NBL 
Fourth Quarter 2017 Supplement 
February 2018
 2 NBL 
OUTPERFORMED 2017 GOALS 
Accelerate Onshore Activities and  
Drive Capital Efficiencies 
Delivered > 40% U.S. Onshore oil growth from 1Q17 to 4Q17(1) 
Increased operating cash flow per BOE ~80% from 2016 
Improved returns from drilling efficiencies and productivity 
Demonstrated leading safety and environment performance  
Goals Accomplishments 
Successful Integration of  
CWEI into NBL 
Commence Leviathan Development 
Target Over $1 Billion in 
Portfolio Proceeds 
Focus Exploration on Long-term 
Value Creation 
Established the largest Southern Delaware acreage position 
Commenced full development plan and captured synergies 
Enhanced midstream value through NBLX acreage dedication 
Sanctioned one of the largest 2017 offshore projects  
Completed > 40% of Phase I development currently 
Expanded midstream throughput in 2017 through NBL 
development and third-party business expansion 
Commenced operation of 2 Delaware CGFs  
Completed attractive drop down to NBLX 
Grow Value of Midstream to NBL 
Continued to mature portfolio, progressing low-cost, long-
 term opportunities 
Delivered > $2.3 B in proceeds and retired ~$1.2 B NBL debt 
Divested non-strategic Marcellus, royalty and other assets 
Focused portfolio on high-margin, high-return assets 
(1) Adjusted for divestments.   
Transformative year as NBL sharpened focus
 3 NBL 
Delaware up 190%  
DJ up 15% 
SUBSTANTIAL INCREASE IN PROVED RESERVES 
Note: The 2017 price deck for calculating proved reserves, before adjusting for differentials, was $51.34/Bbl WTI crude oil and $2.98/MMBtu Henry Hub natural gas. 
(1) Includes additions, extensions, discoveries, performance and price revisions.  (2) Excludes Marcellus proved reserves.   
0.5
 1.0
 1.5
 2.0
 YE 2016 Divestments Production Additions Performance
 Revisions
 Acquisitions Price
 Revisions
 YE 2017
 1.97 
1.44 
Proved Reserves BBoe Key Highlights 
• Nearly 2 BBoe Proved Reserves with an 
Organic Reserve Replacement Ratio(1) of 
~625% 
 Composition is 35% liquids, 15% U.S. 
gas and 50% int’l gas 
 
• Organic Reserve Additions and Revisions(1) 
of 871 MMBoe at Low Cost of ~$2.90/BOE 
 6.3x 2017 production 
 
• U.S. Onshore Business: 
 Increase of 30% in U.S. onshore liquids 
 265 MMBoe additions and revisions(1) 
 ~300% organic reserve replacement at 
a cost of ~$7.00/BOE 
 Texas proved reserves increased > 60% 
from year-end 2016 
 
