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

|         |                                                                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Strengthened the balance sheet through non-core asset divestitures and retired approximately $570 million of Noble Energy debt in the fourth quarter. |

|         |                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------|
| • | Delivered record quarterly U.S. onshore oil volumes and growth of over 40 percent(1) from first quarter to fourth quarter 2017. |

|         |                                                                                                                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Increased fourth quarter 2017 total company liquids composition to 56 percent compared to 46 percent in the fourth quarter 2016. U.S. onshore liquids grew to 67 percent of total U.S. onshore production. |

|         |                                                                                                                                         |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------|
| • | Grew fourth quarter combined Texas volumes to 130 MBoe/d, and increased oil as a percentage of DJ Basin volumes to a record 55 percent. |

|         |                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------|
| • | Commenced operation at the Company’s second Central Gathering Facility in the Delaware Basin. |

|         |                                                                                                                   |
|---------|-------------------------------------------------------------------------------------------------------------------|
| • | Reduced unit operating expenses eight percent from the third quarter 2017 to $8.10 per BOE in the fourth quarter. |

|         |                                                                              |
|---------|------------------------------------------------------------------------------|
| • | Proved reserves added replaced approximately 625 percent of 2017 production. |

----

----

----

----

----

|                                                                          |
|--------------------------------------------------------------------------|
|                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                     | Three Months Ended December 31, |   | Twelve Months Ended December 31, |
|                                                                     | 2017 |   | 2016 |   | 2017 |   | 2016 |
| Revenues                                                                 |   |   |   |   |   |   |   |
| Crude Oil and Condensate                                                 | $ | 709 |  |   | $ | 564 |  |   | $ | 2,346 |  |   | $ | 1,854 |  |
| Natural Gas Liquids                                                      | 164 |  |   | 92 |  |   | 493 |  |   | 296 |  |
| Natural Gas                                                              | 269 |  |   | 323 |  |   | 1,221 |  |   | 1,239 |  |
| Income from Equity Method Investees and Other                            | 59 |  |   | 31 |  |   | 196 |  |   | 102 |  |
| Total Revenues                                                           | 1,201 |  |   | 1,010 |  |   | 4,256 |  |   | 3,491 |  |
| Operating Expenses                                                       |   |   |   |   |   |   |   |
| Lease Operating Expense                                                  | 157 |  |   | 130 |  |   | 571 |  |   | 542 |  |
| Production and Ad Valorem Taxes                                          | 19 |  |   | 5 |  |   | 138 |  |   | 78 |  |
| Gathering, Transportation and Processing Expense                         | 99 |  |   | 126 |  |   | 432 |  |   | 480 |  |
| Marketing Expense                                                        | 8 |  |   | 19 |  |   | 47 |  |   | 58 |  |
| Exploration Expense                                                      | 52 |  |   | 549 |  |   | 188 |  |   | 925 |  |
| Depreciation, Depletion and Amortization                                 | 499 |  |   | 595 |  |   | 2,053 |  |   | 2,454 |  |
| General and Administrative                                               | 111 |  |   | 106 |  |   | 415 |  |   | 399 |  |
| Loss on Marcellus Shale Upstream Divestiture                             | 53 |  |   | — |  |   | 2,379 |  |   | — |  |
| Asset Impairments                                                        | 63 |  |   | 92 |  |   | 70 |  |   | 92 |  |
| Other Operating Income, Net                                              | (321 | ) |   | (249 | ) |   | (235 | ) |   | (161 | ) |
| Total Operating Expenses                                                 | 740 |  |   | 1,373 |  |   | 6,058 |  |   | 4,867 |  |
| Operating Income (Loss)                                                  | 461 |  |   | (363 | ) |   | (1,802 | ) |   | (1,376 | ) |
| Other Expense                                                            |   |   |   |   |   |   |   |
| Loss (Gain) on Commodity Derivative Instruments                          | 82 |  |   | 87 |  |   | (63 | ) |   | 139 |  |
| Loss (Gain) on Extinguishment of Debt                                    | — |  |   | — |  |   | 98 |  |   | (80 | ) |
| Interest, Net of Amount Capitalized                                      | 83 |  |   | 86 |  |   | 354 |  |   | 328 |  |
| Other Non-Operating Expense, Net                                         | 4 |  |   | 5 |  |   | — |  |   | 9 |  |
| Total Other Expense                                                      | 169 |  |   | 178 |  |   | 389 |  |   | 396 |  |
| Income (Loss) Before Income Taxes                                        | 292 |  |   | (541 | ) |   | (2,191 | ) |   | (1,772 | ) |
| Income Tax Benefit                                                       | (224 | ) |   | (301 | ) |   | (1,141 | ) |   | (787 | ) |
| Net Income (Loss) Including Noncontrolling Interests                     | 516 |  |   | (240 | ) |   | (1,050 | ) |   | (985 | ) |
| Less: Net Income Attributable to Noncontrolling Interests(1)             | 22 |  |   | 12 |  |   | 68 |  |   | 13 |  |
| Net Income (Loss) Attributable to Noble Energy                           | $ | 494 |  |   | $ | (252 | ) |   | $ | (1,118 | ) |   | $ | (998 | ) |
|                                                                     |   |   |   |   |   |   |   |
| Net Income (Loss) Attributable to Noble Energy Per Share of Common Stock |   |   |   |   |   |   |   |
| Income (Loss) Per Share, Basic and Diluted                               | $ | 1.01 |  |   | $ | (0.59 | ) |   | $ | (2.38 | ) |   | $ | (2.32 | ) |
| Weighted Average Number of Shares Outstanding                            |   |   |   |   |   |   |   |
| Basic                                                                    | 487 |  | — |  | 430 |  | — |  | 469 |  | — |  | 430 |  |
| Diluted                                                                  | 488 |  |   | 430 |  |   | 469 |  |   | 430 |  |

