|        |
|--------|
|        |  |  |  |
|        |    |   | NEWS RELEASE |
|   |   |   |
|   |   |   |   |

|         |                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------|
| • | Organic capital expenditures funded by Noble Energy of $406 million were below the low end of guidance. |
|         |                                                                |
|---------|----------------------------------------------------------------|
| • | Sales volumes of 373 MBoe/d were near the top end of guidance. |
|         |                                                                                                |
|---------|------------------------------------------------------------------------------------------------|
| ◦ | Produced 285 MBoe/d from the U.S. onshore, led by record quarterly production in the DJ Basin. |
|         |                                                                                   |
|---------|-----------------------------------------------------------------------------------|
| ◦ | Sold over 1 Bcfe/d of natural gas, gross, from the Company’s Israel fields. |
|         |                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------|
| • | Commenced production from the Leviathan field ahead of schedule and more than $200 million under budget. |
|         |                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------|
| • | Started production from the Aseng 6P oil well in Equatorial Guinea, which has ramped up to more than 15 MBbl/d, gross. |
|         |                                                                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Proved reserves increased 6% to 2.05 BBoe, with significant additions in the DJ Basin and Israel. Reserves replacement totaled 233% (excluding price revisions). |
|         |                                                                                                                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Completed a simplification of the General Partner of Noble Midstream Partners LP and an asset sale at a total valuation of $1.6 billion, including $670 million of cash proceeds to Noble Energy. |

----

|         |                                                                                       |
|---------|---------------------------------------------------------------------------------------|
| • | Finished the year with record-low Total Recordable Incident Rate in the U.S. onshore. |
|         |                                                                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Enhanced ESG disclosures with publication of the Company’s eighth annual Sustainability Report and first Climate Resilience Report (using the TCFD Framework). |
|         |                                                                                 |
|---------|---------------------------------------------------------------------------------|
| • | Increased return of capital to shareholders with a nine percent dividend raise. |
|         |                                                                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Organic capital expenditures totaled $2.26 billion, down nearly $240 million from initial guidance as a result of well cost reductions in the U.S. onshore and Leviathan project execution. |
|         |                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------|
| • | Reduced cash costs (production expense, marketing costs, and G&A) approximately $120 million from original guidance. |
|         |                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------|
| • | Delivered sales volumes of 361 MBoe/d, up nearly two percent from the midpoint of original guidance. |
|         |                                                                                    |
|---------|------------------------------------------------------------------------------------|
| ◦ | Grew U.S. onshore total volumes and oil production 10 percent as compared to 2018. |
|         |                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------|
| • | Increased firm gas sales agreements into Egypt from 1.15 Tcf to 3 Tcf of natural gas, gross, from the Company’s operated Israel fields. |
|         |                                                            |
|---------|------------------------------------------------------------|
| • | Completed the acquisition of interest in the EMG Pipeline. |
|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | Sanctioned the Alen Gas Monetization project in Equatorial Guinea. |
|         |                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------|
| • | Farmed into a significant exploration opportunity, offshore Colombia, with drilling planned in 2020. |