• Israel Business: 
 ~3.3 Tcfe natural gas added as a result 
of the Leviathan sanction 
 292 Bcfe natural gas added due to 
Tamar performance 
37% growth in proved reserves driven by high-return U.S. Onshore and Israel assets 
Delaware DJ Eagle Ford 
685 MMBoe 
Proved  
Reserves  
YE16(2) 
U.S. Onshore Reserves 
913 MMBoe 
Proved 
Reserves  
YE17
 4 NBL 
4Q17 KEY HIGHLIGHTS 
Exceptional and differential operational execution 
Significant Liquids Growth 
Exceptional Increase in Proved Reserves to Nearly 2 BBoe 
Midstream Integration Providing Operational Advantages 
Improved Operating Expenses and Balance Sheet 
• Total volumes of 380 MBoe/d, an increase of nearly 50 MBoe/d from 4Q16(1) and 25 MBoe/d from 3Q17 
• Delivered U.S. onshore oil growth of > 40% from 1Q – 4Q 2017(1) 
• Record overall company liquids composition of 56% compared to 46% in 4Q16 
• Organic reserve additions, including performance and price revisions of 871 MMBoe at ~$2.90/BOE 
• 265 MMBoe of the additions from U.S. Onshore and 600 MMBoe from world-class EMed 
• Value of future cash flows from proved reserves, discounted at 10% increased ~100% from YE16 to ~$11B 
• Strengthened balance sheet through non-core asset divestitures and retired ~$570 MM of NBL debt  
• Reduced operating expenses 8% from 3Q17 to $8.10/BOE  
• Reduced DD&A to $14.28/BOE primarily driven by increased reserve bookings 
• Second central gathering facility (operated by NBLX) online in Delaware Basin in December 2017 with 11 
wells currently flowing through the system 
• Record 122 MBoe/d oil and gas gathering volumes from NBLX operated systems including 3rd party 
(1) Adjusted for divestments.
 5 NBL 
4Q17 ACTUALS VS. GUIDANCE 
Beat vs. expectation on revenues and lower costs 
Financial & Operating Metrics 4Q Guidance 4Q Actuals 
Total Sales Volumes (MBoe/d) 380 – 390 380 
Oil (MBbl/d) 140 – 146 141 
Natural Gas Liquids (MBbl/d) 69 – 74 70 
Natural Gas (MMcf/d) 1,005 – 1,045 1,012 
Organic Capital(1) ($MM) 600 – 700 655 
Equity Investment & Other  
Income ($MM) 
40 – 45 59 
Lease Operating ($/BOE) 4.30 – 4.60  4.49 
Gathering, Transportation & 
Processing ($/BOE) 
3.00 – 3.25 2.83 
DD&A ($/BOE) 15.00 – 16.00 14.28 
Production Taxes (% Oil, NGL, Gas 
Revenues) 
4.0 – 4.5 1.7 
Marketing ($MM) 10 – 20 8 
Exploration ($MM) 40 – 60 41(2) 
G&A ($MM) 95 – 110 111 
Interest, net ($MM) 80 – 90  83 
Earnings Reconciliation 4Q ($MM) 
Net Income attributable to NBL (GAAP) 494 
Adjustments to Net Income, Before Tax (104) 
Adjusted Net Income attributable to NBL, 
Before Tax 
390 
Current Tax Effect of Adjustments - 
Deferred Tax Effect of Adjustments 36 
Tax Reform Impact (270) 
Adjusted Net Income Attributable to NBL(3) 
(Non-GAAP) 
156 
Adjusted EBITDAX 4Q ($MM) 
Adjusted Net Income Attributable to NBL(3) 
(Non-GAAP) 
156 
Interest, net 83 
Current Tax Expense, Adjusted  15 
Deferred Tax Benefit, Adjusted (5) 
DD&A 499 
Exploration 41(2) 
Adjusted EBITDAX(3) (Non-GAAP) 789 
(1) Excludes NBLX  funded capital expenditures.   (2) Excludes certain expiring leases in the Gulf of Mexico.    
(3) Non-GAAP reconciliation to GAAP measure available in 4Q17 earnings release.
 6 NBL 
U.S. ONSHORE 
Executing to plan, delivering robust volume and cash flow growth 
 4Q17 Activity DJ Basin Delaware Eagle Ford Other Total 
      Oil (MBbl/d) 63 26 13 2 104 
      NGL (MBbl/d) 19 6 37 1 63 
      Gas (MMcf/d) 199 34 253 8 494 
Total Sales (MBoe/d) 115 38 92 4 249 
 Upstream Capital ($MM) 175 215 57 - 447 
 Midstream Capital(2) ($MM) 18 58 - - 76 
   Avg. Operated Rigs 2 5 1 - 8 
   Wells Drilled(3) 24 20 8 - 52 
      Avg. Lateral Length (ft) 10,900 9,300 6,000 - 9,500 
   Wells Completed(3) 20 14 5 - 39 
   Wells Brought Online(3) 22 21 10 - 53 
      Avg. Lateral Length (ft) 9,600 7,200 7,100 - 8,200 
DJ Basin 
Delaware 
Basin 
Eagle  
Ford 
4Q17 Key Highlights 
• Operating Cash Flow per BOE up ~40% from 
3Q17 and ~80% from Full-year 2016  
 
