4Q19 Results / 2020 Outlook February 12, 2020
 4Q19    & FY19 Actuals vs. Guidance Midpoint                                                                                    www.nblenergy.com       NASDAQ: NBL Outperformance on volumes on lower capital and costs                                         4Q        4Q        ∆       FY19       FY19       ∆   Financial & Operating Metrics                                                                   Adjusted Net Earnings                          4Q ($MM)                                       Guide    Actuals   Guide     Guide     Actuals   Guide                                                                                                  Net Loss Attributable to NBL (GAAP)              (1,206)  Organic Capital(1) ($MM)              450       406      (44)     2,500      2,263     (237)                                                                                                        Adjustments to Net Loss, Before Tax         1,460  Total Sales Volumes (MBoe/d)          370       373       3        355        361       6        Oil (MBbl/d)                    139       139       -        136        135       (1)           Current Income Tax Effect of Adjustments     (3)  Total U.S. Onshore (MBoe/d)           282       285       3        270        274       4             Deferred Income Tax Effect of Adjustments   (277)         Oil (MBbl/d)                    123       123       -        122        120       (2)     Adjusted Net Loss Attributable to NBL(5) (Non-GAAP) (26)  Unit Production Expenses ($/BOE)      9.00      8.01    (0.99)     9.50       8.62     (0.88)        Lease Operating Expense                   3.70                          4.04         GT&P                                      3.24                          3.16              Adjusted EBITDAX                               4Q ($MM)        Production Taxes                          0.96                          1.33                                                                                                  Net Loss Including Noncontrolling Interest (GAAP) (1,188)        Other Royalty                             0.12                          0.10  Marketing and Other(2) ($MM)           15       18        3        100         76      (24)           Adjustments to Net Loss, After Tax          1,180  DD&A ($/BOE)                         17.13     16.84    (0.29)    17.40      16.67     (0.73)         DD&A                                        578  Exploration(3) ($MM)                   30       20       (10)      163        102      (61)           Exploration                                  20      (4)  G&A   ($MM)                            95       118       23       415        416       1             Interest, net                                64  Interest, net ($MM)                    63       64        1        255        260       5                                                                                                        Current Income Tax Expense, Adjusted         27  Equity Investment Income ($MM)         0         3        3        105         44      (61)                                                                                                        Deferred Income Tax Benefit, Adjusted       (41)  Midstream Services Revenue ($MM)       35       31       (4)       130         94      (36)                                                                                                  Adjusted EBITDAX(5) (Non-GAAP)                    640  NCI – NBLX Public Unitholders ($MM)    25       18       (7)       93          79      (14)   (1) Represents NBL organic capital expenditures, including NBL-funded midstream capital. (4) Fourth quarter G&A includes incentive comp, which reflects strong operating performance and   (2) Represents marketing costs and mitigation of firm transportation through 3rd party commodity purchases/sales. major project delivery.               2   (3) After one-time exploration write-off of suspended costs.            (5) Non-GAAP reconciliation to GAAP measure available in 4Q19 earnings release.
 Delivering Key Outcomes For 2019                                                                   www.nblenergy.com       NASDAQ: NBL Setting the stage for sustainable long-term FCF(1)                      Goals                                               Accomplishments                                            Further Enhance Capital / Cost Efficiency     • 5% Proforma production growth on 17% less • 7% Proforma production growth on 25% less capital; 10% U.S. onshore oil growth      capital as compared to 2018           • Capital reduced nearly $240 MM vs. 2019 guide; operating costs reduced $120 MM ✔                                            Top – Tier Onshore / Offshore Execution     • Accelerate onshore development efficiencies • ~$2 MM per well savings in the DJ and Delaware Basins    • First gas from Leviathan by YE 2019   • Leviathan first gas by YE 2019; capital budget more than $200 MM below sanction plan ✔    • Sanction Alen gas monetization project • Alen gas monetization project sanctioned with first production expected by early 2021                                                  Ensure Financial Strength                                             • Increased quarterly dividend 9% in 2019    • Increase return of capital to shareholders • Maintained investment grade across all agencies; upgrade from Fitch to BBB ✔    • Generate $500 MM - $1 B in portfolio proceeds • Non-core asset sale and midstream simplification generated >$800 MM in proceeds; ✔                                              exited 4Q19 with $4.5 B in liquidity                                                   Advance ESG Initiatives     • Further improvement on safety performance • Record-low U.S. onshore recordable incident rate of 0.35 (per 200,000 hours worked)    • Issue first Climate Resilience Report using TCFD • Climate Resilience Report issued in October, followed by extensive stakeholder engagement ✔    • Continue Board refreshment            • Added 1 new member to the BOD; 3 new members in the last 2.5 years  (1) Non-GAAP measure.  Term defined in appendix.                                                                                                                       3
