Second Quarter Supplement August 2018
 2Q Key Highlights                                                   www.nblenergy.com       NYSE: NBL Solid operational performance and continued focus on shareholder returns                                                         Strong natural gas demand drove  Record USO oil sales volumes Completed                                                       record sales volumes 105 MBbl/d                 2 Delaware CGFs                            and increased firm takeaway for > 1 Bcf/d  led by Delaware and DJ Basins                            Permian oil                gross, from Israel  Exploration                > $440 MM                  Progressed Alen  Captured                             directed to NBL stock repurchase Gas Monetization new opportunities international and debt reduction    in West Africa through Heads of  offshore and U.S. onshore                             Agreement                                                                                     2
 2Q18 Actuals vs. Guidance                                                                                                        www.nblenergy.com       NYSE: NBL Volumes and total operating expenses in-line     Financial & Operating Metrics                    2Q Guidance    2Q Actuals      Adjusted Earnings                                        2Q ($MM)     Total Sales Volumes (MBoe/d)                       340 – 350       346          Net (Loss) Income Attributable to NBL (GAAP)                (23)          Oil (MBbl/d)                                 124 – 132       127                Adjustments to Net (Loss) Income, Before Tax          121           Natural Gas Liquids (MBbl/d)                  65 – 70         67                Adjusted Net Income attributable to NBL, Before Tax    98           Natural Gas (MMcf/d)                         885 – 910       917                Current Income Tax Effect of Adjustments              (3)     Capital(1) ($MM)                                   750 – 850       866                Deferred Income Tax Effect of Adjustments             (14)    Lease Operating ($/BOE)                            3.70 – 4.00     4.19         Adjusted Net Income Attributable to NBL(2) (Non-GAAP)        81     Gathering, Transportation & Processing ($/BOE)     3.30 – 3.60     3.17         Adjusted EBITDAX                                         2Q ($MM)    Production Taxes (% Oil, NGL, Gas Revenues)         4.5 – 4.9       4.5                                                                                    Net (Loss) Income Including Noncontrolling Interest(GAAP)   (6)    DD&A ($/BOE)                                      14.00 – 14.75    14.75                                                                                          Adjustments to Net (Loss) Income, After Tax           104    Marketing ($MM)                                      8 – 12         7                                                                                          DD&A                                                  465    Exploration ($MM)                                   30 – 50         29    G&A ($MM)                                          100 – 110       105                Exploration                                            29    Interest, net ($MM)                                 70 – 80         73                Interest, net                                          73    Equity Investment Income ($MM)                      35 – 50         49                Current Income Tax Expense, Adjusted                   26    Midstream Services Revenue – Third Party ($MM)      10 – 20         15                Deferred Income Tax Expense, Adjusted                  7    Noncontrolling Interest – NBLX Public Unitholders ($MM) 10 – 20     17          Adjusted EBITDAX(2) (Non-GAAP)                              698      (1) Includes only NBL-funded portion of midstream capital expenditures.       (2) Non-GAAP reconciliation to GAAP measure available in 2Q18 earnings release.                                                                        3
 DJ Basin                                                                                                                          www.nblenergy.com       NYSE: NBL Delivering above expectations                                                                                                                                                     CO     Solid Operational Execution in 2Q18                                             DJ Basin Activity    2Q18                                                                                                                Weld    •   Added 2nd    rig and 3rd  frac crew                                           Oil (MBbl/d)        60                                                                                      NGL(1) (MBbl/d)     24    •   Sales volumes of 121 MBoe/d reflect strong well                                                                                          East        performance                                                                   Gas(1) (MMcf/d)     219                                    Pony                                                                                             (1)    •   Oil mix of 50% (or 55% prior to impact of ASC 606                            Total Sales (MBoe/d) 121                                                                                     Operated Rigs         2                         Wells         implementation)                                                                                                              Ranch                                                                                              (2)    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Wells Drilled 23                                                                                     Wells Completed(2)   31                                                                                                                                Mustang    Anticipate Volume Growth in 2H18                                                 Wells Brought Online(2) 16                                                                                                                                     NBL Acreage Municipalities    •   25-30 wells planned to come online in both 3Q and 4Q                          Avg. Lateral Length (ft) 10,000            GOR:    Low   Mid   High    •   Expect 2H18 DJ Basin gas processing expansions to         support volume uplift                                                      MBoe/d        Wells Ranch and East Pony Sales Volumes(1)    •   Timing Mustang wells online in coordination with                            100        infrastructure expansion within basin                                                                                     75                                                                                      50                                                                                      25                                                                                                 2Q16                  2Q17                 2Q18  (1) Reflects the current presentation of sales volumes, post-implementation of ASC 606 accounting standard. (2) Represents NBL operated activity.                                                                                                                     4