----

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |
|                                 | December 31, 2017 |   | December 31, 2016 |
| Assets                               |   |   |   |
| Current Assets                       |   |   |   |
| Cash and Cash Equivalents            | $ | 675 |  |   | $ | 1,180 |  |
| Accounts Receivable, Net             | 748 |  |   | 615 |  |
| Other Current Assets                 | 780 |  |   | 160 |  |
| Total Current Assets                 | 2,203 |  |   | 1,955 |  |
| Net Property, Plant and Equipment    | 17,502 |  |   | 18,548 |  |
| Goodwill                             | 1,310 |  |   | — |  |
| Other Noncurrent Assets              | 461 |  |   | 508 |  |
| Total Assets                         | $ | 21,476 |  |   | $ | 21,011 |  |
| Liabilities and Shareholders' Equity |   |   |   |
| Current Liabilities                  |   |   |   |
| Accounts Payable - Trade             | $ | 1,161 |  |   | $ | 736 |  |
| Other Current Liabilities            | 578 |  |   | 742 |  |
| Total Current Liabilities            | 1,739 |  |   | 1,478 |  |
| Long-Term Debt                       | 6,746 |  |   | 7,011 |  |
| Deferred Income Taxes                | 1,127 |  |   | 1,819 |  |
| Other Noncurrent Liabilities         | 1,245 |  |   | 1,103 |  |
| Total Liabilities                    | 10,857 |  |   | 11,411 |  |
| Total Shareholders' Equity           | 9,936 |  |   | 9,288 |  |
| Noncontrolling Interests(1)          | 683 |  |   | 312 |  |
| Total Equity                         | 10,619 |  |   | 9,600 |  |
| Total Liabilities and Equity         | $ | 21,476 |  |   | $ | 21,011 |  |