 Environmental, Social, and Governance                                            www.nblenergy.com       NASDAQ: NBL  Protecting the environment and our people                                                                  Metric Tons           Greenhouse Gas Emissions Intensity: ~60% Reduction Since 2010 CO2e/MBoe Greenhouse Gas Emissions Intensity(1)                                                                 40          • Enhanced design and control equipment technology reducing             emissions across operations                          30                                                                 20          • Reduction across company primarily due to increased use of                                                                  10      Environmental infrared cameras to detect and repair leaks                                                                   0                                                                        2010      2014       2018                                                                 Incidents per                                                                 200,000 man-hours          “No Harm” Culture Integrates Safety in All Operations 0.75     Record TRIR Safety Performance           • Safety of our people and communities is our top priority 0.50       Social • Reduced total recordable incident rate (TRIR) by more than 0.25            45% since 2010                                                                0.00                                                                        2010      2014       2019                                                                   Years   Average Director Tenure          Strong Governance From the Top                          12          • Increased Board and executive-level oversight of climate and             other ESG initiatives                                 8            • Board refreshment focused on diversity and independence; 4      Governance            30% diverse                                           0                                                                        2018      2019      2020   For more information on NBL’s environmental performance data, please visit www.nblenergy.com/sustainability. (1) Noble Midstream intensity reported independently beginning in 2015.                          4
 2019 Proved Reserves                                                             www.nblenergy.com       NASDAQ: NBL  Grew reserves, strong organic reserve replacement    Total Proved Reserves Increased 6% to 2.05 BBOE   •  Reserve additions(1) replaced FY19 production by 233%    •  728 MMBoe PUD conversions in 2019 – Leviathan (3.3               2.05       Tcfe) and U.S. onshore                                           BBoe   Reserves Additions Led by DJ Basin, Israel and     West Africa                                                                            U.S. Onshore   •  DJ Basin reserves up 13% from increased Mustang and                                 Israel                                                                                          Equatorial Guinea      Wells Ranch recoveries                        15 year Company reserve                                                     life at 2019 production   •  Israel up 14% led by reservoir uplift from Tamar                  Year-end NBL Reserves      performance and increases at Leviathan                                                                     Proved Developed up to 73% of total   •  West Africa up 36% driven by Alen gas monetization        MMBoe      sanction and tail recoverable reserves at Alba            2,100                                                                1,750   U.S. Onshore Proved Developed(2) F&D Cost of                 1,400   $7.99/BOE                                                    1,050                                                                 700   •  Total Company proved developed F&D cost of $2.23/BOE       350                                                                  0                                                                      2016    2017   2018   2019                                                                           Undeveloped Developed  (1) Represents additions, extensions, and revisions (excluding price). (2) Includes additions, revisions (excluding price), and transfer from PUDs                      5
 U.S. Onshore                                                                     www.nblenergy.com       NASDAQ: NBL Production toward high end on lower than expected capital                                                               USO Net Production and Capex                  4Q19 Key Highlights                 MBoe/d                                $MM                                                       300                                   600  U.S. Onshore Efficiencies Exceeding 3Q19 Performance 250                                   500  •  Well costs reductions driven by shorter cycle times and 200                             400                                                       150                                   300     efficiency improvements                                                       100                                   200  •  Unit operating costs significantly below guidance, LOE of                                                         50                                   100     $4.23 / BOE                                                        0                                    0                                                            4Q18   1Q19   2Q19  3Q19   4Q19   DJ Basin Continues Exceptional Performance                       Oil  NGL  Gas  CAPEX  •  4Q19 record production of 163 MBoe/d driven by Wells Ranch                                                      4Q19 Activity    DJ Basin Delaware Eagle Ford Total     growth and strong base production  •  Record low LOE of ~$3.25 / BOE                   Oil (MBbl/d)      71      44      8     123                                                      NGL (MBbl/d)      37      14      21    72                                                      Gas (MMcf/d)      332     72      139   543  Delaware Basin Cycle Times and Well Performance     Total Sales (MBoe/d) 163  70      52    285   Improvements Continue                              Organic Capital(1)  ($MM) 154 100  2     256  • Avg. drilling days reduced to ~15; pump hours per day improved                                                      Operated Rigs (2)  2       3       0      5    30% from 4Q18                                    Wells Drilled (2)  27      15      0     42                                                     Wells Completed (2) 16     9       0     25  • Strong 4Q19 well results, including southern wells Wells Brought Online (2) 25 13   0     38                                                       Avg. Working Interest 94% 99%     -                                                       Avg. Lateral Length (ft) 9,309 7,736 -  (1) Excludes NBL funded midstream of $6 MM (2) Activity represents NBL operated only                                                       6
 Offshore                                                                         www.nblenergy.com       NASDAQ: NBL Strong base performance with major project catalysts                                                             MMcfe/d   Israel Gross Sales Volumes                     4Q19 Key Highlights                     1,200    Nearly sold out Tamar capacity     NBL Offshore Assets Average 99% Uptime,  Demonstrating    900    Reliability of Production and Cash Flow                                                              600    Tamar Production Above ~1 Bcfe/d Gross in 4Q                                                              300    Leviathan First Gas in December 2019                                                               0    • 4 subsea production wells online with substantial gas sales to Israel, 4Q17 4Q18   4Q19      Jordan and Egypt underway    Africa Business Unit Maximizing Cash Flows from Existing MBoe/d Equatorial Guinea Sales Volumes                                                                           Fully constructed Leviathan platform    Production                                                75   Decline primarily from Alba natural gas    • Improved volumes at Aseng and Alen via reservoir and base                                                               50      production management     • Development well at Aseng oil field commenced first production in                                                               25      Oct. 2019 – performing better than expected at ~ 15 MBbl/d, gross                                                                0                                                                    4Q17       4Q18      4Q19                                                                          Oil   NGL   Gas                                                                                                  7