 DJ Basin Activity                                                                www.nblenergy.com       NYSE: NBL Key well results   Exceptional Productivity Continues from Wells Ranch        Kona Wells – High Proppant Concentration Test  Kona Wells                                                              MBoe/d gross rate total   •  Seven wells utilizing high sand concentrations of 2,800 – 10+ after 150 days online     3,600 lbs/ft proppant across 10,500+ ft. average lateral                           Wells                                                                                         Ranch  •  Continue to optimize well designs to maximize value and      recovery per section                                     oil cut, maintaining lower                                                       60%     GOR than offset wells      • Higher proppant concentration at wider well spacing  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     Encouraging Early Results from Mustang Wells                         Mustang IDP  •  Wellhead pressures significantly higher than offset wells      with similar GOR                                         wells planned to be online                                                               by year-end 2018 across    •  First row development includes multiple proppant  30     lower GOR area     concentration tests to optimize development                                     Mustang      • Initial six wells online late 2Q utilized 1,800 lbs/ft         proppant standard design                             wells currently online and                                                        10    ramping up  •  Utilizing new modular spec-oil facility design                                                                                                   5
 DJ Basin Infrastructure                                                                                                           www.nblenergy.com       NYSE: NBL Line of sight to processing additions for growing DJ volumes                                                                                                DCP Plant 10 (Mewborne 3)        DCP Plant 11 (O’Connor 2)   NBL Well Positioned to Benefit from Near-term Processing                                   - Adds 200 MMcf/d capacity     -  Adds 300 MMcf/d processing                                                                                               - Online August 2018              and bypass capacity    Expansions                                                                                                                -  Expected online 2Q19                                                                                                      NBL Acreage                                                                                                      New Processing    Wells    •   Mustang activity planned in coordination with DCP Plant 10                                     Plant             Ranch       start-up in 3Q18 and Discovery addition in 4Q18                                                                                                                                          DCP Plant 12    •   Additional near-term bypass and offload opportunities                                                                         -  Adds up to 1 Bcf/d    •   DCP Plant 11 and 12 support growth in 2019 and 2020                                                                              processing and                                                                                                                    Mustang              bypass capacity    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  beginning in 2020   Mustang Infrastructure Built To Maximize Gas Processing    Flexibility                                                                                                Western Gas Latham Plant             Discovery Plant   •   Diversified processing capacity across three providers with                            - Adds >200 MMcf/d capacity    -  Adds 200 MMcf/d capacity       multiple offload points                                                                - Expected online in 2019      -  Expected online in 4Q18   •   Protected through compression                                                       Processing DCP and Discovery Gas Processing Capacity                                                                                             Capacity   •   NBLX completed gathering infrastructure (75% NBL owned,                              MMcf/d             Supports Mustang Growth       25% NBLX)                                                                            1,600                                                                                            1,100                                                                                               600                                                                                                      2Q18      3Q18E     4Q18E      1Q19E     2Q19E                                                                                                                                                            6
