|         |                                                                                                                                                                                 |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the acquisition of Clayton Williams Energy, Inc. (Clayton Williams Energy or CWEI), which closed and was effective on April 24, 2017 (the Clayton Williams Energy Acquisition); |

|         |                                                                                                                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the disposition of all of our upstream Marcellus assets in northern West Virginia and southern Pennsylvania (the Upstream Marcellus Assets), which closed on June 28, 2017 with an effective date of January 1, 2017; and |

|         |                                                     |
|---------|-----------------------------------------------------|
| • | related financing transactions and use of proceeds. |

----

|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                 | Noble Energy Historical |   | Clayton Williams EnergyHistorical |   | Pro Forma Adjustments |   | Upstream Marcellus Assets Sale |   | Pro Forma Adjustments |   | Noble EnergyPro Forma |
| Current Assets                                       |   |   |   |   |   |   |   |   |   |   |   |
| Cash and Cash Equivalents                            | $ | 787 |  |   | $ | 473 |  |   | $ | (473 | ) | (a) | $ | 1,028 |  | (h) | $ | (1,175 | ) | (i) | $ | 640 |  |
| Accounts Receivable, Net                             | 523 |  |   | 15 |  |   | — |  |   | — |  |  | — |  |  | 538 |  |
| Other Current Assets                                 | 135 |  |   | 34 |  |   | (22 | ) | (b) | — |  |  | — |  |  | 140 |  |
|                                                 |   |   |   |   | (7 | ) | (d) |   |  |   |  |   |
| Total Current Assets                                 | 1,445 |  |   | 522 |  |   | (502 | ) |   | 1,028 |  |  | (1,175 | ) |  | 1,318 |  |
| Property, Plant and Equipment                        |   |   |   |   |   |   |   |  |   |  |  |
| Oil and Gas Properties                               | 31,301 |  |   | 1,779 |  |   | 661 |  | (b) | (4,417 | ) | (h) | — |  |  | 29,324 |  |
| Property, Plant and Equipment, Other                 | 907 |  |   | 203 |  |   | (203 | ) | (b) | — |  |  | — |  |  | 907 |  |
| Total Property, Plant and Equipment, Gross           | 32,208 |  |   | 1,982 |  |   | 458 |  |   | (4,417 | ) |  | — |  |  | 30,231 |  |
| Accumulated Depreciation, Depletion and Amortization | (13,180 | ) |   | (1,084 | ) |   | 1,084 |  | (c) | 1,090 |  | (h) | — |  |  | (12,090 | ) |
| Total Property, Plant and Equipment, Net             | 19,028 |  |   | 898 |  |   | 1,542 |  |   | (3,327 | ) |  | — |  |  | 18,141 |  |
| Goodwill                                             | — |  |   | — |  |   | 1,213 |  | (b) | — |  |  | — |  |  | 1,213 |  |
| Other Noncurrent Assets                              | 535 |  |   | 5 |  |   | — |  |   | (16 | ) | (h) | — |  |  | 524 |  |
| Total Assets                                         | $ | 21,008 |  |   | $ | 1,425 |  |   | $ | 2,253 |  |   | $ | (2,315 | ) |  | $ | (1,175 | ) |  | $ | 21,196 |  |