 Leviathan Production Online                                                                                                     www.nblenergy.com       NASDAQ: NBL World-class field and execution: project more than $200 MM under budget  Largest Private Infrastructure Project In Israel’s  History and for NBL •  Doubles Israel’s total production capacity to ~2.3 Bcfe/d •  Enables further reduction of coal usage for electricity     generation, significantly improving air quality and reducing     electricity cost  First Gas to Israel Commenced December 31, 2019;  Jordan and Egypt Exports Began January 2020                                                                                        2010                 Discovery – 17 TCF recoverable resource >22 TCF Recoverable Leviathan Field With                                                                           Resource appraisal Production Less than 3 Years from Sanction                                         2011 - 2013                       4 wells drilled                                                                                                            Recoverable resource revised to 22 TCF •  NBL operator with 39.66% WI                                                                                                             Natural gas framework implemented •  Largest natural gas field in the Eastern Med with >35 Tcfe                      2015 - 2016          Plan of Development approved by government    gas resource in place.                                                             2017                           Project sanction                                                                                       2018                  Development drilling and completions Leviathan Startup –        VIEW VIDEO                                                                            Platform jacket installed                                                                                       2019                 Topside installation and commissioning                                                                                                                         First Gas                                                                                                                                                           8
 Portfolio Combination Provides Competitive Advantage                                                                            www.nblenergy.com       NASDAQ: NBL  Step change in sustainable production profile with Leviathan start-up                                                                                                                       Eastern Mediterranean                                                                                                            World-class natural gas reservoirs with low decline profile                                                                                                                    Leviathan driving material 2020 cash flow                                                                                                                           and production increase                 NBL vs. Onshore Basin Base Decline Rates                                                      High-margin, capital-efficient growth opportunities  Annual Diverse Portfolio Drives Lower Corporate Decline Rate  Decline 50%                                                                                            U.S. Onshore 40%                                                                                  Generating free cash flow and                                                                                           moderate oil growth                                                                                      DJ Basin: Significant cash flow in  30%                                                                                excess of capital; increasing volumes                                                                                       Delaware: Driving capital and                                                                                      operating efficiencies through row                                                                                              development 20%                                                                                       Eagle Ford: Cash generation  10%                                                                                                                                      West Africa                                                                                                                             Delivering substantial cash flow from   0%                                                                                                                                oil and condensate                                                                                                                               Alen gas monetization (early 2021)          Eagle  Delaware    DJ      Bakken    Scoop  Appalachia NBL Prior NBL                                                                                                                             drives high-margin growth linked to          Ford                                 Stack                      Current                                                                                                                                    global LNG markets       Source: RS Energy Group, Inc. analysis of aggregate basin-level base production declines from 2019 to 2020, as of January 2020.      NBL data based on company estimates.                                                                                                                                                             9