----

|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                    | Three Months Ended December 31, |   | Twelve Months Ended December 31, |
|                                                                                    | 2017 |   | 2016 |   | 2017 |   | 2016 |
| Cash Flows From Operating Activities                                                    |   |   |   |   |   |   |   |
| Net Income (Loss) Including Noncontrolling Interests (1)                                | $ | 516 |  |   | $ | (240 | ) |   | $ | (1,050 | ) |   | $ | (985 | ) |
| Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities |   |   |   |   |   |   |   |
| Depreciation, Depletion and Amortization                                                | 499 |  |   | 595 |  |   | 2,053 |  |   | 2,454 |  |
| Asset Impairments                                                                       | 63 |  |   | 92 |  |   | 70 |  |   | 92 |  |
| Loss on Marcellus Shale Upstream Divestiture                                            | 53 |  |   | — |  |   | 2,379 |  |   | — |  |
| Deferred Income Tax Benefit                                                             | (239 | ) |   | (285 | ) |   | (1,227 | ) |   | (984 | ) |
| Dry Hole Cost                                                                           | 7 |  |   | 474 |  |   | 9 |  |   | 579 |  |
| Undeveloped Leasehold Impairment                                                        | 11 |  |   | 12 |  |   | 62 |  |   | 93 |  |
| Loss (Gain) on Extinguishment of Debt                                                   | — |  |   | — |  |   | 98 |  |   | (80 | ) |
| Loss (Gain) on Commodity Derivative Instruments                                         | 82 |  |   | 87 |  |   | (63 | ) |   | 139 |  |
| Net Cash (Used) Received in Settlement of Commodity Derivative Instruments              | (5 | ) |   | 114 |  |   | 13 |  |   | 569 |  |
| Gain on Divestitures                                                                    | (326 | ) |   | (261 | ) |   | (326 | ) |   | (238 | ) |
| Stock Based Compensation                                                                | 21 |  |   | 16 |  |   | 104 |  |   | 77 |  |
| Other Adjustments for Noncash Items Included in Income                                  | (26 | ) |   | (18 | ) |   | (21 | ) |   | 95 |  |
| Net Changes in Working Capital                                                          | (123 | ) |   | (289 | ) |   | (150 | ) |   | (460 | ) |
| Net Cash Provided by Operating Activities                                               | 533 |  |   | 297 |  |   | 1,951 |  |   | 1,351 |  |
| Cash Flows From Investing Activities                                                    |   |   |   |   |   |   |   |
| Additions to Property, Plant and Equipment                                              | (693 | ) |   | (377 | ) |   | (2,649 | ) |   | (1,541 | ) |
| Proceeds from Divestitures                                                              | 916 |  |   | 455 |  |   | 2,073 |  |   | 1,241 |  |
| Clayton Williams Energy Acquisition                                                     | — |  |   | — |  |   | (616 | ) |   | — |  |
| Other Acquisitions                                                                      | — |  |   | — |  |   | (327 | ) |   | — |  |
| Other - Investing                                                                       | (19 | ) |   | (123 | ) |   | (87 | ) |   | (131 | ) |
| Net Cash Provided by (Used in) Investing Activities                                     | 204 |  |   | (45 | ) |   | (1,606 | ) |   | (431 | ) |
| Cash Flows From Financing Activities                                                    |   |   |   |   |   |   |   |
| Dividends Paid, Common Stock                                                            | (49 | ) |   | (43 | ) |   | (190 | ) |   | (172 | ) |
| Proceeds from Revolving Credit Facility                                                 | — |  |   | — |  |   | 1,585 |  |   | — |  |
| Repayment of Credit Facility                                                            | (45 | ) |   | — |  |   | (1,355 | ) |   | — |  |
| Repayment of Clayton Williams Energy Long-term Debt                                     | — |  |   | — |  |   | (595 | ) |   | — |  |
| Repayment of Term Loan Facility                                                         | (550 | ) |   | (850 | ) |   | (550 | ) |   | (850 | ) |
| (Repayment) Proceeds from Long Term Debt, Net                                           | (18 | ) |   | — |  |   | (28 | ) |   | 17 |  |
| Proceeds from Noble Midstream Partners Revolving Credit Facility                        | 80 |  |   | — |  |   | 325 |  |   | — |  |
| Issuance of Noble Midstream Partners Common Units, Net of Offering Costs                | (195 | ) |   | — |  |   | (240 | ) |   | — |  |
| Proceeds from Noble Midstream Partners Revolving Credit Facility                        | 174 |  |   | — |  |   | 312 |  |   | 299 |  |
| Other - Financing                                                                       | (23 | ) |   | 2 |  |   | (114 | ) |   | (62 | ) |
| Net Cash Used in Financing Activities                                                   | (626 | ) |   | (891 | ) |   | (850 | ) |   | (768 | ) |
| Increase (Decrease) in Cash and Cash Equivalents                                        | 111 |  |   | (639 | ) |   | (505 | ) |   | 152 |  |
| Cash and Cash Equivalents at Beginning of Period                                        | 564 |  |   | 1,819 |  |   | 1,180 |  |   | 1,028 |  |
| Cash and Cash Equivalents at End of Period                                              | $ | 675 |  |   | $ | 1,180 |  |   | $ | 675 |  |   | $ | 1,180 |  |