• U.S. Onshore Oil Record of 104 MBbl/d 
 Delivered > 40% oil growth from 1Q17 to 
4Q17(1) 
 
• Grew Texas Volumes to a Record 130 
MBoe/d 
 Robust Eagle Ford ramp with volumes up 
21% from 3Q17 
 4Q17 Texas volumes reduced by ~7 
MBoe/d due to weather and third-party 
facility impacts 
 
• Sales Volumes in Wells Ranch and East Pony 
in DJ Basin Grew to 85 MBoe/d; Total Basin 
Record High Oil Mix of 55% 
 
• Executed Non-core Divestitures in 4Q17, 
Strengthening the Balance Sheet 
 Closed minerals and royalty sale for  
$340 MM and DJ Basin sale of 30,200 
net acres for $568 MM 
 Announced sale of 50% interest in CNXM 
general partner for $305 MM 
(1)  Adjusted for divestments.  (2) Excludes NBLX funded capital expenditures.  (3) Represents NBL operated activity.
 7 NBL 
0
 5
 10
 15
 20
 25
 0
 5
 10
 15
 20
 25
 30
 35
 40
 1Q17 2Q17 3Q17 4Q17
 Volume Wells Online Per Qtr.
 DELAWARE BASIN 
Focused on full development mode 
Delaware Basin Activity 3Q17 4Q17 
Total Sales Volume (MBoe/d) 27 38 
Upstream Capital ($MM) 214 215 
Avg. Operated Rigs 5 5 
Wells Drilled(1) 17 20 
Avg. Lateral Length (ft) 8,300 9,300 
Wells Completed(1) 14 14 
Wells Brought Online(1) 14 21 
Avg. Lateral Length (ft) 7,300 7,200 
Cash Flow and Volume Growth 
• Exited 4Q17 with record production > 45 MBoe/d 
• 4Q17 sales volumes up > 40% from 3Q17  
• Strong operating cash flow growth 
• Calamity Jane 7-well pad online with strong early 
performance 
 
Progressing Midstream Build-out Supports 
Upstream Growth 
TX 
Executing to Plan 
Four-fold increase from 4Q16  
MBoe/d 
2017 Wells 
Online 
(1) Represents NBL operated activity. 
0
 25
 50
 75
 100
 1 2 3 4
 Central Gathering Facility (CGF) 
 Gross Oil Capacity 
NBL owns 60% of 
Delaware 
Midstream 
Infrastructure 
MBbl/d 
3Q17 4Q17 Mid-2018E 
15 
30 
90
 8 NBL 
TX DELAWARE BASIN 
Results demonstrate confidence in development plan 
Highlights 
• Current Development Plan Supported by Strong 
2017 Results   
 Calamity Jane 7-well pad outperforming 
expectations 
 Early data showing no evidence of 
communication between wells 
 Micro seismic indicating highly 
effective containment within 3rd 
Bone Spring and Wolfcamp A 
 Extended production history on Monroe 
and Trigger spacing tests confirm current 
development plan 
 Longer laterals continue to exhibit 
flatter declines  
 
• Cole Younger Wolfcamp B Achieving Equivalent 
Rate to Wolfcamp A Upper  
 3,800 foot lateral, online late 3Q17 
 90 day cumulative production of 119 MBoe 
 