 Multi-Year Capital Allocation Framework                                                            www.nblenergy.com       NASDAQ: NBL Low maintenance capital allows for sustainable free cash flow(1)                                                                                            2020 Plan                                           $200-300 MM                        Prioritizing FCF (1) Target of At Least $500 MM                                       U.S. Onshore Growth Capital(2)                Growth driven by Leviathan (10%)                                           $200-300 MM                      Return to investors - dividend growth and balance sheet               Growth                     Major Projects and                ~$300 MM Major Project and Exploration Capital                                          Exploration Capital                Alen Gas Monetization and Colombia exploration well                                                                                       Israel pipeline expansion                                                                                     ~$1.4 B Maintenance Capital            U.S. Onshore                     ~$1.6 B    $1.4 B                   ~$800 MM DJ Basin; driving ~10% growth                                               Total                       ~$500 MM Delaware Basin; maintaining 2019 production  Production                            Maintenance Capital(2)                       ~3-5% U.S. Onshore oil growth                                                                                   ~$100 MM International/corporate             International                                              $2.0-2.2 B $1.8-2.0 B                        $1.6 – 1.8 B                                   Long-term  Capital(2) Outlook                     2020 Capital Outlook  (1) Non-GAAP measure.  Term defined in appendix. (2) Represents NBL organic capital expenditures. Maintenance capital term defined in appendix.                       10
 2020 Priorities                                                                  www.nblenergy.com       NASDAQ: NBL Differentially positioned for sustainable returns to investors  Generate At Least $500 MM Organic Free Cash Flow(1) to      2020E Organic Capital(2): $1,600-$1,800 MM Increase Shareholder Return and Improve Leverage Position •  Anticipate dividend increasing as cash flow grows in 2020                        USO •  Long-term upstream leverage target of 1.5X net debt/EBITDA                       Israel                                                                                     EG  Deliver Material Cash Flow and Volume Growth Through Major  Project Delivery in Israel (2020) and West Africa (2021) •  Low-decline, conventional production more than 30% of 2020 volumes •  Maximize gross Israel sales; Alen gas monetization online early 2021 2020E Sales Volumes                                                                  ~10% Growth Driven by Leviathan                                                               MBoe/d Moderate U.S. Onshore Oil Growth; Increase Margins and        450                                                                                    385-405 Returns                                                       375      361 •  U.S. onshore oil growth of 3-5%, led by DJ Basin offsetting Eagle Ford 300                                                               225 •  Continuous improvement in capital efficiency and operating costs                                                               150                                                                75 Continue to Build Long-term Portfolio Value With Exploration   0                                                                        2019         2020E Catalysts – Colombia Drilling in 2H 2020                                  USO EG  Israel  (1) Non-GAAP measure.  Term defined in appendix. (2) Represents NBL organic capital expenditures.                                               11
 Continuous Improvement in 2020                                                              www.nblenergy.com       NASDAQ: NBL  Enhancing capital efficiency, reducing costs, improving profitability                   Decreasing Capital Spend                                  Growing Production       $ MM                                                    MBoe/d       2,800                            Capital efficiency      400       2,400                                                                                       ~10% annual                                          and moderate           300       2,000                             growth reducing                                         production growth        1,600                                        capital needs both      200                              in 2020 – primarily        1,200                                          onshore and                                            from international         800                                            offshore            100                               offshore assets        400         0                                                       0               2018     2019    2020E                                 2018    2019     2020E                   Reducing Cost Structure                                  Lowering F&D Costs        $/BOE              Unit Production Costs and G&A(1) / BOE            $/BOE       DD&A / BOE        $16                                                    $18                                         Reductions in G&A      $15                             DD&A rate down         $12                                                                                     ~$2.40/BOE in                                           and GTP lead         $12                                           continued                                             2020, led by          $8                                        downward trend          $9                             Leviathan impact                                          and improving          $6                             and lower onshore          $4                                                                                      cost structure                                              margins             $3          $0                                                     $0               2018     2019     2020E                                2018     2019     2020E (1) Unit production costs (LOE, production taxes, gathering and transport, plus other royalty) shown net of GTP costs eliminated in consolidation with NBLX.                                                                                                              12
 U.S. Onshore                                                                     www.nblenergy.com       NASDAQ: NBL Focused on continuous improvement                                                      $MM          USO Capital Allocation                   2020 Key Focus                    2,500   Lowering capital, focused on oil-rich basins Cash Flow Generation                                2,000 • All 3 basins expected to generate asset level free cash flow 1,500  • USO oil production up 3-5% FY and 5-7% 4Q over similar period 1,000   in 2019                                                     500 Capital Efficiency Continues to Improve               0                                                             2018         2019        2020E • Well costs down ~30% in 2019, with gains continuing into 2020   DJ Delaware Eagle Ford                                                                   USO Production Activity Concentrated in High Return Areas          MBoe/d                               Oil Mix • DJ Basin activity focused ~75% in Mustang, ~25% in Wells Ranch 300 3-5% USO oil growth in 2020 46% • Delaware Basin activity focused in north and central areas 250                                                      200                                    44%  Operational Execution Remains Priority in 2020       150  • Anticipate 4 rigs (2 DJ, 2 Delaware) and 3 crews (2 DJ, 1 100                             42%    Delaware) in 2020                                  50 •   110-120 TILs in the DJ, 50-60 TILs in the Delaware  0                                     40%                                                             2018        2019       2020E                                                                  Oil  NGL  Gas  Oil Mix                                                                                                 13