----

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                       | Three Months Ended December 31, |   | Twelve Months Ended December 31, |
| Sales Volumes                              | 2017 |   | 2016 |   | 2017 |   | 2016 |
| Crude Oil and Condensate (MBbl/d)          |   |   |   |   |   |   |   |
| United States Onshore                      | 104 |  |   | 74 |  |   | 90 |  |   | 74 |  |
| United States Gulf of Mexico               | 18 |  |   | 28 |  |   | 21 |  |   | 25 |  |
| Equatorial Guinea                          | 17 |  |   | 27 |  |   | 18 |  |   | 26 |  |
| Equity Method Investee - Equatorial Guinea | 2 |  |   | 2 |  |   | 2 |  |   | 2 |  |
| Total                                      | 141 |  |   | 131 |  |   | 131 |  |   | 127 |  |
| Natural Gas Liquids (MBbl/d)               |   |   |   |   |   |   |   |
| United States Onshore                      | 62 |  |   | 49 |  |   | 56 |  |   | 53 |  |
| United States Gulf of Mexico               | 2 |  |   | 1 |  |   | 2 |  |   | 1 |  |
| Equity Method Investee - Equatorial Guinea | 6 |  |   | 6 |  |   | 6 |  |   | 5 |  |
| Total                                      | 70 |  |   | 56 |  |   | 64 |  |   | 59 |  |
| Natural Gas (MMcf/d)                       |   |   |   |   |   |   |   |
| United States Onshore                      | 494 |  |   | 784 |  |   | 586 |  |   | 861 |  |
| United States Gulf of Mexico               | 22 |  |   | 32 |  |   | 21 |  |   | 20 |  |
| Israel                                     | 260 |  |   | 272 |  |   | 272 |  |   | 281 |  |
| Equatorial Guinea                          | 236 |  |   | 250 |  |   | 239 |  |   | 235 |  |
| Total                                      | 1,012 |  |   | 1,338 |  |   | 1,118 |  |   | 1,397 |  |
| Total Sales Volumes (MBoe/d)               |   |   |   |   |   |   |   |
| United States Onshore                      | 249 |  |   | 254 |  |   | 244 |  |   | 271 |  |
| United States Gulf of Mexico               | 23 |  |   | 33 |  |   | 26 |  |   | 30 |  |
| Israel                                     | 44 |  |   | 46 |  |   | 46 |  |   | 47 |  |
| Equatorial Guinea                          | 56 |  |   | 69 |  |   | 57 |  |   | 65 |  |
| Equity Method Investee - Equatorial Guinea | 8 |  |   | 8 |  |   | 8 |  |   | 7 |  |
| Total Sales Volumes (MBoe/d)               | 380 |  |   | 410 |  |   | 381 |  |   | 420 |  |
|                                       |   |   |   |   |   |   |   |
| Total Sales Volumes (MBoe)                 | 34,946 |  |   | 37,726 |  |   | 139,050 |  |   | 153,540 |  |
|                                       |   |   |   |   |   |   |   |
| Price Statistics - Realized Prices(1)      |  |   |   |   |   |   |   |
| Crude Oil and Condensate ($/Bbl)           |   |   |   |   |   |   |   |
| United States Onshore                      | $ | 53.83 |  |   | $ | 46.69 |  |   | $ | 48.88 |  |   | $ | 39.46 |  |
| United States Gulf of Mexico               | 58.08 |  |   | 45.52 |  |   | 50.05 |  |   | 39.99 |  |
| Equatorial Guinea                          | 60.83 |  |   | 51.39 |  |   | 53.68 |  |   | 43.54 |  |
| Natural Gas Liquids ($/Bbl)                |   |   |   |   |   |   |   |
| United States Onshore                      | $ | 27.77 |  |   | $ | 19.83 |  |   | $ | 23.34 |  |   | $ | 14.82 |  |
| United States Gulf of Mexico               | 32.79 |  |   | 34.76 |  |   | 25.76 |  |   | 18.62 |  |
| Natural Gas ($/Mcf)                        |   |   |   |   |   |   |   |
| United States Onshore                      | $ | 2.87 |  |   | $ | 2.45 |  |   | $ | 3.02 |  |   | $ | 2.10 |  |
| United States Gulf of Mexico               | 3.09 |  |   | 2.93 |  |   | 3.16 |  |   | 2.58 |  |
| Israel                                     | 5.31 |  |   | 5.27 |  |   | 5.32 |  |   | 5.21 |  |
| Equatorial Guinea                          | 0.27 |  |   | 0.27 |  |   | 0.27 |  |   | 0.27 |  |