 Delaware Basin                                                                                                                   www.nblenergy.com       NYSE: NBL  Doubled production year-over-year                                                                                                                      TX  Solid Operations in 2Q with Sales Volumes of 47 MBoe/d                                                                                    Delaware Activity    2Q18       Reeves                        Ward  •   Majority of 2Q wells online late in quarter                                     Oil (MBbl/d)        33  •   55 MBoe/d average July production                                               NGL (MBbl/d)         7   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gas (MMcf/d) 40  Progressed Midstream Infrastructure Build-out                                      Total Sales (MBoe/d) 47                                                                                     Operated Rigs         6   •   5 central gathering facilities (CGFs) now online, expanding oil                         (1)      gathering capacity to 90 MBbl/d                                                Wells Drilled        22                                                                                     Wells Completed(1)   22                                     Pecos  •   All CGFs connected and flowing through the Advantage crude                     Wells Brought Online(1) 23      oil pipeline (operated by NBLX)                                                                                      Avg. Lateral Length (ft) 9,050                            NBL Acreage  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Modifying Near-term Activity to Address Basin Constraints                                            Delaware Basin Net Production(2)                                                                                       MBoe/d        100% Volume Growth 2Q17 to 2Q18  •   Timing development to align with pipeline expansions                            50                                                                                      40  •   Temporarily reducing completion activity late 3Q18; optimizing                  30      drilling for row development around CGFs                                        20  •   15-20 wells planned to come online in both 3Q and 4Q                            10                                                                                       0                                                                                                  2Q16                2Q17                2Q18                                                                                                                Total        Oil (MBbl/d)  (1) Represents NBL operated activity. (2) Includes impact of CWEI acquisition which closed in 2Q17.                                                                                            7
 Delaware Basin Activity                                                                                                           www.nblenergy.com       NYSE: NBL Demonstrating strength of asset across acreage position   2Q18 Activity Focused on Wolfcamp A Upper and Lower Zones                                                 Recycled Water Test      100% Use 100 Mesh Test                                                                                                         . Used 100% recycled        . Primarily locally   •    21 of 23 wells online were in Wolfcamp A, majority were multi-well pads                             water in completion         sourced 100 mesh sand                                                                                                         . 1 Wolfcamp A well         . 2 Wolfcamp A wells avg.         •    18 of the 23 wells were long laterals, over 9,000 ft lateral length                           IP-30 1,510 Boe/d           IP-30 1,520 Boe/d                                                                                                         . 4,370 ft lateral length,  . 10,140 ft avg. lateral   •    Longer laterals experiencing shallower declines                                                     74% oil                     length, 82% oil        •    IP-60 averaging 93% of IP-30 for 2Q wells that have reached 60 days                        Reeves  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   Progressing Development of Legacy Clayton Williams Acreage                                                                                                                                           Central Gathering   •    Strong well performance in 2Q18                                                                                                         Facilities                                                                                                                                           . 4th and 5th CGFs   •    Nearly all wells brought online flowing through CGFs                                                                                  online in 2Q18   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    Continue to Drive Operating Efficiencies                                                                                                        NBL Acreage  •    Reduced drilling days by 10% in 1H18 vs. 2017                                                                                                                   Southern Wolfcamp A Well Results  •    Lateral length for wells online increased by 30% in 1H18 vs. 2017                                 . 9 wells in Wolfcamp A Upper and Lower Zones                                                                                                         . Avg. IP-30 1,600 Boe/d; Avg. IP-60 1,495 Boe/d  •    Increased use of recycled water for completions to 10%                                            . 9,540 ft avg. lateral length, 82% oil                                                                                                                                                             8
 Permian Oil Takeaway                                                                                                              www.nblenergy.com       NYSE: NBL Securing flow assurance and diversifying pricing   Majority of New Production Transported via Pipe to Sales Point                                    Diversified Permian Firm Oil Takeaway   •   Wells gathered from wellhead to CGFs                                                      NBL Acreage                                                                                                Existing Pipeline   Midland  •   Oil volumes connected from CGFs to Advantage Pipeline system        (operated by NBLX) transported to Crane with access to Midland                                  Advantage Pipeline                                                                                                          to Crane  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cushing                                                                                                                        Crane  Reducing Price Impact of Wide Midland Differentials  •   Diversified end markets for Delaware oil volumes                                       