• Laura Wilder Wells Exhibiting Top Tier Results 
 
Reeves 
Jesse James CGF 
 2nd CGF online 4Q17 
Trigger 3 Well Pad 
 2 Wolfcamp A Upper, 90-
 day avg. IP ~2,100 Boe/d 
 1 Wolfcamp A Lower, 90-
 day avg. IP ~1,600 Boe/d 
 Online late 3Q17, 7,900 
avg. lateral length, 72% oil 
Laura Wilder 2 Well Pad 
 Wolfcamp A Upper, 30-day 
IP ~3,400 Boe/d 
 Wolfcamp A Lower, 30-day 
IP ~2,300 Boe/d 
 Online 4Q17, 8,400’ avg. 
lateral length, 67% oil 
Calamity Jane 7 Well Pad 
 2 3rd Bone Springs, 30-day 
avg. IP ~2,600 Boe/d 
 3 Wolfcamp A Upper, 30-
 day avg. IP ~2,000 Boe/d 
 2 Wolfcamp A Lower, 30-
 day avg. IP ~1,000 Boe/d 
 Online late 4Q17, 7,000’ 
avg. lateral length, 70% oil 
 
Wolfcamp A  
Upper 
Wolfcamp A  
Lower 
Lower 3rd  
Bone Spring Calamity Jane 
Multi-zone 
Spacing 
Development 880’ 
880’ 
1,320’ 
} 
} 
130’ 
100’
 9 NBL 
DJ BASIN 
Focus areas driving sustained higher oil mix 
 
DJ Basin Activity 3Q17 4Q17 
Total Sales Volume (MBoe/d) 112 115 
Upstream Capital ($MM) 206 175 
Avg. Operated Rigs 2 2 
Wells Drilled(1) 32 24 
Avg. Lateral Length (ft) 8,200 10,900 
Wells Completed(1) 17 20 
Wells Brought Online(1) 32 22 
Avg. Lateral Length (ft) 9,200 9,600 
CO 
0
 15
 30
 45
 60
 75
 90
 4Q16 1Q17 2Q17 3Q17 4Q17
 Wells Ranch and East Pony 
More than 35% growth over last year 
Continued Strong Productivity 
• Driven by high-margin new well performance and 
low GOR development  
• 4Q17 oil volumes up 14% from 1Q17 
• Combined Wells Ranch and East Pony volumes up 
12% from 3Q17 to 85 MBoe/d 
 
Activity in Mustang Executing to Plan 
• Exited the year with > 30 wells drilled  
• First wells to sales by mid-year 2018 
• Timing Mustang wells in coordination with 
infrastructure build-out 
 
(1) Represents NBL operated activity.   
MBoe/d 
50% 
52% 
53% 
54% 
55% 
46%
 48%
 50%
 52%
 54%
 56%
 4Q16 1Q17 2Q17 3Q17 4Q17
 Growing DJ Basin Oil Mix
 10 NBL 
NOBLE MIDSTREAM (NBLX) 
Top-tier distribution growth with strong coverage and low leverage 
• Full Quarter Contribution from Billy Miner I CGF 
 2nd NBLX operated CGF online early 
December 
 
• 4Q17 Average Throughput on Advantage Crude Oil 
System of 60 MBbl/d; January 2018 Nominations 
of 90 MBbl/d 
 Jesse James CGF connection to Advantage 
Pipeline commenced operation in 4Q17 
 
• Significant 2018 Volume Throughput Growth 
Anticipated from NBL Development  
 Construction of 3 additional CGFs expanding 
crude oil capacity to 90 MBbl/d by mid-2018 
 
• Wells Ranch and East Pony Oil and Gas Gathering 
Volumes Grew Throughout 2017 
 
• Gathering and Fresh Water Delivery Systems Online 
for Third-party Customers 
 
• Construction Underway on Mustang IDP Gathering 
Infrastructure, Online by Mid-2018 
 Fresh water system operational late 4Q17 
 
• Formed Black Diamond JV to Acquire Saddle Butte 
Rockies Midstream in 4Q17 
 
• NBL and Third-party Well Connections Drive Further 
Gathering Growth in 2018 
DJ Basin Highlights Delaware Basin Highlights 
29% 
increase in 4Q17 oil and 
 gas gathering volume  
compared to 3Q17 
81% 
produced water gathering 
growth in 4Q17 
compared to 3Q17 
20% 
targeted  
annual distribution  
growth   
 