----

----

|                                                                                          |
|------------------------------------------------------------------------------------------|
|                                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                     | Three Months Ended December 31, |   | Twelve Months Ended December 31, |
|                                                                                     | 2017 |   | 2016 |   | 2017 |   | 2016 |
| Net Income (Loss) Attributable to Noble Energy (GAAP)                                    | $ | 494 |  |   | $ | (252 | ) |   | $ | (1,118 | ) |   | $ | (998 | ) |
| Adjustments to Net Income (Loss)                                                         |   |   |   |   |   |   |   |
| Loss on Marcellus Shale Upstream Divestiture                                             | 53 |  |   | — |  |   | 2,379 |  |   | — |  |
| Loss (Gain) on Commodity Derivative Instruments, Net of Cash Settlements                 | 77 |  |   | 201 |  |   | (50 | ) |   | 708 |  |
| Leasehold Impairment                                                                     | 11 |  |   | 484 |  |   | 62 |  |   | 591 |  |
| Gain on Divestitures                                                                     | (324 | ) |   | (261 | ) |   | (326 | ) |   | (238 | ) |
| Clayton Williams Energy Acquisition Expenses                                             | 2 |  |   | — |  |   | 100 |  |   | — |  |
| Asset Impairments                                                                        | 63 |  |   | 92 |  |   | 70 |  |   | 92 |  |
| Other Adjustments                                                                        | 14 |  |   | (3 | ) |   | 139 |  |   | (21 | ) |
| Total Adjustments Before Tax                                                             | (104 | ) |   | 513 |  |   | 2,374 |  |   | 1,132 |  |
| Current Income Tax Effect of Adjustments (1)                                             | — |  |   | (66 | ) |   | — |  |   | 45 |  |
| Deferred Income Tax Effect of Adjustments (1)                                            | 36 |  |   | (82 | ) |   | (839 | ) |   | (427 | ) |
| Adjustments to Net Income (Loss), After Tax                                              | $ | (68 | ) |   | $ | 365 |  |   | $ | 1,535 |  |   | $ | 750 |  |
| Adjusted Income (Loss) Attributable to Noble Energy (Non-GAAP), Before Tax Reform Impact | 426 |  |   | 113 |  |   | 417 |  |   | (248 | ) |
| Tax Reform Impact (2)                                                                    | (270 | ) |   | — |  |   | (270 | ) |   | — |  |
| Adjusted Income (Loss) Attributable to Noble Energy (Non-GAAP)                           | $ | 156 |  |   | $ | 113 |  |   | $ | 147 |  |   | $ | (248 | ) |
| Net Income (Loss) Attributable to Noble Energy Per Share, Basic and Diluted (GAAP)       | $ | 1.01 |  |   | $ | (0.59 | ) |   | $ | (2.38 | ) |   | $ | (2.32 | ) |
| Loss on Marcellus Shale Upstream Divestiture                                             | 0.11 |  |   | — |  |   | 5.05 |  |   | — |  |
| Loss (Gain) on Commodity Derivative Instruments, Net of Cash Settlements                 | 0.16 |  |   | 0.46 |  |   | (0.11 | ) |   | 1.65 |  |
| Leasehold Impairment                                                                     | 0.02 |  |   | 1.13 |  |   | 0.13 |  |   | 1.37 |  |
| Gain on Divestitures                                                                     | (0.67 | ) |   | (0.61 | ) |   | (0.70 | ) |   | (0.55 | ) |
| Clayton Williams Energy Acquisition Expenses                                             | — |  |   | — |  |   | 0.21 |  |   | — |  |
| Asset Impairments                                                                        | 0.13 |  |   | 0.21 |  |   | 0.15 |  |   | 0.21 |  |
| Other Adjustments                                                                        | 0.04 |  |   | — |  |   | 0.32 |  |   | (0.05 | ) |
| Current Income Tax Effect of Adjustments (1)                                             | — |  |   | (0.15 | ) |   | — |  |   | 0.10 |  |
| Deferred Income Tax Effect of Adjustments (1)                                            | 0.07 |  |   | (0.19 | ) |   | (1.79 | ) |   | (0.99 | ) |
| Adjusted Income (Loss) Attributable to Noble Energy Per Share, Diluted (Non-GAAP)        | $ | 0.87 |  |   | $ | 0.26 |  |   | $ | 0.88 |  |   | $ | (0.58 | ) |
| Tax Reform Impact (2)                                                                    | (0.55 | ) |   | — |  |   | (0.57 | ) |   | — |  |
| Adjusted Income (Loss) Attributable to Noble Energy Per Share, Diluted (Non-GAAP)        | 0.32 |  |   | 0.26 |  |   | 0.31 |  |   | (0.58 | ) |
| Weighted Average Number of Shares Outstanding, Basic                                     | 487 |  |   | 430 |  |   | 469 |  |   | 430 |  |
| Incremental Dilutive Shares                                                              | 1 |  |   | 3 |  |   | 2 |  |   | — |  |
| Weighted Average Number of Shares Outstanding, Diluted                                   | 488 |  |   | 433 |  |   | 471 |  |   | 430 |  |