Reeves                                                                                                                                 Midland  •   Mid-Cush basis hedging provides further protection   •   ~5% of 2H18 Total Company sales volumes exposed to Midland                                                                Crane      pricing(2)                                                                                          Permian Firm Oil Takeaway 2H18-2019  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Houston                                                                                                        25 MBbl/d Avg. 2H18-2019                                                                                           Firm Sales(1)  EPIC Firm Transport Agreement Will Provide Access to                                                  Majority to Gulf Coast                                                                                                         100 MBbl/d via EPIC pipeline to Gulf                                                                                            Firm Transport(1)                                     Corpus Christi  Premium Priced Markets from Gulf Coast                                                                Coast online in 4Q19   •   Secured capacity for 100 MBbl/d gross on EPIC crude pipeline                        Basis Hedges 2H18-2019                                                                                                        20 MBbl/d in 2H18 at $2.30/Bbl avg.                                                                                           Mid-Cush  •   Anticipate start-up in 4Q19                                                                       27 MBbl/d in 2019 at $3.23/Bbl avg.   (1) Represents gross sales volumes. (2) Includes impact of basis hedges.                                                                                                                      9
 Noble Midstream (NBLX)                                                                             www.nblenergy.com       NYSE: NBL Peer-leading distribution growth and growing third-party services                     20%                      192                       4                     1.8x                     targeted            MBoe/d record quarterly    major projects        distribution coverage                  annual distribution     oil and gas volumes      completed in 2Q           with a strong                     growth                 gathered in 2Q                                   balance sheet                          Delaware Basin Highlights                         DJ Basin Highlights             • Delivered CGF Construction in Support of NBL Delaware • Maintained Wells Ranch and East Pony Volumes                Volume Growth                                    Gathered from Fewer Wells Turned Online 2Q vs. 1Q               .  Completed Billy Miner II and Collier CGFs in 2Q18               .  Total gathering capacity from 5 CGFs expanded to 90 • Mustang IDP Gathering Infrastructure Online at the End                   MBbl/d for oil, and 115 MBoe/d including natural gas of 2Q18                                                                .  Spec gathering system for oil, gas, and produced                                                                    water             • All CGFs Connecting through Advantage System by  .  Delivered fresh water to two frac crews in Mustang                Mid-year                                            for a full quarter              • Grew Advantage Pipeline Oil Throughput to 105 MBbl/d; • Reported a Full Quarter of Contribution from Black                19% increase from 1Q18                           Diamond Gathering                                                                .  Increased dedicated system acres by 12%             • Advantage Pipeline Capacity Expansion to 200 MBbl/d . 2Q18 throughput up 4% from time of acquisition                Completed in July                                   close                                                                                                                        10
 Eastern Mediterranean                                                                                                             www.nblenergy.com       NYSE: NBL Growing natural gas demand with stable long-term cash flows                                                                                                       Aphrodite                    Tamar  Record Gross Sales Volumes 1,019 MMcfe/d; Net Sales                                                  35% WI                      25% WI   Volumes 227 MMcfe/d                                                                                 Leviathan  •   Driven by strong demand and weather                                                             39.7% WI                           Dor                                                                                                                  Tamar SW  •   Price realizations of $5.46/Mcf                                                                              25% WI             Tel Aviv  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NBL Interests                                                                                                     Producing                                                                                                     Discovery                      Ashdod  Over 900 MMcf/d Total Volume Under Contract for Leviathan                                          Field Development  •   Over 200 MMcf/d contracted to meet Israel domestic consumption                                 Existing Pipeline                                                                                                     Planned Pipeline               Israel  •   700 MMcf/d contracted for exports                                                                                 Egypt        •   350 MMcf/d to Egypt and 350 MMcf/d to Jordan                                                           Israel Gross Production                                                                                             MMcfe/d      All-time Record in 2Q18, Over 1 Bcfe/d  •   Continue negotiations to fill up Leviathan phase 1 to 1 Bcf/d                          1,200  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000  Progressing Options for Multiple Pipelines Routes to Export                                  800  Gas to Regional Markets                                                                      600  •   Prioritizing use of existing infrastructure to Jordan and Egypt                          400                                                                                               200                                                                                                        2Q15         2Q16          2Q17         2Q18                                                                                                                                                           11