 DJ Basin                                                                         www.nblenergy.com       NASDAQ: NBL  Long-term planning and execution continues to pay dividends   Continued Outperformance in DJ Basin                                   NBL Acreage Municipalities                                                                        GOR: Low Mid High East Pony  • Nearly $800 MM in asset level free cash flow generated     2016-2019                                                             Weld  • Record 4Q19 production of 163 MBoe/d driven by strong     base and new well performance                                           Wells Ranch  • LOE down ~15% year over year with a record low of     $3.25/BOE in 4Q19                                                                          Mustang                                                                                         349,000 net acres  Reduced Capital and Cost Structure in 2020                                              86% avg. WI  • Well costs for 2020 budgeted to be ~$0.5 MM under 2019     average; down ~20% from 4Q ‘18  • 2020 activity primarily in Mustang, utilizing shared                  Frac    facilities for increased efficiency                                                Mustang Row 2                    Shared   • ~20 TILs anticipated in 1Q (Mustang, Wells Ranch)                           Facilities                                                                   Mustang Row 3  Approximately ~400 Permits in Hand; >85% with    Drill  6-Year Term  • North Wells Ranch CDP anticipated to add an additional     250 permits                                                         2020 Mustang Activity                                                                                                 14
 Delaware Basin                                                                   www.nblenergy.com       NASDAQ: NBL Improving capital efficiency across the acreage position   Capital and Operating Cost Focus                                       NBL Acreage                                                                        2020 Development      •  Well costs continue to decrease, with >$3 MM in savings from        Focus    4Q18 •  LOE/BOE down 31% from the 4Q18 and 14% year over year Design Modifications Adding                                                               Value •  Electrical substations decrease downtime and increase productivity                                                        Optimized Landing Zone ✔                                                      Modified Completion Design ✔ Improved Cycle Times and Well Results •                                                    Modified Wellbore Orientation ✔    94,000 net acres    Strong 4Q19 well results across the acreage position                                  82% avg. WI •  Avg. drilling days reduced to ~15 for 8,430’ lateral well Improved Well Performance ✔ •  Completion pump hours per day improved 30% from 4Q18                                                          Feet/Day Delaware Basin Drilling Performance •  ~15 TILs anticipated in 1Q20 (WCA, 3BS)               1,400                                                                      >45% Improvement in 2019                                                          1,200                                                          1,000 EPIC Crude Line to Startup for Service in 1Q20            800 •  NBL barrels benefit from lower transport cost and Gulf Coast 600    pricing                                                400 •  Line fill impacting 1Q capital, approximately $35 MM   200                                                            0                                                                1Q19     2Q19    3Q19     4Q19                                                                                                 15
 U.S. Onshore                                                                                                                     www.nblenergy.com       NASDAQ: NBL Continued capital and LOE reductions                                                 (1)                                                                                  (1)       $MM                       DJ Well Cost                                       $MM                      Delaware Well Cost       $8                      Normalized to 9,500’                                 $12                         Normalized to 7,500’       $7                                                     Down                  $10       $6                                                    $2.5 MM                                                                         Down                                                                                      $8                                                     >$3 MM       $5       $4                                                                            $6       $3                                                                            $4       $2                                                                                     $2       $1       $0                                                                            $0                4Q18            1H19           2H19           2020E                            4Q18           1H19            2H19           2020E                           DJ Lease Operating Expense     $/BOE                                                                          $/BOE          Delaware Lease Operating Expense                                                                                     $12        $4                                                      Down                                                                 >15%                 $10        $3                                                                                                                                               Down                                                                                       $8                                                                                                                                                >30%        $2                                                                                      $6        $1                                                                                      $4         $-                                                                            $2              4Q 2018      1Q 2019     2Q 2019     3Q 2019     4Q 2019                      4Q 2018      1Q 2019     2Q 2019      3Q 2019      4Q 2019   (1) Includes drilling, completions, and well level facilities, excludes approximately $0.5 MM per well in water handling fees                            16