----

|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                 | Noble Energy Historical |   | Clayton Williams EnergyHistorical |   | Pro Forma Adjustments |   | Upstream Marcellus Assets Sale |   | Pro Forma Adjustments |   | Noble EnergyPro Forma |
| Current Liabilities                                  |   |   |   |   |   |   |   |   |   |   |  |
| Accounts Payable - Trade                             | $ | 895 |  |   | $ | 22 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |  | $ | 917 |  |
| Other Current Liabilities                            | 598 |  |   | 28 |  |   | 109 |  | (e) | — |  |   | — |  |  | 735 |  |
| Total Current liabilities                            | 1,493 |  |   | 50 |  |   | 109 |  |   | — |  |   | — |  |  | 1,652 |  |
| Long-Term Debt                                       | 6,995 |  |   | 850 |  |   | 325 |  | (a) | — |  |   | (1,175 | ) | (i) | 6,995 |  |
| Deferred Income Taxes, Noncurrent                    | 1,819 |  |   | 69 |  |   | (7 | ) | (b)(d) | (792 | ) | (h) | — |  |  | 1,553 |  |
|                                                 |   |   |   |   | 464 |  | (b)(d) |   |   |   |  |  |
| Other Noncurrent Liabilities                         | 1,092 |  |   | 230 |  |   | (179 | ) | (a) | (53 | ) | (h) | — |  |  | 1,090 |  |
| Total Liabilities                                    | $ | 11,399 |  |   | $ | 1,199 |  |   | $ | 712 |  |   | $ | (845 | ) |   | $ | (1,175 | ) |  | $ | 11,290 |  |
| Stockholders' Equity                                 |   |   |   |   |   |   |   |   |   |  |  |
| Preferred Stock                                      | — |  |   | — |  |   | — |  |   | — |  |   | — |  |  | — |  |
| Common Stock                                         | 5 |  |   | 2 |  |   | (2 | ) | (g) | — |  |   | — |  |  | 5 |  |
| Additional Paid in Capital                           | 6,472 |  |   | 305 |  |   | (305 | ) | (g) | — |  |   | — |  |  | 8,348 |  |
|                                                 |   |   |   |   | 1,876 |  | (f) |   |   |   |  |  |
| Accumulated Other Comprehensive Loss                 | (31 | ) |   | — |  |   | — |  |   | — |  |   | — |  |  | (31 | ) |
| Treasury Stock                                       | (703 | ) |   | — |  |   | — |  |   | — |  |   | — |  |  | (703 | ) |
| Retained Earnings                                    | 3,549 |  |   | (81 | ) |   | 81 |  | (g) | (1,470 | ) | (h) | — |  |  | 1,970 |  |
|                                                 |   |   |   |   | (109 | ) | (e) |   |   |   |  |  |
| Noble Energy/Clayton Williams Energy Share of Equity | 9,292 |  |   | 226 |  |   | 1,541 |  |   | (1,470 | ) |   | — |  |  | 9,589 |  |
| NonControlling Interests                             | 317 |  |   | — |  |   | — |  |   | — |  |   | — |  |  | 317 |  |
| Total Equity                                         | $ | 9,609 |  |   | $ | 226 |  |   | $ | 1,541 |  |   | $ | (1,470 | ) |   | $ | — |  |  | $ | 9,906 |  |
| Total Liabilities and Shareholders' Equity           | $ | 21,008 |  |   | $ | 1,425 |  |   | $ | 2,253 |  |   | $ | (2,315 | ) |   | $ | (1,175 | ) |  | $ | 21,196 |  |