 Eastern Mediterranean Leviathan Development                                      www.nblenergy.com       NYSE: NBL Project ~60% complete and progressing towards first gas sales by year-end 2019   Leviathan Major Project Development Remains On   Schedule and On Budget, Several Milestones Achieved:  •  Finished drilling program and began completion activity  •  Completed first subsea tree installation  •  Completed floating of the production decks  •  Finished pipelay for gathering lines  •  Completed direct pipe shore crossing                                                                 Construction of Leviathan Platform          Project Phase  2017    2018    2019   Sanction   Order Critical Path Equipment   Detail Design and Engineering   Equipment Manufacturing   Drilling and Completions   Pipeline Manufacturing   Offshore Platform Installation   Commissioning and First Gas                            Subsea Tree Installation Jacket Fabrication                                                                                                 12
 Financial Position                                                                                                                www.nblenergy.com       NYSE: NBL  Continued focus on financial strength and shareholder returns     Progressing Direct Shareholder Return Initiatives                                                        Reduced NBL Debt by $2.6 B   •   Repurchased 1.8 MM shares outstanding in 2Q18                                           $B             Since Beginning of 2016                                                                                               10   •   $750 MM share repurchase program, 17% complete in 1H18   •   10% dividend increase in 1H18                                                            8                                                                                                                     CWEI    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6                                                                                                                   Assumed        Debt    Accomplished $600 MM NBL Debt Reduction 3-Year Target                                        4                    Debt      Retirement   •   $379 MM reduction in 2Q18 removed legacy ROSE debt                                                                                                2   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  YE15 2Q18    Realized Proceeds of ~$520             MM in 2Q18                                                     Investment Grade Credit Ratings   •   Gulf of Mexico divestiture and CNXM unit sale                                                       Current Rating Agency Summary   •   Funds allocated for share repurchases and debt reduction                                        Moody’s              Baa3             Stable   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S&P BBB Neutral   Robust Liquidity of $4.6 B at end of 2Q18                                                                                                         Fitch              BBB-            Positive                                                                                                                                                            13
 Updated 2018 Outlook                                                             www.nblenergy.com       NYSE: NBL Delivering significant volume growth year-over-year    FY18 U.S. Onshore Oil Expected to Grow >25% from FY17       Maintaining Total Company Sales                                                       MBoe/d                                                                  Volumes(2) Growth Target   • Anticipate nearly 10 MBbl/d oil growth from 2Q to 3Q and 400                                                                         Up 12%     ~5 MBbl/d growth from 3Q to 4Q                     350   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                                                         300    Full Year Sales Volumes Towards Lower End of         250    350 – 360 MBoe/d Range                               200                                                                   FY17             FY18E   • EMed and West Africa volumes expected in upper half of                Total     original guided ranges                                                              Strong USO Sales Volumes(2) Growth   • U.S. onshore volumes expected lower due to near-term MBoe/d                            MBbl/d     Permian completion deferrals and Eagle Ford declines 300          Total: Up > 15%        150                                                                       Oil: Up > 25%   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250   Reallocating Near-term U.S. Onshore Capital to Optimize 200                                100   Returns and Cash Flow                                150                 (1)                                    100                                   50   • Full year capital budget increased to $3.0 B driven by       FY17             FY18E     higher facility spend and industry cost inflation                   Total  Oil    (1) Excludes NBLX funded capital expenditures.  (2) Pro-forma for acquisitions and divestitures.  Reflects volumes post-implementation of ASC 606. 14