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----

----

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----

|                                                                                       |
|---------------------------------------------------------------------------------------|
|                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                  | Three Months Ended December 31, |   | Twelve Months Ended December 31, |
|                                                                                  | 2019 |   | 2018 |   | 2019 |   | 2018 |
| Revenues                                                                              |   |   |   |   |   |   |   |
| Oil, NGL and Gas Sales                                                                | $ | 1,010 |  |   | $ | 1,052 |  |   | $ | 3,904 |  |   | $ | 4,461 |  |
| Sales of Purchased Oil and Gas                                                        | 125 |  |   | 84 |  |   | 389 |  |   | 275 |  |
| Income from Equity Method Investments and Other                                       | 8 |  |   | 32 |  |   | 51 |  |   | 172 |  |
| Midstream Services Revenue - Third Party                                              | 31 |  |   | 29 |  |   | 94 |  |   | 78 |  |
| Total Revenues                                                                        | 1,174 |  |   | 1,197 |  |   | 4,438 |  |   | 4,986 |  |
| Operating Expenses                                                                    |   |   |   |   |   |   |   |
| Lease Operating Expense                                                               | 127 |  |   | 165 |  |   | 532 |  |   | 576 |  |
| Production and Ad Valorem Taxes                                                       | 33 |  |   | 39 |  |   | 175 |  |   | 190 |  |
| Gathering, Transportation and Processing Expense                                      | 111 |  |   | 101 |  |   | 417 |  |   | 393 |  |
| Other Royalty Expense                                                                 | 4 |  |   | 6 |  |   | 13 |  |   | 38 |  |
| Exploration Expense                                                                   | 120 |  |   | 40 |  |   | 202 |  |   | 129 |  |
| Depreciation, Depletion and Amortization                                              | 578 |  |   | 516 |  |   | 2,197 |  |   | 1,934 |  |
| General and Administrative                                                            | 118 |  |   | 69 |  |   | 416 |  |   | 385 |  |
| Cost of Purchased Oil and Gas                                                         | 135 |  |   | 92 |  |   | 431 |  |   | 296 |  |
| Loss (Gain) on Divestitures, Net                                                      | — |  |   | 16 |  |   | — |  |   | (843 | ) |
| Asset Impairments                                                                     | 1,160 |  |   | 38 |  |   | 1,160 |  |   | 206 |  |
| Goodwill Impairment                                                                   | — |  |   | 1,281 |  |   | — |  |   | 1,281 |  |
| Marketing Expense                                                                     | 8 |  |   | 19 |  |   | 34 |  |   | 40 |  |
| Firm Transportation Exit Cost                                                         | (4 | ) |   | — |  |   | 88 |  |   | — |  |
| Other Operating Expense, Net                                                          | 35 |  |   | 13 |  |   | 92 |  |   | 10 |  |
| Total Operating Expenses                                                              | 2,425 |  |   | 2,395 |  |   | 5,757 |  |   | 4,635 |  |
| Operating (Loss) Income                                                               | (1,251 | ) |   | (1,198 | ) |   | (1,319 | ) |   | 351 |  |
| Other Expense (Income)                                                                |   |   |   |   |   |   |   |
| Loss (Gain) on Commodity Derivative Instruments                                       | 120 |  |   | (546 | ) |   | 143 |  |   | (63 | ) |
| Loss on Extinguishment of Debt or Facility                                            | 44 |  |   | 11 |  |   | 44 |  |   | 8 |  |
| Interest, Net of Amount Capitalized                                                   | 64 |  |   | 66 |  |   | 260 |  |   | 282 |  |
| Other Non-Operating Expense (Income), Net                                             | 3 |  |   | (9 | ) |   | 10 |  |   | (16 | ) |
| Total Other Expense (Income)                                                          | 231 |  |   | (478 | ) |   | 457 |  |   | 211 |  |
| (Loss) Income Before Income Taxes                                                     | (1,482 | ) |   | (720 | ) |   | (1,776 | ) |   | 140 |  |
| Income Tax (Benefit) Expense                                                          | (294 | ) |   | 82 |  |   | (343 | ) |   | 126 |  |
| Net (Loss) Income and Comprehensive (Loss) Income Including Noncontrolling Interests  | (1,188 | ) |   | (802 | ) |   | (1,433 | ) |   | 14 |  |
| Less: Net Income and Comprehensive Income Attributable to Noncontrolling Interests(1) | 18 |  |   | 22 |  |   | 79 |  |   | 80 |  |
| Net Loss and Comprehensive Loss Attributable to Noble Energy                          | $ | (1,206 | ) |   | $ | (824 | ) |   | $ | (1,512 | ) |   | $ | (66 | ) |
|                                                                                  |   |   |   |   |   |   |   |
| Net Loss Attributable to Noble Energy Per Common Share                                |
| Basic and Diluted                                                                     | $ | (2.52 | ) |   | $ | (1.72 | ) |   | $ | (3.16 | ) |   | $ | (0.14 | ) |
|                                                                                  |   |   |   |   |   |   |   |
| Weighted Average Number of Shares Outstanding                                         |   |   |   |   |   |   |   |
| Basic and Diluted                                                                     | 478 |  |  | 479 |  |  | 478 |  |  | 483 |  |

----

|           |                                                                                                                                                                                                                                                                                           |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | The Company consolidates Noble Midstream Partners LP (NBLX), a publicly traded subsidiary of Noble Energy, as a variable interest entity for financial reporting purposes. The public's ownership interest in NBLX is reflected as a noncontrolling interest in the financial statements. |