 Offshore                                                                         www.nblenergy.com       NASDAQ: NBL Conventional, low decline assets provide growing cash flows in 2020                                                                    International Capital Allocation                     2020 Key Highlights                         EMed spend rolls off, Alen development starts                                                           $MM                                                                           Israel WA    Israel Volumes on Track to Deliver 1.6 - 1.8 Bcfe/d Average 700    in 2020                                                600                                                           500    • Successful start-up and ramp of Leviathan volumes demonstrates 400      market availability and improves confidence in 2020 sales 300    • January sales averaged 1.6 Bcfe/d gross from Leviathan and Tamar 200                                                           100                                                            0    Leviathan Driving Total Company 2020 Volume Growth of         2018       2019      2020E    ~10%                                                            MBoe/d     Offshore Production                                                           125    West Africa Focused on Next Major Project and Base     100    Decline Management                                     75    • Capital spend has commenced on the $165 MM net Alen Gas 50      Monetization project with start-up expected early 2021 25    • Aseng 6P production reducing base decline rate at the Aseng field 0                                                                  2018       2019      2020E    • Maintenance/downtime impacting 2020 volumes by ~2 MBoe/d                                                                          WA  Israel                                                                                                 17
 Eastern Mediterranean                                                            www.nblenergy.com       NASDAQ: NBL 2020 begins new era of long-term sustainable growth                                                                   Aphrodite Leviathan Tamar                                                                   35% WI 39.7% WI 25% WI   Strong Regional Sales Outlook                                                    Dalit                                                                                    25% WI   •  Expecting combined regional sales for Tamar and Leviathan                                                                       Tamar SW    Dor      to range between 1.6 and 1.8 Bcfe/d for 2020                     25% WI                                                                                   Tel Aviv   •  Substantial cashflow uplift from 2019 to 2020,                                                                                   Ashdod      demonstrating critical inflection point for company                     Ashkelon                                                                                     Jordan   Demand Growth to Utilize Installed Capacity                            El Arish Israel   • Israel: Continued coal conversion, industrial usage, and               Egypt     transportation       ▪ Natural gas electricity generation has grown from ~50% in Eastern Mediterranean Sales Outlook         2015 to ~70% in 2019                                                        Bcfe/d Volumes ramping to 2H20 average of 1.8-2.0 Bcfe/d   • Jordan: Industrialization leading to commercial and  2.4    Tamar & Leviathan 2.3. Bcfe/d installed capacity     residential natural gas consumption                2.0   • Egypt: Growth anticipated in all market segments   1.6                                                        1.2       ▪ Focus on becoming a regional hub for natural gas                                                        0.8                                                        0.4                                                         -                                                                 1H 2020E           2H 2020E                                                                                                 18
 Leviathan                                                                        www.nblenergy.com       NASDAQ: NBL World-class reservoir size and quality                                           Subsurface Quality Similar to Tamar, Larger Scale                                       Tamar:                                                                                         100 km2 •  Leviathan, similar to Tamar, produces dry natural gas     (~99% methane) •  Largest natural gas discovery in the region at >35 Tcfe in     place and >22 Tcfe recoverable  Well Deliverability Greater than Initial                                                Leviathan net pay map ranging from  Expectations                                  45-180 meters •  7” tubing allows for single well rates exceeding 400            Reservoir Facts:    MMcfe/d                                                       Permeability 400-1200 mD Leviathan:                                                                     Porosity 21% - 25% 325 km2     ▪  Single well max rate of 340 MMcfe/d to date               Recovery Factor 60%-70% •  Wells designed for long life and cumulative production of       1 Leviathan Well Equals    1-2 Tcf                                                            The resource of 210 DJ Basin wells •  Extensive lateral connectivity demonstrated  with       The daily rate of 66 Appalachian Basin wells    pressure communication                                                            The energy to heat 23 million American                                                             homes for one year                                                                                                 19
 West Africa                                                                      www.nblenergy.com       NASDAQ: NBL Strong cash flow profile from existing production and project developments  4Q20 Volumes Impacted by Field Downtime/Maintenance                                    NBL Interests                                                                    Alba                Discoveries                                                                   33% WI •  Alba downtime for LNG plant maintenance and readiness for Alen gas                  Aseng FPSO                                                                                        Alen Gas Monetization                                                                                         Future Pipeline     ▪ 4Q impact 50-60 MMcf/d, FY impact 12-15 MMcf/d                                   Existing Pipeline                                                                                        Equity Method •  Aseng shut-in for maintenance and upgrades (~2 weeks)                               Investments                                                              Equatorial          Alen  Unaffiliated Party                                                               Guinea     Punta  45% WI •  Alen shut-in for platform modifications in preparation for gas       Europa    monetization start-up (~8 weeks)                                                                        Bioko    BLOCK O                                                                        