 www.nblenergy.com       NYSE: NBL Third Quarter 2018 Guidance                                                              Crude Oil and      Natural Gas Liquids     Natural Gas       Total Equivalent                           3Q 2018 Sales Volume            Condensate (MBbl/d)       (MBbl/d)            (MMcf/d)             (MBoe/d)                                                            Low        High      Low       High       Low       High      Low       High                    United States Onshore                   110         118       54        59        445       465       241       251                    Israel                                    -          -         -         -        220       240        37        40                    Equatorial Guinea                        11         15         -         -        200       220        46        50                    Equatorial Guinea - Equity method investment 1       2         5         5         -         -         6         7                    Total Company                           125         132       59        64        880       910       335       345                                             Capital & Cost Metrics                              Capital Expenditures(1) ($MM)                               Total Company Organic Capital                                        $700 - $775                              Cost Metrics                                                LOW                    HIGH                               Lease Operating Expense ($/BOE)                            3.90                    4.30                               Gathering, Transportation & Processing ($/BOE)             3.10                    3.40                               Production Taxes (% Oil, Gas, NGL Revenues)                 4.6                    5.0                               Marketing ($MM)                                             8                       12                               DD&A ($/BOE)                                               15.25                   16.25                               Exploration ($MM)                                           30                      50                               G&A ($MM)                                                   100                    110                               Interest, net ($MM)                                         70                      80                              Other Guidance Items ($MM)                               Equity Investment Income                                    30                      45                               Midstream Services Revenue – Third Party                    10                      20                               Non-Controlling Interest – NBLX Public Unitholders          15                      25   (1) Includes only NBL-funded portion of midstream capital expenditures.                                                                                                                                                          15
 www.nblenergy.com       NYSE: NBL Full-Year 2018 Guidance                                                              Crude Oil and      Natural Gas Liquids     Natural Gas       Total Equivalent                         Full-Year 2018 Sales Volume       Condensate (MBbl/d)       (MBbl/d)            (MMcf/d)             (MBoe/d)                                                            Low        High      Low       High       Low       High      Low       High                    United States Onshore                   108         113       57        60        460       480       244       252                    United States Gulf of Mexico(1)          5           5         -         1         6         6         7         7                    Israel(1)                                 -          -         -         -        225       245        38        40                    Equatorial Guinea                        13         15         -         -        200       220        47        51                    Equatorial Guinea - Equity method investment 1       2         5         5         -         -         7         7                    Total Company                           129         135       62        66        915       930       350       360                                             Capital & Cost Metrics                              Capital Expenditures(2) ($MM)                               Total Company Organic Capital                                         ~ $3,000                              Cost Metrics                                                LOW                    HIGH                               Lease Operating Expense ($/BOE)                            4.30                    4.60                               Gathering, Transportation & Processing ($/BOE)             2.95                    3.15                               Production Taxes (% Oil, Gas, NGL Revenues)                 4.6                    5.0                               Marketing ($MM)                                             30                      45                               DD&A ($/BOE)                                               14.50                   15.25                               Exploration ($MM)                                           125                    150                               G&A ($MM)                                                   400                    430                               Interest, net ($MM)                                         260                    300                              Other Guidance Items ($MM)                               Equity Investment Income                                    140                    180                               Midstream Services Revenue – Third Party                    50                      70                               Non-Controlling Interest – NBLX Public Unitholders          80                     105   (1) U.S. Gulf of Mexico volumes are included in sales guidance through closing April 12, 2018.  Israel sales volumes reflect divestment of 7.5% interest in Tamar on March 11, 2018. (2) Includes only NBL-funded portion of midstream capital expenditures.                                                                                  16
 www.nblenergy.com       NYSE: 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", "plans", "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 report on Form 10-K 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 non-GAAP measures of financial performance that management believes are good tools for internal use and the investment community in evaluating         Noble Energy’s overall financial performance. These non-GAAP measures are broadly used to value and compare companies in the crude oil and natural gas industry. Please see the attached         schedules for reconciliations of the differences between any historical non-GAAP measures used in this presentation and the most directly comparable GAAP financial measures.                                                                                                                                                            17
 Investor Relations Contacts Brad Whitmarsh              Megan Dolezal 281.943.1670                281.943.1861                                         brad.whitmarsh@nblenergy.com        megan.dolezal@nblenergy.com         Visit us on the Investor Relations Homepage at www.nblenergy.com