----

|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                    | Three Months Ended December 31, |   | Twelve Months Ended December 31, |
|                                                                                    | 2019 |   | 2018 |   | 2019 |   | 2018 |
| Cash Flows From Operating Activities                                                    |   |   |   |   |   |   |   |
| Net (Loss) Income Including Noncontrolling Interests(1)                                 | $ | (1,188 | ) |   | $ | (802 | ) |   | $ | (1,433 | ) |   | $ | 14 |  |
| Adjustments to Reconcile Net (Loss) Income to Net Cash Provided by Operating Activities |   |   |   |   |   |   |   |
| Depreciation, Depletion and Amortization                                                | 578 |  |   | 516 |  |   | 2,197 |  |   | 1,934 |  |
| Loss (Gain) on Divestitures, Net                                                        | — |  |   | 16 |  |   | — |  |   | (843 | ) |
| Asset Impairments                                                                       | 1,160 |  |   | 38 |  |   | 1,160 |  |   | 206 |  |
| Goodwill Impairment                                                                     | — |  |   | 1,281 |  |   | — |  |   | 1,281 |  |
| Deferred Income Tax (Benefit) Expense                                                   | (324 | ) |   | 80 |  |   | (434 | ) |   | (70 | ) |
| Loss (Gain) on Commodity Derivative Instruments                                         | 120 |  |   | (546 | ) |   | 143 |  |   | (63 | ) |
| Firm Transportation Exit Cost                                                           | (4 | ) |   | — |  |   | 88 |  |   | — |  |
| Noncash Exploration Expense                                                             | 100 |  |   | 1 |  |   | 100 |  |   | 2 |  |
| Net Cash Received (Paid) in Settlement of Commodity Derivative Instruments              | 4 |  |   | (1 | ) |   | 32 |  |   | (161 | ) |
| Other Adjustments for Noncash Items Included in (Loss) Income                           | 95 |  |   | 39 |  |   | 210 |  |   | 83 |  |
| Net Changes in Working Capital                                                          | (72 | ) |   | (62 | ) |   | (65 | ) |   | (47 | ) |
| Net Cash Provided by Operating Activities                                               | 469 |  |   | 560 |  |   | 1,998 |  |   | 2,336 |  |
| Cash Flows From Investing Activities                                                    |   |   |   |   |   |   |   |
| Additions to Property, Plant and Equipment                                              | (526 | ) |   | (690 | ) |   | (2,524 | ) |   | (3,279 | ) |
| Additions to Equity Method Investments(2)                                               | (113 | ) |   | — |  |   | (799 | ) |   | — |  |
| Acquisitions, Net of Cash Received(3)                                                   | — |  |   | — |  |   | — |  |   | (653 | ) |
| Net Proceeds from Divestitures(4)                                                       | 42 |  |   | 259 |  |   | 173 |  |   | 1,999 |  |
| Other                                                                                   | (13 | ) |   | 2 |  |   | 12 |  |   | 2 |  |
| Net Cash Used in Investing Activities                                                   | (610 | ) |   | (429 | ) |   | (3,138 | ) |   | (1,931 | ) |
| Cash Flows From Financing Activities                                                    |   |   |   |   |   |   |   |
| Revolving Credit Facility, Net                                                          | — |  |   | — |  |   | — |  |   | (230 | ) |
| Noble Midstream Services Revolving Credit Facility, Net                                 | 545 |  |   | 10 |  |   | 535 |  |   | (25 | ) |
| Proceeds from Noble Midstream Services Term Loan Credit Facilities                      | — |  |   | — |  |   | 400 |  |   | 500 |  |
| Senior Notes, Net                                                                       | (44 | ) |   | — |  |   | (53 | ) |   | (384 | ) |
| Dividends Paid, Common Stock                                                            | (59 | ) |   | (52 | ) |   | (227 | ) |   | (208 | ) |
| Purchase and Retirement of Common Stock                                                 | — |  |   | (72 | ) |   | — |  |   | (295 | ) |
| Proceeds from Issuance of Mezzanine Equity, Net of Offering Costs(5)                    | — |  |   | — |  |   | 97 |  |   | — |  |
| Issuance of Noble Midstream Partners Common Units, Net of Offering Costs(6)             | 243 |  |   | — |  |   | 243 |  |   | — |  |
| Commercial Paper Borrowings, Net                                                        | (511 | ) |   | — |  |   | — |  |   | — |  |
| Contributions from Noncontrolling Interest Owners                                       | 10 |  |   | 5 |  |   | 37 |  |   | 353 |  |
| Other                                                                                   | (32 | ) |   | (24 | ) |   | (127 | ) |   | (110 | ) |
| Net Cash Provided by (Used in) Financing Activities                                     | 152 |  |   | (133 | ) |   | 905 |  |   | (399 | ) |
| Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash                       | 11 |  |   | (2 | ) |   | (235 | ) |   | 6 |  |
| Cash, Cash Equivalents and Restricted Cash at Beginning of Period(7)                    | 473 |  |   | 721 |  |   | 719 |  |   | 713 |  |
| Cash, Cash Equivalents and Restricted Cash at End of Period(8)                          | $ | 484 |  |   | $ | 719 |  |   | $ | 484 |  |   | $ | 719 |  |