2.4x 
distribution coverage 
with a strong 
 balance sheet
 11 NBL 
EAGLE FORD SHALE 
Solid execution delivering cash flow ramp 
TX 
Eagle Ford Activity 3Q17 4Q17 
Total Sales Volume (MBoe/d) 76 92 
Upstream Capital ($MM) 73 57 
Avg. Operated Rigs - 1 
Wells Drilled(1) - 8 
Avg. Lateral Length (ft) - 6,000 
Wells Completed(1) 11 5 
Wells Brought Online(1) 12 10 
Avg. Lateral Length (ft) 6,100 7,100 
Delivered Substantial  
Production Ramp  
0
 5
 10
 15
 20
 25
 0
 20
 40
 60
 80
 100
 1Q17 2Q17 3Q17 4Q17
 Volume Wells Online Per Qtr.
 MBoe/d Wells Online 
Highly-prolific South Gates Ranch 
Development 
• Record quarterly sales volumes of 92 MBoe/d  
• 10 wells online in 4Q17 driving significant 
volume ramp 
• Volumes more than doubled from 4Q16  
 
North Gates Ranch Co-development 
Results 
• Continue to co-develop Upper and Lower Eagle 
Ford wells 
• Lower Eagle Ford performance consistent with 
expectations 
• Upper Eagle Ford wells significantly 
outperforming historical completions 
 
Added 2 Rigs Late in 2017 
• New wells online 2Q 2018 
• Focusing on co-development in North Gates 
Ranch 
 
(1) Represents NBL operated activity.
 12 NBL 
EASTERN MEDITERRANEAN 
Strong natural gas demand in Israel with a stable long-term cash flow profile 
 Israel 3Q17 4Q17 
 Net Gas Sales (MMcfe/d) 285 262 
 Gross Gas Sales (MMcfe/d) 997 911 
Organic Capital ($MM) 126 112 
4Q17 Key Highlights 
• Gross Sales Volumes of 911 MMcfe/d; Net 262 
MMcfe/d 
 Completed maintenance at Tamar ahead of 
schedule 
 Strong price realizations of $5.31/Mcf  
 
• Leviathan Development Progressing 
 ~40% complete with zero recordable incidents 
 Construction of the platform is underway 
 Commenced preparations to mobilize drilling rig 
 Project remains on schedule and on budget 
 
• Announced 7.5% Tamar Divestiture for Total 
Consideration of ~$800 MM in January 2018  
 Closing expected by the end of 1Q18 
(1) Represents working interest as of December 31, 2017. 
Construction of Leviathan Platform 
Tamar 
 32.5% WI(1) 
Tamar SW 
 32.5% WI(1) Tel Aviv 
Ashdod 
Israel 
Egypt 
Aphrodite 
 35% WI 
Leviathan 
39.7% WI 
Dor 
Discovery 
Existing Pipeline 
Planned Pipeline 
Field Development 
NBL Interests 
Producing
 13 NBL 
50
 75
 100
 1Q17 2Q17 3Q17 4Q17
 2017 Quarterly Sales Volumes 
OTHER GLOBAL OFFSHORE 
Continued exceptional operational and safety performance 
Key Highlights 
• High-margin, Premium-priced Oil Production 
  Represented ~25% of total company oil volumes 
 
• Aseng Field Reached Cumulative Oil Production 
Milestone of 90 MMBbls 
 
• Continued Exceptional Safety Performance 
 3+ years without lost-time incident in West Africa 
 One million man hours without a recordable 
incident in Gulf of Mexico 
 Gulf of Mexico Equatorial Guinea 
3Q17 4Q17 3Q17 4Q17 
      Oil (MBbl/d) 21 18 13 17 
           Equity Method - - 2 2 
      NGL (MBbl/d) 1 2 - - 
           Equity Method - - 7 6 
      Gas (MMcf/d) 20 22 246 236 
      Total Sales (MBoe/d) 25 23 63 64 
   Organic Capital ($MM) 3 - - 3 
Note: Produced volumes differ from sales in Equatorial Guinea due to the timing of liftings. 
Alen Platform, West Africa 
MBoe/d
 14 NBL 
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. 
  
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 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.