Island            YoYo                                                                                 BLOCK I 75% WI                                                          AMPCO Alba Plant Alen Gas Monetization Provides Significant Cash Flow   (Methanol Plant) (LPG Plant)                                                                            Aseng •  Start up early 2021 (initial production rate 200 – 300 MMcfe/d, gross); 38% WI Yolanda                                                                EG LNG           40% WI    anticipated to pay-out in less than two years               (LNG Plant)             Cameroon •  Backfill available capacity at E.G. LNG plant due to Alba declines  •  Opportunities for additional tie-ins beyond Alen include ~2.5 Tcfe of MMcfe/d Punta Europa Gas Outlook     NBL discovered resources (pipeline sized for 950 MMcfe/d) 1,000                Alen Gas Monetization Overview            750                  Capital Expenditure, net $165 MM         500               2021 – 2023 Average Annual Rates, Gross                                                          250                    Sales Gas          260 MMcf/d                    Condensate         ~3 MBbl/d           0                                                             2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028                     LPGs              ~7 MBbl/d               Alba Alen Regional Discoveries Pipeline & Onshore Facility Capacity                                                           Note: Regional discoveries are NBL-operated fields yet to be                                                            sanctioned as development            20
 Colombia Exploration Catalyst in 2020                                            www.nblenergy.com       NASDAQ: NBL Material resource opportunity in frontier basin   NBL 40% Operated WI in 2 MM acres Offshore Colombia  •  Colombia-3 and Guajira Offshore-3 blocks contain in excess of 2 BBoe gross      unrisked resource potential  •  Shell is our co-venturer with 60% working interest                                                                                   BlockBlock  GUAGUA  OFFOFF--33                                                                      NBL/ShellNBL/Shell    •  Extensive 3D seismic data over nearly all of position            ExplorationExploration Blocks Blocks                                                                       StructuresStructures  mappedmapped    •  Geochemical data provides outlook for both oil and/or liquids-rich gas onon 3D 3D  seismicseismic   •  Tertiary-aged structures with potential direct hydrocarbon indicators            BlockBlock  GUAGUA--33                                                                     Cumbia #1                                                                              BlockBlock  COLCOL--33  NW           Cumbia #1                  SE                                 BlockBlock  COLCOL--33               8,500 ft.                                                                                   ColombiaColombia                                                                                  ColombiaColombia                                              Cumbia Exploration Prospect Drilling Est. to Commence 3Q20                                              • Substantial oil and natural gas potential resources                                              • Water depth: 8,500 feet                                              • Rig contracted – 60 to 75 day well                  Anticipated TD:                    16,400 ft.                • Potential to de-risk follow on opportunities                                                                                                  21
 2020 Performance-Based Executive Incentive Plan                     www.nblenergy.com       NASDAQ: NBL Compensation aligned with shareholder interests to drive superior returns                             Long-term Incentive Plan (LTIP)  •  LTIP represents approximately 70% of total executive compensation opportunity  •  PerformanceMetrics share (60%) award weighting represents 50% of total award     ▪  Corporate Returns and ESG – 20%, Relative TSR – 30%                             Short-term Incentive Plan (STIP)                  Increased weighting to FCF and formalizing ESG metrics for 2020                                                      Strategic Execution / Board Review         TargetedTargeted Metrics Metrics 2019 2020                                                                Items       Organic Free Cash Flow  15%         30%        Weighting decreased to 30% in 2020       Human & Process Safety (Qualitative) 10%           Cash Costs          20%         10%      •  ESG initiatives     U.S. Onshore Capital Efficiency 15%   10%      •  Balance Sheet Strength                                                    •  Portfolio          Sales Volumes        10%         10%          Total Weighting      60%         70%                                                                                   22
 2020 Guidance                                                                                                                   www.nblenergy.com       NASDAQ: NBL Full-Year and First Quarter                              Crude Oil and  Natural Gas                  Total                                                          Natural Gas                         First Quarter 2020 Guidance      FY 2020 Ancitipated     Condensate      Liquids                  Equivalent                                                           (MMcf/d)                       Sales Volumes                            LOW             HIGH         Sales Volume          (MBbl/d)      (MBbl/d)                  (MBoe/d)                                                                                          Total Company Equivalent (MBoe/d)       378              398                              Low    High   Low   High   Low    High  Low    High                                                                                          Total Company Oil (MBbl/d)              129              139    United States Onshore     118     130    62    70     480   520    265   283    Israel                     1       1                  435   480    74     81          Israel Natural Gas (MMcfe/d)            410              440    Equatorial Guinea          11     13                  145   165    36     41          U.S. Onshore Oil (MBbl/d)               109              119    Equatorial Guinea – Equity                                1       2     4      5                   5     6          Capital Expenditures(1) ($MM)    Method Investment                                                                                          Total Company Organic Capital                $475 - $550 (4)     Total Company            131     146    66    75    1,070 1,155   385   405                                                                                         Cost Metrics                             LOW             HIGH                                                                                          Unit Production Expenses(2) ($/BOE)     8.50             9.25                         Full-Year 2020 Capital & Cost Metrics                            Equity Investment Income ($MM)           