----

|           |                                                                                                                                                                                                                                                                                      |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | The Company consolidates Noble Midstream Partners LP (NBLX), a publicly traded subsidiary of Noble Energy, as a variable interest entity for financial reporting purposes. For the periods presented, net loss includes net income attributable to noncontrolling interests in NBLX. |
|           |                                                                                                                                                                                       |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | Additions relate primarily to investments in Eastern Mediterranean Pipeline B.V. by Noble Energy and in EPIC Y-Grade, LP, EPIC Crude Holdings, LP, and Delaware Crossing LLC by NBLX. |
|           |                                                                                   |
|-----------|-----------------------------------------------------------------------------------|
| (3)  | Amount relates to the acquisition of Saddle Butte Rockies Midstream, LLC by NBLX. |
|           |                                                                                                                                                                                                                                                                                                                                                                                          |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4)  | For the year ended December 31, 2019, proceeds relate to the divestiture of SW Reeves County, Texas assets. For the year ended December 31, 2018, proceeds include $484 million from the sale of our 7.5% interest in Tamar field, $696 million from the sale of CONE Gathering LLC and CNX Midstream Partners common units and $384 million from the sale of our Gulf of Mexico assets. |
|           |                                                                                                                                                                                                                                                                                                           |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5)  | Proceeds relate to the issuance of preferred equity by NBLX. As the preferred equity is redeemable, it is presented within the mezzanine section of our consolidated balance sheet. In addition, as the preferred equity is held by a third party, it is considered a redeemable noncontrolling interest. |
|           |                                                             |
|-----------|-------------------------------------------------------------|
| (6)  | Amounts relate Noble Energy's midstream asset sale to NBLX. |
|           |                                                                                                                                                    |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------|
| (7)  | As of the beginning of the periods presented, amounts include $0 million, $1 million, $3 million and $38 million of restricted cash, respectively. |
|           |                                                                                                                            |
|-----------|----------------------------------------------------------------------------------------------------------------------------|
| (8)  | As of December 31, 2019 and December 31, 2018, amounts include $0 million and $3 million of restricted cash, respectively. |

----

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |
|                                                         | December 31, 2019 |   | December 31, 2018 |
| Assets                                                       |   |   |   |
| Current Assets                                               |   |   |   |
| Cash and Cash Equivalents                                    | $ | 484 |  |   | $ | 716 |  |
| Accounts Receivable, Net                                     | 730 |  |   | 616 |  |
| Other Current Assets                                         | 148 |  |   | 418 |  |
| Total Current Assets                                         | 1,362 |  |   | 1,750 |  |
| Property, Plant and Equipment, Net                           | 17,451 |  |   | 18,419 |  |
| Other Noncurrent Assets                                      | 1,834 |  |   | 841 |  |
| Total Assets                                                 | $ | 20,647 |  |   | $ | 21,010 |  |
| Liabilities, Mezzanine Equity and Shareholders' Equity       |   |   |   |
| Current Liabilities                                          |   |   |   |
| Accounts Payable - Trade                                     | $ | 1,250 |  |   | $ | 1,207 |  |
| Other Current Liabilities                                    | 719 |  |   | 519 |  |
| Total Current Liabilities                                    | 1,969 |  |   | 1,726 |  |
| Long-Term Debt                                               | 7,477 |  |   | 6,574 |  |
| Deferred Income Taxes                                        | 662 |  |   | 1,061 |  |
| Other Noncurrent Liabilities                                 | 1,378 |  |   | 1,165 |  |
| Total Liabilities                                            | 11,486 |  |   | 10,526 |  |
| Total Mezzanine Equity (1)                                   | 106 |  |   | — |  |
| Total Shareholders' Equity                                   | 8,410 |  |   | 9,426 |  |
| Noncontrolling Interests (2)                                 | 645 |  |   | 1,058 |  |
| Total Equity                                                 | 9,055 |  |   | 10,484 |  |
| Total Liabilities, Mezzanine Equity and Shareholders' Equity | $ | 20,647 |  |   | $ | 21,010 |  |

|           |                                                                                                                                                                                                                                                                                                                              |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Amount relates to preferred equity issued by Noble Midstream Partners LP (NBLX).As the preferred equity is redeemable, it is presented within the mezzanine section of our consolidated balance sheet. In addition, as the preferred equity is held by a third party, it is considered a redeemable noncontrolling interest. |
|           |                                                                                                                                                                                                                                                             |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | The Company consolidates NBLX, a publicly traded subsidiary of Noble Energy, as a variable interest entity for financial reporting purposes. The public's ownership interest in NBLX is reflected as a noncontrolling interest in the financial statements. |

