity Method (MBbl/d) 4 7
 Gas (MMcf/d) 16 20 231 246
 Total Sales (MBoe/d) 27 25 66 63
 Organic Capital ($MM) 0 3 16 0
 (1) Produced volumes differ from sales in Equatorial Guinea due to the timing of liftings. Produced oil volumes were 22 MBbl/d in 2Q17 and 21 MBbl/d in 3Q17.
 Aseng FPSO, Equatorial Guinea
 16NBL
 Total company sales volumes and U.S. Onshore oil maintained
 4Q17 GUIDANCE
 Sales Volume
 Crude Oil and 
Condensate (MBbl/d)
 Natural Gas Liquids 
(MBbl/d)
 Natural Gas 
(MMcf/d)
 Total Equivalent 
(MBoe/d)
 Low High Low High Low High Low High
 Fourth Quarter 2017
 United States Onshore 102 108 62 66 490 510 248 258
 United States Gulf of Mexico 16 20 1 2 20 30 22 26
 Israel - - - - 255 285 43 48
 Equatorial Guinea 16 20 - - 220 240 54 58
 Equatorial Guinea - Equity method 
investment
 1 2 6 6 - - 7 8
 Total Company 140 146 69 74 1,005 1,045 380 390
 Capital & Cost Metrics Low High
 Capital Expenditures(1) ($MM)
 Total Company Organic Capital 600 700
 Cost Metrics
 Lease Operating Expense ($/BOE) 4.30 4.60
 Gathering, Transportation & Processing ($/BOE) 3.00 3.25
 Production Taxes (% Oil, Gas, NGL Revenues) 4.0 4.5
 Marketing ($MM) 10 20
 DD&A ($/BOE) 15.00 16.00
 Exploration ($MM) 40 60
 G&A ($MM) 95 110
 Interest, net ($MM) 80 90
 Other Items Guidance
 Equity Investment and Other Income ($MM) 40 45
 Average outstanding shares – diluted (MM) 480 490
 (1) Excludes NBLX funded capital expenditures
 17NBL
 Forward-Looking Statements and Other Matters
 This presentation contains certain "forward-looking statements" within the meaning of federal securities laws. Words such as "anticipates", "believes," "expects", "intends", 
"will", "should", "may", and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and 
reflect Noble Energy's current views about future events. Such forward-looking statements may include, but are not limited to, future financial and operating results, and 
other statements that are not historical facts, including estimates of oil and natural gas reserves and resources, estimates of future production, assumptions regarding future 
oil and natural gas pricing, planned drilling activity, future results of operations, projected cash flow and liquidity, business strategy and other plans and objectives for future 
operations. No assurances can be given that the forward-looking statements contained in this presentation will occur as projected and actual results may differ materially 
from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could 
cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, the volatility in commodity prices for crude oil and 
natural gas, the presence or recoverability of estimated reserves, the ability to replace reserves, environmental risks, drilling and operating risks, exploration and 
development risks, competition, government regulation or other actions, the ability of management to execute its plans to meet its goals and other risks inherent in Noble 
Energy's businesses that are discussed in Noble Energy's most recent annual reports on Form 10-K, respectively, and in other Noble Energy reports on file with the Securities 
and Exchange Commission (the "SEC"). These reports are also available from the sources described above. Forward-looking statements are based on the estimates and 
opinions of management at the time the statements are made. Noble Energy does not assume any obligation to update any forward-looking statements should 
circumstances or management’s estimates or opinions change.
 The SEC requires oil and gas companies, in their filings with the SEC, to disclose proved reserves that a company has demonstrated by actual production or conclusive 
formation tests to be economically and legally producible under existing economic and operating conditions. The SEC permits the optional disclosure of probable and 
possible reserves, however, we have not disclosed our probable and possible reserves in our filings with the SEC. We use certain terms in this presentation, such as “net 
unrisked resources”, “type curve”, “MMBoe type curve”, “gross recoverable resources” or “resources estimates” which are by their nature more speculative than estimates 
of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized. The SEC guidelines strictly prohibit us from 
including these estimates in filings with the SEC. Investors are urged to consider closely the disclosures and risk factors in our most recent Form 10-K and in other reports on 
file with the SEC, available from Noble Energy’s offices or website, http://www.nblenergy.com.
 This presentation also contains certain historical non-GAAP measures of financial performance that management believes are good tools for internal use and the investment 
community in evaluating Noble Energy’s overall financial performance. These non-GAAP measures are broadly used to value and compare companies in the crude oil and 
natural gas industry. Please see the Noble Energy’s respective earnings release for reconciliations of the differences between any historical non-GAAP measures used in this 
presentation and the most directly comparable GAAP financial measures.