0               10    Capital Expenditures(1) ($MM)      Total Company Organic Capital                      $1,600 - $1,800                1Q 2020 Guidance Commentary:     Cost Metrics                                    LOW               HIGH      Unit Production Expenses(2) ($/BOE)           8.25               9.00            •  Capital      Marketing & Other ($MM)                       100                120                   ▪   1H weighted U.S. onshore spending, 2H weighted production                                                                                              ▪   Delaware basin line fill of ~$35 MM      DD&A ($/BOE)                                 13.75              14.75                                                                                       •  Sales volumes      Exploration(3) ($MM)                           90                120      G&A ($MM)                                     350                390                   ▪   U.S. Onshore – Anticipate declines in all B.U.s from 4Q19, resulting from       Interest, net ($MM)                           310                350                       low TIL count in 4Q and 1Q                                                                                             ▪   Israel – Leviathan project drives volume growth with gas sales to Israel,     Other Guidance Items ($MM)                                                                                                 Egypt, and Jordan      Equity Investment Income                       35                55                    ▪   E.G. – strong crude oil liftings      Income Taxes, Current                         150                200                                                                                       •  Unit production expenses – lower U.S. onshore production volumes impacting       Midstream Services Revenue – 3rd Party        120                150                                                                                          unit rate along with West Africa liquid liftings      NCI – NBLX Public Unitholders                  90                120                                                                                             ▪   Anticipate unit rate decreasing with volume increase through 2020 (1) Represents NBL organic capital expenditures.                                                                                              (4) Includes $35 MM for linefill for the EPIC Crude pipeline. (2) Includes lease operating expenses, production and ad valorem taxes, gathering , transportation and processing expenses, and other royalty.           23 (3) Does not include risk-weighted costs for potential unsuccessful wells.
 www.nblenergy.com       NASDAQ: 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", "estimates", "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, quarterly report on Form 10-Q, and in other Noble Energy reports on file with the Securities and Exchange Commission (the "SEC"). These reports are also available from the  sources described above. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Energy does not assume any obligation to  update any forward-looking statements should circumstances or management’s estimates or opinions change.   The SEC requires oil and gas companies, in their filings with the SEC, to disclose proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically  and legally producible under existing economic and operating conditions. The SEC permits the optional disclosure of probable and possible reserves, however, we have not disclosed our probable and  possible reserves in our filings with the SEC. We may use certain terms in this presentation, such as “net unrisked resources” or “net risked resources” or “discovered resources”, which by their nature  are more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized. The SEC guidelines strictly prohibit us  from including these estimates in filings with the SEC. Investors are urged to consider closely the disclosures and risk factors in our most recent Form 10-K and in other reports on file with the SEC,  available from Noble Energy’s offices or website, http://www.nblenergy.com.   This presentation contains certain non-GAAP financial measures, such as Adjusted Net Income and Adjusted EBITDAX. Reconciliations of these non-GAAP measures to the most comparable financial  measure calculated in accordance with GAAP can be found in our most recent earnings release covering the relevant reporting period. Management believes the aforementioned non-GAAP financial  measures 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. This presentation also contains a forward-looking non-GAAP financial measure of free cash flow, which we define as cash flow from operations (the  most comparable GAAP measure) less consolidated capital investments. Because we provide this measure on a forward-looking basis, however, we cannot reliably or reasonably predict certain of the  necessary components of the most directly comparable forward-looking GAAP measure, such as future impairments and future changes in working capital. Accordingly, we are unable to present a  quantitative reconciliation of such forward-looking non-GAAP financial measure to its most directly comparable forward-looking GAAP financial measure. Management believes this forward-looking  non-GAAP measure is a useful tool for the investment community in evaluating Noble Energy’s future liquidity. As with any non-GAAP measure, amounts excluded from such measure may be significant  and such measure is not a substitute for the comparable measure calculated in accordance with GAAP.                                                                                                                                                            24
 www.nblenergy.com       NASDAQ: NBL Defined Terms and Price Deck                   Terms                    Definition                 Free Cash Flow (FCF)     Upstream operating cash flow before working capital changes plus NBLX distribution to Noble Energy less                                           Upstream organic capital                  Net Debt                 Total debt less cash on balance sheet                 EBITDA                   GAAP earnings before interest, taxes, depreciation, depletion, and amortization                 Maintenance Capital      Capital investments required to hold total company full year average sales volumes flat year over year                                      Benchmark Prices                                       2020                                      WTI                                                   $55/Bbl                                      Brent                                                 $60/Bbl                                      NGL                                                 $20.50/Bbl                                      Henry Hub                                            $2.50/Mcf                                                                                                                                                            25
 Investor Relations Contacts  Brad Whitmarsh              Kim Hendrix 281.943.1670                281.943.2197 brad.whitmarsh@nblenergy.com        kim.hendrix@nblenergy.com Visit us on the Investor Relations Homepage at www.nblenergy.com