----

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                         | Three Months Ended December 31, |   | Twelve Months Ended December 31, |
| Sales Volumes                                | 2019 |   | 2018 |   | 2019 |   | 2018 |
| Crude Oil and Condensate (MBbl/d)            |   |   |   |   |   |   |   |
| United States Onshore                        | 123 |  |   | 118 |  |   | 120 |  |   | 109 |  |
| United States Gulf of Mexico                 | — |  |   | — |  |   | — |  |   | 5 |  |
| Equatorial Guinea                            | 15 |  |   | 18 |  |   | 13 |  |   | 16 |  |
| Equity Method Investment - Equatorial Guinea | 1 |  |   | 2 |  |   | 2 |  |   | 2 |  |
| Total                                        | 139 |  |   | 138 |  |   | 135 |  |   | 132 |  |
| Natural Gas Liquids (MBbl/d)                 |   |   |   |   |   |   |   |
| United States Onshore                        | 72 |  |   | 60 |  |   | 68 |  |   | 62 |  |
| United States Gulf of Mexico                 | — |  |   | — |  |   | — |  |   | — |  |
| Equity Method Investment - Equatorial Guinea | 5 |  |   | 7 |  |   | 4 |  |   | 5 |  |
| Total                                        | 77 |  |   | 67 |  |   | 72 |  |   | 67 |  |
| Natural Gas (MMcf/d)                         |   |   |   |   |   |   |   |
| United States Onshore                        | 542 |  |   | 451 |  |   | 516 |  |   | 466 |  |
| United States Gulf of Mexico                 | — |  |   | — |  |   | — |  |   | 6 |  |
| Israel                                       | 218 |  |   | 222 |  |   | 223 |  |   | 237 |  |
| Equatorial Guinea                            | 184 |  |   | 203 |  |   | 186 |  |   | 213 |  |
| Total                                        | 944 |  |   | 876 |  |   | 925 |  |   | 922 |  |
| Total Sales Volumes (MBoe/d)                 |   |   |   |   |   |   |   |
| United States Onshore                        | 285 |  |   | 253 |  |   | 274 |  |   | 248 |  |
| United States Gulf of Mexico                 | — |  |   | — |  |   | — |  |   | 7 |  |
| Israel                                       | 37 |  |   | 37 |  |   | 37 |  |   | 40 |  |
| Equatorial Guinea                            | 45 |  |   | 51 |  |   | 44 |  |   | 51 |  |
| Equity Method Investment - Equatorial Guinea | 6 |  |   | 9 |  |   | 6 |  |   | 7 |  |
| Total Sales Volumes (MBoe/d)                 | 373 |  |   | 350 |  |   | 361 |  |   | 353 |  |
|                                         |   |   |   |   |   |   |   |
| Total Sales Volumes (MBoe)                   | 34,312 |  |   | 32,219 |  |   | 131,801 |  |   | 128,714 |  |
|                                         |   |   |   |   |   |   |   |
| Price Statistics - Realized Prices(1)        |  |   |   |   |   |   |   |
| Crude Oil and Condensate ($/Bbl)             |   |   |   |   |   |   |   |
| United States Onshore                        | $ | 55.90 |  |  | $ | 52.98 |  |   | $ | 55.68 |  |   | $ | 60.93 |  |
| United States Gulf of Mexico                 | — |  |   | — |  |   | — |  |   | 64.84 |  |
| Equatorial Guinea                            | 59.18 |  |   | 61.23 |  |   | 61.03 |  |   | 68.53 |  |
| Natural Gas Liquids ($/Bbl)                  |   |   |   |   |   |   |   |
| United States Onshore                        | $ | 14.61 |  |   | $ | 24.84 |  |   | $ | 14.32 |  |   | $ | 25.86 |  |
| United States Gulf of Mexico                 | — |  |   | — |  |   | — |  |   | 30.00 |  |
| Natural Gas ($/Mcf)                          |   |   |   |   |   |   |   |
| United States Onshore                        | $ | 1.72 |  |   | $ | 2.87 |  |   | $ | 1.83 |  |   | $ | 2.51 |  |
| United States Gulf of Mexico                 | — |  |   | — |  |   | — |  |   | 3.48 |  |
| Israel                                       | 5.55 |  |   | 5.44 |  |   | 5.55 |  |   | 5.47 |  |
| Equatorial Guinea                            | 0.27 |  |   | 0.27 |  |   | 0.27 |  |   | 0.27 |  |

|           |                                                                                                                                                                                                                                                                    |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Average realized prices do not include gains or losses on commodity derivative instruments. For fourth quarter 2019 and 2018, including the impact of hedges settled in the period, the Company's U.S. onshore oil price was $56.34 and $54.09 per Bbl, Equatorial |