----

|                                                                    |
|--------------------------------------------------------------------|
|                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                               | Three Months Ended December 31, |   | Twelve Months Ended December 31, |
|                                                               | 2017 |   | 2016 |   | 2017 |   | 2016 |
| Net Income (Loss) Attributable to Noble Energy (GAAP)              | $ | 494 |  |   | $ | (252 | ) |   | $ | (1,118 | ) |   | $ | (998 | ) |
| Adjustments to Net Income (Loss), After Tax (1)               | (338 | ) |   | 365 |  |   | 1,265 |  |   | 750 |  |
| Adjusted Income (Loss) Attributable to Noble Energy (Non-GAAP)     | 156 |  |   | 113 |  |   | 147 |  |   | (248 | ) |
|                                                               |   |   |   |   |   |   |   |
| Adjustments to Adjusted Income (Loss) Attributable to Noble Energy |   |   |   |   |   |   |   |
| Depreciation, Depletion, and Amortization                          | 499 |  |   | 595 |  |   | 2,053 |  |   | 2,454 |  |
| Exploration Expense(2)                                             | 41 |  |   | 65 |  |   | 126 |  |   | 334 |  |
| Interest, Net of Amount Capitalized                                | 83 |  |   | 86 |  |   | 354 |  |   | 328 |  |
| Current Income Tax Expense(3)                                      | 15 |  |   | 50 |  |   | 86 |  |   | 152 |  |
| Deferred Income Tax Benefit(3)                                     | (5 | ) |   | (203 | ) |   | (118 | ) |   | (557 | ) |
| Adjusted EBITDAX (Non-GAAP)                                        | $ | 789 |  |   | $ | 706 |  |   | $ | 2,648 |  |   | $ | 2,463 |  |