----

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                             | Noble EnergyHistorical |  | Clayton Williams EnergyHistorical |  | Pro Forma Adjustments |  | Upstream Marcellus Assets Sale |  | Pro Forma Adjustments |  | Noble EnergyPro Forma |
| Revenues                                                    |  |  |  |  |  |  |  |  |  |  |  |
|   Oil, Gas and NGL Sales                          | $ | 994 |  |  | $ | 39 |  |  | $ | (4 | ) | (k) | $ | (138 | ) | (p) | $ | — |  |  | $ | 891 |  |
|   Income from Equity Method Investees             | 42 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 42 |  |
|     Total                               | 1,036 |  |  | 39 |  |  | (4 | ) |  | (138 | ) |  | — |  |  | 933 |  |
| Costs and Expenses                                          |  |  |  |  |  |  |  |  |  |  |  |
|   Production Expense                              | 303 |  |  | 12 |  |  | — |  |  | (56 | ) | (p) | — |  |  | 259 |  |
|   Exploration Expense                             | 42 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 42 |  |
|   Depreciation, Depletion and Amortization        | 528 |  |  | 23 |  |  | (13 | ) | (j) | (73 | ) | (p) | — |  |  | 465 |  |
|   General and Administrative                      | 99 |  |  | 2 |  |  | — |  |  | (2 | ) | (p) | — |  |  | 99 |  |
|   Other Operating Expense, Net                    | 29 |  |  | (4 | ) |  | (4 | ) | (k) | (4 | ) | (p) | — |  |  | 17 |  |
|     Total                               | 1,001 |  |  | 33 |  |  | (17 | ) |  | (135 | ) |  | — |  |  | 882 |  |
| Operating Income (Loss)                                     | 35 |  |  | 6 |  |  | 13 |  |  | (3 | ) |  | — |  |  | 51 |  |
| Other (Income) Expense                                      |  |  |  |  |  |  |  |  |  |  |  |
|   (Gain) Loss on Commodity Derivative Instruments | (110 | ) |  | (7 | ) |  | — |  |  | — |  |  | — |  |  | (117 | ) |
|   Interest, Net of Amount Capitalized             | 87 |  |  | 21 |  |  | (10 | ) | (l) | — |  |  | (11 | ) | (q) | 87 |  |
|   Other Non-Operating (Income) Expense, Net       | (1 | ) |  | (68 | ) |  | 68 |  | (m) | — |  |  | — |  |  | (1 | ) |
|     Total                               | (24 | ) |  | (54 | ) |  | 58 |  |  | — |  |  | (11 | ) |  | (31 | ) |
| Income (Loss) Before Income Taxes                           | 59 |  |  | 60 |  |  | (45 | ) |  | (3 | ) |  | 11 |  |  | 82 |  |
| Income Tax (Benefit) Provision                              | 12 |  |  | 21 |  |  | (16 | ) | (n) | (1 | ) | (n) | 4 |  | (n) | 20 |  |
| Net Income (Loss) Including Noncontrolling Interests        | $ | 47 |  |  | $ | 39 |  |  | $ | (29 | ) |  | $ | (2 | ) |  | $ | 7 |  |  | $ | 62 |  |
| Less: Net Income Attributable to Noncontrolling Interests   | 11 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11 |  |
| Net Income (Loss) Attributable to Noble Energy              | $ | 36 |  |  | $ | 39 |  |  | $ | (29 | ) |  | $ | (2 | ) |  | $ | 7 |  |  | $ | 51 |  |
|                                                             |  |  |  |  |  |  |  |  |  |  |  |
|                                                             |  |  |  |  |  |  |  |  |  |  |  |
| Earnings (Loss) Per Share, Basic                            | $ | 0.08 |  |  |  |  |  |  |  |  |  |  | $ | 0.10 |  |
| Earnings (Loss) Per Share, Diluted                          | $ | 0.08 |  |  |  |  |  |  |  |  |  |  | $ | 0.10 |  |
|                                                             |  |  |  |  |  |  |  |  |  |  |  |
| Weighted Average Number of Shares Outstanding               |  |  |  |  |  |  |  |  |  |  |  |
| Basic                                                       | 431 |  |  |  |  | 56 |  | (o) |  |  |  |  | 487 |  |
| Diluted                                                     | 434 |  |  |  |  | 56 |  | (o) |  |  |  |  | 490 |  |