----

----

|                                                                                       |
|---------------------------------------------------------------------------------------|
|                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                  | Three Months Ended December 31, |   | Twelve Months Ended December 31, |
|                                                                                  | 2019 |   | 2018 |   | 2019 |   | 2018 |
| Net Loss Attributable to Noble Energy (GAAP)                                          | $ | (1,206 | ) |   | $ | (824 | ) |   | $ | (1,512 | ) |   | $ | (66 | ) |
| Adjustments to Net Loss                                                               |   |   |   |   |   |   |   |
| Firm Transportation Exit Costs                                                        | (4 | ) |   | — |  |   | 88 |  |   | — |  |
| Loss (Gain) on Divestitures, Net                                                      | — |  |   | 16 |  |   | — |  |   | (843 | ) |
| Asset Impairments                                                                     | 1,160 |  |   | 38 |  |   | 1,160 |  |   | 206 |  |
| Goodwill Impairment                                                                   | — |  |   | 1,281 |  |   | — |  |   | 1,281 |  |
| Loss (Gain) on Commodity Derivative Instruments, Net of Cash Settlements              | 124 |  |   | (547 | ) |   | 175 |  |   | (224 | ) |
| Exploration Write-off(1)                                                              | 100 |  |   | — |  |   | 100 |  |   | — |  |
| Legal Settlement                                                                      | 22 |  |   | 5 |  |   | 31 |  |   | 5 |  |
| Loss on Extinguishment of Debt or Facility                                            | 44 |  |   | 11 |  |   | 44 |  |   | 8 |  |
| Other Adjustments(2)                                                                  | 14 |  |   | 27 |  |   | 51 |  |   | 76 |  |
| Total Adjustments Before Tax                                                          | 1,460 |  |   | 831 |  |   | 1,649 |  |   | 509 |  |
| Current Income Tax Effect of Adjustments(3)                                           | (3 | ) |   | (29 | ) |   | (3 | ) |   | 64 |  |
| Deferred Income Tax Effect of Adjustments(3)                                          | (277 | ) |   | 73 |  |   | (300 | ) |   | 71 |  |
| Tax Reform Impact(4)                                                                  | — |  |   | 5 |  |   | — |  |   | (140 | ) |
| Adjusted Net (Loss) Income Attributable to Noble Energy (Non-GAAP)                    | $ | (26 | ) |   | $ | 56 |  |   | $ | (166 | ) |   | $ | 438 |  |
|                                                                                  |   |   |   |   |   |   |   |
| Net Loss Attributable to Noble Energy Per Share, Basic and Diluted (GAAP)             | $ | (2.52 | ) |   | $ | (1.72 | ) |   | $ | (3.16 | ) |   | $ | (0.14 | ) |
| Firm Transportation Exit Costs                                                        | (0.01 | ) |   | — |  |   | 0.18 |  |   | — |  |
| Loss (Gain) on Divestitures, Net                                                      | — |  |   | 0.04 |  |   | — |  |   | (1.74 | ) |
| Asset Impairments                                                                     | 2.43 |  |   | 0.08 |  |   | 2.43 |  |   | 0.42 |  |
| Goodwill Impairment                                                                   | — |  |   | 2.66 |  |   | — |  |   | 2.64 |  |
| Loss (Gain) on Commodity Derivative Instruments, Net of Cash Settlements              | 0.26 |  |   | (1.14 | ) |   | 0.37 |  |   | (0.46 | ) |
| Exploration Write-off(1)                                                              | 0.21 |  |   | — |  |   | 0.21 |  |   | — |  |
| Legal Settlement                                                                      | 0.05 |  |   | 0.01 |  |   | 0.06 |  |   | 0.01 |  |
| Loss on Extinguishment of Debt or Facility                                            | 0.09 |  |   | 0.02 |  |   | 0.09 |  |   | 0.02 |  |
| Other Adjustments(2)                                                                  | 0.03 |  |   | 0.06 |  |   | 0.11 |  |   | 0.16 |  |
| Current Income Tax Effect of Adjustments(3)                                           | (0.01 | ) |   | (0.06 | ) |   | (0.01 | ) |   | 0.13 |  |
| Deferred Income Tax Effect of Adjustments(3)                                          | (0.58 | ) |   | 0.16 |  |   | (0.63 | ) |   | 0.15 |  |
| Tax Reform Impact(4)                                                                  | — |  |   | 0.01 |  |  | — |  |   | (0.29 | ) |
| Adjusted Net (Loss) Income Attributable to Noble Energy Per Share, Diluted (Non-GAAP) | (0.05 | ) |   | 0.12 |  |   | (0.35 | ) |   | 0.90 |  |
|                                                                                  |   |   |   |   |   |   |   |
| Weighted Average Number of Shares Outstanding, Basic                                  | 478 |  |   | 479 |  |   | 478 |  |   | 483 |  |
| Weighted Average Number of Shares Outstanding, Diluted                                | 478 |  |  | 481 |  |  | 478 |  |  | 485 |  |