|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                       | Three Months Ended December 31, |   | Twelve Months Ended December 31, |
|                                                                       | 2017 |   | 2016 |   | 2017 |   | 2016 |
| Organic Capital Expenditures, Attributable to Noble Energy (Accrual Based) | $ | 655 |  |   | $ | 404 |  |   | $ | 2,556 |  |   | $ | 1,339 |  |
| Marcellus Shale Acreage Exchange Consideration                             | — |  |   | 234 |  |   | — |  |   | 234 |  |
| Acquisition Capital (4)                                                    | 2 |  |   | — |  |   | 2,740 |  |   | — |  |
| NBLX Funded Capital Expenditures (5)                                       | 61 |  |   | — |  |   | 294 |  |   | — |  |
| Increase in Capital Lease Obligations                                      | — |  |   | — |  |   | — |  |   | 5 |  |
| Total Reported Capital Expenditures (Accrual Based)                        | $ | 718 |  |   | $ | 638 |  |   | $ | 5,590 |  |   | $ | 1,578 |  |

----

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |  |
| 2017 Costs Incurred in Oil and Gas Activities      |   | United States |   | Int’l(1) |   | Total |
|                                               |   |   |   |   |   |   |
| Proved property acquisition costs                  |   | $ | 839 |  |   | $ | — |  |   | $ | 839 |  |
| Unproved property acquisition costs                |   | 1,817 |  |   | — |  |   | 1,817 |  |
| Exploration costs                                  |   | 59 |  |   | 100 |  |   | 159 |  |
| Development costs(2)                               |   | 1,870 |  |   | 477 |  |   | 2,347 |  |
| Total costs incurred                               |   | $ | 4,585 |  |   | $ | 577 |  |   | $ | 5,162 |  |
|                                               |   |   |   |   |   |   |
| Reconciliation to Capital Spending (accrual basis) |   |   |   |   |   |   |
| Total costs incurred                               |   |   |   |   |   | $ | 5,162 |  |
| Exploration overhead                               |   |   |   |   |   | (76 | ) |
| Lease rentals                                      |   |   |   |   |   | (24 | ) |
| Asset retirement obligations                       |   |   |   |   |   | 39 |  |
| Total oil and gas spending                         |   |   |   |   |   | 5,101 |  |
| Midstream capital spending                         |   |   |   |   |   | 481 |  |
| Investment in equity method investee               |   |   |   |   |   | 68 |  |
| Corporate and other capital                        |   |   |   |   |   | (60 | ) |
| Total capital spending (accrual basis)             |   |   |   |   |   | $ | 5,590 |  |
|                                               |   |   |   |   |   |   |
| Proved Reserves(3)                                 |   | United States |   | Int’l(1) |   | Total |
| Total Barrel Oil Equivalents (MMBoe)               |   |   |   |   |   |   |
| Beginning reserves - December 31, 2016             |   | 976 |  |   | 461 |  |   | 1,437 |  |
| Price-related revisions                            |   | 26 |  |   | 4 |  |   | 30 |  |
| Other non-price-related revisions                  |   | 56 |  |   | 49 |  |   | 105 |  |
| Extensions, discoveries and other additions        |   | 185 |  |   | 551 |  |   | 736 |  |
| Purchase of minerals in place                      |   | 57 |  |   | — |  |   | 57 |  |
| Sale of minerals in place                          |   | (261 | ) |   | — |  |   | (261 | ) |
| Production                                         |   | (99 | ) |   | (40 | ) |   | (139 | ) |
| Ending reserves - December 31, 2017                |   | 940 |  |   | 1,025 |  |   | 1,965 |  |
| Proved Developed Reserves (MMBoe)                  |   |  |   |  |   |  |
| December 31, 2016                             |   | 554 |  |   | 397 |  |   | 951 |  |
| December 31, 2017                             |   | 458 |  |   | 410 |  |   | 868 |  |