----

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                        | Noble EnergyHistorical |   | Clayton Williams EnergyHistorical |   | Pro Forma Adjustments |   | Upstream Marcellus Assets Sale |   | Pro Forma Adjustments |   | Noble EnergyPro Forma |
| Revenues                                                    |   |   |   |   |   |   |   |   |   |   |   |
|   Oil, Gas and NGL Sales                          | $ | 3,389 |  |   | $ | 289 |  |   | $ | (129 | ) | (k) | $ | (362 | ) | (p) | $ | — |  |  | $ | 3,187 |  |
|   Income from Equity Method Investees             | 102 |  |   | — |  |   | — |  |   | — |  |  | — |  |   | 102 |  |
|     Total                               | 3,491 |  |   | 289 |  |   | (129 | ) |   | (362 | ) |  | — |  |   | 3,289 |  |
| Costs and Expenses                                          |   |   |   |   |   |   |   |  |   |   |   |
|   Production Expense                              | 1,083 |  |   | 71 |  |   | — |  |   | (254 | ) | (p) | — |  |   | 900 |  |
|   Exploration Expense                             | 925 |  |   | 4 |  |   | — |  |   | (2 | ) | (p) | — |  |   | 927 |  |
|   Depreciation, Depletion and Amortization        | 2,454 |  |   | 150 |  |   | (99 | ) | (j) | (382 | ) | (p) | — |  |  | 2,123 |  |
|   General and Administrative                      | 399 |  |   | 23 |  |   | — |  |   | (11 | ) | (p) | — |  |   | 411 |  |
|   Asset Impairments                               | 92 |  |   | 8 |  |   | — |  |   | — |  |  | — |  |   | 100 |  |
|   Other Operating Expense, Net                    | (166 | ) |   | 11 |  |   | (129 | ) | (k) | (14 | ) | (p) | — |  |  | (298 | ) |
|     Total                               | 4,787 |  |   | 267 |  |   | (228 | ) |   | (663 | ) |  | — |  |   | 4,163 |  |
| Operating Income (Loss)                                     | (1,296 | ) |   | 22 |  |   | 99 |  |   | 301 |  |  | — |  |   | (874 | ) |
| Other (Income) Expense                                      |   |   |   |   |   |   |   |  |   |   |   |
|   (Gain) Loss on Commodity Derivative Instruments | 139 |  |   | 20 |  |   | — |  |   | — |  |  | — |  |   | 159 |  |
|   Interest, Net of Amount Capitalized             | 328 |  |   | 94 |  |   | (31 | ) | (l) | 1 |  | (p) | (64 | ) | (q) | 328 |  |
|   Other Non-Operating (Income) Expense, Net       | 9 |  |   | 230 |  |   | (230 | ) | (m) | — |  |  | — |  |  | 9 |  |
|     Total                               | 476 |  |   | 344 |  |   | (261 | ) |   | 1 |  |  | (64 | ) |   | 496 |  |
| Income (Loss) Before Income Taxes                           | (1,772 | ) |   | (322 | ) |   | 360 |  |   | 300 |  |  | 64 |  |   | (1,370 | ) |
| Income Tax (Benefit) Provision                              | (787 | ) |   | (30 | ) |   | 45 |  | (n) | 105 |  | (n) | 22 |  | (n) | (645 | ) |
| Net Income (Loss) Including Noncontrolling Interests        | $ | (985 | ) |   | $ | (292 | ) |   | $ | 315 |  |   | $ | 195 |  |  | $ | 42 |  |   | $ | (725 | ) |
| Less: Net Income Attributable to Noncontrolling Interests   | 13 |  |   | — |  |   | — |  |   | — |  |  | — |  |   | 13 |  |
| Net Income (Loss) Attributable to Noble Energy              | $ | (998 | ) |   | $ | (292 | ) |   | $ | 315 |  |   | $ | 195 |  |  | $ | 42 |  |   | $ | (738 | ) |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Earnings (Loss) Per Share, Basic                            | $ | (2.32 | ) |   |   |   |   |   |   |   |   |   | $ | (1.52 | ) |
| Earnings (Loss) Per Share, Diluted                          | $ | (2.32 | ) |   |   |   |   |   |   |   |   |   | $ | (1.52 | ) |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Weighted Average Number of Shares Outstanding               |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                       | 430 |  |   |   |   | 56 |  | (o) |   |   |   |   | 486 |  |
| Diluted                                                     | 430 |  |   |   |   | 56 |  | (o) |   |   |   |   | 486 |  |