----

|           |                                                                                                     |
|-----------|-----------------------------------------------------------------------------------------------------|
| (1)  | Amount relates to the write-off of suspended costs associated with the Leviathan deep oil prospect. |
|           |                                                                                                                                                                                                                                                                                                                             |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | For the year ended December 31, 2019, amount includes loss on sale of a corporate aircraft and a non-cash charge associated with acceleration of retirement obligations for the Mari-B field, offshore Israel. For the year ended December 31, 2018, amount includes a loss on investment in shares of Tamar Petroleum Ltd. |
|           |                                                                                                                                                                                                     |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | Amount represents the income tax effect of adjustments, determined for each major tax jurisdiction for each adjusting item, including the impact of timing and magnitude of divestiture activities. |
|           |                                                                                                                                                                                                                                                              |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4)  | In 2018, we recorded a $145 million tax benefit as a result of the U.S. Department of the Treasury and the Internal Revenue Service intent to issue additional regulatory guidance associated with Tax Reform Legislation and the transition tax (toll tax). |

----

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                        | Three Months Ended December 31, |   | Twelve Months Ended December 31, |
|                                                        | 2019 |   | 2018 |   | 2019 |   | 2018 |
| Net (Loss) Income Including Noncontrolling Interests (GAAP) | $ | (1,188 | ) |   | $ | (802 | ) |   | $ | (1,433 | ) |   | $ | 14 |  |
| Adjustments to Net (Loss) Income, After Tax(1)              | 1,180 |  |   | 880 |  |   | 1,346 |  |   | 504 |  |
| Depreciation, Depletion, and Amortization                   | 578 |  |   | 516 |  |   | 2,197 |  |   | 1,934 |  |
| Exploration Expense(2)                                      | 20 |  |   | 40 |  |   | 102 |  |   | 129 |  |
| Interest, Net of Amount Capitalized                         | 64 |  |   | 66 |  |   | 260 |  |   | 282 |  |
| Current Income Tax Expense(3)                               | 27 |  |   | 31 |  |   | 88 |  |   | 121 |  |
| Deferred Income Tax (Benefit) Expense(3)                    | (41 | ) |   | 2 |  |   | (128 | ) |   | 10 |  |
| Adjusted EBITDAX (Non-GAAP)                                 | $ | 640 |  |   | $ | 733 |  |   | $ | 2,432 |  |   | $ | 2,994 |  |

|           |                                                                                                                                                |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | See Reconciliation of Net (Loss) Income Attributable to Noble Energy (GAAP) to Adjusted Income (Loss) Attributable to Noble Energy (Non-GAAP). |
|           |                                                                                                                |
|-----------|----------------------------------------------------------------------------------------------------------------|
| (2)  | Represents remaining Exploration Expense after reversal of Adjustments to Net Income (Loss), After Tax, above. |
|           |                                                                                                                         |
|-----------|-------------------------------------------------------------------------------------------------------------------------|
| (3)  | Represents remaining Income Tax (Benefit) Expense after reversal of Adjustments to Net Income (Loss), After Tax, above. |

|                                                                              |
|------------------------------------------------------------------------------|
|                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                         | Three Months Ended December 31, |   | Twelve Months Ended December 31, |
|                                                                         | 2019 |   | 2018 |   | 2019 |   | 2018 |
| Organic Capital Expenditures Attributable to Noble Energy (Accrual Based)(1) | $ | 406 |  |   | $ | 643 |  |   | $ | 2,263 |  |   | $ | 2,988 |  |
| Acquisition Capital Attributable to Noble Energy                             | 2 |  |   | 20 |  |   | 41 |  |   | 41 |  |
| Noble Midstream Partners Capital Expenditures(2)                             | 48 |  |   | 37 |  |   | 145 |  |   | 482 |  |
| Additions to Equity Method Investments(3)                                    | 113 |  |   | — |  |   | 799 |  |   | — |  |
| Increase in Finance Lease Obligations                                        | 3 |  |   | 5 |  |   | 7 |  |   | 14 |  |
| Total Reported Capital Expenditures (Accrual Based)                          | $ | 572 |  |   | $ | 705 |  |   | $ | 3,255 |  |   | $ | 3,525 |  |

|           |                                                                                                                                                                                                  |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Organic capital expenditures include $8 million, $24 million, $85 million and $245 million for midstream capital not funded by Noble Midstream Partners LP (NBLX) for the periods presented. |
|           |                                                                                                                                       |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | For the year ended December 31, 2018, amount includes $206 million related to the acquisition of Saddle Butte Rockies Midstream, LLC. |
|           |                                                                                                                                                                                                                                                                                             |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | For the year ended December 31, 2019, amount includes primarily Noble Energy's investment of $189 million in Eastern Mediterranean Pipeline B.V. and NBLX investments of $532 million in EPIC Y-Grade, LP and EPIC Crude Holdings, LP and $72 million in Delaware Crossing LLC. |

----

|                                                          |
|----------------------------------------------------------|
|                                                          |  |  |  |  |  |  |  |  |  |  |  |
| 2019 Costs Incurred in Oil and Gas Activities (millions) | United States |   | Int’l(1) |   | Total |
| Proved Property Acquisition Costs                        | $ | 4 |  |   | $ | — |  |   | $ | 4 |  |
| Unproved Property Acquisition Costs                      | 37 |  |   | — |  |   | 37 |  |
| Exploration Costs(2)                                     | 67 |  |   | 73 |  |   | 140 |  |
| Development Costs(3)                                     | 1,483 |  |   | 582 |  |   | 2,065 |  |
| Total Costs Incurred                                     | $ | 1,591 |  |   | $ | 655 |  |   | $ | 2,246 |  |
|                                                     |   |   |   |   |   |
| Reconciliation to Capital Spending (Accrual Basis)       |   |   |   |   |   |
| Total Costs Incurred                                     |   |   |   |   | $ | 2,246 |  |
| Exploration Overhead and Other(2)                        |   |   |   |   | (102 | ) |
| Asset Retirement Obligations                             |   |   |   |   | 9 |  |
| Total Oil and Gas Spending                               |   |   |   |   | 2,153 |  |
| Midstream Capital Spending(4)                            |   |   |   |   | 230 |  |
| Additions to Equity Method Investments(5)                |   |   |   |   | 799 |  |
| Corporate and Other Capital                              |   |   |   |   | 73 |  |
| Total Capital Spending (Accrual Basis)                   |   |   |   |   | $ | 3,255 |  |
|                                                     |   |   |   |   |   |
| Proved Reserves (MMBoe)(6)                               | United States |   | Int’l(1) |   | Total |
| Total Reserves, Beginning of Year                        | 1,002 |  |   | 927 |  |   | 1,929 |  |
| Revisions of Previous Estimates                          | (107 | ) |   | 57 |  |   | (50 | ) |
| Extensions, Discoveries and Other Additions              | 183 |  |   | 122 |  |   | 305 |  |
| Sale of Minerals in Place                                | (2 | ) |   | — |  |   | (2 | ) |
| Production                                               | (100 | ) |   | (32 | ) |   | (132 | ) |
| Total Reserves, End of Year                              | 976 |  |   | 1,074 |  |   | 2,050 |  |
| Proved Developed Reserves                                |  |   |  |   |  |
| December 31, 2018                                   | 442 |  |   | 312 |  |   | 754 |  |
| December 31, 2019                                   | 490 |  |   | 1,014 |  |   | 1,504 |  |

|           |                                                                                                                     |
|-----------|---------------------------------------------------------------------------------------------------------------------|
| (1)  | International includes Israel, Equatorial Guinea and other international locations, including foreign new ventures. |
|           |                                                                                                                           |
|-----------|---------------------------------------------------------------------------------------------------------------------------|
| (2)  | Amounts exclude $100 million related to the write-off of suspended costs associated with the Leviathan deep oil prospect. |
|           |                                                                                                                                                                                                                  |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | Includes a decrease in asset retirement obligations (ARO) of $57 million for U.S. onshore primarily related to revisions and an increase in ARO of $48 million for International primarily related to additions. |
|           |                                                                                                                                                       |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4)  | Midstream spending includes $85 million of Noble Energy funded capital and $145 million of Noble Midstream Partners LP (NBLX) funded capital. |
|           |                                                                                                                                                                                                                                                       |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5)  | Amount includes primarily Noble Energy's investment of $189 million in Eastern Mediterranean Pipeline B.V. and NBLX investments of $532 million in EPIC Y-Grade, LP and EPIC Crude Holdings, LP and $72 million in Delaware Crossing LLC. |
|           |                                                                                                                                                                                                                                                                                                                                                                     |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6)  | Netherland, Sewell & Associates, Inc. performed a reserves audit for 2019 and concluded that the Company's estimates of proved reserves were, in the aggregate, reasonable and have been prepared in accordance with Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the Society of Petroleum Engineers. |