----

----

|                                                                                                                             |
|-----------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                             |  |  |  |
| Preliminary Purchase Price Allocation                                                                                       |   |
| Consideration:                                                                                                              | (In millions) |
| Fair value of Noble Energy's common stock to be issued (1)                                                                  | $ | 1,669 |  |
| Fair value of Clayton Williams Energy's restricted stock awards to be converted to Noble Energy restricted stock awards (2) | 12 |  |
| Fair value of Clayton Williams Energy options to be converted to Noble Energy common stock (3)                              | 16 |  |
| Fair value of Clayton Williams Energy warrants to be converted to Noble Energy common stock (4)                             | 179 |  |
| Cash consideration paid to Clayton Williams Energy stockholders                                                             | 637 |  |
| Total Consideration                                                                                                         | $ | 2,513 |  |
| Fair value of liabilities assumed:                                                                                          |  |
| Accounts payable trade                                                                                                      | $ | 22 |  |
| Other current liabilities                                                                                                   | 28 |  |
| Long-term deferred tax liability                                                                                            | 533 |  |
| Long-term debt                                                                                                              | 538 |  |
| Asset retirement obligations                                                                                                | 47 |  |
| Other long-term liabilities                                                                                                 | 4 |  |
| Amount attributable to liabilities assumed as of March 31, 2017                                                             | $ | 1,172 |  |
| Fair value of assets acquired:                                                                                              |  |
| Cash and cash equivalents                                                                                                   | $ | — |  |
| Accounts receivable trade, net                                                                                              | 15 |  |
| Inventory, prepaid expenses and other                                                                                       | 12 |  |
| Oil and gas properties                                                                                                      | 2,440 |  |
| Other property and equipment                                                                                                | — |  |
| Other assets                                                                                                                | 5 |  |
| Amount attributable to assets acquired as of March 31, 2017                                                                 | $ | 2,472 |  |
| Goodwill as of March 31, 2017                                                                                               | $ | 1,213 |  |

|         |                                                                                                                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | a $473 million decrease to cash to reflect the repayment of CWEI’s term loan with Ares Management of $377 million, and a partial make-whole payment of $96 million prior to closing, using cash on hand; |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | a net increase of $325 million to long term debt reflects the draw on Noble Energy’s Revolving Credit Facility of $637 million incurred to finance the cash portion of the merger consideration and the assumption of $38 million of debt related to the Ares Management notes make-whole provision, less the effects of extinguishing CWEI’s outstanding debt of $377 million related to the Ares Management notes upon consummation of the merger, and the elimination of approximately $27 million of debt issuance costs; and |

|         |                                                                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | a $179 million decrease to other non-current liabilities to reflect the Ares Management warrants conversion into Noble Energy common shares to effect the transaction. |

----

|         |                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------|
| • | a $22 million decrease in inventory to reflect estimated fair value associated with the transaction; |

|         |                                                                                                                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | an $661 million increase in CWEI’s gross book basis of oil and gas properties and a $203 million decrease in CWEI’s gross book basis of other property, plant and equipment to reflect them at fair value; |

|         |                                                                   |
|---------|-------------------------------------------------------------------|
| • | $1.2 billion in goodwill associated with the transaction; and |

|         |                                                                                              |
|---------|----------------------------------------------------------------------------------------------|
| • | a net $457 million increase in deferred tax liabilities associated with the transaction. |

|                                                                                                                         |
|-------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                         |  |  |  |  |
| Shares of Noble Energy common stock issued to CWEI shareholders                                                         |   | 49 |  |
| Price per share of Noble Energy common stock on April 24, 2017                                                          |   | $ | 34.17 |  |
| Fair value of common stock issued                                                                                       |   | $ | 1,669 |  |
| Fair value of Clayton Williams Energy's restricted stock awards to be converted to Noble Energy restricted stock awards |   | 12 |  |
| Fair value of Clayton Williams Energy options to be converted to Noble Energy common stock                              |   | 16 |  |
| Fair value of Clayton Williams Energy warrants to be converted to Noble Energy common stock                             |   | 179 |  |
| Total fair value of Noble Energy equity to be issued and increase to additional paid-in-capital as of March 31, 2017    |   | $ | 1,876 |  |
| Increase in Noble Energy's common stock ($0.01 par value per share) as of March 31, 2017                                |   | $ | 1 |  |

----